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Netflix Q3 Earnings Beat Expectations, Outlook Weak
"Now Streaming" is The Fly's weekly recap of the stories surrounding the biggest content streamers.PLAYING THIS WEEKEND:Among this weekend's most notable new streaming content is season three of Netflixromantic comedy series "Nobody Wants This," starring Kristen Bell and Adam Brody. Netflix subscribers can also catch the new season of French mystery thriller series "Lupin," while Prime Videousers can watch season two of action thriller series "The Terminal List," starring Chris Pratt and Taylor Kitsch.NETFLIX RESULTS:Earlier this week, Netflix reported better-than-expected Q3 earnings per share with revenue that was in-line with consensus estimates. Operating margin grew to 34.6% from 28.2% year-over-year, with the company noting that revenue growth was driven primarily by subscription revenue, reflecting increases in memberships and pricing, growth in advertising revenue and a favorable impact from F/X rates, net of hedging. Looking ahead, Netflix provided a downbeat outlook for Q4 earnings and revenue and a below-consensus revenue outlook for fiscal 2026.Following the report, at least a dozen securities analysts cut their price targets on the shares, with UBS saying that the Q3 results were in line on revenue with better expense-timing-driven profits, while softer Q4 guidance and weaker advertising point to 2026 revenue at the low end of guidance. Margins and long-term goals remain intact, with improved U.S. content execution, focused investment in core film/TV/live offerings, and a new Chief Content Officer key to restoring engagement and growth, the firm added.Additionally, Needham analyst Laura Martin downgraded Netflix to Hold from Buy without a price target. The company's FX-neutral revenue growth decelerated from 14% in Q1 to 12% in Q2 and to 11% in Q3, with single-digit revenue growth projected in FY27, the analyst tells investors in a research note. Netflix content problem "seems clear", and while the firm believes Peter Rice is "an excellent TV executive," it will take him about two years to fix the company's $20 billion content slate, Needham noted, stating that the strategic position at Netflix relative to YouTubeis deteriorating.COMCAST RESULTS:Comcastalso reported quarterly results this week, with adjusted earnings per share and revenue for the third quarter coming in ahead of consensus estimates. Of note, Comcast's Peacock streaming platform delivered EBITDA of $261M, increasing $478M year-over-year, with paid subscribers on the platform rising 17% year-over-year to 48M. Looking ahead, CFO Jason Armstrong said during the company's earnings call, "We're simplifying our organizational structure to move faster, improve execution, and operate more efficiently. As part of this transformation, we do expect to take a significant charge in the fourth quarter... We expect to have a significant charge in the fourth quarter related mostly to our transformation efforts, and I would quantify that at over $1 billion."Following the report, several analysts lowered their price targets on the stock, with Citi saying the upcoming "transformation activities" to which the company alluded are "apt to create some uncertainty on 2027 expectations." Meanwhile, Goldman Sachs analyst Michael Ng lowered the firm's price target on Comcast to $23 from $24 and maintained a Neutral rating on the shares. The company's results demonstrated improving trends in Connectivity & Platforms segment EBITDA and broadband ARPU, which should continue in Q4 and provide confidence in Comcast's convergence strategy, the analyst tells investors in a research note. That said, broadband net losses missed and likely will continue to see pressure from increasing competition well the management focuses more on managing broadband as part of the overall converged relationship, the firm added.COMCAST JOB CUTS:Prior to the release of the Q3 print, Bloomberg's Kelcee Griffis reported that Comcast intends to cut a significant number of jobs as part of a broader overhaul of its cable TV, broadband, and wireless businesses. The reorganization is meant to put the company in a stronger position to operate as an independent entity after it spins off the NBCUniversal businesses in 2027, the author noted.SKYDANCE INVESTMENT:On Wednesday, John Malone said he predicts SpaceXcould invest $8B-$10B in Skydanceand secure a global content-output deal, helping David Ellison reduce the media company's debt burden while giving Elon Musk's company access to content and other assets, The Hollywood Reporter's Alex Weperin reported. "I think there's a deal coming there," Malone said at the Paley Center International Council Summit, pointing to the financial ties between Musk and Oraclefounder Larry Ellison, David Ellison's father and a major backer of Skydance. A day later, Semafor's Rohan Goswami reported that Elon Musk has invested roughly $1B in Skydance, according to people familiar with the matter.VERSANT/DISNEY:Versantannounced a licensing agreement to stream season one of E!'s The Golden Life on Hulu. The first two episodes will be available on Hulu and Hulu on Disney+for bundle subscribers in the U.S. beginning November 3, with remaining episodes available seven days after premiering on E!.FUBO/NBA:On Thursday, FuboTVannounced new distribution agreements for carriage of seven regional sports networks for the 2026-2027 National Basketball League season. The Fubo streaming service will continue to carry local coverage of the following teams in each respective market through new distribution agreements: Atlanta Hawks; Charlotte Hornets; Detroit Pistons; Miami HEAT; Milwaukee Bucks; Oklahoma City Thunder; Orlando Magic. Carriage of the Los Angeles Clippers was previously announced through a direct distribution agreement with the NBA and the team.STOCK PLAYS:Other publicly traded companies in the streaming space include Apple, AMC Networks, Fox, and Roku.
