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tv   Bloomberg Technology  Bloomberg  November 10, 2016 6:00pm-7:01pm EST

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president obama thursday in the oval office. both men sought to set aside the divisiveness that rocked the nation and led to their own bitter personal interactions. >> this was a meeting that was going to last for maybe 10 or 15 minutes and we were just going to get to know each other. we had never met each other. i have great respect. the meeting lasted for almost an hour and a half. and it could have, as far as i'm concerned, could have gone on for a lot longer. mark: the president said he was encouraged by mr. trump's willingness to work with his team during the transition. later, the president-elect and his wife, along with vice president-elect mike pence met with house speaker paul ryan who had a strained relationship with mr. trump during the campaign. the president-elect also held talks with senate majority leader mitch mcconnell. iraqi troops slowed their advance into mosul whale they -- while they reclaim
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neighborhoods. the movement is in its third week. iraqi troops are approaching from the south. coalition air strikes have been reduced due to the risk to civilians trapped in their homes. in new york, i'm mark crumpton. "bloomberg technology" is next. ♪ emily: coming up, the dow celebrates a record high but tech wasn't invited to the party. we'll dig into why technology is the only sector getting hammered because donald trump won the election. plus a disturbance in the force at disney. we'll hear from c.e.o. bob iker results. appointing and exploring the unknown. as silicon valley fwrares a
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trump presidency, my exclusive interview with blackberry's c.e.o. and whether trump's policies could lead to a trade war with china. but first our lead. the dow jones industrial average soaring to an all-time high but one industry is missing out. the tech sector. facebook, amazon, netflix and google's parent alphabet down for the second day. it may be that investors are weighing the impact of trump's policies on big tech multinationals. to put this in perfect i, joseph sealy in new york. apple ending the tai town almost 3% today. walk us through the market. joseph: you saw the companies that are going to benefit from a trump presidency doing quite well, like industrials, materials and financials. but on the other side you have ech. there's a lot of companies in
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the tech sector, alphabet and facebook, get half their money from overseas. if overseas trade takes a blow, tech knowledge is -- technology is a sect yo -- sector that will get hurt. the tech sector was up about 11% year-to-date until today. this is an area people will be looking to sell given any reason. perhaps a little overvalid by some measures. people looking to make some profits, maybe reinvest in other areas that might be seen as benefiting more from a trump presidency. and lastly, there's -- the more cynical view here, which is that, people in the tech sector weren't quiet about their distaste for mr. trump on the campaign trail. there's a little skepticism that he's going to treat them nicely. maybe he's going to have some sort of revenge agenda. i'm not sure if i'm willing to go that far but there's a lot working against technology day. you saw all of those fang stocks down more than 1.9% for one day.
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emily: thinking about amazon's c.e.o. jeff bezos who tweeted about sending donald trump to space after trump said something negative about him owning "the washington post." but industrial and others rallied. aren't they asked by trade and imgreags issues as well. ? je receive: yes, but specific things he said since the election was completed. dodd-frank, that's going to remove a lot of regulatory oversight from this area. and also, you also keep in mind that the probability of a rate hike next month is very high. that's going to benefit banks too. it might not just be trump affecting banks. people with money to burn looking to get cash off the sidelines would be looking at financials as an appealing place. when you talk about materials and industrials, those are sectors poised to really benefit from the increased infrastructure spending that
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trump has long proposed and he -- it's just the sort of, i guess, pro-economic cyclical sector that is the type that would benefit from that sort of thing. and technology unfortunately just weighing some of the brunt of that. also it wasn't just technology even though that was the biggest loser today. we did see with ea big spike in bond yields we saw bond proxies like utilities get crushed today as well. so it's sort of a war under this esurface of the stock market. the market was only up about .2%. but you had huge moves that we haven't seen since the financial risis. emily: thanks so much, we'll continue to keep watch. disney shares moving after hours, they're higher post-market after reporting fourth quarter results. adjusting earns per share fell to $1.10 on revenue of just over $13 billion, both of which fell short of analyst estimates.
