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CFO Melissa Thomas explained that the current plan is to settle the convertible note warrants with shares, though the final decision is contingent on multiple factors. She noted that while addressing the notes is a near-term priority, future capital returns depend on the company's cash position, liquidity, and leverage. Regarding tax changes, she stated it was premature to quantify but expects "meaningful benefits" from bonus depreciation and loosened interest expense limitations.

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CEO Sean Gamble expressed high confidence in Amazon's plan to release 14-16 films theatrically by 2027, citing their significant investments. He noted Apple is in an earlier strategic phase. Regarding market share, Gamble acknowledged the favorable Q2 film mix but cautioned that a higher volume of blockbusters could create capacity constraints, potentially compressing share from record highs, which would signify healthy, high demand.

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CFO Melissa Thomas projected a meaningful step-up in cash taxes for 2025, with a normalized effective rate returning closer to 30%. She affirmed a long-term CapEx range of $200M-$250M. The capital return philosophy prioritizes flexibility and risk mitigation within a 2-3x net leverage target. CEO Sean Gamble expressed optimism that the 2026 film slate volume will continue to close the gap with pre-pandemic levels, citing a strong tentpole lineup and contributions from new entrants.

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CEO Robert Kyncl addressed the growth strategy, outlining a four-point plan: freeing up capital via reorganization, accelerating M&A with the Bain Capital JV, focusing resources on high-potential markets, and leveraging strong leadership. On AI, he cited the WMG Pulse app, which will use GenAI to provide artists with deeper, actionable insights from their streaming data.

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CEO Robert Kyncl explained that the strategy involves reinvesting capital from the reorganization, accelerating M&A through the Bain Capital JV, focusing on high-potential markets, and leveraging strong leadership. For AI, he cited its use in the WMG Pulse app to generate deeper performance insights for artists.

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CEO Robert Kyncl confirmed the new Spotify agreement represents a positive step toward increasing the value of music, similar to their Amazon deal, but declined to share specific structural details. CFO Bryan Castellani clarified that the currency headwind is not related to artist royalty deals but is due to approximately 58% of revenue being in non-U.S. dollar currencies, creating in-period exposure that impacts OIBDA.

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CEO Robert Kyncl credited the 10K label with bringing a digitally native approach, intensity, and strong talent development skills to Atlantic. Regarding wholesale pricing, Kyncl asserted that price increases are a standard business practice in most industries, and music should be no different. CFO Bryan Castellani added that while subscriber growth remains the primary driver, any gains on wholesale pricing would provide upside to their financial outlook.

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Mark Shapiro, COO, President & Director, explained the decision balanced monetization with the reach and platform strength of ESPN, including its linear capabilities. Andrew Schleimer, CFO, clarified the new deal's AAV is a significant step-up from the previous Peacock agreement and detailed the valuable content rights TKO retained for future monetization. Nick Khan, President of WWE, affirmed his confidence in the WWE audience's proven history of following content across different platforms.

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Mark Shapiro, President and COO, described the UFC rights discussions as "thoughtful and strategic" with multiple parties, noting that partner ESPN is "heavily included in the mix." CFO Andrew Schleimer confirmed that the free cash flow conversion target of over 60%, excluding non-recurring items, remains unchanged even with the inclusion of the acquired businesses, though this excludes the benefit of restricted cash from FIFA presales.

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CFO Andrew Schleimer stated that excluding the timing shift of a Saudi PLE, TKO expects meaningful year-over-year growth in live event revenue for 2025, driven by both ticket sales and site fees. President and COO Mark Shapiro added that demand remains strong with no signs of a slowdown, citing strong ticket yields and viewership for WWE Raw on Netflix. Regarding the international Netflix impact, Shapiro noted it was too early for definitive data but emphasized the strategic focus on growing the international fan base.

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Chief Financial Officer Andrew Schleimer attributed WWE's strong margins to cost-saving initiatives, an additional 'Raw' episode, and high-margin sponsorship growth. President and COO Mark Shapiro added that the primary goal for the UFC rights renewal is to 'maximize value' and that TKO is signaling flexibility on distribution models to attract the highest bidder.

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CEO Bob Iger detailed that the NFL deal is accretive in its first year, increases game windows from 22 to 28, and enhances the ESPN app with features like betting and fantasy integration. CFO Hugh Johnston stated that while 2026 guidance will be updated in Q4, the new NFL and WWE deals do not materially change their previous outlook.

