LATEST COMPANY NEWS. - Free Online Library (2024)

Link/Page Citation

The Mirror - Netflix series that's 'so good' viewers are gripped within seconds - 30/6/2024

Netflix fans are going wild for a brand new series many are calling "the best they've ever watched" on the streaming platform.

For the complete story, see:

https://www.mirror.co.uk/tv/tv-news/netflix-series-thats-so-good-33136937

CNET - Netflix, Disney Plus, Max and More: Top New TV Shows and Movies to Watch This Week - 30/6/2024

This July 4th week, as you settle in for a long holiday weekend, you can beat the heat with some great new shows and movies to watch.

For the complete story, see:

https://www.cnet.com/tech/services-and-software/netflix-disney-plus-max-and-more-top-new-tv-shows-and-movies-to-watch-this-week/

Redshirts Always Die - Paramount+'s price increase may be the final straw for Star Trek fans - 28/6/2024

Paramount+ will needlessly raise their rates again, further ruining the streaming era.

For the complete story, see:

https://redshirtsalwaysdie.com/posts/paramount-s-price-increase-may-be-the-final-straw-for-star-trek-fans-01j1nmfschbd

Other Stories

Advanced Television - Fubo on Comcast's Xfinity Flex, Xumo Stream Box, Xumo TV - 28/6/2024

Tom's Guide - Netflix top 10 movies - here's the 3 worth watching right now - 28/6/2024

Variety - Dish Bundles Netflix for Free With New Two-Year Offer - 26/6/2024

The Verge - Inside Netflix's bet on advanced video encoding - 22/6/2024

Forbes - 10 Great Movies Leaving Netflix At The End Of June - 22/6/2024

Media Releases

Comcast - Fubo Launches on Xfinity Flex, Xumo Stream Box and Xumo TV - 27/6/2024

Latest Research

From tweets to insights: A social media analysis of the emotion discourse of sustainable energy in the United States - By Jacqueline Corbett And Bastin Tony Roy Savarimuthu.

Overviews of Leading Companies

Alphabet Inc. (NASDAQ: GOOG)

Apple Inc. (NASDAQ: AAPL)

Charter Communications, Inc., (NASDAQ:

CHTR

)

Comcast Corporation (NASDAQ: CMCSA)

Cox Enterprises, Inc.

Digital Content Next

Discovery Communications/ Warner Bros. Discovery (NASDAQ: DISCA) (NASDAQ: WBD)

DISH Network Corporation (NASDAQ: DISH)

Gannett Co., Inc. (NYSE: GCI)

IAC Inc. (NASDAQ: IAC)

Liberty Global plc (NASDAQ: LBTYK)

Liberty Media Corporation (NASDAQ: LSXMA, FWONA, BATRA)

News Corporation (NASDAQ: NWS)

Paramount Global (NASDAQ: PARA, PARAA)

Quad Graphics (NYSE: QUAD)

The McClatchy Company (NYSEAMERICAN: MNI)

The Walt Disney Company (NYSE: DIS)

Associate: Donny Stanley

News and Commentary

The Mirror - Netflix series that's 'so good' viewers are gripped within seconds - 30/6/2024

Netflix fans are going wild for a brand new series many are calling "the best they've ever watched" on the streaming platform.

For the complete story, see:

https://www.mirror.co.uk/tv/tv-news/netflix-series-thats-so-good-33136937

CNET - Netflix, Disney Plus, Max and More: Top New TV Shows and Movies to Watch This Week - 30/6/2024

This July 4th week, as you settle in for a long holiday weekend, you can beat the heat with some great new shows and movies to watch.

For the complete story, see:

https://www.cnet.com/tech/services-and-software/netflix-disney-plus-max-and-more-top-new-tv-shows-and-movies-to-watch-this-week/

Redshirts Always Die - Paramount+'s price increase may be the final straw for Star Trek fans - 28/6/2024

Paramount+ will needlessly raise their rates again, further ruining the streaming era.

For the complete story, see:

https://redshirtsalwaysdie.com/posts/paramount-s-price-increase-may-be-the-final-straw-for-star-trek-fans-01j1nmfschbd

Advanced Television - Fubo on Comcast's Xfinity Flex, Xumo Stream Box, Xumo TV - 28/6/2024

FuboTV, the sports-first live TV streaming platform, has announced the launch of its app on Comcast's entertainment platforms Xfinity Flex, Xumo Stream Box and Xumo TV across the US.

For the complete story, see:

https://advanced-television.com/2024/06/28/fubo-on-comcasts-xfinity-flex-xumo-stream-box-xumo-tv/

Tom's Guide - Netflix top 10 movies - here's the 3 worth watching right now - 28/6/2024

Whenever I have no clue what to watch on Netflix, I make a beeline for the streamer's top 10 most-watched movies list.

For the complete story, see:

https://www.tomsguide.com/entertainment/streaming/netflix-top-10-movies-three-worth-watching-now

Variety - Dish Bundles Netflix for Free With New Two-Year Offer - 26/6/2024

Dish Network is the latest pay-TV provider hoping that a streaming pact can help slow the cord-cutting bleeding.

For the complete story, see:

https://variety.com/2024/tv/news/dish-bundles-netflix-free-deal-1236049463/

The Verge - Inside Netflix's bet on advanced video encoding - 22/6/2024

Aaron, Netflix's senior encoding technology director, was watching the company's livestream of the Screen Actors Guild Awards earlier this year.

For the complete story, see:

https://www.theverge.com/2024/6/22/24171581/netflix-bet-advanced-encoding-anne-aaron

Forbes - 10 Great Movies Leaving Netflix At The End Of June - 22/6/2024

Obviously we eagerly await the new movies that flood Netflix each month. But amidst all that excitement, we might forget that many movies leave the streaming platform by month's end.

For the complete story, see:

https://www.forbes.com/sites/travisbean/2024/06/22/the-10-best-movies-leaving-netflix-at-the-end-of-june/

Media Releases

Comcast - Fubo Launches on Xfinity Flex, Xumo Stream Box and Xumo TV - 27/6/2024

Starting today, Xfinity Internet customers with a Flex or Xumo Stream Box have another option for live TV with the launch of Fubo, a sports-first live streaming service that brings together more than 400 sports, news and entertainment networks.

Customers can quickly find and launch the app by saying "Fubo" into their voice remote or by finding it within the app menu on each device. The app is also available on Xumo TVs, currently sold across the U.S. in select retail locations such as Best Buy, Walmart, BJs, and others.

"Live sports is best enjoyed on the big screen - in fact, 95% of Fubo viewers are watching their favorite content on connected and smart televisions," said Isaac Josephson, SVP, Product Management, Fubo. "We're thrilled to add Comcast's Xfinity Flex, Xumo TV and Xumo Stream Box streaming platforms to Fubo's suite of TV devices. A big shout out to the many teams across Fubo and Comcast for their hard work in bringing our premium user experience to Comcast streaming customers."

"For many consumers, one of the first things they look for in a streaming service is whether it provides access to their favorite sports," said John Dixon, Senior Vice President, Entertainment, Comcast.

Fubo joins a growing list of both subscription-based and ad-supported live streaming services now available on Flex, Xumo Stream Box and Xumo TV, including Xfinity Stream, YouTube TV, Hulu + Live TV, Sling TV, Xumo Play, Tubi, Pluto, and more.

Xfinity Internet customers looking to learn more about Xumo Stream Box, which is available at no additional cost with their broadband service, can visit

https://corporate.comcast.com/press/releases/fubo-launches-xfinity-flex-xumo-stream-box-xumo-tv

Latest Research

From tweets to insights: A social media analysis of the emotion discourse of sustainable energy in the United States.

Jacqueline Corbet

t And Bastin Tony Roy Savarimuthu.

Abstract

Social acceptance is essential to effective sustainable energy policy implementation. Social media offer new platforms to support policy work and, by allowing emotional expressions, help to create an emotion discourse. Emotions and the discourse around them impact social acceptance by influencing organizational legitimacy, supporting and disrupting institutions, and energizing policy actors. This research investigates how social media analytics (SMA) can be used to decode the emotion discourse on sustainable energy to fulfill diverse informational goals of policy actors. Applying SMA to 6528 Twitter messages for 27 U.S. electricity utilities over five months, we demonstrate how to measure and compare the emotion discourse of utilities over time. Using a variety of SMA techniques, we find the emotion discourse around sustainable energy varies across utilities in terms of both magnitude and polarity and we uncover four clusters of utilities having similar patterns of emotion discourse. We further identify three anomalous emotional events. SMA also reveal that joy and sadness are, respectively, the most common positive and negative emotions expressed. Finally, we use SMA to reveal how different actors contribute to the emotion discourse: utility followers are predominately responsible for negative affect in the emotion discourse. This work serves as a proof-of-concept showing how SMA can complement other techniques for gauging social acceptance, informing policy, managing sustainable energy programs, and developing effective communication strategies.

https://www.sciencedirect.com/science/article/abs/pii/S2214629622000226

The Industry

Latest Update: 2024

Industry Overview

At $660 billion, the U.S. media and entertainment (M&E) industry represents a third of the global M&E industry, and it includes motion pictures, television programs and commercials, streaming content, music and audio recordings, broadcast, radio, book publishing, video games, and ancillary services and products. In 2019, foreign direct investment accounted for $25.4 billion in the motion picture and sound recording industry and $3.4 billion in the radio and cable broadcasting industry. Foreign-owned businesses in the U.S. motion picture and sound recording industry employed 71,800 workers in 2018.

Filmed Entertainment (Motion Pictures, Television, and Video)

The U.S. motion picture and video industry encompasses films, movie theaters, TV subscriptions and electronic home video production, and distribution and consumption. Traditionally the film industry consisted of multinational umbrella corporations, major studios, and independent studios or "indies." Today, multi-channel networks engage in the filmed entertainment sector and SVOD platforms are major drivers in the filmed entertainment sector.

Drawing on formidable strengths, the U.S. film industry has a proven ability to produce films that generate hundreds of millions of dollars, including revenues from distribution across strong domestic and international networks. Success in the industry is based on creativity and financing, and the industry is largely self-regulated. The U.S. market has a large talent pool of writers, actors, producers, directors and technical experts, and is home to a variety of film crews, post-production firms, backdrops, and infrastructure to support production. U.S. filmmakers also receive critical protections for their intellectual property.

Many of the leading motion picture studios are part of larger media conglomerates that often include television, video and streaming services, music services, newspaper, cable and magazine segments. The industry offers attractive possibilities for international companies, both large and small, and provides film production tax incentives. With the shift toward digital production and distribution, foreign firms are continually seeking out U.S. digital and animation expertise and new formats.

As of 2019, 40 percent of the 428,900 workers in the industry are employed in arts, design, entertainment, sports, and media occupations, including 72,990 actors, producers, and directors and 51,000 media and communication equipment workers. The second-largest occupation group in the industry are the 76,060 personal care and service occupation workers, including 62,130 entertainment attendants and related workers.

Sound Recording Industry

The sound recording industry includes music publishers, sound recording studios, and record production and distribution. Of the 18,580 employees in the industry in 2019, 7,440 workers (40 percent) are employed in arts, design, entertainment, sports, and media occupations such as media and communication equipment workers (4,550 employees earning an average annual wage of $62,500) and entertainers and performers, sports and related workers (2,070 employees earning an average annual wage of $99,210). Other large occupation groups are office and administrative support occupations (3,490 workers earning an average annual wage of $40,280) and management occupations (2,530 workers earning an average annual wage of $139,560).

Radio, Television, and Cable Broadcasting

The broadcasting industry (except internet) includes radio stations, television broadcasting, and cable and other subscription programming. In 2019, the industry employed 268,170 employees, earning an average annual wage of $69,880. Over half of all employees are employed in three occupation groups: media and communications workers (56,270 employees earning an average of $60,410 per year); media and communication equipment workers (44,160 employees earning an average annual wage of $51,590); and entertainers and performers, sports and related workers (36,020 employees earning an average annual wage of $79,310).

Source: International Trade Administration

https://www.trade.gov/selectusa-media-and-entertainment-industry

US MEDIA & ENTERTAINMENT INDUSTRY

OVERVIEW

The U.S. Media and Entertainment (M&E) industry is known to be the largest in the world. At around $717 billion, it represents one-third of the global Media & Entertainment industry, including various segments: motion pictures, television programs and commercials, streaming content, music and audio recordings, broadcast, radio, book publishing, video games, and ancillary services and products.

The North American media and entertainment industry is the fastest growing industry that includes a vast range of product offerings and services, along with the evolving social media presence over the region.

The U.S. industry is under a phase of transition with both traditional and new models working hand-in-hand across multiple devices and platforms and the market is expected to further expand in the upcoming years. Digitisation as well as globalisation of services have further fostered a revolution in the US Media and Entertainment industry.

Integration of new OTT services across the already existing subscription-based streaming devices among the US household is expected to drive the media & entertainment sector across the region.

For instance, Comcast added Amazon Prime Video to the online content available through its service thereby enhancing the application of the OTT media, which already included streaming services such as Netflix, YouTube, and Pandora.

Further, Netflix is estimated to capture around 74% of the total penetration of US OTT households, followed by Youtube with 54% and Amazon by 33% penetration.

Such high deployment of the OTT services across the region is expected to drive the demand of the video & entertainment industry in the forthcoming years.

US MEDIA & ENTERTAINMENT INDUSTRY SEGMENTATION

Filmed Entertainment (Motion Pictures, Television, and Video)

Traditionally the film industry consisted of multinational corporations, major studios, and independent studios. Today, multi-channel networks engage in the filmed entertainment sector and Streaming Video On Demand (SVOD) platforms are major drivers in the filmed entertainment sector.

Alternatively, media houses are trying to diversify concession options, offer consumer products such as movie or brand related merchandise, and offer membership discounts to attract viewership.

The market overall is becoming increasingly polarized. Drawing on formidable strengths, the U.S. film industry has a proven ability to produce films that generate a buzz and garner the interest of millions, alternatively generating massive revenues from distribution across strong domestic and international networks. Success in the industry is based on creativity and financing, and the industry is largely self-regulated.

Many of the leading motion picture studios are part of larger media conglomerates that often include television, video and streaming services, music services, newspaper, cable and magazine segments.

The industry offers lucrative opportunities for international companies, both large and small, and provides advanced film production resources and technologies. With the shift towards a digital mode of production and distribution, foreign firms are continually seeking out U.S. digital and animation expertise and new formats.

Music

The U.S. recorded music industry (including concerts and touring) is said to be the largest global music market. Apart from contracting physical music sales, all segments of recorded music are up, including digital, streaming, and sync licensing. Overtaking physical music sales, digital sales have helped the music industry adapt to a fast-changing entertainment landscape.

Live and recorded music sales are rising, and digitally recorded music is expected to further grow. Many companies in the industry have diversified via signing up for sync deals with vertical businesses for TV ads, in-flight entertainment, satellite radio, restaurants, touring, live entertainment, and merchandise.

Digital technologies have greatly contributed in revolutionising the music industry by creating high quality, low-cost recording techniques and digital distribution, along with the proliferation of devices to download and listen to music.

Future industry growth is likely to come from diversified services like licensing brand name products and services, packaging consumer experiences around touring and live music, bundling music services with other online content services and more.

Video Games

The U.S. gaming industry accounts for a significant amount of the M&E industry, and revenues are expected to grow exponentially. Today's consumers have access to multiple devices for gaming, including PCs, mobile phones, digital or physical consoles, and tablets.

The sector comprises: physical, digital, and online games; mobile apps; and virtual and augmented reality (VR/AR). Electronic sports, also known as "e-sports", includes professional gaming, in which players compete before a live audience, and the industry is growing quickly.

The industry is constantly innovating and bringing new applications to the market. The use of digital technology like virtual reality and augmented reality to replace reality with a complete and realistic, immersive simulation coupled with interactive computer-generated content is garnering quite the attention of its consumers recently.

OTT Platforms

The United States remains the largest OTT video market globally, accounting for more than half (55.6%) of all OTT revenue in the world and showing massive scope for growth as the market matures further.

Streaming services will continue to grow and offer more personalized services in the form of user experiences for consumers. The consumers have the power to influence digital entertainment industries now more than ever before.

Notably, SVOD's share of total revenue will increase over the upcoming years as the popularity of streaming services continues to grow. The increase in competition means new entrants will have to work to differentiate themselves from mainstream SVOD players in order to attract subscribers.

Content generated is particularly exclusive and original, which has proven to be the crucial determinant in the battle to attract subscribers to streaming services. The level of content being poured into the market by both new and existing players is prodigious and is only expected to further grow among local and regional networks as well as national and international markets.

Internet Advertising

While the US still lags behind China and other Asian markets in some areas, it remains a hotbed of innovation and consolidation making it the largest global internet advertising market.

Furthermore, some of the defining recent trends in the internet advertising market, like the rise of video and mobile advertising, have taken hold much earlier in the US than in many other markets. Mobile is now dominant, accounting for 65.1% of US internet ad spend.

US MEDIA & ENTERTAINMENT INDUSTRY DRIVERS

As the streaming wars continue to intensify, industry players have deployed new technologies in order to reach out to their broader customer base:

Thriving popularity of Artificial intelligence (AI) and Virtual Reality

The M&E industry is poised to look on to a major transformation due to the advent of transformative technologies such as AI, which has been deployed by several companies in the entertainment industry in order to make personalized recommendations based on consumer usage and further making the system more effective for content creation.

In addition, AI also assists companies in streamlining both pre as well as post-production processes, thereby making all steps cohesive and therefore less resource consuming.

The industry is putting VR to use in order to captivate the attention of consumers by making consumers interact with brands. By the help of consumer engagement, the companies are able to improve the commercial success on their business front.

Personalised user experiences

As media and e-commerce experiences become more personal, gratification for consumers is becoming more instant and immediate. In response, content creators and distributors are devising new ways to appeal to consumers as individuals, and marketers are busy figuring out how to meet people at the point of consumption and guide them instantaneously towards purchase. The result is a rapid expansion of and evolution in consumer experiences.

The central theme of this growing world of media is that it's highly customised and increasingly digital. And it is constructed by the individual for his or her own enjoyment and gratification, and delivered through personal devices.

Companies, in turn, are tailoring their offerings and business models to revolve around personal preferences, using data and usage patterns to pitch their products not at audiences of billions, but at billions of individuals.

