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

. >>> is disney's latest quarter proof that bob iger's turn-around plan is starting to keta hold?after the break. new nature's bounty hair growth. clinically shown to help grow thicker, fuller hair with just one capsule a day of advanced hair complex. conquer hair thinning... ...and fall in love with your hair all over again. only from nature's bounty. >>> disney definitely in focus with today's "techcheck" with a crackdown on password sharings julia boorstin has more on the quarter. hey, julia >> well, carl, bob iger laid out a new plan to make streaming a key growth driver for disney and part of that streaming plan 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

not very well, bog -- lhob iger— holding up? not very well, bog -- bob iger made _ holding up?g up? not very well, bog - -- bob iger made some comments —— bob iger made some comments a couple of weeks ago how those were non—core assets quite shocking when 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

advertising on streaming, which should be a really positive element for them, something iger talked a lot about in the cnbc interview, as a major important ingredient of streaming success, disney+ advertising down, hulu advertising down and hulu advertising per sub for the first time in about five quarters was up. and the only way that can happen, if you have hulu advertising declining, is to have a -- a situation where your number of advertising subs, people taking advertising on the hulu services, down, which is not a good thing and disney world was down, consumer product is down it's a good day to be talking about gambling, i think. >> yeah, tom, not surprisingly, you did a masterful job over the years talking about disney comes as no surprise to any of us here, nor our viewers, they know that tom is what -- melissa? >> you say it. >> a stud. >> it would be cooler if melissa said it. >> can't get everything in life. this penn gaming/espn deal, late to the dance, but everybody is talking about it today does this even move the needle at this point? >> look, it's a contribution, all c

investors looking ahead to the july cpi report due out in a few hours. >>> iger strikes back. disney moving ahead and higher ahead of the opening bell despite the mixed report in slowdowns. nothing a few price hikes can't fix. >>> and return of the tourist. china unveiling another stimulus in the con kcon -- hopes of boog the economic conditions. you are watching "worldwide exchange" here on cnbc >>> welcome back to "worldwide exchange." i'm dominic chu in for frank holland. let's pick up this half hour with the equities and futures. dow jones industrial average implied higher by 73. s s&p by 24. >>> get your popcorn ready the pace of price increases is easing with the cpi print due out in a few hours headline cpi is forecast to risen by .20% month over month which is the same increase as june, but 3.3% on the annual basis which is the first rise in a year likely driven on a headline basis by higher gasoline prices. let's get more from the chief investment strategist at citi growth wealth steve, how important is this cpi data to the overall fed and economic narrative especiall

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

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

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

can do it but you also have succession who comes after iger? there's a lot of pros, but everybody is foes used on the cons, i'm not sure when that changes. i do think at some point it does change but probably not anytime very soon. >> weiss, if you are looking for a winner when it comes to streaming it looks like netflix is your go to, no the disney. >> netflix s but it's not a core position i trimmed a little of that as well i still own it you have to buy netflix when it's down. netflix is in the driver's seat because they aren't worried about balance sheet whether they should be or not, they have a huge spend, but all the other streaming services which i don't think were competitive with netflix from a product or customer standpoint, they are all under pressure so they are all cutting back in content and this is a business where content is key so i think netflix will do quite well it will bounce back, it has up and down quarters based on subscriber growth, this time a couple other factors involved in the decline, but they are absolutely the c

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

, but it'll take a lot to make them forget that since iger returned to the helm back on november 20th of last year, disney shares have dropped more than 4% while the s&p 500 has soared 13% plus. who's going to come out the winner in this penn-espn deal? coming up, jordan bender of jmp is here on whether the deal will turn out to be brilliant or a bust and for what side. that's really important. to the markets on this wednesday, we've got some churn as we kick off the final hour of trade. the s&p and the nasdaq are on a pace for a second straight day of losses. right now we're watching the dow because it had been in the green. it is still down now though at the moment by about 14 points. the s&p 500 in the red by 7 points, the nasdaq down 81. the russell 2000 losing 10 points. stocks though, you can argue these are slight changes, right? not big, dramatic swings as investors await what could be a very major market catalyst. july's read on consumer inflation out tomorrow morning. july cpi, as it's called, expected to have climbed two-tenths of a percent month over month, 3.%% year-over-

