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Unpacking ESPN Layoffs: Disney Stock Impact and The Future of Media · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: Another stock related conversation, so ESPN has laid off twenty
• 1:07
  Speaker 3: on air personality They it was Valentine's Day massacre.
• 1:13
  Speaker 4: Jalen Rose shout childed Jalen he is now exactly at
• 1:17
  Speaker 4: the NBA p A announced today.
• 1:21
  Speaker 3: A lot of people lost their job Van Gundy, which
• 1:25
  Speaker 3: one Jeff Will Yeah.
• 1:27
  Speaker 4: Jeff, I think Jay Will still good, Keishawn and Max Killerman.
• 1:30
  Speaker 3: John Johnson, Max killer Man a bunch of people. I
• 1:33
  Speaker 3: thought Max had already lost Alice so the crazy so.
• 1:37
  Speaker 2: No, I shout out to Max.
• 1:39
  Speaker 3: I love Max bro I thought that he lost his
• 1:41
  Speaker 3: job already though every day too so ESPN. So they
• 1:45
  Speaker 3: laid twenty people, right, So all right, how did what
• 1:49
  Speaker 3: does this say for the future of podcasts and broadcasting?
• 1:52
  Speaker 3: And how does this impact Disney Stock because they haven't
• 1:54
  Speaker 3: they have that old CEO who's not a new CEO,
• 1:58
  Speaker 3: and so you know he's cutting. It's layoffs, layoffs, right,
• 2:03
  Speaker 3: you gotta you gotta, you know, cut cut the budget.
• 2:07
  Speaker 3: You gotta cut the budget in order to raise profitability.
• 2:11
  Speaker 3: So how is this going to impact the stock? And
• 2:16
  Speaker 3: also what does this say about the future of broadcasting
• 2:21
  Speaker 3: and podcasting? And once again shout out to Cameron and Mace.
• 2:24
  Speaker 3: Cam Ron spoke about this. Did you what I'm saying?
• 2:29
  Speaker 3: He pretty much said, how they're taking over the landscape
• 2:32
  Speaker 3: of sports reporting and this was a I'm paraphrasing, this
• 2:36
  Speaker 3: was a sign that it's a new day, which I
• 2:40
  Speaker 3: interpreted as, you know, this is a new new age
• 2:42
  Speaker 3: media shows like that, you know, they really are revolutionizing
• 2:47
  Speaker 3: sports reporting. Yeah, he's the pivot's a little different. The
• 2:52
  Speaker 3: pivot is more of an interview show. He's like real
• 2:55
  Speaker 3: time news reporting, which is actually a brilliant idea, and
• 3:01
  Speaker 3: we haven't really seen that happen and been successful.
• 3:04
  Speaker 4: We have, not from our coature. But I think you texted.
• 3:09
  Speaker 4: But the Pat McAfee s they have to make room for.
• 3:11
  Speaker 3: Pat from our culture and not from our culture, and
• 3:14
  Speaker 3: that's why it's like, it's brilliant for them, and I'm
• 3:16
  Speaker 3: glad you brought them up because a lot of credit
• 3:18
  Speaker 3: goes to them.
• 3:18
  Speaker 2: What he's saying is spot on.
• 3:21
  Speaker 4: If ESPN is looking at it from a standpoint, it
• 3:23
  Speaker 4: was like, let's find talent who's creating their own content
• 3:27
  Speaker 4: that is successful, and let's see how we can work
• 3:30
  Speaker 4: with them. Pat McAfee is a prime example of that,
• 3:33
  Speaker 4: rather than paying ordinary talent high salaries. He has an audience,
• 3:37
  Speaker 4: he has a following. They first start him out on
• 3:39
  Speaker 4: ESPN two with doing the Monday night Football, then he
• 3:42
  Speaker 4: becomes part of the college and a college analyst. And
• 3:45
  Speaker 4: then he gets a five year, eighty five million dollar deal.
• 3:49
  Speaker 4: Why because he brings an audience.
• 3:50
  Speaker 3: With him that that this is the market Monday thing.
• 3:55
  Speaker 2: Yep.
• 3:56
  Speaker 3: Shout out to Zenda walking in the background. Care in
• 3:59
  Speaker 3: the world, this is this is this is the market
• 4:02
  Speaker 3: This is the market Monday's play where you take traditional
• 4:06
  Speaker 3: type of you know, media news, but you're doing in
• 4:08
  Speaker 3: your own way, your own spend, and you report it
• 4:12
  Speaker 3: and you you know, and now revolutionize the whole marketplace.
