this is the bob iger effect. spending this year be $27 billion for content instead of the 30 billion they usually spend. that is something the market reacted to as well as the financial forecast they gave. let's get to our media and entertainment editor chris palmeri who joins us from los angeles. what were some of the other key takeaways from that disney print? chris: the big headline as they have implemented the big cost-cutting effort. it is dovetailing with the writers and actors strike so they are saving money on production. companies are spending too much on content. the lower-than-expected losses on streaming, people call that good. dramatic price increases for the disney plus and hulu services as they try to get to profitability next year in streaming as they promised. ed: you mentioned the loss, a half $1 billion, 512 million on the streaming business. your go it was $1 billion. disney plus subscribers fell 7.4% in the quarter but the main story is disney plus hot star. explain what happened. chris: they

not very well, bog - -- bob iger made some comments —— bob iger made some comments a couple of weeksn you think about how ingrained those networks are with the disney brand. so to go from those being the profit engines to now being almost ancillary to the business for almost a drag on the business, that is a very big transformation. it is not unique to disney, every company in the traditional media world is going through the same struggle. they are seeing those networks really lose viewership, and lose ad dollars, and there does not seem to be a way to turn that around. it is an industrywide phenomenon on and a trend that goes across all of society and around the world. so, there is no answer that i think bob iger canning be expected to provide for how to make those businesses work. so what he is trying to do in the case of espn, he seems very committed to the idea of turning it from a cable tv network to a direct to consumer network and he has always done —— already done that to a larger extent. with abc that would be more difficult to do because it has a much wider range of content

so much on bob iger's plate. where do you start? what do you care about him saying? and i think he has to deal with a couple things and one of them it is -- one of them is espn. because of court cutting, -- they have to make a critical decision and what to do with espn? did you make it as streaming service and go over the top and if you do, how much will that cost you or do you find another owner for espn? that was once unthinkable and now it is front and center because when you say that and michael said it as well, does that mean selling espn? it could mean that and it could mean bringing in a partner and bob iger floated the idea of bringing in a major sports league like the nfl or nba as a partner there to get it off disney's books. jon: you alluded to this but the reality that for disney and the bloomberg intelligence team was talking about this, if they were to wait and to all of this on their own, the regulatory hurdles especially with what they want the disney brand to represent, may have been challenging even though the market is going toward sports betting s

this is a bob iger deal.f the sports betting thing, betting is something that disney historically shunned. they did not license the marvel superheroes to slot machines. did not allow them on the cruise ships. this was turned around a few years ago under the previous ceo who said we can use the espn brand in sports betting but never got a deal done. there were talks. this is one that bob iger closed , probably at the last minute because the sports betting market is already consolidated around a few players. ed: it will be a busy afternoon. the stock softer half a percentage point in the session, but it's basically flat year to date, underperforming the s&p 500. do the earnings change that going forward? that does it for this edition of bloomberg technology. recap everything on the podcast, where ever you get your podcasts. as well as the bloomberg terminal. from san francisco, this is bloomberg. ♪ the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at t

that stems back from bob iger, ceo bob iger's comments to david on the air a few weeks ago saying henteresting in finding a new partner. >> clearly a lot of story lines to follow here the earnings numbers really quickly, profit to fall by 5% but a lot to talk about beyond just the numbers in this report. so, you listed off a few thing what's the other big story line to watch in this earnings report and especially the call where we'll hear from bob iger >> look, this is not a great time for disney. you go segment by segment, linear advertising, not great, subscribers to linear tv, not good acceleration of cord cutting you go to the movie studio it's been kind of bomb after bomb for disney. elemental, haunted mansion, indiana jones movie. the little mermaid all of the recent movies have not done well. espn is clearly in some sort of strategic new phase here so, disney needs to give investors a reason to once again get excited about the company because if you look at the current results for almost every one of their division, maybe parks aside, there's not a lot of reason for excitement

bob iger pledging to sharpen focus. >> we are prioritizing our brands and franchises and rationalizinghe volume of content we make and what we spend and what markets we invest in >> good morning. welcome to "street signs." let's kick off with data from italy. these are the fresh numbers in july the final cpi for the month has come in down 1.6% month on month against the preliminary estimate we have inflation up 6.3%. that is a touch lighter than the 6.4% forecast. in terms of the final july cpi index, that was flat month on month. key inflation was a touch lower than expected 6.4% >> julianna, that is not the only inflation print people are watching out for today the biggest is the u.s. cpi numbers. it was a big catalyst for the print last month we saw a rally on the back of that today, i expect leaning 2.6% a lot of focus on the core number and whether the services component will stay sticky yesterday, wall street had a dip. overnight, asia sentiment was negative on the news that the biden administration signed executive order limiting investment into technologies we managed to recove

