“With that foundation in place, we are off and running on the work to finalize the remaining details and move towards execution with the goal of completing the separation in approximately 1 year.”

In context

“Michael Cavanagh: Thanks, Brian. I'll just add a few additional comments on the separation before turning to some highlights of the quarter. When we made the announcement, we were clear about the core assets that would sit within each company. With that foundation in place, we are off and running on the work to finalize the remaining details and move towards execution with the goal of completing the separation in approximately 1 year. Over the next several months, our teams will continue working through the items that naturally come with a transaction of this scale. A key part of our work is on the balance sheet and capital structure as our intention is to set both companies up with strong investment-grade profiles and the financial strength and flexibility to pursue their respective growth strategies. With that, I'll turn to highlights of the second quarter, starting with Connectivity & Platforms, where results were broadly in line with our prior commentary. We are well into the deliberate broadband pivot that began almost a year ago. That pivot has included significant changes in pricing and packaging to make our value proposition clearer and more predictable, continued investment in a simpler, more seamless customer experience and a more aggressive push into wireless, both through free lines to build awareness in the market and through the launch of our premium unlimited plans. These actions are intended to address the areas we need to improve while leaning on the structural advantages we already have, a scaled network, industry-leading WiFi and a capital-efficient mobile platform. While this pivot comes with investment that is weighing on financial results in the near term, we are making real progress against the objectives we set out, which are to build a durable converged customer base, deepen our relationships and transform the experience so as to position this business for long-term growth, and we are pleased with the progress we are making. Broadband subscriber losses in the second quarter improved year-over-year. We also continue to see year-over-year gains in our Net Promoter Scores, which is an important signal that our moves in pricing, packaging and experience are resonating with customers. Wireless is becoming a more meaningful growth engine for us. We just had our best quarter ever with 448,000 net line additions, our second consecutive record quarter, supported by stronger gross additions and improved churn, even as the initial cohort of free lines began rolling into the paid base. Year-to-date, net line additions are up 25%. And importantly, we are seeing positive early traction converting those free lines into paid wireless relationships, which reinforces the value customers are seeing in our products and which will support better monetization as we move through the year. We are also extending that same convergence opportunity into business services. This quarter, we went live with our T-Mobile MVNO partnership for business customers and the early signs are encouraging. We expect activity to ramp as we move into the latter part of the year. Separately, we continue to win significant new contracts in enterprise, which reinforces the strength of our position as the fastest-growing enterprise provider in the market. So while the environment remains highly competitive, we like the progress we are making on the things we can control. Wireless is scaling quickly, Enterprise continues to gain momentum and the work underway across pricing and the overall experience is strengthening the foundation for a converged valuable customer base over time. Turning to Content & Experiences. The Media segment had a strong quarter, generating mid-single-digit EBITDA growth with Peacock delivering meaningful profitability for the first time even as we absorbed the final quarter of the first full year of our NBA contract. That performance reinforces the value of NBC, Telemundo, Bravo and Peacock together as one integrated Media business with continued opportunity to drive stronger engagement, advertising and profitability into the future. Peacock added another 2 million paid subscribers in this quarter, bringing us to 48 million paid subscribers and have its biggest viewership month ever in June, fueled by the World Cup and Love Island. That builds on the 2 million subscribers added in the first quarter around legendary February and is important evidence that we are managing event-driven churn effectively by bringing users in around major moments and keeping them engaged with the broader content slate. The NBA, Love Island and the World Cup are all contributing to strong engagement and robust ad sales across both linear and streaming. The World Cup has been terrific for us, delivering the biggest Spanish language sporting event in U.S. media history and record engagement for Telemundo and Peacock. And Love Island has been the #1 overall streaming title in the U.S. this summer. Our Studios business is having a great year with momentum across franchises, animation, originals and specialty titles. In the second quarter, Super Mario Galaxy and Minions & Monsters extended the strength of our animation slate with Minions & Monsters taking the Minions franchise to $6 billion globally and further extending its position as the highest grossing animated franchise of all time. Focus had a standout performance with Obsession, which crossed $400 million worldwide and became its top-performing film ever, while Disclosure Day delivered Steven Spielberg's biggest original opening to date. And just last week, The Odyssey became one of the defining theatrical events of the year, reinforcing the power of our creative partnerships and ambitious storytelling with the Odyssey becoming Nolan's biggest global opening of all time. Turning to Parks. The operating environment has softened more than we anticipated. Unpacking this by geography, in Orlando, Epic Universe continues to perform well and is delivering the strong guest response we expected. At the same time, attendance across the broader Orlando market began to soften in June, and that trend has continued into the third quarter. We believe there are some temporary factors at work, including higher fuel prices and weaker consumer sentiment, but we are watching these trends closely. Internationally, Osaka continues to be affected by China-related travel restrictions, while Beijing is operating against a challenging macroeconomic backdrop. Despite these near-term pressures, our outlook for the long-term opportunity in Parks is unchanged. We have great brands, great locations and a proven playbook for investing behind attractions and experiences that create real consumer demand and strong returns. With Universal Kids Resort now open in Frisco and our U.K. Park moving toward construction, we continue to see a long runway for growth. Before I hand it over to Jason, I want to touch on Sky's proposed acquisition of ITV's media and entertainment business, which will strengthen Sky's long-term position in the U.K. The transaction brings together 2 of the U.K.'s most trusted media businesses, pairing Sky's premium content, connectivity and sports leadership with ITV, which reaches 40 million people in the U.K. every week and serves more than 16.5 million digital users. The transaction will enhance Sky's streaming and advertising capabilities, create meaningful operating efficiencies and broaden the opportunities to grow customer relationships. So with that, let me turn it over to Jason to go through the financial results in more detail.”