|Bid||43.85 x 2900|
|Ask||43.86 x 1400|
|Day's Range||43.62 - 44.41|
|52 Week Range||32.61 - 45.30|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||16.75|
|Earnings Date||Oct 23, 2019 - Oct 28, 2019|
|Forward Dividend & Yield||0.84 (1.90%)|
|1y Target Est||49.26|
Alibaba, Dillard's, Coca-Cola, McDonald's and Comcast highlighted as Zacks Bull and Bear of the Day
Despite video subscriber losses, Comcast and Charter are finding more love among investors than telecom rivals AT&T; and Verizon. Their dominance in broadband services to homes is why.
(Bloomberg Opinion) -- Former Italian Prime Minister Silvio Berlusconi and French billionaire Vincent Bollore are locking horns again in a battle to lead the southern European charge against Netflix Inc. Bollore, who controls media conglomerate Vivendi SA, lost the first round against Berlusconi in 2017. He’s well positioned to do better in the second. Think of it as a European version of HBO’s hit show “Succession,” where a rival takes on an aging but still powerful media baron. The two tycoons are sparring over the future of Mediaset SpA, the Italian broadcaster that Berlusconi founded and controls. The Milan-based company plans to merge with Spanish affiliate Mediaset Espana Comunicacion SA and redomicile in the Netherlands. The move will consolidate the control that Berlusconi, 82, and his family, through investment vehicle Fininvest, have by giving them extra voting rights in the new company, which will be called MediaForEurope.It’s a prospect that Bollore, 67, must be loath to countenance. Vivendi owns 29% of Mediaset and plans to oppose the deal in a shareholder vote Sept. 4 since it will further diminish its influence, Bloomberg News reported on Wednesday. While Berlusconi needs a two-thirds majority to approve the merger, Vivendi may only be able to exercise 9.6% of the voting rights because most of its shares sit in an independent trust as a result of a 2017 reprimand from the Italian regulator -- Bollore’s initial defeat by Berlusconi. Luckily Vivendi has another lever it might exercise. The deal will fall through if shareholders owning more than 180 million euros of stock exercise a withdrawal right, whereby Mediaset has to pay investors opposing the merger a set price for their shares. Even if Vivendi were only to exercise the rights on its 9.6% direct stake, that would top 300 million euros, potentially scuppering Berlusconi’s plans.It might just give Bollore the leverage he needs to realize a long-held goal: creating a southern European content champion that can better compete with Netflix. Doing so would likely mean selling the stake at a loss, but the threat could force Berlusconi back to the negotiating table to forge some sort of alliance to pool Vivendi and Mediaset content. After all, the merger of the two Mediasets in Italy and Spain has a similar intention, to create a new video content giant.That’s how Bollore ended up with a stake in Mediaset to begin with. Back in 2016, he pulled out of a deal to buy Berlusconi’s Mediaset Premium (the pay TV arm that has since been sold to Comcast Inc.’s Sky unit) for some 800 million euros, instead buying up shares in the parent firm. Since Vivendi is also the biggest shareholder in Telecom Italia SpA, Italy’s communications regulator made the French firm forfeit most of its Mediaset voting rights, saying that the dual stakes breached rules concerning concentration of media and telecoms ownership.Bollore has been left with stakes in two Italian companies worth a combined 3.2 billion euros, but over which he has little influence. He also suffered a galling defeat at the hands of activist Elliott Management Corp. for control of Telecom Italia last year. He now has an opportunity to salvage some of the plans that first got him into this mess.To contact the author of this story: Alex Webb at firstname.lastname@example.orgTo contact the editor responsible for this story: Stephanie Baker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
On Wednesday, Benzinga Pro subscribers received options alerts related to seven large Comcast option trades. At 10:09 a.m. ET, a trader sold 6,000 Comcast put options with a $40 strike price expiring on Sept. 20 at the bid price of 22.1 cents. At 10:37 a.m. ET, a trader sold 512 Comcast call options with a $45 strike price expiring on Sept. 20 near the bid price of 46.4 cents.
