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Speaker 1: Good morning.

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Speaker 2: I'm Brian Curtis and I'm Doug Prisner. Here are the

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Speaker 2: stories we're following today.

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Speaker 1: Israel saying that his troops have entered the middle of

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Speaker 1: Gaza City. At Baxter is covering that story and has

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Speaker 1: more from the nine to sixty news women in San Francisco.

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Speaker 3: Yeah, Brian, exactly the way they put it is the

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Speaker 3: heart of Gaza. It says it's continuing the offensive against Hamas,

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Speaker 3: while signaling there will be a post conflict transition period

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Speaker 3: in quotes until it is clear who takes control of

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Speaker 3: the territory. G seven is issued a statement out of

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Speaker 3: their Tokyo meeting that Gaza needs a pause. US Secretary

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Speaker 3: of State Anthony Blincoln says humanitarian aid needs to get in.

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Speaker 4: We all agree that humaniitrane pauses would advance key objectives

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Speaker 4: to protect Palestinian civilians, to increase the sustained flow of

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Speaker 4: humanitarian assistance, to allow our citizens in foreign nationals to exit,

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Speaker 4: and to facilitate the release of hostages.

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Speaker 3: Drawing a distinction between pause and sees fire.

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Speaker 4: Calling for an immediate ceasefire have an obligation to explain

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Speaker 4: how to address the unacceptable result. It would likely bring

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Speaker 4: about amass left in place with more than two passages

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Speaker 4: with a capacity and stated intent to repeat October seventh,

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Speaker 4: again and again and again.

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Speaker 3: Meanwhile, frustration and getting that humanitarian aid in and out

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Speaker 3: through the RAFA crossing. State Department spokesman Vida Patel, this.

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Speaker 5: Is not a crossing in which we really have much

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Speaker 5: input into whether it can open or close.

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Speaker 3: He says, See he does expect American citizens to still

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Speaker 3: be able to exit at some point. One other note,

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Speaker 3: Yameni Huthies backed by Iran say that they have shot

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Speaker 3: down a us drone over Yumena Waters. Third GOP debate

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Speaker 3: tonight because of polling, Ron De Santas and Nikki Haley's

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Speaker 3: center and stage literally and figuratively, and it'll be a

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Speaker 3: story line tonight whether they go after each other, Donald Trump,

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Speaker 3: and now the issue of abortion will also play a

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Speaker 3: major role. But Bloomberg Christian Hall says foreign policy as well.

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Speaker 6: I think Nikki Hayley this is the winning moment for her.

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Speaker 6: It's her show. I mean, she has a lot to take,

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Speaker 6: she has a lot to win from this debate. Her

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Speaker 6: campaign has really tried to make her foreign policy experience

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Speaker 6: a highlight of her campaign. I know that they have

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Speaker 6: often brought up that she's a former UN ambassador.

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Speaker 3: As for the post mortem on the issue of abortion

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Speaker 3: from last night's election, Vice President Kamala Harris says, it's simple.

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Speaker 7: The voter said, look, the government should not be telling

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Speaker 7: a woman what to do with her body.

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Speaker 3: Harris says, voters stood with freedom. Ivanka Trump on the

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Speaker 3: stand today and her dad's civil fraud trial, says she

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Speaker 3: had no role in figuring or reporting her dad's property

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Speaker 3: and that worth claims. Attorney General Letitia James says, no,

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Speaker 3: that's not the case.

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Speaker 8: Ivanka Trump secured negotiated loans to obtain favorable terms based

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Speaker 8: on fraudulent statements of financial condition.

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Speaker 3: Ed says Trumps can't hide from the truth. Panda diplomacy

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Speaker 3: nearly over. Amazing beloved giant pandas at Washington, d c's

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Speaker 3: National Zoo have started the journey back to China, created

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Speaker 3: up loaded into a special Panda Express FedEx flight. Others

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Speaker 3: in Atlanta, San Diego, Memphis heating back as well soon.

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Speaker 3: This of course happening in the shadow of the she

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Speaker 3: Biden summit. Global News twenty four hours a day, whenever

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Speaker 3: you want it with Bloomberg News Now in San Francisco.

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Speaker 3: I'm Ed Baxter, and this is Bloomberg.

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Speaker 1: Let's take a look at some of the top business

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Speaker 1: stories of the hour now. While Disney posting better than

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Speaker 1: expected fourth quarter earnings and said that it would seek

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Speaker 1: an additional two billion dollars in cost savings, Disney's flagship

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Speaker 1: theme parks delivered the biggest profit boost, with earnings rising

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Speaker 1: thirty one percent. Losses in Disney's streaming business also narrowed,

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Speaker 1: and globally, the number of Disney Plus paying subscribers rose

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Speaker 1: to more than one hundred and fifty million at pete

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Speaker 1: analyst estimates of hundred and forty seven point four million,

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Speaker 1: and so it means that signups are returning to growth.

