Rich Greenfield

Alex gave the ~100,000 tickets figure and noted Live Nation upsizing tours, but framed monetization as value-to-price rather than direct conversion metrics.

Alex cited the UMG and new Merlin (30,000 labels) deals and the 3 Cs (consent, credit, compensation); Gustav explained a research-preview rollout path.

Alex framed the ad-stack rebuild as complete and argued the engagement-to-monetization gap will close over time, but gave no specific timing or ad-revenue metric.

Alex sized the fitness TAM directly, citing 70% of premium users working out monthly and organic fitness-video uploads driving the doubling-down.

Alex rebutted the AI-DSP bear thesis, arguing music breaks and monetizes on Spotify and that rights holders back its controlled, artist-first vision.

Christian acknowledged the programmatic inflection is further out than expected but reiterated a H2 2026 reacceleration; Alex framed it as 'when, not if.' Partial.

Gustav pointed to more usage and more active days from free-tier upgrades, citing the 'more you play, the more you pay' thesis, but gave no specific conversion-rate change. Partial.

Gustav cast TV as part of the ubiquity/retention strategy driving engagement and active days with room to grow users; advertising benefits but is not the core reason. No TV usage percentage given. Partial.

Alex directly tied the leadership change to the need to move faster in advertising, while praising Lee Brown's contributions.

Christian quantified low-double-digit ad growth excluding strategic inventory and SPP changes; Alex framed the podcast/video shift as a positive engagement trade-off.

Daniel called pricing a big long-term opportunity that becomes a bigger lever as growth matures; Alex noted churn stays modest even as prices rise.

Alex credited the value-to-price ratio and product-market fit in developed markets; Daniel added organic-media gains and AI-driven marketing efficiency.

Christian candidly admitted Spotify was late shifting to programmatic/performance ads but said the build is largely done.

Huffman grounded the answer in retention and conversion progress but did not directly address the investor concern about logged-out traffic pressure or the stock reaction.

Huffman declined to rule anything in or out, framing licensing, blue links and AI overviews as independent decisions rather than one binary outcome.

Steve acknowledged the data is clearly valuable but gave no specifics on renewal economics, declining to comment on exclusivity.

Steve did not directly explain the weekly-vs-daily gap, instead reframing around the 100M DAU goal and consistent product improvement.

Steve said Reddit is testing search-bar variants, including a larger top-of-screen bar he prefers, and evolving with AI partners.

Steve said the biggest retention driver is following relevant subreddits, so removing barriers to content at first open is key.

Steve said it is too soon to define future partnership structures but Reddit's Corpus is growing in importance to the largest players.

Steve declined to give a number, saying Reddit is always 'in the middle' and coexists with search and AI as different products.

Steve would not quantify the swing but said Q1 pace felt very good.

Steve declined to specify the change, saying it was not his place, but expressed no concern given the recovery.

Zaslav declined to entertain the worst-case split-timing hypothetical, instead reaffirming confidence the Paramount Skydance transaction will close with the company performing above the plan presented to PSKY.

Gunnar quantified the slate at 14 films this year rising to 19 next year, citing the creative team, talent relationships, and IP depth (New Line, animation ramp) as the basis for sustaining the higher output.

JB explained WBD is experimenting with multiple sports models: simulcast in U.S., stand-alone premium in U.K., bundled in Brazil/Mexico, stand-alone in Chile/Argentina. Focused on finding profitable sports streaming model rather than pursuing scale for its own sake.

JB Perrette gave a comprehensive business review: mid-90M to nearly 140M+ subs, $2B loss to $1.4B profit, highlighted operating leverage acceleration and multiple remaining growth levers including ad sales, wholesale-to-retail conversion, and Harry Potter.

Gunnar confirmed DG at ~3.3x net leverage, expects single-B or low double-B ratings. Emphasized international ad sales flat to slightly up, fundamentally different trends than domestic. $0-2B debt allocation wiggle room disclosed in proxy.

JB said partnerships trending above activation expectations. Upsell capabilities from ad-lite to ad-free driving additional ARPU with WBD taking majority of upsell economics.