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CEO Robert Iger confirmed that the content integration is positively impacting engagement and reducing churn. He outlined a three-part growth strategy for streaming: deeper product integration, technology enhancements like paid sharing, and increased investment in local international content. CFO Hugh Johnston affirmed that the long-term, double-digit earnings growth guidance for fiscal '26 and '27 remains intact, even off the higher fiscal '25 EPS base.

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CEO Bob Iger explained that Disney+ technology enhancements are rolling out continuously over the next year, focusing on paid sharing, personalization, and a more dynamic home screen, with significant progress expected by year-end. CFO Hugh Johnston reaffirmed the 6-8% annual growth guidance for Experiences, stating that strong Q1 results increase confidence and that the financial plan already accounts for potential competitive impacts.

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CEO Robert Iger detailed that the ESPN flagship service will be a completely new, technology-driven experience with features like AI-driven personalization and integrated betting. CFO Hugh Johnston explained that Experiences OI will be negative in Q1 due to hurricane impacts and launch costs for the Disney Treasure, but will strengthen through the year driven by the new ship, lapping prior labor costs, and an expected strengthening of the consumer.

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President and CEO Brendan Cavanagh positioned satellite as a complementary solution for areas that are economically challenging for traditional macro coverage. He viewed a potential EchoStar solution as favorable for the industry. He explained the straight-line revenue increase was due to lease term extensions under the AT&T MLA, which are triggered when AT&T performs upgrades on sites.

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President and CEO Brendan Cavanagh stated that while activity is strong, it is still early in the year, so the company is maintaining its full-year U.S. leasing guidance range for now, though trends point toward the higher end. Regarding the Millicom deal, he confirmed that the overall financial contribution outlook remains unchanged from the original announcement, aside from the minor timing benefit of the small early closing.

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EVP & President of TELUS Consumer Solutions, Zainul Mawji, acknowledged the churn uptick due to affordability pressures and outlined AI-driven retention efforts. President and CEO Darren Entwistle stated that TELUS is in a 'fortuitous' position, recycling previously built world-class data centers for its AI factory, making new capital deployment 'de minimis'.

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Zainul Mawji, EVP & President of Consumer Solutions, attributed the churn uptick to consumer affordability constraints and outlined measures to improve it using AI-driven pricing and bundling. President and CEO Darren Entwistle stated that new capital for data centers is not needed, as TELUS is 'bootstrapping' by recycling its existing world-class data centers for its sovereign AI factory, making the required investment 'de minimis'.

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EVP Navin Arora confirmed that TELUS is open to monetization opportunities for the Health segment at the right time to maximize value, focusing first on execution to improve its valuation. EVP & CFO Doug French added there has been significant strategic interest. Regarding the Q2 market, EVP Zainul Mawji noted that while she couldn't comment on peers, TELUS was seeing some signs of market discipline and remained focused on its own value-driven approach.

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Zainul Mawji, EVP, acknowledged the competitive market and stated that guidance assumes similar challenging dynamics, though she is not satisfied with current ARPU or churn performance. Navin Arora, EVP, pointed to growth assets like IoT and digitization efforts to protect margins. CFO Doug French suggested some pricing rationality may emerge across the industry to support higher costs. CEO Darren Entwistle concluded that the guidance is not predicated on a 'miraculous ARPU recovery.'

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Director, President & CEO Hamid Akhavan explained that the LEO project is time-critical to maintain a market advantage, whereas pausing the terrestrial build has less immediate impact due to existing coverage. He noted more details will come in Paris as other project components are finalized. Regarding the FCC, he stated EchoStar believes it has met all obligations and could not speculate on the agency's end game.

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Paul Orban, EVP and PFO, did not provide a specific number for operating free cash flow but confirmed it exceeded expectations, while noting that a $500 million increase in 2025 interest payments will be a drag on total free cash flow. Paul Gaske, COO for Hughes, positioned HughesNet as a differentiated, economical solution for rural customers focused on video streaming, contrasting with Starlink's broader market approach.

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CFO Jason Armstrong estimated a cash tax benefit of roughly $1 billion in 2025 and noted convergence revenue may see near-term pressure before reaccelerating. President Michael Cavanagh detailed that while the NBA contract adds significant costs starting in Q4, this is offset by a recent price increase and record sports upfront sales, positioning the overall media business for future growth post-Versant spin.

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CFO & Treasurer Jason Armstrong estimated the annual cash tax benefit at roughly $1 billion and noted convergence revenue may see near-term pressure before reaccelerating. President Michael Cavanagh detailed Peacock's positive momentum, explaining that while the business will absorb new NBA costs, this will be offset by a recent price increase and record upfront advertising sales, positioning the media business for future growth.

