days of announcing disney+. and they were getting something like, a lot of analysts on the street were doing the hybrid multiple. they value the parks at one thing and then they put a revenue multiple on the streaming business, but that revenue multiple, the street used to be between eight to ten times the streaming number and layer in the multiple on parks. now they're at four times, if i'm just looking at jpmorgan's report here, and i think that's fair. it was the growth they were getting the benefit from. netflix is not about the growth, it's really about the profitability and the free cash flow. and this's something that's extraordinary and what makes, again, their streaming business very different. >> getting back to the stock reaction, that is the case, do you think any part of the valuation changed based on this deal? because if the answer is no, it's no surprise that disney stock barely moved. >> i think the market answered that question today. i don't think -- in my opinion, i don't think they're reward

for disney+. if you're a charter subscriber, you will get access to disney+ with ads for a wholesale fee that charter is paying. so what that means is that disney is going to get many more people who are going to be watching disney+, and therefore exposed to their advertising and then also disney gets the wholesale fee. it's not the retail fee, and it is also not nothing which is what charter was offering. >> some traders and investors were thinking it could go that route. so there's no extra cost to charter subscribers? >> so this is all a part from what i understand, of the negotiation. every time there's one of these negotiations charter has to pay a little bit more to disney, and by the way, they are paying more for the channels that they're keeping and they will not pay for disney, but they are paying a rate increase and they'll be paying a whole-sale fee and able to include disney+ for ads with customers. of course, kelly, we know these paid tvs and companies that offer a paid tv do increase

. >>> the great unbundling of disney. is bob iger getting ready to sell abc and is it the right move? all that and more when "squawk on the street" comes right back. down almost 200 points now on the dow. active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. (birds chirping) go. and go and go and go. ( ♪ ♪ ) but what if you... stop? you work hard, it's time for a bank that'll work hard for you. everbank brings security and a guarantee that you'll earn a yield in the top 5% of competitive accounts. going, that's what got you where you want to be. we're the partners for your next move. everbank. advantage, you. >>> welcome back. what should you expect when the fed signals it's done raising rates? that's the subject of a new note by our next guest predicting when that day comes, we'll see long-term yields fall and 30-year mortgage rates decline by 150 basis points

or allow a competitive theme park to open up near disney.aubrey was saying at the end there, that republicans seem to be turning against desantis, saying basically because he's attacking a big company and they don't like that. we've been talking about delicate tight ropes on this programme about issues, but this is a different one?— this is a different one? desantis has fallen off _ this is a different one? desantis has fallen off the _ this is a different one? desantis has fallen off the tight - this is a different one? desantis has fallen off the tight rope - has fallen off the tight rope and there's no net underneath him. his fight with disney has backfired badly, and you can't get elected president of the us if you're getting beaten by mickey mouse, which is exactly what's happening with disney, who's getting the upper hand in all this. disney has pulled out $1 billion of investment in florida alone, they have a court case going on, and it week or two ago, desantis was saying he wished the court case would go away, which he brought on hi

you own disney -- >> i think disney does, but disney doesn't have a whole lot of leverage anywhere right out what percentage of the fees they would lose. it means disney loses $2 billion that they can't afford to lose right now. they're going to have to be bidding for nba properties, they want to pay a dividend. there's a lot of trickle-down dynamics for disney, and it's not a win for them. >> no winner. there's one winner stock wise, it's netflix. probably have a guy like tom rogers on to discuss it. netflix continues to do the grind higher, and it is amazing how disney -- it is levels we didn't even see during the covid -- it's remarkable how poorly it trades. so, you'd like to think they have leverage at some point. clearly that have none. >> if this is accelerating, the move to direct to consumer is fully accelerated and that's where we jump to -- >> right. not -- i don't think very highly of it, actually. i sold my stock on friday when this first happened, i just thought, all right, i had hoped it would bounce off of that iger really talking down that quarter, and they had not a ter

for free to their subscribers and disney is saying, hey, there is a ton of other content on disney plusluding a massive library of films and tv. why would we give that away for free? that is devaluing our content. that is one of the key sticking points right now. a lot hangs in the balance. >> fascinating stuff. julia, thanks very much. changing landscape. >>> new data is showing despite an economic slowdown in china tivg.ld food market there cou behrin that story is next. every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. since my citi custom cash® card automatically adjusts to earn me more cash back in my top eligible category... suddenly life's feeling a

right now disney and comcast, cnbc's parent company, are in the midst of negotiating how much disney hulu comcast currently owns. we'll see an increase in the value of hulu and that means disney has to pay more for a piece of it. a complex situation here. obviously, if disney owns the direct-to-consumer relationship and they can get a lot of people to sign up for the new direct-to-consumer espn plus, they would benefit from that. we don't know is what consumers are going to want to pay for, what they will be willing to pay for a la cart and how this will shake out in terms of the new direct-to-consumer relationships. >> as if it weren't complicated enough, then you have the notion of the strike and how this affects those negotiations, especially given a lot of the marginal players, this particular labor cycle don't have this labor -- or this linear tv albatross and are looking to reset comp. >> look, i think we can separate between three different types of companies being affected by the pipeline of new original content. those whose bread and butter is live sports or news. an area wh