they would be interested in having some potential minority investors we reported that disney and bob igerfl, mlb, and the question is whether they can get them come in and benefit to bringing espn both direct to consumer, as well as espn have a linear platform on linear tv. i think there's a lot that still has to be figured out about espn, but i think he's looking for more opportunities to monetize the assets that they already have >> i also think it's interesting that investors don't like their hulu plans i don't know if you have a backtrack on that. >> it seems like they're on the path of buying out the remaining stake in hulu that disney doesn't own, that is currently owned by comcast, cnbc's parent company. unclear how much they will have to pay to buy out the remaining stake in hulu. and this is all to make sure disney to say you're getting so much content, you can't just cancel it when your favorite show is over for now so it's about generating that ongoing value and seeing the general entertainment and hulu is part of that. we don't know what that will look like, but it is set to h

what does bob iger need to do to remain the sort of wizard bob iger?first of all, it's a new playbook. it's different than what he succeeded at doing in his previous time as ceo. he needs time which is why there was the press release a month ago that he's going to stay on for two years. it's not just for succession but it takes time to figure out how you're going to really create different organizational structures, what kind of strategic partners, whether disney wants to keep a majority interest. some of the businesses that are declining such as abc or other broadcast tv stations. kathleen: in terms of long-term investment in disney, for years people have given a grandchild or something a shared disney stock. it has been that kind of company . is it going to continue to be that kind of company? if bob iger doesn't quite meet up to the kind of steps he needs to take that you just mentioned. is it going to still be that place? it's like a blue-chip. kenneth: no. i think it's because there's a catalyst to realize the underlying valid -- asset value. i th

bob iger has extended his contract.strong position as ceo in the market continues to have confidence despite the challenges he's faced over the past 5-10 years. we have a new interim cfo. we don't have many other seats secured in the higher levels of leadership. this needs to see some leadership continuity. you bring up the critical topic of strategy. how will this company navigate this changing deal landscape? wish assets are poor and which could be divested? we have a couple of issues, a stretch of competent performance. we have writers strikes and travel trends after being strung on the first half of the year. alix: just for the broad strategy strokes, disney is trading at $88. do you think he needs a catalyst to get him to a hundred 25 dollars or does he need a strategy to get to that price on the stock? michael: they need to put a foundation to grow from. the potential of these assets in a changing landscape, we compare other companies. netflix is a fair comparison for the media business of this company. at the poi

for years, bob iger has resisted doing anything with espn now there's a realization, even at iger's levelhing is actually a negative to the stock moving forward, so we kind of boxed into a position that so many have canceled traditionally cable tv, which, by the way, also a little nugget for you, i'm told that direct-to-consumer espn probably won't be launched either this year or next, so we're talking 2025 or beyond >> there's almost no doubt that the valuation gets a bit punished based on their exposure to the linear ecosystem. alex, thanks so much we'll talk soon. >>> last chance to weigh in on our question of the day. we asked, where is the best place to invest right now -- stocks, bonds, cash or real estate teth bu e sus,threlt afr isreak i was having relationship issues with my old bank. next to no interest, the fees... it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance. downloa

disney getting a boost from cost cuts from bob iger telling the company is on track to exceed the goal in savings. the story is streaming thanks to higher prices, the direct-to-consumer unit reporting a smaller loss of $512 million. that is down from $659 million a quarter ago. subscriber numbers did disappoint from a quarter ago. to offset that, dom, disney will raise prices across the board for streaming. including disney plus which costs $13.99 a month ponth witht ads. hotel and attendance and higher costs for the parks, dom. >>> thank you. to a developing story and beijing responding to the latest executive order targeting inn p vestments in china notably a.i. and semiconductors. we have eunice yoon with the la latest >> reporter: dom, officials have been criticizing the investment curbs. they are concerned about the curbs and foreign ministry said it is logging a solid representation to the united states the commerce ministry said it reserves the right to take counter measures what is interesting is it held off announcing any counter measures and state media has been largely focus

disney ceo bob iger netting a chunk of money for disney right before the earnings report which is out after the bell this afternoon. how big a chunk? a $2 billion cash and stock deal with online gaming and casino company penn entertainment to launch sportsbook e e spn bet. up next, gaming analyst jordan bender on whether teaming up with espn will catapult penn or leave it on the wrong end of the bet. closing bell 50 minutes away. "claman countdown" is coming right back. don't move. ♪ muck you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price, invest with confidence. there are currently more than 750,000 unfilled cybersecurity jobs in the u.s. the google cybersecurity certificate was made to fill that gap and help grow the workforce that's keeping us all safe. your best defense against erosion and cavities is strong enamel- nothing beats it. new pronamel active shield actively shields the enamel to defend against erosion and cavities. i think that t

bob iger reported an operating profit revenue grew to $22.2 billion. raising prices on streaming platforms and cracking down on password sharing bob iger commented on streaming ad strength on the earnings call yesterday. >> the ad marketplace is picking up it is healthier than linear television we believe in the streaming platforms on disney plus and hulu we are trying to migrate more subs to the advertising tier. >> joining us right now is ben smith. semafor co-founder he still wish he sold buzzfeed to disney. he writes about that in his book ben, good to see you how are you? >> good. thanks for having me on. >> let's talk about the earnings i think there are a lot of questions and there have been a lot of questions since bob iger sat down with david faber about a month ago on our air talking about the issues of the future of linear and future of espn and all of it. do you think what you heard yesterday gives you more confidence what is your take on what you heard? >> i think what we have seen as disney grappling with the reality of the difficult and

