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    Robert Fishman • MoffettNathanson

    Robert Fishman's questions to Cinemark Holdings Inc (CNK) leadership

    Robert Fishman's questions to Cinemark Holdings Inc (CNK) leadership • Q2 2025

    Question

    Robert Fishman asked about the theatrical release strategies of streaming companies, specifically if Apple plans to increase its output after 'F1' and if Netflix might change its approach. He also inquired about the full-year margin outlook following a strong Q2.

    Answer

    CEO Sean Gamble called Apple's 'F1' success an "encouraging step" but had no specific updates on their future plans. Regarding Netflix, he stated that based on public commentary, they do not appear to be changing their strategy. CFO Melissa Thomas expressed long-term optimism for margins but cautioned that second-half market share may temper compared to elevated 2024 levels, particularly in Q4, alongside ongoing cost pressures.

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    Robert Fishman's questions to Cinemark Holdings Inc (CNK) leadership • Q1 2025

    Question

    Robert Fishman of MoffettNathanson asked for an estimate of box office cannibalization from flexible windows and whether Cinemark would offer economic offsets to studios. He also requested a full-year margin target.

    Answer

    CEO Sean Gamble stated that quantifying the impact of windowing is complex and part of ongoing discussions with studios to find the right economic balance. CFO Melissa Thomas declined to give a specific margin target but said they expect margins to expand for the full year due to operating leverage from the box office recovery, partially offset by some market share normalization and inflation.

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    Robert Fishman's questions to Cinemark Holdings Inc (CNK) leadership • Q4 2024

    Question

    Robert Fishman questioned the advantages of Cinemark's domestic suburban footprint, plans for new screen builds versus closures, and the path to margin improvement in 2025 and beyond.

    Answer

    CEO Sean Gamble described the suburban footprint as a result of historically strong ROI opportunities but confirmed they are open to expansion and have reactivated their new build pipeline. CFO Melissa Thomas expressed optimism for margin expansion driven by operating leverage from a rebounding box office. However, she noted headwinds from higher film rental rates on blockbusters, wage pressures, and increased maintenance costs, which may temper the pace of improvement.

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    Robert Fishman's questions to Cinemark Holdings Inc (CNK) leadership • Q3 2024

    Question

    Robert Fishman inquired about how studios partner with Cinemark to target its loyalty members and asked for details on Cinemark's future capital expenditure plans relative to the industry.

    Answer

    President and CEO Sean Gamble described deep studio partnerships that include special promotions, screenings, and targeted marketing to their 21 million global loyalty members. CFO Melissa Thomas confirmed that Cinemark's normalized annual CapEx of $200-$250 million was included in a recent industry report and that the company expects its investment levels to continue to over-index peers, potentially reaching that normalized range as soon as 2025.

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    Robert Fishman's questions to Flutter Entertainment PLC (FLUT) leadership

    Robert Fishman's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2025

    Question

    Robert Fishman from MoffettNathanson inquired about the mix of in-house and exclusive content versus third-party games driving FanDuel's iGaming business, and how that mix is expected to evolve.

    Answer

    CEO Peter Jackson clarified that all current FanDuel content is from third parties, though some is exclusive. He explained that while Flutter has in-house studio capabilities, the immediate priority has been to build the broadest range of content and enhance the platform with features like jackpots and the rewards club. In-house content remains a future opportunity.

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    Robert Fishman's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Robert Fishman asked about Flutter's confidence in maintaining its number one market position in the U.S., referencing the 'Flutter Edge' concept and the successful launch in North Carolina.

    Answer

    CEO Peter Jackson expressed high confidence, attributing it to the 'Flutter Edge' strategy, which empowers local teams while leveraging global group strengths. He cited the U.S. casino business, led by experienced international talent, and the successful rollout of Same Game Parlay in Italy as prime examples of this competitive advantage in action.

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    Robert Fishman's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Robert Fishman asked about Flutter's confidence in maintaining its number one U.S. market position, referencing the 'Flutter Edge' concept.

    Answer

    CEO Peter Jackson explained that the 'Flutter Edge' empowers local teams while leveraging global strengths. He cited the U.S. casino business, led by a team with global experience, and the rollout of Same Game Parlay in Italy as prime examples of transferring product advantages and expertise across markets to build and maintain leadership positions.

