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The company has a strong track record with franchising, typically retaining over 85% of the original audience for spin-offs, far above the industry average. 'Blood of My Blood' was designed to serve the core 'Outlander' fans while being accessible to new viewers. Its early performance, with a 40% viewership lift over the 'Outlander' finale, indicates they are successfully carrying over the existing audience while also attracting new ones.

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Alison Hoffman, President of Stars Networks, highlighted STARZ's strong track record, noting its franchise spin-offs typically retain over 85% of the original series' audience, far exceeding the industry average. She pointed to 'Blood of My Blood's' early success, with viewership already 40% higher than the 'Outlander' Season 7 finale, as evidence that it is successfully attracting both the core fanbase and new viewers.

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David Collins, EVP & CFO, projected solid AOI growth for fiscal 2026, driven by core categories like bookings and the Christmas Spectacular. He noted this growth would occur despite higher corporate costs from staffing up the sponsorship business and other executive hires. Collins stated that due to the attractive contribution margins of key revenue lines, the company has an opportunity to modestly expand AOI margins in the upcoming year.

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Ari Danes, an executive, outlined three core capital allocation priorities: maintaining a strong balance sheet with net debt leverage around 3x, ensuring flexibility for business investments, and opportunistically returning capital to shareholders. He confirmed the company repurchased $25 million of stock in the quarter and has $85 million remaining under its current authorization, signaling a continued commitment to buybacks.

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EVP and CFO Michael Grau confirmed that Christmas Spectacular ticket sales are pacing 15% ahead year-over-year, with two shows already added and the potential for more. He also highlighted a strong pipeline for non-concert events, including 64 'Annie' performances, the return of the Tony Awards, high-profile college basketball matchups, and a UFC event.

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Executive Chairman & CEO James Dolan reported that 'Wizard of Oz' had sold over 120,000 tickets to date, with sales expected to accelerate significantly in the weeks before opening. He expressed confidence the new show would boost Sphere's Las Vegas visitor capture rate to over 10%. Dolan also confirmed that all original content is created to be 'evergreen' and will be utilized for years across the global network of Sphere venues.

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James Dolan stated that they have not seen any significant negative changes in the Las Vegas market, which sees over 40 million visitors annually. He noted that international guests account for over 20% of Sphere experience attendees and 10% for concerts. He also mentioned that concert demand generally exceeds capacity, providing a buffer against potential economic downturns.

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Executive Chairman and CEO James Dolan responded that they have not observed any significant changes in the market, noting that international visitors account for over 20% of guests for the Sphere Experience and 10% for concerts. He added that overall concert demand exceeds capacity, providing a buffer against potential market softness.

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Executive Chairman and CEO James Dolan explained that the new experience will be significantly more immersive and experiential than previous content, with an announcement expected soon. He noted that the U2 concert film is a low-cost, evergreen product that will continue, while the 'Postcard from Earth' show count will be significantly reduced but not eliminated. Dolan emphasized that scheduling decisions are driven by a competitive process to maximize Adjusted Operating Income (AOI) among concerts, attractions, and corporate events.

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Executive Chairman and CEO James Dolan stated that the Abu Dhabi deal enhances confidence and helps in discussions for future locations. He confirmed the company has built an organization capable of handling multiple Sphere constructions simultaneously and is actively pursuing further expansion. The latter part of his response regarding regional exclusivity was affected by an audio issue.

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CEO Sean Reilly explained that the airport division's strength is driven by the significant rebound in air travel. He differentiated Lamar's transit business, which primarily involves bus wraps targeting a general audience, from competitors' models that rely more on ridership, explaining the different recovery profiles. He also confirmed that no M&A beyond the Verde deal is assumed in the current guidance.

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Executive Sean Reilly stated that he anticipates acquisition spending to be 'well north of $200 million' for the year and that more specific details on the inorganic revenue contribution would be provided in August. Both Reilly and Executive Jay Johnson confirmed that the company's full-year expense growth forecast remains around 3%.

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Sean Reilly (executive) stated that the M&A pipeline is active again and consists of typical tuck-in activity, with deals ranging from $2 million to $10 million and a few larger ones in the $40 to $50 million range. Regarding Vistar, he expressed excitement, viewing T-Mobile's involvement as a strong endorsement of out-of-home advertising that will benefit the industry by leveraging T-Mobile's data and marketing expertise.

