David Karnovsky

Berchtold named all three closed deals, sized the pipeline at four or five more, and separated ramp timing for bought versus built venues.

Berchtold confirmed the 70% back-half concentration and detailed the per cap drivers including ready to drink and new lower cost offerings.

Rapino confirmed model is replicable globally. Stadium partnerships less capital intensive than arena builds but lock up revenue streams. Cited River Stadium in Argentina.

Berchtold described propco/opco model with initial €600 million raise. As venue portfolio grows, new venues become additional collateral. Kept separate from operating business.

Berchtold noted continued strong demand through festivals, clubs, and theaters. 75% of tickets under $100 keeping affordability high.

Rapino said FIFA fears have not materialized. Next year expected to be a very strong stadium year again both US and internationally.

Rapino deferred detailed venue pipeline discussion to Investor Day. Confirmed same pipeline of growth as previously outlined with great progress on openings.

Rapino said 40-50% of 2026 shows already booked. Stadium pipeline strong globally. Probably bigger amphitheater/arena year next year.

Berchtold noted sports narrowing arbitrage faster while concerts still have a long way to go. LYV benefits from primary shift through higher-priced sales.

Rapino described Japan as a must-have market with three historic promoters. Deal enables direct promotion and venue/festival expansion.

Berchtold explained that despite lower profitability on largest shows, scale drives margin consistency. Not a target but their modeled outcome.

Berchtold confirmed trial timeline and noted prior DOJ had no interest in settlement. New appointee not yet confirmed so no discussions possible.

Rapino confirmed discussions with Spotify, Apple, and Amazon about inventory but noted pre-sale is very valuable and hard to scale for superstars.

Josh said the quarter hit a key app-unification milestone, with live TV and add-ons coming by year-end, and confirmed Disney+ can become an aggregator of third-party services via bundles and add-ons.

Hugh confirmed the sports OI guidance increase from low to mid-single digits was primarily the NFL Network transaction. Q2 sports OI came in slightly better due to modestly higher revenues and lower programming fees.

Hugh confirmed ESPN has not entered early renewal talks but is not closed off. Emphasized discipline and shareholder value focus, noting the upcoming Super Bowl year.

Josh cited content and product enhancements as key engagement drivers including video-and-browse for easier discovery, and emphasized churn reduction as the single most significant opportunity.

Hugh attributed the outperformance to broad-based parks revenue strength across admissions, food and beverage, and merchandise. Noted no macro weakness visible including at international parks.

Iger detailed three-year OpenAI license for 250 characters, 30-second videos. Curated Sora content jump-starts short-form video on Disney+. No impact on traditional programming demand. AI viewed through creativity, productivity, and connectivity lenses.

Iger described productive conversations with AI companies on IP protection and technology deployment. Sees opportunities across production, data mining, D2C platforms, and enabling user-generated content on Disney+.

Iger said no priority one way or the other between new IP and sequels. Developing original property under 20th Century Fox and Searchlight. Johnston noted Big Beautiful Bill positive for cash tax but immaterial to book tax.

Iger explained DTC service will have bells, whistles, and features that linear won't. Linear ESPN subscribers auto-get DTC access. Pitaro to reveal name and pricing next week. Fully integrated experience for D+/Hulu/ESPN bundle subscribers.

Johnston acknowledged deliberate slow rollout to balance experience for both purchasers and non-purchasers. In line with expectations but declined to share take rates.

Johnston reported rooms selling out, excellent guest feedback, and expectation of profitability in the ship's first quarter. Strong read-through for upcoming launches.

Hugh modeled continued linear decline offset by the streaming hedge of roughly 175 million consumers and called the DirecTV deal bespoke, not a template; direct.

Angelastro reaffirmed the 75% to 80% flow-through and noted continued reinvestment in the Omni platform. Answered.

Wren named service expansion at existing clients plus new business wins, and passed to the media lead for color. Answered.

John said the combined healthcare business gives them extraordinary scale that makes them a must-talk-to for every pharma company. PR has election comps behind it with good comps going forward. Phil confirmed 4% organic growth guidance from Investor Day is on track.