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    Robert Fishman's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Robert Fishman inquired about the current competitive dynamics in the U.S. and whether the market is becoming more rational. He also asked about the company's U.S. media strategy, particularly the role of the new FanDuel TV channel.

    Answer

    CEO Peter Jackson described the U.S. market as remaining very competitive but also more rational, with competitors not spending irrationally on poor products. He explained that FanDuel TV, which builds on the legacy TVG network, is a 'bet and watch' platform that helps acquire customers, particularly in racing, and often allows entry into states before sports betting is legalized.

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    Robert Fishman's questions to Flutter Entertainment PLC (FLUT) leadership • Q1 2024

    Question

    Robert Fishman from MoffettNathanson asked for an assessment of the current U.S. competitive landscape and its rationality, and inquired about the company's media strategy, particularly the role of the new FanDuel TV channel.

    Answer

    CEO Peter Jackson described the U.S. market as remaining very competitive but also more rational, with Flutter's superior product providing a key advantage. He explained that FanDuel TV, an evolution of the TVG network, serves as a "bet and watch" platform to engage customers, particularly in racing, and helps build brand presence in states even before sports betting is legalized.

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    Robert Fishman's questions to Draftkings Inc (DKNG) leadership

    Robert Fishman's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Robert Fishman of MoffettNathanson LLC inquired about DraftKings' openness to partnering with upcoming sports streaming apps like ESPN's and FOX's, and the opportunity to rework market access deals following Flutter's recent agreement with Boyd.

    Answer

    Co-Founder & CEO Jason Robins stated that market access deals represent an area of upside, as many early-day agreements are coming up for renegotiation. On streaming apps, he expressed excitement about their launch, noting it will be great for sports viewership and betting, and confirmed DraftKings would explore any partnership that makes sense as opportunities present themselves.

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    Robert Fishman's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Robert Fishman of MoffettNathanson inquired about DraftKings' openness to partnering with upcoming sports-focused streaming apps like those from ESPN and FOX. He also asked about the opportunity to restructure market access deals, similar to recent industry precedents.

    Answer

    Co-Founder & CEO Jason Robins confirmed that renegotiating older, long-term market access deals represents a significant upside opportunity. On the topic of streaming services, he stated that DraftKings is watching the launches closely and would certainly explore any partnership that makes strategic sense.

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    Robert Fishman's questions to Draftkings Inc (DKNG) leadership • Q1 2025

    Question

    Robert Fishman asked for more detail on the advertising efficiencies being realized from softer market demand and the impact on spending plans. He also inquired about the company's strategy for mitigating future state tax rate increases.

    Answer

    CEO Jason Robins specified that advertising softness is currently being seen on the digital side, not yet in premium offline sports inventory. To mitigate tax hikes, Robins said the strategy involves educating legislators on how high taxes can push consumers to illegal markets and ultimately result in a weaker, less competitive product for consumers in their state.

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    Robert Fishman's questions to Draftkings Inc (DKNG) leadership • Q4 2024

    Question

    Robert Fishman of MoffettNathanson asked about customer penetration levels in older versus newer states and the return on investment from high-profile sponsorship strategies, such as the recent Tyson-Paul Netflix fight.

    Answer

    CEO Jason Robins explained that while older states like New Jersey have the highest penetration, they are still growing, supported by secular tailwinds from younger demographics. Regarding sponsorships, he characterized the Tyson fight's success as 'lightning in a bottle' and emphasized that the core strategy is to secure deals with a good base-case ROI, rather than relying on rare, massive events.

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    Robert Fishman's questions to Warner Bros Discovery Inc (WBD) leadership

    Robert Fishman's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Robert Fishman asked about Warner Bros. Discovery's content licensing strategies, questioning if Warner Bros. and HBO content would be licensed more to third parties and about the approach to sports rights, including potential sublicensing.

    Answer

    President & CEO David Zaslav explained that WBD is strategically licensing less content than it could to bolster the value and exclusivity of HBO Max, prioritizing long-term asset value over near-term profit. CFO Gunnar Wiedenfels added that for Discovery Global, sports rights are crucial for its standalone future, making sublicensing unlikely. Instead, they are developing a direct-to-consumer sports product.

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    Robert Fishman's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Robert Fishman inquired about Warner Bros. Discovery's content licensing strategies, asking if the company would license more Warner Bros. and HBO content to third parties and about its approach to sports rights sublicensing.