seven new disney lands.coming 100 million guests annually, an additional addressable market with people who have a high disney affinity. down today on the news of the higher spending. during the presentation earlier today. mindful of the underpinning of the company. in terms of the bottom line, the need to invest wisely so we are increasing returns on investment capital and the need to maintain the balance sheet. the company is able to absorb those costs and continue to grow. looking expansively on value and capital given to the shareholders. >> he said if he looked across what disney was doing, mostly on the theme parks and thirdly on streaming, the shares are down today, you have to wonder, if he is investing there on the long term, questioning if disney would break itself into different companies with those particular focus is. >> they have been talking about this, what does the slimmed- down disney look like? selling the tv networks including abc, what is left? what are the core pieces of disney? what he

. >>> plus, disney wars. the media giant battling with charter, and now it's going to have to pay up to get full control of hulu. >>> and later, airlines flying into fall filled with turbulence. fighter jet delays ground shares of lockheed martin and am c's less than meme-rable day. i'm melissa lee coming to you live from our brand new set here in studio s worst outperformer. the stock dropping 4%. part of the blame due to a troubling development in china. beijing banning iphones at work, and the headline the eu is slapping apple with new regulations that will most certainly impact their business. all this as apple is battling revenue declines ahead of next week's big iphone event. we have talked about this so many times, about the notion that china can just flip a switch and hurt apple and here we have a taste of it, guy. >> the existential risk. we've said it, and it hasn't come to fruition. stock's gone higher. we're within a whisper of an all-time high. this is the huge risk for apple, and now it's govern

at all. >> you know what sucks about disney, how pathetic it is that you can't sell disney.ot being able to sell ice cream. if you want to have an easy job as a salesman go work for ben & jerry's. everybody loves ice cream, but they manage to screw up disney. how can you make it so that nobody likes disney? >> you attack yourself and that's exactly what they have done. if you look at all the movies, movies like "bambi," they tackle life and death. fox and the hound are two animals who are supposed to want to kill each other. they tackle real-life stuff or they tackle the completely imaginative stuff like peter pan but even in there are real world issues that people actually deal with. when you start making movies that attack that when you start making movies that create problems rather than literally just lighting the ones that exist, what is left for people to identify with? when we want to go watch a movie that's outside of this world, we go watch 80-year-old tom cruise fly a jet and kill a bunch of probably russians but they never really say. that's the kind of movie we w

and disney will have to buy it. and that is something mr. roberts shared here a few moments ago. he went into some detail of which the process itself, for which a value for hulu will be ascertained. making it clear that it is not as though you're just going to get a couple of investment banks to say, this is what it's worth based on values of the likes of netflix or multiples that trade for streaming properties, if you can even figure out any company multiples beyond netflix. he says the contract language is very close, and the appraisal process is clear in terms of, it has to be treated as if hulu were to be sold as is to value maximize the equity and it would have to be, it's considered a hypothetical sale process in which you have numerous potential buyers, and you assume that the programming being produced by both comcast and disney is in perpetuity for the service. it's contractual language that people may not have been as focused on, but it is seen by mr. roberts, certainly, as a real positive for the potentia

disney has not responded to the proposal just yet, but some say this is worse for disney. and raymond james writes we long suspected that there would be a huge number of customers that would gladly drop espn and other disney drop in their bill. but warn that we believe there will be a rather swift loss of cable subs and there will be a negative impact to charter revenue and earnings in at least the third quarter of this year as well as potentially into the fourth quarter as well. so the question is what precedent the outcomes of the standoff set for the other media giants for negotiations and how consumers looking to watch the u.s. open or college football this weekend decide to react. >> it is amazing looking at those stock there, paramount down 7%, warner bros. down 10%, disney down 2%, our path company comcast down 2% as well. so as you say, it is a charter/disney spat right now, comcast down 2% as well. so as you say, it is a charter/disney spat right now,o disney down 2%, our path company comcast down 2% as well. so as you say, it is a charter/disney spat right now,c

meanwhile, disney and charter, charter remains without access to disney channels including abc and espntball. and now both sides are appealing directly to consumers. last night disney launched new consumer focused campaigns to push subscribers to its own tv bundle. hulu with live tv which includes espn. charter tells us spectrum is also working with its customers to help them find alternative ways to watch disney programming. spectrum is offering customers 30% off fubo tv for two months including nfl red zone and includes espn. that offer sending fubo shares spiking up over 7%. right now the pressure is building on both sides to settle in time for monday night football starting on abc and espn. that starts next week. guys? >> julia, i was looking at a tweet from steven a. smith of espn who says, folks are coming after the worldwide leader. it gives you all these tools to go find ways where you can basically go direct. nothing about this feels like prior rounds of disputes. >> this really does feel different and i think it's also worth noting that charter, which owns spectrum, is really

