“As we do this, we will continue to deliver healthy consolidated earnings growth for shareholders.”

In context

“nk about ESPN and sports in general. Sports is admittedly a separate discussion in that it is much earlier in its monetization transition, having just launched unlimited last year. However, when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports. Sports rights are expensive and can be dilutive without scale but we have scale in our most important market, the U.S. and the biggest sports media brand in the world in ESPN. We view sports as a key part of our programming strategy and ESPN as an important contributor to our distribution portfolio. For sure, we have to continue to work through this economic transition for ESPN while also better leveraging it for our overall business. As we do this, we will continue to deliver healthy consolidated earnings growth for shareholders. More broadly, when it comes to capital allocation, we're always assessing and looking to maximize shareholder value of our portfolio. That is our responsibility to shareholders, and we will continue to do that in the future. Benjamin Daniel Swinburne, C.F.A.: Okay. Great. Thank you, Hugh. Next, on the portfolio. Can you expand on the One Disney strength as it relates to your sports businesses and general entertainment assets. Specifically, how do those businesses fit into a Disney focused paradigm that is strong across both entertainment and experiences? Are there any elements of the company that you would consider noncore in the context of One Disney? And I apologize, this is for Mike Morris at Guggenheim. Hugh Johnston: Sure, Mike. We do see One Disney as an important priority for the c”