Disney (NYSE:DIS) stock is treading water. Shares now trade around $135, down from as high as $147.15 in late July. The recent earnings miss calls into question the current valuation of Disney stock. But with the launch of Disney+ around the corner, is now the time to buy DIS? Disney stock continues to trade at a premium compared to its peers, but offers material upside in the long-term. Let's take a deep dive and see what's the verdict with Disney stock.Source: Shutterstock Recent Performance of DISDisney announced earnings on Aug. 6. DIS saw earnings per share fall 59% year-over-year. Much of this decline was due to the integration of recent acquisitions 21st Century Fox and Hulu. Excluding these items (amortization and impairment charges on intangible assets), EPS fell only 28%. The integration of these assets offers long-term upside. But in the meantime, integrating these operations is a work-in-progress.21st Century Fox's film division has under-performed. Recent release "Dark Phoenix" was a box office bomb. But Disney's film division continues to be strong. "Avengers: Endgame," "Aladdin" and "Toy Story 4" met expectations. For the third quarter, Disney should see additional strong performance in the film division. Disney's July release of "The Lion King" has already generated over $1.4 billion at the worldwide box office. As I stated in a previous article, the Magic Kingdom continues to be "king of content."InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Marijuana Stocks to Ride High on the Farm Bill Through Aug. 18, Disney's film distribution arm, Buena Vista, had 37.1% of the box office market share for 2019. This is leaps-and-bounds ahead of number two, Comcast's (NASDAQ:CMCSA) Universal. Universal's year-to-date market share is just 13.8%. Add in 20th Century Fox's box office take, and Disney has more than 40% market share. Theatrical revenue is a small component of today's film business. But it is a strong indicator of the residual value of Disney's film assets. In the more lucrative television and streaming markets, Disney's content is king. This mass appeal will translate well when Disney launches the anticipated Disney+ service later this year. Full Steam Ahead for Disney+Disney's new streaming service goes live in November. Disney+ could disrupt Netflix's (NASDAQ:NFLX) current streaming dominance. As InvestorPlace's James Brumley wrote last week, the company will bundle Disney+, ESPN+ and Hulu in a $12.99/month package, the same price point as Netflix.As I mentioned in my recent Netflix analysis, NFLX's U.S. subscriber base is falling. Content producers are demanding higher licensing fees. In addition, Comcast's NBCUniversal and AT&T's (NYSE:T) WarnerMedia are hoarding properties such as "The Office" and "Friends" for their respective streaming apps. Netflix believes it can counter this with billions invested in original programming. But, Netflix has not yet created a show with the matched popularity of its licensed content. On the other hand, Disney has an impressive library, thanks not just to its own content, but to Fox's extensive film and television library as well.With Disney+ around the corner, should investors nix NFLX and stock up on DIS? Let's take a look at valuation, and see if the opportunity justifies the price. Valuation: Is Opportunity Worth the Current Price?DIS stock currently trades at a forward price-to-earnings ratio of 23. The company's Enterprise Value/EBITDA ratio is 18.7. This is a substantial premium to its big media peers: * AT&T: Forward P/E of 9.7, EV/EBITDA of 8.2 * CBS (NYSE:CBS): Forward P/E of 7, EV/EBITDA of 8.6 * Comcast: Forward P/E of 13, EV/EBITDA of 9.6 * Viacom (NYSE:VIA, NYSE:VIAB): Forward P/E of 6.2, EV/EBITDA of 6.3But as I have mentioned before, comparing DIS stock to its peers is not apples-to-apples. AT&T and Comcast are both telecom companies with attached media businesses. CBS and Viacom (which are going to merge) face headwinds in the age of streaming. But compared to the valuation of NFLX, Disney stock is a clear bargain. NFLX trades at a forward P/E of 92.4, and an EV/EBITDA ratio of 52.8. Compared to NFLX, Disney is the smarter play. With DIS stock, you get a highly profitable media conglomerate with potential upside from streaming. Bottom Line: Wait to Buy DIS StockDisney stock should continue to win in the long term. If the upcoming Disney+ platform performs as expected, the company should see continued growth, even if their legacy cable networks business sees long-term decline. However, there are negative factors to consider. While it trades at a lower valuation than NFLX, Disney shares trade at a substantial premium to its big media peers. A recent claim that Disney overstated its theme park revenue could be a potential risk. But this recent news item is still playing out.The launch of Disney+ is a long-term play. Profitability is years away. In the meantime, a market correction could impact the valuation of DIS stock. Coupled with short-term growing pains, DIS stock could be a bargain sometime down the road. For now, wait on the sidelines as new developments factor into the stock.As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Marijuana Stocks to Ride High on the Farm Bill * 8 Biotech Stocks to Watch After the Q2 Earnings Season * 7 Unusual, Growth-Oriented REITs to Buy for Your Portfolio The post Disney May Disrupt Netflix, But Take Your Time With DIS Stock appeared first on InvestorPlace.
Walt Disney World's latest transportation system, which will begin service Sept. 29, is the inspiration for new costumes for the Disney cast members who work on the gondolas. The Skyliner is a gondola-based transportation system that will connect Disney's Hollywood Studios and Epcot theme parks to Disney's Art of Animation Resort, Disney's Pop Century Resort, Disney's Caribbean Beach Resort and the future Disney's Riviera Resort, which will open this December.