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the company said it was hurt by lower ad sales at cable tv networks, including etc. largest business, espn. ut on the call, c.e.o. bob eiger said they're earning more. joining us now, walter tide, and from princeton. walter, i start with you. programming costs are increasing, are you concerned about this particular business etting squeezed? >> not really. the reporting was uninspiring call b eiger got on the and said relax. talked about the consumer, that's why the stock was down and turned around after he started talking on the call about that emily: shares trading
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up 3% post market. gita, would you diafwree with that? >> i do agree. a lot of noise coming into this quarter because of some tough c; ms from last year which had the benefit of an extra week. estimate were all over the place. did a good think bob job of allaying fears regarding the growth prospects for espn. emily: let's talk about espn. neiln last week reported espn losing over 600,000 subscribers between october and november. what's your take even if losses are slow and what is your take on the future of the business? walter: i think espn remains one of the most valuable properties in media and i understand there have been subscriber losses. he talked on the call about using this investment that they just made to go more direct to
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consumer. i think that's going to resonate with some younger subscribers that have gone off these multichannel cable packages and con -- can use it direct to consumer. i think the value there, i'm not concerned about it. i love the diversity that disney has. that's one of the beauties of the company, they do have these other businesses, while they have trouble at espn currently, they can offset that with the incredible studio slate coming up, as well as parks and resorts and shanghai due to break even next year. emily: let's talk about shanghai disney do we know how well it's doing? geetha: management has had great things to say about shanghai disney. as walter mentioned it's going to break even next year. they gave atendance numbers, four million visitors in the first four months which is very encouraging. of course they're not going to give guidance for the future. but so far, i mean, it's been a
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textbook opening for disney and it's resonating realy well with the audiences there. i think the other one thing that they mentioned was they have pricing leverage. it will be interesting to see how shanghai becomes part of their park operations. emily: winter in shanghai is brutal, it'll be interesting to see how they do over the winter. let's talk about the movie slate. what are you excited about when it comes to upcoming releases? walter: the star wars franchise is front and center. they've got one coming out next month , in december, then episode eight coming out next year. the predictability of the income stream, it's planned out for years in advance. they've got a marvel movie next
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year and another "cars" movie coming -- coming out too. emily: do you see any of these movies leading to greater merchandising opportunities and opportunities to expand into other businesses? geetha: that's something disney has done so beautifully well, taken all their characters and monetized them across the different sectors of the business and they are definitely, they have a very, very strong slate in 2017, an even stronger slate in 2018 with four marvel movies and two star wars movies across from three animation movies from pixar and the animation studio. firing on all cylinders in all different parts of their business. emily: they talked about the succession process, always a question that comes up. given the c.e.o. transeducation
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that will be happening in the near future , he said the succession process ongoing, robust a new candidate will come on a timely basis. any concerns about the future of disney when the c.e.o. is not bob eicher? walter: he's been an incredible c.e.o. since the founding of the company, that transition will be concerning when it happens. i'd love for you to ask him when you interview him if he wouldn't mind signing another five-year contract. emily: he keeps extending, so it's happened before. thank you both. stay tuned, more disney analysis later this hour. coming up, cybersecurity continues to be questioned under the leadership of president-elect donlt trump. can we expect to see a friendlier future with russia.
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we'll break it down next. ♪
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emily: in a rare public pearance, edward snowdon weighed in on donald trump and the future of privacy. >> i try not to look at this as an issue of a single selection of a seungle president or even a single government, right. because we see these thing, these threats coming across borders. we see the same thing in russia, they've got a new surveillance law, russians call it the big brother law. in china, on the day of the election, the news was talking about how the chinese had just passed a new mass surveillance law and got away with practically no criticism from
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the international community because they were clever enough to say they modeled it on the united states' own surveillance laws. emily: joining us now from washington, jameel after, director of homeland and national security law program at george mason school of law. snowden expertly dodged comments specifically about trump but what do you make, jamil, about the prospect of an n.s.a., national security agency, that donald trump has the keys to, what does it mean for privacy, what does it mean for security? >> i think that the n.s.a. is an important institution in our country. there are a lot of laws and processes around it. the president is limited in his ability to do things when it comes to the intelligence community. but at the end of the day, donald trump is -- was a candidate for a while, now he's the president. i think it's a very different role, different responsibility. you saw a change in his tone and approach, even in his speech