    Answer

    President & CEO David Zaslav explained that WBD is strategically licensing less content externally to strengthen HBO Max's exclusive library and drive long-term value. CFO Gunnar Wiedenfels added that this shift has created significant intercompany value on the balance sheet. Regarding sports, Wiedenfels stated that sublicensing is unlikely as they plan to launch a standalone sports streaming product.

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    Robert Fishman's questions to Warner Bros Discovery Inc (WBD) leadership • Q1 2025

    Question

    Robert Fishman questioned how the strategic shift to higher-quality content affects overall content spending levels and inquired about the company's evolving approach to licensing its library and originals to third-party services versus keeping them exclusive to Max.

    Answer

    President & CEO David Zaslav explained that core, franchise-building IP like DC and Harry Potter will remain exclusive to build long-term asset value. However, the company sees significant value in licensing other IP to generate revenue and broaden audience reach. CFO Gunnar Wiedenfels added that this strategy does not require a significant step-up in content spend, which will see only moderate increases to support growth.

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    Robert Fishman's questions to Warner Bros Discovery Inc (WBD) leadership • Q4 2024

    Question

    Robert Fishman asked if the Max streaming service has sufficient programming diversity to compete as a standalone platform and questioned the strategy of moving sports and news content out of the ad-lite tier.

    Answer

    CEO David Zaslav described Max's offering as unique, combining high-quality original content, a deep library, and meaningful local programming and sports. CEO of Global Streaming and Games JB Perrette affirmed the strength and diversity of the content pipeline through 2027. Perrette explained that WBD is experimenting with various sports and news monetization models globally, such as including it in premium tiers in the U.S. versus offering it as an add-on in Europe.

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    Robert Fishman's questions to Walt Disney Co (DIS) leadership

    Robert Fishman's questions to Walt Disney Co (DIS) leadership • Q3 2025

    Question

    Robert Fishman inquired about how fully integrating Hulu into Disney+ will accelerate DTC growth, the future of the standalone Hulu app, and if the strong DTC results altered the long-term double-digit margin target.

    Answer

    CEO Bob Iger explained that combining Hulu and Disney+ will create a superior consumer experience, lower churn, create tech stack efficiencies, and enhance advertising and bundling opportunities. CFO Hugh Johnston reiterated that there is no update to the long-term DTC margin guidance at this time and it will be addressed on the Q4 call.

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    Robert Fishman's questions to Walt Disney Co (DIS) leadership • Q2 2025

    Question

    Robert Fishman asked for more insight into the upcoming theatrical slate's value-generating potential and questioned management's confidence in Marvel's ability to be a significant driver for Disney after shifting its content strategy.

    Answer

    CEO Robert Iger expressed high confidence in the film slate, citing major upcoming releases like 'Lilo & Stitch' and 'Avatar: Fire and Ash'. He acknowledged that Marvel's previous strategy of producing high-quantity content for streaming led to a loss of focus, but stated the renewed emphasis on quality theatrical releases, like the successful 'Thunderbolts*', will restore the brand's strength and impact.

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    Robert Fishman's questions to Walt Disney Co (DIS) leadership • Q1 2025

    Question

    Robert Fishman inquired whether new 'skinnier bundles' from competitors would alter cord-cutting trends and asked for clarification on Disney's broader sports streaming strategy following the fubo deal and the shutdown of the Venu sports streaming venture.

    Answer

    CEO Bob Iger stated the goal is to make ESPN accessible on all platforms, including new skinny bundles, which made the Venu project redundant. He detailed that the upcoming ESPN 'flagship' streaming service, launching in the fall, will be a comprehensive, customizable offering with betting and fantasy features, available standalone or bundled with Disney+ and Hulu, leveraging ESPN's 24/7 programming as a key differentiator.

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    Robert Fishman's questions to Walt Disney Co (DIS) leadership • Q4 2024

    Question

    Robert Fishman asked about the priorities for new technology hire Adam Smith and his potential impact on Disney's streaming products. He also questioned the company's confidence in achieving double-digit DTC margins beyond 10% in fiscal 2026 and the future of Hulu Live.

    Answer

    CEO Robert Iger outlined Adam Smith's priorities, including the ESPN flagship launch, the ESPN tile on Disney+, personalization to improve engagement, password sharing crackdowns, and unifying tech stacks. CFO Hugh Johnston expressed confidence in reaching margin targets through subscriber growth, strategic pricing, product updates to reduce churn, increased ad monetization, and international expansion.