• 4:16
  Speaker 3: So shout out to Camon Mats for doing that. But yeah,
• 4:20
  Speaker 3: all right, so what does this mean for the space
• 4:21
  Speaker 3: and how's it going to affect disney Stock.
• 4:24
  Speaker 5: Podcasting is about to go probably through a three or
• 4:27
  Speaker 5: four year period of not being as popular as it
• 4:30
  Speaker 5: was three years prior. I don't want to say podcasts
• 4:33
  Speaker 5: in instead, but we are going through like the nineteen
• 4:36
  Speaker 5: eighties version of rap is the version of podcasts we're
• 4:39
  Speaker 5: in now. There's too many people talking about and I
• 4:42
  Speaker 5: asked it sixty four times for this reason to tell
• 4:45
  Speaker 5: people there's not a lot of money in podcasting unless
• 4:47
  Speaker 5: you are unique. I went on Joe Budden, not Charlotte Mane.
• 4:50
  Speaker 5: I actually, how many people make a million dollars of podcasting?
• 4:54
  Speaker 5: Not many? Why because everybody's talking about the same thing.
• 4:57
  Speaker 5: Academics loans, Charlotta Magne, Joe, I'll I want you all
• 5:00
  Speaker 5: to get along at some point. I know y'all not,
• 5:02
  Speaker 5: but I would love for y'all to get along. There's
• 5:04
  Speaker 5: too much money out here for us to be beefing.
• 5:06
  Speaker 5: But guess what when everyone talks about the same thing,
• 5:08
  Speaker 5: there's no really any room for growth the ESPN thing.
• 5:12
  Speaker 5: A lot of them will fire footing, but ESPN stopped innovating.
• 5:17
  Speaker 5: Disney Stock has a ton of issues. Capital expenditures are
• 5:21
  Speaker 5: way too high. I said it earlier. I think disney
• 5:23
  Speaker 5: Stock will go underneath eighty. If Disney ever got to
• 5:26
  Speaker 5: like sixty dollars and thirty nine cent, I would want
• 5:28
  Speaker 5: to buy it there. I will ride back up to
• 5:29
  Speaker 5: one two and a half years later. But Disney has
• 5:34
  Speaker 5: lost its edge. And let's be very honest, I don't
• 5:36
  Speaker 5: know the last time I proactively watch anything on ESPN
• 5:40
  Speaker 5: for two and a half or three hours in the
• 5:41
  Speaker 5: last five years, I haven't.
• 5:43
  Speaker 3: Well, it's a bad business model, dude. Television television. Here's
• 5:47
  Speaker 3: why I don't necessarily. I hate the word podcast, so
• 5:50
  Speaker 3: I never use it. I agree, but I will use
• 5:52
  Speaker 3: it just for this sake of just using it. But
• 5:55
  Speaker 3: I don't like the word podcast. It's very disrespectful. Yeah,
• 6:00
  Speaker 3: it devalues the whole situation. So the business model of
• 6:06
  Speaker 3: television is an outdated model, and it costs too much money.
• 6:11
  Speaker 3: It costs a lot of money to produce these shows.
• 6:13
  Speaker 3: It costs a lot of money to pay the talent,
• 6:15
  Speaker 3: and you got the lighting crew, and you got you know, lunch,
• 6:18
  Speaker 3: and you got the makeup artists, and you you know,
• 6:20
  Speaker 3: you're spending millions and millions of dollars and and you're
• 6:24
  Speaker 3: relying on corporate to pay for ads. But you know,
• 6:29
  Speaker 3: it's it's it's not it's just not sustainable. So now
• 6:32
  Speaker 3: when you can, when you can do low costing content
• 6:37
  Speaker 3: like what we do, this is this. This is low
• 6:39
  Speaker 3: cost content, low cost content. So there's a lot of
• 6:44
  Speaker 3: upside to it. Now the corporate has to catch up
• 6:50
  Speaker 3: and they have to apply more. I actually think that
• 6:54
  Speaker 3: the podcasting space is going to be more lucrative because
• 6:58
  Speaker 3: I think that the vast majority of shows will just
• 7:01
  Speaker 3: kind of fall off because you know, they're just nobody's
• 7:05
  Speaker 3: gonna watch them and they're just you know, repetitive. But
• 7:07
  Speaker 3: the few shows that are successful, the audience is going
• 7:10
  Speaker 3: to become bigger and bigger and bigger, and less money
• 7:14
  Speaker 3: from corporate will go to traditional media and more money
• 7:18
  Speaker 3: from corporate will go to non traditional media like podcasts.