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right after he was elected. i think it's hard to make assumptions at this point but i think the thing to focus on is that the u.s. government has tremendous capabilities and they've always been directed at the right thing, collecting intelligence to protect our nation. that's what i think it will remain. emily: what about the u.s. relationship with russia? do you see a friendlier relationship as a result of this? and what does that mean for american citizens? jamil: it's funny to hear concern about the friendly relationships with russia. the obama administration sought a reset with russia and to create a friendly relationship. russia has gotten away with a lot recently, they've become more influential in the middle east, flown active operations against isis in support of assaad. you seen them get involved in eastern europe in a very aggressive way. we have to figure out how to deal with russia and confront their activities, whether that's through a friendly relationship,
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a carrot on one hand or a stick on the other, we have to deal wit. the current administration has not done a good job and allowed russia to become more influential. emily: the russian spokesperson said he expects there will still be disagreements between the united states and russia. you can't simply make those go away. take a listen to what he had to say. >> russia has never interfered in domestic poll sicks in the united states. despite what was said about russia, despite what was said about putin. president putin has never interfered, never indicated his favorite candidate. emily: responding there to reports that russia was behind habblings of the u.s. election, also one of russia's top diplomats today suggested there were contacts between russia and trump's entourage which the
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trump camp has vehemently denied, you know, what do you make of this back and forth? jamil. you notice the russian individual statements were careful. they said official russia. we know in russia there's no difference between official russia and unofficial russia. russia oftentimes uses third party processes to conduct their activities. if you look at the u.s. intelligence community's analysis, they are confident that activities to disclose wiki leaks and the like were by russian officials either you believe the russian official or the u.s. intelligence, either way, i wouldn't put so much candidate. the what they're looking for is stability in leadership and looking for a leader they can
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predict the actions of. donald trump has been fairly unpredictable, for good or bad, in this election cycle. i doubt they're supporting him because he's more unpredibblet -- unpredictable than hillary clinton or barack obama. emily: we spoke to an expert who said the u.s. or some people behind the scenes determine they believed russia was behind these hacks of the u.s. election, that there could be retaliation from the u.s. against russia. do you -- the u.s. attacking russia now as a result of what happened over the last several months? jamil: i think there's no doubt there has to be a response. the question is, does the response take place in cyberspace or through some other methodology? does it have to be overt or could it be covert. i think there has to be a response this type of behavior, whether russia trying to get involved in u.s. elections or china building in the south
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china sea, or russia being aggressive in the middle east we have to respond. we've seen what eight years of no robust response has done, it's allowed these actors to get away with more. i think you'll see a more aggressive response and it has to be one. it's important whether it's overt or covert and whether it uses cyberor not. emily: what about surveillance, trump didn't hold back when apple wouldn't or said they couldn't unlock the phone of the san bernardino shooter terrorist. do you -- that said, you know, we have seen changes in u.s. surveillance programs as a result of snowden's revelations do you see trump rolling back changes that have happened so far or changing the status quo when it comes to the existing surveillance in american systems? jamil: i don't know what they've planned. but there are things we've done voluntarily to weaken our surveillance which has provided
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american-like protections to foreigners located overseas. doesn't make a lot of sense in a world becoming increasingly dangerous. i think you'll see an effort by republicans in congress and the administration to consider how to address those surveillance laws at a time of national -- increased national threat. they'll look at the 702 programs which they said was one of our most effective surveillance methods. i think you'll see focus on this not because of donald trump but because it's the right thing for national security. emily: jamil jaffers, thank you for helping us speculate, appreciate you joining us. coming up, alibaba singles got off to a hot start. sales went from zero to $1 billion in hours. ♪
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emily: welcome back. erler -- earlier today i ttended a tech convention in half-moon bay where there were strategies the conference's main thing is how the internet of things, i.o.t., will create a more efficient world. i sat down with the man leading verizon's efforts and asked how i.o.t. will impact the long-term vision for wireless? >> we may not see individual growth of smart phones but will continue to see the growth of consumption of more and more data. that's also an important part of our 5g investment, not only to improve service but move that data cost effectively and then also efficiently so we don't have those choke points. emily: how do these efforts hit the bottom line and where does revenue and profit come from? >> revenue and profit comes from making our infrastructure more
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efficient. as you're consuming more and more day tark we have a cost efficient infrastructure, that gives you the ability to maintain margins and then continue to invest back into the etwork infrastructure. emily: we're talk about sensors and chips everywhere, are networks resilient enough to support billions and billions of tiny devices? >> let's talk about the tiny devices. over the year the investments we have made have been around investing in devices and communications to move huge volumes of data in short periods of time. the typical broadband scenario. what you're mentioning is it's about moving small bits of data, probably from devices that have never been connected before, but supporting those devices over a very long period of time. 10 you're right. resilience is going to be a key issue. emily: can the networks handle it? >> the networks can handle it.