US MEDIA & ENTERTAINMENT INDUSTRY COMPETITIVE LANDSCAPE

Trends in this industry are in constant flux and it is thereby pertinent for any brand looking to strike a chord with customers, to keep up with the latest trends impacting the M&E industry. The ever-changing trends, specifically in the entertainment industry, have transformed the way in which people consume content via new platforms, mediums as well as features.

In the present scenario, it is rather clear that the growth of video streaming will continue to show decent growth.

While the slowdown in the global economy owing to the Coronavirus pandemic is expected to take a toll on the overall growth of the M&E industry globally, higher time spent by individuals at home due to the lockdown in different parts of the world is expected to continue to support the digital and video-streaming platforms.

An increasingly customised world has major implications for every E&M business across every segment. Whether the subject is business and revenue models, emerging technologies or regulation and trust, companies must keep on top of current and future developments, as well as stay agile and ready to respond proactively and at pace.

Source: Mobility Foresights

https://mobilityforesights.com/product/us-media-entertainment-industry/

2024 media & entertainment industry outlook

Five trends driving industry growth

In the coming year, media & entertainment will continue to evolve quickly, not only reckoning with ongoing trends and disruptions within the industry, but also in its continued response to pandemic-led behavioral changes. Our 2022 M&E outlook explores five attention-grabbing trends that we think will have the broadest impact across the industry.

Riding a wave of opportunity

In 2021, the media and entertainment industry saw continued changes from technological progress, evolving generational behaviors, and ongoing impacts from the global pandemic. Amid recurring COVID-19 surges, people sought more media and entertainment at home, while often avoiding larger in-person events. Digital media engagement even remained strong over the healthier summer, evidence that the pandemic has only

accelerated preexisting trends toward the digital world

On the cusp of 2022, the broader socioeconomic dynamics animating the modern age appear to be converging with technology and amplifying change. This is driving more innovation and competition but is also putting pressure on business models to keep up with changing behaviors. The media and entertainment industry, embedded in the business of imagination, is riding a wave of tremendous opportunity amid the turbulence that attends times of significant change like the one we're in.

In this year's media & entertainment outlook, we examine five areas we believe will touch the most people and grab the most attention:

We will see the streaming video industry mature as metrics evolve beyond subscriber counts to lifetime customer value, and existing business models evolve to find greater profitability amid global competition.

In-person entertainment-as well as the businesses and venues that rely on it-will face greater pressure to go beyond simply bringing people out of their pandemic cocoons by evolving and differentiating itself from the living room.

Social media, the largest digital aggregator of humanity, will find itself at a turning point, moving to build out the next generation of retail shopping.

The sudden rise of NFTs and their success in bringing scarcity and exclusivity to digital goods will drive new models of customer engagement and loyalty. They'll also lead to more digital product innovation, greater empowerment for their creators, and a fuller realization of the grand ambitions for blockchain, cryptocurrency, and the decentralized web.

Each of these trends is slowly marching humanity closer toward the metaverse (or metaverses), where people will spend more of their time in immersive, social, digital worlds, and the digital world will be drawn across the physical one.

https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/media-and-entertainment-industry-outlook-trends.html

Paramount Global - Paramount Global Report First Quarter Earnings Results - 29/4/2024

NEW YORK , April 29, 2024 /PRNewswire/ -- Paramount Global (NASDAQ: PARA, PARAA) today announced financial results for the first quarter ended March 31, 2024. Please visit the Paramount Investors homepage to view the press release . The company will conduct a conference call at 4:30 p.m.

For the full report see:

https://ir.paramount.com/static-files/788ef7dd-d093-4fb6-9e4a-43a81169eb41

Leading Companies

Alphabet Inc. (GOOG)

Alphabet is a collection of companies, the largest of which is Google. Larry Page and Sergey Brin founded Google in September 1998 and the company is headquartered in Mountain View, Calif. Billions of people use its wide range of popular products and platforms each day, like Search, Ads, Chrome, Cloud, YouTube and Android.

https://abc.xyz/

Alphabet Inc. - Alphabet Announces First Quarter 2024 Results - 25/4/2024

MOUNTAIN VIEW, Calif. - April 25, 2024 - Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2024. Sundar Pichai, CEO, said: "Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there's great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation." Ruth Porat, President and Chief Investment Officer; CFO said: "Our strong financial results for the first quarter reflect revenue strength across the company and ongoing efforts to durably reengineer our cost base. We delivered revenues of $80.5 billion, up 15% year-on-year, and operating margin expansion ."

Segment Operating Results

As announced on April 18, 2024, we are consolidating teams that focus on building artificial intelligence (AI) models across Google Research and Google DeepMind to further accelerate our progress in AI. AI model development teams previously under Google Research in our Google Services segment will be included as part of Google DeepMind, reported within Alphabet-level activities, prospectively beginning in the second quarter of 2024.

Dividend Program

Alphabet's Board of Directors today approved the initiation of a cash dividend program, and declared a cash dividend of $0.20 per share that will be paid on June 17, 2024, to stockholders of record as of June 10, 2024, on each of the company's Class A, Class B, and Class C shares. The company intends to pay quarterly cash dividends in the future, subject to review and approval by the company's Board of Directors in its sole discretion.

Stock Repurchases

Alphabet's Board of Directors today authorized the company to repurchase up to an additional $70.0 billion of its Class A and Class C shares in a manner deemed in the best interest of the company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A and Class C shares. The repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.

Employee Severance and Related Charges

Compensation expenses included employee severance and related charges for the three months ended March 31, 2024 of $716 million, a $1.3 billion decrease in severance and related charges as compared to the three months ended March 31, 2023. For the first quarter of 2024, these charges are included within cost of revenues, research and development, sales and marketing, and general and administrative expenses in the amounts of $153 million, $247 million, $217 million, and $99 million, respectively. For additional information about the effect of these charges in each period, see the section captioned "Reconciliation from Certain GAAP Measures to Certain Non-GAAP Measures, Excluding the Effect of Severance and Related and Office Space Charges" below.

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023, which are on file with the SEC and are available on our investor relations website at

http://abc

.xyz/investor and on the SEC website at

www.sec

.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of April 25, 2024. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

https://www.abc.xyz/assets/91/b3/3f9213d14ce3ae27e1038e01a0e0/2024q1-alphabet-earnings-release-pdf.pdf

Apple Inc (NASDAQ:AAPL)

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple's five software platforms - iOS, iPadOS, macOS, watchOS, and tvOS - provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple's more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

https://www.apple.com/

Apple Inc. - Apple reports second quarter results - 2/5/2024

Services revenue reaches new all-time record

EPS sets March quarter record

CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.

"Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services," said Tim Cook, Apple's CEO. "During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We're also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us."

"Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter," said Luca Maestri, Apple's CFO. "Given our confidence in Apple's future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row."

Apple's board of directors has declared a cash dividend of $0.25 per share of the Company's common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company's common stock.

Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 2024 at

apple.com/investor/earnings-call

. The webcast will be available for replay for approximately two weeks thereafter.

https://www.apple.com/newsroom/2024/05/apple-reports-second-quarter-results/

Charter Communications Inc. (

CHTR

)

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet ® , TV, Mobile and Voice.

For small and medium-sized companies, Spectrum Business ® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise ® provides highly customized, fiber-based solutions. Spectrum Reach ® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information about Charter can be found at

corporate.charter.com

https://corporate.charter.com/

Charter Communications, Inc. - Charter Announces First Quarter 2024 Results - 26/4/2024

STAMFORD, Conn., April 26, 2024 /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter") today reported financial and operating results for the three months ended March 31, 2024.

First quarter total residential and small and medium business ("SMB") Internet customers decreased by 72,000. As of March 31, 2024, Charter served a total of 30.5 million residential and SMB Internet customers.

First quarter total residential and SMB mobile lines increased by 486,000. As of March 31, 2024, Charter served a total of 8.3 million mobile lines.

As of March 31, 2024, Charter had a total of 32.0 million residential and SMB customer relationships, excluding mobile-only relationships.

First quarter revenue of $13.7 billion grew by 0.2% year-over-year, driven by residential mobile service revenue growth of 37.8% and residential Internet revenue growth of 1.9%.

Net income attributable to Charter shareholders totaled $1.1 billion in the first quarter.

First quarter Adjusted EBITDA 1 of $5.5 billion grew by 2.8% year-over-year.

First quarter capital expenditures totaled $2.8 billion and included $1.0 billion of line extensions.

First quarter net cash flows from operating activities totaled $3.2 billion, compared to $3.3 billion in the prior year.

First quarter free cash flow 1 of $358 million decreased from $664 million in the prior year, primarily due to higher capital expenditures, mostly driven by Charter's network evolution and expansion initiatives and a one-time settlement payment in the first quarter of 2024.

During the first quarter, Charter purchased 1.7 million shares of Charter Class A common stock and Charter Communications Holdings, LLC ("Charter Holdings") common units for $567 million.

"Our differentiated converged connectivity products provide us with significant competitive advantages that position Charter for sustainable customer and financial growth," said Chris Winfrey, President and CEO of Charter.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

March 31, 2024 (c)

March 31, 2023 (c)

Y/Y Change

Footprint

Estimated Passings (d)

57,351

55,885

2.6 %

Customer Relationships (e)

Residential

29,797

29,996

(0.7) %

SMB

2,219

2,215

0.2 %

Total Customer Relationships

32,016

32,211

(0.6) %

Residential

(107)

(115)

SMB

(3)

(11)

Total Customer Relationships Quarterly Net Additions

(110)

(126)

Total Customer Relationship Penetration of Estimated Passings (f)

55.8 %

57.6 %

(1.8) ppts

Monthly Residential Revenue per Residential Customer (g)

$ 120.48

$ 120.56

(0.1) %

Monthly SMB Revenue per SMB Customer (h)

$ 163.44

$ 164.58

(0.7) %

Residential Customer Relationships Penetration

One Product Penetration (i)

47.3 %

46.0 %

1.3 ppts

Two Product Penetration (i)

33.0 %

32.8 %

0.2 ppts

Three or More Product Penetration (i)

19.7 %

21.1 %

(1.4) ppts

% Residential Non-Video Customer Relationships

56.0 %

52.5 %

3.5 ppts

Internet

Residential

28,472

28,479

0.0 %

SMB

2,044

2,030

0.7 %

Total Internet Customers

30,516

30,509

0.0 %

Residential

(72)

(139)

SMB

(9)

Total Internet Quarterly Net Additions

(72)

(148)

Video

Residential

13,111

14,260

(8.1) %

SMB

606

646

(6.2) %

Total Video Customers

13,717

14,906

(8.0) %

Residential

(392)

(237)

(155)

SMB

(13)

(4)

(9)

Total Video Quarterly Net Additions

(405)

(241)

(164)

Voice

Residential

6,438

7,473

(13.8) %

SMB

1,288

1,290

(0.2) %

Total Voice Customers

7,726

8,763

(11.8) %

Residential

(274)

(224)

(50)

SMB

(5)

(9)

Total Voice Quarterly Net Additions

(279)

(220)

(59)

Mobile Lines (j)

Residential

7,992

5,782

38.2 %

SMB

260

196

32.9 %

Total Mobile Lines

8,252

5,978

38.1 %

Residential

473

666

(193)

SMB

(7)

Total Mobile Lines Quarterly Net Additions

486

686

(200)

Enterprise (k)

Enterprise Primary Service Units ("PSUs")

308

288

6.9 %

Enterprise Quarterly Net Additions

In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

As of March 31, 2024, Charter had 29.8 million residential customer relationships, excluding mobile-only relationships.

First quarter residential Internet customers decreased by 72,000, compared to an increase of 67,000 during the first quarter of 2023.

Charter is on plan to evolve its network at a lower cost than its competitors to offer symmetrical and multi-gigabit speeds across its entire footprint. Charter's Advanced WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of their connected devices with enhanced security and privacy is available to all Spectrum Internet customers.

Residential video customers decreased by 392,000 in the first quarter of 2024, compared to a decline of 237,000 in the first quarter of 2023. As of March 31, 2024, Charter had 13.1 million residential video customers. In October 2023, Charter began deploying Xumo Stream Boxes to video customers. The Xumo Stream Box combines a live TV experience with access to hundreds of the most popular direct-to-consumer TV applications, and features unified search and discovery along with a curated content offering based on the customer's interests and subscriptions. During the first quarter, Charter launched two new value-oriented Internet-delivered streaming TV packages, Spectrum TV ® Stream and Spectrum Stream Latino, for Spectrum Internet customers. Spectrum TV Stream features many of the most popular news and entertainment networks, and Spectrum Stream Latino adds another option for Hispanic audiences to take advantage of Charter's robust programming lineup.

During the first quarter of 2024, residential wireline voice customers declined by 274,000, compared to a decline of 224,000 in the first quarter of 2023. As of March 31, 2024, Charter had 6.4 million residential wireline voice customers.

During the first quarter of 2024, Charter added 473,000 residential mobile lines, compared to growth of 666,000 during the first quarter of 2023. Spectrum Mobile TM is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds, 1 with plans that include 5G access, do not require contracts and include taxes and fees in the price. Charter's converged offer, Spectrum One, and Spectrum Mobile are central to Charter's converged network strategy to provide consumers a differentiated connectivity experience with highly competitive, simple data plans and pricing. In April, Charter launched Anytime Upgrade, which is now included in the Spectrum Mobile Unlimited Plus data plan at no extra cost, and allows new and existing customers to upgrade their phones whenever they want, as many times as they want, eliminating the traditional wait times and condition requirements associated with phone upgrades.

First quarter 2024 monthly residential revenue per residential customer totaled $120.48, and decreased by 0.1% compared to the prior year period, given a lower mix of video customer relationships and a higher mix of lower priced video packages within Charter's video customer base, mostly offset by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile.

SMB customer relationships decreased by 3,000 in the first quarter of 2024, while first quarter 2023 SMB customer relationships grew by 8,000. Enterprise PSUs grew by 5,000 in the first quarter of 2024 versus 4,000 added in the first quarter of 2023.

Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the first quarter of 2024, Charter activated 73,000 subsidized rural passings. Within Charter's subsidized rural footprint, total residential and SMB customer relationships increased by 35,000 in the first quarter of 2024.

Fastest Overall Speed claim based on Global Wireless Solutions' combined cellular and WiFi speed test results in Spectrum service areas where WiFi is available. Cellular speeds vary by location.

First Quarter Financial Results (in millions)

Three Months Ended March 31,

2024

2023

% Change

Revenues:

Internet

$ 5,826

$ 5,718

1.9 %

Video

3,908

4,254

(8.1) %

Voice

374

373

0.3 %

Mobile service

685

497

37.8 %

Residential revenue

10,793

10,842

(0.4) %

Small and medium business

1,088

1,091

(0.3) %

Enterprise

708

682

3.8 %

Commercial revenue

1,796

1,773

1.3 %

Advertising sales

391

355

10.0 %

Other

699

683

2.4 %

Total Revenues

$ 13,679

$ 13,653

0.2 %

Net income attributable to Charter shareholders

$ 1,106

$ 1,021

8.4 %

Net income attributable to Charter shareholders margin

8.1 %

7.5 %

Adjusted EBITDA 1

$ 5,497

$ 5,350

2.8 %

Adjusted EBITDA margin

40.2 %

39.2 %

Capital Expenditures

$ 2,791

$ 2,464

13.3 %

Net cash flows from operating activities

$ 3,212

$ 3,323

(3.3) %

Free cash flow 1

$ 358

$ 664

(46.1) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

Revenues

First quarter revenue increased by 0.2% year-over-year to $13.7 billion, driven by growth in residential mobile service, residential Internet and advertising sales revenues, partly offset by lower residential video revenue.

Residential revenue totaled $10.8 billion in the first quarter, a decrease of 0.4% year-over-year.

Internet revenue grew by 1.9% year-over-year to $5.8 billion, driven by promotional rate step-ups and rate adjustments, partly offset by lower bundled revenue allocation.

Video revenue totaled $3.9 billion in the first quarter, a decrease of 8.1% compared to the prior year period, driven by a decline in video customers during the last year and a higher mix of lower priced video packages within Charter's video customer base, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

Voice revenue grew by 0.3% year-over-year to $374 million, driven by voice rate adjustments, mostly offset by a decline in wireline voice customers over the last twelve months.

First quarter mobile service revenue totaled $685 million, an increase of 37.8% year-over-year, driven by mobile line growth and higher bundled revenue allocation.

Commercial revenue increased by 1.3% year-over-year to $1.8 billion, driven by enterprise revenue growth of 3.8% year-over-year, partly offset by a SMB revenue decrease of 0.3%. The year-over-year decrease in first quarter 2024 SMB revenue was driven by lower monthly SMB revenue per SMB customer primarily due to a higher mix of lower priced video packages and a lower number of voice lines per SMB customer relationship, partly offset by customer relationship growth. Enterprise revenue excluding wholesale increased by 5.5% year-over-year, mostly reflecting PSU growth.

First quarter advertising sales revenue of $391 million increased by 10.0% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue increased by 0.3% year-over-year due to higher advanced advertising revenue, mostly offset by a more challenged advertising market.

Other revenue totaled $699 million in the first quarter, an increase of 2.4% compared to the first quarter of 2023, primarily driven by higher mobile device sales.

Operating Costs and Expenses

First quarter programming costs decreased by $229 million, or 8.2% as compared to the first quarter of 2023, reflecting fewer video customers and a higher mix of lower cost packages within Charter's video customer base, partly offset by contractual programming rate increases, renewals and adjustments. First quarter 2024 programming costs include $28 million of favorable adjustments compared to $50 million of favorable adjustments in the prior year period.

Other costs of revenue increased by $130 million, or 9.8% year-over-year, primarily driven by higher mobile service direct costs and mobile device sales.

Costs to service customers was virtually unchanged year-over-year, with additional activity to support the growth of Spectrum Mobile and higher bad debt expense, offset by productivity improvements.

Sales and marketing expenses decreased by $26 million, or 2.7% year-over-year, primarily due to lower labor costs.

Other expenses increased by $5 million, or 0.5% as compared to the first quarter of 2023.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.1 billion in the first quarter of 2024, compared to $1.0 billion in the first quarter of 2023. The year-over-year increase in net income attributable to Charter shareholders was primarily driven by higher Adjusted EBITDA and a gain on sale of assets, partly offset by higher income tax and interest expenses.

Net income per basic common share attributable to Charter shareholders totaled $7.66 in the first quarter of 2024 compared to $6.74 during the same period last year. The increase was primarily the result of the factors described above in addition to a 4.6% decrease in basic weighted average common shares outstanding versus the prior year period.

