Disney and Warner Brothers Team Up on Streaming

 by Ray Keating

Commentary/Analysis

DisneyBizJournal.com

May 10, 2024

 

It’s always fascinating to see a market, or a service or technological development in the marketplace, change in unanticipated ways. One minute, everyone is an expert on what’s going to happen not just tomorrow, but years down the road – and then: BAM! Entrepreneurs, consumers and/or just unanticipated developments dispense some market humility.

As an economist, this is what I expect, i.e., expect the unexpected.

 

So, seeing the streaming field change in unexpected ways is fascinating. And Disney is at the center of much of this. Remember, streaming was supposed to be about content or intellectual property (IP) camps or silos. Disney has a formidable library of content, so it can take on Netflix, et al. And while that’s still part of the story, things have changed rather notably in terms of streamers being willing to work together when they think it makes sense, including licensing content to each other. Indeed, free enterprise isn’t just about competition, but it’s also about cooperation within a competitive framework.

 

So, we saw a proposed sports streaming venture between Disney, Warner Bros. Discovery and Fox announced in February of this year. 

 

And now Disney and Warner have announced a streaming bundle that includes Disney+, Hulu and Max. The companies say it will be available this summer in the U.S. 

 

As described in the Disney release, this streaming bundle will provide “subscribers with the best value in entertainment and an unprecedented selection of content from the biggest and most beloved brands in entertainment including ABC, CNN, DC, Discovery, Disney, Food Network, FX, HBO, HGTV, Hulu, Marvel, Pixar, Searchlight, Warner Bros., and many more.” This triple bundle will be available for purchase on any of the three streaming services websites, and with or without ads. 

 

Like the sports offering, which reportedly is due in the fall, this will be a fascinating test in two ways. First, how will consumers react? Will this add subscribers, or will it be more a case of existing customers rearranging their subscriptions to get the best deals possible? Exactly how nice will Disney and Warner play together?

 

Second, how will regulators react? During this time antitrust activism – i.e., government officials’ assuming bigger is automatically bad – on both sides of the political aisle, it can’t be assumed that these joint ventures will easily pass regulatory muster. And that scrutiny will start with the likes of hyper-activist Lina Khan, the head of the Federal Trade Commission, as well as competitors in the marketplace bringing antitrust lawsuits to gum matters up for the likes of Disney and Warner. Heck, that’s already happening with the sports streaming joint venture proposal, as noted by DisneyBizJournal.

 

Yes, free enterprise will surprise you. Self-proclaimed experts would be wise to keep that in mind, as would, by the way, those government regulators who make decisions about joint ventures and mergers thinking that they, too, know the future. Trust me, if the people that work in, follow, and invest in these industries can be surprised, politicians and their appointees don’t have a clue.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

The Disney Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement and fun for Disney fans, including those who love Mickey, Marvel, Star Wars, Indiana Jones, Pixar, princesses and more.

 

Never miss any new book by Ray Keating by joining the Pastor Stephen Grant Fellowship with Ray Keating at

https://www.patreon.com/pastorstephengrantfellowship.

 

Various books by Ray Keating…

 

• The Pastor Stephen Grant thrillers and mysteries. There are 19 books in the series now.

 

• Cathedral: An Alliance of Saint Michael Novel is at Amazon. 

 

• Order The Weekly Economist III: Another 52 Quick Reads to Help You Think Like an Economist, The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist, and The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist at Amazon.com.

 

• Signed editions of Ray’s books are at www.raykeatingbooksandmore.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney Takes One-Time Hit, But Earnings Report Positive Overall

by Ray Keating

News/Analysis

DisneyBizJournal.com

May 7, 2024

 

The Walt Disney Company had a solid earnings report for its second quarter ending March 30, 2024. 

 

Total revenues were up by 1 percent in the quarter versus the same quarter in the previous year, i.e., $22.8 billion compared to $21.8 billion. And diluted earnings per share excluding certain items beat expectation, rising by 30 percent, i.e., $1.21 versus $0.93.