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Executive Sean Reilly explained that programmatic KPIs are measured by a growing number of third-party data providers that perform attribution analysis, justifying the higher CPMs. On M&A, Reilly stated that after slowing down in 2024 to strengthen the balance sheet, Lamar anticipates a pickup in 2025 focused on 'fill-in' tuck-in acquisitions across the country, which can be easily absorbed into existing operations.

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CEO Sean Gamble emphasized that the entire theater visit is positioned as a premium experience and that PLF strategy is about growing the overall market, with format choices depending on specific theater demographics. CFO Melissa Thomas addressed expenses, noting that Q2 G&A was lower due to stock-based compensation but expects underlying wage pressures to continue. She also projected that the full-year concession cost rate would be higher due to inflation and a rising mix of merchandise sales.

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CEO Sean Gamble noted that while viral moments are often organic, Cinemark actively fosters fan engagement through events and merchandise. CFO Melissa Thomas explained that Q1 'other revenue' benefited from higher promotional income and gaming revenue. She noted the line has fixed and variable components, with the variable parts expected to fluctuate with attendance and film content going forward.

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CFO Melissa Thomas stated the company intends to repay the convertible notes' principal with cash and will decide on settling any excess value with cash or shares at maturity. The future mix of dividends and buybacks will be determined by market conditions, valuation, and liquidity, while maintaining the target leverage ratio. CEO Sean Gamble characterized the Netflix-IMAX deal as a promotional effort rather than a strategic shift, expressing a preference for full theatrical windows and questioning the film's performance in a crowded release period.

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President and CEO Sean Gamble stated that while it's early, he expects 2025 film volume to rebound significantly and remains optimistic about content growth from streamers like Amazon. CFO Melissa Thomas explained that the low concession cost of sales (COGS) rate was driven by strategic pricing and favorable, but temporary, rebates, advising that the year-to-date rate is a better proxy for future performance due to underlying inflation.

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President and CFO Joe Berchtold explained that the company is net positively impacted as sales move to the primary market. President and CEO Michael Rapino expressed optimism for 2026, stating they have already secured a strong global stadium business and that the company's geographic diversity in Europe and Latin America will ensure a strong year despite potential World Cup-related availability issues in the U.S.

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President & CFO Joe Berchtold explained that as primary ticket pricing becomes more market-based, it positively impacts the company by capturing more value, though it reduces secondary arbitrage. President & CEO Michael Rapino expressed strong optimism for 2026, stating that despite the World Cup in North America, the global portfolio, particularly in Europe and Latin America, ensures a strong pipeline, with 40-50% of shows already booked.

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President and CFO Joe Berchtold explained that despite potential volatility, significant scale and volume should allow 2025 concert margins to be similar to the previous year. President and CEO Michael Rapino described the Hayashi acquisition as a crucial strategic move into one of the world's largest music markets, providing a vital local partner to scale the business and control venue access.

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President and CEO Michael Rapino confirmed discussions with DSPs, noting that presale ticket inventory is a valuable asset that would have a cost and would not be given away. President and CFO Joe Berchtold stated the antitrust trial is targeted for early next year. He expressed hope that the current DOJ administration will be more open to settlement talks than the previous one, but confirmed no substantive discussions have yet occurred.

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President and CFO Joe Berchtold explained the 2023 revision was a non-material, noncash tax adjustment related to the OCESA acquisition. He clarified the Q4 FX headwind is due to a recent downturn in LatAm currencies impacting a high-growth region for the quarter but does not see it as a material issue for the full 2025 year.

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Mark Shapiro, COO, President & Director, explained that retaining content creates additional monetization opportunities and emphasized the strategic importance of securing ad inventory in future deals. He addressed the pricing concern by comparing it favorably to the previous, successful UFC pay-per-view model on ESPN+, which required a double paywall. Andrew Schleimer, CFO, added that the ESPN deal's 'halo effect' is expected to boost other revenue streams like partnerships.

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President and COO Mark Shapiro declined to comment on Endeavor's activities, stating it was a TKO earnings call. CFO Andrew Schleimer clarified that while international UFC events have a lower margin profile due to higher costs, they are accretive on an absolute dollar contribution basis and represent a long-term investment in growing the fan base.

