we can devote a lot more time to this but you don't have the same bundle of linear tv channels that you watching cable at home. some of them do have live tv channels, and cnbc is included in many of these bundles but you're cobbling it together rather than a guarantee of all the different channels >> julia, thank you very much. sometime over we will talk it through. thank you very much, julia boorstin >>> still to come, we will get you ready for jackson hole next week it will be big big. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. ♪ ♪ >>> big week of fed talk ahead what are investors watching out for out in jackson hole? here to discuss is our own steve liesman. steve, all cio of fed rated hermes and one of the biggest bulls on the street. let me begin with you, steve we did this yesterday, didn't we we had two steves on at the same time steve oth, welcome you are

i think that's going to accelerate the decline in linear tv.at will help streaming and with netflix the leader in streaming should help netflix. the paid sharing, password sharing rollout smoother in the u.s. than anticipated and advertising is still on the table. we think very well positioned. earnings estimates over time will go up. i think usage goes up given these advantages. we like the stock. >> a really muscular thesis you just late out there, alan. and what i hear among many things i like to pick up on. the idea the other studios, whether it is universal or paramount or disney. that they are going to be -- well, victims, my word, of the muscularity of netflix. >> you know, right now comcast or peacock losing $3 billion. should be their peak losses for comcast, but i don't see brian roberts standing by and continuing to lose large sums of money in the streaming business. paramount plus is losing. >> what does com cost do then? get out of that business? >> no. >> can't afford to do that. >> well, some sort of a combination, i don't know.

do they take out abc, change the linear tv approach?t i want to hear. >> it is worth recalling that piece of the business broadcast has been strategically shrunk for many many years now. in terms of theme parks, there has been concern about the previous indisputably strong part of the business. >> it has been so strong and it was high end with the movies which has been weak as of late. i was at the park a few months ago and it was packed, but is the consumer pulling back? listening to consumers and hotels are saying. are we seeing pullback in discretionary spending? reading into the parks numbers will give good insight for the upcoming quarter. >> they blame the weather and it was hot, but we will see if that was the story. for the broader market how are you thinking about things with cpi tomorrow? is it a relief or rethink? >> look at oil prices we are up 20% since the middle of june. how can that not make your headline number? it's not tomorrow, the next number moves higher. i don't think we are in a downtrend and that's going to push

and benefit to bringing espn both direct to consumer, as well as espn have a linear platform on linear tved 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 happen this fall so there is a lot to learn about the goal for hulu and what hulu looks like when it's owned by disney, which we expect to be the case >> julia, thank you. we'll get the resulting a of the bell speaking

melissa, this summer marks a key tipping point for the entertainment industry for the very first time, linear tv viewership fell below half of all tv usage in july that's according to a new report from nielsen so, that 23 billion viewing minutes number you referenced, that was viewing of suits on netflix and peacock and bluey on disney+. the success of decade-old "suits" speaks to netflix's ability to mine old content and turn it into a big new hit the unique strength of youtube and netflix as particularly notew noteworthy these two industry leaders combined for nearly as much viewing as total broadcast television they also accounted for 70% of streaming industry growth in the month. so, now the strength of streaming growth will be threatened by rising prices. it's what i'm calling stream-flation the top six will cost $87 this fall that's up from $73 a year ago. so, we'll have to see if consumers opt for lower cost ad-supported options or if they start to drop some of these subscriptions. so, melissa, the cost of that bundle of all of those streamers this fall, that's actually more than basic ca

consumer division and big questions about the future of the strategy around streaming as well as linear tv the revenues expected to grow 4.6%, earnings per share pr projected to decline 11% thanks to widening losses in the direct to consumer streaming business espn is sure to be in focus this afternoon on the company's earnings call amid on the heels of the sports giant announcing it's launching a branded sports book with penn entertainment in a $2 billion cash and stock deal this comes after ceo bob iger says he's looking for minority investors in espn and we've reported that he's talking to the nba, mlb, nfl and nhl. now, there are some other key topics, iger is sure to be asked about on today's call in addition to espn his plans for hulu, its integration into disney plus, as well as his plans to buy outcome cast my mortgage stake his interest in selling disney's linear tv networks and any commentary iger has on the impact of the writers and actors strike that continues to drag o on >> i know you will have a lot of action to bring us later today and of course into tomorrow. thank you so