A goodwill impairment issue having to do with Star India operations did hit earnings. As The Wall Street Journal reported: “The company took a roughly $2 billion charge in the March quarter related to the India deal and to its linear television networks and swung to a loss of $20 million, from net income of $1.27 billion a year earlier.” 

 

The company’s earnings per share growth target for the full year stands at 25 percent.

 

On the streaming front, losses shrank notably in the quarter, and Disney+ core subscribers increased by 6 million to 117.6 million. Total Hulu subscribers increased from 49.7 million to 50.2 million. Meanwhile, ESPN+ subscriptions were down slightly (from 25.2 million to 24.8 million), though average monthly revenue per paid subscriber increased due to “retail pricing and higher advertising revenue.” The ESPN+ subs decline was attributed to “seasonality,” by Disney CFO Hugh Johnston.

 

Disney CEO Bob Iger was quoted in the company’s statement: “Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.” The company acknowledged that the forthcoming third quarter will return to streaming losses, including a decline in Disney+ subscribers, but again, followed by a fourth quarter bounce back.

 

Iger also remained bullish on sports and ESPN, asserting that ESPN programming is solid for the coming decade.

 

The Experiences division – parks and resorts, cruise line and consumer products – stood out as a growth driver, “with revenue growth of 10%, segment operating income growth of 12%, and margin expansion of 60 basis points versus the prior year,” and the company continues “to expect robust operating income growth at Experiences for the full year.” Iger noted that “we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments.”

 

Revenue growth at domestic parks grew by 29 percent in the second quarter versus the same period last year, and operating income rose by 87 percent.

 

CFO Johnston noted that the Experiences division will face some challenges in the coming quarter, namely, higher wages, increased costs due to cruise line expansions, and some demand moderation due to a return to pre-COVID levels. Healthy, strong growth is expected, but there is some demand normalization, along with near-term one-time expenses.

 

Finally, it's also worth noting that Iger’s emphasis regarding Marvel looking ahead was on reining in content, that is, to two, perhaps three, movies per year, as well as a couple of streaming shows per year. 

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?

 

The Disney Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement and fun for Disney fans, including those who love Mickey, Marvel, Star Wars, Indiana Jones, Pixar, princesses and more.

 

Never miss any new book by Ray Keating by joining the Pastor Stephen Grant Fellowship with Ray Keating at

https://www.patreon.com/pastorstephengrantfellowship.

 

Various books by Ray Keating…

 

• The Pastor Stephen Grant thrillers and mysteries. There are 19 books in the series now.

 

• Cathedral: An Alliance of Saint Michael Novel is at Amazon. 

 

• Order The Weekly Economist III: Another 52 Quick Reads to Help You Think Like an Economist, The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist, and The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist at Amazon.com.

 

• Signed editions of Ray’s books are at www.raykeatingbooksandmore.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast. 

Disney and Charter vs. Cord Cutting?

 by Ray Keating

Analysis

DisneyBizJournal.com

September 12, 2023

 

The Walt Disney Company and Charter Communications came to an agreement on Monday (September 12) just in time for Jets fans with Spectrum cable to see their bad luck continue with a potentially season-ending injury for quarterback Aaron Rodgers during “Monday Night Football.”

But this wasn’t your typical last-minute deal regarding carriage fees cable companies pay for assorted channels. In a joint press release, Disney and Charter called this a “transformative” agreement – and that might not be your typical corporate PR hyperbole.

 

Disney had pulled its cable channels from Charter’s Spectrum cable on August 31. In the deal announced on Monday, the Disney offerings on Spectrum will be reduced from 27 channels to 19, according to the Associated Press. At the same time, Charter’s fees to Disney are “expected to increase, although financial terms were not released on Monday.”

 

But the truly big news in this announcement is about Disney’s streaming services. Here are the four key points from the release:

 

• “In the coming months, the Disney+ Basic ad-supported offering will be provided to customers who purchase the Spectrum TV Select package, as part of a wholesale arrangement.”

