Media: Final Word After Previews and Before Q3 Media Earnings

With Media earnings kicking off next week, we provide a final word on the most topical stocks across our coverage, incorporating recent events, feedback from previews, and read-throughs from companies that have already reported. Disney: FY26 adj. EPS of $6.71 ex-53rd week (+13.3% y/y) and FY27 of $7.48 (+11.4%), with double-digit FY28 growth expected on parks capacity and a strong theatrical slate. Fox: upside risk to Television advertising (F1Q27E $1.590b, +49% y/y) given a "red hot" sports market and World Cup tailwind; ROKU deal expected to close 1H CY27. Skydance: FY26E pro forma revenue $66.0bn, but linear TV generated over 80% of 2025 pro forma EBITDA and 6.1x net leverage leaves little room for error;