(Bloomberg Opinion) -- Get ready, TV fans, because the next few months are going to be wild. Apple Inc., AT&T Inc., Netflix Inc. and Walt Disney Co. are spending billions of dollars on so much new streaming content that there will be little reason to leave your couch this winter – or to keep your cable subscription.Apple gave a taste yesterday of what it’s been working on by releasing a trailer for “The Morning Show,” an original series that looks so good it could easily be mistaken for an HBO production. With an all-star cast led by Jennifer Aniston, Reese Witherspoon and Steve Carell, Apple is said to be spending $300 million alone for the first two seasons. The company has committed a whopping $6 billion overall to produce original shows and movies, according to the Financial Times, which would match what Netflix spent in 2017 and would also be in the same ballpark as Amazon.com Inc.’s expected content investment for this year. Other outlets have disputed that Apple’s budget is quite so large. Either way, it’s clear the iPhone maker is serious about streaming. The Apple TV+ and Disney+ video-on-demand apps will both be available by mid-November, followed by AT&T’s HBO Max product. They are game-changers for the pay-TV industry, already littered with live-TV streaming products from Sling TV to YouTube TV.Disney has spent about $15 million per episode to make “The Mandalorian,” a live-action “Star Wars” series that will serve as the flagship of Disney+, according to the Wall Street Journal. That’s about $120 million for the first season, which isn’t far from what Disney shelled out for “Captain Marvel,” the third-biggest movie of the year in terms of U.S. box-office ticket sales. The company expects to invest more than $1 billion in original content for the app next year and another roughly $1 billion for licensed content. These streaming wars are risky. Studio owners generally have a sense of what a TV program could deliver in advertising revenue and how large of a theater audience a film might draw. But Disney+ will charge just $7 a month and contain no ads. The company is betting it can build a large enough customer base so that all these pricey investments that have shareholders wincing right now will pay off some day.In the Apple TV trailer above, Aniston’s character at one point says, “I just need to be able to control the narrative so that I am not written out of it.” It struck me as funny because that’s exactly what Disney and its peers are trying to do as they flood the market with content and turn a blind eye to the cost. Disney predicts it will have 60 million to 90 million Disney+ subscribers globally by the end of fiscal 2024, when the app finally begins making money. Analysts see Apple TV+ topping 100 million in the next five years, according to Bloomberg News. While both are starting from zero, they do have the advantage of strong, far-reaching customer relationships – Disney through its movies and theme parks, and Apple by physically being in most of our pockets already. Netflix is protecting its turf by lighting it on fire. It’s projected to spend about $15 billion for in-house and licensed content this year while burning $3 billion of free cash flow. The company paid $100 million just to keep “Friends” on its platform through 2019. Even though the sitcom hasn’t aired new episodes in more than 15 years, it’s the second-most-watched program on Netflix. After this year, AT&T is reclaiming the rights to the show for its HBO Max product.A little over a year ago, Casey Bloys, HBO’s programming chief, referred to such spending as “irrational exuberance.” But then earlier this year, his boss, HBO Chairman Richard Plepler, left the company in a shake-up by its new parent AT&T. HBO is now ramping up its production slate to reduce churn, or the rate at which bored subscribers are canceling, and HBO Max is reportedly paying $425 million to carry “Friends” for five years starting in 2020. Likewise, the Wall Street Journal reported that Comcast Corp.’s NBCUniversal has its own $500 million five-year exclusive rights deal for “The Office,” the No. 1 show on Netflix. There is a potential fallacy in the companies’ thinking around these lavish deals: What if Netflix subscribers were streaming “Friends” and “The Office” for hours on end simply for background noise, something to mindlessly tune in and out of as they scrolled Instagram or did chores? In that case, perhaps users won’t necessarily miss those specific shows and won’t switch to other services at a rate that would come close to justifying nearly $1 billion for two old sitcoms. In any case, I keep writing about the frustration of needing to pay for and toggle between numerous apps just to access all your favorite content and the confusion that comes with doing so. It’s only going to get worse once Apple TV+, Disney+ and HBO Max launch. But at least there will be no shortage of stuff to watch, and with all this money being thrown around, you know it’ll be good. To contact the author of this story: Tara Lachapelle at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering deals, Berkshire Hathaway Inc., media and telecommunications. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
In a wide-ranging interview, longtime broadcaster Mike Tirico shares his thoughts on the state of golf, Tiger Woods, East Lake and more.