 

• “ESPN+ will be provided to Spectrum TV Select Plus subscribers.”

 

• “The ESPN flagship direct-to-consumer service will be made available to Spectrum TV Select subscribers when it launches.”

 

• “Charter will also use its significant distribution capabilities to offer Disney’s direct-to-consumer services to all its customers – in particular its large broadband-only customer base – for purchase at retail rates. These include Disney+, Hulu and ESPN+, as well as The Disney Bundle.”

 

So, Disney streaming services are going to be offered through Spectrum cable. This is a striking melding of linear and streaming. Could this Disney-Charter agreement be “transformative” in terms of its effects on cable and streaming? Maybe. 

 

It definitely warrants watching, and keeping an eye on how other streamers and cable companies react, including how Disney works with other cable companies. As AP noted: “While making a direct-to-consumer product available through a cable system may seem counterintuitive, the deal will help the soon-to-be launched ESPN service get established and have more access to advertisers, [ESPN President Jimmy] Pitaro said.”

 

In a joint statement, Disney CEO Bob Iger and Charter CEO Chris Winfrey said: “Our collective goal has always been to build an innovative model for the future. This deal recognizes both the continued value of linear television and the growing popularity of streaming services while addressing the evolving needs of our consumers.”

 

Immediate thoughts? Fascinating. Weird and challenging – given what we’ve heard and assumed about streaming killing cable and accelerating cord cutting. Maybe a game-changer – at least possibly for the near term.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? (Keating is a Disney shareholder.)

 

Consider books by Ray Keating, including…

 

• The Pastor Stephen Grant thrillers and mysteries. Here are 18 books in the series now with the latest being Under the Golden Dome: A Pastor Stephen Grant Novel and For Better, For Worse: A Pastor Stephen Grant Short Story.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney and Comcast Accelerating Hulu Negotiations

 by Ray Keating

News

DisneyBizJournal.com

September 6, 2023

 

Comcast and Disney have agreed to accelerate matters when it comes to finalizing their deal for Disney to purchase the remaining 33 percent of Hulu that Comcast owns. 

According to The Wall Street Journal: 

 

Last week, Disney and Comcast decided to move up the date on which either company can force a sale of the cable company’s Hulu stake to Sept. 30, Roberts told investors at Goldman Sachs’s Communacopia and Technology investor conference in San Francisco. Doing so will provide investors of both companies better clarity of what it will mean for them, he said.

 

As DisneyBizJournal has reported, “Comcast still owns 33 percent of Hulu, with Disney controlling the rest, gaining Fox’s 33 percent Hulu stake in the 2019 acquisition of Fox. As it stands now, Comcast has a passive role in Hulu and has agreed to hold that position until 2024. After that, Comcast can force a buyout by Disney based on a total valuation of $27.5 billion – with Comcast then getting more than $9 billion from Disney – or Disney could choose to execute the buyout. That price tag, however, could go higher if an independent party determines that the fair market value is, in fact, higher.”

 

Roberts, of course, is publicly pushing that the value of Hulu is far higher than that $27.5 billion. CNBC reported:

 

“We are excited to get this resolved,” Roberts said Wednesday at Goldman Sachs’ Communacopia and Technology conference. “And the minimum $27.5 billion that people have bandied about, that was a hypothetical that we picked five years ago because Disney has control of the company. The company is way more valuable today than it was then.”

 

It also was noted in the report, “The deal between Disney and Comcast has set up, in essence, the first-ever sale of a streaming service of this magnitude, Roberts said Wednesday. The two companies will each have their own appraiser, and if their valuations are far apart, a third will likely be brought in.”

 

As noted by the Journal, it’s unclear how long such an appraisal process might take.

 

In its most recent earnings report, Disney reported that Hulu had 48.3 million subscribers.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? (Keating is a Disney shareholder.)

