David Joyce

David Joyce, Senior Equity Analyst of Media Sector at Seaport Research, inquired about News Corp's capital allocation priorities to drive returns, asking where investments would be directed and if any strategies could be accelerated, potentially aided by the "One Big Beautiful Bill Act."

Answer

Robert Thomson, CEO of News Corp, reiterated that the company's three core business drivers—Dow Jones, Digital Real Estate, and HarperCollins—are performing very well, and cash will be allocated accordingly to these segments.

David Joyce asked about News Corp's capital allocation priorities to drive returns, how they would prioritize investments, and if any strategies could be accelerated given the 'One Big Beautiful Bill Act's' potential impact on free cash flow allocation.

Answer

CEO Robert Thomson reiterated that News Corp's three core business drivers—Dow Jones, Digital Real Estate, and HarperCollins—are performing well, and cash will be allocated accordingly to these segments.

David Joyce from Seaport Research questioned News Corp's capital allocation priorities, asking how the company plans to balance internal investments, M&A, and shareholder returns following the Foxtel sale.

Answer

CEO Robert Thomson emphasized that M&A would focus on the three core pillars (Dow Jones, Digital Real Estate, Book Publishing) without overpaying. He highlighted the cash received from the Foxtel deal, the company's share price performance, and a history of returning cash to shareholders via dividends and buybacks, noting that 70% of available free cash flow was returned last fiscal year. He concluded that the company's optionality has increased significantly.

David Joyce requested more detail on the timing of lapping price increases at Dow Jones, the expected contribution from new products at REA, and the outlook for significant new titles in Book Publishing.

Answer

CEO Robert Thomson pointed to the ongoing positive impact of higher-margin digital and B2B businesses at Dow Jones. For Book Publishing, he highlighted a full roster of new titles and the increasing profitability of the backlist, which now constitutes 61% of sales. CFO Lavanya Chandrashekar clarified that Book Publishing growth would likely moderate in H2 due to the phasing of frontlist releases.

David Joyce requested an updated outlook on the evolving Regional Sports Network (RSN) and local media rights landscape, particularly concerning potential league clawbacks, despite Madison Square Garden Sports Corp.'s current flat arrangement with MSG Networks.

Answer

Jamaal Lesane, COO, acknowledged the evolving RSN industry and the value of local media coverage in a large market like New York, emphasizing the partnership with MSG Networks. He reminded that amended agreements with MSG Networks run through the end of the 2028-2029 seasons and expressed confidence in the company's position as a rights holder for two marquee sports franchises.

David Joyce from Seaport Research Partners sought an updated outlook on the evolving Regional Sports Network (RSN) and local media rights landscape, particularly concerning potential league clawbacks, despite MSG Sports' current flat arrangement with MSG Networks.

Answer

Jamaal Lesane, Chief Operating Officer, acknowledged the evolving RSN industry and the value of local media coverage in large markets like New York for fan engagement. He emphasized the strong partnership with MSG Networks, which delivers tailored local content. Lesane reminded that amended agreements with MSG Networks run through the end of the 2028-2029 seasons and expressed confidence in MSG Sports' position as a rights holder for two marquee sports franchises.

David Joyce of Seaport Research Partners requested details on the net financial impact of the new national NBA media deal versus the amended local deal, and asked for a deeper financial analysis of the Knicks' recent playoff run.

Answer

EVP, CFO & Treasurer Victoria Mink explained that in fiscal 2026, the increase from the new NBA national deal is expected to outweigh the full-year impact of the lower local media rights fees, resulting in overall media rights revenue growth. COO Jamaal Lesane and CFO Victoria Mink detailed the playoff impact, noting benefits to fan engagement and future sales, while providing specific Q4 playoff revenue of $115.2 million, or $12.8 million per game.

David Joyce from Seaport Research Partners questioned the net financial impact and cadence of the new NBA national media deal versus the amended local rights deal, and requested details on the financial impact of the Knicks' playoff run.

Answer

EVP, CFO & Treasurer Victoria Mink explained that while local media rights fees will decrease, the step-up in national rights will lead to an overall increase in media revenue in fiscal 2026. She also provided specific revenue and expense figures for the recent playoff games. COO Jamaal Lesane highlighted the broader business benefits of the playoff run, including boosts to ticketing, fan engagement, and corporate partnerships.

David Joyce asked for more details on the Experience Abu Dhabi jersey patch sponsorship and the broader outlook for sponsorship growth, as well as the company's thoughts on ticket pricing for the upcoming year.