Adjusted EBITDA

First quarter Adjusted EBITDA of $5.5 billion grew by 2.8% year-over-year, reflecting growth in revenue of 0.2% and a decrease in operating expenses of 1.5%.

Capital Expenditures

Capital expenditures totaled $2.8 billion in the first quarter of 2024, an increase of $327 million compared to the first quarter of 2023. Line extensions capital expenditures totaled $1.0 billion in the first quarter of 2024, driven by Charter's subsidized rural construction initiative and continued network expansion across residential and commercial greenfield and market fill-in opportunities. First quarter capital expenditures excluding line extensions totaled $1.8 billion, compared to $1.6 billion in the first quarter of 2023, driven by higher spend on upgrade/rebuild (primarily network evolution) and CPE (primarily Xumo Stream Boxes).

Charter currently expects full year 2024 capital expenditures to total between $12.2 billion and $12.4 billion, including line extensions capital expenditures of approximately $4.5 billion and network evolution spend of approximately $1.6 billion, compared to $4.0 billion and $0.9 billion, respectively, in 2023. The actual amount of capital expenditures in 2024 will depend on a number of factors including, but not limited to, the pace of Charter's network evolution and expansion initiatives, supply chain timing and growth rates in Charter's residential and commercial businesses.

Cash Flow and Free Cash Flow

During the first quarter of 2024, net cash flows from operating activities totaled $3.2 billion, compared to $3.3 billion in the prior year quarter. The year-over-year decrease in net cash flows from operating activities was primarily due to a one-time settlement payment in the first quarter of 2024, partly offset by higher Adjusted EBITDA.

Free cash flow in the first quarter of 2024 totaled $358 million, a decrease of $306 million compared to the first quarter of 2023. The year-over-year decrease in free cash flow was primarily driven by an increase in capital expenditures and a decrease in net cash flows from operating activities, partly offset by a less unfavorable change in accrued expenses related to capital expenditures.

Liquidity & Financing

As of March 31, 2024, total principal amount of debt was $97.8 billion and Charter's credit facilities provided approximately $2.9 billion of additional liquidity in excess of Charter's $661 million cash position.

Share Repurchases

During the three months ended March 31, 2024, Charter purchased 1.7 million shares of Charter Class A common stock and Charter Holdings common units for $567 million.

Webcast

Charter will host a webcast on Friday, April 26, 2024 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.

The webcast can be accessed live via the Company's investor relations website at

ir.charter.com

. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at

ir.charter.com

two hours after completion of the webcast.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2024, which will be posted on the "Results & SEC Filings" section of the Company's investor relations website at

ir.charter.com

, when it is filed with the Securities and Exchange Commission (the "SEC"). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the "Results & SEC Filings" section.

Use of Adjusted EBITDA and Free Cash Flow Information

The Company uses certain measures that are not defined by U.S. generally accepted accounting principles ("GAAP") to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company's businesses as well as other non-cash or special items, and is unaffected by the Company's capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

Management and Charter's board of directors use Adjusted EBITDA and free cash flow to assess Charter's performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company's credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company's debt covenants refer to these expenses as management fees, which were $371 million and $374 million for the three months ended March 31, 2024 and 2023, respectively.

About Charter

corporate.charter.com

https://corporate.charter.com/newsroom/charter-announces-first-quarter-2024-results

Comcast Corporation (NASDAQ: CMCSA)

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company. From the connectivity and platforms we provide, to the content and experiences we create, our businesses reach hundreds of millions of customers, viewers, and guests worldwide. We deliver world-class broadband, wireless, and video through Xfinity, Comcast Business, and Sky; produce, distribute, and stream leading entertainment, sports, and news through brands including NBC, Telemundo, Universal, Peaco*ck, and Sky; and bring incredible theme parks and attractions to life through Universal Destinations & Experiences.

www.comcastcorporation.com

Comcast - Comcast Reports 1st Quarter 2024 Results - 25/4/2024

April 25, 2024 07:00 AM Eastern Daylight Time

PHILADELPHIA--(

BUSINESS WIRE

)--Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2024.

"Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace, " said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. " We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peaco*ck remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth. "

($ in millions, except per share data)

1st Quarter

Consolidated Results

2024

2023

Change

Revenue

$30,058

$29,691

1.2%

Net Income Attributable to Comcast

$3,857

$3,834

0.6%

Adjusted Net Income 1

$4,171

$3,877

7.6%

Adjusted EBITDA 2

$9,355

$9,415

(0.6%

)

Earnings per Share 3

$0.97

$0.91

6.5%

Adjusted Earnings per Share 1

$1.04

$0.92

13.9%

Net Cash Provided by Operating Activities

$7,848

$7,228

8.6%

Free Cash Flow 4

$4,538

$3,800

19.4%

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedule on Comcast's Investor Relations website at

www.cmcsa.com

1st Quarter 2024 Highlights:

Adjusted EPS increased 13.9% to $1.04; Generated Free Cash Flow of $4.5 Billion

Total Return of Capital to Shareholders Increased 13.5% to $3.6 Billion Through a Combination of $1.2 Billion in Dividend Payments and $2.4 Billion in Share Repurchases

Connectivity & Platforms Adjusted EBITDA Increased 1.5% to $8.2 Billion and Adjusted EBITDA Margin Increased 30 Basis Points to 40.5%. Excluding the Impact of Foreign Currency, Connectivity & Platforms Adjusted EBITDA Increased 1.3% and Adjusted EBITDA Margin Increased 50 Basis Points

Domestic Broadband Average Rate Per Customer Increased 4.2%, Driving Domestic Broadband Revenue Growth of 3.9% to $6.6 Billion

Domestic Wireless Customer Lines Increased 21% Compared to the Prior Year Period to 6.9 Million, Including Net Additions of 289,000 in the First Quarter

Kung Fu Panda 4 Debuted in March and Grossed Over $480 Million in Worldwide Box Office Year-to-Date, Contributing to the Panda Franchise's Cumulative Total of $2.3 Billion. Oppenheimer Won 7 Oscars at the Academy Awards, Began Streaming Exclusively on Peaco*ck Beginning in February and Was the Most Watched Pay 1 Movie in Peaco*ck's History

Peaco*ck Paid Subscribers Increased 55% Compared to the Prior Year Period to 34 Million, Including Net Additions of 3 Million in the First Quarter. Peaco*ck Revenue Increased 54% to $1.1 Billion; Adjusted EBITDA Improved Compared to the Prior Year Period and Also on a Sequential Basis

1st Quarter Consolidated Financial Results

Revenue increased 1.2% compared to the prior year period. Net Income Attributable to Comcast was consistent with the prior year period. Adjusted Net Income increased 7.6%. Adjusted EBITDA was consistent with the prior year period.

Earnings per Share (EPS) increased 6.5% to $0.97. Adjusted EPS increased 13.9% to $1.04.

Capital Expenditures decreased 1.3% to $2.6 billion. Connectivity & Platforms' capital expenditures decreased 3.8% to $1.9 billion, reflecting lower spending on customer premise equipment, scalable infrastructure and support capital, partially offset by higher investment in line extensions. Content & Experiences' capital expenditures increased 3.8% to $676 million, primarily driven by investment in Theme Parks, which continues to reflect significant spending due to the construction of Epic Universe theme park in Orlando, which is scheduled to open in 2025.

Net Cash Provided by Operating Activities was $7.8 billion. Free Cash Flow was $4.5 billion.

Dividends and Share Repurchases. Comcast paid dividends totaling $1.2 billion and repurchased 56.0 million of its shares for $2.4 billion, resulting in a total return of capital to shareholders of $3.6 billion.

Connectivity & Platforms

($ in millions)

Constant Currency Change 5

1st Quarter

2024

2023

Change

Connectivity & Platforms Revenue

Residential Connectivity & Platforms

$17,868

$17,869

(0.8

Business Services Connectivity

2,407

2,283

5.4%

Total Connectivity & Platforms Revenue

$20,275

$20,153

0.6%

(0.1

Connectivity & Platforms Adjusted EBITDA

Residential Connectivity & Platforms

$6,852

$6,762

1.3%

1.1%

Business Services Connectivity

1,366

1,332

2.6%

Total Connectivity & Platforms Adjusted EBITDA

$8,218

$8,093

1.5%

1.3%

Connectivity & Platforms Adjusted EBITDA Margin

Residential Connectivity & Platforms

38.3%

37.8%

50 bps

60 bps

Business Services Connectivity

56.7%

58.3%

(160) bps

Total Connectivity & Platforms Adjusted EBITDA Margin

40.5%

40.2%

30 bps

50 bps

Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Connectivity & Platforms was consistent with the prior year period. Adjusted EBITDA increased due to growth in Residential Connectivity & Platforms Adjusted EBITDA and Business Services Connectivity Adjusted EBITDA. Adjusted EBITDA margin increased to 40.5%.

(in thousands)

Net Additions /

(Losses)

1st Quarter

1Q24

1Q23

2024

2023

Customer Relationships

Domestic Residential Connectivity & Platforms Customer Relationships

31,555

31,826

(94)

(34)

International Residential Connectivity & Platforms Customer Relationships

17,782

18,051

(65)

111

Business Services Connectivity Customer Relationships

2,634

2,630

(7)

Total Connectivity & Platforms Customer Relationships

51,971

52,507

(166)

Domestic Broadband

Residential Customers

29,693

29,815

(55)

Business Customers

2,495

2,508

(10)

Total Domestic Broadband Customers

32,188

32,324

(65)

Total Domestic Wireless Lines

6,877

5,668

289

355

Total Domestic Video Customers

13,618

15,528

(487)

(614)

Total Customer Relationships for Connectivity & Platforms decreased by 166,000 to 52.0 million, primarily reflecting decreases in Residential Connectivity & Platforms customer relationships. Total domestic broadband customer net losses were 65,000, total domestic wireless line net additions were 289,000 and total domestic video customer net losses were 487,000.

Residential Connectivity & Platforms

($ in millions)

Constant Currency Change 5

1st Quarter

2024

2023

Change

Revenue

Domestic Broadband

$6,591

$6,343

3.9%

Domestic Wireless

972

858

13.3%

International Connectivity

1,116

897

24.4%

19.4%

Total Residential Connectivity

8,679

8,099

7.2%

6.7%

Video

6,876

7,382

(6.9

(7.7

Advertising

951

907

4.9%

3.5%

Other

1,362

1,482

(8.1

(9.0

Total Revenue

$17,868

$17,869

(0.8

Operating Expenses

Programming

$4,405

$4,600

(4.2

(5.1

Non-Programming

6,611

6,508

1.6%

0.4%

Total Operating Expenses

$11,016

$11,108

(0.8

(1.9

Adjusted EBITDA

$6,852

$6,762

1.3%

1.1%

Adjusted EBITDA Margin

38.3%

37.8%

50 bps

60 bps

Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Residential Connectivity & Platforms was consistent with the prior year period, driven by increases in domestic broadband, international connectivity, domestic wireless and advertising revenue, offset by decreases in video and other revenue. Domestic broadband revenue increased due to higher average rates. International connectivity revenue increased due to an increase in broadband revenue from higher average rates and in wireless revenue, reflecting higher sales of wireless services and devices. These increases include the positive impact of foreign currency. Domestic wireless revenue increased due to an increase in the number of customer lines. Advertising revenue increased primarily due to higher domestic political advertising, higher revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic advertising. Video revenue decreased due to a decline in the number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency. Other revenue decreased primarily due to lower residential wireline voice revenue, driven by a decline in the number of customers.

Adjusted EBITDA for Residential Connectivity & Platforms increased due to lower operating expenses. Programming expenses decreased primarily due to a decline in the number of domestic video customers, partially offset by rate increases under our domestic programming contracts and the impact of foreign currency. Non-programming expenses increased primarily due to higher technical and support costs, the impact of foreign currency and increased direct product costs, partially offset by lower spending on marketing and promotion expenses. Adjusted EBITDA margin increased to 38.3%.

Business Services Connectivity

($ in millions)

Constant Currency Change 5

1st Quarter

2024

2023

Change

Revenue

$2,407

$2,283

5.4%

Operating Expenses

1,041

952

9.4%

Adjusted EBITDA

$1,366

$1,332

2.6%

Adjusted EBITDA Margin

56.7%

58.3%

(160) bps

Change percentages represent year/year growth rates. Change in Adjusted EBITDA margin is presented as year/year basis point changes.

Revenue for Business Services Connectivity increased due to an increase in revenue from small business customers, driven by higher average rates, and an increase in revenue from medium-sized and enterprise customers.

Adjusted EBITDA for Business Services Connectivity increased due to higher revenue, partially offset by higher operating expenses. The increase in operating expenses was primarily due to increases in direct product costs, marketing and promotion expenses, and technical and support costs. Adjusted EBITDA margin decreased to 56.7%.

Content & Experiences

($ in millions)

1st Quarter

2024

2023

Change

Content & Experiences Revenue

Media

$6,371

$6,152

3.6%

Studios

2,743

2,956

(7.2

Theme Parks

1,979

1,949

1.5%

Headquarters & Other

(36.8

Eliminations

(731)

(817)

10.5%

Total Content & Experiences Revenue

$10,374

$10,259

1.1%

Content & Experiences Adjusted EBITDA

Media

$827

$880

(6.1

Studios

244

277

(12.2

Theme Parks

632

658

(3.9

Headquarters & Other

(243)

(232)

(4.8

Eliminations

36.9%

Total Content & Experiences Adjusted EBITDA

$1,493

$1,607

(7.1

Revenue for Content & Experiences increased compared to the prior year period driven by Media and Theme Parks. Adjusted EBITDA for Content & Experiences decreased primarily due to decreases in Media, Studios and Theme Parks.

Media

($ in millions)

1st Quarter

2024

2023

Change

Revenue

Domestic Advertising

$2,025

Domestic Distribution

2,906

2,709

7.2%

International Networks

1,021

1,008

1.3%

Other

420

410

2.5%

Total Revenue

$6,371

$6,152

3.6%

Operating Expenses

5,545

5,272

5.2%

Adjusted EBITDA

$827

$880

(6.1

Revenue for Media increased primarily due to higher domestic distribution revenue. Domestic distribution revenue increased primarily due to higher revenue at Peaco*ck, driven by an increase in paid subscribers. International networks revenue increased primarily reflecting the positive impact of foreign currency. Domestic advertising revenue was consistent primarily due to lower revenue at our networks, offset by an increase in revenue at Peaco*ck.

Adjusted EBITDA for Media decreased due to higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to higher programming costs at Peaco*ck. Media results include $1.1 billion of revenue and an Adjusted EBITDA 6 loss of $639 million related to Peaco*ck, compared to $685 million of revenue and an Adjusted EBITDA 6 loss of $704 million in the prior year period.

Studios

($ in millions)

1st Quarter

2024

2023

Change

Revenue

Content Licensing

$2,101

$2,344

(10.4

Theatrical

330

319

3.4%

Other

312

292

6.6%

Total Revenue

$2,743

$2,956

(7.2

Operating Expenses

2,499

2,678

(6.7

Adjusted EBITDA

$244

$277

(12.2

Revenue for Studios decreased due to lower content licensing revenue, primarily reflecting the timing of when content was made available by our film studios. Theatrical revenue increased due to the successful performance of recent releases, including Kung Fu Panda 4 and Migration , compared to theatrical releases in the prior year period, including Puss in Boots: The Last Wish and M3GAN .

Adjusted EBITDA for Studios decreased due to lower revenue, which more than offset lower operating expenses. The decrease in operating expenses primarily reflected lower programming and production expenses, mainly due to lower costs associated with the timing of when content was made available by our film studios.

Theme Parks

($ in millions)

1st Quarter

2024

2023

Change

Revenue

$1,979

$1,949

1.5%

Operating Expenses

1,347

1,291

4.3%

Adjusted EBITDA

$632

$658

(3.9%)

Revenue for Theme Parks increased due to higher revenue at our domestic theme parks. International theme parks revenue was consistent due to higher underlying revenue, offset by the negative impact of foreign currency.

Adjusted EBITDA for Theme Parks decreased, reflecting higher operating expenses and the negative impact of foreign currency, which more than offset higher revenue. The increase in operating expenses was primarily due to higher marketing and promotions costs.

Headquarters & Other

Content & Experiences Headquarters & Other includes overhead, personnel costs and costs associated with corporate initiatives. Headquarters & Other Adjusted EBITDA loss in the first quarter was $243 million, compared to a loss of $232 million in the prior year period.

Eliminations

Amounts represent eliminations of transactions between our Content & Experiences segments, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Revenue eliminations were $731 million, compared to $817 million in the prior year period, and Adjusted EBITDA eliminations were a benefit of $33 million, compared to a benefit of $24 million in the prior year period.

Corporate, Other and Eliminations

($ in millions)

1st Quarter

2024

2023

Change

Corporate & Other

Revenue

$767

$707

8.6%

Operating Expenses

1,096

995

10.2%

Adjusted EBITDA

($329

)

($288

)

(14.2

Eliminations

Revenue

($1,358

)

($1,427

)

(4.8

Operating Expenses

(1,332)

(1,430)

(6.8

Adjusted EBITDA

($26

)

NM=comparison not meaningful.

Corporate & Other

Corporate & Other primarily includes overhead and personnel costs; our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture beginning in June 2022. Corporate & Other Adjusted EBITDA decreased primarily reflecting an increase in operating expenses primarily due to higher costs related to our corporate functions, Sky and Xumo.

Eliminations

Amounts represent eliminations of transactions between Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Revenue eliminations were $1.4 billion, consistent with the prior year period, and Adjusted EBITDA eliminations were a loss of $26 million compared to a benefit of $3 million in the prior year period.

Notes:

We define Adjusted Net Income and Adjusted EPS as net income attributable to Comcast Corporation and diluted earnings per common share attributable to Comcast Corporation shareholders, respectively, adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. See Table 5 for reconciliations of non-GAAP financial measures.

We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance. See Table 4 for reconciliation of non-GAAP financial measure.

All earnings per share amounts are presented on a diluted basis.

We define Free Cash Flow as net cash provided by operating activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets. From time to time, we may exclude from Free Cash Flow the impact of certain cash receipts or payments (such as significant legal settlements) that affect period-to-period comparability. Cash payments related to certain capital or intangible assets, such as the construction of Universal Beijing Resort, are presented separately in our Consolidated Statement of Cash Flows and are therefore excluded from capital expenditures and cash paid for intangible assets for Free Cash Flow. See Table 4 for reconciliation of non-GAAP financial measure.

Constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods. See Table 6 for reconciliations of non-GAAP financial measures.

Adjusted EBITDA is the measure of profit or loss for our segments. From time to time, we may present Adjusted EBITDA for components of our reportable segments, such as Peaco*ck. We believe these measures are useful to evaluate our financial results and provide a basis of comparison to others, although our definition of Adjusted EBITDA may not be directly comparable to similar measures used by other companies. Adjusted EBITDA for components are generally presented on a consistent basis with the respective segments and include direct revenue and operating costs and expenses attributed to the component operations.

Numerical information is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

Caution Concerning Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements. In evaluating these statements, readers should consider various factors, including the risks and uncertainties we describe in the "Risk Factors" sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission (SEC). Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. The amount and timing of any dividends and share repurchases are subject to business, economic and other relevant factors.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

www.comcastcorporation.com

for more information.

https://www.businesswire.com/news/home/20240425957821/en/Comcast-Reports-1st-Quarter-2024-Results

Cox Enterprises Inc.

The story of Cox Enterprises is one of hard work, respect for employees, entrepreneurship and making bold decisions. It's also about staying true to values that have endured for more than a century. Cox Enterprises was founded in 1898 by James M. Cox. At the age of 28, he purchased the Dayton Evening News (now the Dayton Daily News). He later served as Ohio's governor and was the 1920 Democratic nominee for president with Franklin D. Roosevelt as his vice presidential running mate. After Governor Cox lost the election, he decided to focus on expanding his business across industries and locations.

Today, Cox Enterprises is a global company with 50,000 employees and $23 billion in revenue. Cox remains a values-driven private corporation that can invest in long-term growth and is proud of its four-generation family leadership. Through our major divisions-Cox Communications and Cox Automotive -we lead in the communications and automotive industries. Our widely recognized national brands include Autotrader, Kelley Blue Book and Cox Homelife.

https://www.coxenterprises.com/

Digital Content Next

Digital Content Next is the only trade organization dedicated to serving the unique and diverse needs of high-quality digital content companies that manage trusted, direct relationships with consumers and marketers. The organization was founded in June 2001 as the Online Publishers Association (OPA).

DCN's members are some of the most trusted and

well-respected media brands

that, together, have an unduplicated audience of 259 million unique visitors, or 95% reach of the U.S. online population.*

https://digitalcontentnext.org/

Discovery Communications/ Warner Bros. Discovery (NASDAQ: DISCA) (NASDAQ: WBD)

Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit

www.wbd.com

https://wbd.com/?ir_redirect

Warner Bros. Discovery, Inc. - Warner Bros. Discovery, Inc. Reports Second Quarter 2023 Earnings Results - 3/8/2023

Q2 Financial Summary & Operational Highlights

Q2 total revenues were $10,358 million. Revenues decreased 4% ex-FX(1)(*) , compared to the prior year quarter, on a combined basis(2) .

Net loss available to Warner Bros. Discovery, Inc. was $(1,240) million, and included $1,658 million of pre-tax amortization from acquisition-related intangible assets and $146 million of pre-tax restructuring expenses.

Q2 total Adjusted EBITDA(3)(*) was $2,149 million. Adjusted EBITDA increased 23% ex-FX compared to the prior year quarter, on a combined basis.

Cash provided by operating activities increased to $2,014 million. Reported free cash flow(4)(*) increased to $1,722 million.

Q2 2023 cash provided by operating activities and reported free cash flow are not directly comparable to the prior year quarter due to the acquisition of the WarnerMedia business.

Repaid $1.6 billion of debt during Q2. Ended the quarter with $3.1 billion of cash on hand, $47.8 billion of gross debt(5)(*) , and 4.6x net leverage(6)(*) .

Launched a debt tender offer today for up to $2.7 billion.

Global DTC subscribers(7) decreased 1.8 million to 95.8 million at the end of Q2 vs. 97.6 million subscribers at the end of Q1.

Successfully launched our new DTC product, Max, in the U.S. on May 23rd .

Nominated for an industry-leading 181 primetime Emmy awards, including 127 nominations for HBO & Max - the most of any network or platform(8) .

Q2 2023 Highlights

Studios revenues were $2,581 million. Revenues decreased 24% ex-FX compared to the prior year quarter, on a pro forma combined basis.

Content revenue decreased 25% ex-FX.

TV revenue declined primarily due to the timing of production, fewer CW series, and fewer series sold to our owned platforms.

Games revenue was lower due to the release of LEGO Star Wars: The Skywalker Saga in the prior year.

Home entertainment and theatrical revenues declined due to the stronger performance of our film slate last year, including The Batman.

Other revenue increased 9% ex-FX, due to continued strong attendance at Warner Bros. Studio Tours London & Hollywood, as well as the opening of Warner Bros. Studio Tour Tokyo.

Studios operating expenses were $2,275 million. Operating expenses decreased 23% ex-FX compared to the prior year quarter, on a pro forma combined basis.

Costs of revenues decreased 30% ex-FX, primarily driven by lower revenues.

SG&A expenses increased 1% ex-FX, primarily driven by theatrical marketing costs.

Studios Adjusted EBITDA was $306 million. Adjusted EBITDA decreased 26% ex-FX compared to the prior year quarter, on a pro forma combined basis.

Q2 2023 Highlights

Networks revenues were $5,758 million. Revenues decreased 5% ex-FX, compared to the prior year quarter, on a pro forma combined basis.

Distribution revenue decreased 1% ex-FX, primarily driven by increases in U.S. contractual affiliate rates, which were more than offset by declines in U.S. pay-TV subscribers.

Advertising revenue decreased 13% ex-FX, primarily driven by audience declines in domestic general entertainment and news networks and soft advertising markets mainly in the U.S. and, to a lesser extent, certain international markets. Additionally, the absence of the NCAA March Madness Final Four and Championship this year, which we broadcast in the prior year, negatively impacted the year-overyear growth rate, partially offset by the broadcast of the NHL Stanley Cup Finals in the current year.

Content revenue increased 18% ex-FX, primarily driven by the timing of inter-segment content licensing to DTC.

Other revenue increased 24% ex-FX, primarily due to services provided to the unconsolidated TNT Sports JV (previously BT Sport).

Networks operating expenses were $3,592 million. Operating expenses decreased 4% ex-FX compared to the prior year quarter, on a pro forma combined basis.

Costs of revenues decreased 5% ex-FX, primarily driven by the broadcast of the NCAA March Madness Final Four and Championship in the prior year, lower domestic general entertainment content expense. These benefits were partially offset by higher domestic sportsrelated expenses and costs associated with the unconsolidated TNT Sports joint venture.

SG&A expenses were flat.

Networks Adjusted EBITDA was $2,166 million. Adjusted EBITDA decreased 7% ex-FX compared to the prior year quarter, on a pro forma combined basis.

https://s201.q4cdn.com/336605034/files/doc_earnings/2023/q2/earnings-result/WBD-2Q23-Earnings-Release.pdf

DISH Network Corporation (NASDAQ: DISH)

DISH Network is a connectivity company. It has served as a disruptive force, driving innovation and value on behalf of consumers. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming Sling TV services. In 2020, the company became a nationwide U.S. wireless carrier through the acquisition of Boost Mobile. DISH continues to innovate in wireless, building the nation's first virtualized, O-RAN 5G broadband network. DISH Network is a wholly owned subsidiary of EchoStar Corporation (NASDAQ: SATS).

https://www.dish.com

DISH Network Corporation - EchoStar Announces Financial Results for the Three Months Ended March 31, 2024 - 8/5/2024

Three Months Ended March 31, 2024:

EchoStar reported total revenue of $4.01 billion for the first quarter 2024, compared to $4.39 billion in the year ago quarter.

Net loss attributable to EchoStar in the first quarter 2024 was $107.38 million, compared to net income of $253.53 million in the year ago quarter. Diluted loss per share was $0.40, compared to earnings per share of $0.82 in the year ago quarter.

Consolidated OIBDA totaled $470.16 million in the first quarter, compared to $701.09 million in the year ago quarter. (See OBIDA definition and non-GAAP reconciliation below.)

"The EchoStar team performed as planned in the first quarter of 2024. We concentrated efforts on integrating the EchoStar and DISH Network businesses in order to maximize synergies and cost savings, facilitate growth opportunities, and drive operational alignment. Overall, ARPU increased in every business unit and customer satisfaction has improved," said Hamid Akhavan, president and CEO, EchoStar Corporation. "In addition, the business continues to focus on addressing necessary financing, improving our position in Retail Wireless, densifying and expanding the wireless network, maximizing our profitability with the newly launched EchoStar XXIV/Jupiter[TM] 3, and acquiring higher-quality Pay-TV customers."

Three Months Ended March 31, 2024 - Additional Information:

Net Pay-TV subscribers decreased approximately 348,000 in the first quarter, compared to a decrease of approximately 552,000 in the year-ago quarter. The company closed the quarter with 8.18 million Pay-TV subscribers including 6.26 million DISH TV subscribers and 1.92 million SLING TV subscribers. This change in net Pay-TV losses resulted from the decrease in net DISH TV subscriber losses due to a lower DISH TV churn rate and the decrease in net SLING TV subscriber losses, both resulting from our emphasis on acquiring higher quality subscribers, offset by lower gross new DISH TV subscriber activations.

Retail Wireless net subscribers decreased by approximately 81,000 in both the first quarter and in the year-ago quarter. The company closed the quarter with 7.30 million Retail Wireless subscribers. The three months ended March 31, 2024, was positively impacted by a lower Retail Wireless churn rate, partially offset by lower gross new Retail Wireless subscriber activations and lower net ACP/Gen Mobile subscriber additions.

Broadband net subscribers decreased by approximately 26,000 in the first quarter, compared to a decrease of 51,000 in the year-ago quarter. The company closed the quarter with 978,000 Broadband subscribers. The decrease in net Broadband subscriber losses was primarily due to the new EchoStar XXIV satellite service launch and increased subscriber demand for our new satellite service plans.

Set forth below is a table highlighting certain of EchoStar's segment results for the three months ended March 31, 2024 and 2023 (all U.S. GAAP amounts reference results from operations):

For the Three Months Ended March 31,

2024

2023

(in thousands)

Revenue

Pay-TV

$ 2,726,578

$ 2,972,131

Retail Wireless

905,850

974,866

5G Network Deployment

29,504

18,907

Broadband and Satellite Services

382,586

439,596

All Other & Eliminations

(29,675)

(17,834)

Total

$ 4,014,843

$ 4,387,666

Net Income (loss) attributable to EchoStar

$ (107,376)

$ 253,534

OIBDA

Pay-TV

$ 755,510

$ 777,808

Retail Wireless

(17,518)

34,638

5G Network Deployment

(333,564)

(235,976)

Broadband and Satellite Services

79,287

130,823

All Other & Eliminations

(13,559)

(6,201)

Total

$ 470,156

$ 701,092

Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)

Pay-TV

$ 57,912

$ 35,563

Retail Wireless

$ -

5G Network Deployment

$ 549,173

871,042

Broadband and Satellite Services

$ 70,611

44,071

All Other & Eliminations

$ -

Total

$ 677,696

$ 950,676

Reconciliation of GAAP to Non-GAAP Measurement:

For the three months Ended March 31, 2024

Pay-TV

Retail Wireless

5G Network Deployment

Broadband and Satellite Services

Consolidated

Eliminations

(In thousands)

Segment operating income (loss)

670,108

(74,417)

(570,751)

(39,554)

(630)

(15,244)

Depreciation and amortization

85,402

56,899

237,187

118,841

(12,929)

485,400

OIBDA

755,510

(17,518)

(333,564)

79,287

(13,559)

470,156

For the three months Ended March 31, 2023

Pay-TV

Retail Wireless

5G Network Deployment

Broadband and Satellite Services

Consolidated

Eliminations

(In thousands)

Segment operating income (loss)

675,233

(18,207)

(333,603)

27,705

2,210

353,338

Depreciation and amortization

102,575

52,845

97,627

103,118

(8,411)

347,754

OIBDA

777,808

34,638

(235,976)

130,823

(6,201)

701,092

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization."

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to "Operating income (loss)" and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The condensed consolidated financial statements of EchoStar for the period ended March 31, 2024, are attached to this press release. Detailed financial data and other information are available in EchoStar's Form 10-Q for the period ended March 31, 2024, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Wednesday, May 8, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at

ir.echostar.com

. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13746414) or ask for the "EchoStar Corporation Q1 2024 Earnings Conference Call." Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON[TM], and JUPITER[TM] brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit

www.echostar.com

and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "goal," "seek," "estimate," "expect," "intend," "project," "continue," "future," "will," "would," "can," "may," "plans," and similar expressions and the use of future dates are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See "Risk Factors" in EchoStar's Annual Report on Form 10-K for the period ended December 31, 2023 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

https://ir.echostar.com/news-releases/news-release-details/echostar-announces-financial-results-three-months-ended-march-4

Gannett Co., Inc. (NYSE: GCI)

Gannett Co., Inc. (NYSE: GCI) is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. We seek to inspire, inform, and connect audiences as a sustainable, growth focused media and digital marketing solutions company. We endeavor to deliver essential content, marketing solutions, and experiences for curated audiences, advertisers, consumers, and stakeholders by leveraging our diverse teams and suite of products to enrich the local communities and businesses we serve. Our current portfolio of trusted media brands includes the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and local media organizations in the United States, and Newsquest, a wholly-owned subsidiary operating in the United Kingdom. Our digital marketing solutions brand, LocaliQ, uses innovation and software to enable small and medium-sized businesses to grow, and USA TODAY NETWORK Ventures, our events division, creates impactful consumer engagements, promotions, and races.

https://www.gannett.com/

Gannett Co., Inc. - Gannett Announces First Quarter 2024 Results and Reiterates Business Outlook - 2/5/2024

NEW YORK, NY - May 2, 2024 - Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the first quarter ended March 31, 2024. "Our first quarter results reflect an excellent start to the year. Year-over-year revenue trends were a bright spot in the quarter, reflecting the most pronounced sequential improvement in nearly three years. This top line momentum gives us confidence in our belief that we'll exit 2024 with total revenues growing over the prior year. Equally important, we continued to expand our audience, improve engagement, and grow digital revenues through diversified channels. As a result, total digital revenues increased 8% year-over-year and accounted for over 42% of total revenues, representing an all-time high," said Michael Reed, Gannett Chairman and Chief Executive Officer. "We continued to execute on our expanded monetization strategy, and in the first quarter, each of our digital revenue streams grew over the prior year period. Digital-only subscription revenues and average revenue per user reached new highs, with growth rates exceeding 20% compared to the prior year period. Digital advertising continued to grow year-over-year, and as expected, our digital marketing solutions business returned to growth versus the prior year period. Finally, our partnership revenue continues to scale, nearly doubling over the prior year period." "We drove free cash flow growth over the prior year period, along with improved sequential year-over-year trends in Adjusted EBITDA, which we believe positions us well for full year Adjusted EBITDA and free cash flow growth as outlined in our business outlook."

First Quarter 2024 Digital Highlights:

Total digital revenues of $267.5 million, or 42.1% of total revenues, up 8.1% versus the same period of the prior year

Digital-only subscription revenues of $43.5 million grew 21.3% year-over-year

Digital-only average revenue per user(1) of $7.22 increased 22.4% year-over-year

Total digital-only paid subscriptions(1) surpassed 2.0 million, representing sequential growth of 1.1%

187 million(2) global average monthly unique visitors in the first quarter of 2024, up 0.6% year-over-year

Digital advertising revenues of $84.5 million grew 5.3% year-over-year

Digital Marketing Solutions segment core platform revenues(1) of $116.1 million increased 4.2% year-over year

Record high core platform average revenue per user(1) of $2,697, up 6.4% year-over-year

Additional First Quarter 2024 Highlights:

Total revenues of $635.8 million decreased 5.0% compared to the first quarter of 2023, reflecting improvement on revenue declines of 8.4% in the fourth quarter of 2023 compared to the prior year fourth quarter

Same store revenues(3) decreased 5.1% compared to the first quarter of 2023, reflecting improvement on revenue declines of 8.0% in the fourth quarter of 2023 compared to the prior year fourth quarter

Net loss attributable to Gannett of $84.8 million includes an impairment charge of approximately $46.0 million related to the exit of our leased facility in McLean, Virginia during the first quarter of 2024

Adjusted Net loss attributable to Gannett(3) of $36.4 million

Adjusted EBITDA(3) totaled $57.6 million, a decrease of 8.4% compared to the first quarter of 2023

Cash provided by operating activities of $22.5 million, an increase of $15.7 million year-over-year

Free cash flow(3) of $9.5 million, an improvement of $11.5 million year-over-year

First Quarter 2024 Capital Structure Highlights:

As of March 31, 2024, the Company had cash and cash equivalents of $93.3 million

Total principal amount of debt outstanding at Q1 end was $1,114.2 million, including $625.6 million in first lien debt

First lien net leverage(4) was 2.0x, a decrease of 21.6% compared to the same period of the prior year

The Company repaid $16.3 million of debt in the first quarter of 2024

Full Year 2024 Business Outlook

Total digital revenues are expected to grow approximately 10%

Total revenues are expected to be down in the low to mid-single digits on a reported and same store basis(3)

Net income attributable to Gannett is expected to improve, after excluding an impairment charge of approximately $46.0 million related to the exit of our McLean, Virginia office during the first quarter of 2024

Adjusted EBITDA(3) is expected to grow versus the prior year

Cash provided by operating activities is expected to grow versus the prior year

Free cash flow(3) is expected to grow in excess(6) of the expected growth in Adjusted EBITDA(3)

Real estate and non-strategic asset sales are expected to be in the range of $45 million and $50 million

Full Year 2025 and Full Year 2026 Business Outlook

Total digital revenues are expected to accelerate with growth exceeding 10% year-over-year

Total digital revenues are expected to make up 50% of total revenues in 2025 and exceed 55% of total revenues in 2026

Total revenues are expected to grow in the low single digits on a reported basis and same store basis(3)

Net income attributable to Gannett is expected to improve to positive

Adjusted EBITDA(3) is expected to exhibit ongoing growth

Cash provided by operating activities is expected to grow with an estimated CAGR(7) of 30%

Free cash flow(3) is expected to grow at an accelerated rate with an estimated CAGR(3)(7) of 40%

For the full report see:

https://investors.gannett.com/files/doc_financials/2024/q1/GCI-Q1-2024-EX-99-1-Earnings-Release-Final.pdf

IAC Inc. (NASDAQ: IAC)

IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 11 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially disciplined opportunism will never change. IAC is today comprised of category leading businesses including Angi Inc. (NASDAQ: ANGI), Dotdash Meredith and Care.com, among many others ranging from early stage to established businesses. IAC is headquartered in New York City with business locations worldwide.

https://www.iac.com/

IAC - IAC REPORTS Q2 2022 - Q2 REVENUE INCREASES 64% TO $1.4 BILLION - 9/8/2022

NEW YORK- August 9, 2022-IAC (NASDAQ: IAC) released its second quarter results today and separately posted a letter to shareholders from IAC CEO Joey Levin on the Investor Relations section of its website at ir.iac.com.