>> disney earnings, baby >> what does bob iger say?u know what i'm going to be doing watching you >> oh. that's nice. >> that's the plan mark your calendars. set your timer >> 5:00. >> do what you got to do before we go, let's show you the ten-year note real quick it hasn't really moved, though i think we're -- it's right there. 4.030. it would be worse if it was 4.666. thank you for hanging out. see you on friday and see you tonight. join us tomorrow "squawk on the street" begins right now. ♪ >>> good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at post nine of the new york stock exchange pretty steady premarket after tuesday's attempt at an afternoon rally. china does slip into deflation for the first time in two years. is that a tell for our own cpi print tomorrow ten-year, 4.02% consumer prices in china falling. big news for one of the world's largest

hiking prices on its ad free streaming, and attempts to grow profits as subscriber growth slows bob igerouncing plans to crack down on password sharing as he tries to turn the company around one of my guests says disney could be a takeover target joining me is laura martin and mark douglas laura, i'll start with you the market, what do you expect with disney's results? >> the free cash flow is higher than expected. the cost cutting will come in above their promise of $5.3 billion, another 30% price increase on streaming services and this notion of espn, they said they would sell it but are looking for partners to roll it out to be an over the top service, which people are optimistic about so i think all those were positives that were inkremental information from the call. >> how much time does that buy bob iger >> he's got three years to pull this off, and if he can't, i think he does a parallel and tries to sell off the parks, is my opinion ultimately, i think this industry -- the whole industry needs to consolidate, including disney >> let's circle back to that in a moment mark, i'm cu

bob iger understands fantasy better than any of the ceos i know, and i think that -- he's a green bayan, by the way, so that's probably going to make it so he has nobody to draft this year i shouldn't say that because aaron jones did quite well i had a.j. dylan he did nothing for me. i think potero understands the space, and i think we keep leavings out the fact that bob iger was on the vision pro intro. >> you think that's important, i know >> yes, i do david, what's coming together here is that you will be following your players, isolated, on vision pro, while you -- you're gambling on dfs, daily fantasy, and you're -- and you're putting your team, your club team, on espn site. espn gets seamless soup to nuts. right now, it's been espn to draftkings one of the reasons why espn -- why disney has a stake with draftkings but now, you're going to stay right on their site. >> you mentioned vision pro and disney's long-standing relationship with apple. remember the mickey mouse face was one of the original watch fashions the headline of the "hollywood reporter" this morning, kim masters,

>> tom, we have maybe a minute left how would you rank abc as a problem on bob iger's list and what can he do with that asset? >> well, abc is an issue, because it's very hard to imagine how to separate abc from espn, which they plan to keep. given the importance of the broadcast network in terms of major sports packages. it's also hard to see how to maintain what hulu is in the absence of abc and the cable networks and so much of hulu's programming is a function of the programming on those networks. i will say, he's got kevin mayer back, which is a really good thing. it's great that he and milted bob chapek was a mistake bringing kevin back further admits that mistake. this is a company that has to transact, and it's a company that has to figure out its major issues probably no better around to handle both of those so, if there's an answer for abc, i assume kevin will find it >> tom, great to speak with you. always great to get your thoughts, since you are, as guy called you, a stud >> there you go. >> you said it much better coming from you. >> for you tom, thanks. tom rogers >> thank

what will the company say about the box office, park attendance, and bob iger's business plan a previewnd he's brought his $10,000 question where are investors stashing extra cash right now we've got the answer and much more ahead on "fast. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. >>> welcome back to "fast money. disney ticking higher ahead of tomorrow's earnings report deutsche bank reiterating its buy call, but cutting its price target to $1.20 to 1$1.31 a share. julia boorstin has more. >> well, melissa, disney's earnings come on the heels after this afternoon's news that espn is making a big move into sports betting. i would say

espn buys pen gaming, bob iger ties to gambling. the stock is up $89 a share. the coin, not much change from a $29000. i tell a lie. he changed it. but going at 30,000 dollars. for interest rates, safe. ten year treasury 402, a functional game. the two-year 4.76%, he is going up a little. price of gas unchanged at 382 priscilla 30 sense. look at diesel, it's still going up. national average for 21. on the show, more pressure from democrats for biden to step aside. nbc democrat strategist says the biden brand has been damaged. speculation about peace talks and the royal family. harry and meghan come back. they pay for their own furniture and all is well. i can't see them welcoming her back but we covered all wednesday august 9, money and company about to begin. ♪ ♪ stuart: we are excised. we got the news. foxbusiness will host the second republican primary debate ronald reagan presidential library in simi valley, california takes place september the 27th. this is just breaking and it is exciting for this network. lauren is happy and so am i. fox obtained another