Answer

Victoria Mink, EVP, CFO and Treasurer, stated that the sponsorship category is on track for solid growth, highlighting the Abu Dhabi deal as a key part of expanding the Knicks' global brand. Jamaal Lesane, Chief Operating Officer, explained that ticket pricing is evaluated annually, noting that while they held prices for renewing holders last season, they opportunistically priced new packages and see future opportunities for yield growth.

David Joyce requested more details on the Experience Abu Dhabi jersey patch deal, the broader sponsorship outlook, and the company's strategy for ticket pricing in the upcoming year.

Answer

EVP, CFO and Treasurer Victoria Mink confirmed that the sponsorship category is on track for solid growth, highlighting the Abu Dhabi deal as a key global partnership. Chief Operating Officer Jamaal Lesane stated that ticket pricing is evaluated annually, noting that while they did not increase prices for renewing holders last season, they are opportunistically pricing new packages to drive modest overall ticket revenue growth this fiscal year.

David Joyce of Seaport Research requested an update on the early learnings from SiriusXM's Amazon DSP relationship, including its contribution in Q4 2025 and its potential impact for 2026.

Answer

CEO Jennifer Witz expressed satisfaction with programmatic partnerships, including Amazon DSP, noting its importance for diversification. She highlighted an expansion of marketers working with Amazon and observed nice growth in Q4 2025 and continuing into Q1 2026. Ms. Witz believes there is significant runway for programmatic growth, particularly on the podcasting side, compared to the more mature CTV/video programmatic market.

David Joyce of Seaport Research requested an update on the early learnings from SiriusXM's Amazon DSP relationship, including any contributions in Q4 2025 and its potential impact on 2026 performance.

Answer

CEO Jennifer Witz expressed satisfaction with programmatic partnerships, including Amazon DSP, noting diversification is important as different brands use different platforms. She reported nice growth from Amazon in Q4 2025 and continuing into Q1 2026, expecting it to be a significant contributor to the overall programmatic business, especially as podcasting programmatic is still in early stages compared to video.

David Joyce from Seaport Research Partners asked for clarification on the drivers of higher G&A legal expenses and whether they were non-recurring, and sought more detail on the strength in podcasting ad revenue, specifically regarding marketer adoption and volume.

Answer

CFO Tom Barry attributed the G&A increase to a $28 million legal settlement in the quarter, which contrasted with a $10 million insurance recovery in the prior-year period. CEO Jennifer Witz explained that podcasting strength was driven by 'all of the above': attracting more creators, broader distribution across audio and video, improved pricing, and increased ad inventory. She noted advertisers are drawn to the talent, creating opportunities to expand their media buys across SiriusXM's entire platform.

David Joyce asked for an update on targeted advertising within the 360L product and its potential 2025 contribution, and also inquired about the future spending trajectory for sales and marketing.

Answer

CEO Jennifer Witz discussed two ad opportunities: a free preview service in 360L vehicles and plans to test a low-cost, ad-supported subscription tier. CFO Thomas Barry stated that sales and marketing spend will continue to be optimized in 2025 with a focus on ROI and better integration, following a reduction in 2024 as the company pivoted its streaming strategy.

David Joyce inquired about the expected timeline for when new advertising initiatives, such as in-car ads for non-subscribers and the unified tech platform, will begin to materially contribute to results and offset market challenges.

Answer

CEO Jennifer Witz explained that the in-car free ad-supported offering is still in a small-scale 'test and learn' phase. She emphasized that building the necessary scale for a prominent in-car ad business will take years and is dependent on the growing penetration of 360L-enabled vehicles, which is projected to be in over 50% of new car trials next year. This long-term initiative is designed to complement a future ad-supported offering on the streaming app.

David Joyce asked about Fubo's strategy to retain or regain sports rights amidst the NBCUniversal issue, whether Comcast's non-engagement is tied to Peacock's Olympics focus, the renewal timeline for the Comcast/NBC deal with Hulu Live, and potential re-engagement with TelevisaUnivision for soccer content.

Answer

CEO David Gandler explained that Fubo's subscriber base grew despite NBC content removal, demonstrating the resilience of their sports-focused value proposition and the ability to leverage Hulu Live TV for NBC content. He highlighted strong relationships with major leagues and content partners like Disney, Fox, and CBS, and noted record-high subscribers for Fubo's Latino product, complemented by Hulu Live's Spanish-language bundle, emphasizing the combined 6 million+ subscriber base for future negotiations.