charter said it's willing to drop this if disney and other channels permanently, because disney is demandinge plate despite viewership declines. charter proposing a hybrid partnership as part of the linear tv packages. disney saying, the rates and terming we are seeking in this renewal are driven by the marketplace. >> now, they say they continue to be overweight, charter as well as disney. but that this does add to disney's near-term issues. meanwhile, rosenblatt writing -- >> all of this is going to be closely watched as a bellwether for future negotiations, not just for disney but the whole media landscape. >> always a lot going on with disney. julia, thank you so much. jim, i understand you own disney. it's not trading at lows since march 2020. you want to add more? >> no. >> why, why? >> because there's a lot of hair on this. i would like to see some things happen. i would like to see the hulu deal, and i understand bob iger and company have to take time to get that deal right. but i would like to seethat in the rear-view mirror. i would like to see the dividend reinstated. there are st

immediatelrrcream, buty, but tho to screw up disney. >> how can you make it so that nobody disney. >> you you attack yourself. and that's exactly what they've done t they. i mean, if you look at all the movies, look at movies like bambi or fox and the hounds,. "" i mean, they tackle life and death. they tackle. i mean tomean animals that are supposed to want to kill each other kl ee they tackle real life stuff or they tackle, tackle. they completelkly stuff like per peter pan. but even then, there are rea pan l world issues that people actually deal with. when you start makin with.g thatu star attack, that when you start making movies that that creately problems rather than than literally just highlighting the ones that exist. g th thawhat is left for peopleo identify with when we want to go watch a movi te outside of this world? goh 80-year-old tom cruise fly jet and kill a bunch of probably russiansd k. they never really say, yeah, you know, that's the kind of movie we want to see when we kin watch disney wholesome movies with our kids. we want to walk away knowing ha our kids learn

so this all comes amid reports that disney is cutting its targets for disney plus subscribers by tensthe charter deal excluded some of the smaller networks as the company focuses on the growth potential of the direct-to-consumer business. >> it feels like they're all right to a degree. maybe the best financial move for disney is this, but it doesn't signal a lot of optimism in their status quo, which had been such a cash cow. what do you think the rest of the media industry is doing as it watches this play out? >> well, i think it will be really interesting to see who else comes into play for these assets, whether there's some potential private equity buyers, or whether there's a consolidation with the local networks. if next star were to acquire these assets, you would see meaningful strength in the local networks. but in terms of what it means for disney, i think we'll see a dramatically slimmed down company if iger movesforward with a lot of the things he has talked about, trying to streamline the business here. i think it's interesting reflecting on how this interacts with what we

and check out shares of disney.ponent on track to close at their lowest level since may of 2014, just over $80 a share right now, which means lower than where we were even during the depths of the pandemic. and a new piece from alex sherman dinisivg in there. we're back after this. ♪ ("drumroll" by lónis, little league ) ♪ ( ♪ ♪ ) ♪ this just in ♪ ♪ got the keys to what you want and what you need ♪ ♪ something new something sweet ♪ ♪ moving to a different beat ♪ ♪ okay now (what?) ♪ ♪ can i get a (get a) drumroll? (what?) ♪ ♪ can i get a drumroll drumroll? (what?) ♪ ♪ can i get a can i get a drumroll please (oohh) ♪ ♪ that's nice (yahh) ♪ ( ♪ ♪ ) ♪ ya, can i get a drumroll, can i get a drum- ♪ ♪ that's nice ♪ here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-in search eg but it doesn't spy on your seac and our browser blocks creepy ads that follow you around fro and other companies. and it's free. download duckduk >>> welcome back to "the exchange." a rowdy mix of companie

and all the disney programming and $2.2 billion is gone?hat's unlikely because many of us who are sports fans will go to one of the virtual mbpds as i said and therefore the affiliate fees will remain the same or may even go up, but your point is an important one. for its part, charter and its relatively new ceo, chris winfrey, you know, simply says, hey, we don't see the economic value for our customers here. you keep hollowing out the ecosystem in linear. there's nothing left there, per se, that we're paying for. and so, we don't want to keep subsidizing your d stc efforts, but they believe it should be all one package, and they believe that disney would benefit long-term from retaining the overall connectivity relationship with them and letting them, by the way, promote those dtc offerings as well to their customers. remember, as we've said many ti times, broadband is the key product. it's the main product. and wireless now. video just doesn't seem to matter as much, certainly not for charter. >> wow. content is pulling. amazing. plus, c

though charter is dropping some of disney's smaller channels including freeform and disney xd, that is far outweighed by new compensation for disney plus. and then additional upside from that platform reaching a broader audience with its advertising. meanwhile, charter has some new value to retain its paid tv subscribers. it does have that broadband business but it wants to retain the pay tv business as well. kelly, tyler? >> how much should we look at this, julia, as a template for future carriage agreements? >> i think it's very much a template for future carriage agreements for disney. it's unclear how much other media companies will be able to follow in this path and use it for their future carriage agreements. disney is of course unique in that it does have this portfolio, direct to consumer brands in disney plus, espn plus, hulu and then of course there are also developing this espn direct to consumer business. so disney does have that sort of portfolio. it will be interesting to see what happens with warner brothers discovery. they do have max. and we've heard from ceo david zas