 

Consider books by Ray Keating, including…

 

• The Pastor Stephen Grant thrillers and mysteries. Here are 18 books in the series now with the latest being Under the Golden Dome: A Pastor Stephen Grant Novel and For Better, For Worse: A Pastor Stephen Grant Short Story.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney Talking with Amazon to Partner in ESPN Streaming Service? Really?

 by Ray Keating

Analysis/Commentary

DisneyBizJournal.com

August 25, 2023

 

Remember Borders? I loved that bookstore. But alas, Borders shut its doors in 2011.

 

Why am I bringing up a long-closed bookstore? Well, Borders was in trouble a decade before it shut down. In 2001, Borders struck a deal with Amazon.com for Amazon to run its website. That’s right, Borders handed over its online operations to its top rival, who also happened to be the company leading the charge in transforming how books were bought and read.

Borders’ ill-fated decision in 2001 – which was reversed in 2007 but by then it was too late – popped into my head when I read reports (with The Information having the original report) that Disney was in preliminary negotiations with Amazon as a potential streaming partner for ESPN.

 

Wait… Didn’t Disney launch the Disney+ streaming service to great praise in November 2019? And earlier in 2019, Disney gained operational control of Hulu. And didn’t Disney launch ESPN+ in 2018? 

 

Given all of this, isn’t Disney supposed to be a streaming powerhouse? And how many times has CEO Bob Iger said that Disney loves live sports? 

 

Yes, there’s been talk about Disney seeking a strategic partner for a full streaming version of ESPN, that is, offering full ESPN content. Iger confirmed that in a CNBC interview, without offering specifics. MLB, the NBA, and the NFL have been mentioned, with rumors including a partner taking a minority stake in the ESPN full streaming venture. There’s a logic when talking about partnering with those leagues.

 

But Amazon runs the Prime Video streaming service. And isn’t that a major competitor with Disney’s streaming services? One report said, “Amazon Prime Video has 117 million subscribers worldwide in 2023 and is expected to surpass 250 million in 2027.” The most recent tally of Disney+ subscribers stood at 146 million.

 

Hmmm.

 

A SeekingAlpha.com story put forth the following regarding Amazon possibly taking a share of ESPN, and being involved with setting up and running the new ESPN streaming service: “That’s a move that would not only clear up ESPN's future path somewhat but also signal a change in sports’ competitive dynamics, with Amazon making increasing moves into sports streaming itself.”

 

Um. I’m not sure this would clear up anything regarding ESPN streaming. And am I the only one getting a little Borders-Amazon vibe here regarding Disney getting in bed with Amazon for its ESPN streaming?

 

Clearing things up? Hardly. Raising more questions? Definitely.

 

__________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? 

 

Consider books by Ray Keating…

 

• The Pastor Stephen Grant thrillers and mysteries. Here are 18 books in the series now with the latest being Under the Golden Dome: A Pastor Stephen Grant Novel and For Better, For Worse: A Pastor Stephen Grant Short Story.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Behind Enemy Lines: Conservative Communiques from Left-Wing New York  –  signed books  or at  Amazon.

 

•  Free Trade Rocks! 10 Points on International Trade Everyone Should Know is available at  Amazon  in paperback or for the Kindle edition, and signed books at  www.raykeatingonline.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.

Disney Earnings Report and More: A Mixed Bag

 by Ray Keating

News/Analysis

DisneyBizJournal.com

August 9, 2023

 

In its third quarter earnings report today, Disney beat expectations on some measures, while missing on others. This came across as the definition of a “mixed bag.”

 

Two points beyond the actual earnings report warrant attention. On the earnings call, Kevin Lansberry, Disney interim CFO, reiterated that a recommendation would be made to the board by the end of this calendar year to reinstate a “modest” dividend. 