David Joyce asked about Fubo's strategy for retaining or regaining sports rights amidst industry consolidation, particularly concerning the NBCUniversal dispute and Comcast's potential motivations related to Peacock and the Olympics. He also inquired about re-engaging with TelevisaUnivision for soccer and the renewal timeline for the Comcast/NBC deal with Hulu Live.

Answer

CEO David Gandler explained that Fubo's subscriber base grew 3% year-over-year despite the NBC content removal, attributing it to the team's quality and marketing. He noted strong relationships with leagues and content partners like Disney, Fox, and CBS, and confirmed NBC content is still available on Hulu Live. Gandler highlighted record-high subscribers for Fubo's Latino package and Hulu Live's new Spanish-language bundle, emphasizing the combined 6 million+ subscriber base allows for flexible and affordable packaging. CFO John Janedis added that the 2-year lockup for Disney's Fubo shares remains, and a recent shelf filing was routine housekeeping.

David Joyce inquired about fubo's content strategy, asking for an update on discussions with TelevisaUnivision and the progress of securing rights for skinny bundles before the football season.

Answer

CFO John Janedis reported no new updates regarding TelevisaUnivision but affirmed fubo's openness to discussions under acceptable terms. CEO David Gandler added that the company is highly focused on launching skinny bundles, contingent on finalizing content deals with non-Disney partners at fair market prices and with flexible terms.

David Joyce inquired about Fubo's potential opportunity with Major League Baseball rights should ESPN opt out, and how the company would manage potential programming conflicts with its partner, Disney.

Answer

CEO David Gandler responded that Fubo aims to partner with all programmers and leagues, including MLB, and would explore opportunities as they arise. He clarified that Fubo does not anticipate any issues with Disney, as they have a multi-year licensing distribution deal and will continue to operate in the ordinary course of business.

David Joyce asked if potential industry consolidation, particularly with embedded studio and streaming assets, could lead to reduced accessibility of third-party content for Netflix.

Answer

Co-CEO Ted Sarandos stated that original titles are Netflix's primary business driver, and while they license content to complement their offering, they are not dependent on any single supplier. He noted that ebbs and flows in third-party content access have always been a factor, as competitors are also suppliers. He emphasized that Netflix has a proven track record of building audience, revenue, and value for licensed IP, expecting this dynamic to continue.

David Joyce asked if potential industry consolidation, particularly with embedded studio and streaming assets, could reduce Netflix's access to third-party content.

Answer

Co-CEO Ted Sarandos stated that original titles are the big business driver, and Netflix continues to expand investment in original content. He noted that Netflix is happy to license third-party content to complement its offering and has always seen ebbs and flows in access, as competitors are also suppliers. He emphasized that Netflix is not dependent on any single supplier, with no single supplier representing more than a small minority of total view hours. He also asserted that licensing to Netflix is proven to build audience, revenue, and IP value, a dynamic he expects to continue.

David Joyce from Seaport Research Partners asked for specifics on why 'BMF' Season 4 underperformed expectations and how this affects future franchise strategy. He also questioned the drivers of ARPU, including pricing and distribution partnerships.

Answer

President and CEO Jeffrey Hirsch explained that while 'BMF' was still a large show, it missed growth expectations due to a gross adds issue. CFO Scott MacDonald noted that ARPU was slightly down due to more customers taking multi-month offers, which helps reduce churn. Hirsch added that STARZ has no plans for rate increases, focusing instead on subscriber growth through new distribution platforms.

Inquired about the specific reasons for the underperformance of 'BMF' season four, any planned adjustments to the franchise strategy, and the factors influencing ARPU, including price increases and distribution relationships.

Answer

'BMF' was still a large show but missed expectations due to a gross adds issue, with some softness noted late in the prior season; a postmortem will determine its future. ARPU was slightly down due to more customers on multi-month offers, which helps reduce churn. The company has no plans for rate increases in the near future and expects to grow subscribers through new distribution platforms rather than price hikes.

David Joyce asked for specific reasons behind the underperformance of 'BMF' Season 4 and what adjustments would be made for future franchise strategies. He also questioned the drivers of ARPU, including the impact of price increases and various distribution relationships.

Answer

President and CEO Jeffrey Hirsch explained that 'BMF's' underperformance was a 'gross adds issue' rather than a single factor and that a postmortem analysis is underway. CFO Scott MacDonald addressed ARPU, noting it was slightly down due to more customers on multi-month offers, which helps reduce churn. Hirsch added that STARZ has no plans for rate increases, instead seeing future growth from new distribution platforms.