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Michael Cavanagh, President, indicated that Peacock is on a path of improving monetization and declining losses over time, driven by scaling the business and leveraging key sports rights like the upcoming NBA contract. Jason Armstrong, CFO, reiterated the expectation for healthy broadband ARPU growth but noted the investment in new go-to-market strategies will make it difficult to grow EBITDA this year. He framed it as a long-term play to create more durable customer relationships with future pricing leverage.

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President Michael Cavanagh confirmed a more aggressive wireless strategy, including simplified bundles and targeting the existing customer base. CEO of Comcast Cable David Watson added this is a fundamental shift to package mobile with higher-tier broadband. CEO Brian Roberts noted that industry consolidation from four to three major carriers creates a favorable environment for a new entrant. Regarding the media business, Roberts and Cavanagh explained the spin-off allows for focused management, as 98% of Peacock viewing is unrelated to the spun-off networks. The remaining NBCUniversal will focus on a broadcast-plus-streaming strategy centered on NBC, Bravo, and Peacock, leveraging key sports rights like the NBA and Olympics.

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President Michael Cavanagh clarified the strategic study is focused on potentially spinning off the cable network portfolio into a new company for shareholders, and does not include Peacock or Broadcast. Executive Vice President David Watson addressed the broadband outlook, noting that while Q3 benefited from unique factors like the Olympics and a competitor's work stoppage, Q4 faces a competitive environment without those tailwinds, plus some impact from recent hurricanes.

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President & CEO Steven Vondran stated the strategic rationale for owning CoreSite—its role in the future of edge computing—remains intact and is even stronger today. The focus is on maximizing its value. Regarding fixed wireless, Vondran said carriers are still using fallow network capacity, and AMT is not yet seeing incremental demand directly tied to it, though it represents a potential future upside.

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CEO Steven Vondran stated that while fixed wireless is a positive monetization tool for carriers, they are still using existing fallow capacity, and there is no indication of investment in dedicated networks, which would be an upside. CFO Rod Smith reiterated that teams are analyzing cost components like O&M and development CapEx for the savings initiative, but it is too early to provide specific targets.

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CFO Peter Osvaldik attributed the robust ARPA growth to successful rate plan optimizations and customers choosing higher-tier plans, though he was not ready to update long-term guidance. CEO Mike Sievert added that the popularity of the highest-end plans was a positive surprise. Regarding the cable deal, Sievert framed it as a highly incremental, win-win partnership focused on the SMB segment where T-Mobile has low exposure, clarifying it is not a precursor to a broader consumer MVNO strategy.

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EVP & CFO Peter Osvaldik attributed the robust ARPA growth to successful rate plan optimizations and customers choosing premium tiers, while noting the second half will show more organic growth as they lap prior year changes. President & CEO Mike Sievert added that the uptake of the highest-tier plan was a positive surprise. Regarding the cable deal, Sievert explained it is a highly incremental, win-win partnership focused specifically on the SMB market where T-Mobile has low exposure, and it is not a precursor to a broader consumer MVNO agreement.

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President and COO Srini Gopalan identified the key opportunity as combining T-Mobile's customer-focused culture with its leading network and digital capabilities. Michael Katz, President of Marketing, Strategy and Products, detailed the T-Fiber strategy, which will leverage the T-Mobile brand, its national retail distribution, and its existing waitlist of over one million fixed wireless internet prospects.

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CFO Peter Osvaldik explained that while Q4 saw strong fixed wireless demand from existing customers, the mix varies quarterly, and the company achieved its highest-ever fixed wireless ARPU growth. President of Marketing, Innovation & Experience Michael Katz and CEO G. Sievert detailed the Vistar strategy, stating the goal is to transform the out-of-home ad industry by combining Vistar's platform with T-Mobile's customer intelligence to make place-based media addressable and measurable for the first time.

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Interim President and CEO Daniel Schlanger responded that while specific AI use cases are still emerging, valuable technologies historically become mobile, which would drive data demand on networks. He confirmed that the recent improvements in service gross margin are structural and sustainable, stemming from a successful focus on optimizing processes and cost structures within the tower team.

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Interim CEO Daniel Schlanger confirmed there are no tax implications from the sale to consider. On expenses, he explained that while Q1 margins were strong, some of the lower costs were due to timing and seasonality and are expected to be incurred later in the year. He also noted that the company's focus on cost control is yielding results but cautioned that annualizing Q1 EBITDA would be inappropriate, partly due to straight-line revenue turning negative later in the year.

