Jessica Reif Ehrlich

Alex declined 2027 specifics and described the add-value-then-monetize recipe across ads, pricing, add-ons and engagement.

Gustav said listening still runs through Spotify, agents remote-control it, and agent-created content adds to Spotify's own data loop.

Alex framed the completed ad-stack transition, biddable exchange and 40% automated mix; Christian added the margin scaling path from ~20% toward 40%.

Gustav walked through the near-term product priorities (Reserved, Large Taste Model, SongDNA, music videos, GenPods, Running) - a full, direct answer.

Gustav answered directly: headcount is roughly flat to down while compute-per-employee rises, framed as a high-ROI productivity and feature-shipping investment.

Alex said the U.S. increase produced no surprises; Christian pointed to engagement, more verticals, audiobooks and top-ups as ARPU levers.

Gustav laid out Spotify's AI positioning and business-model fit at length but did not directly address whether AI would lead to new service tiers.

Alex declined product specifics ('ship when ready') but confirmed deep collaboration with rights holders and pointed to strong Audiobooks+ add-on uptake lifting ARPU. Partial.

Alex cited firing user fundamentals, three producing verticals and a large TAM toward a 1 billion-subscriber ambition; Gustav pointed to the AI macro shift. Direct.

Christian reiterated growth-first capital priorities and framed the buyback as opportunistic, declining to specify amount or timing of execution.

Alex pointed to the audiobook add-on rollout and superfan enthusiasm but did not commit to a specific new tier structure or timing.

Christian prioritized internal growth and a strong balance sheet, noting recent profitability; shareholder returns considered only as excess capacity arises.

Alex emphasized the unified ad stack and DSP/programmatic demand broadening the advertiser base, but did not directly address the pricing softness raised.

Daniel said podcaster payouts are in line with forecasts and the key KPI is engagement/time spent, framing video as additive rather than a pivot.

Daniel declined to share deal specifics, pointing to a music-focused 2025 with unannounced products to come.

Cavanagh said NBCUniversal has scale across parks, film, sports and Bravo and is open to more bundles alongside its own direct-to-consumer push.

Cavanagh called the normalized ad market relatively stable, with tech offsetting consumer categories and strength in live sports.

Cavanagh argued the asset portfolio has the scale and partnerships to compete as an independent, open-partnership media company.

Mike expressed confidence in durable Peacock profitability starting Q2, outlined Parks, Studios, and Media as three complementary growth pillars with recycled capital driving future park expansions.

Mike pushed back on separation thesis, says NBCUniversal benefits from sitting inside Comcast. On Peacock, cited $3 price increase absorbed with subscriber growth, 170 NBA advertisers with 20% new, and affiliate deal renewals over 2025-2028 as path to profitability.

Mike said advertising up 3% ex-Olympics with Sunday Night Football highest-grossing season to date. Peacock up over 20% in upfront. Balance between linear and digital feels strong.

Mike said M&A not necessary, highlighting talent partnerships with Taylor Sheridan, Christopher Nolan and others. Sports fundamentally market-by-market, US rights strong.

Brian highlighted growth business mix shifting from 50% to 60% today and 70% post-Versant spin. Broadband innovation, wireless bundling, and parks as key underappreciated drivers.

Mike said Orlando parks performing well with higher per caps driven by Epic. Operating leverage will improve as soft opening costs roll off.

Mike said Peacock's broad content portfolio makes it attractive for bundles. Open to partnerships but nothing to announce.

Mike said no visible macro impact on advertising yet but acknowledged vulnerability. NBA content will anchor upfront positioning.

Brian emphasized SpinCo will have a strong balance sheet and first-mover advantage, but deferred detailed strategy to SpinCo leadership later in the year.

Mike said remaining NBCU is set up for success without needing acquisitions but is open to partnerships. High bar for any M&A.

Hugh said upfront volume commitments were up double digits, sports up low teens, and Super Bowl inventory is sold out; sports is healthy while streaming is competitive with supply-driven pricing pressure.

Josh emphasized investing in both existing franchises and new IP, citing Pixar's 8 original films since 2017. Dana Walden is centralizing TV programming, integrating Games into Disney Entertainment, and optimizing content from development through distribution.

Iger reflected on fixing and positioning company for growth over past 3 years. Successor inherits strong hand with Experiences expansion, streaming transformation. NFL Network closed, upcoming Super Bowl on ESPN. NFL has opt-out in 2030.

Johnston said Disney's IP portfolio built over the last decade is strong enough. Not expecting significant M&A. Advertising grew 5% in FY25 with improving CPMs; expect growth in FY26 despite political ad overlap.

Iger described Disney Adventure as largest ship ever (~7,000 passengers vs ~4,000 on current big ships), sold out first 2 quarters quickly. Johnston noted Q4 content comp overlaps Inside Out 2.