up next, 5 or adult actually addicted to disney. looks at the reasons grown-ups are go to reasons grown-ups are go to the park with kids in. people always ask me, "kevin, what does being the ceo of cashbacking mean to you?" the way that i see it, if you're buying it, flying it, or wining n' dining it, then you gotta be cashbacking it. [chuckles] come on now. earn big with chase freedom unlimited. how do you cashback? at cretors, earn big with chase freedom unlimited. we handcraft every batch of our delicious popcorn. like our cretors cheese and caramel mix. great on their own, even better together. try cretors, handcrafted small-batch popcorn. >> for some people, disney is almost like a religion. there are even youtube videos called addicted to disney. a recent study found just 36% of visitors brought kids to the park and many adults can't wait to go again. yet. researchers simplified the science behind a disney addiction. >> there are 4 reasons that adult visitors can't seem to stay away craving for travel. a sensation of smells. l

is a potentially damaging to disney? is a potentially damaging to disney?ing, governor ron desantis clearly thought it would be a political win for him in that many republican primary and caucus voters around the country found out about ron desantis is not from the covid—i9 stuff in florida, the free state of florida, they found out about him from this battle that he was waging with disney. in the longer run, a lot of republicans are beginning to turn against him because they say, look, it's not conservative or republican to punish a business for speaking out. it's ok to disagree with them but it's not appropriate to try to punish them as it's been the case here when they try to take away the special taxing district and they have replaced it with a board that is appointed by the governor and they have threatened to, for instance, open up a jail or prison near disney or allow a competitive theme parks open up near disney. very quickly, is there likely to be processed at the conference, do we think? is there a lot of bad feeling in florida at the moment?- in

disney shares are down about 2% today.media giant's falling as well on concerns about whether distributors will perhaps drop other networks. take a look at these stocks here. warner brothers discovery shares down 12%, paramount global down over 9%. fox down over 6%, and then comcast, which is of course cnbc's parent company, that stock is more diversified with its own cable and broadband business down just about 2%. rich greenfield calling charter's threat to potentially permanently drop abc and espn a watershed moment for linear tv. >> mike. >> julia, it's worth getting into exactly how that might be, is the idea here that the cable operators are just now willing with the decline in viewership to essentially try and rewrite the entire economic relationship here? in other words this, you know, declining but steady cash flow coming from the cable bundle is now going to go down more quickly potentially? >> yeah, well, what these cable operators are saying or at least what charter is saying is charter is saying, if only a cer

disney is the least exposed of the three in their view. discuss is julia boorstin and disney could use the shout out, julia. >> yeah. this is a company that is facing so many headwind. people have been focusing more on the challenges lately. raymond james in this hefty note digs into all the challenges and also the opportunities for the media industry as we see this transition away from the linear tv business, that was very profitable, but declining over to the streaming business, which is very competitive but has a lot of growth potential. the reason why they call out disney in particular is because of a couple of key things. number one, the fact they have all of these different streaming services, disney plus, hulu and espn plus, is an advantage. they can also bundle them together to reduce churn and use those to hold onto their subscribers. they also say they believe disney has the best ip and they also have the parks, which is such a key engine and a key cash flow generator. >> they also put some numbers on exposure to linear tv, tryin

if it was a permanent drop of disney it's catastrophic financially for disney.more pain for disney. meanwhile, rosenblat writing, quote, paid tv future is in the balance, saying an extended fight with charter might accelerate disney's direct to consumer plans and pressure on the paid tv ecosystem overall which is already suffering from the loss of fresh entertainment programming because of hollywood strikes. now with the u.s. open and college football's kickoff this weekend, there's no question that viewers are going to be frustrated and looking for alternatives the question is whether they then cut their cord or whether charter works with them to help make it through a lot of the sports this weekend and more sports to come. >> julia, such an interesting time on your beat this week. i have two questions for you. i'll let you choose which one. one about diller and comments about separating from netflix and their unique role in the strike. the other is taylor and what it might do to the exhibiters? >> oh. there's so much here, carl. i'm going to start with the dil