>> it is the right one for disney plus it is right for the industry i keep this simple the linear tv bill is $105 a month. there is not a service out ther. most people have five. all of those and we are getting normal pricing tiers we have the consumer to go in and take the product with ads for disney to generate more revenue with the better pricing that comes with web-based advertising opposed to linyinea. >> jason, the streaming side is in focus here. you mentioned the parks side of the business disney is the high-profile target of the tug-of-war here in america. the mpark attendance numbers bet estimates, but showing signs of a slowdown how much do you think disney will benefit from the rebound or dragged lower by the continued slowdown in the park side of the business >> it is really interesting. the street was very nervous about the park numbers you point out that iger was signaling softening. this is strange to me. disney's attendance numbers at disney world last fiscal year were 20% below 2019 levels a lot of the things mr. iger highlights like lower hotel tax results in the c

defining tv is difficult but doesn't want to be in linear tv the way it's been previously? uestion because profit from live tv dropped 11% year on year. we are talking about things like abc, espn, even as far back as sun valley, bob iger said that they are not necessarily core to the strategy. one analyst asked if we fully depreciated the value of those units. a lot of the focus was about subscriber growth, getting profitability on the streaming business, online video business. but the cost cuts also address tv which is suffering from falling ad revenues. it's incredibly expensive to make live television. a lot of people have told me we love that iger is staying on because he is so committed to live sports. but if you listen 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

restore the economics of the business models that are challenged and content creation and movies and linear tv what's your take the timing of this announcement is bad for disney given the use of ai is a huge issue in the ongoing, you know, negotiations with the writers and with the actors they just started talking again and a lot of the writers let's face it, it's they're next on the chopping block here a.i. does have the potential to reduce very large costs for disney, not to disney, but of all of the hollywood producers wall street has been very concerned that the cost of the streaming services have just been skyrocketing in a round of control and ai is certainly a possible way sharply reducing the cost if we look at disney and a lot of the other studios produce it's formulaic in many cases and there are settlements and the action, adventure genres and the marvel things and there are set pieces in every one of these and dare i say it, ai could probably write some of that now that said, the high concept issue is a truly original and that's got to come from humans. >> right especially at a tim

if we look at them media entertainment segment of disney, this is linear tv.mention of the parks. this actually in at the description of parks, experiences, and products if you like where that came in at 8.33 billion. better than estimates. it wasn't really what was happening here in the united states. it was the parks overseas that did a lot better including a singapore where the theme park was open and in shanghai. that helps those numbers here in the united states up just about 4%. i want to talk about subscriber losses as well. we know that streaming revorevenuehas been falling. 46.1 million disney+ subscribers. that is a 7.4 decrease% from the previous quarter appeared we were looking for around 151 million subscribers. i want to get also to their traditional linear television. we are talking about the broadcast and table tv business which has been a problem for disney, continues to be. revenue from television for the quarter down 7%. operating income fell a massive 23%. also, disney announcing after hours that they are going to be raising their prices on

question of espn, how they'll be taking it direct-to-consumer and even potentially sell disney's linear tv cetera. there's one other thing here there was a report out this morning that disney has created a task force to study artificial intelligence and how it can be applied across the company this could a.i. fears among striking writers and actors we'll see if bob iger weighs in on that. >> i was going to say, julia, by the way, 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 th

you go segment by segment, linear advertising, not great, subscribers to linear tv, not good accelerationrd 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 so, recently the cfo christine mccarthy is not there anymore. perhaps bob iger talk a lot of the talking on the call. it will be interesting to see what reason he gives investors to stay with disney. look, maybe we're in a lull here, but we're going to be on our way back soon. >> yeah. i want to add one more, secret invasion certainly no mandalorian. they have issues on the tv side as well. >> yeah, of course. >> something that might generate excitement but not in a good way, the news that disney has an ai t

