Short interest for Fox gives investors a sense of the degree to which investors are betting on the decline of Fox's stock. Short interest data is updated every two weeks.

Fox Stock (NASDAQ:FOXA), Short Interest Report

Fox operates in two segments: cable networks and television. Cable networks primarily includes Fox News, Fox Business, and several pay-TV sports stations. Television primarily includes the Fox broadcast network, 28 owned and operated local television stations, of which 18 are affiliated with the Fox network, and streaming platform Tubi, which is not subscription-based and is completely ad-supported. Fox effectively sold most of its entertainment assets to Disney in 2019, so it no longer creates entertainment content and relies heavily on live news and sports, with nearly all tied to the pay-TV bundle. The Murdoch family controls Fox.

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The media rights for the NBA expire at the end of the season and are in high demand from companies. Here&#39;s who is in the lead to land the NBA rights.

NBC, Amazon Ready To Dunk On Warner As NBA Media Rights Get Competitive

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Hunter Biden Demands Fox News To Remove Explicit Images, Alleges Defamation, Violation Of &#39;Revenge Porn&#39; Laws: Report

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The Super Bowl could fall on a holiday weekend in the future according to NFL Commissioner Roger Goodell.

NFL Fans Rejoice, Day After Super Bowl Could Be A Holiday: &#39;We&#39;re Looking At How We Continue&#39;

Fox Corp

The highly anticipated media rights for National Basketball Association (NBA) live games <a href="https://www.benzinga.com/markets/equities/24/04/38463666/game-on-amazon-youtube-and-nbcuniversal-reportedly-battle-for-nba-rights">are up for grabs</a>.
What Happened: For years, Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) and The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) have had the media rights <a href="https://www.benzinga.com/topic/nba">for NBA content</a> for their TNT and ESPN units respectively.
After failing to come to a new deal under an exclusive negotiation window, Warner Bros. Discovery could now be on the outside looking in with rival Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) ready to swoop in with a huge offer.
NBCUniversal, which is owned by Comcast, is <a href="https://www.wsj.com/business/media/nbc-prepares-roughly-2-5-billion-a-year-offer-to-steal-nba-rights-away-from-tnt-e6e14eeb?mod=latest_headlines">reportedly</a> nearing a deal to pay $2.5 billion annually for the rights to a package of NBA games each year. 
TNT currently pays around $1.2 billion annually under the current NBA deal that expires at the end of the 2024-2025 season. 
TNT can try and match rival offers as the current league partner.
The bid from NBCUniversal includes regular season and playoff games that would air on NBC and the Peacock streaming platform. The media company has also discussed having two prime-time games a week on its NBC channel. Warner Bros. Discovery does not own a broadcast network, which could give NBC a leg up.
Disney is expected to pay $2.6 billion annually for a renewal of its current deal with the league, which marks a sharp increase from the $1.5 billion it currently pays annually.
Under the new NBA deal, TV partners would air fewer games than in the past. This is due to the league working out a new package for a streaming partner.
Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is believed to be in the final stages of negotiating a streaming rights deal with the league for its Prime Video platform.
Related Link: <a href="https://www.benzinga.com/news/24/03/37833960/disneys-espn-college-football-playoff-reach-new-agreement-whats-going-on">Disney&#8217;s ESPN, College Football Playoff Reach New Agreement: What&#8217;s Going On?</a>
Why It's Important: Sports rights remain a key asset for live television broadcast and cable networks as many consumers have cut the cord and turned to streaming platforms. Many sports rights also end up on streaming platforms, which can provide incentives for consumers to subscribe to platforms.
Without the NBA, TNT could lose part of its luster to cable companies and struggle to command a premium estimated at around $3 per month for each cable customer, according to the Wall Street Journal.
It would still have the NHL, Nascar and the NCAA Men's Basketball Tournament. 
Warner is also working on a <a href="https://www.benzinga.com/news/24/02/36969578/disney-fox-warner-bros-combine-forces-for-new-sports-streaming-venture">sports streaming joint venture</a> with Disney and Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>). Without the NBA rights, Warner may have less to contribute to the venture and risk being squeezed out or owning a smaller stake in the venture.
Amazon's interest in NBA rights has been a <a href="https://www.benzinga.com/news/23/10/35146521/amazon-is-winning-its-bet-on-nfl-rights-a-look-at-the-numbers-taylor-swift-upside">hot topic since October</a>. The e-commerce company landed NFL rights and has the "Thursday Night Football" broadcast that has been strong for ratings and helped boost Amazon Prime membership.
The streaming platform pitched having an exclusive night of NBA games on Amazon Prime similar to "Thursday Night Football" previously.
Comcast has been a key player in the sports rights markets and currently has rights to content that includes the Olympic Games, PGA Tour, Nascar, English Premier League, National Football League, Big Ten Football, Notre Dame Football, Triple Crown Horse Racing and more.
NBC previously had rights to NBA rights from 1954 to 1962 and from 1990 to 2002.
CMCSA Price Action: Comcast shares are down 2% to $38.11 on Tuesday versus a 52-week trading range of $36.43 to $47.45.
Read Next: <a href="https://www.benzinga.com/general/sports/24/04/38095808/exclusive-former-nba-champion-espn-analyst-kendrick-perkins-outlines-nil-investment-opportunities-">EXCLUSIVE: Former NBA Champion, ESPN Analyst Kendrick Perkins Outlines NIL Investment Opportunities On Benzinga&#8217;s &#8216;PreMarket Prep&#8217;</a>