(Bloomberg) -- Apple Inc. plans to roll out the Apple TV+ movie and TV subscription service by November, part of a drive to reach $50 billion in service sales by 2020. The company will introduce a small selection of shows and then expand its catalog more frequently over several months, people familiar with the matter said. A free trial is likely as Apple builds up its library, said the people, who asked not to be identified because the plans aren’t public.The iPhone maker is entering an increasingly crowded field, led by streaming pioneer Netflix Inc. and Amazon.com Inc. In the coming months, Walt Disney Co., AT&T Inc. and Comcast Corp.’s NBCUniversal will debut new offerings -- all targeted at the growing ranks of viewers who are canceling cable-TV subscriptions or watching on mobile devices.With its first foray into video subscriptions, Apple is weighing different release strategies for shows. The company is considering offering the first three episodes of some programs, followed by weekly installments, the people said. Netflix tends to release whole seasons at once for bingeing, while AT&T’s HBO and Disney’s Hulu often release episodes weekly. The service will launch globally in over 150 countries. Apple TV+ will be one of five major digital subscription services in Apple’s portfolio, along with Apple Music, the upcoming Apple Arcade gaming service, Apple News+ and iCloud storage subscriptions. The company also generates recurring revenue from products like AppleCare extended customer service and its bank-operated iPhone upgrade program. It will also likely start pulling in revenue from the Apple Card, which began rolling out earlier this month. An Apple spokesman declined to comment.Apple hasn’t announced pricing for Apple TV+, but is weighing $9.99 a month, the people said, which would match Apple Music and Apple News+. Netflix and Amazon Prime charge as little as $8.99, while Disney+ plans to seek $6.99 when its service debuts in November.The Financial Times reported on Tuesday that Apple has set aside $6 billion for original shows and movies, without saying where it got the information. The budget for the first year of content was $1 billion, but has since expanded, it said. That’s far less than what Netflix is expected to spend this year. Analysts forecast it will lay out more than $14 billion on films and TV shows.Revenue DriveApple is pushing into services to generate added revenue from its large base of iPhone, iPad, Mac and Apple Watch users. Consumers have been slower to replace hardware recently due to higher prices, market saturation, economic headwinds and a lack of new, breakthrough features. Read More: Apple Faces Life After IPhone But Still Banks on the IPhoneThe company could head off a revenue slowdown by coaxing users to subscribe to the new services. Cupertino, California-based Apple could also potentially boost revenue by tying services to the iPhone upgrade program, which lets customers update to new models annually via monthly payment plans.Apple’s initial slate of shows will include “The Morning Show,” Steven Spielberg’s “Amazing Stories,” “See” with Jason Momoa, “Truth Be Told” with Octavia Spencer, and a documentary series about extravagant houses called “Home.” On Monday, the company released the second trailer for “The Morning Show,” starring Jennifer Aniston, Reese Witherspoon and Steve Carell. The TV service will be part of Apple’s TV app, which comes installed on the company’s devices, and will also be accessible from third-party products, like Roku and Amazon Fire TV boxes, and Samsung televisions.In the fiscal third quarter, services represented a record 21% of Apple’s sales, while the iPhone continued to dip below 50% of the total.Analysts have suggested Apple TV+ could top 100 million subscribers in the next half-decade, which would make it a major challenger to Netflix and Amazon.The company is making a big commitment to video, including around $300 million alone to two seasons of “The Morning Show,” according to people familiar with the matter.(Updates with budget details in 8th paragraph.)\--With assistance from Nate Lanxon.To contact the reporters on this story: Mark Gurman in San Francisco at firstname.lastname@example.org;Anousha Sakoui in Los Angeles at email@example.com;Lucas Shaw in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
“Good Boys” outpaced expectations with an estimated $21 million domestic opening, pushing Universal over $1 billion dollars in North American ticket sales.
Theme parks have been looking into ways to improve ride efficiency — especially for rides that use devices such as 3-D glasses or more.
CEOs of consumer-facing brands have been careful to align their companies in partisan Trump era politics. Here are some of the business leaders who have thrown dollars behind the President.
Much has been made about the loss of two of its most popular shows, but over time, losses such as these will become less important.
The new Mickey's Not-So-Scary Halloween Party Pass seems like a no-brainer way to boost theme-park revenue, but it could also be a lose-lose offering. It would be bad if it fails, but potentially even worse if it succeeds.
Comcast and TiVo’s long patent fight continues to play out before the International Trade Commission as it said Thursday it will review a judge's previous determination Comcast violated one of three patents. The ruling comes after an administrative law judge ruled in June that Comcast (NASDAQ: CMCSA) violated one out of three patents TiVo, through its Rovi Corp. subsidiary, claims the Philadelphia-based company violated. The judge found Comcast did not violate the other two, and the commission will not review those. TiVo (NASDAQ: TIVO) has been fighting Comcast over alleged patent violations for the past two years.
Universal Orlando Resort's annual fright fest is getting a little fancy this year with a new water show. This year's Halloween Horror Nights, which runs Sept. 6-Nov. 2, will debut a new attraction for guests called "Halloween Marathon of Mayhem." The new show will use the Universal Studios lagoon as a set highlighting all the various themes featured as haunted houses this year. Here's more from Universal on the new show: This year, Universal is debuting 10 new haunted houses, five scare zones and multiple other attractions.