lauren: another headache for bob iger. tsg is a major hollywood financer.billion over the decade cofounding one hundred 40 movies for disney including avatar. they are suing disney for withholding profits and cutting deals that boosted their streaming service and share price. tsg says to deprive them of investing more in movies, they say they are owed $40 million. stuart: another headache for bob iger. h and r block, the prompter says they are using ai. stock is up. lauren: 7.5%. don't know how they are using ai. the ceo said details to come but they will reduce cost with it and increase productivity. that is the whole point of artificial intelligence but in the end stronger earnings in their report card and hike their dividend by 10%. that is another. stuart: next time around they've got to show people how much they benefited from ai. 3 months from now, how did you do with of this? stock went up when you announced it. how did you do? we will see. check the big board in business for all of six minutes, we are 41 points, a little shy of 37,000 on the dow. do

meanwhile bob iger, he made a lot of changes. 7000 job cuts.rom last year. that is because of the writers and actors strikes but also because bob iger will reign in profit. and a massive increase in the disney+ for some customers, not all of them. 27% is the high-end of the range. investors want to know what will happen to the linear business. espn goes directly to the consumer. right now it has not done something with those units. haidi: let's look at how european futures are setting up as we wait for the key u.s. inflation rate. we have really seen a turnaround when it comes to italian assets overnight with the diluting of the announcement on the windfall tax from italian authorities. italian banks stocks will be in focus another session. euro stoxx 50 futures up. a little positivity a look at to extend on the previous annabellk asia, 30 minutes into the session for japan, korea and australia. the sentiment is range bound in the session. no big moves in either direction on the major contracts. broadly limited equity weakness, yields moving a

stay afloat. >> you've got a beautiful desk over there, want to pick up the phone today and give bob igerknow. >> but here's the deal i would say apart from florida, disney's had a lot of problems i think that the skirmish they got in with these young kids, parents have lost some confidence that this is a company that's really speaking to what they want. the way it had been traditionally. i would say as a parent, look, my wife -- we got married at walt disney world, okay, so it's not like we're opposed i mean, we've appreciated working with them over the years. but i would just say, go back to what you did well. i think it's going to be the right business decision, and all that but where we are today, you know, we've basically moved on they're suing the state of florida. they're going to lose that lawsuit. so what i would say is, drop the lawsuit. you know, you have the state that even mscnbc ranked as numb one, we lead the business formations, unemployment is low, people are bringing capital into florida. this is a great place to do business your competitors do very well here, universal

hey, julia >> well, carl, bob iger laid out a new plan to make streaming a key growth driver for disneyplan includes a new focus on ad-supported streaming iger saying disney plus's adds has 3.3 million subscribers. he also price hiked the ads-free version of hulu/disney plus to drive consumers to get the dual version. disney is raising prices to $14 from $11 and hulu to $18 from $15. while ad-supported disney plus and hulu plus, those prices will stay unchanged he's talking about cracking down on password sharing as yet another way to make money from streaming. iger saying they have the tools in place and a plan to drive out monetization of account sharing next year. he acknowledged he's taking a page from netflix and praised netflix's strategy. >> our streaming business is still actually very young. in fact, it's not even four years old. it launched in november of 2019. and we love to have the margins netflix has. they accomplished those margins over substantially longer period of time and they've done so because they figured out how to really carefully balance their investment in prog

this after disney's ceo bob iger told cnbc in july the company was looking for a strategic partner ford we have reported that espn has talked to the leagues, the nba, the nfl, the mlb and nhl about potentially being those partners. espn chief told me last month they are rested in partners that can "make the flagship product for compelling in terms of distribution, technology, marketing and content." amazon prime video has advantage of an already massive viewership base. ann amazon prime viewers, 157 million in the u.s. behind netflix with 172 million according to insider intelligence. while accelerating cord cutting has put pressure on espn to work on offering this streaming option, this will certainly make cord cutting faster if you can get espn outside of that tv bundle. another factor to watch here. how all of this comes into play. then, of course that price point will be essential. s $20 to $35. a lot per month for a streaming service. >> and for espn+ product? their current streaming offering? is that what we're talking about here? >> no. we're talking about traditional espn, tyle

fears among striking writers and actors we'll see if bob iger weighs in on that. >> i was going to say deutsch cut disney to 120 today and doesn't sound like the writers meeting with the streamers on friday bore much fruit whatsoever. >> yeah. there was a lot of optimism going into it, and then all of that optimism, i think, forced a little bit of a pushback from the writers guild saying hey, let's be careful here. they communicated with the guild members that this deal was far from done. no signs of progress this week at least, and a lot of concerns it's going to start to really impact not just what the tv schedule looks like but more films delayed if the studios are afraid they will suffer if they don't have the stars of those films or even the full support of the industry to the promotion to them. >> yeah. i'll be watching for churn, i guess, in the coming quarters and months thanks important day tomorrow for disney >>> in the meantime wall street is buzzing we'lte y w othotr l llouhyn e he side of this break good luck. td ameritrade, this is anna. hi anna, this position is all over

