According to the agreement between the two companies, Disney will own 70% of the new entity, while the existing shareholders will own 30%. Fubo TV co-founder and CEO, David Gandler, will serve as the top executive in the new company.

“We are delighted by today’s outcomes,” Gandler said in a statement. “Increased scale means we have the flexibility to pursue diverse growth strategies, opening up a range of opportunities, both domestically and internationally.”

Fubo TV offers its users streaming access to more than 100 channels, most of which are focused on sports programming. The company had 1.6 million paying subscribers in North America alone and close to 2 million subscribers globally.

Hulu+ Live, on the other hand, has 90+ channels focusing on sports, entertainment, news, and more. It reached 4.6 million subscribers in 2024.

The combined company, which will keep the ticker Fubo, will have 6.2 million subscribers and an estimated revenue of $6 billion.

Fubo TV stock jumped by 240.28% at one point on Monday, trading at $4.90 per share.

The post FuboTV Stock Jumps 240% After Merger With Disney’s Hulu + Live TV appeared first on theprimarymarket.com.

Disney’s revenue in the fourth quarter of fiscal 2024 was $22.57 billion, topping the $22.47 billion expected by analysts. It was also above the $21.24 billion in the Q4 of fiscal 2023.

The company also reported $1.14 in adjusted earnings per share compared to $0.82 in the same period last year and $1.10 estimated. Additionally, its operating income climbed to$3.7 billion, marking a 23% year-over-year jump.

Disney significantly benefited from the success of its direct-to-consumer (DTC) segment, which includes streaming service Disney+, Hulu, and ESPN+. The division had $321 million in operating profit versus a $387 million loss in Q4 of 2023 and recorded its second straight quarter of profitability. Its flagship streamer, Disney+, had 122.7 million subscribers at the end of September, 4% more than the previous quarter and above 119.85 million estimated.

Better-than-expected results show the effects of CEO Bob Iger’s recent moves to bring the entertainment giant back to its previous heights after a period of poor performances. Iger employed various cost-cutting moves while also streamlining the company’s Entertainment unit, which saw underwhelming performances in the past year.

“Thanks to the significant progress we’ve made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future,” Iger said in a statement.

The post Disney Earnings Beat Estimates on Strong Streaming Results appeared first on theprimarymarket.com.

Disney announced the move in a memo sent out to staff last week. The new division will be tasked with exploring the use of AI and other technologies within the company’s business, including applications in movies, theme parks, and more.

“The pace and scope of the advances in AI and XR (extended reality) are profound and will continue to impact consumer experiences, creative endeavors, and our businesses for years to come – making it critical that Disney explore the exciting opportunities and navigate the potential risks,” Disney Entertainment Co-Chairman Alan Bergman stated in a memo. “The creation of this group underscores our dedication to doing that.”

Bergman added that the purpose of the division is to “galvanize – ensuring that our exploration, adoption, and use of these technologies is aligned, strategic, and responsible.”

The unit will be known as the Office of Technology Enablement and is expected to grow to 100 employees. Its leader will be Jamie Voris, CTO of Disney’s film studio, who will report directly to Bergman. Marvel Studios technology head Eddie Drake was tapped to take over Voris’ former role.

The post Disney Creates a New Business Unit Dedicated to AI and Other Emerging Technologies appeared first on theprimarymarket.com.

The timeline was unveiled during the introduction of former Morgan Stanley top executive James Gorman as a new chairman. Gorman will take over the position from Mark Parker, former CEO of Nike, who is stepping down in early 2025 after nine years in the role.

 Gorman said in a press release that the company’s “critical priority” is to appoint a new CEO and wants to allow them enough time for a successful transition from Iger’s regime.

“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said in a press release. “This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”

Gorman’s statement is in line with Iger’s previous comments about focusing on identifying the person who will run the company in the future. During a recent interview, Iger said that identifying his successor is something he is “obsessed” with.

Iger initially served as the CEO of Disney between 2005 and 2020 before being replaced by his hand-picked successor, Bob Chapek. However, Chapek lasted less than three years and was ousted in November 2022, after which Iger returned.

The post Disney Expects to Announce a New CEO in “Early 2026” appeared first on theprimarymarket.com.

In an appearance on Kelly Ripa’s podcast Let’s Talk Off Camera, Iger said that he is working hard on finding his replacement, and it is something he is thinking “all the time”.

“I think it would be safe to assume that I think about [CEO succession] all the time,” Iger shared. “I could say that, ‘I’m obsessed with it’ would be probably an understatement and actually, the board and I established when I returned that that would be among our biggest, if not our biggest priority.”

Iger initially served as Disney’s CEO between 2005 and 2020 before making way for Bob Chapek, chairman of Disney Parks, Experiences, and Products. However, Chapek only stayed in the position for two years before the company decided to replace him due to underwhelming results.

