Disney shares moving after hours. Obviously, it has been a tough quarter for theme parks. Many theme parks still not reopened around the world. The ones that are open have limited capacity. Missing estimates on new streaming subscribers for the disney plus service but estimates but subscribers still coming in huge. Abigail doolittle has been following the market overs. Disney and activision as well. What are the theme this you are pulling out here . Abigail the bulls are just out. Nasdaq 100 for the on tech strength. Bonds slightly higher as well. That points to the uncertain d, will a deal get done . Down into this quarter about 20 year on the year. They just reported what some are calling a doomsday quarter. However, it is not as bad as feared. A big piece of it, those subscriber and streaming numbers. A modest miss, but right in the ballpark. Million more than 100 streaming subscribers. The fact that it is less bad, you have that stock up. A good quarteron but not quite enough. The engine and team the Management Team was talking about Economic Uncertainty clouding the near future. Emily we have been waiting for mulan to come out in theaters. That has been delayed a couple of times. It will be out in some theaters but also they will release it streaming for 29. 99. Abigail match group and beyondmeat are moving in the opposite direction they are still going in the direction. Match group, they missed. Tender sales growth down for the fourth quarter. The stocks are up. Down 7 . At there was this expectation that they were going to put up a big quarter. To some extent, they did. What investors do like, apple. Apple up for a fifth day in a row. Up nearly 8 over the last five days, really helping the major averages. The best five days since 2006. Appleors are all in on after they put in that really big june quarter last week. Emily we are continuing to listen into the disney call, which is ongoing. Losing 4. 7 billion overall for the entire quarter. I want to bring in andre swanson, ceo of true optics. What are the highlights that you would pull out here . Obviously, this was going to be a tough quarter. Do you see the bright spot . I think the bright spot is definitely the streaming subscriber growth. Not only espn plus and hulu, but disney plus, i think it is a great number. Just to think about how fast they got to 100 Million Subscribers and how long it took netflix to get to that. Even despite the tens of billions of people who are unemployed, all of the financial uncertainty, they are still getting new subscribers. The direct to consumer relationship is something they will be able to monetize as the s itself. Onomy correct it is notable given that nobody has new content right now. So how would you position disney ,isavis netflix, hbo max given that production is largely stalled. Some people may have watched a few things over and over again already as we are still sheltering in place. Andre i think, because of the delays in production of new content, people who have deep libraries and lots of known content, it will help them. I dont think in terms of the caliber of huge blockbuster content, but when you talk about netflix, one of the things i have been saying for a long time they knewusly it was nonsustainable to continue to just license from others. When you think about hbo max, theirk, cbs all access, content libraries and their bench is pretty deep as well. One thing that i think has been overstated is that because of , someck of availability of the other solutions, that they would not have the type of growth or be able to be successful. I think that also is overstated because there is so much fragmentation that i dont think any one operating system or device will control the ability of these companies to have successful direct to consumer relationships. Emily interestingly, Disney Ceo Bob Chapek has been speaking on the call, saying mulan going to dreaming going to streaming is a oneoff. I wonder what you think about that. I have been curious about how what we are going through right now will have a longterm impact on viewership patterns. Will people want to go back to the theater in a year, two years . Andre i think it will be longer than people anticipated. The u. S. Has had pretty much divorced response over the last 4, 5 months. And the as millions of people feeling comfortable officeng back to the box , i dont see that happening for sure in 2020, and i think it 2021 when thatto is the case. They have been pretty focused on switching their strategy to more release. Demand i understand why disney would not be motivated to make that call immediately, because they have done so well at the box office. But i think it is inevitable, in order to monetize their media, and now that they have this large distribution directly into homes, i think they will have to do more direct to digital releasing. World isantime, disney the main theme park that they have reopened in the United States and florida. On the call, they said that the way it has played out there was worse than they planned because of the surgeon of because of the surge of covid19 in that state. Will it have to change and adapt more rapidly given that there is so much uncertainty ahead, and the one thing that is certain is that people want to watch more content from their couch. One advantage i was actually surprised that they opened disney world in florida at the time when they did. In 2020realistic that and 2021 they will have anywhere near the revenue generated. Inability to have the it does putfice a lot of pressure on their ability to monetize streaming relationships. Also some opportunities in terms of gaming, other areas. Backespn be able to get baseball and basketball . All of these major media companies, they really kind of benefit even more than they would have predicted from the investment they have made. It is really the only bright spot that they are going to see for the remainder of 2020 to