Hunter Biden, son of President Joe Biden, has demanded that Fox News remove explicit images from its platforms, alleging defamation and unlawful publication of private images.
According to a CNN <a href="https://edition.cnn.com/2024/04/29/politics/hunter-biden-fox-letter/index.html">report</a> published on Friday, a letter from Hunter Biden&#8217;s legal team accuses Fox News and FOX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) of conspiracy to defame. It seeks corrections and retractions on air and in online articles related to claims that President Biden and his son were involved in a bribery scheme abroad.
The legal team has been pursuing an aggressive legal and public relations strategy for several months, including filing lawsuits against Hunter Biden&#8217;s detractors. The lawyers have stated they &#8220;anticipate&#8221; suing Fox but have not yet done so.
See Also: <a href="https://www.benzinga.com/news/24/04/38482843/americans-split-on-biden-vs-trump-but-nearly-half-of-all-voters-crave-an-alternative-new-poll-shows?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Americans Split On Biden Vs. Trump — But Nearly Half Of All Voters Crave An Alternative, New Poll Shows</a>
The letter also criticizes Fox News for airing a mock trial of Hunter Biden on the streaming platform Fox Nation in 2022, which focused on unproven bribery allegations. It demands the immediate removal of the series from all streaming platforms.
The attorneys claim that the publication of these images violated laws against nonconsensual disclosure of sexually explicit images and videos, often referred to as &#8216;revenge porn&#8217; laws.
The letter also calls out Fox News for publishing articles on the bribery allegations, citing an FBI informant who was recently indicted for allegedly lying to investigators about Hunter Biden and the bribery plot.
The letter demands Fox News issue editor's notes to online articles &#8220;informing readers of the indictment&#8221; and have several prominent Fox News hosts inform their viewers on air that they have been sharing a debunked allegation from a source who has been federally indicted.
Read Next: <a href="https://www.benzinga.com/news/24/04/38477150/biden-vs-trump-contest-could-be-lost-cause-for-one-candidate-if-history-were-anything-to-go-by-accor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Contest Could Be Lost Cause For One Candidate If History Were Anything To Go By, According To Pollster</a>
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Hunter Biden Demands Fox News To Remove Explicit Images, Alleges Defamation, Violation Of 'Revenge Porn' Laws: Report

For years, fans of the National Football League have been hoping to have the day after the Super Bowl <a href="https://www.benzinga.com/general/sports/24/02/37059904/should-the-day-after-the-super-bowl-be-a-holiday-heres-what-benzinga-readers-said-and-what-history">made an official holiday.</a>
NFL Commissioner Roger Goodell hinted that this wish from fans could happen if he gets his way.
What Happened: The National Football League recently enjoyed setting records at the 2024 NFL Draft with <a href="https://www.benzinga.com/general/sports-betting/24/04/38501129/2024-nfl-draft-recap-quarterbacks-wide-receivers-detroit-set-records-who-will-win-rookie-o">the city of Detroit</a> helping set new day one and overall draft weekend records of 275,000 and 775,000 people, respectively.
While <a href="https://twitter.com/PatMcAfeeShow/status/1783902224927633813">speaking </a>on "The Pat McAfee Show" Friday during the NFL Draft, Goodell was asked his thoughts about the current NFL season structure.
Goodell said he isn't a fan of the preseason games and would prefer to have an 18-game schedule for NFL teams. The current schedule has teams playing three preseason games and 17 regular season games.
"I think we're good at 17 now. But listen, we're looking at how we continue," Goodell said.
One of the comments made by Goodell when discussing the potential change to the NFL schedule was to have the Super Bowl moved back a week, which would put it in alignment with the Presidents' Day weekend.
Presidents&#8217; Day, which honors U.S. presidents including George Washington and Abraham Lincoln who have February birthdays, falls on the third Monday of February annually. The date is a federal holiday and also <a href="https://www.benzinga.com/news/24/02/37196072/presidents-day-sees-wall-street-pause-nasdaq-nyse-shut-doors-today">sees major U.S. stock exchanges closed.</a>
By moving the Super Bowl to the Sunday of Presidents' Day Weekend, many NFL fans and viewers of the game would have the day following the NFL championship off of work.
A move would have to be approved by the NFL Players Association. The league and Players Association previously made changes to the 16-game regular season to 17 games and eliminated a preseason game from the previous annual total of four. An agreement was also reached on expanding the playoff field from 12 teams to 14 teams, which added two additional postseason games each season.
Related Link: <a href="https://www.benzinga.com/general/sports/24/02/37163567/nfl-sticks-with-exclusive-streaming-but-what-about-the-super-bowl-we-have-to-fish-where-the-fish-a">NFL Sticks With Exclusive Streaming, But What About The Super Bowl? &#8216;We Have To Fish Where The Fish Are&#8217;</a>
Why It's Important: Having an extra NFL game and the Super Bowl as part of a holiday weekend are items that could help companies with media deals with the NFL and sportsbooks.
The company with rights to the Super Bowl could charge more for advertisements late in the game as viewership might not drop later in the game due to anyone going to bed to wake up for work the next morning.
Last year's Super Bowl (Super Bowl LVIII) hit a <a href="https://www.benzinga.com/general/space/24/02/37109382/super-bowl-lviii-sets-modern-day-viewership-record-how-did-nfl-championship-compare-to-apollo-11-mo">modern-day viewership record </a>with an average of 123.4 million viewers across network and streaming platforms owned by Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>). The game was watched by a total of 202.4 million people, which was up 10% year-over-year.
The locations and dates have already been announced for the next three Super Bowls. The media partners for the next 10 Super Bowls have also been announced with Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) set to air Super Bowl LVIX in 2025.
Based on needing approval for the changes, it could be several years before the Super Bowl falls on a holiday weekend, but Goodell's comments could be a positive step in the right direction of giving fans one of the most requested items in sports.
A 2023&nbsp;<a href="https://workforceinstitute.org/super-bowl-survey-will-we-see-a-spike-in-absenteeism/" target="_blank" rel="noreferrer noopener">survey&nbsp;</a>from the Workforce Institute said 18.1 million employees were expected to miss work the day after last year's Super Bowl.
Furthermore, workforce productivity is expected to drop by more than $5 billion in the week of and the day after the Super Bowl, according to a&nbsp;<a href="https://www.sportsbookreview.com/news/super-bowl-saturday-analysis/" target="_blank" rel="noreferrer noopener">study&nbsp;</a>from Sportsbook Review.
There have been petitions over the years to move the Super Bowl to a Saturday. More than two dozen petitions have been made on Change.org since 2017,&nbsp;<a href="https://www.usatoday.com/story/sports/nfl/2024/02/04/super-bowl-monday-holiday/72369926007/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to USA Today. One recent petition to move the game to Saturday generated over 144,000 signatures. &nbsp;
One proposal also suggested that Presidents' Day, which is a federal holiday, should come the day after the Super Bowl.
&#8220;The reason we haven&#8217;t done it in the past is simply just from an audience standpoint. The audiences on Sunday night are so much larger,&#8221; Goodell said in 2018. &#8220;Fans want to have the best opportunity to be able to see the game and we want to give that to them, so Sunday night is a better night.&#8221;
A survey of Benzinga social media followers asked if the day after the Super Bowl should be a holiday revealed 57.9% on X (formerly known as Twitter) selected yes and 60% on LinkedIn said yes, suggesting more than half of the country would welcome the idea Goodell is ready to propose.
Read Next: <a href="https://www.benzinga.com/general/gaming/24/02/37081898/madden-24-video-game-predicted-kansas-city-chiefs-super-bowl-win-mahomes-mvp-heres-how-much-you-co">Madden 24 Video Game Predicted Kansas City Chiefs Super Bowl Win, Mahomes MVP: Here&#8217;s How Much You Could&#8217;ve Won Betting</a>
Photo: Shutterstock

