ESPN-Fox-WBD Sports Streaming Venture, Snap Plummets, Profit Drivers for Uber and Ford 2/7/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 7 February 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber kicked off the show by discussing a partnership that could shake up the media landscape: ESPN, Fox and Warner Bros. Discovery are teaming up to launch a sports streaming service later this year. The anchors also reacted to Snap shares tumbling more than 30% on a revenue miss and disappointing guidance amid stiff competition on the ad sales front. Also in focus: What to expect from Disney results due out after Wednesday's close, Uber falls despite a Q4 beat and its first annual profit since going public, Moody’s downgrades NYCB to “junk,” earnings winners and losers including Ford, Chipotle, Alibaba, Amgen and CVS Health. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kington-A. With Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Futures are trying to find their legs here as corporate earnings come in with some examples of solid guidance. And New York Community Bank bounces pre-market, big day for Fed speak, and a 10-year note auction.
0:23.7	Roadmap begins, though, with upending TV sports.
0:26.9	ESPN, Fox, and Warner Brothers Discovery set to launch a joint sports streaming service.
0:32.1	Plus, snap shares are tumbling.
0:34.1	The company delivered weak guidance on continued headwinds at sites from the Israel-Hamas war.
0:40.3	Ford chairs appear to be popping ahead of the open. The automaker rethinking its EV plans, boosting its dividend, and offering better than expected or a better-than-expected outlook.
0:51.9	Let's begin with ESPN Fox and Warner Brothers Warner Brothers Discovery, teaming up to launch that
0:55.8	streaming platform.
0:56.7	David was here working late last night, and I know you got more this morning.
1:00.1	Yeah, you know, listen, it's an important moment in terms of the cable ecosystem or the
1:06.4	disappearance of the cable ecosystem in many ways.
1:09.4	And a big step forward, some would think think in terms of at least what is this complex world
1:16.1	that we're in here in terms of trying to get a hold of sports programming as a viewer and figuring
1:20.3	out where it may be.
1:22.2	The ultimate goal here for these companies is to create an app that, that, create an app that allows, for example, a younger gentleman who cares about sports to access it
1:39.9	without having to pay for the entire cable bundle.
1:42.8	As we all know, of course, that is going away very quickly.
1:46.4	Show you that chart that came up there briefly a bit more to explain that.
1:50.7	But overall, it brings together these three providers and all of their sports programming,
1:57.1	which will cover a wide variety of sports, not quite all of it, but much of it.
2:02.3	They will have a third ownership interest each, but the revenues will flow through in a different
2:10.6	mix because ESPN, for example, with higher fees, paying more to the leagues, will get
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