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

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

iger it will be the first time we hear from him since he spoke to cnbc on july 13th.t that time, you may recall, there were a lot of different things that we discussed in terms of abc >> wide-ranging interview. >> cable networks, espn, and his plans for that speaking of espn, take a listen to what he had to say at the time, given we've talked about it a lot this morning. >> if you look at today's media landscape, sports stands very, very tall in terms of its ability to convene millions and millions of people all at once there's almost a guarantee that that occurs. it's an advertiser's dream it's a great demographic there it lends itself to technology in many ways, both in terms of coverage, distribution, and consumption. and our position in that business is very unique. we have a great brand. we have had a great business and we want to stay in that business that said, we're going to be open-minded there too, not necessarily about spinning espn off but about looking for strategic partners that could either help us with distribution or content, but we want to stay in 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

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

iger sounded in control. i think that's why the stock was able to mount a rally right into the teeth of the pullback in the first hours of the day the sell-off was indeed like just a storm, which meant there was a huge amount of pressure on every stock. to be able to buck that storm pressure there had to be a tremendous amount of buying power. >> buy buy buy a sign there will most likely be buyers at lower levels if disney's stock ever comes in again. i like that trampoline underneath it almost always portends good news from the analyst community. when they see this kind of action they say to themselves this stock is saying finally the worst is over i'd better upgrade or go to hold from a buy how do i know this i've worked with analysts for years and they're loath to call bottoms themselves they like to wait until the market calls the bottom for them that's what i believe happened with the stock at disney today but let's go back to that feeling of being picked off by the market's opening when you see a huge u

some of this you can't really blame on iger. he led the company with absolutely growing reputation and he came back to a changed industry nobody will be popular who has to make large, across the company cuts and he's had to make cuts and lay people off so there's one right there for popularity and everyone would agree he's not doing this recklessly that has to be done. number two, he's inflamed the cree aft creative community with comments the writers aren't being realistic and he has to be super careful about off-the-cuff remarks about the motive about these very important, creative people to disney going forward, and then i think as a way he announced or i guess you can call it announcement and he's re-thinking the whole structure of the company came as a great surprise, and i think it caused real problems inside and people were waking up and then, his partners out there, they don't own all of these things by themselves so no head's up and no advanced warning that this was coming and i think that came as a shock to many of the

>> 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

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

were positives that were inkremental information from the call. >> how much time does that buy bob igerhe'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 curious, for your take on some of the ad tiers, just like netflix what are the implications oh of that >> i think fundamentally, you can't shrink yourself to greatness. a strategy -- it may be the strategy to sell off parks and do things, but fundamentally they're down in terms of user adoption, people buying their products, going to parks in every category i think they keep blaming other people and they have to look at themselves and say how do we get people to love these products again? and then grow our way to greatness. definitely what the media and bringing more ad revenue into it, it's a way to drive a lot more profitability, and they should do that, too. but they have to get people to love disney products ag

with bob iger back they can get there. you have a messy bag right now you have orlando slowing but international super hot. linear tv pretty terrible but as a result streaming they can start to raise prices. it's messy, but i said a couple weeks ago, i think you bet against disney the way you bet against new york city. the loyalty is unbelievable. the customers unbelievable the products are unbelievable. they're going to misstep and stomach stumble from time to time, but you don't bet against it >> what's interesting, you can say they've taken a page or so out netflix playbook as well with regard to streaming strategy, raising prices, doing the password sharing crackdown is it enough of maybe at least a short-term catalyst to say we can capture a fraction of the kind of upside move we saw in the bottoming out of netflix and in the resurgence of that? >> i don't think so. because disney is not adding subs they're doing this defensively they have no other way to justify the amount of money they've invested other than try to