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 make more right now and that's like a short-term we'll raise prices do that again. do that next year. probably not you're it stuck at 100 million users. the content is n

since april of 2022 the comcast gains today come as nielsen reported that for the first time ever, linear tved for less than half of u.s. viewing in the month of july guy, you got some thoughts on comcast? >> i do. if you look at the move, you just said it, levels you haven't seen in quite some time. we just made a textbook 50% retracement of effectively the all-time high in the stock, and the recent low decent volume day-to-day, it traded about 20 million shares, little more than norm am this is where you should probably be taking some money off the table. people will point to valuation, valuation has been compelling on the upside and downside in the entire space, but if you've enjoyed this move, i think you are starting to take some money off the table. >>> all right, shares of lyft topping the tape today, gaining 4%, after the ceo disclosed he had bought 100,000 shares and take a look at this, lyft's 50-day moving average getting close to crossing above its 200-day moving average for the f fist time since october 2021 the stock is in two of our trader's acronyms this year, and it has been

cheryl: well, speaking of sports, luke, one of the things he had to address, obviously, was espn, linear tvn general really whether it's abc or espn. but, you know, holding on to the brand at this point. >> yeah. no, absolutely. and dave portnoy's probably one of the best businessmen, also one of the funniest of all time, so congrats to dave port nay -- portnoy for grabbing it back for a dollar. disney's got a lot of issues on the horizon. frankly, two woke organizations working together. disney lost millions of subscribers to disney+ over the past 30 month, almost are an 8 loss, so i guess when you lose the people that you have, you have to the raise the prices for people that are sticking around. i don't know if they have much coming back. that's usually not a great business model and not one a lot of people want to invest in. i think disney forgot their product. even with this espn, you know, betting deal, their product used to be the family and and family values but not anymore. their woke agenda they pushedded is hurting their businesses and, ultimately, all of their stakeholders. and

to have an extra tier and look, you've seen, you know, peacock has put sports rights that are on linear tvunt plus >> i think we're talking about premium tier i think we're talking about a premium tier >> we are, which no one has -- no one -- people have done it for free, or, you know, included in the biase, no one's done an actual premium tier. i think it's a relatively small business i don't think there will be a lot of people who say, i want national north koreba games on max subscription that i'm already paying $15/month for i think that's a small business. does it begin to sports people will pay incrementally for it's probably a good learning exercise, but i wouldn't expect it to be a big business. the interesting thing for your viewers is, from what we understand, they have the right to do it today they could have done this for years. they just never wanted to. they've had the ability for years to offer this product. >> the entire industry is deleveraging, rich who is going to be doing the buying if everybody wants to improve their balance sheet or a lot of people have debt loads, ri

incentivize everyone to figure out the way to monetize espn, as well having a will that first because the linear tvcause they want the ease of it but also want to know they can watch live sports. once they figure out what this future of espn looks like, what that will mean for everybody and we were talking about the big leagues investing in this rar than hulu. also, are or nor kind of big tech company spending in as a partner as well. do you think that's in the cards in. >> there was speculation that disney would sell entirely to apple. yesterday bob iger shot in a down >> alljulia boorscontinue. 179 points up on the dow back after this. ery day. get more with nature's bounty. >>> welcome back to "squawk box. july cpi report just came in as expected month on month. overall i'd say a little bit cooler than expected and the markets up, rates are down and there's cpi and there's also claims. what do you think in. >> i think the biggest question is what are the feds going to do with this? the data is showing it coming down and i don't see rates in the next year or so going down i think as an equity inv

so there's an interesting thing there that linear tv is going down but old shows are coming back. >>ttoos. 38% of women, 27% of men have it. here's the last one. for women between the ages of 18 and 50, about 55% have tattoos. >> come on. >> that stuns me. >> it's true. >> i'm not a big tattoo guy. mika, you're not a big tattoo girl. >> no. >> all the things i presented here. all the nonsense in front of you, all the useless information, this one blew me away more than any other. >> i guess you believe it antidotal but more than half of 18 to 50-year-old women? >> 18 to 29, 56%. 53%, 30 to 49. >> you keep wondering about the tattoo on your arm, whatever. at some point in your life, whether you're 50, 60, you're thinking i have to get this thing off. >> yeah. >> there's that, too. donny deutsch, thank you very much. brand up, brand down, mika. >>> up next, a daring and unprecedented mission by a first lady. we'll have more about eleanor roosevelt's secret trip to the pacific during world war ii, putting her right in the middle of the conflict. >>> and a little more news as we go to br

