Citi's Scott Chronert: Q2 results showed strong beat, second half projections mostly intact
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Yahoo
12 minutes ago
- Yahoo
ESPN, Fox team up for bundled streaming service in October
Aug. 11 (UPI) -- Disney's ESPN and Fox Corp. on Monday announced the two rivals are joining forces to offer a streaming service to consumers as a bundle for $39 per month. The two media giants announced the service but last week ESPN and Fox each announced separate all-in-one streaming apps. The services can be downloaded on devices, including cellphones and tablets, and can be accessed on smart TVs and gaming consoles. With viewership declining on TV, including cable, media companies have turned to streaming services as a way to boost viewership and revenue. CNBC reported that sports is a way to accomplish this. Last week, both companies announced their services -- ESPN's Direct to Consumer Unlimited Offering and Fox One -- will launch on Aug. 21 before the college football and NFL seasons. But the bundle won't be available until October. ESPN's separate service will cost $29.99 month and Fox's will be $19.99. Also, ESPN will offer a bundle with Disney's other streaming services, Disney+ and Hulu, for $35.99 per month. Besides events, both companies present sports news. The ESPN service will include live sports and programming from its TV networks, including ESPN2, the SEC Network, the ACC Network, as well as Disney-owned ABC. ESPN also reached an agreement last week with the NFL to acquire the NFL Network, including the Red Zone. And ESPN last week signed a deal with the WWW for U.S. rights in 2026 to its biggest wrestling events, including WrestleMania, the Royal Rumble and SummerSlam. In all, ESPN/ABC cover 47,000 live events each year, as well as studio shows and original programming. ESPN and ABC sports include Monday Night Football, college football and basketball, NHL, NBA, Major League Soccer, golf, tennis and motorsports. In addition, an enhanced app will integrate game statistics, betting information, fantasy sports, multi-view options and a "personalize SportsCenter For You," the company said. Fox's parent company offers Tubi and Fox Nation. Fox's sports networks include FS1, FS2 and the Big Ten Network. The company said Fox One won't have original content. Last week, Fox CEO Lachlan Murdoch and Disney CEO Bob Iger said during earnings calls that they were considering offering bundle services. Fox Sports' coverage includes NFL, college football and basketball, Major League Baseball, FIFA World Cup, Major League Soccer, motorsports, WNBA, LIV Golf and boxing. Three other media companies offer sports: Comcast's NBC, Warner Bros. Discovery's TNT and Paramount Skydance's CBS. NBC, which has the rights to the Olympics, has Peacock streaming, and CBS offers Paramount+, services that include sports. TNT doesn't have a specific app but its services can be bundles with other apps. On Monday, Paramount announced plans to televise UFC events starting next year.
Engadget
13 minutes ago
- Engadget
Trump delays China tariff increases by another 90 days
President Donald Trump has signed an executive order extending lower tariffs with China for another 90 days, CNBC reports. The new executive order was signed before the previous agreement was set to end on August 12 at midnight. The extension will maintain the current 30 percent tariff on goods from China while representatives from both countries negotiate a new trade deal. The previous agreement lowered US tariffs down from 145 percent to 30 percent, and Chinese tariffs down from 145 percent to 10 percent. At the time, it was unclear how the move would impact the price of electronics manufactured in China, but for at least some companies, it's still led to higher costs. While the price of the Switch 2 is remaining the same, Nintendo announced at the beginning of August that the price of the Switch 1 would increase by $40 or more. Sonos has said that some of its products would increase in price, but hasn't shared details. Both DJI and Microsoft announced price hikes on some of their products back in May, too. For companies manufacturing products abroad, the sudden swerves in Trump administration trade policy seem almost as difficult to deal with as the tariffs themselves. That erratic protectionism is reshaping global trade, and it's also won concessions from companies trying to do business as normal. Apple committed to spending an extra $100 billion on US manufacturing last week to avoid being subjected to tariffs. And early today, both AMD and NVIDIA reportedly agreed to pay the US 15 percent of their profits to be allowed to sell GPUs in China.
CNBC
14 minutes ago
- CNBC
StubHub IPO is back on for September after ticketing company delayed plans on tariff concerns
StubHub, the ticketing marketplace that spun out of eBay in 2020, has resumed its plans to go public and is now aiming to hold its IPO next month, CNBC has learned. The company originally paused its IPO plans in April as the stock market was reeling from President Donald Trump's "liberation day" tariffs. The decision came after StubHub submitted its prospectus in March indicating it would list on the New York Stock Exchange under the ticker "STUB." StubHub now expects to kick off its IPO roadshow after Labor Day, Sept. 1, and make its debut later in the month, according to a source familiar with the matter who asked not to be named because the discussions are confidential. The company didn't immediately respond to a request for comment. StubHub also filed an updated IPO prospectus on Monday. It reported revenue growth in the first quarter of 10% from a year earlier to $397.6 million. Operating income came in at $26.8 million for the period, after the company lost $883,000 in the year-ago period, but its net loss widened to $35.9 million from $29.7 million a year ago. The IPO market has come to life in recent months after an extended dry spell due to high inflation and rising interest rates. A flurry of startups have made their public debuts, including rocket maker Firefly Aerospace, design software company Figma, crypto firm Circle and AI infrastructure provider CoreWeave. Bullish, the cryptocurrency exchange that counts Peter Thiel as an investor, also filed its IPO prospectus last month. StubHub has been a longtime player in the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but was reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo. The company had sought a $16.5 billion valuation before it began the IPO process, CNBC previously reported. StubHub didn't provide an expected pricing range for its shares in the filing. As it prepares to go public, StubHub is contending with hefty competition in the online ticketing market. In addition to Ticketmaster, which is owned by Live Nation, StubHub is up against secondary market companies, including Vivid Seats, SeatGeek and TicketNetwork For the first quarter, StubHub reported gross merchandise sales of $2.08 billion, up 15% from a year prior. That was a slowdown from 47% expansion the previous quarter. StubHub said GMS, or the total value paid by buyers for tickets and fulfillment, builds in each quarter and that initial sales for major concert tours typically occur near the end of the year.
