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    Ben Swinburne

    Managing Director and Head of U.S. Media Research at Morgan Stanley

    Ben Swinburne is a Managing Director and Head of U.S. Media Research at Morgan Stanley, specializing in equity research for the media, entertainment, cable, satellite, broadcasting, and advertising industries. He closely covers major companies such as Walt Disney, Warner Bros. Discovery, Fox, Madison Square Garden, and Sphere Entertainment, and has achieved a 65.4% success rate with an average return of 14.9% across more than 560 stock ratings, placing him among the top 5% of Wall Street analysts. Swinburne began his analyst career at Morgan Stanley in 1999 after previous analytical and audit roles at Lucent Technologies, and he holds both a CFA designation and an MS in Accounting from Babson College. He has been consistently recognized in institutional investor polls and maintains regulatory credentials, including the CFA charter and FINRA securities licenses.

    Ben Swinburne's questions to NETFLIX (NFLX) leadership

    Ben Swinburne's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Asked for data on advertising upfront negotiations, clarification on engagement metrics, and key learnings from the success of the animated film 'K-Pop: Demon Hunters'.

    Answer

    Executives reported that ad upfronts are nearly complete and performing well, in line with the goal of doubling the ads business. They clarified that engagement is measured on a per-owner-household basis to normalize for paid sharing, and this metric is stable. The success of 'K-Pop: Demon Hunters' validates their strategy for original animation, highlighting the power of combining storytelling, music, and pop culture to create hits.

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    Ben Swinburne's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Ben Swinburne from Morgan Stanley asked about the key learnings from the success of the animated film 'K-Pop: Demon Hunters'.

    Answer

    Co-CEO Ted Sarandos expressed pride in achieving a major hit with an original animated feature, a category he described as very tough. He highlighted the importance of getting the mix of music and pop culture right. A key learning was the ability to generate enormous, standalone music hits from a film exclusive to the platform, demonstrating Netflix's capacity to 'pierce the culture' with original animation and its associated intellectual property.

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    Ben Swinburne's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Ben Swinburne of Morgan Stanley asked about the key learnings from the success of the animated film 'K-Pop: Demon Hunters'.

    Answer

    Co-CEO Ted Sarandos highlighted the success of original animation, a difficult category, as a key achievement. He noted that the film's ability to generate hit music that pierces the broader culture is a significant learning, demonstrating how content can create fandom that extends beyond the initial viewing experience.

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    Ben Swinburne's questions to NETFLIX (NFLX) leadership • Q2 2025

    Question

    Ben Swinburne of Morgan Stanley inquired about upfront advertising negotiations, how to reconcile engagement growth with per-member metrics, and the key learnings from the animated film 'K-Pop: Demon Hunters'.

    Answer

    Co-CEO Greg Peters reported that the US ad upfronts were nearly complete and in line with the goal to double ad revenue. He also clarified that per-owner-household engagement remains steady. Co-CEO Ted Sarandos highlighted the success of 'K-Pop: Demon Hunters' as proof of their strength in creating hit original animated features that can drive culture.

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    Ben Swinburne's questions to Sphere Entertainment (SPHR) leadership

    Ben Swinburne's questions to Sphere Entertainment (SPHR) leadership • Q2 2025

    Question

    Asked about the long-term revenue growth drivers for the Sphere business, potential differences in content mix between Las Vegas and future locations, and the company's liquidity and cash flow position for the Sphere segment.

    Answer

    The primary long-term growth driver is the expansion into a global network of Spheres, creating a franchise model where content costs are spread out. The content mix will be tailored to each market. The company is comfortable with its liquidity, with sufficient cash at the Sphere segment and optimism for generating operating income to fund future investments.

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    Ben Swinburne's questions to Spotify Technology (SPOT) leadership

    Ben Swinburne's questions to Spotify Technology (SPOT) leadership • Q4 2024

    Question

    Ben Swinburne from Morgan Stanley sought clarification on the drivers behind the Q4 gross margin outperformance and requested more detail on the expected gross margin cadence for the full year 2025.

    Answer

    CFO Christian Luiga attributed the Q4 beat primarily to content cost favorability. For 2025, he guided for full-year gross margin improvement, but at a more moderate pace than 2024. He noted that targeted investments in core offerings could create quarterly variability, but expects Q4 2025 margin to be higher than Q1 2025.

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    Ben Swinburne's questions to Fox (FOXA) leadership

    Ben Swinburne's questions to Fox (FOXA) leadership • Q2 2025

    Question

    Thomas, on behalf of Ben Swinburne, asked about Tubi's growth trajectory, specifically its future investment needs and the timeline to profitability. He also requested an update on the progress of securing sports betting licenses in various states.

    Answer

    Executive Chair and CEO Lachlan Murdoch stated that investment in Tubi is decreasing as it scales and that it remains on track to reach profitability according to the original business plan. On sports betting, he confirmed they are pursuing licenses in 26 states, a process that is moving forward without significant hurdles, and highlighted the current value of Fox's holdings in FanDuel and Flutter.

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    Ben Swinburne's questions to LTRPA leadership

    Ben Swinburne's questions to LTRPA leadership • Q2 2024

    Question

    Asked for perspective on recent competitive moves in telecom, like T-Mobile's fiber JVs, and their implications for Charter's valuation and competitive landscape. Also asked for an opinion on the potential magnitude of the upcoming AI-driven phone upgrade cycle.

    Answer

    Management views T-Mobile's fiber activity as a validation of Charter's fixed-line strategy, suggesting these moves are 'around the edges' and that Charter's combined offering is strong. Regarding the AI phone cycle, they expect a larger-than-usual upgrade cycle due to pent-up demand and buzz, even if market optimism is somewhat inflated.

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    Ben Swinburne's questions to LTRPA leadership • Q4 2023

    Question

    Questioned the rationale for maintaining Charter's 4.5x leverage target despite market sentiment and asked whether the benefits of the Disney dispute outcome outweighed the negative business disruption.

    Answer

    Executives defended the 4.5x leverage target as appropriate after reviewing various scenarios and believe the stock's performance is related to broadband growth concerns, not leverage. They reiterated that the Disney deal was a necessary long-term strategic move to align with content partners for future over-the-top offerings.

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    Ben Swinburne's questions to Regencell Bioscience Holdings (RGC) leadership

    Ben Swinburne's questions to Regencell Bioscience Holdings (RGC) leadership • Q3 2017

    Question

    Ben Swinburne asked about the capital allocation trade-off between upgrading existing theaters and building new ones, and whether the company would consider accelerating its upgrade pace.

    Answer

    CFO David Ownby stated that Regal generates enough cash to pursue both strategies without having to choose between them. He confirmed the current pace of upgrading approximately 600 screens per year is optimal, as it balances capital deployment and operational disruption. He also described landlord contributions for these upgrades as an inexpensive source of financing with consistent economics.

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