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't a throw-time balance sheet good they mentioned the a-rating. >> and i think liquidity will be out sooner rather than later when it comes to identifying a league

the linear business is completely challenged. the paid tvut it doesn't mean that these assets don't have value. so if you look at what viewers are watching on streaming, very often they're watching broadcast and cable network shows just on a different distribution platform so, it is unclear as of now what he means exactly by not owning these assets or maybe not owning 100% of these assets, who the partners may be, what it would look like. it is just not clear there is tremendous value. when nbc, your parent company, took content off of hulu and put it on peacock, you could see where the subs went. they went to peacock so, there is tremendous value in broadcast and cable content and i think that if cnbc was in a different platform, people would follow you >> god bless you, jessica, thank you. >> jessica, thank you. jessica ehrlich. >>> coming up on the other side of this, we'll probably talk more disney throughout the show. but when we return, americans turning to their credit cards this summer and total credit card balance is jumping above $

tv stuffs the viewer with illusions about some peaceful conditions. kiev, with an unexpected reference to the president of finland, saulinism, and here, according to linearitye president very clearly articulated what he had in mind, so that he would not be accused later that he was forcing ukraine to sit down at the negotiating table with the russians. no, he said, this is his phrase, that first there must be a fair and strong peace in ukraine and then some kind of negotiations. well, such propaganda is no more impressive than a muddy video of another, apparently, sea drone unmanned boat, which london gives kiev hopelessly, sitting on the needle of western military supplies, it is more logical for them to celebrate the day of dependence. well, ukraine is ready to take the f-18 fighter jet from finland, which is going to be decommissioned there . today in kiev, zelensky again begged for weapons and equipment from western countries. even if the summit, the so -called crimean platform, began to beg for something written off by experience. why ukraine is still basking on the peninsula and what the europeans actually promise the kiev regime policy details from b

resonating with tv stations i deal with around the country where they are in a world of on-demand consumption and shareable media. the story becomes a unit of value as much or more than a linearadcast does. it's more likely to be shared and have a longer life. that's got to be better. i think that's encouraging for educators because they are experts on storytelling. bringing back that craft i think is something that's a big interest to me. battinto: let's bring it back to this for a minute -- you two gentlemen have been at this for sometime an it's been impactful. as you look back on this say five years from now, how will you know that we have had some success and moved the needle where there is something that has come out of this? andrew: my joke was that news outfits will sate we use the cronkite principles to guide our newsroom. [applause] [laughter] battinto: i hope we are cockeyed optimists. andrew: i hope that you are seeing these values express consistently in a revival, especially local news around the country and this will become obsolete area. leonard: agreed. battinto: thank you all for engaging in this discussion today. i think we all learned a lot. once again, we

tv stations are getting their share. as a result of that, i like those kind of companies, even though they're linear television, kind of datedlosed yesterday or today around $16.50. they will earn $3.50 a share they had a deal to be bought the federal communications commission kind of derailed it in a very interesting way. not important at the moment. they're going to be $24. you're going to make 50% in 18 months in addition to that, at some point, the fcc is going to allow tv station operators to have more than 39% coverage what does that mean? it means that companies like paramount, like disney, may examine keeping the network, like keeping abc network comcast keeping its networks >> contrary to what bob iger just talked about. >> and then selling and spinning off the tv stations, assuming either the public company or someone can consolidate that so, you know, those are the dynamics >> do you think that's going to happen under this administration >> no. >> do you bet on a new administration >> even if it doesn't happen, it's okay. but why would you care about when somebody can get on tiktok and have 385 million viewers, an