NFL Fans Rejoice, Day After Super Bowl Could Be A Holiday: 'We're Looking At How We Continue'

OutKick, the national multimedia sports platform, continued its growth trajectory in Q1 of 2024 versus Q4 of 2023 with 81 million total multiplatform views, up 10%, and 78 million total multiplatform minutes, up 7%, according to Comscore. The platform also saw 6.1 million average monthly multiplatform unique visitors.
Additionally, OutKick in March 2024 garnered 24 million total multiplatform views, up 2% versus February 2024, 23 million total multiplatform minutes, up 4% from the previous month, and 5.56 million total multiplatform unique visitors, according to Comscore.
In commenting on the digital performance, Senior Vice President and Managing Editor Gary Schreier said, "I'm excited to see OutKick's continued growth in Q1 of 2024. It's a direct result of our talented and smart team who push the boundaries on any topic, which separates us from other sports sites. OutKick takes on the important issues and asks the vital questions in sports that our competitors seem afraid to touch."
On Facebook, X (formerly Twitter), and Instagram, OutKick saw over 4.5 million total social actions in Q1 2024, up 32.4% versus the prior quarter and over 52.4 million video views on Facebook, X, and YouTube, up 14% versus Q4 of 2023, according to Shareablee.

FOX Corp's OutKick Continues To See Growth In Q1 Of 2024 With 81M Total Multiplatform Views, Up 10%, And 78M Total Multiplatform Minutes, Up 7%, According To Comscore; Platform Also Saw 6.1M Average Monthly Multiplatform Unique Visitors Versus Q4 Of 2023

Jerry Nadler, Joaquin Castro Send Letter To Bob Iger, Lachlan Murdoch, David Zaslav Seeking Info On Proposed Sports Streaming JV; Raises Questions About How It Impacts Access, Competition, Choice

Rosenblatt analyst Barton Crockett maintains Fox (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) with a Neutral and maintains $34 price target.

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Rosenblatt Maintains Neutral on Fox, Maintains $34 Price Target

Shares of Fox Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/foxa#NASDAQ">FOXA</a>) have added more than 8% over the past month as <a href="https://www.benzinga.com/general/politics/24/03/37550422/trump-ready-to-debate-biden-anytime-anywhere-anyplace-how-media-companies-shareholders-could-be-">U.S. presidential election campaigns gain momentum</a>.
Although primaries ad spending remained soft, the <a href="https://www.benzinga.com/topic/2024-presidential-election">2024 presidential election</a> ad spending could hit a new record, according to Seaport Research Partners.
President Joe Biden is <a href="https://www.cbsnews.com/news/biden-plans-30-million-ad-blitz-and-battleground-state-visits-as-general-election-campaign-begins/">reportedly</a> planning to spend more than $30 million in ads &mdash; a portion of the $155 million in cash his re-election campaign has on hand as of the end of February.
Former President Donald Trump and the Republican National Committee raised over $65.6 million in March. The <a href="https://www.benzinga.com/news/23/08/33851310/donald-trump-election-fraud-probe-georgia-grand-jury-reportedly-issues-10-indictments">four-time indicted</a> candidate hopes to raise $33 million at <a href="https://www.benzinga.com/news/24/03/37838901/republican-billionaires-rally-to-fund-trumps-presidential-campaign-donors-extending-overwhelming-amo">an April 6 fundraiser</a>.
The Fox Analyst: David Joyce upgraded the rating for Fox from Neutral to Buy, while keeping the price target unchanged at $37.
The Fox Thesis: MAGNA Global projected political ad spending to reach $9 billion this year, which could drive 15% and 20% year-on-year in the third and fourth quarters of 2024 (F1Q25 and F2Q25), respectively, Joyce said in the upgrade note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
&ldquo;At the Television segment, ad growth could be +11.6% and 13.2% in aggregate in 1Q25 &amp; 2Q25 (including Broadcast Network, TV Stations, and Tubi),&rdquo; the analyst wrote. &ldquo;Typically, the local TV stations garner the bulk of political ad spending,&rdquo; he added.
The strong momentum in sports continues, with a revival in fan engagement in Fox&#39;s main properties, namely NASCAR and MLB, Joyce stated. The company&rsquo;s strong balance sheet is &ldquo;enabling ongoing healthy capital returns,&rdquo; he further said.
FOXA Price Action: Shares of Fox had declined by 0.06% to $31.12 at the time of publication on Friday.
Image: Shutterstock

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Fox Is The Winner In Biden, Trump Rematch: 'TV Stations Garner Bulk Of Political Ad Spending,' Analyst Says

Seaport Global analyst David Joyce upgrades Fox (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) from Neutral to Buy and announces $37 price target.