IAC SUMMARY RESULTS

($ in millions except per share amounts)

Q2 2022 Q2 2021 Growth

Revenue

$ 1,362.6

$ 829.5

64%

Operating loss

(166.1)

(28.4)

-485%

Unrealized (loss) gain on investment in MGM

(825.3)

275.1

Net (loss) earnings

(869.1)

194.8

Diluted (loss) earnings per share

(10.02)

2.02

Adjusted EBITDA 37.4 26.4 42%

See reconciliations of GAAP to non-GAAP measures beginning on page 13.

Q2 2022 HIGHLIGHTS

Dotdash Meredith revenue increased 568% year-over-year to $490 million, benefitting from the Meredith acquisition.

Digital revenue was $235 million and Print revenue was $260 million.

Operating loss of $28 million and Adjusted EBITDA of $39 million in Q2 2022 reflect $15 million of restructuring charges and transaction-related items associated with the acquisition of Meredith.

Angi Inc. revenue increased 23% year-over-year to $516 million, the 7 th consecutive quarter of double-digit growth and highest quarterly growth since 2018.

Angi Ads and Leads revenue increased 5% year-over-year, the first quarter of growth since Q2 2021.

Angi Services revenue was $151 million, increasing 107% year-over-year, and trailing twelve months Angi Services revenue was $494 million, up 120% period-over-period.

Monetized Transactions were 4.7 million and Transacting Service Professionals were 220,000.

Operating loss improved to $21 million (compared to a loss of $33 million in Q2 2021) and Adjusted EBITDA improved to a profit of $10 million (compared to a loss of $4 million in Q2 2021).

Emerging & Other revenue increased 6% year-over-year to $161 million reflecting 10% growth from Care.com and 68% growth from Bluecrew and Vivian Health on a combined basis. Operating loss of $108 million reflects an $87 million goodwill impairment at Mosaic Group and a $10 million charge related to the sale of certain employee-held equity interests in connection with the Vivian Health equity raise in April 2022 (the latter also impacted Adjusted EBITDA).

IAC repurchased 735,000 shares at an average price of $80.38 in Q2 2022.

IAC holds 63.5 million shares of MGM Resorts International ("MGM"). IAC's Net (loss) earnings and Diluted (loss) earnings per share reflect decreases or increases in MGM's share price as unrealized losses and gains. As a result, Net (loss) earnings and Diluted (loss) earnings per share can be very volatile, which reduces their ability to be effective measures to assess operating performance. IAC's stake in MGM was purchased for $1.2 billion in 2020 and Q1 2022 and is worth $2.2 billion as of August 5, 2022.

DISCUSSION OF FINANCIAL AND OPERATING RESULTS

($ in millions, rounding differences may occur) Q2 2022 Q2 2021 Growth

Revenue

Dotdash Meredith

$ 489.5

$ 73.3

568%

Angi Inc.

515.8

421.0

23%

198.2

183.6

Emerging & Other

161.1

151.7

Intersegment eliminations

(2.0)

(0.0)

-5220%

Total Revenue

$ 1,362.6

$ 829.5

64%

Operating (loss) income

Dotdash Meredith

$ (27.5)

$ 19.2

Angi Inc.

(20.9)

(32.7)

36%

26.3

25.7

Emerging & Other

(107.8)

(2.7)

-3889%

Corporate

(36.3)

(37.8)

Total Operating loss

$ (166.1)

$ (28.4)

-485%

Adjusted EBITDA

Dotdash Meredith

$ 39.2

$ 20.5

91%

Angi Inc.

9.7

(4.4)

26.3

25.7

Emerging & Other

(17.1)

6.9

Corporate

(20.7)

(22.3)

Total Adjusted EBITDA

$ 37.4

$ 26.4

42%

Please refer to the IAC Q2 2022 shareholder letter for July 2022 monthly metrics.

Effective August 11, 2022, IAC's legal name will be changed to IAC Inc.

For Full release:

https://ir.iac.com/static-files/2dbacf62-392b-4a45-b1ac-76105672cdbd

Liberty Global plc (LBTYK)

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world leader in converged broadband, video and mobile communications services. We deliver next-generation products through advanced fiber and 5G networks, and currently provide over 85 million* connections across Europe. Our businesses operate under some of the best-known consumer brands, including Sunrise in Switzerland, Telenet in Belgium, Virgin Media in Ireland, UPC in Slovakia, Virgin Media-O2 in the U.K. and VodafoneZiggo in The Netherlands. Through our substantial scale and commitment to innovation, we are building Tomorrow's Connections Today, investing in the infrastructure and platforms that empower our customers to make the most of the digital revolution, while deploying the advanced technologies that nations and economies need to thrive.

https://www.libertyglobal.com/

Liberty Global - Liberty Global Announces Q4 And Full Year 2023 Results - 15/2/2024

Mike Fries, Liberty Global CEO, stated: "In 2023 we managed through a challenging environment, including cost of living and inflationary pressures and an increasingly competitive landscape for broadband, mobile and video services.

Despite that, we delivered strong Q4 and full year results with continued postpaid momentum and an improved performance in broadband across most markets. We successfully executed price adjustments throughout the year, which supported stable to growing revenues across our FMC markets in 2023, and achieved our operating company guidance metrics for the full year as updated at Q3.

Our Full Company Distributable Cash Flow result was impacted by a U.S. litigationrelated cash tax payment of $315 million which was not anticipated in 2023, but excluding this item we exceeded our Distributable Cash Flow guidance of $1.6 billion for the year. After repurchasing 18.5% of our stock through January 2024, our share count has been reduced to 378 million shares outstanding and, with over $4 billion in cash and liquid securities, our balance sheet remains in great shape.

In Q4 we delivered postpaid growth across all of our core FMC operations and over 80,000 aggregate net adds. Our flanker brand strategies supported growth at VMO2 and Sunrise, and VodafoneZiggo delivered strong postpaid growth despite the price rise in October. At Telenet, overall results continued to be modestly impacted by the IT platform migration issues, but the return to postpaid growth in Q4 was driven by renewed FMC campaigns and targeted hardware offers. The sequential improvement in our broadband performance across most markets in the face of continued competition was positively impacted by our speed differentiation and commercial initiatives and, despite headwinds in fixed, the pricing actions taken during the year supported stable to growing ARPUs across the group in Q4. On the financial front, we reported quarterly revenue growth at VodafoneZiggo, Telenet and Sunrise, as well as stable or improved sequential Adjusted EBITDA performance across all of our core FMC operations.

We made significant progress on our fixed network strategies in 2023. With almost 32 million aggregate homes capable of delivering gigabit speeds, including those on the nexfibre network, we're investing heavily to further expand our reach to 38 million homes3 by 2026 through new build and wholebuy structures. At the end of 2023, VMO2 passed over 4 million FTTH homes, including those on the nexfibre network, and is targeting the addition of approximately 2 million FTTH homes in 2024, with nexfibre planning to invest £1 billion over the year. In Belgium, 2023 marked the launch of Telenet's Wyre NetCo partnership with Fluvius, which will ramp up its fiber rollout in 2024, and we're excited to launch our FMC offerings in Wallonia later this year. We look forward to providing a strategic update on how we plan to crystallize and deliver value over time as part of tomorrow's extended fourth quarter and full-year results call."

For the full report see:

https://www.libertyglobal.com/liberty-global-announces-q4-and-full-year-2023-results/

Liberty Media Corporation (NASDAQ: LSXMA, FWONA, BATRA)

Liberty Media Corporation operates and owns interests in a broad range of media, communications, sports and entertainment businesses. Those businesses are attributed to three tracking stock groups: the Liberty SiriusXM Group, the Formula One Group and the Liberty Live Group. The businesses and assets attributed to the Liberty SiriusXM Group (NASDAQ: LSXMA, LSXMB, LSXMK) include Liberty Media's interest in SiriusXM. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Liberty Media's subsidiaries Formula 1 and Quint, and other minority investments. The businesses and assets attributed to the Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media's interest in Live Nation and other minority investments.

http://www.libertymedia.com

Liberty Media Corporation - Liberty Media Corporation Reports Third Quarter 2023 Financial Results - 3/11/2023

November 03, 2023 08:15 AM Eastern Daylight Time

ENGLEWOOD, Colo.--(

BUSINESS WIRE

)--Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) today reported third quarter 2023 results. Headlines include (1) :

Attributed to Liberty SiriusXM Group

SiriusXM reported third quarter 2023 operating and financial results

Third quarter 2023 revenue of $2.27 billion

Net income of $363 million, up 47% year-over-year; diluted EPS of $0.09

Adjusted EBITDA (2) of $747 million; up 4% year-over-year

Free cash flow (2) of $291 million

Year-to-date capital returns to SiriusXM stockholders total $555 million

SiriusXM reiterated 2023 financial guidance; planned November 8 th next generation event

Liberty Media's ownership of SiriusXM was 83.5% as of October 27 th

Retired remaining $199 million outstanding principal amount of 1.375% cash convertible notes in October

Attributed to Formula One Group

Announced multi-year regional partnership with American Express to become official payments partner in the Americas

Confirmed renewal of Pirelli as global tire partner through 2027

Expanded partnership with DAZN for exclusive broadcast rights in Spain through 2026

Formula 1 repriced $1.7 billion Term Loan B in October, reducing margin from 3.00% to 2.25%

Entered into definitive agreement to acquire Quint in September

Attributed to Liberty Live Group

Fair value of Live Nation investment was $5.8 billion as of September 30 th

Issued $1.15 billion of 2.375% Live Nation exchangeable senior debentures in September

Used a portion of proceeds to repurchase $858 million aggregate principal amount of 0.5% Live Nation exchangeable senior debentures

"Liberty made a proposal for a combination of Liberty SiriusXM and Sirius in September, and we are confident that rationalizing this structure into a single, simplified equity will create value for all shareholders. SiriusXM drove strong adjusted EBITDA growth in the third quarter and we look forward to the reveal of their new streaming app and in-car innovations next week that substantially enhance their value proposition with consumers, especially younger audiences," said Greg Maffei, Liberty Media President and CEO. "At Formula 1, the Las Vegas Grand Prix is two weeks away and will be the highest attended sporting event drawing the biggest viewing audience in Vegas history. This event will deliver a spectacular fan experience and is accruing long-lasting commercial benefits for the broader Formula 1 ecosystem. Live Nation remains positioned for a record-breaking 2023 after delivering their largest quarterly AOI ever."

Corporate Updates

On July 18, 2023, Liberty Media completed the split-off of the Braves and its associated mixed-use development (the "Split-Off") into the separate public company Atlanta Braves Holdings, Inc. ("Atlanta Braves Holdings"). The Braves Group was a tracking stock of Liberty Media prior to the Split-Off and therefore its results are reflected in Liberty's historical consolidated results.

On August 3, 2023, Liberty Media completed the reclassification of its then-existing common stock to create the Liberty Live Group common stock (the "Reclassification"). Following the Reclassification, Liberty SiriusXM Group is comprised of Liberty Media's interest in SiriusXM, Formula One Group is comprised of Liberty Media's ownership of F1 and other minority investments, and Liberty Live Group is comprised of Liberty Media's interest in Live Nation and other minority investments. The Split-Off and Reclassification are reflected in Liberty's consolidated financial statements on a prospective basis.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2023 to the same period in 2022.

LIBERTY SIRIUSXM GROUP - The following table provides the financial results attributed to Liberty SiriusXM Group for the third quarter of 2023. In the third quarter, $22 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty SiriusXM Group.

3Q22

3Q23

% Change

amounts in millions

Liberty SiriusXM Group

Revenue

SiriusXM

2,280

2,271

Total Liberty SiriusXM Group

2,280

2,271

Operating Income (Loss)

SiriusXM

444

550

24%

Corporate and other

(10)

(22)

(120)%

Total Liberty SiriusXM Group

434

528

22%

Adjusted OIBDA (Loss)

SiriusXM

722

748

Corporate and other

(9)

(12)

(33)%

Total Liberty SiriusXM Group

713

736

SiriusXM is a separate publicly traded company and additional information about SiriusXM can be obtained through its website and filings with the Securities and Exchange Commission. SiriusXM reported its stand-alone third quarter results on October 31, 2023. For additional detail on SiriusXM's financial results for the third quarter, please see SiriusXM's earnings release posted to its Investor Relations website. For presentation purposes on page one of this release, we include the results of SiriusXM, as reported by SiriusXM, without regard to the purchase accounting adjustments applied by us for purposes of our financial statements. Liberty Media believes the presentation of financial results as reported by SiriusXM is useful to investors as the comparability of those results is best understood in the context of SiriusXM's historical financial presentation.

The businesses and assets attributed to Liberty SiriusXM Group consist primarily of Liberty Media's interest in SiriusXM, which includes its subsidiary Pandora.

FORMULA ONE GROUP - The following table provides the financial results attributed to Formula One Group for the third quarter of 2023. In the third quarter, Formula One Group incurred $23 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

"Formula 1 continues to experience sell-out crowds, record race attendance and strong growth across our social and digital platforms, outpacing that of other major sports leagues. This growth is attracting commercial partners, including our recent agreement with American Express that marks the first new sports vertical they have sponsored in over a decade," said Stefano Domenicali, Formula 1 President and CEO. "We are making material progress on our sustainability initiatives, including reducing F1's corporate emissions and amplifying F1 Academy by fully integrating the series into the 2024 F1 calendar with participation from all ten F1 teams."

3Q22

3Q23

amounts in millions

Formula One Group

Revenue

Formula 1

715

887

Total Formula One Group

715

887

Operating Income (Loss)

Formula 1

132

Corporate and other

(18)

(25)

Total Formula One Group

107

Adjusted OIBDA (Loss)

Formula 1

170

215

Corporate and other

(12)

(18)

Total Formula One Group

158

197

The following table provides the operating results of Formula 1 ("F1").

F1 Operating Results

3Q22

3Q23

% Change

amounts in millions

Primary Formula 1 revenue

624

790

27%

Other Formula 1 revenue

Total Formula 1 revenue

715

887

24%

Operating expenses (excluding stock-based compensation):

Team payments

(370)

(432)

(17)%

Other cost of Formula 1 revenue

(124)

(183)

(48)%

Cost of Formula 1 revenue

(494)

(615)

(24)%

Selling, general and administrative expenses

(51)

(57)

(12)%

Adjusted OIBDA

170

215

26%

Stock-based compensation

(1)

Depreciation and Amortization (a)

(87)

(82)

Operating income (loss)

132

61%

Number of races in period

____________________

Includes $81 million and $74 million of amortization related to purchase accounting as of September 30, 2022 and September 30, 2023, respectively, that is excluded from calculations for purposes of team payments.

Primary F1 revenue represents the majority of F1's revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were eight races held in the third quarter of 2023, compared to seven races held in the third quarter of 2022. There are 22 events scheduled for the 2023 race calendar.

Primary F1 revenue increased in the third quarter with growth across race promotion, media rights and sponsorship partly driven by one more race held in the current period, which resulted in a greater proportion of season-based revenue recognized. Race promotion revenue also increased due to higher fees generated from the different mix of events held, with two additional races outside of Europe, and other contractual increases in fees. Media rights revenue benefited from increased fees under new and renewed contractual agreements and continued growth in F1 TV subscription revenue. Sponsorship revenue also increased due to recognition of revenue from new sponsors and growth in revenue from existing sponsors. Other F1 revenue increased in the third quarter primarily due to higher freight income driven by two additional races held outside of Europe and higher hospitality revenue generated from the Paddock Club, partially offset by lower licensing income.

Operating income and adjusted OIBDA (2) increased in the third quarter. Team payments were higher compared to the prior year due to the pro rata recognition of payments across the race season with one more race held, as well as an expectation of increased team payments for the full year. Other cost of F1 revenue is largely variable in nature and is mostly derived from servicing both Primary and Other F1 revenue opportunities. These costs increased due to higher hospitality costs driven by cost inflation and the mix of events held in the current period, as well as increased freight costs due to two additional races outside of Europe. Other cost of F1 revenue in the third quarter was also impacted by increased technical, travel and other event-related costs due to one additional race, as well as increased commissions and partner servicing costs associated with higher Primary F1 revenue streams, certain early stage costs of promoting the Las Vegas Grand Prix and costs incurred for the new F1 Academy series. Selling, general and administrative expense increased primarily due to higher personnel, property, IT and marketing costs, some of which is attributable to the Las Vegas Grand Prix, partially offset by lower legal costs and foreign exchange favorability. There were $8 million of costs associated with the planning of the Las Vegas Grand Prix included in selling, general and administrative expense in the third quarter of 2023.

The businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiary F1 and other minority investments.

LIBERTY LIVE GROUP - Liberty Media completed the Reclassification to create the Liberty Live Group tracking stock on August 3, 2023. In the third quarter, $5 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.

The businesses and assets attributed to Liberty Live Group consist primarily of Liberty Media's interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of Liberty Media's common stock from August 1, 2023 through October 31, 2023. The total remaining repurchase authorization for Liberty Media as of November 1, 2023 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks.

FOOTNOTES

Liberty Media will discuss these headlines and other matters on Liberty Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on November 3, 2023. For information regarding how to access the call, please see "Important Notice" later in this document.

For definitions of Adjusted OIBDA (as defined by Liberty Media) and adjusted EBITDA and free cash flow (as defined by SiriusXM) and applicable reconciliations see the accompanying schedules.