. >> coming up on kron, 4 news at noon addicted to disney. well, latest obsession with disney thing vacations and the potential negative impacts. the high-tech way to chill wind. plus the solar powered bluetooth speaker. that's always ready to play. i'm rich demuro. that's coming up in tech. smart. >> but first, a strike now over. we're getting a breakdown of the historic tentative deal between hollywood writers and hollywood writers and production companies. kayaking is my thing. running is awesome. but her moderate to severe eczema would make her skin so uncomfortable. i was always so itchy especially when i was hot. now my skin doesn't itch as much. now we're staying ahead of her eczema. there's a power inside all of us to live our passion. and dupixent works on the inside to help heal your skin from within. it helps block a key source of inflammation inside the body that can cause eczema. so, they can have clearer skin and less itch. serious allergic reactions can occur that can be severe. tell your doctor about new or worsening eye probl

a state prison next to disney. he's about to run for president, and his latest proposal is "i'm going to put florida convicts next to your children." desantis has many made other threats. he's floated the idea of raising taxes on disney hotels and imposing tolls on roads that lead to its theme parks. oh, no, now going to disney world might become expensive. [laughter] oh, no. other florida republicans are also lining up to bash disney, like state representative caroline amesty, who claimed the magic kingdom is "indoctrinating" children with "radical gender ideologies." you know what? yeah. no, no. she's right. really makes you long for the good old days when disney only showed wholesome, traditional relationships like a candelabra trying to bang a feather duster. [laughter] she's the most flammable object in the castle! get outta there! now, the craziest thing about all this is disney world is the largest single employer in central florida. you can't attack disney if you're the governor of florida. that's like runn

disney knows it.rwards to an end game where it's all streaming and then we can work on the profitability, which ties into the stripes we were talking about earlier. this whole industry is being reimagined. when it's done it's going to be different than four years ago where espn was this cash flow, but i do not think it's going to be what newspapers are today, frankly, a shadow in terms of profitability of what they were 40 years ago. >> anastasia, what do you make of the broader implications of kind of bundling together certain assets for the overarching media industry in the future that jim laid out? >> yeah. i feel like we've seen this coming a long time ago, which is content is king but there's so many people generating content which costs a lot of money and so much competition. it's really hard to compete in that environment. i'm not surprised to see some of these providers of distribution have been struggling in this environment. to the point about linear tv going away, my daughter who is 7 was w

and disney is definitely one of them. >> i cannot calculate the number of time we've been disney, but it's kind of excess of 100. >> taylor and michael black are obsessed and they've got pictures to prove it. i remember and love disney and all the things for me as a kid and it's carried me through to be adult. and i love sharing that with i'm with my wife and my kids. study from streetlight data broke down. disney demographics turns out only 36% of the guests brought catches the park under the age 18, according to insider report on any given day 40 to 50% of disney goers could be child for adults. >> definitely have some adult time there. you know, sometimes it's nice to get away without the kids. researchers simplify the roller coaster behind a disney addiction. these are the 4 reasons including craving for travel sensation of smells desire to be influential and fulfilling nostalgia. >> wow. that's amazing. they say the 18% of people going to get just to go which not surprising cause disease expense, you know, for its 6th. but forget the family, 50% of the people there are adults kid

disney junior, disney xd, free-form which used to be aims -- abc family.ble to charter subscribers. ed: charter shares up, disney up a percentage point. you get a knee-jerk reaction. here's the story i don't understand. a more narrow lineup on the spectrum. it is not all good. >> subscribers to charter won't get those channels anymore. that these have to pay for those. and in cable tv, it was the spinoff channels and you get more money cash disney -- you get disney xd and disney junior and those channels are going away because the cable bundle cost so much in the strategy is not working anymore. to see all of those channels dropped by the second largest cable provider is big news. it signals that those channels will probably see a lot more. ed: they still get net geo. that does it for this edition of "bloomberg technology". to recap the show on our podcast, get it wherever you get your podcasts. on all of your bloomberg platforms, from san francisco, this is bloomberg technology. ♪ - [mo] if you're thinking about going back to school, this is for you. ♪ -

more people with a high disney affinity.ews of the higher spending, the company says they are prioritizing projects to generate strong returns with the approach to allocate capital in a balanced manner. i anticipate we'll hear more about what sam iger and the parks chief said for now investors are not that excited about the news >> julia with more on that trade. jim and sarat, you both own it jim, is this good news or bad news >> i will take a deep breath and try to keep it calm. i get leaning into your most profitable division and it's roughly two-thirds for disney. i get it that's the right thing to do why make the announcement now? the timing,i'm sorry, the timing is stupid our working with comcast to figure out the hulu deal you have issues with espn. investors are clamoring for a dividend you couldn't have waited six weeks for this it's the wrong timing, a ten-year plan -- >> it's misdirection >> i'll listen to you, josh. give it to me. >> it's misdirection when you see the price they're going to get for abc, you're goi

what disney is saying about a possible sale. a very busy hour still ahead when "worldwide exchange" returns. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. >>> welcome back to "worldwide exchange." look at u.s. futures. dow has moved higher since we started the show. opening up 90 points higher. s&p is fractionally higher. nasdaq in the red right now. time to see how europe is shaping up as the trading day gets under way. julianna tatelbaum is live in the london newsroom with more on the early action. julianna, good morning. >>> frank, g