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President and COO Mark Shapiro confirmed that TKO plans to keep UFC Fight Pass as a proprietary asset, focusing on driving its growth through more exclusive live events. He also stated that while the Sphere title sponsorship was a huge success, future title deals will be pursued selectively if they are authentic and don't over-commercialize the brand.

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CEO Bob Iger stated the priority is great movies, whether new IP or sequels, noting that even Marvel's 'Fantastic Four' is being treated like an original property for a new audience. CFO Hugh Johnston confirmed the tax bill will have a positive cash impact but no material book tax impact, with more details to come in Q4.

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CEO Robert Iger explained that the ESPN DTC service will offer an enhanced experience with additional features not available on the linear channel. He emphasized that the strategy is to provide consumers with choice while encouraging bundling. A key value proposition will be the seamless, fully integrated experience for subscribers of Disney+, Hulu, and the new ESPN service, creating a powerful and unrivaled content bundle.

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CFO Hugh Johnston described the Disney Treasure's launch as a 'spectacular start,' with strong room sales and excellent guest feedback, adding that the ship is expected to be profitable in its first quarter. He noted that the Lightning Lane Premier product is being marketed gently and rolled out slowly to ensure a great experience for all guests, with performance currently in line with expectations.

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CFO Hugh Johnston explained that the forecast models a continued decline in linear, but Disney is well-positioned with a natural hedge as consumers migrate to its streaming services. He described the company's content portfolio as a 'must-have platform.' Regarding the DIRECTV deal, Johnston stated that it was uniquely crafted for that specific partner and should not be viewed as a template for other negotiations.

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CEO Meredith Kopit Levien attributed the strong advertising performance to a diverse portfolio of brands in high-demand spaces like sports and games, a large engaged audience addressable with first-party data, and a growing suite of high-performing ad products. Regarding the Amazon deal, she stated it aligns with the company's principles of receiving fair value, maintaining control over its IP, and advancing its strategy of becoming more essential to more people.

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EVP and CFO Will Bardeen addressed ARPU by emphasizing the focus on total digital-only ARPU, which grew year-over-year, and pointed to strong revenue guidance as proof of the strategy's success. President and CEO Meredith Kopit Levien detailed video and audio innovation, highlighting reporter-led videos, podcasts, and AI-powered automated voice features as key drivers of user engagement.

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President and CEO Meredith Kopit Levien stated there is more ad supply to roll out across lifestyle products, with opportunities in both direct-sold and programmatic channels. Regarding capital, she emphasized the balance sheet provides valuable optionality. EVP and CFO Will Bardeen reiterated their disciplined approach: prioritizing organic investment, returning at least 50% of free cash flow to shareholders, and maintaining a high bar for any potential M&A that must accelerate the core strategy.

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Meredith Kopit Levien, President and CEO, acknowledged that AI in search contributes to platform-driven audience headwinds but emphasized the company's strategy is to build resilience by creating products that drive direct traffic. William Bardeen, EVP and CFO, confirmed that while the strike had just begun, the company was prepared, and the Q4 guidance incorporates their best estimate of its potential effects on operations and results.

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EVP & CFO Matthew Siegel attributed the transit growth to a dedicated transit task force, increased management focus, and new incentives, particularly in New York. He specified that each of the two exited billboard contracts represented about 2% of 2024 billboard revenue, with Q3 facing the largest headwind from their absence.

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CEO Jeremy Male stated the MTA contract exit represents a headwind of approximately 1.5% to Q4 growth, with a smaller impact from storms. He affirmed their bid was based on what was economically viable for OUTFRONT. CFO Matthew Siegel added that ongoing national advertising weakness in major markets like Los Angeles and New York contributes to lower lease expense growth due to revenue-share lease structures.

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CEO Scott Wells attributed the Q2 Americas revenue miss to a timing delay of a large national contract, which also impacted the national sales growth figure. He emphasized that geographic performance is a more significant driver than the national vs. local split. CFO David Saylor clarified that the lower full-year AFFO guidance was primarily a result of interest expense amortization from the recent refinancing, not a change in underlying business performance.

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CEO Scott Wells explained that the Q2 Americas performance and guidance revision were due to the delayed start of a single large national contract. He noted that the performance story is more about geographic strength in areas like the Northeast and NorCal than a broader national versus local trend. CFO David Sailer clarified that the AFFO guidance adjustment was primarily due to the interest expense amortization from the recent refinancing, not a change in underlying business performance.