NOTES

The following financial information with respect to Liberty Media's equity affiliates, available for sale securities, cash and debt is intended to supplement Liberty Media's condensed consolidated balance sheet and statement of operations to be included in its Form 10-Q for the period ended September 30, 2023. For purposes of this presentation, financial information with respect to Liberty Media's equity affiliates, available for sale securities, cash and debt for the period ended June 30, 2023 is also shown adjusted for the Split-Off and the Reclassification.

On August 3, 2023, in connection with the Reclassification, Liberty Media's Live Nation investment previously attributed to Liberty SiriusXM Group and certain private and public assets previously attributed to Formula One Group were attributed to Liberty Live Group. Approximately $100 million of cash from Formula One Group was attributed to Liberty Live Group in connection with the Reclassification, of which approximately $33 million came from the partial liquidation of monetizable public holdings previously held at Formula One Group. Additionally, all intergroup interests were settled in connection with the Split-Off.

Additional information on the assets attributed to each tracking stock can be found at

https://www.libertymedia.com/about/asset-list

Fair Value of Corporate Public Holdings

Adjusted for

Split-Off and

Reclassification

(amounts in millions)

6/30/2023

9/30/2023

Liberty SiriusXM Group

Live Nation Investment (a)

6,345

Atlanta Braves Holdings, Inc. (b)

Total Liberty SiriusXM Group

6,345

Formula One Group

Other Monetizable Public Holdings (c)

148

Total Formula One Group

148

Liberty Live Group

Live Nation Investment (a)

6,345

5,783

Other Monetizable Public Holdings (c)

104

102

Total Liberty Live Group

6,449

5,885

Total Liberty Media

6,493

6,532

5,950

Represents the fair value of the equity investment in Live Nation. In accordance with GAAP, Liberty Media accounts for its investment in the equity of Live Nation using the equity method of accounting and includes it in its condensed consolidated balance sheet at $243 million and $372 million as of June 30, 2023 and September 30, 2023, respectively. In connection with the Reclassification, the equity investment in Live Nation previously held at Liberty SiriusXM Group was attributed to Liberty Live Group.

Atlanta Braves Holdings value as of June 30, 2023 adjusted for the Split-Off and Reclassification represents the fair value of the intergroup interest in Braves Group previously held by Liberty SiriusXM Group as of June 30, 2023. The intergroup interest represented a quasi-equity interest which was not represented by outstanding shares of common stock. In connection with the Split-Off, Liberty SiriusXM Group received 1.8 million shares of Atlanta Braves Holdings Series C common stock to settle the intergroup interest, and such shares are reflected as a corporate public holding as of June 30, 2023 adjusted for the Split-Off and Reclassification and as of September 30, 2023 above.

Represents the carrying value of other public holdings that are accounted for at fair value. Excludes intergroup interests. Includes exchange-traded funds previously held at Formula One Group that were attributed to Liberty Live Group in connection with the Reclassification.

Cash and Debt

The following presentation is provided to separately identify cash and debt information.

Adjusted for

Split-Off and

Reclassification

(amounts in millions)

6/30/2023

9/30/2023

Cash and Cash Equivalents Attributable to:

Liberty SiriusXM Group (a)

311

382

327

Formula One Group (b)

1,489

1,351

1,470

Liberty Live Group (c)

100

315

Braves Group (d)

131

Total Consolidated Cash and Cash Equivalents (GAAP)

1,931

1,833

2,112

Debt:

SiriusXM senior notes (e)

8,750

Pandora convertible senior notes

1.375% cash convertible notes due 2023 (f)

199

3.75% convertible notes due 2028 (f)

575

2.75% SiriusXM exchangeable senior debentures due 2049 (f)

586

SiriusXM margin loan

875

775

Other subsidiary debt (g)

723

635

0.5% Live Nation exchangeable senior debentures due 2050 (f)

920

Live Nation margin loan

Total Attributed Liberty SiriusXM Group Debt

12,648

11,728

11,540

Unamortized discount, fair market value adjustment and deferred loan costs

(18)

Total Attributed Liberty SiriusXM Group Debt (GAAP)

12,730

11,710

11,540

2.25% convertible notes due 2027 (f)

475

Formula 1 term loan and revolving credit facility

2,416

2,411

Other corporate level debt

Total Attributed Formula One Group Debt

2,952

2,945

Fair market value adjustment

(2)

(48)

Total Attributed Formula One Group Debt (GAAP)

2,950

2,897

Formula 1 leverage (h)

2.2x

0.5% Live Nation exchangeable senior debentures due 2050 (f)

920

2.375% Live Nation exchangeable senior debentures due 2053 (f)

1,150

Live Nation margin loan

Total Attributed Liberty Live Group Debt

920

1,212

Unamortized discount, fair market value adjustment and deferred loan costs

100

Total Attributed Liberty Live Group Debt (GAAP)

1,020

1,226

Atlanta Braves debt

543

Total Attributed Braves Group Debt

543

Deferred loan costs

(4)

Total Attributed Braves Group Debt (GAAP)

539

Total Liberty Media Corporation Debt (GAAP)

16,219

15,680

15,663

____________________

Includes $51 million and $53 million of cash held at SiriusXM as of June 30, 2023 and September 30, 2023, respectively. Cash as of June 30, 2023 adjusted for Split-Off and Reclassification reflects $71 million payment from Formula One Group to Liberty SiriusXM Group to settle intergroup interest subsequent to June 30, 2023.

Includes $1,055 million and $947 million of cash held at F1 as of June 30, 2023 and September 30, 2023, respectively. Cash as of June 30, 2023 adjusted for Split-Off and Reclassification reflects $71 million payment from Formula One Group to Liberty SiriusXM Group to settle intergroup interest and $67 million of cash on hand contributed to Liberty Live Group subsequent to June 30, 2023.

In connection with the Reclassification, Liberty Live Group was capitalized with $100 million of cash from Formula One Group, of which approximately $33 million came from the partial liquidation of monetizable public holdings previously held at Formula One Group.

Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $52 million as of June 30, 2023.

Outstanding principal amount of Senior Notes or Term Loan with no reduction for the net unamortized discount.

Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment.

Includes SiriusXM revolving credit facility and term loan.

Net debt to covenant OIBDA ratio of F1 operating business as defined in F1's credit facilities for covenant calculations.

Liberty Media and its consolidated subsidiaries are in compliance with their debt covenants as of September 30, 2023.

The cash and debt narrative below compares financial information as of June 30, 2023 adjusted for the Split-Off and Reclassification to financial information as of September 30, 2023. Financial information for the period ended June 30, 2023 unadjusted for the Split-Off and Reclassification can be found in the table above.

Total cash and cash equivalents attributed to Liberty SiriusXM Group decreased $55 million in the third quarter as net debt repayment at both Liberty SiriusXM Group and SiriusXM, capital expenditures and return of capital at SiriusXM more than offset cash from operations at SiriusXM. Included in the cash and cash equivalents balance attributed to Liberty SiriusXM Group at September 30, 2023 is $53 million held at SiriusXM. Although SiriusXM is a consolidated subsidiary, it is a separate public company with a non-controlling interest, therefore Liberty Media does not have ready access to SiriusXM's cash balance. Liberty SiriusXM Group received $78 million of dividends from SiriusXM during the quarter.

Total debt attributed to Liberty SiriusXM Group decreased $188 million during the quarter as Liberty SiriusXM Group paid down $100 million under its SiriusXM margin loan and SiriusXM reduced borrowing under its revolving credit facility. In October, Liberty SiriusXM Group retired the remaining $199 million outstanding principal amount of its 1.375% cash convertible notes with cash on hand.

Total cash and cash equivalents attributed to Formula One Group increased $119 million during the quarter as cash from operations at F1 more than offset capital expenditures primarily related to the Las Vegas Grand Prix. During the third quarter, Formula One Group announced it entered into a definitive agreement to acquire Quint. The transaction is expected to close by year-end and will be funded with Formula One Group cash on hand.

Total debt at Formula One Group was relatively flat in the third quarter. Formula 1 repriced its $1.7 billion Term Loan B facility on October 4, 2023, reducing the margin from 3.00% to 2.25%.

Total cash and cash equivalents attributed to Liberty Live Group increased $215 million and total debt increased $292 million during the third quarter. During the quarter, Liberty Live Group issued $1.15 billion aggregate principal amount of 2.375% exchangeable senior debentures due 2053. A portion of the proceeds were used to repurchase $858 million aggregate adjusted principal amount of its 0.5% exchangeable senior debentures due 2050 for a total cost of $918 million. Liberty Live Group expects to use the remaining net proceeds of the offering to settle its remaining 0.5% exchangeable senior debentures ahead of the September 2024 put/call date, and for general corporate purposes. On September 5, 2023, the Live Nation margin loan was amended, extending the maturity date to September 2026 while other terms remain unchanged.

In connection with the Reclassification, the 3.75% Liberty SiriusXM Group convertible notes due 2028 (convertible into LSXMA) and the 2.25% Formula One Group convertible notes due 2027 (convertible into FWONK) were adjusted to provide for the conversion and settlement of the notes into the reclassified Liberty SiriusXM Group and Formula One Group equities, respectively, at new conversion rates in accordance with each respective bond indenture. As of September 30, 2023, the conversion rate for the 3.75% notes is 35.4563 shares of LSXMA and the conversion rate for the 2.25% notes is 12.0505 shares of FWONK per $1,000 principal amount of the respective notes.

Important Notice: Liberty Media Corporation (Nasdaq: LSXMA, LSXMB, LSXMK, FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on November 3, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736986 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to

https://www.libertymedia.com/investors/news-events/ir-calendar

. Links to this press release will also be available on the Liberty Media website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the proposed combination of Liberty SiriusXM Group and SiriusXM, the Las Vegas Grand Prix, the proposed transaction with QuintEvents LLC, the continuation of our stock repurchase plan, our environmental and social initiatives and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions to the proposed combination of Liberty SiriusXM Group and SiriusXM, the satisfaction of all conditions to closing for the transaction with QuintEvents LLC, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of pending or future litigation, the failure to realize benefits of acquisitions, rapid technological and industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circ*mstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including Amendment No. 5 to Liberty Media's Registration Statement on Form S-4 filed on June 8, 2023 and the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release.

https://www.businesswire.com/news/home/20231102998413/en/Liberty-Media-Corporation-Reports-Third-Quarter-2023-Financial-Results

News Corporation (NASDAQ: NWS)

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide.

https://newscorp.com

News Corporation - News Corporation Reports Second Quarter Results for Fiscal 2024 - 7/2/2024

FISCAL 2024 SECOND QUARTER KEY FINANCIAL HIGHLIGHTS

Second quarter revenues were $2.59 billion, a 3% increase compared to $2.52 billion in the prior year, driven by growth at the Digital Real Estate Services, Dow Jones and Book Publishing segments

Net income in the quarter was $183 million, compared to net income of $94 million in the prior year

Second quarter Total Segment EBITDA was $473 million, compared to $409 million in the prior year

In the quarter, reported EPS were $0.27 as compared to $0.12 in the prior year - Adjusted EPS were $0.26 compared to $0.14 in the prior year

Dow Jones achieved its highest quarterly revenues and Segment EBITDA since its acquisition in 2007, driven by strength in professional information business revenues, which rose 13% compared to the prior year

REA Group posted record quarterly revenues of $292 million, a 22% increase compared to the prior year, primarily driven by robust Australian residential performance

Book Publishing revenues grew 4%, while Segment EBITDA increased 67%, driven by higher digital sales, which benefited from strong audiobooks performance, and improved return rates

February 07, 2024 04:15 PM Eastern Standard Time

NEW YORK--(

BUSINESS WIRE

)--News Corporation ("News Corp" or the "Company") (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended December 31, 2023.

Commenting on the results, Chief Executive Robert Thomson said:

"News Corp again saw growth in both revenue and profitability this quarter as we continue to realize the collective benefit of our strategic shift to digital and subscription revenues, and away from sometimes volatile advertising revenues.

Our net income rose to $183 million from $94 million in the same quarter last year and our reported EPS was 27 cents, compared to 12 cents for the same period last year, driven by a 16% surge in Total Segment EBITDA. We had particularly robust results across the three core pillars of our business - Dow Jones, Book Publishing and Digital Real Estate Services - and believe there are strong prospects for further growth as difficult macro conditions ease in some of our markets.

We expect to be a core content provider for Generative AI companies, who need the highest quality, timely content to ensure the relevance and accuracy of their products. We patently prefer negotiation to litigation, courtship to courtrooms. But let's be clear, in my view those who repurpose without approval are stealing and are undermining the very act of creativity - counterfeiting is not creating, and the AI world is replete with content counterfeiters.

I also want to draw attention to the plight of our colleague Evan Gershkovich, who continues to be unjustly detained in a Moscow prison, solely for being a highly professional journalist. We hope that justice will prevail and thank all who publicly, and not so publicly, have been working to secure his emancipation."

SECOND QUARTER RESULTS

The Company reported fiscal 2024 second quarter total revenues of $2.59 billion, a 3% increase compared to $2.52 billion in the prior year period, primarily driven by higher Australian residential revenues at REA Group, continued strong growth in the professional information business at the Dow Jones segment, increased digital sales and improved returns due to better sell through of inventory at the Book Publishing segment and a $13 million, or 1%, positive impact from foreign currency fluctuations. The increase was partly offset by lower revenues at Move due to continued challenging housing market conditions in the U.S. and lower advertising revenues at the News Media segment. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) were up 2% compared to the prior year.

Net income for the quarter was $183 million, a 95% increase compared to net income of $94 million in the prior year, driven by higher Total Segment EBITDA, as discussed below, improved equity losses of affiliates and higher Other, net. These impacts were partially offset by higher income tax expense.

The Company reported second quarter Total Segment EBITDA of $473 million, a 16% increase compared to $409 million in the prior year primarily due to higher revenues, as discussed above, lower costs at the Book Publishing segment and gross cost savings related to the announced 5% headcount reduction initiative. The increase was partly offset by higher sports programming rights costs at the Subscription Video Services segment. Adjusted Total Segment EBITDA (as defined in Note 2) increased 14%.

Net income per share attributable to News Corporation stockholders was $0.27 as compared to $0.12 in the prior year.

Adjusted EPS (as defined in Note 3) were $0.26 compared to $0.14 in the prior year.

SEGMENT REVIEW

For the three months ended December 31,

For the six months ended December 31,

2023

2022

% Change

2023

2022

% Change

(in millions)

Better/

(Worse)

(in millions)

Better/

(Worse)

Revenues:

Digital Real Estate Services

419

386

822

807

Subscription Video Services

470

462

956

964

(1)%

Dow Jones

584

563

1,121

1,078

Book Publishing

550

531

1,075

1,018

News Media

563

579

(3)%

1,111

1,132

(2)%

Other

Total Revenues

2,586

2,521

5,085

4,999

Segment EBITDA:

Digital Real Estate Services

147

128

15%

269

247

Subscription Video Services

(14)%

170

201

(15)%

Dow Jones

163

139

17%

287

252

14%

Book Publishing

67%

150

67%

News Media

(12)%

(14)%

Other

(51)

(58)

12%

(105)

(108)

Total Segment EBITDA

473

409

16%

837

759

10%

Digital Real Estate Services

Revenues in the quarter increased $33 million, or 9%, compared to the prior year, driven by strong performance at REA Group partly offset by lower revenues at Move. Segment EBITDA in the quarter increased $19 million, or 15%, compared to the prior year, primarily due to higher revenues at REA Group partly offset by lower revenues at Move and a $2 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues and Adjusted Segment EBITDA (as defined in Note 2) increased 8% and 16%, respectively.

In the quarter, revenues at REA Group increased $52 million, or 22%, to $292 million, primarily driven by higher Australian residential revenues due to price increases, increased depth penetration, favorable geographic mix and an increase in national listings, as well as an increase from financial services. The increase was slightly offset by a $3 million, or 1%, negative impact from foreign currency fluctuations. Australian national residential buy listing volumes in the quarter increased 8% compared to the prior year, with listings in Sydney and Melbourne up 22% and 24%, respectively.

Move's revenues in the quarter decreased $19 million, or 13%, to $127 million, primarily as a result of lower real estate revenues. Real estate revenues, which represented 82% of total Move revenues, decreased $17 million, or 14%, driven by the continued impact of the macroeconomic environment on the housing market, including higher mortgage rates, which has led to lower lead and transaction volumes. Revenues from the referral model, which includes the ReadyConnect Concierge[SM] product, and the traditional lead generation product decreased due to these factors. Based on Move's internal data, average monthly unique users of Realtor.com ® 's web and mobile sites for the fiscal second quarter was flat compared to the prior year at 66 million. Lead volume declined 7%, which was an improvement from the prior quarter rate.

Subscription Video Services

Revenues of $470 million in the quarter increased $8 million, or 2%, compared with the prior year, driven by higher revenues from Kayo and BINGE from increases in both volume and pricing, despite a more difficult Summer sports season and inflationary pressures, partially offset by the impact from fewer residential broadcast subscribers and a $6 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Revenues of $476 million increased 3% compared to the prior year. Foxtel Group streaming subscription revenues represented approximately 29% of total circulation and subscription revenues in the quarter, as compared to 26% in the prior year.

As of December 31, 2023, Foxtel's total closing paid subscribers were over 4.3 million, flat compared to the prior year, as growth in streaming subscribers driven by Kayo and BINGE was offset by fewer residential broadcast subscribers. Broadcast subscriber churn in the quarter was flat compared to the prior year at 12.9%, despite the completion of Foxtel's migration project of subscribers off cable. Broadcast ARPU for the quarter increased 3% year-over-year to A$86 (US$56).

As of December 31,

2023

2022

(in 000's)

Broadcast Subscribers

Residential

1,273

1,401

Commercial

232

230

Streaming Subscribers (Total (Paid))

Kayo

1,183 (1,173 paid)

1,136 (1,126 paid)

BINGE

1,503 (1,471 paid)

1,439 (1,375 paid)

Foxtel Now

155 (150 paid)

183 (177 paid)

Total Subscribers (Total (Paid))

4,365 (4,317 paid)

4,414 (4,329 paid)

Segment EBITDA of $77 million in the quarter decreased $13 million, or 14%, compared with the prior year, which includes a $1 million, or 1%, negative impact from foreign currency fluctuations. Adjusted Segment EBITDA of $78 million decreased 13% compared to the prior year, primarily due to higher sports programming rights costs driven mainly by contractual increases across AFL and NRL and $10 million of costs related to the upcoming launch of Hubbl partially offset by higher revenues and lower technology and marketing costs.