Gunnar quantified ~$300M sports cost increase in 2025 concentrated in Q2 with moderate headwind in Q3, turning to tailwind from Q4 and very significant improvement in 2026.

Gunnar quantified several hundred million dollars of sports expense reduction in 2026, though noted some associated ad revenue also drops.

Zaslav emphasized WBD doesn't need more sports and prefers investing in long-cycle IP like Harry Potter and DC, where returns extend to merchandising and parks.

JB confirmed a mixed approach, soft bundles have no commitments, hard bundles in various markets do have carriage commitments, citing Sky UK as an example.

Peters confirmed free-trial tests for non-rejoining new members in several countries as part of test-and-learn.

Peters said it is four weeks in with promising early results and openness to similar deals that serve members.

Peters dismissed the impact as purely methodological with no change in actual consumer behavior; $3 billion ad revenue target unchanged. Netflix has actual streaming data independent of Nielsen.

Sarandos directly denied any connection; said Reed championed the WB deal and the board unanimously supported it. Departure is personal timing, not deal-related.

Peters said total view hours +2% in 2025 with branded originals +9% in H2; retention industry-leading and Q4 churn improved YoY; engagement quality is the key outcome metric.

Peters said Netflix tests and productizes offers like 4K upgrade prompts; a range of plans and features yields better member satisfaction, engagement and retention over time.

Peters said the new UI is outperforming prelaunch testing and is built for Netflix's wider content mix (TV, film, games, live); real-time recs respond dynamically to member needs by time.

Peters reiterated the value-first pricing philosophy and said Netflix has kept the flywheel spinning through prior tough economies; low-price ads plan adds accessibility.

Sarandos declined to comment on the UFC specifically but detailed WWE Raw week-one traction, framing economics discipline as the binding constraint on future deals.

Evan described strong interest but declined to disclose preorder volumes; largely qualitative.

Evan attributed weakness to the large-customer segment, noting monetizable DAU has grown in North America; direct.

Evan credited Memories Storage Plans for subscriber growth and improved retention; direct.

Evan said Perplexity controls responses, Snap won't sell ads against them, and the $400M recognizes from 2026 rollout; direct.

Derek attributed gross-margin gains to a mix shift toward higher-margin Sponsored Snaps and Spotlight surfaces; direct.

Evan said ~$400M trailing FCF funds Specs at low cost of capital, with partnerships also an opportunity into launch; direct.

Derek said brand revenue was flat and the deceleration and auction issue hit DR advertising; direct.

Evan listed model/signal improvements, app GBB and DPA roadmap, Sponsored Snaps and go-to-market leadership as DR accelerants; direct.

Evan pointed to personalization features and potential price increases (US annual plan ~$2.50/month) to grow ARPU; direct.

Asked platform versus standalone for Paramount+; Ellison reframed around WBD scale and consumer convenience rather than a direct commitment.

David listed upcoming content (The Agency, Star Trek, Lioness, 1923, Tulsa King, Dutton Ranch, WNBA) and tech convergence timeline. Andy noted UFC viewers averaging 15 years younger, Pluto VOD up 60% per user. On channel stores: case-by-case evaluation looking for win-wins.

David emphasized UFC as unicorn sports property (year-round, event-based, not split across platforms), 100M US fans, 25% growth since 2019. Jeff added UFC perfectly fills summer sports desert that caused seasonal churn.

Andy attributed the decline from $4.1B to $3.5B to increased content investments (UFC, South Park, talent deals) offset by higher efficiency targets ($3B vs $2B). Did not quantify content write-down dollar amount, describing only 'appropriate economic and accounting adjustments.'

Chris explained Taylor Sheridan and 101 are separate entities, Paramount has exclusive through 2028 and owns all IP. Defended current structure as having proper incentives. Noted model has been used as playbook for other creatives like Jez Butterworth.

Cheeks framed the Nielsen dispute as a value-for-money issue, noting they would not want fees for certain networks to exceed the ad revenue those networks generate. Confirmed no adverse ad revenue impact to date and none expected in Q4. Disclosed TV Media has approximately 6,000+ domestic and 3,000+ international employees including sports production infrastructure and 27 local stations.