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    Robert Fishman's questions to Netflix Inc (NFLX) leadership

    Robert Fishman's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Robert Fishman of MoffettNathanson LLC asked for updated thoughts on approaching sports rights given the competitive landscape, and where Netflix draws the line on spending.

    Answer

    Co-CEO Ted Sarandos stated their strategy is unchanged: focus on 'ownable, big breakthrough events' that make economic sense. He positioned sports as a subcomponent of a broader live strategy that has an outsized positive impact on conversation and acquisition, despite being a small part of total spend.

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    Robert Fishman's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Robert Fishman of MoffettNathanson asked for updated thoughts on approaching sports rights, given the competitive landscape for properties like F1, UFC, and the NFL.

    Answer

    Co-CEO Ted Sarandos reiterated that Netflix's sports strategy is unchanged and remains a subcomponent of its broader live strategy. He emphasized a focus on 'ownable, big breakthrough events' that make economic sense, noting that live events have an outsized positive impact on conversation and member acquisition.

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    Robert Fishman's questions to Netflix Inc (NFLX) leadership • Q2 2025

    Question

    Robert Fishman of MoffettNathanson asked for Netflix's updated approach to sports rights, given recent market activity, and where the company draws the line on what can move the needle.

    Answer

    Co-CEO Ted Sarandos reiterated that Netflix's sports strategy is unchanged and is a subcomponent of its broader live strategy. The focus remains on 'ownable, big breakthrough events' that make economic sense. While live viewing is a small part of total hours, he noted it has an outsized positive impact on conversation and acquisition. He expressed excitement for current properties like WWE and the NFL Christmas Day games and plans to grow live capabilities globally.

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    Robert Fishman's questions to Fox Corp (FOXA) leadership

    Robert Fishman's questions to Fox Corp (FOXA) leadership • Q2 2025

    Question

    Robert Fishman asked how Fox is positioned to compete for sports rights against digital bidders like Netflix. He also sought clarification on whether the planned D2C offering would be a sports-only product or if it would also include Fox News content.

    Answer

    Executive Chair and CEO Lachlan Murdoch emphasized that Fox's broad reach across linear, digital, and its future D2C service is its primary competitive advantage in securing sports rights. He clarified that the D2C package is planned to be a holistic offering that includes the company's full portfolio of content, encompassing both sports and news.

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    Robert Fishman's questions to Fox Corp (FOXA) leadership • Q1 2025

    Question

    Robert Fishman asked about the long-term growth potential for Tubi as it approaches $1 billion in revenue and requested an update on the 'Venue' sports streaming venture, including Fox's willingness to license content if it doesn't launch.

    Answer

    Executive Chair and CEO Lachlan Murdoch described Tubi's growth as impressive and sustainable, driven by its large, primarily revenue-share AVOD library and its on-demand nature. Regarding 'Venue,' he stated they are awaiting an appeal of the injunction and reiterated that Fox is in the business of building its own brands, not broadly sublicensing its sports rights.

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    Robert Fishman's questions to Fox Corp (FOXA) leadership • Q4 2024

    Question

    Robert Fishman asked about expectations for continued affiliate fee growth in fiscal 2025, the potential for further retransmission consent pricing increases, and the strategy for content spending across sports, entertainment, and Tubi.

    Answer

    Executive Chair and CEO Lachlan Murdoch projected modest continued growth in affiliate fees, with pricing power staying ahead of industry subscriber declines of mid-8%. CFO Steve Tomsic detailed content spend, noting regular amortization increases for sports, continued investment in Tubi, and a rebalancing at Fox Entertainment towards more scripted content compared to the strike-impacted FY24, while still aiming for a 10-15% lower cost per hour versus FY23.

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    Robert Fishman's questions to TKO Group Holdings Inc (TKO) leadership

    Robert Fishman's questions to TKO Group Holdings Inc (TKO) leadership • Q3 2024

    Question

    Robert Fishman asked about the expected growth in WWE sponsorship revenue driven by the upcoming Netflix deal and requested a breakdown of cost synergies between UFC and WWE, along with their future trajectory.

    Answer

    CFO Andrew Schleimer stated that the majority of the guided cost synergies are already reflected in the 2024 outlook, with more details on 2025 to come. President and COO Mark Shapiro and WWE President Nick Khan highlighted the massive global reach of Netflix as a catalyst for creating 360-degree sponsorship packages and driving significant future growth.

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