. >>> meantime, as the hollywood writers' strike reached the 100-day work wednesday, disney ceo bob iger is personally committed to working out a deal quickly. >>> and iphone users get ready to retrain your brain. in its new ios 17 update, apple is moving the end call button so instead of the center bottom of the screen, the new version has the button on the lower right-hand corner. for now the change is only visible on this its beta users. it's expected to roll out to the general public this fall. >>> that's your cbs "money watch" report for this thursday morning. i'm shanelle kaul, cbs news, new york. >>> coming up, dazzling debut. fresh off a trade, a pitcher throws a no hitter in his first home start with his new team. trying vapapes to q quit smokining might feelel like p progress, but withth 3x more n nicotie than a a pack of c cigarette- vapepes increasese cravings- trtrapping youou in an endless s craving loloop. nicoretttte reduces s cravins untitil they're gone fofor go. years s ago, we usused to just fall l asleep with a f full face o of mak. don't t regret, jujust rever. no7'

bob iger is trying to find other ways to perhaps supplement the business.from ad revenue as possible plus he's making that purchase of hulu, the 33% that he doesn't own that is still owned by comcast, of course the parent company of cnbc. >> the streaming wars continue. the u.s. post service, by the way, says a major cost cutting move is on pace to save it a lot of money. what is the agency doing here? >> yeah, so this is going to be very interesting. look, if i was to buy pizza right now and deliver it to you, ali, i know that's your favorite one, right? >> sounds good. >> it would not travel by air anymore, it would travel by road. so the hope here is cut down on 90% of its costs for the postal service. that would be around $1 billion they're hoping to cut off. let's remember they had over $6 billion in unwanted costs over the last year or so, and they're trying to reduce that as much as possible here merchandise this is really aimed at all trying to do that. 95% of some of their mail has actually been delivered by road to try and ensure they hit the targ

single digits or something like that, ultimately, he'll be out of the race and then i'll bet you bob igern desantis and they iron this thing out in an adult-like way i just really do think this is, like, one of those culture war issues that he thinks works for him in the republican primary, and i think to julie's point, it's not polling particularly well >> let's say this gets resolved, does the stock pop or it didn't really have -- too much impact on the downside? >> i thought the stock, when it popped after earnings, after they announced, obviously, they -- >> price hikes >> that was, to me, a moment in time, we could make an argument that was the worst for does knee we are right back where we. >> reporter: were prior to earnings which is not particularly good, unfortunately. >> bonawyn >> i think it's a nonevent i don't think there's much stock reaction maybe you get some of the short-term bonds that, like, trading on the back of news, but that quickly gets flushed out. >> all right, well, do not miss the full interview with florida governor ron desantis. that airs tonight, 7:00 p.m. e

bob iger said this is his primary focus.rimary focus to her deplatform or the order to prepare it for some spinoff for sale? jessica: in either case, whether it is keeping it internally or selling or spinning, they need to improve the content. the content on the platform needs to be improved. he said that they have been getting tired. everyone is getting distracted. the one place where they have really missed is in film over the last couple of years. this is his primary focus. they have to fix the phone division. lisa: this ended like bob iger in retreat, not really aggressive and offensive, not planning some expensive plan, but not pushing back at this ejection of a sale to apple -- pushing back at the suggestion of a cell to apple. people are looking at the value beyond the parks. q think it is valid to characterize this as disney in defense? jessica: they are clearly challenged promote people areas. they have secular challenges. there are also singular -- cyclical challenges. they have unique ip. they are dealing from a p

>> it was a different tone than what bob iger took in his cnbc interview. we have many windows to exploit it through, including a lot of licensing the legacy business we think will get a bit better on the advertising side, and the streaming path we are on is fine they are clearly doing the best they can with the hand they have been dealt it's not a great hand. it's hard to argue paramount will have the scale it needs to overcome the legacy decline, the legacy media business decline it's facing. >> are all these folks in media land, they have a chessboard in front of them and think long-term is consolidation, and they are afraid this administration from an antitrust perspective would block a transaction. do you think that's the right way to think about this? there are so many chess pieces on the board it would be a hard argument for the government to make and win >> i agree with you, andrew. look, the government lost the argument that the at&t acquisition of warner was going to be anti-competitive, and the dynamics for the legacy media business has worsened

in the suit, disney ceo bob iger accuses the republican governor of political retaliation over walt disney'sas allowed to be run independently until desantis signed a bill putting it under his own control this year. desantis and other defendants are now asking for the case to be dismissed. >>> president joe biden is asking the big three u.s. automakers and the united auto workers union to reach a deal to avoid a strike. their current contract is set to expire in a month. in a statement monday, biden urged bothth sides to o negotia fair deal to avert the potential economic impact of job action. >>> and netflix is expanding its entertainment offerings. the streaming giant is now testing video games streaming with some customers in canada and the uk. right now the two games being offered, "oxenfree" and "molehew's mining adventure," are showing up on select tvs. but in the coming weeks, netflix says it will also expand to computers. gamers can download an app to use their cell phones as controllers. >>> that's your cbs "money watch" report for this tuesday morning. i'm shanelle kaul, cbs news,