Johnston noted healthy ad market with ESPN up 20%+. DTC advertising challenged by new supply entrants not demand. Restaurants and healthcare showing strong ad demand. Full-year ad growth to exceed initial 3% guide.

Iger confirmed royalty/license structure with Disney providing design, IP, and operational oversight. Miral provides all capital and construction. Disney employees will be embedded to ensure quality.

Iger declined to discuss individual sports rights profitability. Dismissed current season ratings concerns and emphasized NBA as long-term 11-year commitment.

Iger framed sub growth as product quality plus technology. Expressed confidence in competitive positioning to grow both subs and profits over the next few years.

Hugh quantified 2024 advertising at 3% and guided at or stronger for 2025, citing proprietary ad tech as a share-gain advantage; direct on advertising, lighter on the CapEx sub-part.

Murdoch declined to speculate on NFL renegotiation specifics but said Fox can rebalance its sports portfolio to offset cost increases. Emphasized NFL as tremendous content and fantastic partner.

Murdoch cited Good Medicine, Fear Factor, and Memory of a Killer all exceeding 10M viewers in first week. Entertainment network revenue up for first time in many years. Strategy of balancing scripted and non-scripted with first-look creative deals unchanged.

Murdoch said M&A will be important for growth, looking at areas with tailwinds not headwinds. Won't invest in cable entertainment assets. Nothing current.

Strongest ad market since Fox's creation. National strong in pharma, financial services, tech/AI. NFL and World Series strong. Local improving. Tubi growing despite political comp.

Murdoch said high bar for M&A with nothing yet surpassing benchmarks. Focused on organic growth. No announcements.

Strong national ad market led by pharma, financial services, CPG. DR pricing up 30%, scatter up 54% above upfront at News. Entertainment scatter double-digit above upfront.

Tomsic noted $4.8B cash position with buyback authorization to be topped up. Organic investment in Tubi and Fox One launch, plus high bar for M&A.

Murdoch highlighted 18% viewing time growth translating to 35% revenue growth with rate accelerating in April. Called Tubi a tremendously valuable business.

Management said licensing process across 26 states will take some time but expects to complete within a year. No urgency given six-year option window.

Murdoch attributed acceleration to significant fill rate improvement while holding pricing in a competitive market.

Zaslav said the workforce of nearly 40,000 remains highly engaged, describing the focus as delivering a stronger, higher-growth company to PSKY and taking pride in the assets, which he called an unusual and inspiring culture during the transaction limbo.

JB Perrette cited distributor and programmer bundles (Disney in the U.S., RTL+ in Germany, Viu in Southeast Asia, LatAm partners) as driving acquisition and materially lower churn, and guided to WBD's best-ever retention year in 2026.

Gunnar described library as key strength for Discovery Global. JB confirmed HBO Max retains access to best Discovery content even post-separation.

Gunnar confirmed hundreds of millions in savings from NBA exit in 2026. Stand-alone sports streaming app in development for US market. Sports remains key pillar for Discovery Global.

Zaslav outlined four studios: DC, Warner Bros Pictures (Lord of the Rings, Gremlins, Goonies, originals), New Line (horror, comedies), and Animation (Cat in the Hat).

Gunnar emphasized team quality and international free-to-air trends being better than US. Acknowledged won't change secular trends but believes more longevity than market sees.

JB outlined multiple ARPU levers: ad monetization growth, password sharing crackdown, pricing opportunity in some markets, sports upsells in Europe, and product improvements.

Zaslav noted international revenue is net positive with DTC outrunning linear decline. US not there yet. Bundling with Disney showing reduced churn.

Zaslav highlighted strategic flexibility and shareholder value but stayed vague on specific M&A moves. Gunnar noted incremental segment guidance coming at Q1 earnings.

Gunnar acknowledged domestic isn't there yet but pointed to international affiliate net revenue growth from DTC bundle offsets as proof point of the strategy working.

Chris cautioned video net gain isn't the goal, could easily float back to net loss. Focus is video as broadband acquisition/retention tool. Thanked programmers for leaning in. Silicon Valley 'fill the pipe tour' explaining network capabilities to product developers. Spectrum Front Row with Apple/NBA as proof of concept for immersive multi-gig content.

Chris confirmed mid-2026 timeline unchanged, working with federal and state regulators. Team preparing to launch Spectrum brand in Cox markets post-close. On video: sales up, churn down, app activation accelerating especially after ESPN app, FOX One, Hulu inclusion. A/B testing shows significant churn reduction correlated with app activations across all tenure cohorts.

Chris detailed multi-tier video strategy (full expanded + skinny + a-la-carte), Xumo unified search, and upcoming video marketplace launch. Video serves as competitive tool for broadband/mobile retention.

Chris quantified LA impact at 15-16K passings lost, detailed co-marketing plans with programmers for seamless entertainment, and articulated scale benefits across mobile brand, AI investment, and in-sourced labor.