be sure. When we still dont know disneyland in california will be reopening. Optic,wanson of true always good to have you here. Coming up, we will be talking covid19a and the information crisis according to former u. S. Commerce secretary Penny Pritzker. She is also on the board of microsoft. Her thoughts on the Company Buying tictoc. Pritzker, the former u. S. Secretary of commerce and founder of pp partners, is found again new initiative to fight covid19. We will talk about that any moment. But she is also on the board of microsoft. I asked her today about what she thinks of microsofts negotiations to buy u. S. Tiktok. Penny microsoft put out a detailed statement on this subject, so i refer folks to that. What i can say is that i think microsoft would be a good home for tictoc because microsoft is an incredibly Innovative Company that cares deeply about privacy, security, transparency, digital safety. But today, i am here to talk about our data comments we have created here in chicago. We are really proud of that. Ways really a phenomenal for us to show that our community can come together and with Industry Collaboration and nonprofit collaboration, we can solutionssitive tech that have positive effects for our community and around the country. Emily the other concern here is, should the president be able to ban any company, let alone a company that hundreds of millions of americans use, or demandt to sell, and millions of dollars if the deal goes through. Penny i think that the president , is, if i understand correctly, concerned about security, privacy, and digital safety of americans. I think that is a role for the president of the United States. How he and his administration choose to achieve that is something i do not have insight into. Emily you are advising the biden campaign. What are you telling the Vice President about what his priorities should be . Penny one of the things that i think is terrific about joe biden and one of the reasons i think he should be the next president is that he would be a good jobs president. He is very focused on the people who have lost their jobs, the folks in limbo, and that we need to not just get the economy going, but we also need to create good jobs for the American Public and create the conditions as a government for that to happen. His build backn better plan i think are really so right on. It is about investing in education, in rnd, in our workforce to make sure they have the capability to be successful in our modern digital world. I think the Vice President has a terrific economic plan that will create the conditions where good jobs can be created and try and address the economic crisis that is being caused by our health crisis. Hasy Vice President biden raised concerns about the power of big tex. Do you think Companies Like facebook, amazon, alphabet, are they uncompetitive . Should they be broken up . Penny the bottom line as it havees to antitrust, we that goesenforcement with a competitive economy. How we treat Different Companies should be consistent with that. Emily last question. How concerned are you about biden breaking through in this environment in the middle of a health and economic crisis, when there is so much noise and the very integrity of the election itself could be under threat . Penny i am not worried about joe biden breaking through. I think that joe biden is demonstrating what strong, consistent, reliable leadership will look like. He surrounded himself with a Terrific Team of people, he will do that in government, and he will help the American People to be safe in terms of their health and also national security. Isi think joe biden absolutely the right person to lead our country going forward. And i think more and more of the American Public understand that. Emily more of my conversation with commerce secretary Penny Pritzker later in the show. The president saying that if tiktok operations are sold, the white house should get a big cut. Larry kudlow told foxbusiness that there is no specific blueprint on the plan. Bloombergsd by shery ahn. Back whatd of walked the president had said earlier. Where does this stand . Shery we really dont know. It was really strange when we kept hearing from President Trump repeating himself, when it comes to the sale of an american company, that the u. S. Should get a fee from its and it would be paid to the treasury. We were pretty confused under what authority he could make this happen. That kudlow acknowledging he is not quite sure if there is a concept they can really follow through. Sources saying that the white house is looking into using compliance costs. Conducts the fees when there is a review. But that the highest that could get the government would be around 300,000. So that is well short of what President Trump described as a large percentage of the sales price. The white house saying that some sort of action will come on chinese apps including tiktok. Emily you have the founder of tiktok saying that he thinks the United States wants to kill off tiktok and doesnt want a sale to a u. S. Company at all. You have the Chinese Government sort of wading into the fray. State media. Shery we heard from the china daily that this is officially sanctioned theft. Even then, beijing acknowledges that there is maybe not much china can do. This is from the global times, saying that objectively speaking, china has little ability, and they acknowledge that the u. S. Enjoys technological superiority. So far, we have seen any u. S. Action being followed by counter members from test countermeasures from beijing. , theit comes to bytedance founder, talking about killing off tiktok in his second letter to employees. We know that could happen the u. S. Could put it on the entities list that would force Companies Like google and apple to drop them from their app store. This is something we are watching very closely. Emily thank you so much for that update. I know you