Dow Jones

Revenues in the quarter increased $21 million, or 4%, compared to the prior year, driven by growth in circulation and subscription revenues led by growth in professional information business products. Digital revenues at Dow Jones in the quarter represented 78% of total revenues compared to 76% in the prior year. Adjusted Revenues increased 3%.

Circulation and subscription revenues increased $24 million, or 6%, including a $3 million, or 1%, positive impact from foreign currency fluctuations. Professional information business revenues grew 13%, primarily due to 16% growth in Risk & Compliance revenues to $72 million and 15% growth in Dow Jones Energy revenues to $62 million. Circulation revenues were flat compared to the prior year, as the continued growth in digital-only subscriptions, which benefited from an increase in bundle offers, was offset by lower print volume. Digital circulation revenues accounted for 70% of circulation revenues for the quarter, compared to 69% in the prior year.

During the second quarter, total average subscriptions to Dow Jones' consumer products were over 5.4 million, a 10% increase compared to the prior year. Digital-only subscriptions to Dow Jones' consumer products grew 15%. Total subscriptions to The Wall Street Journal grew 7% compared to the prior year, to over 4.0 million average subscriptions in the quarter. Digital-only subscriptions to The Wall Street Journal grew 11% to over 3.5 million average subscriptions in the quarter, and represented 87% of total Wall Street Journal subscriptions.

For the three months ended December 31,

2023

2022

% Change

(in thousands, except %)

Better/(Worse)

The Wall Street Journal

Digital-only subscriptions

3,528

3,167

11 %

Total subscriptions

4,052

3,780

7 %

Barron's Group

Digital-only subscriptions

1,104

894

23 %

Total subscriptions

1,242

1,062

17 %

Total Consumer

Digital-only subscriptions

4,746

4,139

15 %

Total subscriptions

5,427

4,943

10 %

Advertising revenues decreased $5 million, or 4%, primarily due to an 11% decline in print advertising revenues slightly offset by 1% growth in digital advertising revenues. Digital advertising accounted for 62% of total advertising revenues in the quarter, compared to 59% in the prior year.

Segment EBITDA for the quarter increased $24 million, or 17%, primarily as a result of the higher revenues discussed above. Adjusted Segment EBITDA increased 17%.

Book Publishing

Revenues in the quarter increased $19 million, or 4%, compared to the prior year, primarily driven by the increase in digital book sales and improved returns due to better sell through of inventory. Key titles in the quarter included The Pioneer Woman Cooks - Dinner's Ready! by Ree Drummond, The Little Liar by Mitch Albom, Tom Lake by Ann Patchett and My Effin' Life by Geddy Lee. Adjusted Revenues increased 2%. Digital sales increased 15% compared to the prior year, driven by strong market growth for downloadable audiobook sales, as well as the contribution from a new Spotify partnership. Digital sales represented 21% of Consumer revenues for the quarter compared to 19% in the prior year with audiobooks accounting for approximately half of digital revenues. Backlist sales represented approximately 60% of consumer revenues in the quarter compared to 57% in the prior year.

Segment EBITDA for the quarter increased $34 million, or 67%, compared to the prior year, primarily driven by the higher revenues discussed above and lower manufacturing, freight and distribution costs driven by product mix and the absence of prior year supply chain challenges and inventory and inflationary pressures, partly offset by higher employee costs. Adjusted Segment EBITDA increased 65%.

News Media

Revenues in the quarter decreased $16 million, or 3%, as compared to the prior year, primarily driven by lower advertising revenues, partially offset by the $13 million, or 2%, positive impact from foreign currency fluctuations and higher circulation and subscription revenues. Within the segment, revenues at News Corp Australia decreased 6%, driven by lower advertising revenues, while News UK was flat as lower advertising revenues were offset by a 5% positive impact from foreign currency fluctuations and higher circulation and subscription revenues. Adjusted Revenues for the segment decreased 5% compared to the prior year.

Circulation and subscription revenues increased $12 million, or 5%, compared to the prior year, primarily due to a $7 million, or 3%, positive impact from foreign currency fluctuations, price increases and digital subscriber growth, partially offset by lower print volumes.

Advertising revenues decreased $24 million, or 9%, compared to the prior year, primarily due to lower digital advertising across the business units mainly driven by a decline in traffic at some mastheads due to platform related changes and lower print advertising at News Corp Australia. The decline was partially offset by a $5 million, or 2%, positive impact from foreign currency fluctuations.

In the quarter, Segment EBITDA decreased $7 million, or 12%, compared to the prior year, driven by lower revenues, as discussed above, partially offset by lower production costs at News UK driven by lower volume and newsprint prices and a $2 million, or 3%, positive impact from foreign currency fluctuations. Adjusted Segment EBITDA decreased 15%.

Digital revenues represented 38% of News Media segment revenues in the quarter, compared to 37% in the prior year, and represented 36% of the combined revenues of the newspaper mastheads. Digital subscribers and users across key properties within the News Media segment are summarized below:

Closing digital subscribers at News Corp Australia as of December 31, 2023 were 1,051,000 (940,000 for news mastheads), compared to 1,011,000 (924,000 for news mastheads) in the prior year (Source: Internal data)

The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of December 31, 2023 were 575,000, compared to 550,000 in the prior year (Source: Internal data). The previously disclosed methodology change resulted in a 59,000 and 61,000 increase to the closing digital subscriber number at December 31, 2023 and 2022, respectively

The Sun's digital offering reached 143 million global monthly unique users in December 2023, compared to 194 million in the prior year (Source: Meta Pixel)

New York Post's digital network reached 124 million unique users in December 2023, compared to 141 million in the prior year (Source: Google Analytics)

CASH FLOW

The following table presents a reconciliation of net cash provided by operating activities to free cash flow and free cash flow available to News Corporation:

For the six months ended December 31,

2023

2022

(in millions)

Net cash provided by operating activities

305

161

Less: Capital expenditures

(236)

(217)

Free cash flow

(56)

Less: REA Group free cash flow

(134)

(96)

Plus: Cash dividends received from REA Group

Free cash flow available to News Corporation

(21)

(102)

Net cash provided by operating activities of $305 million for the six months ended December 31, 2023 was $144 million higher than $161 million in the prior year, primarily due to higher Total Segment EBITDA, as noted above, lower working capital and lower tax payments, partially offset by higher restructuring payments.

Free cash flow in the six months ended December 31, 2023 was $69 million compared to $(56) million in the prior year. Free cash flow available to News Corporation in the six months ended December 31, 2023 was $(21) million compared to $(102) million in the prior year. The improvement in both free cash flow and free cash flow available to News Corporation was primarily due to higher cash provided by operating activities, as mentioned above, partially offset by higher capital expenditures. Foxtel's capital expenditures for the six months ended December 31, 2023 were $82 million compared to $84 million in the prior year.

Free cash flow and free cash flow available to News Corporation are non-GAAP financial measures. Free cash flow is defined as net cash provided by (used in) operating activities, less capital expenditures, and free cash flow available to News Corporation is defined as free cash flow, less REA Group free cash flow, plus cash dividends received from REA Group. Free cash flow and free cash flow available to News Corporation may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.

Neither free cash flow nor free cash flow available to News Corporation represents the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company's consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.

The Company believes free cash flow provides useful information to management and investors about the Company's liquidity and cash flow trends. The Company believes free cash flow available to News Corporation, which adjusts free cash flow to exclude REA Group's free cash flow and include dividends received from REA Group, provides management and investors with a measure of the amount of cash flow that is readily available to the Company, as REA Group is a separately listed public company in Australia and must declare a dividend in order for the Company to have access to its share of REA Group's cash balance. The Company believes free cash flow available to News Corporation provides a more conservative view of the Company's free cash flow because this presentation includes only that amount of cash the Company actually receives from REA Group, which has generally been lower than the Company's unadjusted free cash flow.

OTHER ITEMS

Dividends

The Company declared today a semi-annual cash dividend of $0.10 per share for Class A Common Stock and Class B Common Stock. This dividend is payable on April 10, 2024 to stockholders of record as of March 13, 2024.

COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION

Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues, free cash flow and free cash flow available to News Corporation are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company's underlying business performance and to provide for more meaningful comparisons of the Company's operating performance between periods. These measures also allow investors and analysts to view the Company's business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2, 3 and 4 and the reconciliation of net cash provided by operating activities to free cash flow and free cash flow available to News Corporation is included above.

Cautionary Statement Concerning Forward-Looking Statements

This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company's business, results of operations and financial condition, the Company's strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company's cost savings initiatives, including announced headcount reductions, and the outcome of contingencies such as litigation and investigations. These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company's filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The "forward-looking statements" included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any "forward-looking statements" to reflect subsequent events or circ*mstances, and we expressly disclaim any such obligation, except as required by law or regulation.

About News Corporation

www.newscorp.com

https://www.businesswire.com/news/home/20240207253722/en/News-Corporation-Reports-Second-Quarter-Results-for-Fiscal-2024

Paramount Global (NASDAQ: PARA, PARAA)

Paramount (NASDAQ: PARA; PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. The company holds one of the industry's most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, Paramount provides powerful capabilities in production, distribution and advertising solutions.

https://www.paramount.com/

Paramount Global - Paramount Global Report First Quarter Earnings Results - 29/4/2024

For the full report see:

https://ir.paramount.com/static-files/788ef7dd-d093-4fb6-9e4a-43a81169eb41

Quad Graphics (NYSE: QUAD)

Quad (NYSE: QUAD) is a global marketing experience company that helps brands make direct consumer connections, from household to in-store to online. Supported by state-of-the-art technology and data-driven intelligence, Quad uses its suite of media, creative and production solutions to streamline the complexities of marketing and remove friction from wherever it occurs in the marketing journey. Quad tailors its uniquely flexible, scalable and connected solutions to clients' objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness, and delivering value on client investments.

https://www.quad.com/

Quad/Graphics, Inc. - Quad reports first quarter 2024 results - 30/4/2024

Quad reaffirms full-year 2024 financial guidance, including 1.8x Net Debt Leverage by year end

SUSSEX, WI, April 30, 2024 - Quad/Graphics, Inc. (NYSE: QUAD) ("Quad" or the "Company"), a global marketing experience company, today reported results for the first quarter ended March 31, 2024.

Recent highlights

Realized Net Sales of $655 million in the first quarter of 2024 compared to $767 million in 2023, and recognized a Net Loss of $28 million or $0.60 Diluted Loss Per Share for the first quarter of 2024.

Achieved Non-GAAP Adjusted EBITDA of $51 million in the first quarter of 2024 compared to $60 million in the first quarter of 2023, and reported $0.10 Adjusted Diluted Earnings Per Share for the first quarter of 2024.

Completed restructuring actions that are expected to generate $60 million of cost savings in 2024.

Announced In-Store Connect, a new retail solution that aims to advance the in-store shopping experience by creating digital interactions throughout physical retail environments.

Launched Household Fusion TM , a first-of-its-kind postal optimization program created to offset continued U.S. Postal Service rate hikes and further differentiate Quad as a market innovator.

Introduced the next evolution of the Company's media agency, Rise, which brings together its full range of media and owned data services under one brand.

Fitch corporate credit rating outlook revised to "Positive" from "Stable," indicating future potential upgrade from current 'B+' rating in recognition of Quad's strong financial and operational performance.

Declared quarterly dividend of $0.05 per share.

Reaffirms full-year 2024 financial guidance.

Joel Quadracci, Chairman, President and CEO of Quad, said: "Our first quarter results were in-line with our expectations, and we remain confident in our ability to achieve our full-year 2024 financial guidance. We continue to focus on growing our offerings, including strategic investments in innovative solutions and superior talent, while proactively managing ongoing revenue challenges that include external factors such as significant postal rate increases and continued economic uncertainty that negatively impact print volumes.

"During Q1, we announced our entry into the next big advertising channel - retail media networks or RMNs. EMARKETER predicts ad spend in omnichannel RMNs will grow to over $100 billion by 2027. Our solution, called

Quad In-Store Connect

, advances the in-store shopping experience by taking the best elements of digital commerce and bringing it into physical retail environments. Retailers and consumer packaged goods companies now have the ability to deliver engaging brand messages and promotions right at the store shelf - the most critical moment in the purchasing decision. We are excited to announce our partnership with The Save Mart Companies, the largest private regional grocer on the West Coast, to launch its in-store retail media network, and are in talks with several other retailers. We look forward to demonstrating how In-Store Connect can generate value for clients as we strive to become the industry standard for in-store RMNs.

"Also during Q1, we unveiled

Household Fusion

TM , a first-of-its-kind postal optimization program we proactively created to offset continued U.S. Postal Service rate hikes. This solution combines various marketing mail from different brands or, separately, various magazines from different publishers into a single package delivered to one address, creating significant postage savings. Clients like PWX Solutions, a direct marketing and production partnership formed between Hearst and Condé Nast, are enthusiastic about this solution, which reduces costs from one of a marketer's biggest budget lines.

"Additionally, we recently introduced the next evolution of our media agency,

Rise

, which brings together our full range of media and owned data services under one brand so we're even better equipped to solve client pain points. This evolution creates a truly differentiated offering in the market, including a modern integrated data stack that has privacy at its core and is resilient to industry challenges, like the deprecation of the third-party cookie.

"To reiterate, I am confident in our team, our strategy and our future as a marketing experience company. We are unwavering in our focus to enhance Quad's financial strength and create value for all our stakeholders."

Added Tony Staniak, Chief Financial Officer: "We reaffirm our full-year guidance and remain focused on delivering for our clients while enhancing our financial position, such as through our recent restructuring actions, including plant capacity and labor reduction initiatives, that we anticipate will generate $60 million in cost savings in 2024. We continue to expect strong cash generation, which we will use to further reduce Net Debt and achieve 1.8x Net Debt Leverage by the end of the year. We are pleased that our strong balance sheet and long-term commitment to debt reduction was recognized by Fitch Ratings, who recently revised our corporate credit rating outlook to Positive from Stable, indicating a potential future upgrade from our current 'B+' rating. In addition to lowering debt, we will continue to invest in accelerating our competitive position as an MX company while returning capital to shareholders through our regular quarterly dividend, and we expect to be opportunistic in terms of our future share repurchases."

First quarter 2024 financial results

Net Sales were $655 million in the first quarter of 2024, a decrease of 15% compared to the same period in 2023 primarily due to lower paper, print and agency solutions sales, including the loss of a large grocery client.

Net Loss was $28 million in the first quarter of 2024 compared to Net Loss of $25 million in the first quarter of 2023. The decrease is primarily due to lower sales and higher restructuring and impairment charges, partially offset by benefits from improved manufacturing productivity, savings from cost reduction initiatives and lower income tax expense.

Adjusted EBITDA was $51 million in the first quarter of 2024 as compared to $60 million in the same period in 2023. The decrease was primarily due to lower sales, partially offset by benefits from improved manufacturing productivity and savings from cost reduction initiatives.

Adjusted Diluted Earnings Per Share was $0.10 in the first quarter of 2024, as compared to $0.15 in the first quarter of 2023, primarily due to lower adjusted net earnings, partially offset by the beneficial impact from the Company repurchasing Class A shares totaling approximately 11% of its outstanding shares since the second quarter of 2022.

Net Cash Used in Operating Activities was $52 million in the first quarter of 2024, compared to $51 million in the first quarter of 2023. Free Cash Flow improved $9 million from last year to negative $70 million in the first quarter of 2024 primarily due to reduced capital expenditures. As a reminder, the Company historically generates most of its Free Cash Flow in the fourth quarter of the year.

Net Debt increased by $74 million to $544 million at March 31, 2024, as compared to $470 million at December 31, 2023, primarily due to the negative $70 million Free Cash Flow in the first quarter of 2024. We continue to expect to reduce Net Debt to approximately $405 million, or 1.8x Net Debt Leverage, at the end of this year.

Dividend

Quad's next quarterly dividend of $0.05 per share will be payable on June 7, 2024, to shareholders of record as of May 22, 2024.

2024 guidance

The Company's full-year 2024 financial guidance is unchanged and is as follows:

Financial Metric

2024 Guidance

Annual Net Sales Change

5% to 9% decline

Full-Year Adjusted EBITDA

$205 million to $245 million

Free Cash Flow

$50 million to $70 million

Capital Expenditures

$60 million to $70 million

Year-End Debt Leverage Ratio (1)

Approximately 1.8x

(1) Debt Leverage Ratio is calculated at the midpoint of the Adjusted EBITDA guidance.

Conference call and webcast information

Quad will hold a conference call at 8:30 a.m. ET on Wednesday, May 1, to discuss first quarter 2024 financial results. The call will be hosted by Joel Quadracci, Quad Chairman, President and CEO, and Tony Staniak, Quad CFO. As part of the conference call, Quad will conduct a question-and-answer session.

Participants can pre-register for the webcast by navigating to

https://dpregister.com/sreg/10188208/fc3ba69b40

. Participants will be given a unique PIN to gain access to the call, bypassing the live operator. Participants may pre-register at any time, including up to and after the call start time.

About Quad

Quad employs approximately 13,000 people in 14 countries and serves approximately 2,700 clients including industry leading blue-chip companies that serve both businesses and consumers in multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods, and direct-to-consumer; financial services; and health. Quad is ranked as the 14th largest agency company in the U.S. by Ad Age (2023), and the second-largest commercial printer in North America, according to Printing Impressions (2023).

For more information about Quad, including its commitment to ongoing innovation, culture and sustainable impact, visit

quad.com

https://www.quad.com/newsroom/quad-reports-first-quarter-2024-results

The Mc C latchy Company (MNI)

We help people and communities thrive. Through our deeply-rooted commitment to the role of local journalism, McClatchy is a catalyst for informed engagement, greater understanding, and deeper community connections. We ensure delivery of news and information essential to enhancing individual lives and improving the 30 distinct communities that are home to our journalists and iconic brands, including the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News & Observer, and the Fort Worth Star-Telegram. We extend our unique local and regional reach, relevance and resources to our advertising partners through fully-integrated marketing solutions. Let's rise together.

https://www.mcclatchy.com/

The Walt Disney Company (NYSE: DIS)

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three core business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenues of $88.89billion in its Fiscal Year 2023.

https://thewaltdisneycompany.com/

The Walt Disney Company - The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2024 - 7/5/2024

BURBANK, Calif.-The Walt Disney Company (NYSE: DIS) today reported earnings for its second quarter ended March 30, 2024.