Seaport Global Upgrades Fox to Buy, Announces $37 Price Target

Fox Corp 13G Shows Steven Cohen Point72 Asset Management, L.P. Reported A 5% Stake In The Co As Of  March 25, 2024

Billionaire Elon Musk has won many awards and accolades over the years thanks to his entrepreneurial spirit and leadership of several of the most<a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27881697/happy-birthday-elon-musk-52-facts-and-figures-about-tesla-and-spacex-ceo-on-his-52nd-birth"> well-known companies in the world.</a>
But now a previously announced award Musk was set to receive has been cancelled after backlash.
What Happened: Musk was set to be honored with a 2024 Ruth Bader Ginsburg Leadership Award, named after <a href="https://www.benzinga.com/government/20/09/17572429/ruth-bader-ginsburg-a-champion-for-women-as-supreme-court-justice-dies-at-87">the trailblazing former</a> Supreme Court Justice Ruth Bader Ginsburg.
Musk was one of several recipients in this year's class of the RBG Awards. The list included media mogul Rupert Murdoch, billionaire Michael Milken, actor Sylvester Stallone and entrepreneur Martha Stewart.
After controversy over the recipients, the 2024 awards have been cancelled and Musk and the others will not be receiving their awards, <a href="https://www.hollywoodreporter.com/news/politics-news/rbg-award-cancelled-elon-musk-rupert-murdoch-controversy-1235855317/">according </a>to The Hollywood Reporter.
The Opperman Foundation, responsible for the award, updated the title for this year&#8217;s ceremony. The award, previously known as the Women of Leadership Award, was presented as the Leadership Award in 2024. Notably, four of the five 2024 recipients were men.
Ginsburg's family criticized the name change and the decision to award men with an honor named after the trailblazing former Supreme Court justice who was the second female to ever hold the position and set many firsts in her law career, paving the way for other women in the law field.
"The justice's family wish to make clear that they do not support using their mother's name to celebrate this year's slate of awardees and that the justice's family has no affiliation with and does not endorse these awards," Jane Ginsburg said.
RBG Award winner Barbra Streisand also criticized the awards in a post on Instagram saying she was joining the Ginsburg family in speaking out against the 2024 honorees list.
"I had the privilege of meeting Justice Ginsburg on several occasions, and I strongly doubt she would approve of these awardees," Streisand said.
The Opperman Foundation announced the cancellation Monday.
"The last thing we intended was to offend the family and friends of RBG," Opperman Foundation Chair Julie Opperman said in a statement.
Opperman said the foundation will "reconsider its mission" and discuss "how or whether to proceed in the future."
Related Link: <a href="https://www.benzinga.com/news/21/09/23011645/elon-musk-wins-an-emmy-well-sort-of">Elon Musk Wins An Emmy (Well, Sort Of)</a>
Why It's Important: Ginsburg and Streisand were not specific on which honoree or honorees led to their comments. It's possible it was more than one of the five candidates.
Musk has become a controversial figure for his takes on free speech and the ownership of social media platform X, formerly known as Twitter.
Murdoch is tied to media companies News Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWS#NASDAQ">NWS</a>) and Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) and was the founder of the Fox News, which is now known as a conservative media outlet.
Milken helped grow the high-yield bond market and <a href="https://www.benzinga.com/markets/bonds/21/12/10944979/this-day-in-market-history-michael-milken-pleads-guilty-1">previously was indicted</a> for racketeering and securities fraud. He was sentenced to prison and barred from securities trading, and was later pardoned by President Donald Trump in 2020.  
It&#8217;s also possible that the backlash was more in part to the award that was previously granted to women having its criteria changed to also honor men. Four out of the five winners being men in the first year of the change likely led to escalated attention. 
Read Next: <a href="https://www.benzinga.com/government/20/02/15361506/trump-pardons-junk-bond-king-disgraced-former-illinois-governor-others">Trump Pardons &#8216;Junk Bond King,&#8217; Disgraced Former Illinois Governor, Others</a>
Image created using artificial intelligence with Midjourney.

Musk, Murdoch, And Stallone's Ruth Bader Ginsburg Awards Revoked After Barbra Streisand Objects

The world&rsquo;s biggest entertainment company admitted the superiority of Netflix&nbsp;Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>)&nbsp;on the streaming front. During an interview last week, The Walt Disney Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dis#NYSE">DIS</a>) CEO Bob Iger admitted that despite the success of Disney+ in surpassing&nbsp;100 million subscribers&nbsp;in a short period of time and now gathering 150 million, Disney is behind Netflix when it comes to technology. When it comes to streaming, Disney is at a disadvantage with higher marketing expenses, along with customer acquistion and retention costs&nbsp;due to not having the technological capabilities of Netflix.
<h3>Disney Is On Track To Reach Streaming Profitability But There&rsquo;s A&nbsp;Bigger Picture</h3>
Disney expects its streaming business that includes&nbsp;Disney+, Hulu and ESPN+&nbsp;will reach the profitable shore by the end of the September fiscal quarter. However, the bigger picture is that streaming needs to grow to become a significant growth driver for the entertainment giant. Besides Disney+, Hulu is also an important part of the company&rsquo;s streaming vision. Disney is in the process of&nbsp;finalizing its buyout of&nbsp;the&nbsp;33% stake in Hulu&nbsp;from NBCUniversal. Despite not being global like Disney+, Hulu&nbsp;became a good brand with good content. There&rsquo;s also ESPN+ with which Disney got sports covered. Last month, Disney made an agreement with&nbsp;Fox Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/foxa#NASDAQ">FOXA</a>)&nbsp;and Warner Bros&nbsp;Discovery (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wbd#NASDAQ">WBD</a>) to put&nbsp;all their sports programming under a single broadband roof. According to Variety,&nbsp;Disney, Fox and WBD together control&nbsp;about&nbsp;85% of the U.S. sports rights market. Together, Disney, Fox and Warner Bros will undoubtedly shake things up in the world of TV sports by concentrating their sports programs under one roof. The structure of the deal resembles to that NBCUniversal and&nbsp;predecessor company to Fox&nbsp;made when they launched Hulu.&nbsp;
<h3>Technology Is The Reason Why Netflix Has Significantly Higher Margins Than Disney&nbsp;</h3>
While speaking at&nbsp;at the 2024 Morgan Stanley Technology, Media &amp; Telecom Conference, Iger stated that&nbsp;Disney needs the technological capability&nbsp;that Netlifx has in order to&nbsp;lower customer acquisition and retention cost, as well as churn rates by&nbsp;increasing&nbsp;engagement.&nbsp;Last but certainly not least, Disney needs to&nbsp;grow its streaming&nbsp;margins by reducing marketing expenses.&nbsp;
<h3>Disney&#39;s Businesses Are All Over The Place</h3>
As Iger emphasized, Disney is a complex company to run with its business spanning across experience parks, cruise ships, movies, TV and streaming. It is also stepping in the gaming universe as it unveiled in February it will be investing $1.5 billion in &ldquo;Fortnite&rdquo; developer Epic Games.&nbsp;&nbsp;With this strategic partnership, Disney will be making its own gaming universe.&nbsp;
But before stepping into the future, Disney has a lot of fixing up to do, which is why Iger is&nbsp;back at the helm. To restore the&nbsp;kingdom to its former glory, Disney needs&nbsp;to get&nbsp;its streaming platforms on technical par with Netflix.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Entertainment