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CEO John Stankey explained that while later fiber builds may not be as profitable as the first, all planned locations meet the company's return hurdles, with convergence benefits further improving economics. He emphasized that mobility growth is focused on high-value, paying customers, not free lines, which improves lifetime values. Stankey highlighted that the accelerating rate of converged fiber and wireless subscribers demonstrates the success of this investment strategy.

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CEO John Stankey declined to comment on market rumors but reiterated that AT&T's inorganic strategy focuses on accelerating its converged connectivity goals. Regarding the FCC, he stated the company is now experiencing 'regulatory tailwinds,' with about 25% of its wire centers having a clear path for sunsetting legacy copper. This shifts the primary challenge from regulatory approval to operational execution of the cost-saving plans.

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CEO John Stankey described the pent-up demand as 'not substantial' and not expected to carry into Q1. He expressed confidence in fiber ARPU growth, noting AT&T's pricing remains below cable's umbrella, and growth is driven by price adjustments and mix shift. Regarding mobile, he expects gross add performance to improve in certain segments but does not anticipate outsized numbers given the smaller overall growth pool.

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Chairman and CEO Hans Vestberg confirmed that capital allocation priorities are unchanged but a holistic update will be provided closer to the Frontier acquisition closing. He reiterated the ambition for year-over-year improvement in consumer net adds, contingent on financial discipline. EVP & CFO Tony Skiadas added that the tax benefits are permanent and detailed several initiatives aimed at reducing churn, including C-band deployment and AI-powered customer experience enhancements.

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Consumer Group CEO Sowmyanarayan Sampath attributed the strong gross adds momentum—mid-single-digit growth in March and double-digit growth in April—to the positive reception of the new Verizon Value Guarantee. CFO Tony Skiadas confirmed the Q1 EBITDA strength was sustainable, driven by strong service revenue, ongoing cost transformation, and benefits from a voluntary separation program, and was not due to one-time items.

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CEO Hans Vestberg stated that Verizon is competing better with its improved network, products, and brand. Consumer Group CEO Sowmyanarayan Sampath elaborated that the strong value proposition, a better balance of price and volume, and successful price-ups (over $1 billion baked in for 2025) are driving ARPA growth. He also highlighted new monetization avenues like network slicing. Regarding AI Connect, Business Group CEO Kyle Malady explained that the strategy primarily leverages existing assets and investments made over the last decade in One Fiber and Fios. He confirmed that any new capital needed for edge-outs or retrofitting is already included in the existing CapEx guidance.

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Consumer Group CEO Sowmyanarayan Sampath attributed ARPA strength to a strong value proposition, price-ups for added value, and customers selecting premium plans and perks. Business Group CEO Kyle Malady clarified that the AI opportunity primarily leverages existing fiber and network assets, with any new spending for retrofits or edge-outs already included in the CapEx envelope.

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CEO Lachlan Murdoch emphasized that Fox remains highly supportive of the traditional pay-TV bundle. He explained the D2C service, FOX 1, is specifically targeted at 'cord-nevers,' leveraging learnings from Tubi, where 65% of users are outside the pay-TV ecosystem. Regarding the FCC, he stated that while they cannot speculate, they believe the current market-based affiliate negotiation process is healthy and effective.

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Executive Chair and CEO Lachlan Murdoch explained that the political ad cycle has reverted to local and targeted spending, benefiting both stations and Tubi. He noted no evidence of cannibalization, stating Tubi captures new dollars by reaching a hard-to-reach demographic. CFO Steve Tomsic added that the station group's political revenue for the first half of the fiscal year has already surpassed the total from the same period in fiscal 2021, which included the Georgia runoff.

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Executive Chair and CEO Lachlan Murdoch stated that the Venu product looks excellent and revolutionary, reaffirming the business plan's target of 5 million subscribers over 5 years, with a focus on cord-cutters and cord-nevers. CFO Steve Tomsic added that while Fox will record its share of Venu's initial losses via equity earnings, it will also recognize affiliate fee revenue as a key content supplier, making the venture net accretive to Fox on a 'pretty quick basis'.

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Derek Schiller, President and CEO of the Braves, noted positive early trends for the new DTC streaming option, stating the Braves represent a significant portion of new subscriptions. Chairman and CEO Terence McGuirk added that the Braves' local rights are strong and their expiration is timed with national MLB rights to create future optionality and growth opportunities.