Iger once again became Disney’s CEO in 2022, initially accepting the role for two years, during which he was supposed to keep the company steady and help find a new successor. But his second spell will end up lasting longer than planned as he extended his contract last year until 2026.

“It was not my intention to be pulled back in,” Iger explained his return. “I owed it to the company that meant so much to me and had been so good to me to answer the call.”

The post Disney’s CEO Bob Iger is Thinking “All the Time” About Finding His Successor appeared first on theprimarymarket.com.

Its flagship streamer, Disney+, will see a $2 increase for both the ad-supported and ad-free plans. The ad-supported plan will now cost $9.99 compared to the previous price of $7.99, while the ad-free plan will be bumped from $13.99 to $15.99 on a monthly basis.

The company said that the price hike will come with additional benefits for the subscribers, including access to ABC News Live and a preschool content-focused playlist.

Hulu subscribers will have to pay $9.99 for the ad-supported package, compared to the previous price of $7.99, while the ad-supported version now costs $1 more at the price of $18.99. The price of the basic ESPN+ plan also went up by $1 and is now $11.99 per month.

“With this growing offering and new ways to enjoy your favorite Disney+ content, Disney subscription plans remain among the best values in streaming today,” Disney said in a statement.

The price hikes come after Disney saw its streaming division become profitable one quarter earlier than the company expected. In its recent quarterly earnings report, Disney revealed its streaming service had $6.38 billion in revenue and $47 million in operating income.

The post Disney Announces Subscription Price Hikes for Disney+, Hulu, and ESPN+ appeared first on theprimarymarket.com.

Disney already paid Comcast $8.6 billion for its Hulu stake on the basis of the ground floor value of $27.5 billion, as determined by their previous agreement from 2019. However, the companies are currently engaged in a dispute over the streamer’s true market value.

Disney’s adviser, JPMorgan, valued Hulu below $27.5 billion, while Morgan Stanley, which advised Comcast, came up with a $40.8 billion valuation.

In order to resolve the issue, the two sides have recently hired investment bank RBC Capital to make an independent appraisal of Hulu’s value and resolve the dispute.

According to Disney, if RBC Capital evaluates Hulu at $27.5 billion or below, the company would not be on the hook for any further payments to Comcast. However, if the arbitrator leans towards Comcast’s valuation, Disney would have to pay up to  $5 billion on top of the $8.6 billion it already handed over.

RBC Capital is expected to make its final decision during the fiscal 2025.

The post Disney Might Have to Pay Up to $5 Billion More for Comcast’s Stake in Hulu appeared first on theprimarymarket.com.

It was the tech-heavy Nasdaq Composite that was the big earner of the day, surging by 1%, while the S&P 500 advanced by over 0.8%. The Dow Jones Industrial Average closed 0.4% higher, or 150 points. Equities largely rose along with investor confidence following the influx of positive corporate earnings.

Disney shares rose by over 6% after the company reported fiscal first-quarter earnings that beat expectations, with Disney adding that it would be boosting its cash dividend by 50%. On the other end of the spectrum, Snap shares plunged by over 34% after the social media company posted a lower profit forecast for the current quarter than expected.

The post S&P 500 Hits Record, Approaches 5,000 for First Time in History appeared first on theprimarymarket.com.

Iger initially took over as CEO of Disney in 2005 and remained in the position until his retirement in 2020. He was succeeded by Bob Chapek, who previously served as chairman of Disney Parks, Experiences, and Products.

Chapek lasted less than three years as CEO and was ousted by the company’s board, causing Iger to end his retirement and return to helm Disney again. 

According to Iger, the company wants to avoid making the same mistake again and is already engaged in an “extensive process” of finding his replacement.

“I was disappointed in what I was seeing in the transition period and while I was out,” Iger shared.

Iger’s return was initially only meant to last two years or until the company found him a new successor. However, he ended up prolonging his stay, agreeing to a contract until 2026 this past summer.

In his second stint, Iger focused on trimming Disney’s costs, which resulted in several waves of layoffs, while also tapping into additional revenue streams. The latter included rising prices across Disney’s properties and introducing an ad-supported subscription plan for the Disney+ streaming service.

The post Disney’s CEO Bob Iger Plans to Leave in 2026, Says Company is Looking for His Successor appeared first on theprimarymarket.com.

The company is reportedly looking to sell its broadcast and cable channels, however, no final decision has been made. Disney released the following statement: “While we are open to considering a variety of strategic options for our linear businesses, at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded.”

Exiting the traditional TV market has long been a consideration of Disney, with data from Nielsen showing that linear TV viewership fell below 50% for the first time in July. Broadcast TV comprised just 20% of total TV usage, while cable was 29.6%.

The post Disney’s Future in Traditional TV Brought Into Question appeared first on theprimarymarket.com.