Markets

NFLX

Disney Admits It Needs Netflix's Tech Capability To Make Its Streaming Wishes Come True

Primary elections on Super Tuesday (March 5) all but secured the likely rematch of the 2020 presidential election that will see voters choose between Donald Trump and Joe Biden for <a href="https://www.benzinga.com/topic/2024-election">the next president.</a>
With two main candidates left, one of the big questions that remain is if both will agree to presidential debates.
What Happened: Trump<a href="https://www.benzinga.com/general/politics/23/09/35010956/no-trump-lower-views-republican-debate-viewership-hits-rock-bottom-heres-how-many-people-watched"> notably skipped the Republican primary debates </a>during the 2024 election cycle, which left his opponents debating amongst themselves.
The former president often ran counterprogramming, including televised interviews and speeches that ran opposite the Republican debates.
While Trump wasn't ready to debate his Republican counterparts and said his strong ratings in the polls determined he didn't need to, the former president is ready to debate Biden publicly.
"It is important, for the Good of our Country, that Joe Biden and I Debate Issues that are so vital to America, and the American People," Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/112050574571343856">said </a>on his Truth Social account Wednesday. "Therefore, I am calling for Debates, ANYTIME, ANYWHERE, ANYPLACE! The Debates can be run by the Corrupt DNC, or their subsidiary, the Commission on Presidential Debates (CPD)."
Trump said he looks forward to receiving a response.
Biden has not publicly responded to the debate invite.
"I know Donald Trump's thirsty for attention and struggling to expand his appeal beyond the MAGA base — and that's a conversation we'll have at the appropriate time in this cycle," Biden campaign communications director Michael Tyler said, as <a href="https://nypost.com/2024/03/06/us-news/trump-cant-wait-to-debate-biden-anytime-anywhere-anyplace/">shared </a>by the New York Post.
Controversy over moderators and rules for presidential debates surrounded the 2020 election cycle with the Republican National Committee (RNC) and CPD sparring. The RNC later moved to withdraw from the organization.
There are currently three scheduled debates for the 2024 presidential election, with no confirmed participation from Trump or Biden. Third-party candidate Robert F. Kennedy Jr. could also qualify based on current rules of needing 15% in polls. Kennedy Jr. is tracking at around 16.7% in RealClearPolitics aggregate poll scoring.
The debates scheduled are:
Sept. 16, Texas
Oct. 1, Virginia
Oct. 9, Utah
A vice presidential debate is also scheduled for Sept. 25 in Pennsylvania.
Related Link: <a href="https://www.benzinga.com/general/politics/24/03/37524640/biden-vs-trump-president-retakes-lead-in-2024-election-poll-for-first-time-since-january">Biden Vs. Trump: President Retakes Lead In 2024 Election Poll For First Time Since January</a>
Why It's Important: Trump skipping the Republican primary debates<a href="https://www.benzinga.com/general/politics/24/01/36481008/donald-trump-will-skip-fifth-republican-debate-for-town-hall-on-cable-television-here-are-the-de"> led to lower viewership </a>than the 2020 Republican debates got, when Trump participated.
First Debate: 12.8 million viewers, aired on Fox News, a unit of Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>).
Second Debate: 9.5 million viewers, aired on Fox Business
Third Debate: 7.5 million viewers, aired on NBC News, a unit of Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)
Fourth Debate: 4.1 million viewers, aired on NewsNation, a unit of Nexstar Media Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXST#NASDAQ">NXST</a>)
Fifth Debate: 2.6 million viewers, aired on CNN, a unit of Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)
Compare those figures with the 2020 presidential election two debates, which saw huge viewership when Trump and Biden faced off against each other on stage.
The first presidential debate in September 2020 had 73 million <a href="https://www.nytimes.com/2020/09/30/business/media/trump-biden-debate-ratings.html">viewers</a>. The figure was down 13% from the 2016 first presidential debate, featuring Trump and Hillary Clinton. The debate was the third most watched presidential debate of all time, trailing only the 2016 debate and the 1980 debate between Ronald Reagan and Jimmy Carter.
Fox News led the way of all networks and cable channels that aired the first debate with 17.8 million viewers, one of its largest programs ever. ABC, a unit of Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), was second with 12.6 million viewers.
The final presidential debate in October 2020, originally planned as the third debate, was <a href="https://apnews.com/article/election-2020-joe-biden-donald-trump-virus-outbreak-health-ad254c08bc2dfbcbbaf258cace153fa9">watched </a>by 63 million people with 15 networks covering the event. Fox News again ranked first with 14.7 million viewers. ABC and NBC each had more than 10 million viewers tune in, followed by CNN at 7.2 million.
A second presidential debate was canceled due to Trump getting COVID-19. Two debates for the 2024 presidential election was the fewest since the 1996 election.
The vice-presidential debate between Mike Pence and Kamala Harris was watched by 57.9 million people.
Biden and Trump also were featured on Town Halls on several broadcast channels.
Based on the 2020 election, Fox could benefit the most from three presidential debates in 2024 if Trump and Biden agree to participate. Other networks could also benefit as they cover the debates and can sell advertisements during the widely watched television events.
Read Next: <a href="https://www.benzinga.com/general/sports-betting/24/03/37507843/2024-presidential-election-betting-odds-trump-dominates-as-favorite-biden-drops-this-candi" target="_blank" rel="noreferrer noopener">2024 Presidential Election Betting Odds: Trump Dominates As Favorite, Biden Drops, This Candidate Who Isn't Running Soars To Third Place</a>
Image: Shutterstock

NXST

Trump Ready To Debate Biden 'Anytime, Anywhere, Anyplace': How Media Companies, Shareholders Could Be Ready To Benefit

