“As such, you've seen us take some cost reduction actions in our fourth quarter for the past several years. We expect to take similar actions again this fourth quarter at about an equal magnitude to last year.”

In context

“forms' total EBITDA was consistent year-over-year at $8.3 billion, with margins up 50 basis points, reflecting a decline in overall expenses, driven by the continued mix shift to our higher-margin connectivity businesses and ongoing expense management, partially offset by an increase in marketing and promotion expense, driven by our incremental brand marketing investment during the Paris Olympics. Breaking out our Connectivity & Platforms' EBITDA results further, residential EBITDA was consistent with margins improving 40 basis points to 38.6% and business services EBITDA growth was at a mid-single-digit rate, with margins fairly stable at 57.4%. Rounding out Connectivity & Platforms, I'd note that our business continues to evolve as the mix shifts towards our connectivity growth drivers. As such, you've seen us take some cost reduction actions in our fourth quarter for the past several years. We expect to take similar actions again this fourth quarter at about an equal magnitude to last year. Now, let's turn to Content & Experiences on Slide 5. Revenue increased 19% to $12.6 billion, and EBITDA decreased 9% to $1.8 billion. At theme parks, revenue decreased 5% and EBITDA declined 14% in the quarter compared to last year's all-time record high. The majority of the decline was driven by lower attendance at our domestic parks when compared to last year. As we've highlighted, our view is there was both a pull-forward of demand that we clearly saw in 2022 and 2023, which were record years for the theme parks and beyond our expectations, as well as the new attraction pipeline, which is light this year, but building towards a substantial pipeline next year. We think these factors will likely be in place until the second quarter of next year, which is both when we start to lap the pre”