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Speaker 1: We heard earlier from Paul Verner, analyst at Insider Intelligence, saying,

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Speaker 1: despite the numbers today, thinks that Bob Eiger has his

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Speaker 1: work cut out for him going forward.

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Speaker 9: I think he took on this job knowing that it

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Speaker 9: would be challenging, but he's face challenges that I think

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Speaker 9: nobody expected, like the writers strike, and some of the

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Speaker 9: softness in the ad market maybe was expected, but it's

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Speaker 9: probably more of a headwind than anticipated. And really just

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Speaker 9: existential questions about the streaming business model TV dwindling. I mean,

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Speaker 9: he's pretty much said he's going to sell off those

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Speaker 9: traditional TV assets, but that begs the question is that

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Speaker 9: going to be enough to finance the Hulu acquisition.

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Speaker 1: That's Paul Verna, an analyst. Disney shares A trading up

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Speaker 1: three percent in late trading.

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Speaker 2: Well after the bell Armholdings delivered its first earnings report

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Speaker 2: since the IPO results from the just ended quarter longer

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Speaker 2: than forecast. We have revenue growing twenty eight percent, total

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Speaker 2: top line eight hundred and six million. This is where

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Speaker 2: it gets interesting. Guidance for the current quarter was disappointing

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Speaker 2: on the revenue front. Here is Bloomberg's Bailey Lipshultz.

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Speaker 5: When you see their third quarter revenue view missing the midpoint,

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Speaker 5: that's really a bad sign. It's back below on pace

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Speaker 5: to break below that fifty one dollars IPO issuance price,

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Speaker 5: which again is critical because that's where a lot of

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Speaker 5: investors bought in. That's where all these stocks are going

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Speaker 5: to be benchmarked against. And when you look at the

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Speaker 5: results and you look at the guidance again, as you mentioned,

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Speaker 5: the smartphone business broadly speaking, has been pretty poor. This

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Speaker 5: is a company that's going to have to sell investors

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Speaker 5: on AI.

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Speaker 2: That is Bloomberg's Bailey Lipshultz. Now Arm did say that

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Speaker 2: uncertain timing for some new licensing deals contributed to that

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Speaker 2: conservative forecast for the current quarter. But if you look

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Speaker 2: at the stock right now in late in New York trading,

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Speaker 2: we're down by more than eight percent right.

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Speaker 1: Doug during the regular session, Eli Lilly shares gained three

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Speaker 1: point two percent, and the company won't approval for its

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Speaker 1: diabetes drug to treat obesity Bloomberg's and Kate's as the story.

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Speaker 10: The weight loss medication, brandon zep Bound, will cost close

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Speaker 10: to eleven hundred dollars for a month's supply and will

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Speaker 10: be available by the end of the year. Monjaro, the

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Speaker 10: diabetes version of the same drug, could not be marketed

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Speaker 10: for weight loss until it got the go ahead by

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Speaker 10: the Food and Drug Administration. Monjarro has approved last year

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Speaker 10: as a treatment for adults with type two diabetes, but

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Speaker 10: studies showed it helped patients lose up to twenty six

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Speaker 10: percent of their body weight, or more than sixty one pounds.

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Speaker 10: In Washington and Kate's Bloomberg Radio.

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Speaker 2: Well, a meeting is reportedly set for next week between

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Speaker 2: President Spiden and She that will happen in San Francisco.

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Speaker 2: We got to the view of Singapore's Prime Minister Lis

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Speaker 2: Young Lung, who told us this face to face could

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Speaker 2: dial down tensions between the US and China, especially over Taiwan.

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Speaker 11: I don't believe that they are trigger happy. They have

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Speaker 11: a problem. They would like Taiwan to be part of

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Speaker 11: one China, but how did from here to there? And

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Speaker 11: I believe if they are not provoked, if events don't

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Speaker 11: spin out of control, I don't believe that they are

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Speaker 11: going to You're going to wake up one day and

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Speaker 11: find that they've decided to launch d D.

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Speaker 2: The ADIA Singapore's Prime Minister Lihi Hiang Lung on a

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Speaker 2: conversation or as a part of a conversation with Bloomberg

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Speaker 2: editor in chief John Micklethwaite at the Bloomberg New Economy

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Speaker 2: Forum in Singapore, and you can listen to more of

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Speaker 2: that conversation throughout daybreak Asia.

