Bloomberg Intelligence Podcast Summary
Episode: "Disney Says Film Studio’s Expenses Weigh on Current Quarter"
Hosts: Scarlett Fu & Paul Sweeney
Date: November 13, 2025
Episode Overview
This episode of Bloomberg Intelligence brings together Scarlett Fu and Paul Sweeney alongside leading Bloomberg analysts to examine recent market trends, with deep dives into Disney’s fiscal performance, streaming strategy, succession planning, Cisco’s AI-fueled growth, and the shifting landscape of the athleisure and retail sectors. The discussion is data-driven, candid, and peppered with quotes and clear opinions from experts.
Disney’s Latest Results and Strategic Challenges
With Geetha Ranganathan, US Media Analyst, Bloomberg Intelligence
[Segment Start: 01:54]
Key Discussion Points:
1. Disney’s Q4 Fiscal Results: “Good, Not Great”
- (02:30) Geetha Ranganathan: “It came off as a little bit of a lackluster report. … The parks business brings in about 60% of profits. Things seem to be going pretty strong. … But Disney has this very, very tough balancing act.”
- Parks posted a 13% jump in operating profit, but performance was counterbalanced by weak linear TV and unpredictable studio results.
- 2026 guidance is promising, but negative sentiment lingers due to “drag down from the TV networks and the studios”.
2. Streaming Bundling & Subscriber Momentum
- Disney’s future hinges on bundling strategy—evident in ESPN’s premium app and cross-platform packages.
- (03:34) Geetha Ranganathan: “The traction has been pretty good … The whole bundling strategy … is really going to be the main driver for earnings growth for them going forward.”
- 40% of new subscribers take the Disney bundle.
- Price increases and churn management are central to the model.
3. The Bundling Dilemma: Consumer Confusion
- (04:36) Paul Sweeney: “Is the consumer better off? And my answer is absolutely not.”
- Scarlett notes the cycle of bundling/unbundling in media: “It’s too confusing. It’s way too confusing.” (04:42)
- Geetha sees ongoing upside as bundling expands, possibly with Fox, NBC, or Amazon integrating their sports apps.
- Collaboration with FOX’s new Fox One streaming product is in the works.
4. Content Rights & Platform Powerplays
- Ongoing standoff between Disney and YouTube TV highlights industry “game of chicken” over distribution.
- Disney commands about 40% of US sports viewing, making them hard to ignore for rivals.
- (06:06) Geetha Ranganathan: “When it comes to sports content, I have to say Disney has the upper hand a little bit.”
5. Succession Planning for Bob Iger
- Uncertainty remains, with decision expected by March 2026.
- (06:48) Geetha Ranganathan: “Right now it's really looking like it's going to be internal candidates. … I think they're going to kind of keep it internal.”
Cisco’s Quarter: Growth, AI, and Strategic Bets
With Woo Jin Ho, Senior Technology Analyst, Bloomberg Intelligence
[Segment Start: 10:12]
Key Discussion Points
1. Cisco’s Solid Results & AI Growth
- Cisco reported a “beat and raise” quarter, though guidance remains “maybe even a little conservative” given recent momentum.
- Stocks hit an all-time high, fully recovering from the 2000s tech bubble.
- (11:33) Woo Jin Ho: “On the core networking side, there’s still the 800-pound gorilla there. … They have this tremendous upgrade cycle … The AI is actually the cherry on top.”
2. AI Revenue and Competition
- AI now a clear growth lever: $1B revenue in 2025, on track for $3B; $1.3B orders in the most recent quarter.
- Facing strong competition: Arista (networking), Broadcom (chips), Nvidia (switching).
- Cisco’s balance sheet provides M&A firepower.
3. Acquisitions & Security
- Recent Splunk acquisition reflects pivot to recurring software revenue.
- Past M&A (up to a decade ago) now starting to bear fruit.
- Investments in infrastructure (e.g., Cohere, CoreWeave) hint at future AI positioning.
- (13:04) Woo Jin Ho: “They’re going to start leaning into the AI side … But it’s going to be small and unlikely large.”
Tracing Retail and Athleisure Trends
With Poonam Goyal, Senior US E-Commerce and Retail Analyst, Bloomberg Intelligence
[Segment Start: 17:27]
Key Discussion Points
1. Athleisure Market Overview
- Category still outpaces broader apparel, though Lululemon’s 2025 share collapse (down 55%) signals turbulence.
- (18:02) Poonam Goyal: “The athleisure market is still big and growing. … It’s still Nike, right? At over $40 billion in sales annually, Adidas is the second.”
2. Brand-Specific Dynamics
- Lululemon’s challenge is product differentiation, not brand perception.
- Nike is actively turning its business around and expected to recapture momentum in late 2026.
- Allbirds struggling with product resonance.
- (18:31) Poonam Goyal: “If you look at Nike, Nike is clearly under a turnaround. … Next year, we’re looking at low single-digit growth rates for the whole year.”
3. Globalization of Athleisure
- Asia (especially China) is vital for future growth, despite mixed trends.
- European markets lean “dressier”, but athleisure’s global presence is expanding.
4. Under Armour’s Perpetual Turnaround
- CEO Kevin Plank returns; focus is on product excellence, reduced off-price sales, and athlete endorsements.
- (20:59) Poonam Goyal: “I’d say that in the early signs of it, they’re doing what they need to do. It’s working, but I’m not sold yet. … It needs to be sustained.”
5. Competitive Scene
- Category remains hypercompetitive. Even legacy brands like Puma struggle to stay relevant.
Notable Quotes & Memorable Moments
-
“The history of media is about bundling and unbundling. … Now we’re back to bundling again.”
– Scarlett Fu (04:17) -
“There’s way too much fragmentation. … It’s becoming a great source of friction for the average consumer.”
– Geetha Ranganathan (04:57) -
“Product is still king. You have to have the right product, you have to have the right customer connection.”
– Poonam Goyal (20:59) -
“After 25 years … they’ve gotten that market cap back, so good for them and their patient shareholders.”
– Paul Sweeney on Cisco’s rebound (11:01)
Timestamps for Major Segments
- Disney’s Earnings Analysis: 01:54 – 07:21
- Cisco’s Results & Tech Outlook: 10:12 – 14:05
- Athleisure & Retail Trends: 17:27 – 21:42
Tone and Language
- Candid, data-driven commentary: Analysts deliver both praise and skepticism, balancing optimism about new strategies with acknowledgement of persistent challenges.
- Conversational and accessible: The hosts and experts keep the jargon minimal and relatable, making industry dynamics clear even for non-experts.
Summary Takeaways
- Disney continues to juggle profitable parks, striving streaming, and struggling linear TV—and sees bundling and sports rights as the path to future growth.
- Succession uncertainty around Bob Iger persists but is expected to resolve with an internal candidate.
- Cisco’s networking dominance continues, now supercharged by AI, with further growth likely from recent and future smart investments.
- The athleisure market remains robust globally, but brands like Lululemon and Under Armour face existential tests around product innovation and customer connection.
Listen to the next episode for continued coverage of sector dynamics and company strategies with Bloomberg’s team of expert analysts.