• 7:24
  Speaker 3: So that's my theory. I think that there will be
• 7:29
  Speaker 3: more money being spent in corporate with podcasters over the
• 7:35
  Speaker 3: next five to ten years, and more and more non
• 7:40
  Speaker 3: traditional type of programming will come. You even see Shanta Sharp,
• 7:44
  Speaker 3: he started he started a podcast like and like I said,
• 7:46
  Speaker 3: I don't want to use that. He started an independent show.
• 7:49
  Speaker 3: Let's just say that he started an independent show, right,
• 7:52
  Speaker 3: and he's gonna do really well with that. Yeah, Club
• 7:56
  Speaker 3: Sha shot.
• 7:57
  Speaker 5: Right with one.
• 8:01
  Speaker 2: I don't know if it's at best one they financed it?
• 8:04
  Speaker 3: No? No, he oh the club they find it? Are
• 8:08
  Speaker 3: you sure about that? I'll put some money up, Okay? Well,
• 8:13
  Speaker 3: either either way, I think that you're gonna steal. You're
• 8:16
  Speaker 3: gonna start seeing a lot more of that.
• 8:20
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• 10:10
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 10:14
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 10:18
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 10:22
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 10:26
  Speaker 1: some of the heinous migrant criminals caught because of President
• 10:30
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 10:33
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 10:38
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 10:42
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 10:45
  Speaker 1: are here illegally, your next you will be fined. Nearly
• 10:49
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 10:53
  Speaker 1: never return. But if you register using our CBP home
• 10:57
  Speaker 1: app and leave now, you could be allowed to reach
• 11:00
  Speaker 1: turn legally do what's right. Leave now. Under President Trump
• 11:04
  Speaker 1: America's laws, border and families will.
• 11:07
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 11:10
  Speaker 3: Because it's just not sustainable the business model. Less and
• 11:15
  Speaker 3: less people are watching TV and the money is not
• 11:18
  Speaker 3: there anymore.
• 11:21
  Speaker 5: Yeah, I think Disney has a broken We're not broken.
• 11:25
  Speaker 5: The business model that they were using last century, well,
• 11:28
  Speaker 5: last generation has to evolve and it hasn't evolved fast
• 11:31
  Speaker 5: enough to catch up with the demands of the consumer base.
• 11:34
  Speaker 5: Now app great, but at some point they have to
• 11:37
  Speaker 5: address I think the capital expenditures, of course are way
• 11:42
  Speaker 5: too high on the employee side of ESPN, but also
• 11:45
  Speaker 5: on that real estate side. They're gonna have to figure
• 11:47
  Speaker 5: out at what point one of those parks they are going
• 11:49
  Speaker 5: to have to let go of that costs are too cumbersome.
• 11:54
  Speaker 4: Because I'm a and everybody knows if y'all watch Walk,
• 11:57
  Speaker 4: I'm a Disney shareholder. And streaming was great, the numbers
• 12:01
  Speaker 4: are great. It has slowed down. They have to figure
• 12:04
  Speaker 4: out how to make this profitable. And we've talked to
• 12:07
  Speaker 4: a lot of people in the industry and they're like, look,
• 12:08
  Speaker 4: streaming services, it's a bad business model, and nobody wants
• 12:13
  Speaker 4: to say it because everybody thinks they're going to make
• 12:15
  Speaker 4: money inside of it because the things that you just
• 12:18
  Speaker 4: alluded to, shaty, where the amount of money that you're
• 12:20
  Speaker 4: paying to get the content, to pay the staff, it's
• 12:24
  Speaker 4: a lot, right with the returns are unguaranteed. On top
• 12:28
  Speaker 4: of it, Disney they have I mean Hulu that is
• 12:32
  Speaker 4: you know, that's been okay for them, but they have
• 12:34
  Speaker 4: a problem that they have to address before the end
• 12:36
  Speaker 4: of the year, and that's having outstanding rights to Hulu
• 12:39
  Speaker 4: right Comcast owns a percentage of it, so they got
• 12:41
  Speaker 4: to figure out what they're going to do with it.
• 12:43
  Speaker 4: The other part is, yes, Bob Iger has done a
• 12:45
  Speaker 4: great job with the company and they have to bring
• 12:48
  Speaker 4: them back, but what is the succession. We haven't heard
• 12:52
  Speaker 4: it yet. And that's concerning, right because when we talk
• 12:55
  Speaker 4: about and we said this during the live show, is
• 12:57
  Speaker 4: like who's the leadership yep, Like it's an uncertainty around it.