David Joyce of Seaport Research Partners inquired about the drivers of U.S. OTT subscriber growth, the reasons for the quarterly revenue decline, and the engagement mix between original series and library content.

Answer

President & CEO Jeffrey Hirsch attributed the majority of subscriber growth to the premiere of 'Raising Canaan,' with bundling also contributing. He explained that the revenue decline was a carryover effect from a strike-impacted year with fewer original premieres. Hirsch noted that originals drive about 55-60% of first title streams, a proxy for acquisition, with library movies from partners like Lionsgate and Universal driving the remainder.

David Joyce of Seaport Research Partners asked about the primary drivers of U.S. OTT subscriber growth, the reasons for lower revenue, and the engagement mix between original series and library movie content.

Answer

President & CEO Jeffrey Hirsch attributed the strong subscriber growth primarily to the premiere of "Raising Canaan" season four, rather than bundling. He explained that the revenue pressure was a carryover effect from the strike-impacted prior year, which limited the content slate. Hirsch also noted that originals drive about 55-60% of first title streams, a proxy for acquisition, with the balance coming from key library movies from partners like Lionsgate and Universal.

David Joyce of Seaport Research Partners asked for the outlook on sponsorship revenue for fiscal 2026 and inquired about consumer demand, particularly regarding per capita spending trends on ancillary items at concerts.

Answer

David Collins, EVP & CFO, expressed optimism for sponsorship growth in fiscal 2026, citing new partnerships, available premium inventory, and the benefits of bringing the sales effort in-house. On consumer demand, he stated it remains strong, pointing to robust Christmas Spectacular sales and concert sell-through rates. He highlighted that F&B per caps at The Garden were up double-digits in Q4, and combined venue per caps were up double-digits in July.

David Joyce inquired about the opportunity for artist residencies at MSGE venues and the company's perspective on consumer health, as indicated by per-capita spending.

Answer

Interim CFO Lee Weinberg highlighted the success of the Billy Joel residency and noted that future residencies may have different structures. He confirmed several upcoming multi-night runs at the company's theaters. On consumer demand, he stated the company is seeing no slowdown, evidenced by sold-out concerts, strong sell-through rates, and record-high per-cap spending for the Christmas Spectacular.

David Joyce posed three questions regarding the general health of the consumer, the reason for food and beverage margin compression despite lower revenue, and the company's forward-looking plans for capital returns.

Answer

EVP and CFO Michael Grau reiterated that consumer health remains strong, citing robust sell-through and ticket demand. He attributed F&B margin compression to higher labor costs from a new collective bargaining agreement, which offset lower COGS. Regarding capital allocation, he confirmed priorities remain debt paydown and shareholder returns, stating the company will evaluate returns once cash balances build to an appropriate level after the seasonally strong quarter.

David Joyce asked for an update on the sponsorship and advertising trajectory for the Exosphere and inquired about the impact of lower overall Las Vegas market visitation on Sphere's business.

Answer

President & COO Jennifer Koester detailed progress on building a recurring advertising business through new packages and multi-year sponsorships. Executive Chairman & CEO James Dolan added that the sales team is still being built out. Koester addressed market trends by stating that while mindful of Vegas visitation, the company's focus is on long-term growth drivers, and results will naturally fluctuate quarter-to-quarter for a nascent business.

David Joyce of Seaport Research Partners asked for an update on the go-to-market strategy and outlook for the Exosphere and corporate sponsorships.

Answer

COO Jennifer Koester detailed the strategy, which includes new ad packaging like 15- and 60-second spots, expanding relationships with media agencies for upfront buys, targeting the convention market, and building recurring revenue through multiyear sponsorships, citing recent deals with Google and Pepsi as examples.

David Joyce inquired about the new in-house sponsorship sales effort, the go-to-market strategy for the Exosphere, and the largest untapped sponsorship opportunities, including naming rights.

Answer

An executive, identified as COO Jen, detailed the new strategy, which involves adjusting pricing, building direct relationships with CMOs and media agencies, and targeting the Las Vegas convention market. She noted significant opportunity remains in entitlements and integrations. Executive Chairman and CEO James Dolan added that while a name might appear after 'Sphere,' the company will not sell a title sponsorship that puts a brand name before 'Sphere' to protect its brand equity, similar to Madison Square Garden.

David Joyce asked for color on the timing and genres of artist residencies for the next year to help with year-over-year comparisons. He also requested details on the Abu Dhabi Sphere's construction timeline and when pre-opening fees would accrue.