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we have to stay in front of that growth curve and continue to make investments. bartolomeo of verizon speaking to us there. still to come, bob iger joining us live from the burbank headquarters for more on the latest earnings report that conversation is next. if you like bloomberg news, check us out on the radio. on the bloomberg radio app or on sir yause xm. this is bloomberg. ♪
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mark: i'm mark crumpton, you're watching "bloomberg technology." president obama has asked congress for $11.6 billion in
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war-related funding. it's for fighting islamic militants and help modernize afghanistan's military. the request was sent for lawmakers during the lame duck session that starts next week. former vermont governor howard dean is running for chairman of the democratic national committee again. dean held the position from 2005 to 2009. on twitter, dean said democrats need, quote, a 50-state strategy and tech rehab. minnesota congressman keith ellison also announced he'd like to be considered for the position. south africa's parliament defeated an opposition motion to remove president jacob zuma who has been fatesing a series of scandals including possible government corruption linked to the presidency and his associates. the motion by south africa's biggest opposition party was rejected after an often raucous debate in which rival lawmakers heckled and traded insults. british police say the drive ore of a tram that derailed in
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london has been released on bail. the man, who had not been publicly named was arrested after that crash on suspicion of manslaughter. the tram came off the rails while rounding a curve in lond yesterday. -- in london yesterday. the tram won't be moved from the site until tomorrow. i'm mark crumpton, it's 6:30 p.m. thursday in new york, 10:30 friday morning in sydney. paul has a look at the markets. paul, good morning. paul: good morning, mark. we're off to another bright start on the a.s.x. shares up after the first 30 minutes of trade. it's the usual suspects leading the gains. the only ones weighing on thic decks -- index are the gold stocks giving up some gains mid-week. the aussie dollar is strengthening. the new zealand dollar
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strengthened after they were worried abthe strength of the local currency and might be prepared to cut the rate again. sticking with new zealand, gains of half of one percent, expecting a good start at the nikkei as well. toshiba reporting earnings later today and an online gaming company reporting 60% drop in fourth quarter profits. alibaba's singles day going live today, it will be four times bigger than black friday in the u.s. more from "bloomberg technology" next. ♪ emily: back to disney how. sthifertse world's largest entertainment conglomerate
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ohigher. the company reporting fewer ad sales hurt its tv business which makes up more than half its profit. but it's losing fewer subscribers at espn. disney wrapping up ilingts earnings call. david is stand big for more with disney c.e.o. and chairman bob iger. david: we're the lighted to be joined by the chairman and c.e.o. of disney, bob iger. you have your full year earnings as well as the fourth quarter and have another up year both in earnings per share. you've got some head winds developed as the year developed. give us a sense of where you think you came out in 2016 and ive us a peek into 2017. bob: 2014 and 2015 have been record years for us and dedid even bet for the 016. we continue to grow at a robust
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clip. the two biggest things we had to accomplish in fiscal 2016 was one, bring "star wars" back, our first movie, "force awakens" came out, then it was just a jy gant exsuccess, over $2.1 billion in global box office, third highest grossing movie of all time. a critical success as well. the second thing we had to do was open up the biggest, most ambitious project we've ever embarked on, building disneyland in shanghai. we opened on june 16. i'm proud to say after four months of operation, four million people visited the park and they're loving what they have experienced. and the prospects for that park and the most -- in the most populous country in the world i think are really bright. as we move to 2017, we feel great about what we accomplished in 2016. there is momentum in most of our businesses. we have a couple of head winds as it relates to coverprabblet factors like the cost of the new nba contract for espn and the
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fact that we don't have a "star wars" saga film in 2017 but we think that the company is headed in the right direction. we talked about the fact that 2017 is an anomaly in that it's a lower growth year than we've experienced since 2013, for instance, but -- particularly given the fact that we'll have absorbed the nba deal, we'll have a "star wars" film, shanghai will be well under way and we have an incredible slate of other moves -- movies. david: you said one of the strengths of the company is you have a range of assets. if one starts to miss, another will hit. the media networks have gotten a lot of attention frankly in part because it's so successful and so large. but there are questions about the subscriber level for espn and some reduction in the subscribers. bring us up to speed on where that stands right now. at what rate are you losing
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subscribers and is that continuing? bob: we've been eyes wide open i'll call it about what's going on in the television business overall. we've seen a lot of disruption. people are consuming tv on new platforms , in very, very different way in new places as well. mobile has become really important, for instance. we were candid a year ago about what we had been seeing at the time regarding espn subs. we have been seeing losses. a lot of it came from the bundles f cable lite that didn't have espn in them. we decided to embark on a campaign, so to speak, to make sure espn was included in any new lite bundles that launched and we've been successful in negotiating deals with distributors, particularly a lot of new distributors to make sure spen zen -- espn is included in new packages coming out. we are heartened by, one a slight abatement in the loss of subs due to light bundles.