• 13:02
  Speaker 4: So even as a shareholder, it's like Yeah, we believed
• 13:04
  Speaker 4: in Bob's vision and I like the path of it.
• 13:07
  Speaker 4: But now like he's here for an interm and who
• 13:09
  Speaker 4: is the successor? Does that get announced within the next
• 13:12
  Speaker 4: six months? You close it out because we know his
• 13:14
  Speaker 4: term is only going to be two years and we're
• 13:16
  Speaker 4: already six to eight months into that.
• 13:18
  Speaker 2: So that's an issue that.
• 13:20
  Speaker 4: Needs to be addressed. But I'm still a shareholder of it,
• 13:22
  Speaker 4: but I believe I'm with you Ian. The expenditures on
• 13:27
  Speaker 4: top of and it's unfortunate that people have their jobs cut.
• 13:31
  Speaker 2: Right.
• 13:31
  Speaker 4: The ESPN layups are because they're notable names, but there
• 13:35
  Speaker 4: were seven thousand people that got laid off earlier in
• 13:37
  Speaker 4: the year that we don't know their names, and those
• 13:39
  Speaker 4: people don't have a job with the company anymore. So
• 13:42
  Speaker 4: layoups are happening, and this is one way that people
• 13:45
  Speaker 4: and companies they do. It's a necessary cost for them
• 13:48
  Speaker 4: to say, all right, how do we get more revenue? Well,
• 13:51
  Speaker 4: we're going to have to start cutting payroll. And it's unfortunate,
• 13:54
  Speaker 4: which only lasts so long.
• 13:56
  Speaker 5: Disney's pee ratio at the end of twenty twenty one
• 13:59
  Speaker 5: was now on its currently a thirty nine pe Racio's
• 14:02
  Speaker 5: technically still too high, even though it's a mix of
• 14:04
  Speaker 5: tech and commercial real estate. The pee racial to be
• 14:07
  Speaker 5: in a safe range should be like around twenty two.
• 14:10
  Speaker 5: It has a little bit more to come down. But
• 14:12
  Speaker 5: I mean, Bob is a great CEO. I love him dearly,
• 14:14
  Speaker 5: but like you said, like I don't, he's going to
• 14:17
  Speaker 5: have to extend that tenure because I don't know any
• 14:20
  Speaker 5: viable And that's another thing, like when we had all
• 14:22
  Speaker 5: these CEOs, remember when I told everyone tried at the
• 14:24
  Speaker 5: red Panda. Look at how many CEOs began to take
• 14:27
  Speaker 5: that golden parachute. That's how you know when times are
• 14:30
  Speaker 5: getting bad. Just like we don't have an incredible, viable,
• 14:33
  Speaker 5: incredibly viable presidential candidate, we don't have a bunch of
• 14:37
  Speaker 5: CEOs like the farm system for the next brilliant CEOs.
• 14:43
  Speaker 5: They are not there. And that's many companies like after
• 14:47
  Speaker 5: these this class of CEOs begins to retire, there aren't
• 14:51
  Speaker 5: a bunch of amazing CEOs and the wings that are
• 14:54
  Speaker 5: providing a ton of innovation. And that's why, like the
• 14:56
  Speaker 5: alpha on Elon, as crazy as he may be, even
• 15:00
  Speaker 5: with the thing that he did with Twitter this weekend,
• 15:02
  Speaker 5: which I think is really a non factor in.
• 15:04
  Speaker 2: The long term.
• 15:05
  Speaker 5: That's why he that stock produces a lot more alpha
• 15:09
  Speaker 5: in comparison to Forward, because he does have some genius
• 15:11
  Speaker 5: and ingenuity, et cetera. But there are not a lot
• 15:14
  Speaker 5: of great CEOs at this time that are leading best companies.
• 15:18
  Speaker 5: I wonder what the thoughts are, and Ray Rodrige has
• 15:20
  Speaker 5: kind of read my mind here.
• 15:22
  Speaker 4: Our thoughts are on Adam Silver. There's been you know,
• 15:25
  Speaker 4: the Commission of the NBA talks to him being a
• 15:28
  Speaker 4: part of that succession plan and being the next CEO
• 15:30
  Speaker 4: of Disney. It's interesting because at All Star Game in Utah,
• 15:35
  Speaker 4: one of the keynotes was by Viger and most people
• 15:39
  Speaker 4: are like, well, why is the CEO of Disney here? Well,
• 15:42
  Speaker 4: if you look at the network that hosts the finals ABT,
• 15:46
  Speaker 4: it's probably under the property of Disney, so it makes sense.