Answer

Executive Chairman and CEO James Dolan confirmed The Eagles' run would continue but did not announce other acts, reiterating that the main challenge is scheduling the high volume of interested artists. EVP, CFO, and Treasurer David Byrnes stated that a timeline for the Abu Dhabi opening has not been disclosed, as the current focus is on providing pre-opening services to their partner.

David Joyce asked for more detail on the contribution to streaming subscribers and advertising revenue from the bundled distribution deals, such as the one with Charter Spectrum.

Answer

CEO Kristin Dolan expressed satisfaction with the Charter partnership, noting that activation and engagement rates for AMC+ are strong and in line with or outperforming peers on the platform. CCO Kim Kelleher added that while the advertising impact is still in its early stages, it represents a multi-revenue growth opportunity that will accrue over time.

David Joyce asked about the proportion of advertising revenue derived from streaming, the timeline for lapping the financial impact of the Movistar contract drop in Spain, and any notable revenue or cost seasonality expected for the year.

Answer

Chief Commercial Officer Kim Kelleher explained that streaming advertising provides incremental revenue and significant sponsorship opportunities. CEO Kristin Dolan noted the Movistar change was anticipated and offset by growth with other Spanish partners. CFO Patrick O'Connell confirmed the Movistar impact was built into guidance and that free cash flow would be front-loaded in 2025 due to a back-half-weighted production schedule.

David Joyce asked about the quantifiable lift in viewership and linear ad revenue resulting from licensing content to Netflix. He also questioned the strategy for future content licensing, asking if AMC Networks plans to sell original projects to third parties, similar to 'Silo', or reserve new content exclusively for its own platforms.

Answer

Chief Commercial Officer Kim Kelleher clarified there is no direct ad revenue from the Netflix deal, but highlighted innovations in programmatic and data-driven advertising to counter linear declines. CEO Kristin Dolan explained the primary benefit is the 'Netflix effect,' which drives significant new subscriber acquisition for AMC+ rather than direct linear viewership. President of Entertainment Dan McDermott stated that while the current focus is producing for AMC's own platforms, the studio remains opportunistic about producing for third parties when it is financially accretive.

David Joyce sought clarification on the content licensing revenue stream, asking if the growth was recurring or driven by one-time deals, and inquired about the factors contributing to the year-over-year increase in SG&A expenses.

Answer

CEO Kristin Dolan clarified that the Netflix deal was not the primary driver of the content licensing revenue increase. Chief Commercial Officer Kimberly Kelleher added that the strategy focuses on non-exclusive domestic deals and global opportunities to monetize content on multiple platforms while retaining premiere rights. CFO Patrick O'Connell explained that the SG&A increase was largely due to tactical, performance-based marketing with a strong near-term ROI, rather than seasonality.

David Joyce inquired about how Warner Bros. Discovery is managing upfront advertising negotiations and cross-platform sales to marketers, particularly in light of the planned separation of the company.

Answer

CFO Gunnar Wiedenfels assured that WBD will maintain a 'business as usual' approach, preserving ad sales synergies through a unified go-to-market structure even after the separation. He also noted that the ad market has been resilient, with price increases seen across most categories, especially sports.

David Joyce asked how Warner Bros. Discovery is handling upfront advertising negotiations and how it will structure ad sales across streaming and linear networks following the planned company separation.

Answer

CFO Gunnar Wiedenfels assured that the company will maintain a combined ad sales structure to preserve synergies, offering a 'business as usual' experience for advertisers. He also characterized the upfront market as strong, with price increases across all categories, particularly in sports, despite some pressure on the digital side.

David Joyce asked how Roku is managing the volume of its connected TV ad inventory to maintain scarcity and pricing power amid industry concerns about supply.

Answer

President of Roku Media Charlie Collier explained that Roku's unique position is due to its scale, engagement, and unique ad placements. This allows Roku to price inventory across the entire demand curve, from high-end premium sponsorships in Roku City to broader video packages that clear at lower CPMs. He noted that Roku did not see pricing deflation in its recent upfront and is well-positioned regardless of market price fluctuations.

David Joyce of Seaport Research Partners asked for an explanation for the 40 basis point compression in the system rentals take rate, given the concurrent increase in film remastering and distribution revenue.

Answer

CFO Natasha Fernandes attributed the take rate fluctuation to quarterly mix shifts, including the balance of sales deals versus JV deals and the impact of theater upgrades. An upgrade can involve an asset write-off that temporarily affects margins for a location but is a positive long-term investment. She stressed the overall operating leverage remains strong.