FuboTV Signs New Agreements for Seven Regional Sports Networks
FuboTV announced new distribution agreements for carriage of seven regional sports networks for the 2026-2027 National Basketball League season. The Fubo streaming service will continue to carry local coverage of the following teams in each respective market through new distribution agreements: Atlanta Hawks; Charlotte Hornets; Detroit Pistons; Miami HEAT; Milwaukee Bucks; Oklahoma City Thunder; Orlando Magic. Carriage of the Los Angeles Clippers was previously announced through a direct distribution agreement with the NBA and the team.
FuboTV Launches My Local Sports Package
FuboTV announced the launch of My Local Sports, enabling customers in select markets the ability to purchase their local regional sports network as part of an add-on package to their Fubo Sports subscription. My Local Sports also includes a selection of sports-focused FAST channels. The ability to customize a local sports plan underscores FuboTV's strategy of providing consumers with packaging flexibility and choice at attractive price points. The Company's streaming service Fubo has historically been the home for local sports through its significant regional sports and local network coverage. Now, Fubo subscribers can stream coverage of their favorite local teams* packaged alongside the lighter Fubo Sports content service.
FuboTV Signs New Agreement with NHL for Regional Sports Networks
FuboTV announced a new multi-year distribution agreement with the National Hockey League for carriage of four regional sports networks ahead of the 2026-2027 season. Coverage of the Carolina Hurricanes, Columbus Blue Jackets, Minnesota Wild and St. Louis Blues will be available on the Fubo streaming service for subscribers of each respective market.
Paramount Reaches Settlement with Warner Bros, Commits to Increase Film Output
"Now Streaming" is The Fly's weekly recap of the stories surrounding the biggest content streamers.PLAYING THIS WEEKEND:Among this weekend's notable new streaming content is the first two episodes of Apple TVcomedy series "Brothers," starring Woody Harrelson and Matthew McConaughey as themselves. Meanwhile, Amazon Prime Videosubscribers can catch romantic comedy film "The Love Hypothesis" starring Tom Bateman and Lili Reinhart, while Netflixusers can watch the revival of comedy series "A Different World."PARAMOUNT/WARNER BROS.:Earlier this week, New Jersey Attorney General Jennifer Davenport said the state joined a coalition of 12 attorneys general in securing a settlement with Paramount Skydance, resolving the states' lawsuit alleging the company's merger with Warner Bros. Discoverywould harm competition. The settlement, pending approval by the court, includes a five-year court enforceable commitment to increase film output, a minimum of an additional $1.5B commitment to bolster domestic film production, a $47.5M fund for workers who are impacted by the merger, and restrictions on how the company handles cable negotiations to help keep prices competitive, Davenport said in a statement. Paramount has agreed to a five-year term, where the merged company will commit to release: 30 films a year, including 20 wide releases, in the first two years; 32 films a year - with 21 wide releases in years three, four, and five; and Paramount commits to release at least four independent films in each year of the commitment period.Following the settlement announcement, Semafor reported that Paramount is exploring additional equity funding to strengthen its balance sheet as it absorbs Warner Bros. Discovery, with CEO David Ellison considering Tesla'sElon Musk and other wealthy investors for a syndicate alongside substantial equity backing already guaranteed by Larry Ellison. A day after that report, Paramount announced the launch of syndication for a proposed senior secured incremental tranche of term "B" loans in an aggregate principal amount of $7.5B. The consummation of the Incremental Term B Facility is subject to market and other conditions. Subject to market and other conditions, Paramount intends to raise approximately $44.4B of additional secured debt, in addition to the Incremental Term B Facility and previously announced financings.Additionally, Business Insider reported that Paramount is preparing to launch new streaming features designed to drive engagement and increase revenue from viewers as it finalizes its takeover of Warner Bros. Discovery. The deal will give Paramount control of HBO Max and Discovery+. CEO David Ellison's company told streaming employees at a town hall this summer that Paramount+ is planning to add a free tier, micro dramas, and new interactive ad formats, the publication noted. Paramount is also preparing to put a comments section in its TikTok-style feed and leverage AI to help it clip videos, according to a screenshot of its streaming initiatives list recently viewed by Business Insider.DISNEY+ PRICE HIKES:Disneyraised prices on several of its streaming subscriptions, Bloomberg reported this week. The price of the flagship Disney+ streaming service, without ads, will rise 13% to $21.49 per month, sources told Bloomberg. The increase will bring the premium Disney+ product more in line with a similar plan sold by Netflix, which charges $26.99 a month for an ad-free service with 4K resolution and access on multiple devices, the report noted.AMAZON/BEST BUY:Best Buyand Amazon announced an expanded multiyear Fire TV partnership that will continue bringing the Fire TV experience to Insignia TVs and create more connected TV advertising opportunities through Best Buy Ads, powered by Amazon Ads technology. Beginning February 2027, Best Buy Ads will use Amazon Ads' programmatic technology, including AI-powered tools, to help brands plan, activate, optimize and measure advertising campaigns.NETFLIX DOWNGRADE:Earlier this week, HSBC downgraded Netflix to Hold from Buy with a price target of $76, down from $96. The firm believes Alphabet'sYouTube is taking increasing viewer share from Netflix. A Near-term engagement recovery is unlikely at Netflix as YouTube's strategy shift adds to its competitive headwinds, the analyst tells investors in a research note. HSBC says YouTube has been rapidly expanding its living room footprint, having captured a record 14.2% share of U.S. TV time in July. The firm believes YouTube's momentum is increasingly coming at the expense of Netflix as its share fell to a multi-year low of 7.8%.STOCK PLAYS:Other publicly traded companies in the streaming space include Roku, AMC Networks, Comcast, Fox, and FuboTV.
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