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>FOXA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$30.00</td>
<td>$118.4K</td>
<td>392</td>
<td>1.8K</td>
</tr>
<tr>
<td>GOOG</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$120.00</td>
<td>$41.9K</td>
<td>1.1K</td>
<td>277</td>
</tr>
<tr>
<td>BIDU</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>03/15/24</td>
<td>$97.00</td>
<td>$25.6K</td>
<td>14</td>
<td>208</td>
</tr>
<tr>
<td>NFLX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>04/19/24</td>
<td>$605.00</td>
<td>$33.0K</td>
<td>315</td>
<td>108</td>
</tr>
<tr>
<td>SE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$70.00</td>
<td>$61.9K</td>
<td>6.9K</td>
<td>68</td>
</tr>
<tr>
<td>DIS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$85.00</td>
<td>$64.2K</td>
<td>25</td>
<td>27</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• For FOXA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), we notice a call option sweep that happens to be bullish, expiring in 134 day(s) on July 19, 2024. This event was a transfer of 846 contract(s) at a $30.00 strike. This particular call needed to be split into 16 different trades to become filled. The total cost received by the writing party (or parties) was $118.4K, with a price of $140.0 per contract. There were 392 open contracts at this strike prior to today, and today 1888 contract(s) were bought and sold. 
• Regarding GOOG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), we observe a put option sweep with bullish sentiment. It expires in 288 day(s) on December 20, 2024. Parties traded 73 contract(s) at a $120.00 strike. This particular put needed to be split into 15 different trades to become filled. The total cost received by the writing party (or parties) was $41.9K, with a price of $575.0 per contract. There were 1193 open contracts at this strike prior to today, and today 277 contract(s) were bought and sold. 
• For BIDU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), we notice a call option trade that happens to be bearish, expiring in 8 day(s) on March 15, 2024. This event was a transfer of 100 contract(s) at a $97.00 strike. The total cost received by the writing party (or parties) was $25.6K, with a price of $256.0 per contract. There were 14 open contracts at this strike prior to today, and today 208 contract(s) were bought and sold. 
• Regarding NFLX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), we observe a call option sweep with neutral sentiment. It expires in 43 day(s) on April 19, 2024. Parties traded 10 contract(s) at a $605.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $33.0K, with a price of $3304.0 per contract. There were 315 open contracts at this strike prior to today, and today 108 contract(s) were bought and sold. 
• Regarding SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SE#NYSE">SE</a>), we observe a call option sweep with bearish sentiment. It expires in 316 day(s) on January 17, 2025. Parties traded 61 contract(s) at a $70.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $61.9K, with a price of $1015.0 per contract. There were 6918 open contracts at this strike prior to today, and today 68 contract(s) were bought and sold. 
• For DIS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), we notice a call option sweep that happens to be bullish, expiring in 379 day(s) on March 21, 2025. This event was a transfer of 21 contract(s) at a $85.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $64.2K, with a price of $3060.0 per contract. There were 25 open contracts at this strike prior to today, and today 27 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

BIDU

GOOG

6 Communication Services Stocks With Whale Alerts In Today's Session

Citigroup&nbsp;analyst Jason Bazinet upgraded&nbsp;Fox Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) from Neutral to Buy and raised the&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/FOXA/analyst-ratings" rel="noreferrer noopener">price target from $34 to $35</a>.
On February 6, 2024,&nbsp;Walt Disney Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Fox, and&nbsp;Warner Bros Discovery, Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) announced a sports joint venture encompassing&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/02/37179278/disney-fox-and-warners-joint-streaming-service-under-review-concerns-over-sports-rights-and-competit" rel="noreferrer noopener">~50% of US sports rights</a>.&nbsp;
The analyst&#8217;s analysis shows that the JV will be a positive for Fox. As such, he modestly raised his revenue and EBITDA estimates in the fiscal years 2025 and 2026.
The analyst projected an EBITDA of $2.67 billion in the 2025 calendar year.
Beyond the benefit to estimates, Bazinet suspects the JV could be a positive for the multiple, as it places Fox on a firmer footing and reduces exposure to the secular pressures affecting the Pay TV ecosystem.&nbsp;
The updated price target is still predicated on ~10x the analyst&#8217;s calendar year 2024 free cash flow per share estimate.
The Justice Department is reviewing the JV as the proposed new streaming service has raised concerns about potential harm to consumers, media competitors, and sports leagues.&nbsp;
In February, Fox reported&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/36982098/fox-q2-tv-ads-market-struggles-as-ad-revenue-slump-20" rel="noreferrer noopener">second-quarter 2023</a>&nbsp;revenues of $4.23 billion, down from $4.61 billion a year ago, above the consensus of $4.21 billion.
The adjusted EPS of $0.34 beat the consensus of $0.11.
Price Action: FOXA shares are up 0.88% at $27.65 on the last check Friday.
Photo via Shutterstock