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two the launching of these new digital platforms which we think provide a great user interface very mobile friendly. we know espn has a great hand as it relates to programming. we know live sports is popular. so while there are some challenges that are due to some of the disruption that we've seen, we actually believe that there are some solutions, there's some answers to some of the questions that people have had about what's going on with the espn, and we feel good about our prospects. >> as you look out in 2017, do you believe those new digital distribution alternatives can make up for the loss of subscribers in espn and resume the normal path of growth that espn has enjoyed? bob: espn, save for the ano, ma'am hi that is 2017 because of the 600-something-odd-million dollars of incremental rights fees due to the nba deal, which we're not complaining about because we did a deal that takes us through the the 2024-205
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season, there's a lot of rights, games, programming. the nba are we what we consider to be an ascendant sport, it's growing in popularity but there's an anomaly in 2017 buzz of that. in 2018 we believe espn will return to some nice growth again and will continue to grow beyond that. so our, again, our outlook for espn is positive. we can't predict yet just, you know, what -- how big the impact will be from some of these new platforms that are launching because they're just launching. but we feel good about the user interface. we believe that their pricing is right in terms of increasing adoption of those platforms. we think it provides a great alternive to people who thought the expanded base exbundle was too expensive or young people who weren't interested in subscribing to what they considered to be cable television but they like new digital platforms. we think this is one of the best developments we've seen in the multichannel ecosystem in a long
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ime. we also know everyone wants to launch with espn as part of their new package because of the popularity of sports and espn. david : on the subject of new plat frms, with the at&t-time warner deal, the question of do you need to own the distribution platforms is brought back front and center. does disney need to own the platforms or not? bob: i look at the at&t-time warner merger as a distribution company needing to own ton tent not the other way. i'm not going to comment whether those synergies work or not but to me it echoes what we've seen, you've seen, i've seen for many, many years, that is, content is king. if you're a distribution platform and don't have great content, figure that out because the consumer is interested far more in content than in how they
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get that content, although that's important too. for disney, what we'd like to accomplish is how do we get closer to our customer? there are tools that exist today that mine user data that two -- do two things, they improve the user experience because customization, personalization, more tailored and contextule programming in advertise -- and advertising and i it gives the distributor of content an opportunity to monetize under more compelling circumstances. so one of the reasons why we made the investment that we did is we like the play of bamtech in the sense that it is one avenue that gets us closer to the customer and gives us the ability to mine that data, sell directly and grow our business. we're going to continue to look with an open mind expansively at those opportunities. do we have to own distribution? no, not as a company. we're doing quite well without it.
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would we like to have the kind of distribution that solves the problem or provides us with the opportunity that i just described? yes, we would. david: one of your strengths as a c.e.o. is you believe in going to scale. you don't like to do things small. is bamtech alone enough to take you to scale or do you need something more to really take you to scale in this new distribution area of digital? bob: very good question. don't know the answer to that. it's a step in the direction of achieving scale, whether it gets us to the kind of scale we need or not, i think it's premature to answer that question since we haven't launched the espn branded product on it yet. but it's an important step. david: you mentioned shanghai. i can't let you go without launching that. that was a personal project of yours. it's a big project. bring us up to speed on where that is, what do we know about
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shanghai today we didn't know three months ago? bob: it opened june 16 to great fanfare. biggest investment we've made outside the united states. it show, by the way, in the product. great product. high quality, very entertain, very original. and being very well-received. first four months, four million visitors. that did include the peak summer months. we said on the call people could infer if you factor in peak months that that should result in about 10 million visitors for the first year. by the way, we'd be happy with that number but we're not providing guidance there. what we can say is that about 50% of the people visiting come from outside of the shanghai region. that's a big surprise to us. we thought it was going to be well above 75% initially that came from shanghai, and the fact that it's so balanced, leads us to believe that word of mouth on this and the intent to visit from well beyond shanghai is very, very high. so this has become suddenly not
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a local product but a national product in china. a national tourist destination chsm is what shanghai is. that's really positive. we also know people are staying longer per visit, almost two hours longer, that's because there is a lot to do. we built, to your point earlier, we built to scale here. they love the experience. so they're staying longer. that's not a bad thing. you want people to want to spend more time consuming your product. so the combination of those and what we've seen from attendance and basically how the product is behaving in the marketplace all really positive. which is why our outlook for that business is positive. why we decided, by the way, to expand even -- right away. we're building a new land, toy story land, and the opportunity for advancement beyond that is there. david: talk about growth. what have you learned from
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shanghai about further growth in your theme park business, in existing theme parks, or even, i don't mean to pressure on a new theme park already, but beyond shanghai? bob: i don't know if we learned much more from shanghai other than it works in china, an there are other places in chi in to build theme parks, but it's premature to talk about that. one, our intellectual property work great in theme parks. it's an an all-time high in terms of popularity, we see that in the brand research we do. the fact that we have 11 franchises that did other $1 billion in global retail sale the intellectual property works. we know technology when used in the parks to create better experience really works. f you were to visit shanghai the atracks, try
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it's unlike anything you get in the home or anywhere else. that's why we're continuing to invest not just in china but across the board in that regard in our theme parks because it grows our business. david: this has been a remarkable week, not only because of walt disney world's ownings but we selected a new president. it's early going but i know the way you plan ahead. what are the first thoughts about how a president trump could affect the walt disney company? bob: first of all, i think that so far so good in terms of what i'll call transition even though it's verying very early. i think both the president-elect that -- i was going to say the candidate but he's not the candidate. president-elect and president obama have approached this really smartly. be cordial be open, understand that the most important thing here is america, not one party or another. not one ideology or another.