so we'll have to see whether disney is willing to judge on charter's demand it get access to disney plusor subscribers. disney, espn and abc do have monday night football coming up in a couple of days. >> but this sounds like charter's ceo is putting the ball in disney's court bigtime. >> well, i think you have to wonder whether this is really a turning point for the entertainment industry. up until now it would be unheard of a tv bundle that did not have espn. espn, and of course, even the broad cast networks are seen as essential to this pay tv bundle. access to disney's 19 channels have been considered essential. he's saying we are willing to move forward without espn. we're willing to let this go in order to be able to bring down the cost of the bundle for our subscribers, and at the end of the day, they're saying that the pay tv business is just not as profitable for them as the broad band business is. >> wow. interesting comments. julia, thank you for bringing that to us. >>> the nfl season kicking off tonight on nbc and peacock. a matchup between detroit and kansas city. new data

the stock, disney, down 23% this year, and more than 50% below all-time highs. let's bring in cnbc.com's alex sherman with more on how this process could play out and who the possible buyers could be. alex. >> yeah, thanks. i think we're early, very early in this process still. in fact, disney released a public statement last night saying look, we made no decisions whatsoever here. but we're thinking about what we might do with our assets, which echoes what disney's ceo bob iger said to our own david faber a couple months ago. disney wants to transform its business to a more modern looking company, and it realizes that the traditional pay tv bundle is declining, has been declining for years. and it's kind of finally it's come to jesus moment here where it's like look, we may need to modify this company. we need to sell off some of these assets that used to be crown jewels for us that aren't anymore. >> what could be bundled along with abc and any possible sale and who might the buyer be? or buyers? >> so there have been preliminary discussions with nextar, an ow

by the way, who do you think won disney or charter?we didn't have -- you can start. >> look, there's a little on both sides. i mean, obviously, disney got a deal done without too much kind of blood in the water, if you will, and they did get the increases on espn. on the flip side, charter made a stand, they got rid of channels they didn't want to carry. ultimately they're going to get to carry disney plus at a wholesale rate. they'll carry espn plus at a good rate. so they'll have access to streaming inside of their bundle. it was a good kind of good old-fashioned shootout at the o.k. corral which is what the arguments are all about and they got it done. >> i know. >> it's what we talked about this morning. >> when we ran into each other. i said, it ended up being like an old-fashioned fight. we thought it was going to be different and then before monday night football, which i don't want to talk about as a jets fan. let's move on from there though. speaking of espn, it's 2025, the ufc's tv deal. what are your expectations for wwe, i

the disney stock at a multiyear low recently.loomberg has just reported about the subscriber pressures that disney plus is under and it could fall tens of millions of subscribers short of its target. a tasty deal potentially. bob iger made no secret in july saying he was thinking about selling some of their traditional brands. earlier in the week we heard from the next star former president informing the ceo that it was a good idea to buy up legacy media owners like disney looking to restructure. in terms of saving traditional tv. kriti: they are kind of getting creative about streaming. offers are getting creative. they are not your traditional apple buying disney narrative. talk to me about the players and what the deals could look like. >> you could draw the parallel to espn looking to sell a minority stake but it is more about bringing in the right skill set so they can bring espn online and sell directly to consumers. in terms of the players here, disney has been holding talks -- it is -- next star is already a big owner. st

so, yes, disney jr.hannels like free form, disney xd and and nat-geo wild. angry parents depend on disney jr. favorites to entertain their children, and they are furious, and they are demanding that the programming be restored. but under the agreement, charter agreed to pay disney's higher price to carry espn, but the cable company will also if be allowed to include disney +in its $60 a month spectrum tv offering. make makes me so mad, mysed all of the u.s -- misseddal of the u.s. open because of this deal. still fuming about that. stuart: i can tell you're not happy about that, ashley. mike murphy, you must be if happy they've come the a deal. who won? >> i don't know if anyone really won here, stuart. i think it would be the youtubes of the world, the companies that are taking business away from the cable companies. a lot of people are just going to youtube now where you can have five televisions under one account. so i think the idea that people are going to continue to use cable or that cable busines

on board a disney ship. >> there are nods to classic disney attractions. then we've also got periscope pub and periscope pub is the first time we've actually had a venue based on the classic 20,000 leagues under the sea. >> so it's a very unique only disney can do kind of a venue. so we're very excited and when it comes to restaurants, the treasure will be serving up a one of a kind cocoa themed dining experience. plaza de cocoa is a brand new restaurant. it's the first at theatro royal dining location that we've had that's themed around disney pixar film and of course, the cocoa story is a beautiful disney story, and it really focuses on the heart and the family. so i do believe that's going to be really special for our guests. >> the ship is currently under construction in germany. bookings for the treasure opened september 12th with the maiden voyage set for december 2024. giovanna lara, abc seven news looks amazing. >> disney, of course, is the parent companyfbc seven. >> and a reminder oakland pride takes place this sundayc seven is a proud sponsorjoi