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Executive Derek Schiller explained that the new media deals with Main Street Sports Group (formerly Diamond) and Gray Media are a net positive, creating greater fan accessibility through new streaming and over-the-air broadcast options. Executive Jill Robinson addressed the capital structure, stating the company is comfortable with its current debt levels, differentiating between secured real estate debt and baseball operations debt, where the priority is maintaining liquidity for opportunistic investments.

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Executive Derek Schiller explained that the re-engineered media deals with Main Street Sports Group and Gray Media increase fan accessibility through new streaming and over-the-air options, which is a net positive for the business. Executive Jill Robinson addressed the capital structure, stating the company is comfortable with its current debt levels, differentiating between secured real estate debt and baseball operations debt, where the priority is maintaining liquidity for opportunistic investments.

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Derek Schiller, an executive, outlined that future growth will stem from ROI-focused investments in both Truist Park and the Battery Atlanta, such as master plan projects and upgrading tenant leases, all guided by enhancing the fan experience. Jill Robinson, an executive, clarified that the decline in year-over-year OIBDA was driven by higher player payroll, MLB revenue sharing, and minor league costs, while negative operating cash flow was primarily due to capital improvements.

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Derek Schiller, an executive, outlined growth strategies centered on ROI-positive investments in Truist Park and The Battery Atlanta, emphasizing fan experience and upgrading tenant leases. Jill Robinson, an executive, addressed the financials, explaining that year-over-year OIBDA declined due to rising player payroll, MLB revenue sharing, and minor league costs. She clarified that the negative operating cash flow was primarily due to capital expenditures for the master planning project.

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CFO Naveen Chopra explained that the primary driver of linear decline is the pay-TV ecosystem's subscriber losses, with recent deal renewals also having an impact, and stated the Q1 trend is indicative of the next few quarters. For streaming, he identified continued subscriber growth, improved churn, and ARPU increases as the clear drivers for revenue growth and scaling profitability.

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CFO Naveen Chopra explained that linear revenue trends are primarily driven by ecosystem-wide pay-TV subscriber declines and deal renewals, with Q1's trend being indicative of the near future. He identified the clear drivers for streaming growth as continued subscriber additions, improved churn, and ARPU expansion, which are key to scaling revenue and improving profitability.

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Co-CEO Chris McCarthy clarified that the guidance is for domestic Paramount+ profitability in 2025, not the entire D2C segment. CFO Naveen Chopra explained that 2025 free cash flow is expected to grow year-over-year, driven by stable cash content spending, despite headwinds from the Super Bowl and political ads. He noted that cash restructuring payments would impact the conversion rate by about 10 percentage points.

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Co-CEO Chris McCarthy stated that while Paramount+ has the momentum to remain a standalone service, the company will be opportunistic about partnerships that drive value. CFO Naveen Chopra reaffirmed the 2025 domestic profitability goal, noting that the international D2C business is tracking about 12 to 18 months behind the domestic business on its path to profitability.

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Formula One CEO Stefano Domenicali confirmed they are in discussions with multiple partners and are open to how F1 TV is structured to maximize market penetration. Liberty Media CEO Derek Chang noted the sport's growth provides flexibility. Regarding the Concorde Agreement, Stefano Domenicali affirmed that they expect leverage on team payments in 2026 compared to 2025, with a simpler structure moving forward.

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Formula One CEO Stefano Domenicali confirmed active engagement with multiple partners for U.S. media rights and noted they are open to all possibilities for the valuable F1 TV asset. Liberty Media CEO Derek Chang emphasized the sport's strong growth in the U.S. provides strategic flexibility. Regarding the Concorde Agreement, Stefano Domenicali confirmed they expect leverage on team payments starting in 2026, followed by a more simplified structure beneficial to the entire F1 ecosystem.

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CEO Derek Chang stated near-term priorities are closing the Dorna acquisition, structural simplification, and supporting F1's growth, while remaining opportunistic for future M&A. On media rights, both Chang and Formula One CEO Stefano Domenicali emphasized the strong interest from multiple parties, the productive relationship with ESPN, and the importance of balancing monetization with broad reach. They noted discussions are complex, involving more than just race broadcasts, and expect a resolution by mid-year.

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CEO Derek Chang outlined near-term priorities including closing the Dorna acquisition, structural simplification, and supporting F1's growth, stating that future M&A would be opportunistic, focusing on premium IP. On media rights, both Chang and Formula One CEO Stefano Domenicali described the process as early but robust, emphasizing a constructive relationship with ESPN and strong interest from multiple parties. They highlighted that negotiations are complex, involving more than just race broadcasts, and that F1 TV is a key part of the value proposition.