was it like bob iger? that's like, let's get this done. sarandos ted sarandos netflix co-ceo. sources say he was the driving force. iger has joined more recently. the meeting was august 11th. we have no idea if they'll accept this latest offer, at least we know the offer has gone in. okay, well, i'm glad our writers aren't on strike. great stuff, editor. thank you very much indeed. nice to see you. otherwise, it's just alex. me and occasionally editor ludlum. anyway, it'll be back very soon. we're going to talk about european gas next as well. there's a pivot. to avalara we can calculate sales tax automatically. avalara. what if tax rates change? filing sales tax returns, business license guidance, cross-border sales item classification? does it connect with. what you're hearing? if you start having a little trouble, you're concerned that it's going to cost you money. to this day only paid what i had to pay for the device. i go back every thing is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget

i think bob iger really takes that mantle and he's been doing his efforts to really kind of bring people to the table again. but the truth of the matter is, how do we resolve this? because it is going to impact the whole industry. the content will continue. technology continues to innovate. and if folks don't figure out how to make content, how to bring all parties together so that it's going to be truly a win win. i mean, when you think about studios, when you think about actors, when you think about writers, they need the data. i mean, this really is a story about data. you know, we actually have a couple of films coming out this fall. we have aristotle and dante. we have a film called radical that won at sundance. we have things happening in spanish language tv. so, you know, the truth of the matter is us as a studio, as a production house, we need the data from the streamers so that we can understand our audience, understand what's working, what's not working. and so any type of concession where it's truly going to be a win for the strikers. but as well as for the studios, we have to

disney ceo bob iger reportedly is helping in the negotiations. the writers union says it is considering the latest proposal indicating apparently some real progress as the strike passes the 100 day mark new at 6 tonight, governor newsom and diplomatic leaders from australia were in sacramento today to sign with the 2 sides are calling a major climate agreement. >> our capitol correspondent eytan wallace has more from the state capitol. >> yeah, well, this is formally known as a memorandum of understanding you between the state of california and the country of australia, all to partner on climate action. welcome >> sunday >> there you see governor gavin newsom welcoming australian ambassador to the u.s. and former prime minister doctor kevin rudd to the stanford match in sacramento just south of the capital. that's where the 2 held a meeting to address their shared goals on climate. then it was time for the actual signing california natural resources. secretary wade crowfoot and australian consul-general to los angeles. jane duke formally signed t

writers rooms and transparency in viewership data wga leaders met with major ceos, including disney's bob iger to talk about the proposal yesterday evening. the guild later told members that they felt the to pressure them into caving rather than negotiating. there's still no deal in sight. >> up next, we'll head to sacramento where there's been movement on reparations for descendants of black american slaves. >> plus, gas prices are higher now than they've been all year. what's expected to happen as we get closer to labor day weekend? and it's the unofficial start of the presidential race. tonight is the first gop debate. >> we'll check in with one of our political experts as the leader the presidential race tonight, he's going to be a no show. eveverery y bubusisines dedeseservrveses a a g gre. ththatat's's w whyhy c comoms isis l lauauncnchihingne mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobil

just a few years ago disney's ceo bob iger said he did not foresee disney getting into sports bettingred with the family-friendly reputation, but espn is pivoting now. >>> what is the state of the sport betting in america? >> we've seen a rush of states legalize it. it's now legal in 38 states across the country, you turn on a game, you're flooded with advertisements for sports betting apps, but advocates are really concerned that this are you usual is going to lead to a rise in addictive gambling behavior. also, these some of an unregulated industry here, so a lot of question marks. >> it makes sense why they would be concerned. nath nathaniel, thank you. >> governor of hawaii is fearing the worst, after wildfires have devastated parts of maui. some residents have jumped into the ocean to escape the flames. we'll have some of their stories just ahead. -wait, wait, hold on... that neighbor is hot! that's my husband... what? it's the inspire implant he got. he's not struggling with cpap anymore. all that rest is working wonders for him. and for me. gotta go. naughty girl. hi sweetie! a

what bob iger who returned to save the company late last year, he is trying to make more money from streaming on one hand side which might mean fewer new content pieces for fans of the company like some of the viewers. at the same time, getting more money from people who sign up with a streaming service and the ideas that may be in the next couple of years the company will finally make a profit. it's lost more than $10 billion over the last few years in streaming and a lot of other companies have been doing the same. and the writers strike is a big challenge and the actors strike as well. we might see content running out sooner or later for hollywood, so they really have to make peace here. of course the ceo had that investor call yesterday, it must have been a tricky one for him. did he have any good news to share? he was trying to play the diplomacy card. he recently made a fairly aggressive comments that did not go over well with a lot of the labour units in the us so he tried to say, hey, i am personally committed, i am going to spend more time trying to figure things out and maybe reach

debt, deficit, possible entitlement cuts, his well-known fight with disney and what he would tell bob iger all coming up over the hour. >>> but the governor and i began our chat on a different topic. that was china because the governor recently said the u.s. has a, quote