John reported enthusiasm across all major markets with no negativity anywhere. Phil clarified the 4% organic calculation includes 1 month of IPG, excludes planned dispositions, and noted disposed businesses had lower organic growth than retained portfolio.

John declined to narrow guidance, citing IPG integration activity diverting analytical resources. Phil added Q4 depends on $200-250M of potential project work. John then voluntarily noted underlying growth ex-Olympics and elections would have been approximately 4%.

John said environment largely unchanged, operating well within guidance range, and no reason to expect lower outcomes. Phil said principal media continues to grow as a client-demanded product.

John characterized PR decline as a minor year-over-year project spend comparison, not a large trend. Branding weakness attributed to M&A slowdown impacting boutique agencies, less than 2% of revenue.

Phil emphasized proactive cost management over hope, citing Omnicom's track record of adjusting the flexible cost base to match revenue trends across economic cycles.

John reported universally positive client feedback on the IPG combination with no unaddressed concerns. Also noted favorable response from consultants.

Phil discussed balancing efficiency/automation efforts against technology investments but was general rather than quantifying specific drivers.

Robert declined to discuss confidential deal terms but framed the arrangements as partnerships with more deals in the pipeline.

Lavanya declined to comment on REA's own repurchases but emphasized News Corp increased buybacks over four times to $643 million.

Thomson emphasized core real estate revenues rose 15% despite sluggish market. Highlighted March existing home sales at paltry 3.98 million well below historical average, suggesting suppressed demand will eventually be emancipated. Chandrashekar noted revenue per existing home sales now 20% higher than 2022 high watermark.

Thomson argued NWS has premium contemporary content protected by IP moat. Emphasized Anthropic $1.5B payout, OpenAI partnership enhancing editorial, and that AI models need real-time data NWS produces.

Thomson confirmed genuine optionality to increase buyback further. On WSJ pricing, noted early stage of testing but believes there is elasticity that will be enhanced by planned product improvements.

Thomson emphasized NAV discount and ability to reward shareholders with capital returns. Chandrashekar confirmed FY2026 pacing will benefit from Foxtel proceeds but declined to set a target leverage ratio.

Thomson emphasized the deal would close this fiscal year and highlighted DAZN partnership value. On broader structure, pointed to share price increase of 26% over 6 months but didn't commit to further specific actions.

Thomson highlighted digital-only subs grew 15% to 5.3 million and 4% increase in digital circulation revenue. Panuccio added step-up rate to accelerate in the second half of the year.

Shapiro said no plans to accelerate rights talks given long-term locked-in deals, and described the broader sports-media market as frothy.

Schleimer framed international WWE spend as a deliberate long-term investment, with a partnership leg-up expected via Netflix.

Shapiro acknowledged early stage with no viewership data to share yet. Up to 16 fights in 2026 with plans to go international. Significant inbound interest from boxers. Schleimer confirmed first equity gate vested (media rights deal), expects next tranche based on 2026 financials.

Khan noted Royal Rumble was first event at venue. WrestleMania 2027 will follow Asia Cup soccer at same venue, providing 3.5 weeks of operational learnings. WWE team will attend full soccer tournament. Shapiro noted IMG produces Saudi League for additional institutional knowledge.

Shapiro cited UFC ESPN+ launch from 3-4M subs with double paywall as precedent for success despite small initial base. $29.99 DTC price is substantial discount vs UFC pay-per-view model that reached $80+. Not concerned.

Shapiro explained retaining NXT PLEs, original programming and archive for separate monetization maximizes profitability and margins. Schleimer highlighted halo effect driving partnerships growth similar to UFC's Fox-to-ESPN transition.

Schleimer confirmed international events are EBITDA accretive on absolute dollar basis despite lower margin vs Apex. Long-term fan base investment.

Shapiro declined to comment on Endeavor-related share purchases, stating this is a TKO earnings call.

Mix of one-time items and structural savings. Corporate costs expected to be down year-over-year for the full year.

No material tariff impact seen after five weeks of tracking. Q2 ad tracking in line with Q1, strong scatter offsetting slower upfront start.