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CEO Scott Wells explained the Americas revenue miss was due to the delayed start of a large national contract, which also skewed the local vs. national growth figures. He emphasized that performance variation is more correlated with geography than the national/local split. CFO David Sailer clarified the lower AFFO guide was driven by interest expense amortization from the recent refinancing, not a change in underlying business performance.

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CEO Richard Gelfond described the relationship with exhibitors as "excellent," pointing to recent expansion deals with AMC and Regal. He reported that AMC's CEO confirmed "zero interest" in a rival consortium and suggested the narrative is driven by disgruntled non-IMAX partners losing market share.

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CEO Richard Gelfond explained that theatrical windows are not a primary concern for IMAX, as its success is driven by a consistent supply of high-quality, diverse content. CFO Natasha Fernandes clarified that higher Q1 installs were due to exhibitor timing and the full-year guidance is unchanged. She attributed the high Content Solutions margin to operating leverage from record box office and the lower costs associated with Chinese local language films.

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IMAX China CEO Daniel Manwaring acknowledged minimal, early ticket subsidies but stated they had a negligible effect on the total box office, which was driven by market demand. He noted broader government support for film imports is expected to continue. CFO Natasha Fernandes stated that cash flows are strengthening and she expects cash conversion to continue improving with box office growth, highlighting past strategic share repurchases.

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CEO Richard Gelfond attributed China's softness to a mix of economic weakness and a less compelling film slate, but expressed optimism for 2025. CFO Natasha Fernandes explained the SG&A decline was mainly due to lapping prior-year transaction costs and some expense timing. She clarified the R&D line had a one-time credit from capitalizing camera development and will return to being an expense.

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CEO Philippe Krakowsky attributed the faster progress on cost savings to a comprehensive strategic transformation, industry-wide changes, and the focus provided by the upcoming Omnicom acquisition. He guided for a full-year margin improvement of "north of 100 basis points." He explained the second-half growth improvement is due to lapping significant 2024 account losses, which reveals solid underlying growth in key areas like media and healthcare, and sequential improvement in the U.S. market.

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CEO Philippe Krakowsky stated that while clients are actively scenario planning, there has been no marked change in media spending behavior or shifts between channels. He characterized the experiential market as 'choppy' and noted it's a segment with more discretionary project spend that would be impacted first in a slowdown. CFO Ellen Johnson added that the segment's performance was consistent with their internal expectations.

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CEO Philippe Krakowsky confirmed that large account losses are weighing on the 2025 guide but the underlying business is sound, noting a slight downshift in client planning due to macro uncertainty. CFO Ellen Johnson explained the cost savings are a continuation of efficiency efforts, with charges in 2025 equating to savings, and confirmed they will lead to expanded margins in future years.

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CEO Philippe Krakowsky responded that macro uncertainty is now largely 'baked in' by clients, leading to more conviction in their spending. He detailed that Principal Media is a bundled solution of inventory, data, and technology, which allows IPG to create new product offerings for existing clients, thus driving incremental organic growth. He added that as a 'fast follower,' IPG has significant 'unencumbered billings,' representing a greenfield opportunity.

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Chairman & CEO John Wren stated that the macro environment has not changed significantly and that the company is comfortable with its guidance range, viewing the bottom end as a floor. He affirmed that principal media trading is a long-standing, growing product that clients opt into for better value and is expected to continue growing.

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CFO Phil Angelastro attributed the PR decline to a minor year-over-year project spend comparison and noted the Branding segment's challenges are tied to a slowdown in M&A activity. CEO John Wren and CFO Phil Angelastro both affirmed their confidence in managing the company's flexible cost base to align with revenue and protect margin targets, highlighting their strong track record in this area.

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Chairman and CEO John Wren reported that client feedback on the IPG merger has been constructive with no unaddressable concerns. EVP and CFO Phil Angelastro noted that 2024 margins were impacted by the Flywheel integration and strategic investments, while the 2025 margin improvement reflects a balance of efficiency efforts and continued investment.

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John Wren, Chairman and CEO, responded that client focus has shifted from the Fed to the election, but the primary variable for Q4 remains project-based spending. Regarding the Amazon win, he credited the company's strong existing relationship, enhanced by the Flywheel acquisition, and the Media Group's proven success. Wren stated that revenue from the Amazon account will begin in the new year, as the current quarter is focused on staffing up for the new business.