this is what bob iger had to say about that. >> we will release details about our subscription servicesrvices will become available in select areas beginning november 1. dani: november 1, europe and some of canada. we are waiting for more earnings. wynn casinos. there was a large rebound in macau. we did learn that china will be lifting a ban on group travel. stronger north america trends, trends in vegas. that is rising or than 1.5%. a consumer health company announcing that it would be added to the s&p 500. in terms of what the date will be, they are waiting for an event to take lace. j&j is offering -- the change will then happen. we front run that's it -- we front run that decision. state with bloomberg. we will have more important earnings and interviews throughout the day. that will include three ceos coming up. that is it for "bloomberg daybreak: europe." up next it is "bloomberg markets today." this is bloomberg. ♪ hi, i'm jason. i've lost 228 pounds on golo. so when my doctor told me i needed weight loss surgery, i knew i had to make a change. golo's helped me transition to a h

ed: ted sarandos and bob iger came in to play a role but it has not help much.is fascinating is that continues to unfold from a technology angle with ai and what that means for the future of work. is that another dish in the bloomberg technology. ed: that's a big one, 24 hours we will dig into it again. don't forget to check out the podcast wherever you get your podcast but it's on spotify, apple and neihart. what a week it is been. from san francisco and new york. this is bloomberg technology. ♪ >> welcome to "bloomberg markets." i matt miller. let's start with a check of what is going on in the markets at this hour. the s&p 500 is gaining almost one full percent right now. tech stocks lead the way. we are going to show you a picture of tech specifically in a moment but look at the 10 year yield, falling 12 basis points as investors pile into this debt . just two sessions ago we had 434, the highest level on the 10 year

just on the trend of people pushing price increasing through from streamers, it's interest what bob iger suggested by widening the spread between the add-free tier and the add-supported tier it makes a lot of sense, actually, to have people pay up for no commercials, then you open that market for a mass audience to sell advertising again. >> yeah, absolutely. to have no commercials, you'll have more people opt in, and the revenue stream again, all of this seems like it's going back to what's on the is new again, reminds me a lot of the cable tv days we're seeing more of the rebundling as well my new word of the day is stream-flation i think we'll see more of it. >> you have now staked your claim to that one. you have the copyright until further notice >>> later, don't miss a special edition of "last call" with a star lip that is at 7:00 p.m. eastern tonight. close close will be right back how's the chicken? the prawns are delicious. oh, i have a shellfish allergy. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's

the report says netflix ceo and disney's bob iger has emerged as strong voices to reach a deal with the writers guild >>> speaking of iger and disney. ron desantis said the company should drop the lawsuit. ordered to revoke the special tax districts. the republican candidate spoke about the case with our brian sullivan on "last call." >> we moved on they are suing the state of florida. they will lose that lawsuit. i would say drop the lawsuit you have the state that even cnbc ranks as number one of all 50 states for the economy. he le we lead the nation people are bringing capital to florida of the your competitors do well here universal seaworld we want to treat everybody the same i'm fine with that i'm not fine with giving extraordinary privileges to one special company at the exclusion of everybody else. >> you can see the rest of the interview with florida governor ron desantis right now on cnbc.com >> thank you, silvana. >>> a lot more to come including the one word investors need to know today and the one move that warren buffett needs to make into one sector that is raising eyebr

. >>> shares of disney set to open at the lowest level in years with bob iger's turn around plan seems more traction. shares up .50% in the pre-market. >>> disney and amazon holding talks for a streaming versus of espn for $24 to $35 a montunmon. the partnership could see amazon expand anniing the service and g a minority stake in espn. >>> and an a wild week for trading after the reverse stock split yesterday for amc. this ahead of the planned conversion of the "ape" shares into common stock. >>> and hawaiian electric is shoring up cash reserves after the devastating wildfires. the county alleges the utility failed to shut off power. the shares down just about 20% right now. >>> shares of affirm are popping in the pre-market. the buy now and pay later company is topping estimate after surging 25 % from a year ago. shares are up 9%. >>> here is what to watch today. main event in jackson hole as the fed kicks off the policy meeting with jay powell expected to speak at 10:05 eastern time. cnbc will cover the event and including two first on cnbc interviews with loretta mester and austan

a lot of decision making that bob iger has made since coming back to lead the company what are you lookingor in that earnings report? >> i think we're expecting a modest improve m ment -- improvement in revenue that business is a real area of focus in general it is a big-ticket item. it is discretionary item that you might not consume if you are feeling the pinch. i think we are hoping the path will continue the momentum i expect to see weakness there the other thing to look out for is how the subscription with hulu which have good numbers with others like alphabet and youtube. that netflix has done well in the last few months, disney struggled and stood still in q1 on subscriptions it could have a strong quarter with the cable cutting is strong i think that is now unavoidable trend for disney they need their direct-to-consumer subscription business to deliver for them. >> nicholas, we will leave it there. thank you for joining us nicholas hyett from wealth club. >>> berkshire hathaway posted a growth of 6.6% growth in the second quarter with the insurance business boosted by higher intere