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Speaker 1: Right, Well, we go to data in China. Now, China's

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Speaker 1: consumer price inflation probably flat lined in October as overall

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Speaker 1: demand lagged. Bloomberg's Rashad Salamat has a preview from Hong Kong.

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Speaker 12: The CPI reading is likely to have hovered around zero

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Speaker 12: during the month. Bloomberg Economics seeing inflation rising just zero

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Speaker 12: point two percent from a year ago, but our survey

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Speaker 12: of market economists projects a decline of one tenth of

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Speaker 12: one percent. The official gauge was flat in September. Software

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Speaker 12: indicators for the month sug just domestic demand has not

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Speaker 12: picked up much despite recent policy easing. Meanwhile, Bloomberg Economics

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Speaker 12: projects outright deflation for producer prices. The PPI expected to

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Speaker 12: have dropped three percent year on year, more than the

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Speaker 12: prime month's decline of two and a half percent. I'm

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Speaker 12: Richard salamat Bloomberg Radio.

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Speaker 1: Well, it's eleven minutes past the hour, now close to

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Speaker 1: look at Walt Disney earnings. Joining us now is Gita

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Speaker 1: Ranganatha and Bloomberg Intelligence analyst on US Media. So revenue

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Speaker 1: mostly in line, no big surprise, their profit looking pretty

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Speaker 1: good though, beating expectations. That shows you that cost cutting

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Speaker 1: is one of the top issues at Disney.

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Speaker 6: At the moment.

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Speaker 7: It definitely does. And you know they can't do a

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Speaker 7: whole lot about revenue. I mean, those trends have been

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Speaker 7: kind of challenged across the whole media landscape. But they

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Speaker 7: are doing what they can control, which is cutting costs

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Speaker 7: and cutting them pretty dramatically. So we saw really good

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Speaker 7: numbers in terms of operating income. We saw them actually

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Speaker 7: taking up their cost saving target. It's up now by

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Speaker 7: two billion from five and a half to seven and

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Speaker 7: a half billion. They're reducing their cash content spend. They're

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Speaker 7: moving really aggressively to kind of restructure the company. But

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Speaker 7: most important, and I think this is a really critical metric,

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Speaker 7: is they really guide it to a strong jump in

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Speaker 7: free cash flow, almost a sixty percent jump in twenty

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Speaker 7: twenty four. So they're really moving from you know, and

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Speaker 7: bab Bieger said this aptly. They said they're moving from

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Speaker 7: a fix to a build phase as they positioned this

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Speaker 7: company for, you know, its next phase of growth, GITA.

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Speaker 10: They are targeting two billion dollars more in cost cutting.

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Speaker 10: But is all that to do is content spend? And

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Speaker 10: is that wise given that they want their streaming services

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Speaker 10: to do better.

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Speaker 7: Yeah, So, you know, that's a great question, Vannie. I mean,

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Speaker 7: they're so they're they're Mantra and they were kind of

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Speaker 7: launching their streaming product was just to go out with

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Speaker 7: a whole lot of content, right, So it became more

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Speaker 7: a game of volume just to kind of take on Netflix,

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Speaker 7: and Barbeyger acknowledged that that might not have been the

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Speaker 7: best strategy because what it did is it kind of

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Speaker 7: devalued a lot of the content. It led to a

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Speaker 7: lot of franchise fatigue, people complaining they're not able to

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Speaker 7: kind of follow storylines as you have, you know, multiple

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Speaker 7: Marvel movies, multiple Marvel series kind of jumping back and forth.

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Speaker 7: And so now their priority is really quality over quantity,

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Speaker 7: and so they're looking to kind of cut their production

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Speaker 7: but really focus really consolidate. What that is doing is

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Speaker 7: it's definitely driving up the programming cost savings. Of course

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Speaker 7: they're taking down some non programming costs as well, but

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Speaker 7: I think overall it's really kind of improving the efficiency

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Speaker 7: in the business. And they were asked even about, you

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Speaker 7: know what about taking some of their non core content

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Speaker 7: titles and kind of licensing it to Netflix, something similar

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Speaker 7: to what Warner Brothers has done with some of their

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Speaker 7: older HBO titles, whether it's Bawlers or Insecure, and kind

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Speaker 7: of licensing that to Netflix and Disney said they're very

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Speaker 7: very open to doing that. So again, they're really looking

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Speaker 7: to monetize content, but at the same time, they're being

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Speaker 7: very very disciplined in terms of spending, you know, both

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Speaker 7: content wise and non content wise.

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Speaker 1: I'm Brian Curtis along with Vonnie Quinn. Our guest is

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Speaker 1: Gita ron Ganathan Bloomberg Intelligence analyst on US Media. Geita

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Speaker 1: so many different angles at Disney. Hate to jump around

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Speaker 1: so much, but ESPN always gets a lot of attention.