will be covering this more on your show coming up. I want to get back to disney in a moment. We have a huge interview later today on Bloomberg Television with bill gates, the cochair of the bill and Melinda Gates foundation. So much to talk about right now including his thoughts on a , and thetherapeutics latest developments there. Meantime, back to disney. Continuing to follow these headlines rolling in. Huge loss in the parks division. Lost in the has quarter. I want to bring in kelly, who covers media and entertainment for us. Thank you. Absolutely brutal time for disney, such a rough especially in in, the locations where these parks are. What executives are saying is withjust reopening, even the social distancing rules, mask requirements, has not quite given them the upside they would have hoped. There has been a lot of cancellations, especially in florida, as these cases continue to rise. Part of that is that they get half of their guests from out of state and have to get on a plane to go there. Emily lets talk about the parks what they said about the park. Obviously, california, disneyland is not open. Iny said the situation florida has been worse than planned because of the high number of cases in the state. What are the details there that they are sharing about how the reopening has gone . Kelly when they thought about reopening it, about six weeks before they did it, all the research was telling them that there would be a really high demand for those restricted spaces. , because of all these headlines, that demand was much lower than they thought. They have had this issue with cancellations, people canceling shortly before they are supposed to be attending. That has been another difficulty. World isantime, disney hosting the return of the nba. How is that going and how does that potentially help the bottom line . Fory sports is a big boost advertising. And they wereoday saying revenues are going to be so key to them. It is still very difficult with coronavirus and social distancing rules, but that will hopefully be a bright spot after all of this pain and suffering we have been through this year. Watch thisinuing to coming through on the call. They said they are going to spend a billion dollars to restart tv production this year. Disney plus is the bright spot here. Will streaming offset what is happening in the parks business, given that so many of disneys operations and franchises are tied into the story of the films. Will go direct to streaming a. How do you see the company evolving away from the parks business . Kelly streaming will be important. They did say they crossed that critical 60 Million Subscriber figure. I want to focus on mulan. This is a huge movie that could have made a billion dollars at the box office. It is going to premiere on disney plus at 30 in addition to your subscription. What they are saying is that this is not like a all new thing where their blockbusters will skip theaters from now on, it is a one off with coronavirus. However, they are hoping and draws people to disney plus to generate some revenue. Emily continuing to monitor the call, kelly gilblom. Thank you so much for your insight and analysis. Former u. S. Commerce secretary Penny Pritzker on a new initiative to fight covid19, next. This is bloomberg. Welcome back to Bloomberg Technology. Im emily chang. Techs battle against the coronavirus. I spoke to former u. S. Commerce secretary Penny Pritzker about her new initiative, basically essential information hub to fight covid19 with data from doctors, patients, hospitals, and more that everybody can access. Kate gibson to how she sees it impact take a listen to how she sees impacting government decisions going forward. Penny it is the first data original comments in the United States. One of the things that will make it useful is it is interoperable, easytouse, membershipdriven. It gives you accurate local picture of what is going on. One of the challenges that many localities have is knowing what is the state of play, understanding not just what is happening in their own institution, but the region, because we are all affected from my health care standpoint about the regional situation. Emily is it something that you think could scale to a state level, national level, global level . Penny absolutely. You could scale for sure to a state level and it could be replicated in other places. Our aspiration is to do a good job for the greater chicagoland area in the state of illinois. This process and this capability absolutely should be replicated in other places both nationally and globally. The information crisis is potentially being perpetrated by our own president , who has peddled theories about treatments and cures that dont work, says things are Getting Better when they are getting worse and has refused to wear our mask for the first several months of the crisis. How big a concern is that . Penny look, i think it is extremely important that we have a factbased approach to addressing the Public Health crisis, and that is what the data comes is trying to do. It is trying to be a collaborative effort to recognize situations we are basic to one of the things we are facing that requires attention is the disparity communities being hit hardest by covid19. We see it in our Africanamerican Community in the greater chicago area and the latinx community, which are having roughly they are bearing three times the burden of this Public Health isis. And so to me, what we are trying to do is set an example that we are going to be factbased and databased in terms of the decisionmaking going on. What is necessary for that to happen is to have a community collaboration, hospitals coming together. That is something that we in chicago are doing. Be viewedt that can by others and replicated. Emily not only are you the former u. S. Commerce secretary, but you are a longterm investor. Im curious what your biggest concerns about the econom