Fox Will See Big Win from New Sports Joint Venture: Analyst

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Jefferies cut the price target for ModivCare Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/modv#NASDAQ">MODV</a>) from $60 to $39. Jefferies analyst Brian Tanquilut downgraded the stock from Buy to Hold. ModivCare shares fell 2.8% to close at $43.87 on Thursday. <a href="https://www.benzinga.com/quote/MODV/analyst-ratings">See how other analysts view this stock.</a></li>
<li>UBS slashed Rivian Automotive, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>) price target from $24 to $8. UBS analyst Joseph Spak downgraded the stock from Buy to Sell. Rivian Automotive shares dipped 25.6% to close at $11.45 on Thursday. <a href="https://www.benzinga.com/quote/RIVN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan lowered the price target for Penumbra, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pen#NYSE">PEN</a>) from $284 to $250. JP Morgan analyst Robbie Marcus downgraded the stock from Overweight to Neutral. Penumbra shares rose 1.7% to close at $262.68 on Thursday. <a href="https://www.benzinga.com/quote/PEN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B. Riley Securities lowered Applied Optoelectronics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aaoi#NASDAQ">AAOI</a>) price target from $22 to $16. B. Riley Securities analyst David Kang downgraded the stock from Buy to Neutral. Applied Optoelectronics shares gained 6% to close at $20.35 on Thursday. <a href="https://www.benzinga.com/quote/AAOI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler increased the price target for Intuit Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/intu#NASDAQ">INTU</a>) from $642 to $750. Piper Sandler analyst Arvind Ramnani maintained an Overweight rating. Intuit shares gained 3.1% to close at $657.92 on Thursday. <a href="https://www.benzinga.com/quote/INTU/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Telsey Advisory Group boosted the price target for Floor &amp; Decor Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnd#NYSE">FND</a>) from $95 to $110. Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating. Floor &amp; Decor shares gained 3.9% to close at $113.53 on Thursday. <a href="https://www.benzinga.com/quote/FND/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Needham cut Bel Fuse Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/belfb#NASDAQ">BELFB</a>) price target from $77 to $70. Needham analyst James Ricchiuti maintained a Buy rating. Bel Fuse shares fell 28.7% to close at $50.02 on Thursday. <a href="https://www.benzinga.com/quote/BELFB/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Canaccord Genuity boosted Q2 Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/qtwo#NYSE">QTWO</a>) price target from $40 to $55. Canaccord Genuity analyst Joseph Vafi maintained a Buy rating. Q2 Holdings shares gained 9.9% to close at $45.98 on Thursday. <a href="https://www.benzinga.com/quote/QTWO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup boosted Fox Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/foxa#NASDAQ">FOXA</a>) price target from $34 to $35. Citigroup analyst Jason Bazinet upgraded the stock from Neutral to Buy. Fox shares fell 0.3% to close at $29.85 on Thursday. <a href="https://www.benzinga.com/quote/FOXA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Rosenblatt raised Altair Engineering Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/altr#NASDAQ">ALTR</a>) price target from $74 to $88. Rosenblatt analyst Blair Abernethy downgraded the stock from Buy to Neutral. Altair Engineering shares gained 3.4% to close at $89.86 on Thursday. <a href="https://www.benzinga.com/quote/ALTR/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/02/37279661/warner-bros-discovery-block-and-3-stocks-to-watch-heading-into-friday"> Warner Bros. Discovery, Block And 3 Stocks To Watch Heading Into Friday </a>

Small Cap

Pre-Market Outlook

AAOI

ALTR

BELFB

INTU

MODV

QTWO

RIVN

Intuit To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Friday

Citigroup analyst Jason Bazinet upgrades Fox (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) from Neutral to Buy and raises the price target from $34 to $35.

Citigroup Upgrades Fox to Buy, Raises Price Target to $35

Walt Disney Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>),&nbsp;Fox Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), and&nbsp;Warner Bros. Discovery Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) are under scrutiny by the Justice Department over their proposed new streaming service, which has raised concerns about potential harm to consumers, media competitors, and sports leagues.&nbsp;
The regulatory review will commence once the joint venture agreement is completed, though the companies have not formally notified of this pending examination.&nbsp;
The service plans to amalgamate content from&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/11/35727389/whats-going-on-with-disney-stock-friday" rel="noreferrer noopener">Disney&#8217;s ESPN and ABC networks</a>, Fox, and Warner channels such as TNT and TBS, potentially controlling around 55% of US sports rights by cost, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-15/disney-fox-warner-streaming-deal-faces-doj-antitrust-review?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/08/33860918/is-this-the-beginning-of-the-end-of-traditional-tv-era" rel="noreferrer noopener">Is This The Beginning of The End Of Traditional TV Era?</a>
Objections have been voiced by smaller cable providers and at least one Internet TV service, arguing the service could inflate prices and limit sports leagues&#8217; rights-selling options.&nbsp;
This initiative falls into a broader pattern of the Justice Department&#8217;s attention to antitrust issues within the sports and media industries, including investigations into the PGA Tour and the National Collegiate Athletics Association for potential anti-competitive practices.
The proposed streaming platform aims to consolidate significant sports content, including major leagues like MLB, NBA, NHL, NASCAR, and college basketball. However, NFL coverage would be partial due to rights held by other broadcasters.&nbsp;
Analysts like Paul Gallant from Cowen &amp; Co. suggest that the deal may undergo a comprehensive review process to determine if it discourages Warner, Fox, and Disney from competitively bidding for specific sports rights. 
In 2023, CEO Bob Iger suggested that not every Disney TV network, including channels like ABC, FX, and National Geographic, is essential to the company&#8217;s primary operations. 
Reports indicated that Disney&#8217;s leadership is evaluating the strategic importance of each network, with possibilities of selling some or transitioning others to their joint venture with Hearst, A+E Networks. 
With the advent of streaming services and decreasing traditional TV viewership impacting Disney&#8217;s once lucrative TV network sector, the company is investigating ways to reduce costs across its channels while prioritizing networks like ABC, Disney Channel, and FX for their valuable content on Disney&#8217;s streaming services, Disney+ and Hulu.
Interestingly,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/01/36448164/is-the-streaming-bubble-bursting-significant-portion-of-users-cut-multiple-subscriptions" rel="noreferrer noopener">streaming giants including</a>&nbsp;Disney,&nbsp;Paramount Global&nbsp;&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), and&nbsp;Netflix Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) also struggled to win and retain subscribers due to rising prices and cost-of-living concerns, as per recent reports. Close to 25% of U.S. subscribers have canceled at least three primary streaming services in the past two years, up from 15% two years ago.
Disney+ and Netflix saw significant uptake in their ad-supported options, indicating a preference shift towards more cost-effective streaming solutions.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/16053819/newplot-23.png" alt="" class="wp-image-218856" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/16053819/newplot-23.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/02/16053819/newplot-23-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Disney stock gained 6.3% last year versus Netflix at 69.2%.
Price Actions: DIS shares traded lower by 0.40% at $112.01 premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Government

Regulations

Media

Disney, Fox, and Warner's Joint Streaming Service Under Review: Concerns Over Sports Rights and Competition