David Joyce inquired about the health of the consumer and whether exhibitors are observing a trend of moviegoers skewing towards IMAX showtimes, potentially leading to requests for more screenings.

Answer

CEO Richard Gelfond characterized IMAX as an 'affordable luxury' that has historically performed well in recessionary periods, citing the record-breaking Q1 performance in China during a slow economic time as evidence. He noted that IMAX's high market share inherently demonstrates that consumers are choosing the format, confirming the trend without commenting on specific exhibitor requests.

David Joyce of Seaport Research Partners inquired about the company's strategic preference between system sales and joint-venture rental models, especially as exhibitors look to accelerate installations.

Answer

CFO Natasha Fernandes responded that while a mix of models remains the core strategy, the company sees a clear opportunity to install more joint-venture (JV) systems. She noted that given the strong upcoming film slate and IMAX's robust balance sheet, deploying capital for JVs can generate higher long-term returns on the rental side, despite quarterly fluctuations.

David Joyce requested an update on the secondary ticketing market, including volume trends, performance in new markets, and what portion of tickets are locked into Live Nation's ecosystem.

Answer

President and CFO Joe Berchtold reiterated that the secondary market is viewed as a feature, not a core business, representing a low-teens percentage of GTV. He stated that for concerts, a decline in secondary activity would be a positive sign of effective primary market pricing. He also clarified that tickets do not go directly from their platform to secondary resellers.

David Joyce asked about future development opportunities within the existing real estate footprint surrounding the park and inquired about the potential for hosting more concerts and non-gameday events.

Answer

Mike Plant, President and CEO of Braves Development Company, stated that they remain opportunistic with undeveloped land, citing the new Truist Securities headquarters as an example of attracting major tenants. Executive Derek Schiller added that while they are aggressive in booking non-gameday events, concert scheduling depends heavily on tour routing, but the overall non-gameday event business remains extremely strong.

David Joyce inquired about future development opportunities within The Battery Atlanta's existing footprint and the potential for hosting more concerts at Truist Park, both in and out of the baseball season.

Answer

Mike Plant, President and CEO of Braves Development Company, noted that undeveloped land is still available and they remain opportunistic, citing the new Truist Securities headquarters as an example. Executive Derek Schiller added that while they are aggressive in booking non-gameday events like concerts, timing is dependent on tour routing, but the overall non-gameday business remains extremely strong and is a key factor in project ROI.

David Joyce inquired about the potential to expand non-baseball events like concerts and whether there are further plans for real estate development at the Battery Atlanta.

Answer

Executive Derek Schiller confirmed the company is actively working to bring more non-game day events, such as concerts and a new golf event, to Truist Park, leveraging its #1 guest experience rating. Regarding real estate, Schiller stated that there is still undeveloped land at the Battery being evaluated for opportunities, and the company is continuously looking to upgrade existing leases to higher-performing tenants to improve both guest experience and financial results.

David Joyce questioned the potential to expand concert and special event activities at Truist Park beyond the baseball season. He also asked if there were further real estate development plans for The Battery Atlanta.

Answer

Executive Derek Schiller confirmed they are actively working with promoters to bring more non-game day events, such as concerts and a golf event, to Truist Park, leveraging its #1 guest experience rating. Regarding real estate, Schiller stated that there is undeveloped land at The Battery being evaluated for future opportunities and that the company continues to upgrade existing leases to higher-performing tenants to improve financial results.

Asked about the state of content production post-strikes, the outlook for delivery volumes, and the specific contribution from the E1 acquisition.

Answer

The content market is recovering slowly, with a focus on cost control and leveraging key IP. The E1 library is already contributing positively, trending 10-15% above budget. The film slate is considered the strongest ever, with a positive outlook for theatrical releases.

Asked about the expected seasonality of eOne's financial contribution, a more precise timeline for the separation vote, and the outlook for TV production orders in a competitive market.

Answer

The company expects the full separation by the end of the calendar year, pending regulatory processes. eOne's financial contribution will follow the seasonality of content deliveries and is expected to ramp up. The TV group is experiencing a strong post-strike rebound with a significant increase in development deals and new productions, positioning it well for growth.

Asked about the growth drivers, reliance on regulation, and strategy for the Sports Data and Technology segment.

Answer

Growth is driven by two areas: OpenBet, which provides B2B tech infrastructure to newly regulated betting markets like Brazil, and IMG Arena, which focuses on profitably acquiring Tier 2/3 data rights, often packaged with media rights, rather than competing for expensive Tier 1 rights.