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

so, do the latest comments by desantis spell more trouble to disney he was speaking directly to iger,do fine here julie, sounds like he's digging in for the fight, though >> yeah, it's kind of an unusual position to be taking, right you know, going after your -- one of the largest employers in florida, you know, who has quite a halo in terms of its brand he's going to outlaw puppies next, i assume it's a challenging position he's got himself into, because i don't think he has a lot of public support he doesn't make a bad point in saying that they have special treatment, but i think the way that he's gone about it is problematic. you know, as for disney, i think they borderline have been enjoying this, because it's really pretty clear they have the upper hand on it, but i don't think long-term it's a real problem for them. i think their own problems are homegrown. >> you know, i agree with julie, and i will say, his polling in the republican primary is not going particularly well, so, once he goes down into, like, single digits or something like that, ultimately, he'll be out of the ra

>> 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

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

iger and miff about where they missed the service initially he'sity fending that line that was so far beyond ma evening they didn't have the technology and the ol yit wims with and so, david, i need your analysis could there have been a more linear view of cable tv and what was expressed in the conference call >> it was so bad it's nrnl so how much worse can you get? >> that was a friday the 13th. >> yeah, we know that. but it's one of the bigger issues back up prp frm frms what to you consider to be the best? zrk you know, when it comes to the lynn yap being frms. >> nfrmt and talked about it on the call again, reiterated the fact that they want to man tan dpochl what they're looking at and we've naermtd and you brought up apple any number of times as a potential it's a possibility and the other would be a league partner. you would have a league frng and julie was talking about this earlier, to memphis on the transing and both of those being seen as very beneficial in terms of the content and distribution and giving you what they would think i would hope for a heads start. >> and isn

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. at one of our over 1500 locations. call miracle ear at one 800 miracle and schedule your to for

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 eyebrows on wall street. >>> and the expanding a.i.

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

a lot -- there's a lot of near-term noise and we have to see what happens with espn and what deal iger can pull out with that i think from a longer term perspective, this is a company that has a lot of assets and a lot of goodwill built-up for millions of people around the world, they love this company and they love -- they love their content. i think that that goes a long way. i think if these prices, it's probably more of a buy than sell, but, again, there's a lot of noise in the near term. >> they may love the company and they may love the content, but what is interesting, with amy saying there's lot of love for the stock because of what she saw in tokyo disney, but there's a disconnect for the alleged love people have for the company, and the content which others have been critical of late, and josh brown being among the loudest voices there this is all getting about to translate into what the business is doing going forward >> i think it goes back to the pandemic it goes back to when disney plus was in the initial stages and we were having conversations on the show about disney be

a lot of people have told me we love that iger is staying on because he is so committed to live sportsn to what he said on the call, they are looking for partners to do that outside of their core when you're offering. alix: 10 seconds. if we think live tv went away, do we get a boost in the stock? ed: no. the boost was just the boring grey stuff about capex, content spending will be 27 billion dollars instead of $30 billion. that is what the street wanted to hear and that is what they got. guy: thank you very much. bloomberg technology coming up in 90 minutes time. coming up, more on the question of the day, is the summer of disinflation over? thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh every business that's why comcast business de is launching theal. mobile made free event. with our business internet, new and existing customers can get one y

with the company, and i asked him just directly, have you or would you just give disney's ceo bob igercovid they were open in florida. they were locked shut in california we said we want you guys to operate because we understood how important it was that their cast members in central florida had the ability to make ends meet and, in fact, when disney closed their parks, i didn't tell them to close they did it voluntarily. we got all their employees' information, we ran them through unemployment, helped them stay afloat. >> you've got a beautiful desk over there, want to pick up the phone today and give bob iger, if so, what would you say to him? >> he wasn't ceo when this happened. >> i know. >> 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 m

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

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

and the brand licensing will drop right toast pn's bottom line all of this follows disney ceo bob igere's looking for minority partners to take a stake in espn. they're talking to the nba, and nfl. their sure to be in focus this afternoon in disney's earnings report, wells cost wuting disney's revenue is expected to grow 4.6% while earnings per share are expected to decline from widening losses in the customer business. >> boa wonders whether or not this drou lowers the possibility of taking a partner stake in espn are these dispositive of one another? >> i don't think so necessarily. i think that they see a real opportunity here to simply monetize opportunity around sports betting every time a new states thorzs sports betting, it expands the potential, and they want to make sure they have a partner here. i think that's part of the equation to me, this is not including them in any way from making a partner to take a minority stake. it would make a lot of sense if they could get one or several of those to take a minority stake it would incentivize them to figure out the best way to maxi