Social Media

FOX News Digital Jan. Views Up 11%

The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) reported first-quarter financial results Wednesday, and the media giant beat analyst estimates for earnings per share <a href="https://www.benzinga.com/news/earnings/24/02/36993564/disney-invests-1-5b-in-fortnite-owner-epic-games-in-biggest-ever-gaming-entry-posts-q1-earnings-bea">came in shy on revenue.</a>
Disney made several announcements alongside earnings during its conference call, and Wall Street analysts are breaking down the results and what's ahead for the House of Mouse.
The Disney Analysts: Bank of America analyst Jessica Reif Ehrlich has a Buy rating and raised the price target from $110 to $130.
Macquarie analyst Tim Nollen has a Neutral rating and raised the price target from $94 to $104.
Needham analyst Laura Martin upgraded Disney from Hold to Buy and initiated a $120 price target. 
KeyBanc analyst Brandon Nispel has a Sector Weight rating and no price target.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/02/36995465/disney-lands-taylor-swift-concert-film-nick-saban-joins-espn-moana-2-heads-to-theaters-in-november-">Disney Lands Taylor Swift Concert Film, Nick Saban Joins ESPN, &#8216;Moana 2&#8217; Heads To Theaters In November: Key Announcements From Bob Iger</a>
Bank of America On Disney: Disney&#8217;s first-quarter results were strong and show the company is "bringing the magic back," Ehrlich said in a note. 
"We are encouraged as Disney achieved significant cost reductions across the business and is on track to meet or exceed their $7.5 billion annualized savings target," the analyst said. 
The analyst highlighted Disney's increased dividend payout and plans for its first share buyback since 2018.
Ehrlich was also encouraged with Disney's guidance to add 5.5 to 6 million Disney+ subscribers in the second quarter and plans to reach streaming profitability in the fourth quarter.
"In a little over a year since returning to the company as CEO, Bob Iger's actions are already having an impact."
Disney has "best-in-class premiere assets,&#8221; she said. 
Macquarie On Disney: Disney&#8217;s trajectory could be improving, Nollen said.
"Disney may be turning a corner; at least it is heading into the proxy battle from a position of greater strength," Nollen said.
The analyst highlighted Disney&#8217;s announcement of a joint venture for a sports streaming platform with Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) and Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) and the company's planned August 2025 launch of an ESPN standalone streaming platform.
"This will include more features like betting, fantasy leagues, e-commerce sales, and personalization."
Disney is refilling its content pipeline with several new films announced Wednesday and the exclusive streaming of Taylor Swift's concert film on Disney+ with additional content, he said. 
"Our heads are spinning from the newsflow, nearly all positive. We believe in the long-term upside, but still question the offset to the linear networks from DTC advance."
Needham On Disney: Declaring "the magic's back" at Disney, Martin said she &#8220;finally&#8221; upgraded the media stock. 
Disney&#8217;s cost savings, DTC breakeven guidance, the new sports joint venture, a higher dividend payout, the $1.5-billion investment in Epic Games, $3-billion share buyback and landing the Taylor Swift concert film on Disney+ were all highlighted by the Needham analyst. 
"Disney's new CFO, Hugh Johnston, stated two times that Disney is ‘on track to meet or exceed $7.5 billion in costs savings.' ‘Exceed' was new language implying that this is more likely now," Martin said. "He said that once segment leaders tart focusing on cost efficiencies, they tend to find more each quarter."
In the long term, Needham believes Disney&#8217;s digital and physical asset mix maximizes &#8220;the economic value capture,&#8221; the analyst said, adding that Disney benefits from generative AI and will be a takeover target. 
KeyBanc On Disney: Cost-cutting efforts from Disney are leading to improved results for the media company, Nispel said.
"We see reasons to be positive and reasons to be skeptical," the analyst said. "Positively, Disney guidance on long-term double-digit margins for DTC and the return to positive core Disney+ net adds were what the bulls wanted."
Cash content spend can't continue to trend lower and keep business segments sustainable, he said. 
"We think the stock is likely to trade higher as estimates may be done moving lower, though we are not of the view that any of Disney's major issues are fixed, informing our view."
Disney has several headwinds coming, including declines at Linear Networks, difficult comparable sales for domestic parks, movies performing poorly at the box office and timing of DTC profitability, Nispel said. 
"We view Disney as fairly valued."
DIS Price Action: Disney shares are up 11.82% to $110.86 on Thursday versus a 52-week trading range of $78.73 to $118.18.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36985408/disneys-sports-streaming-jv-is-a-win-will-help-collect-revs-lost-due-to-cord-cutter">Disney&#8217;s Sports Streaming JV Will Help &#8216;Collect Lost Revenue From Cord Cutters,&#8217; Analyst Says</a>
Photo via Shutterstock.

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Disney Analysts Bullish After Q1 Earnings: 'The Magic's Back'

Fox Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fox#NASDAQ">FOX</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/foxa#NASDAQ">FOXA</a>) posted better-than-expected second-quarter financial results on Wednesday.
Fox reported second-quarter 2023 revenues of $4.23 billion, down from $4.61 billion a year ago, almost in line with the consensus of $4.21 billion. Adjusted net income was $165 million (34 cents per share), beating the consensus of 11 cents per share, down from $259 million (48 cents per share) a year ago, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Affiliate fee revenues increased by 4%, driven by 10% growth in the Television segment.
&ldquo;At the halfway point in our fiscal year, our results demonstrate the strength and durability of our core brands and their ability to deliver solid audiences across our portfolio. FOX Sports continues to benefit from the power of live sports programming, and FOX News has maintained its leadership in cable news, while Tubi has been resilient in an increasingly competitive market,&rdquo; said Executive Chair and CEO Lachlan Murdoch.
Fox shares fell 6.5% to close at $27.44 on Wednesday.
These analysts made changes to their price targets on Fox after the company reported quarterly results.
<ul>
<li>Wells Fargo cut the price target on Fox from $30 to $28. Wells Fargo analyst Steven Cahall maintained an Underweight</li>
<li>rating.</li>
<li>Macquarie boosted the price target on Fox from $29 to $30. Macquarie analyst Tim Nollen maintained a Neutral rating.</li>
</ul>
&nbsp;
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Earnings

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Press Releases

FOX News Channel Crushes CNN and MSNBC Combined in Total Day and Primetime Viewers for First Quarter of 2024

FOX Unveils Evolved AdRise Platform to Power OneFOX Audience Network

FOX Nation to Release All New "COPS: Spring Break" Collection Beginning This Friday

FOX Nation to Debut New Docuseries 'Surviving Hamas: A Benjamin Hall Special' on April 9

Greg Gutfeld Signs Multi-Year Contract Extension With FOX News Media

Fox Corporation Executives to Discuss Third Quarter Fiscal 2024 Financial Results Via Webcast

FOX News Digital Marks Twelve Consecutive Quarters Leading News Brands With Multiplatform Minutes

OutKick Continues to See Growth in Q1 of 2024

FOX Nation Acquires Exclusive Streaming Rights to Hour-long Film "Deep in the Heart"

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Fox Stock (NASDAQ:FOXA), Short Interest Report

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