Financial Results for the Quarter:

Revenues for the quarter increased to $22.1 billion from $21.8 billion in the prior-year quarter.

Diluted earnings per share (EPS) was a loss of $0.01 for the current quarter compared to income of $0.69 in the prior-year quarter. Diluted EPS decreased to a nominal loss due to goodwill impairments in the quarter, partially offset by higher operating income at Entertainment and Experiences.

Excluding certain items (1) , diluted EPS for the quarter increased to $1.21 from $0.93 in the prior-year quarter.

Key Points:

In the second fiscal quarter of 2024, we achieved strong double digit percentage growth in adjusted EPS (1) , and met or exceeded our financial guidance for the quarter.

As a result of outperformance in the second quarter, our new full year adjusted EPS (1) growth target is now 25%.

We remain on track to generate approximately $14 billion of cash provided by operations and over $8 billion of free cash flow (1) this fiscal year.

We repurchased $1 billion worth of shares in the second quarter and look forward to continuing to return capital to shareholders.

The Entertainment Direct-to-Consumer business was profitable in the second quarter. While we are expecting softer Entertainment DTC results in Q3 to be driven by Disney+ Hotstar, we continue to expect our combined streaming businesses to be profitable in the fourth quarter, and to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025.

Disney+ Core subscribers increased by more than 6 million in the second quarter, and Disney+ Core ARPU increased sequentially by 44 cents.

Sports operating income declined slightly versus the prior year, reflecting the timing impact of College Football Playoff games at ESPN, offset by improved results at Star India.

The Experiences business was also a growth driver in the second quarter, with revenue growth of 10%, segment operating income growth of 12%, and margin expansion of 60 basis points versus the prior year. Although the third quarter's segment operating income is expected to come in roughly comparable to the prior year, we continue to expect robust operating income growth at Experiences for the full year.

_________________________________

(1)

Diluted EPS excluding certain items (also referred to herein as adjusted EPS) and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are diluted EPS and cash provided by operations, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a quantitative reconciliation of historical measures thereof and the forward-looking measure of free cash flow to the most directly comparable GAAP measures and why the Company is not providing a forward-looking quantitative reconciliation of diluted EPS excluding certain items to the most comparable GAAP measure.

Message From Our CEO:

"Our strong performance in Q2, with adjusted EPS (1) up 30% compared to the prior year, demonstrates we are delivering on our strategic priorities and building for the future," said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. "Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.

"Looking at our company as a whole, it's clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results. We have a number of highly anticipated theatrical releases arriving over the next few months; our television shows are resonating with audiences and critics alike; ESPN continues to break ratings records as we further its evolution into the preeminent digital sports platform; and we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments."

SUMMARIZED FINANCIAL RESULTS

The following table summarizes second quarter results for fiscal 2024 and 2023:

Quarter Ended

Six Months Ended

($ in millions, except per share amounts)

March 30, 2024

April 1, 2023

Change

March 30, 2024

April 1, 2023

Change

Revenues

22,083

21,815

45,632

45,327

Income before income taxes

657

2,123

(69)%

3,528

3,896

(9)%

Total segment operating income (1)

3,845

3,285

17%

7,721

6,328

22%

Diluted EPS

(0.01)

0.69

1.03

1.39

(26)%

Diluted EPS excluding certain items (1)

1.21

0.93

30%

2.44

1.91

28%

Cash provided by operations

3,666

3,236

13%

5,851

2,262

>100%

Free cash flow (1)

2,407

1,987

21%

3,293

(168)

(1)

Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes second quarter segment revenue and operating income for fiscal 2024 and 2023:

Quarter Ended

Six Months Ended

($ in millions)

March 30, 2024

April 1, 2023

Change

March 30, 2024

April 1, 2023

Change

Revenues:

Entertainment

9,796

10,309

(5)%

19,777

20,984

(6)%

Sports

4,312

4,226

9,147

8,866

Experiences

8,393

7,646

10%

17,525

16,191

Eliminations (2)

(418)

(366)

(14)%

(817)

(714)

(14)%

Total revenues

22,083

21,815

45,632

45,327

Segment operating income (loss):

Entertainment

781

455

72%

1,655

800

>100%

Sports

778

794

(2)%

675

630

Experiences

2,286

2,036

12%

5,391

4,898

10%

Total segment operating income (1)

3,845

3,285

17%

7,721

6,328

22%

(1)

Total segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 17 through 21.

(2)

Reflects fees paid by Direct-to-Consumer to Sports and other Entertainment businesses for the right to air their linear networks on Hulu Live and fees paid by Entertainment to Sports to program sports on the ABC Network and Star+.

DISCUSSION OF SECOND QUARTER SEGMENT RESULTS

Entertainment

Revenue and operating income for the Entertainment segment are as follows:

Quarter Ended

Change

Six Months Ended

($ in millions)

March 30, 2024

April 1, 2023

March 30, 2024

April 1, 2023

Change

Revenues:

Linear Networks

2,765

2,999

(8)%

5,568

6,201

(10)%

Direct-to-Consumer

5,642

4,983

13%

11,188

9,805

14%

Content Sales/Licensing and Other

1,389

2,327

(40)%

3,021

4,978

(39)%

9,796

10,309

(5)%

19,777

20,984

(6)%

Operating income (loss):

Linear Networks

752

959

(22)%

1,988

2,289

(13)%

Direct-to-Consumer

(587)

(91)

(1,571)

94%

Content Sales/Licensing and Other

(18)

(242)

781

455

72%

1,655

800

>100%

The increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Direct-to-Consumer, partially offset by declines at Linear Networks and Content Sales/Licensing and Other.

Linear Networks

Linear Networks revenues and operating income are as follows:

Quarter Ended

Change

($ in millions)

March 30, 2024

April 1, 2023

Revenue

Domestic

2,269

2,440

(7)%

International

496

559

(11)%

2,765

2,999

(8)%

Operating income

Domestic

520

635

(18)%

International

165

(44)%

Equity in the income of investees

140

159

(12)%

752

959

(22)%

Domestic

The decrease in domestic operating income in the current quarter compared to the prior-year quarter was due to:

Lower affiliate revenue primarily due to a decrease in subscribers including the impact of the non-renewal of carriage of certain networks by an affiliate, partially offset by higher contractual rates

A decline in advertising revenue attributable to a decrease in impressions reflecting lower average viewership, partially offset by higher rates

International

Lower international operating income was due to a decrease in affiliate revenue primarily attributable to fewer subscribers and contractual rate decreases.

Equity in the Income of Investees

Income from equity investees decreased due to lower income from A+E Television Networks (A+E) attributable to decreases in advertising and affiliate revenue.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income (loss) are as follows:

Quarter Ended

Change

($ in millions)

March 30, 2024

April 1, 2023

Revenue

5,642

4,983

13%

Operating income (loss)

(587)

The improvement in operating results in the current quarter compared to the prior-year quarter was due to:

Subscription revenue growth attributable to higher rates due to increases in retail pricing across our streaming services, and subscriber growth at Disney+ Core

Lower distribution costs

An increase in advertising revenue due to higher impressions, partially offset by lower rates

Higher marketing costs

An increase in programming and production costs due to more programming on our services and higher subscriber-based fees for programming the Hulu Live TV service, partially offset by lower average costs per hour of content available on our services

The increase in Hulu Live TV subscriber-based fees was due to rate increases and more subscribers

Second Quarter of Fiscal 2024 Comparison to First Quarter of Fiscal 2024

In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our Disney+ and Hulu direct-to-consumer (DTC) product offerings (1) , and we believe these metrics are useful to investors in analyzing the business. The following tables and related discussion are on a sequential quarter basis.

Paid subscribers (1) at:

(in millions)

March 30, 2024

December 30, 2023

Change

Disney+

Domestic (U.S. and Canada)

54.0

46.1

17%

International (excluding Disney+ Hotstar) (1)

63.6

65.2

(2)%

Disney+ Core (2)

117.6

111.3

Disney+ Hotstar

36.0

38.3

(6)%

Hulu

SVOD Only

45.8

45.1

Live TV + SVOD

4.5

4.6

(2)%

Total Hulu (2)

50.2

49.7

Average Monthly Revenue Per Paid Subscriber (1) for the quarter ended:

March 30, 2024

December 30, 2023

Change

Disney+

Domestic (U.S. and Canada)

8.00

8.15

(2)%

International (excluding Disney+ Hotstar) (1)

6.66

5.91

13%

Disney+ Core

7.28

6.84

Disney+ Hotstar

0.70

1.28

(45)%

Hulu

SVOD Only

11.84

12.29

(4)%

Live TV + SVOD

95.01

93.61

(1)

See discussion on page 16-DTC Product Descriptions and Key Definitions

(2)

Total may not equal the sum of the column due to rounding

Domestic Disney+ average monthly revenue per paid subscriber decreased from $8.15 to $8.00 due to a higher mix of wholesale subscribers, partially offset by increases in retail pricing.

International Disney+ (excluding Disney+ Hotstar) average monthly revenue per paid subscriber increased from $5.91 to $6.66 due to increases in retail pricing and a lower mix of subscribers to promotional offerings.

Disney+ Hotstar average monthly revenue per paid subscriber decreased from $1.28 to $0.70 due to lower advertising revenue.

Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.29 to $11.84 due to lower advertising revenue, partially offset by increases in retail pricing.

Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $93.61 to $95.01 due to increases in retail pricing and a lower mix of subscribers to promotional offerings, partially offset by lower advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) are as follows:

Quarter Ended

Change

($ in millions)

March 30, 2024

April 1, 2023

Revenue

1,389

2,327

(40)%

Operating income (loss)

(18)

The decrease in operating results was due to:

Lower theatrical distribution results as there were no significant titles released in the current quarter compared to Ant-Man and the Wasp: Quantumania in the prior-year quarter. The prior-year quarter also included the benefit of the ongoing performance of Avatar: The Way of Water, which was released in December 2022.

Higher film cost impairments in the current quarter

Sports

Sports revenues and operating income (loss) are as follows:

Quarter Ended

Change

($ in millions)

March 30, 2024

April 1, 2023

Revenue

ESPN

Domestic

3,866

3,733

International

341

366

(7)%

4,207

4,099

Star India

105

127

(17)%

4,312

4,226

Operating income (loss)

ESPN

Domestic

780

858

(9)%

International

- %

799

877

(9)%

Star India

(27)

(99)

73%

Equity in the income of investees

(63)%

778

794

(2)%

Domestic ESPN

Lower domestic ESPN operating results in the current quarter compared to the prior-year quarter were due to:

An increase in programming and production costs attributable to higher costs for College Football Playoff (CFP) programming as a result of airing an additional game in the current quarter due to timing. In the current quarter, we aired the championship game, two semi-final games and one host game compared to the airing of the championship game and two host games in the prior-year quarter.

Lower affiliate revenue driven by fewer subscribers, partially offset by contractual rate increases

Advertising revenue growth primarily due to increases in rates and, to a lesser extent, average viewership. These increases include benefits from the additional CFP game and an additional NFL playoff game in the current quarter.

Growth in ESPN+ subscription revenue due to higher rates

Star India

The decrease in operating loss at Star India was due to lower programming and production costs attributable to the non-renewal of Board of Control for Cricket in India rights, partially offset by an increase in costs for Indian Premier League matches due to more matches aired in the current quarter compared to the prior-year quarter.

Second Quarter of Fiscal 2024 Comparison to First Quarter of Fiscal 2024

In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our ESPN+ DTC product offering (1) , and we believe these metrics are useful to investors in analyzing the business. The following table and related discussion are on a sequential quarter basis.

March 30, 2024

December 30, 2023

Change

Paid subscribers (1) at: (in millions)

24.8

25.2

(2)%

Average Monthly Revenue Per Paid Subscriber (1) for the quarter ended:

6.30

6.09

(1)

See discussion on page 16-DTC Product Descriptions and Key Definitions

The increase in ESPN+ average monthly revenue per paid subscriber was due to increases in retail pricing and higher advertising revenue.

Experiences

Experiences revenues and operating income are as follows:

Quarter Ended

Change

($ in millions)

March 30, 2024

April 1, 2023

Revenue

Parks & Experiences

Domestic

5,958

5,572

International

1,522

1,184

29%

Consumer Products

913

890

8,393

7,646

10%

Operating income

Parks & Experiences

Domestic

1,607

1,519

International

292

156

87%

Consumer Products

387

361

2,286

2,036

12%

Domestic Parks and Experiences

The increase in operating income at our domestic parks and experiences was due to higher results at Walt Disney World Resort and Disney Cruise Line, partially offset by lower results at Disneyland Resort.

At Walt Disney World Resort, higher results in the current quarter compared to the prior-year quarter were due to:

Increased guest spending attributable to higher average ticket prices

Higher costs due to inflation, partially offset by lower depreciation and cost saving initiatives

Growth at Disney Cruise Line was due to an increase in average ticket prices, partially offset by higher costs

The decrease in operating results at Disneyland Resort was due to:

Higher costs driven by inflation

An increase in guest spending attributable to higher average ticket prices and daily hotel room rates

Higher volumes due to attendance growth, partially offset by lower occupied room nights

International Parks and Experiences

Higher international parks and experiences' operating results were due to:

An increase in operating results at Hong Kong Disneyland Resort attributable to:

Guest spending growth due to increases in average ticket prices and food, beverage and merchandise spending

Higher volumes resulting from increases in attendance and occupied room nights. Volume growth benefitted from additional days of operations in the current quarter as well as the opening of World of Frozen in November 2023

Increased costs driven by inflation and new guest offerings

Consumer Products

The increase in consumer products operating results was driven by higher games licensing revenue.

OTHER FINANCIAL INFORMATION

DTC Streaming Businesses

Revenue and operating loss for our combined DTC streaming businesses, which consist of the Direct-to-Consumer line of business at the Entertainment segment and ESPN+ at the Sports segment, are as follows:

Quarter Ended

Change

($ in millions)

March 30, 2024

April 1, 2023

Revenue

6,188

5,514

12%

Operating loss (1)

(18)

(659)

97%

(1)

DTC streaming businesses operating loss is not a financial measure defined by GAAP. The most comparable GAAP measures are segment operating income for the Entertainment segment and Sports segment. See the discussion on page 21 for how we define and calculate this measure and a reconciliation of it to the most directly comparable GAAP measures.

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $112 million for the quarter, from $279 million to $391 million, primarily attributable to:

Higher costs related to our proxy solicitation and annual shareholder meeting

Increased compensation costs

Other cost inflation

Restructuring and Impairment Charges

In the current quarter, the Company recorded charges of $2,052 million due to goodwill impairments related to Star India and entertainment linear networks. The impairment at Star India was a result of the Company entering into a binding agreement in the current quarter to contribute our Star India operations into a new joint venture. In the prior-year quarter, the Company recorded charges of $152 million primarily for severance.

Other Income, net

In the prior-year quarter, the Company recorded a $149 million gain to adjust its investment in DraftKings, Inc. to fair value.

Interest Expense, net

Interest expense, net was as follows:

Quarter Ended

($ in millions)

March 30, 2024

April 1, 2023

Change

Interest expense

(501)

(504)

Interest income, investment income and other

190

182

Interest expense, net

(311)

(322)

Equity in the Income of Investees

Equity in the income of investees was as follows:

Quarter Ended

($ in millions)

March 30, 2024

April 1, 2023

Change

Amounts included in segment results:

Entertainment

138

160

(14)%

Sports

(63)%

Amortization of TFCF intangible assets related to equity investees

(3)

- %

Equity in the income of investees

141

173

(18)%

Income from equity investees decreased $32 million, to $141 million from $173 million, due to lower income from A+E.

Income Taxes

The effective income tax rate was as follows:

Quarter Ended

March 30, 2024

April 1, 2023

Income before income taxes

657

2,123

Income tax expense

441

635

Effective income tax rate

67.1%

29.9%

The increase in the effective income tax rate was due to an unfavorable impact from the goodwill impairments recognized in the current quarter, which are not tax deductible, partially offset by the benefit from adjustments related to prior years, which were favorable in the current quarter and unfavorable in the prior-year quarter.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

Quarter Ended

($ in millions)

March 30, 2024

April 1, 2023

Change

Net income attributable to noncontrolling interests

(236)

(217)

(9)%

The increase in net income attributable to noncontrolling interests was primarily due to improved results at Hong Kong Disneyland Resort, partially offset by the comparison to the accretion of NBC Universal's interest in Hulu in the prior-year quarter with no accretion in the current quarter as we had fully accreted to the amount paid in December 2023.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

Cash Flow

Cash provided by operations and free cash flow were as follows:

Six Months Ended

($ in millions)

March 30, 2024

April 1, 2023

Change

Cash provided by operations

5,851

2,262

3,589

Investments in parks, resorts and other property

(2,558)

(2,430)

(128)

Free cash flow (1)

3,293

(168)

3,461

(1)

Free cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 17 through 21.

Cash provided by operations increased $3.6 billion to $5.9 billion in the current period from $2.3 billion in the prior-year period. The increase was due to lower film and television production spending and the timing of payments for sports rights. The increase also reflected lower collateral payments related to our hedging program, a payment in the prior-year period related to the termination of content licenses in fiscal 2022 and higher operating income at Experiences. These increases were partially offset by payment in the current period of fiscal 2023 federal and California income taxes, which were deferred pursuant to relief provided by the Internal Revenue Service and California State Board of Equalization as a result of 2023 winter storms in California.

Capital Expenditures and Depreciation Expense

Investments in parks, resorts and other property were as follows:

Six Months Ended

($ in millions)

March 30, 2024

April 1, 2023

Entertainment

522

541

Sports

Experiences

Domestic

1,198

1,024

International

466

410

Total Experiences

1,664

1,434

Corporate

371

448

Total investments in parks, resorts and other property

2,558

2,430

Capital expenditures increased to $2.6 billion from $2.4 billion due to higher spend on new attractions and cruise ship fleet expansion at the Experiences segment.

Depreciation expense was as follows:

Six Months Ended

($ in millions)

March 30, 2024

April 1, 2023

Entertainment

332

304

Sports

Experiences

Domestic

850

907

International

353

333

Total Experiences

1,203

1,240

Corporate

105

100

Total depreciation expense

1,662

1,673

https://thewaltdisneycompany.com/the-walt-disney-company-reports-second-quarter-and-six-months-earnings-for-fiscal-2024/

ACQ_REF: IS/44167/20240701/USA/14/21

ACQ_AUTHOR: Associate/Donny Stanley

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