Also, Disney announced assorted streaming price increases. Those include commercial-free Disney+ going from $10.99 per month to $13.99; a 20 percent increase in Hulu without ads to $17.99; and the Disney bundle of Disney+ (no ads), Hulu (no ads) and ESPN+ (ads) increasing from $19.99 to $24.99. All three with ads will increase $2 per month to $14.99. These price increases will go into effect on October 12.

 

The Disney stock price immediately reacted positively in after-hours trading to these two announcements.

 

As for adjusted earnings per share for the quarter, Disney came in at $1.03, which beat market expectations of $0.95. However, it was down from $1.09 in the prior year quarter.

 

Regarding revenues, Disney earned $22.33 billion in the third quarter. That actually came up short of market expectations, which ran at about $22.5 billion. However, revenues were up by 4 percent compared to the same quarter last year.

 

Streaming

 

Streaming (or DTC) losses continued in the quarter, but the loss of $512 million was smaller than the market expectation of $759 million.

 

Disney+ subscriptions registered 146 million, which came in lower than the expected 151 million, and down from 157.8 million in the previous quarter. However, Disney+ Core (which excludes Disney+ Hotstar) subscriptions increased from 104.9 million to 105.7 million. ESPN+ and Hulu subscriptions were flat.

 

Streaming profitability continues to be expected by the end of fiscal year 2024. Iger pointed to a recent “reset” of the whole business “for sustained profitability.”

 

For good measure, Iger continued to make clear Disney’s enthusiasm regarding sports, noting once more that ESPN was destined to go fully streaming at some point. He said, “We believe in the power of sports.”

 

Parks

 

Strength in theme parks was noted for the international parks and in Disneyland. “Softer performance” was highlighted for Walt Disney World, though “well above pre-Covid levels,” according to Iger. He also mentioned strong demand for annual passes.

 

In the third quarter, the Parks, Experiences and Products division saw revenues increase 13 percent versus the same quarter last year, and operating income up by 11 percent.

 

Lansberry said the company expected some moderation of attendance at domestic parks in the near term. At the same time, though, Iger was very bullish on the company’s cruise line business.

 

Movies

 

Regarding the film business, Iger pointed to it as a key source of future growth (along with the parks and streaming). He was pleased with the results from Avatar: The Way of Water and Guardians of the Galaxy Vol. 3, but noted that other results were “disappointing,” and that was something “we don’t take lightly.” The Disney CEO emphasized a move to “better economics” on the studio front, including reducing costs per title.

 

Regarding overall cost-cutting efforts, Iger said that Disney was on track to exceed the goal of $5.5 billion in savings.

 

Iger assessed, “While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises.”

 

_________

 

Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, and the Alliance of Saint Michael novels; and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.

 

The views expressed here are his own – after all, no one else should be held responsible for this stuff, right? 

 

Consider books by Ray Keating…

 

• The Pastor Stephen Grant thrillers and mysteries. Here are 18 books in the series now with the latest being Under the Golden Dome: A Pastor Stephen Grant Novel and For Better, For Worse: A Pastor Stephen Grant Short Story.

 

• Order The Weekly Economist II: 52 More Quick Reads to Help You Think Like an Economist. Kindle editions and paperbacks via Amazon here and signed books here. And don’t forget the first book in this growing series, i.e., The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist. Signed paperbacks at RayKeatingOnline.com or paperbacks, hardcovers and Kindle editions at Amazon.com.

 

• Cathedral: An Alliance of Saint Michael Novel. Signed paperbacks and/or paperbacks, hardcovers and the Kindle edition at Amazon. 

 

• The Lutheran Planner: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement, inspiration and consolation from the Christian faith.

 

• Behind Enemy Lines: Conservative Communiques from Left-Wing New York  –  signed books  or at  Amazon.

 

•  Free Trade Rocks! 10 Points on International Trade Everyone Should Know is available at  Amazon  in paperback or for the Kindle edition, and signed books at  www.raykeatingonline.com. 

 

Also, check out Ray’s podcasts – the Daily Dose of Disney, Free Enterprise in Three Minutes, and the PRESS CLUB C Podcast.