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Speaker 1: We know that the streaming business, including ESPN Plus, is

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Speaker 1: still losing money three hundred and eighty seven million in

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Speaker 1: the quarter. That was better than expected, but they're they're

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Speaker 1: expecting to climb up into profit at some point. But

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Speaker 1: what I'm really interested in is the Disney pursuit to

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Speaker 1: get a partner for ESPN and what's happening on that front.

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Speaker 2: What are you hearing?

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Speaker 7: Yeah, so they said it's pretty much in the work.

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Speaker 7: So there was nothing concrete that was necessarily reported during

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Speaker 7: the earnings call, Brian, but they did say they did

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Speaker 7: say that they are laser focused to bringing the ESPN

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Speaker 7: streaming product, you know, over the next few months, you know,

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Speaker 7: as they kind of work out details, they will release that,

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Speaker 7: but it is it is inevitable. The transition to streaming

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Speaker 7: is inevitable at this point. Of course, that doesn't mean

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Speaker 7: that they're going to completely abandon the linear TV network.

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Speaker 7: The continue They're going to continue to have content there,

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Speaker 7: but their major focus is going to be on the

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Speaker 7: streaming solution, and they're looking at a host of different partners. So,

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Speaker 7: you know, there's been a lot of chatter about whether

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Speaker 7: they wanted to want to wanted to bring in the

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Speaker 7: leagues like you know, the NFL or the NBA so

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Speaker 7: that they're assured of you know, a steady supply of content,

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Speaker 7: or whether they want to kind of bring in a

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Speaker 7: tech partner like an Apple or an Amazon, which is

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Speaker 7: you know, deep pocketed, or they want to focus on distribution.

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Speaker 7: So nothing really concrete. All that Barb Bieger said was

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Speaker 7: that they are working, They have had a lot of conversations,

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Speaker 7: and they you know, they think that they're going to

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Speaker 7: make progress very soon.

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Speaker 2: What about ABC National Geographic FX Is Eiger really looking

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Speaker 2: to sell?

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Speaker 7: I think they are. So, you know, he outlined for

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Speaker 7: you know, strategic priorities at the outset of the call.

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Speaker 7: What he talked about was, you know, streaming profitability, the

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Speaker 7: ESPN transition, you know, continued growth in parks, and he

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Speaker 7: also spoke about reintegrating the movie business. So obviously linear

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Speaker 7: TV is not a focus for them. It is not

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Speaker 7: a growth business. I mean, all that they're doing is

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Speaker 7: they're kind of managing it to the best of their ability,

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Speaker 7: you know, because it isn't it isn't secular declient, there's

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Speaker 7: just no sugarcoating that. So I think he is very

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Speaker 7: very open to, you know, getting rid of some of

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Speaker 7: these non core assets, or or at least that's what

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Speaker 7: they refer to them as. So, I mean, we don't

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Speaker 7: have any necessary specifics again Vannie on you know, whether

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Speaker 7: they have actually had any discussions with anybody, but we

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Speaker 7: know that he has said that everything is on the

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Speaker 7: table when it comes to you know, some of the

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Speaker 7: linear TV networks.

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Speaker 1: Parks another crown jewel of Disney. The parks did really

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Speaker 1: well after the pandemic with all the pent up spending

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Speaker 1: that came out, particularly in the US. I think it

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Speaker 1: was a little less so abroad. What have we learned

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Speaker 1: about how how well are the parks doing abroad?

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Speaker 7: Now? They're actually doing really really well, and actually we're

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Speaker 7: seeing some of the softness now in the domestic park

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Speaker 7: so early. You're absolutely right, it was the domestic parks

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Speaker 7: that were outperforming. The international was still kind of challenged

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Speaker 7: because of COVID restrictions. Now it's kind of reversed a

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Speaker 7: little bit, so we're seeing the domestic actually softer trends.

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Speaker 7: I wouldn't say it's necessarily weak, but definitely some softness

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Speaker 7: because of tough comparisons. You know, maybe the revenge travel

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Speaker 7: is kind of coming to its you know, close still strong,

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Speaker 7: but not as strong as before. But International is really

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Speaker 7: back with a bang, and that actually contributed to a

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Speaker 7: lot of you know that that thirty one percent and

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Speaker 7: operating profit. A lot of that was due to International.

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Speaker 7: A lot of that was due to, you know, their

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Speaker 7: their strength and their cruise segment, so a lot of

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Speaker 7: the other levers that they're kind of pulling in their

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Speaker 7: park segment.

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