DTC Margin Timing
Q: When will you achieve double-digit DTC margins?
A: We expect streaming profitability in Q4 and further improvements in fiscal 2025, but won't specify timing for double-digit margins due to competitive reasons.

ESPN Profitability Amid Rising Costs
Q: Can you grow ESPN's operating income despite rising sports rights costs?
A: We are bullish on ESPN's future, confident in our sports rights deals, and expect a smooth transition to digital with multiple consumer touchpoints, enabling continued growth in operating income.

Parks Attendance Outlook
Q: What is your attendance outlook post-COVID normalization?
A: While attendance is normalizing from post-COVID highs, bookings indicate healthy growth, and the Parks business grew 10% in the quarter, reflecting strong demand.

Succession Planning Goals
Q: What are your goals before handing off to the next CEO?
A: The Board is engaged in the succession process, and I'm confident they'll choose the right person at the right time; I'll participate in a smooth transition.

Advertising Outlook and Password Sharing
Q: Thoughts on advertising market and password sharing plans?
A: Advertising demand is healthy going into the upfronts, with live sports performing well; password sharing crackdown begins globally in September, expected to contribute to subscriber growth.

CapEx Plan and Growth Expectations
Q: How much upside do you see over your investment horizon?
A: We expect excellent returns on our significant Parks investments, given the business's high margins and guest satisfaction, and see lots of opportunities to grow attendance domestically and internationally.

Health of Marvel Pipeline
Q: How do you feel about the Marvel content pipeline?
A: We feel great about the upcoming slate, including balancing sequels with originals, and are focused on quality over volume to reinvigorate the Marvel brand.

Studio Profitability Potential
Q: What's the potential for studio profits relative to pre-COVID levels?
A: We expect the studio business to return to profitability with the upcoming slate and be a healthy, profitable business over time.

Global Sports Rights Importance
Q: How important are global sports rights for ESPN's growth?
A: We're selectively acquiring international rights where possible to plant seeds for ESPN's growth outside the U.S., but currently investing carefully.

Boosting Disney+ Engagement
Q: How will you boost Disney+ engagement?
A: We'll drive engagement with great programming, bundling, recommendation engines, and adding ESPN and Hulu content to Disney+, leading to subscriber satisfaction and lower churn.

Plan for ESPN+ After Flagship Launch
Q: What's the plan for ESPN+ once flagship launches?
A: ESPN+ will remain available as a standalone service, but ESPN flagship subscribers will get all ESPN+ programming included.

Update on Charter Partnership
Q: How is the Charter partnership performing, and is it a template?
A: Early results are positive with added subscribers and good engagement; while it's been successful, each deal is unique and may not serve as a template.

Content Licensing Off-Platform
Q: What's your view on licensing content off-platform?
A: We're already licensing some content to Netflix and are open-minded about selective opportunities but won't significantly increase off-platform licensing.

Balancing Sequels and New IP
Q: How will you balance sequels and new IP in your slate?
A: We'll balance sequels, which have value due to brand recognition, with originals, especially in animation; it's the right approach given market competition.

Opportunities with Fox IP
Q: Do you see opportunities to expand Fox IP titles?
A: We'll continue to look opportunistically at the Fox library, considering films like Alien, Planet of the Apes, and Avatar, but won't lean heavily into it.