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    Tim Nollen • Macquarie Group

    Tim Nollen's questions to Walt Disney Co (DIS) leadership

    Tim Nollen's questions to Walt Disney Co (DIS) leadership • Q4 2024

    Question

    Tim Nollen requested an update on the divestiture of assets in India and asked what Disney's business presence in the country will look like following the partial sale to Reliance.

    Answer

    CFO Hugh Johnston expressed excitement for the partnership with Reliance, a major presence in India. He confirmed that post-deal, Disney will retain a percentage ownership in the high 30s, with Reliance managing the business operations. He also noted that the financial implications of this transaction were already incorporated into the company's forward-looking guidance.

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    Tim Nollen's questions to Magnite Inc (MGNI) leadership

    Tim Nollen's questions to Magnite Inc (MGNI) leadership • Q3 2024

    Question

    Tim Nollen asked about the industry's shift toward more biddable programmatic buying in CTV, and whether this transition would make CTV accretive to Magnite's overall take rate.

    Answer

    CEO Michael Barrett confirmed the trend, stating that a surplus of CTV inventory is pushing publishers toward biddable models that buyers prefer. He agreed that this shift should improve Magnite's economics over time. He clarified that historical take rate pressure was due to a mix of lower-rate, publisher-sold programmatic deals, and as more biddable inventory is activated, the take rate profile for CTV is expected to improve.

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    Tim Nollen's questions to Magnite Inc (MGNI) leadership • Q3 2024

    Question

    Tim Nollen inquired about the industry's transition toward more bidded programmatic buying in CTV and its potential impact on Magnite's take rates.

    Answer

    CEO Michael Barrett confirmed a shift toward biddable programmatic, driven by buyer demand and a surplus of CTV inventory. He stated this trend is positive for Magnite's economics, as the company's CTV take rate is currently at the low end of its historical range due to the prevalence of lower-rate, publisher-sold deals. Increased biddable activity is expected to improve the take rate over time.

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    Tim Nollen's questions to Criteo SA (CRTO) leadership

    Tim Nollen's questions to Criteo SA (CRTO) leadership • Q3 2024

    Question

    Tim Nollen revisited the topic of third-party cookies, asking how dependent the now-growing retargeting business is on them and if there was an update on the financial impact of cookie deprecation, referencing a previously withdrawn forecast.

    Answer

    CEO Megan Clarken asserted that Criteo no longer plans its business around cookie demise, having shifted to a multi-pronged addressability strategy. Chief Product Officer Todd Parsons added that while more cookies are helpful, the strategy is not tied to them and addresses the entire buyer journey. CFO Sarah Glickman declined to provide a new 2025 forecast, stating the company will update assumptions once Google's plans are finalized.

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    Tim Nollen's questions to Interpublic Group of Companies Inc (IPG) leadership

    Tim Nollen's questions to Interpublic Group of Companies Inc (IPG) leadership • Q3 2024

    Question

    Tim Nollen inquired about the scope of internal reorganizations, the status of the R/GA and Huge divestitures, the potential for other sales, and the company's appetite for M&A.

    Answer

    CEO Philippe Krakowsky stated that the sale process for R/GA and Huge is 'well down the tracks' and that the company is open to other dispositions to improve its asset mix. Regarding M&A, he confirmed that IPG will 'lean in' and consider acquisitions to scale capabilities, particularly in retail media, commerce, and specialized data, noting that competitors have benefited from such strategies.

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