basically battling on all fronts, like a lot of companies in hollywood these days, but bob ivor li bob iger to the company last year is try to make more money by cutting costs on one side, which might mean fewer content pieces for some of the viewers, at the same time getting more money from people who sign up for the streaming service and the ideas that may be in the next couple of years, the company will maybe finally make a profit. it has lost more than $10 billion over the last few years in streaming and a lot of other companies have doing the same. the writers' strike is a big challenge now and the actors strike as well and we might soon see content running out in hollywood, so they might have to make peace here. and of course the ceo had that investor call yesterday and it must have been a bit of a tricky one for him. did you have any good news to share? he him. did you have any good news to share? . , , him. did you have any good news to share? ., , , ., him. did you have any good news to share? .,, , ., , share? he was trying to play the diplomacy card. he _ share? he was trying to

criminal racketeering enterprise >>> on the record, ron desantis talks to cnbc exclusively that bob igerhould drop his lawsuit and talks tough on china >> i view them as an adversary you have to deal with a lot of people that is not the direction we need to go >>> now, good morning. there is a lot going on in markets this morning i'll highlight the top stories we have been talking about in the last hour or so. first, let's start with china. china central bank cut the one-month loan rate by 10 percentage points. earlier, the chinese central bank did cut the key rate in the one-year rate to another set of weak economic data coming in and russia central bank hike to 12% during the emergency meeting after a plunge in the ruble. the central bank warned pressure is building in the economy and that is the reason they did go for the aggressive rate hike 350 basis points from russia throughout this morning, we are keeping a close eye on the uk. sterling has risen and gilt yields shot up after the data showed that uk wage growth rose to a record high in the second quarter. the data keeps pressure

whether it's cost cutting initiatives that weren't coming fast enough, bob iger staying longer, for betterfor worse, the parks -- news at the parks with traffic being down, a lot of bad news baked in there when the company reports we'll get some clarity on what's actually happening and i think we'll start to see some of the cost cutting initiatives come through. i think it's worth sticking with the stock for now because it is a really high-quality company. lots of bad news baked in. i think there's upside from here >>> now for bill baruch, selling alphabet and putting profits into united health please gradethis trade >> you're speaking my language over the last month i've i've raised 8% cash from about zero i talked about it on the show. i've put some money into buying names in health care, as well as cyclicals. but this doesn't have to be a binary decision. you can own both of these. if something is going to outperform tech, it could be and should be health care. i'm looking at that move we saw after earnings from alphabet if it holds out above $124, we're holding out for higher prices >>

have cash flow still like cable tv are shrinking pretty fast and it's created a situation where ceo bob iger has to consider all options and selling a stake or finding partners out of espn and selling out of broadcast tv and where does that place the company that says when the stock goes down it's the best frank iedz, jusfranchise, and just bu it >> it's been a pivotal sea change for disney and the entertainment sector in general that disney more than anyone the stock is now near its 52-week low. the expectations are so grim for the earnings that i suppose that the only real surprise would be making better than expected, but they're getting hit on every single spot and certainly the decline of linear broadcasting and the cable channels and the old broadcast channel and this is a serious issue for all of these companies. i mean, i think it came as a shock to a lot of people that came on this very network and putting it up for sale and it wasn't up anymore for disney and that came as a shock to put people inside the company and outside the company, but i think people are looking at what are th

it's seasonal issues the services will be the interesting piece especially after what bob iger said about disney taking espn to dtc. what does that mean for apple plus and the expansion there and the opportunity there? i think the ad online market we've seen is recovering and that should help i think the services piece is something to watch and the expectations are for something like 5% growth, which would be encouraging. all that being said, frank, the stock trades at 33 times ten-year average is 19 times so it is rich. i know it's a changed company because of the services component, it is up there. >> you sound a little mixed. we're seeing so many bullish notes. dan ives put out a note -- >> do i have to say what i said before again >> you may i don't remember what you said before let me finish. >> pointed about herds and analysts and following the crowd. >> you might as well just say it now. you already led us there >> okay. what analyst is going to come out and put a 160 price target on apple that's career threatening. what they do and why they herd, safety in numbers. look, what step

get earnings this week and we will see how they are doing and streaming and i want to hear from bob iger you going to do with spn you're formerly cash cow that used to make you 2 billion that funded marvel and pixar in the others, now you're looking to spend it. i think disney is going to have a dark day on wednesday and i think they have a lot to do. stuart: why haven't you sold the stock. >> i think they're going to chop it up now and sell it in pieces. it's good to be worth more in pieces than it is as a whole. stuart: come back soon with sensational items for us to talk about. good stuff. lauren you're looking at the movers. lauren: cybersecurity many companies are concerned, their restricting their it spending, klopfer down for a half percent and you could see palo alto, wedbush removed from the best ideas list after fort met warned of slower deals. palo alto is down. i figured it out for you. stuart: is boeing moving today? >> up 2%, bloomberg is reporting the plan to get there starliner spacecraft ready to fly in march, huge deal they were awarded the nasa contract a decade ago an