only on disney+. or dead sea lions.ported, several of them in bodega bay and in santa cruz and monterey counties. the marine mammal center says most of the sea lions are juvenile male suffering from a bacterial infection called leptospirosis. as this infection can be a threat to dogs. so you're asked to stay at a safe distance. >> these animals are already stressed. they're coming ashore because they're sick and so we really don't want to add additional stress by having an off leash dog or a human approaching to take a selfie. >> if you see a sea lion struggling, you're asked to call the marine mammal center. outbreaks of this type of infection among sea lions generally happen anywhere from 4 to 5 years at a time or every 4 to 5 years. i should say. the number of cases this year is not as large as the number recorded back in 2018. >> the last phase of a decades long earthquake retrofit project for the golden gate bridge is set to begin construction next year. the marin reports bridge officials are in the process of sele

you can't watch espn on disney +. so in this regard disney thinks it has the upper hand. monday night football, by this weekend, disney could lose hair golden goose. the fix -- their golden goose. that's what disney's up against now. many people have cable and tata huge bill because of sports. so this changes it. and just to put it into perspective, a lot of the tennis players are sitting in their new york hotel rooms, and they can't watch the matches. think of it like that. stuart: and disney has the liability, the problem here, right? it's down to $80 a share. i would bring you in -- lauren: i spoke too long. [laughter] stuart: gamestop up after the earnings -- no, they're not. they're down 5%. a couple of hours ago they were up. lauren: it's the known to be a meme stock. i get in trouble within when i say that. they lost less money, $2.8 million versus $108 million a year ago. they still don't have a ceo, cfo, and they still don't do the post-earnings conference call. stuart: that'll do it every time. david can, now it's your turn the. >> you want to talk about nvidia,

but disney makes a fortune on theirs. plus, everybody is so petrified that disney has to pay an arm and a leg to comcast. but i think disney can afford it. they have plenty of cash. that said, i would like to hear some clarity on their espn strategy. i don't think there is really anything to it. again, if you are as desperate as the bears make it sound, i would tell investment club members to be much more concerned and i am not doing that! to me, disney is about to play offense and it starts monday in orlando. how about boating? the cost issue, the cost of filling up is going through the roof! these have been deep -cyclical-ized, and yes, that is a term. on monday night we might get the pricing of the instacart deal. that is an ipo but it seemed a heck of a lot better a few years ago. something that appears obvious when you look at the downturn in the financing. i think they've taken advantage of the beautiful payload from yesterday. you want on this one? i don't recommend it. i would much rather buy the stock of goldman

which is not transformative for disney from the cash raised.ft with an equity that is really theme parks and content businesses. as its core driver. and streaming services. those are things that i think investors to get excited about. i think that would help sentiment for the equity. help the multiple and help those people employed at disney feel confident about their future. >> you would feel excited about the streaming business? >> i'm less excited about the streaming business of. i'm very excited about their thing park business which is generally shyly iconic. they will talk about that this week. i'm very excited about their content library. i think streaming services will tend to consolidate around the largest platform. so distance plus is a great focus brand right now. over time i'm not convinced that doesn't become part of a larger tech platform. i think that is the future. it doesn't have to be today. i think the street would see that in equity and i think that would be a story that people could get behind. >> would you rather they not b

on board a disney ship. >> there are nods to classic disney attractions.r society is based on the jungle cruise and then we've also got periscope pub and periscope pub is the first time we've actually had a venue based on the classic 20,000 leagues under the sea. >> so it's a very unique only disney can do kind of a venue. so we're very excited and when it comes to restaurants, the treasure will be serving up a one of a kind cocoa themed dining experience. plaza de cocoa is a brand new restaurant. it's the first theatrix dining location that we've had that's themed around disney pixar film. and of course, the cocoa story is a beautiful disney story, and it really focuses on the heart and the family. so i do believe that's going to be really special for our guests. >> the ship is currently under construction in germany. bookings for the treasure opened september 12th with the maiden voyage set for december 2024. giovanna lara, abc seven news. >> it looks like a lot of fun. disney is the parent company of abc seven. well longtime abc seven news reporter davi

it will deliver a huge boost for the reach of disney bust. -- disney plus.ill pay a whole selfie for all video subscribers. they are also paying for espn plus for spectrum plus video subscription myers. spectrum will offer it and pay disney. plus, charter says it will sell all of disney's services to its broadband only subscriber base. sources described the deal as a win-win. guggenheim writing it positions disney and charter to drive value amid the shift toward streaming in a digital future. >> you mentioned the bundle lives on only slightly exaggerating the stakes. it did occur to me all this month it was both the traditional media companies that provide these networks as well as the cable distributors. both stocks were on the weaker side and underperforming. it feels as if the market felt there could be a lose-lose outcome if it went a different way? >> but also the question is that people want to watch live sports where they going to go? disney has said it is working to bring its espn channel as a flagship direct to consumers. once that happens everybody