According to the agreement between the two companies, Disney will own 70% of the new entity, while the existing shareholders will own 30%. Fubo TV co-founder and CEO, David Gandler, will serve as the top executive in the new company.

“We are delighted by today’s outcomes,” Gandler said in a statement. “Increased scale means we have the flexibility to pursue diverse growth strategies, opening up a range of opportunities, both domestically and internationally.”

Fubo TV offers its users streaming access to more than 100 channels, most of which are focused on sports programming. The company had 1.6 million paying subscribers in North America alone and close to 2 million subscribers globally.

Hulu+ Live, on the other hand, has 90+ channels focusing on sports, entertainment, news, and more. It reached 4.6 million subscribers in 2024.

The combined company, which will keep the ticker Fubo, will have 6.2 million subscribers and an estimated revenue of $6 billion.

Fubo TV stock jumped by 240.28% at one point on Monday, trading at $4.90 per share.

The post FuboTV Stock Jumps 240% After Merger With Disney’s Hulu + Live TV appeared first on theprimarymarket.com.

Disney’s revenue in the fourth quarter of fiscal 2024 was $22.57 billion, topping the $22.47 billion expected by analysts. It was also above the $21.24 billion in the Q4 of fiscal 2023.

The company also reported $1.14 in adjusted earnings per share compared to $0.82 in the same period last year and $1.10 estimated. Additionally, its operating income climbed to$3.7 billion, marking a 23% year-over-year jump.

Disney significantly benefited from the success of its direct-to-consumer (DTC) segment, which includes streaming service Disney+, Hulu, and ESPN+. The division had $321 million in operating profit versus a $387 million loss in Q4 of 2023 and recorded its second straight quarter of profitability. Its flagship streamer, Disney+, had 122.7 million subscribers at the end of September, 4% more than the previous quarter and above 119.85 million estimated.

Better-than-expected results show the effects of CEO Bob Iger’s recent moves to bring the entertainment giant back to its previous heights after a period of poor performances. Iger employed various cost-cutting moves while also streamlining the company’s Entertainment unit, which saw underwhelming performances in the past year.

“Thanks to the significant progress we’ve made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future,” Iger said in a statement.

The post Disney Earnings Beat Estimates on Strong Streaming Results appeared first on theprimarymarket.com.

Disney announced the move in a memo sent out to staff last week. The new division will be tasked with exploring the use of AI and other technologies within the company’s business, including applications in movies, theme parks, and more.

“The pace and scope of the advances in AI and XR (extended reality) are profound and will continue to impact consumer experiences, creative endeavors, and our businesses for years to come – making it critical that Disney explore the exciting opportunities and navigate the potential risks,” Disney Entertainment Co-Chairman Alan Bergman stated in a memo. “The creation of this group underscores our dedication to doing that.”

Bergman added that the purpose of the division is to “galvanize – ensuring that our exploration, adoption, and use of these technologies is aligned, strategic, and responsible.”

The unit will be known as the Office of Technology Enablement and is expected to grow to 100 employees. Its leader will be Jamie Voris, CTO of Disney’s film studio, who will report directly to Bergman. Marvel Studios technology head Eddie Drake was tapped to take over Voris’ former role.

The post Disney Creates a New Business Unit Dedicated to AI and Other Emerging Technologies appeared first on theprimarymarket.com.

The timeline was unveiled during the introduction of former Morgan Stanley top executive James Gorman as a new chairman. Gorman will take over the position from Mark Parker, former CEO of Nike, who is stepping down in early 2025 after nine years in the role.

 Gorman said in a press release that the company’s “critical priority” is to appoint a new CEO and wants to allow them enough time for a successful transition from Iger’s regime.

“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said in a press release. “This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”

Gorman’s statement is in line with Iger’s previous comments about focusing on identifying the person who will run the company in the future. During a recent interview, Iger said that identifying his successor is something he is “obsessed” with.

Iger initially served as the CEO of Disney between 2005 and 2020 before being replaced by his hand-picked successor, Bob Chapek. However, Chapek lasted less than three years and was ousted in November 2022, after which Iger returned.

The post Disney Expects to Announce a New CEO in “Early 2026” appeared first on theprimarymarket.com.

In an appearance on Kelly Ripa’s podcast Let’s Talk Off Camera, Iger said that he is working hard on finding his replacement, and it is something he is thinking “all the time”.

“I think it would be safe to assume that I think about [CEO succession] all the time,” Iger shared. “I could say that, ‘I’m obsessed with it’ would be probably an understatement and actually, the board and I established when I returned that that would be among our biggest, if not our biggest priority.”

Iger initially served as Disney’s CEO between 2005 and 2020 before making way for Bob Chapek, chairman of Disney Parks, Experiences, and Products. However, Chapek only stayed in the position for two years before the company decided to replace him due to underwhelming results.

