You look at their linear TV business and it's going to be nothing but declines for the foreseeable future.

We look at our pay TV forecasts for the US and we think pay TV subscriber losses actually get worse, not better, and that's going to impact advertising too.

Hello and welcome to the Barron Streetwise Podcast. I'm Jack Howe, and the voice you just heard is Brandon Nispell.

He's an analyst at Key Bank Capital Markets covering media

companies including Disney. Most Disney analysts are bullish, but not Brandon. He downgraded

his rating on the stock to sector perform from Outperformed last summer in a moment

he'll lay out why Bob Iger's return to Disney is no guarantee of a successful turnaround.

Before we get to Brandon, I'll say a few words about,

I wouldn't really call them pressing investor topics,

but motorcycles and cheeseburgers, probably not in that order.

Listening in is our audio producer Jackson.

Hi Jackson.

Hey Jack.

All right, let's dig into this news on Restaurant Brands International.

That is the parents of Popeyes, the parent of Tim Hortons, but forget all that.

The crown jewel of the portfolio is Burger King. All right, so the thing to know about Burger King and parent restaurant brands today

is that it doesn't actually own many of its restaurants. Almost all of them are owned by franchisees, but now

restaurant brands, the ticker there is QSR, it says that it will buy Burger King's largest

U.S. franchise owner for about a billion dollars.

The company it's buying is called Carroll's Restaurant Group, it owns 1,22 Burger King

restaurants. The ticker there is T-A-S-T and the plan seems to be you buy all those Burger King

stores you take them over you remodeled them and then you sell them the new franchisees

...