disney. >> disney, back with an eight handle this morning.see, given some of the comments out of charter yesterday. overall market here, jim, 44. it's been sort of a chop, hasn't it? >> look, i kind of expect to get through this period, maybe get september down to be 2%, 3%, and then we have a nice rally from it is my thinking. there's a lot of stocks i really like that are just crushed here. and i can go -- i mean, some of the industrials, the rails have been crushed. today, there was a great note out about fedex, and i think fedex, it's their time. they're doing very well. if i can get that stock a little bit more from its high, i think that's a terrific opportunity. it was just a nice piece of research. there's things -- look, docusign was a decent quarter. people don't think there's enough growth. i worked a lot on restoration hardware last night, and i know it's down 23, but gary friedman is the ceo. when i work with him, he bought back 17% of the company. you've got the new source book. it's pretty attractive. he did not really say a lo

that's 8% of disney's overall revenue in that tv segment.ir streaming that they lose subscribers and have to out put all that money into content and getting more people to sign up. is someone's got to cave here, right in i'd imagine. is the model that that we're used to changing where, you know, disney can muscling the cash cow, which is -- milk the cash cow, which is charter communications? if they're going to pay them all that money, give their pay tv subscribers ad versions of espn+ and disney+ for free or at a lower cost. stuart: there's an a awful lot of people very annoyed that they're not seeing i think it's college football and the u.s. open which they can't see. billion of people. lauren: yeah. i said this yesterday. the players themselves at the open are staying in new york city hotel rooms, and they can't see the matches that they're participating in. stuart: disney desperately holding on to $8ing 5 a share. -- 80 a share. is walmart cutting wages for new hires? lauren: yeah. they'll be making a dollar less than three months ago.

it is owned by disney. 66% hulu live or so well. spectrum had said to its subscribers, here is a link if you need to watch the game. >> the one that selling off today. everybody else is up. communication services. david, thank you. >>> when we come back, we have a real live interview with the ceo of barclays. the set of financial markets, the outlook for the economy, the job cuts at the bank. we are going to cover it all. >>> benchmark founder, bill gurley, is with us and wwie ll talk with him and get ready for their debut as talk on the street continues after this. g to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now fo

by the way, abc7 is owned by disney, our parent company. and a reminder, you can get our live newscast, breaking news, weather and more with our abc7 bay area streaming tv app. it's available on apple tv, google tv fire tv and roku search abc7 bay area and >>> tonight, breaking news. hunter biden indicted. >>> in the northeast, hurricane lee, the newest track right up along the east coast. ginger zee with the hurricane hunters. >>> and tonight, will tens of thousands of auto workers go on strike in just hours? >>> first tonight, president biden's son, hunter biden, indicted on three felony gun charges for allegedly lying about his drug use when buying a gun. what the white house is saying tonight. pierre thomas reporting. >>> also tonight, hurricane lee about to make

disney stock is down over 24% since january.mnist i mean, i guess they're going to sell other things, jim, so the rumors are true, we don't know to whom or when it happens >> or at what price. as iger sort of shocked everyone on this network when he made those comments at sun valley where, you know, suddenly he put on the block the core of the disney media empire including their once, you know, incredible cash cow espn. so, the question is, you know, we saw not too long ago that paramount pulled back and stopped trying to sell the b.e.t. networks. there doesn't seem to be a lot of demand for the legacy channels espn is in a category of its own. not clear they want to get rid of it entirely, they want to bring on partners and grow more of the sports gambling thing there is a lot going on there. but unfortunate bottom line here is that they're all diminishing assets they're deteriorating, i think, now faster than many analysts had thought as people move increasingly to streaming and as disney and its competitors still struggle to

charter didn't show disney the money.s feels like a very problematic issue here if you're not point to have disney on charter communication anymore. ed: charter is the second largest cable provider in the nation and provides television services to 14 million people. what disney said overnight is they are going to block charter customers from accessing specific linear television channels, most importantly espn right ahead of the football season. i am not a football fan but there are millions who would be worried by this. the problem is, it goes to the core of the disney story. disney wants more value for their channels, for their product. charter wants to improve its bottom line. basically the recourse of what disney justifies the block on is they are in a contractual dispute to renegotiate those terms. how are we thinking about the legacy tv business? dani: i don't understand how you watch sports in the u.s. the whole thing is confusing to me. ed ludlow will be on bloomberg tech. coming up, we will continue the payroll co

because i realize that -- the cap x here, this is an overreaction disney has other issues., i'm always long, i have some hedges, but i have one other asset, which is one-year treasuries i think the risk/reward is compelling >> we began the program. all right, guy -- >> i'm sure -- i've never met pat, i'm sure he's lovely. two push-ups on stage, sort of embarrassing you would have rattled off 50. because i know that's who you are. >> that's right. >> one arm, no less. >> sllone. i mean, stallone, tyler. oracle, old tech back to you. >> old tech. all right. thank you for watching "fast money," everybody. you know what's coming up next that would be jim cramer and "mad money," it starts right now. >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica my job is to entertain, but to educate and teach you, s call me at 1-800-743-cnbc. or tweet me @jimcramer. you see gloo