on the other hand, you know, like iger said this week for disney that, you know, they have got to cut costs they have to come up with a business model in which streaming makes sense. if the revenue isn't going to grow that dramatically, you have to cut costs so they said they're going to make far fewer films and cut costs on films which means fewer writers and actors are going to get employed and make less money. >> when do you think the pain flips? when do you think it becomes an issue for the studios instead? >> it's heating up right now i think that's why they're back at the table and these are very tricky issues to negotiate but i would say another month they're going to start looking at serious damage to the holiday season that is big. you know, you need that new material coming out, the excitement of that i think that's going to put significant pressure on the studios. >> how do they deal with issues like -- i mean, the streaming models is one thing and a.i. is a whole other can of worms. >> they're both incredibly difficult. the so-called back end of the compensation model coll

>>> 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

is the shoe that fits for apple is the golden espn assets which potentially may be on the table, as igercore assets over the coming months. so, now we'll have to see how long-lasting the messi effect is will people who signed up to watch messi stick around to watch ted lasso? melissa? >> or vice versa >> or vice versa but is -- so, they're putting it out there, like, maybe there can be a tieup between, or some sort of acquisition of those assets >> look, since there was that report just last week that amazon was in talks with espn and disney about potentially being a partner there, we have to assume that everything is on the table for disney and espn. bob iger said they're looking for the right partner for espn we know they're talking to the leagues about taking a stake in espn, but when it comes to distribution, you have to bet that if they're talking to amazon, they are also going to at some point be talking to apple, as well >> yeah. julia, thank you julia boorstin those espn assets looking really valuable, tim. good for disney, in theory >> well, it's amazing how espn was seen as a c

iger dropped a surprise headline that that disney will begin cracking down on password sharing next year because the losses from it are, quote, significant. they can already tell. i listened to the conference call, he said they're monitoring it. disney also raising prices on both disney+ and hulu subscriptions. so as disney hikes prices and the stock continues to move up it's not hurting the stock, inflation overall appears to be moderating and treasuries initially reflected the markets' belief that interest rates may come down sooner rather than later. so right now the benchmark yield up 7.4 basis points to 4.0 # 8%. you can see earlier it was below 4%. but so much depends on how the fed interpret withs the data we got this morning, and that all weaves into the stock exchange and the stock market. so let's get right to the floor show. joining me now, northwestern mutual wealth management's chief investment officer brent about chutety and chief economist dana peterson. dana, i want to talk to you first because this core cpi number, was it enough to stop the fed dead in its tracks from hi

iger said it was hot. it was the same temperature last year and the year before that.look at target. no doubt, there's something there. with bud light, there was something there. if desantis has taken some hits from people that are mad at what he did to disney, shouldn't some of the people that agree with desantis be part of the problem here or you say it has nothing to do with it? >> i'll not say there has been no political impact. i do believe our teweather technicals say weather is a headwind. you know, it's too bad that they have gotten themselves into that. >> it is not just with desantis. you know, snow white. seven magical creatures. i don't know. some other movies that were not well received because they were thought of as being -- comcast has been doing well. you look at walmart versus target. it goes like this. a clear difference. i don't know. >> it's crazy because you are right. there are many companies that are in the political debate and disney ended up in it. you know, it comes from the top and that would have been iger and chapek and they haven't been a

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,

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

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

iger was hailed as a hero when he returned last november.ted it would take two years to turn the company around . since his return, 7000 employees have been cut. he has hinted that the company may sell off assets that are not core to disney. i'm pam cook. let's look at your dollars and cents. thank you, pam. the spacecraft that will take people back to the moon is undergoing a long series of tests at the kennedy space center in florida. engineers have spent weeks blasting the crew capsule with loud noise from speakers to make sure it will hold up to the vibrations and sounds of launch. whenever we add new equipment, there's always some, some idea there might find something that we aren't expecting. it's not just the skin of the capsule that has to withstand those tests, but everything inside that the crew will rely on during the entire mission. mission two commander reid wiseman says he's getting more excited about the mission each time the equipment passes. another test. that little spacecraft right there is going to hold these four little

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