• 15:49
  Speaker 4: But their relationship there might foster a succession plan. What
• 15:54
  Speaker 4: are your thoughts on maybe Adam Silver? I think a
• 15:57
  Speaker 4: good CEO. I think they need a stronger manager team.
• 16:00
  Speaker 4: But I wouldn't be mad at him. We talked about
• 16:02
  Speaker 4: this a couple of months ago. I wouldn't be mad
• 16:03
  Speaker 4: at him for leaving for that position. I would like
• 16:06
  Speaker 4: to see what his like five year plan or his
• 16:09
  Speaker 4: vision is for if he takes it over. It's clearly
• 16:11
  Speaker 4: got to take it in a different direction. But Adam
• 16:14
  Speaker 4: seems to be very level headed and also, like the player,
• 16:17
  Speaker 4: seemed to be favorable amongst him, which is a sign
• 16:20
  Speaker 4: that he will probably probably would be able to get
• 16:22
  Speaker 4: along with the employees very well. It seems like a
• 16:25
  Speaker 4: very open door type CEO, so I think it could work.
• 16:28
  Speaker 4: But outside of that, I don't see many people who
• 16:30
  Speaker 4: could run that media company right now and turn it
• 16:32
  Speaker 4: around in profitability too. Right, The NBA, if you look
• 16:34
  Speaker 4: at during his tenure, has been more profitable than it was.
• 16:37
  Speaker 2: Before he had it. Yep, he's always a great.
• 16:39
  Speaker 5: High speaking of profitability.
• 16:42
  Speaker 2: Can we talk about crypto.
• 16:44
  Speaker 3: For sure, But before we do that, let's make sure
• 16:46
  Speaker 3: they hit the like button yes and share Baltimore we
• 16:53
  Speaker 3: will be I'm coming home. I used to live in Baltimore,
• 16:57
  Speaker 3: so we are this Saturday. We're speaking at the Wealth
• 17:00
  Speaker 3: Summit Live. Go to Ravenparis dot com Wealth Summit Live
• 17:05
  Speaker 3: and get your tickets. It's our first time ever doing
• 17:07
  Speaker 3: anything in Baltimore, so looking forward, looking forward to it. Man.
• 17:11
  Speaker 3: But the Disney thing is just you know, the last
• 17:14
  Speaker 3: thing is just they built a very impressive company over
• 17:17
  Speaker 3: the course of time with you know, Marvel, with Hulu,
• 17:23
  Speaker 3: with Disney Plus, with ESPN, with ABC, with so many
• 17:28
  Speaker 3: different things. And that's you know, on a business like
• 17:30
  Speaker 3: when you're looking at business at the highest level, that's
• 17:33
  Speaker 3: what it's about, just like acquiring different things, having your
• 17:36
  Speaker 3: hat in a variety of other things. Like that's something
• 17:40
  Speaker 3: that whether no matter how you feel about Disney, I
• 17:45
  Speaker 3: think that they built one of the most impressive companies
• 17:48
  Speaker 3: in the history of the world. And I guess that's
• 17:51
  Speaker 3: why Kanye has always compared himself to Walt Disney. He
• 17:55
  Speaker 3: really has a strong admiration for him and the company
• 18:01
  Speaker 3: that they have built. But it'll be interesting to see
• 18:04
  Speaker 3: with the next twenty fifty years for Disney.
• 18:08
  Speaker 6: Holes my graduates from my school being force back drop
• 18:15
  Speaker 6: bag drop, Mike drop backdrop droft.
• 18:29
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 18:33
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 18:37
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 18:41
  Speaker 1: filming and selling child pornography in Michigan, These are just
• 18:45
  Speaker 1: some of the heinous migrant criminals caught because of President
• 18:49
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 18:52
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 18:57
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 19:01
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 19:04
  Speaker 1: are here illegally, your next you will be fine nearly
• 19:08
  Speaker 1: one thousand dollars a day, imprisoned, and deported, you will
• 19:12
  Speaker 1: never return. But if you register using our CBP home
• 19:16
  Speaker 1: app and leave now, you could be allowed to return legally.
• 19:20
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 19:25
  Speaker 1: border and families.
• 19:26
  Speaker 2: Will be protected. Sponsored by the United States Department of
• 19:29
  Speaker 2: Homeland Security.