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CFO Gunnar Wiedenfels reported seeing no material macro impact on the business to date, with Q2 advertising tracking similarly to Q1 on a like-for-like basis. He noted strong scatter market demand is offsetting a potentially slower start to the upfronts. Regarding corporate costs, he confirmed the Q1 improvement was a mix of items but expects the full-year corporate cost to be down year-over-year.

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CEO David Zaslav stated that the company is in discussions with other distributors interested in innovative, Charter-like deals. Regarding the Studios, he highlighted progress, including a 5-to-10-year plan for DC starting with 'Superman', a stronger focus on four core gaming franchises to improve consistency, and a leading TV production business, all aimed at returning the segment to industry leadership.

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Formula One CEO Stefano Domenicali explained that for the Las Vegas GP, they are focusing on managing the cost structure, improving local relationships (including moving the race time earlier), and integrating operations with the London team to leverage data and experience for better ticket packaging. CEO Derek Chang added that while early financial metrics were disappointing, the issues are fixable. Regarding Cadillac, Domenicali stated their entry will provide an "incredible boost" to the F1 ecosystem and that the formal process with the FIA is nearly complete for them to join.

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Formula One CEO Stefano Domenicali acknowledged the Las Vegas race is a work in progress, with a focus on cost structure, strengthening local relationships (including moving the race time earlier), and integrating operations with the London team to leverage data and experience. CEO Derek Chang added that while the initial financial metrics were disappointing, the issues are "durable and fixable." Regarding Cadillac, Domenicali stated their entry will provide an "incredible boost" to F1, noting the process with the FIA is nearly complete.

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CEO Robert Thomson explained that the deal is subject to regulatory approval and that News Corp will remain a close partner with DAZN. He positioned the sale as tangible evidence that the company is constantly reviewing its portfolio and acting decisively to maximize shareholder value, noting the recent share price appreciation.

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CEO Robert Thomson highlighted that digital-only subscriptions grew 15% and expressed confidence in continued positive digital circulation revenue trends as promotional discounts phase out. CFO Susan Panuccio added that the revenue growth rate is expected to accelerate and be more weighted to the second half of the fiscal year.

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Robert Thomson, Chief Executive, confirmed a 'significant overture' is being assessed but emphasized News Corp's full faith in Foxtel's potential, highlighting its surging streaming business and 6% growth in broadcast ARPU. He stated the broader portfolio review continues and that updates would be forthcoming 'but not indefinitely.'

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Jamaal Lesane, Chief Operating Officer, responded that the company's focus is on maximizing shareholder value and maintaining fan connections. While acknowledging that MSG Networks has approached them to renegotiate rights fees, he declined to speculate on hypothetical outcomes, stating they are actively assessing the best path forward for the business.

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Chief Operating Officer Jamaal Lesane acknowledged the industry-wide pressure on local media rights and confirmed that MSG Networks has approached them to renegotiate fees. While emphasizing a focus on maximizing shareholder value and fan connection, he declined to speculate on hypothetical distribution strategies, stating the company is actively assessing the best path forward.

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COO Jamaal Lesane acknowledged the evolving media landscape and stated that the company is actively evaluating the developments and potential impact on its local media rights revenue. CFO and Treasurer Victoria Mink added that while national media rights revenue will increase, a reduction in local game telecasts below contractual thresholds would trigger a corresponding decrease in local media rights fees, partially offsetting the national gains.

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CFO Bryan Castellani stated that traditional ad-supported streaming is seeing low-to-mid-single-digit growth, consistent with broader macro trends. He noted they are lapping a TikTok deal and a change in Meta's premium music video licensing. For margins, he reiterated the commitment to 100 basis points of expansion annually over a multiyear period, driven by the shift to digital, global diversification, and operational efficiencies, while acknowledging quarter-to-quarter timing variability.

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CEO Robert Kyncl responded that having diverse approaches and executive strengths is a benefit to the company. He emphasized that the leadership teams across labels work collaboratively, sharing insights to improve the company's overall performance, rather than operating with a single, uniform strategy.

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CEO Mike Steib opined that the FCC has the opportunity to change duopoly rules and ownership caps. Regarding sports rights, he emphasized that deals are viewed as investments that must deliver cash flow returns above the cost of capital, suggesting they are structured to be profitable on their own merits by serving teams' needs for both revenue and broad audience reach.

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