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CEO Chris Winfrey explained the strategy's success is based on offering the best product and value, with new bundled packages featuring price locks to ensure competitive retail rates long-term. CFO Jessica Fischer provided an OpEx outlook, expecting low-to-mid single-digit growth for marketing and other expenses, with cost to service customers remaining flat to slightly down for the year.

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President and CEO Chris Winfrey expressed confidence in mid-term internet growth, citing the end of ACP losses, stabilizing competition, and investments in network evolution and convergence. While not giving a short-term outlook, he stated results 'better be better' in 2025. He explained the improved video performance was due to actively rebundling video with connectivity sales, a strategy resumed in late September after gaining flexibility to create more valuable packages, including direct-to-consumer apps.

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President and CEO Christopher Winfrey declined to comment on the Liberty Broadband matter, citing regulatory restrictions. Regarding fiber competition, he estimated that gig-speed overlap is currently around 55% of the footprint. He argued that wireline overbuilds offer poor financial returns, especially with multiple competitors, and expects some to scale back. Winfrey emphasized Charter's competitive advantages, including its symmetrical multi-gig network, converged offerings, and superior value proposition, stating that markets typically stabilize after an initial 18-24 month period of new competition.

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Executive Chairman and CEO James Dolan projected that the Abu Dhabi content mix will be customized for its market and differ from Las Vegas. He identified operational efficiencies as a short-term growth driver and global expansion via a 'franchise model' as the largest long-term opportunity. EVP and CFO Robert Langer addressed liquidity, stating the company is comfortable with its position, holding approximately $400 million in cash at the Sphere segment and expecting to drive meaningful AOI to fund future investments.

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CFO Gunnar Wiedenfels clarified that 'stabilizing' Networks revenue refers to the company's position within industry trends, not guiding to flat revenue. He stated the 20% DTC margin is achievable but they will prioritize long-term asset value over hitting a specific margin timeline. For the Studios' $3B+ EBITDA goal, he cited improved content library availability, a recovery in the games business, and better franchise management as key drivers for a significant step-up in 2025.

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CFO Gunnar Wiedenfels confirmed the Studios segment is poised for a bounce-back across film, TV, games, and licensing, with a target of '$3 billion and then growth from there.' He defended the 'One WBD' strategy by highlighting the benefits of an integrated company, especially for content, using the cross-platform success of 'The Penguin' as a prime example of creating value that would be lost in a separation.

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Victoria Mink, EVP, CFO and Treasurer, clarified that any potential NBA expansion fee would be divided among existing teams and would drop directly to the bottom line. Jamaal Lesane, Chief Operating Officer, added that while they see their teams as scarce assets and would not rule out a minority stake sale to unlock value, there is nothing concrete to report at this time.

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EVP, CFO and Treasurer Victoria Mink explained that any potential NBA expansion fee would be divided among existing teams and, based on precedent, would likely drop to the bottom line. Chief Operating Officer Jamaal Lesane added that while they would never rule out a minority stake sale given the teams' value, there is nothing concrete to report at this time.

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CFO Christian Luiga attributed the Q3 gross margin beat to the strong performance of the marketplace program, efficiencies in streaming, delivery, and payment costs, and favorability from U.S. publishing rates. He noted this was a continuation of Q2's trend but declined to detail future drivers specifically.

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The executive declined to comment on the Live Nation lawsuit, stating the company's view won't change regardless of the administration. For team payments, they are sticking with the 'slight leverage' guidance from the previous quarter. The Las Vegas GP is a significant swing factor because its ticket sales are one of the few uncontracted, high-volatility revenue streams left in the year, but they remain optimistic.

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Gregory Maffei, Liberty's President and CEO, viewed competitors' fiber moves as a validation of Charter's fixed-line strategy, seeing them as 'around the edges' rather than a major threat. Ronald Duncan, CEO of GCI, opined that while there is buzz around the AI phone cycle that will likely drive more upgrades than recent cycles, the level of optimism may be higher than merited.

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Gregory Maffei, President and CEO, expressed limited optimism for an ACP extension, citing procedural hurdles despite bipartisan support. He confirmed that both Liberty Broadband and Charter are shifting focus towards debt reduction, with Charter aiming to move its leverage from the high end towards the midpoint of its 4.0x to 4.5x target range.

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