Iger once again became Disney’s CEO in 2022, initially accepting the role for two years, during which he was supposed to keep the company steady and help find a new successor. But his second spell will end up lasting longer than planned as he extended his contract last year until 2026.

“It was not my intention to be pulled back in,” Iger explained his return. “I owed it to the company that meant so much to me and had been so good to me to answer the call.”

The post Disney’s CEO Bob Iger is Thinking “All the Time” About Finding His Successor appeared first on theprimarymarket.com.

Its flagship streamer, Disney+, will see a $2 increase for both the ad-supported and ad-free plans. The ad-supported plan will now cost $9.99 compared to the previous price of $7.99, while the ad-free plan will be bumped from $13.99 to $15.99 on a monthly basis.

The company said that the price hike will come with additional benefits for the subscribers, including access to ABC News Live and a preschool content-focused playlist.

Hulu subscribers will have to pay $9.99 for the ad-supported package, compared to the previous price of $7.99, while the ad-supported version now costs $1 more at the price of $18.99. The price of the basic ESPN+ plan also went up by $1 and is now $11.99 per month.

“With this growing offering and new ways to enjoy your favorite Disney+ content, Disney subscription plans remain among the best values in streaming today,” Disney said in a statement.

The price hikes come after Disney saw its streaming division become profitable one quarter earlier than the company expected. In its recent quarterly earnings report, Disney revealed its streaming service had $6.38 billion in revenue and $47 million in operating income.

The post Disney Announces Subscription Price Hikes for Disney+, Hulu, and ESPN+ appeared first on theprimarymarket.com.

Disney already paid Comcast $8.6 billion for its Hulu stake on the basis of the ground floor value of $27.5 billion, as determined by their previous agreement from 2019. However, the companies are currently engaged in a dispute over the streamer’s true market value.

Disney’s adviser, JPMorgan, valued Hulu below $27.5 billion, while Morgan Stanley, which advised Comcast, came up with a $40.8 billion valuation.

In order to resolve the issue, the two sides have recently hired investment bank RBC Capital to make an independent appraisal of Hulu’s value and resolve the dispute.

According to Disney, if RBC Capital evaluates Hulu at $27.5 billion or below, the company would not be on the hook for any further payments to Comcast. However, if the arbitrator leans towards Comcast’s valuation, Disney would have to pay up to  $5 billion on top of the $8.6 billion it already handed over.

RBC Capital is expected to make its final decision during the fiscal 2025.

The post Disney Might Have to Pay Up to $5 Billion More for Comcast’s Stake in Hulu appeared first on theprimarymarket.com.

It was the tech-heavy Nasdaq Composite that was the big earner of the day, surging by 1%, while the S&P 500 advanced by over 0.8%. The Dow Jones Industrial Average closed 0.4% higher, or 150 points. Equities largely rose along with investor confidence following the influx of positive corporate earnings.

Disney shares rose by over 6% after the company reported fiscal first-quarter earnings that beat expectations, with Disney adding that it would be boosting its cash dividend by 50%. On the other end of the spectrum, Snap shares plunged by over 34% after the social media company posted a lower profit forecast for the current quarter than expected.

The post S&P 500 Hits Record, Approaches 5,000 for First Time in History appeared first on theprimarymarket.com.

Iger initially took over as CEO of Disney in 2005 and remained in the position until his retirement in 2020. He was succeeded by Bob Chapek, who previously served as chairman of Disney Parks, Experiences, and Products.

Chapek lasted less than three years as CEO and was ousted by the company’s board, causing Iger to end his retirement and return to helm Disney again. 

According to Iger, the company wants to avoid making the same mistake again and is already engaged in an “extensive process” of finding his replacement.

“I was disappointed in what I was seeing in the transition period and while I was out,” Iger shared.

Iger’s return was initially only meant to last two years or until the company found him a new successor. However, he ended up prolonging his stay, agreeing to a contract until 2026 this past summer.

In his second stint, Iger focused on trimming Disney’s costs, which resulted in several waves of layoffs, while also tapping into additional revenue streams. The latter included rising prices across Disney’s properties and introducing an ad-supported subscription plan for the Disney+ streaming service.

The post Disney’s CEO Bob Iger Plans to Leave in 2026, Says Company is Looking for His Successor appeared first on theprimarymarket.com.

The company is reportedly looking to sell its broadcast and cable channels, however, no final decision has been made. Disney released the following statement: “While we are open to considering a variety of strategic options for our linear businesses, at this time The Walt Disney Company has made no decision with respect to the divestiture of ABC or any other property and any report to that effect is unfounded.”

Exiting the traditional TV market has long been a consideration of Disney, with data from Nielsen showing that linear TV viewership fell below 50% for the first time in July. Broadcast TV comprised just 20% of total TV usage, while cable was 29.6%.

The post Disney’s Future in Traditional TV Brought Into Question appeared first on theprimarymarket.com.