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let's be gentlemen about it. that's great for the country. for the country to see that just instills confidence in our country and faith that the future is good. even if your ideology is not necessarily represented in the next president of the united states. so i like what i've seen so far. i think the country is reacting well to it. i think it's too early to predict what the policies of a new administration would mean for this company. believe me, i've gotten briefed on what they -- how they might affect us. but way too early to speculate publicly. what i can say, though, is that we've been talking a lot as a company and lobbying a lot about the need for new tax policy. the corporate tax rate in the united states is the highest in the world. it's not competitive. it needs to get fixed. it needs to get lowered and loopholes need to get closed and we definitely believe we would benefit from that happening and the sooner, the better. i think it's something that's going to be addressed.
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but it's really too early to say. david: finally, you're a student of the media. you lived your entire professional career in the media. you know it and love it. it's not too soon to start asking about the role of the media. s that different media than four years ago, certainly eight years ago. certainly donald trump took full advantage of that, both in terms of being able to get access, particularly on cable channel bus on social media. is the media starting to think about its role in future elections and what role it should be playing as the fourth estate? bob: there's a lot of hand wringing about the media this week and its role in the election. and i think that that hand wringing is missing the point. and the point it's missing is that the media today doesn't look anything like the media of
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yesterday. we're living in a world where the sheer definition of media, and i'm talking about not the definition of what the industry creates but the definition that the people create, is extremely different than what it used to be. how we get our news. what we consider news, how information travels, how fast it travels. it's vastly different. i would argue that the media actually played a positive role in this campaign in the sense that it was ever present, which media is today. it was sort of eyes on, cameras on, voices about everything that went on. everything was exposed. everything was subject to scrutiny by the new media. that can't be a bad thing. did the media get it right in terms of predicting the outcome? no. i think that deserves some scrutiny by the media. how did they get it wrong? but i don't think the man for the which the campaign was covered is necessarily something that deserves criticism.
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you can always be reflective about it. that's fine. there's nothing, i think there's nothing harmful about that. but what is media today? it doesn't look anything like it did certainly five years ago, 10 years ago, when i started my career at abc, 42 years ago. it's just different. and i think it's time that those that follow the media from a critical perspective accept the fact that the media they are following today is vastly different than the media they used to follow, or maybe than they think they're following. david: bob, thank you so very much. the chairman and c.e.o. of the walt disney company joining us from burbank, california. now back to you. emily: david westbrook with disney c.e.o. bob iger, thanks so much. tomorrow on bloomberg tv, don't miss more reaction to disney's latest result and the conversation we had with c.e.o. bob iger. rich greenfield joins daybreak america at 8:30 a.m.
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this is bloomberg. ♪
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emily: alibaba's singles day has kicked off. ised in china, the shop dage expected to set a new record. it brought in four times more in 2015 than cybermonday in the united states. joining us now to discuss, tom, the heart of singings day festivities. alibaba has brought in celebrities from around the world. give us the lay of the land. tom: you know this event well but they added up to the glitz and tpwhramor again this year.
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as you said the beckhams were here plugging -- plugging some of their own products. kobe bryant as well and scarlett johansson. one sour note, the no-show of katy perry who cited family members though many were quick to point out she had been clearly devastated by the trump presidential win. so yes, there was lots of glitz and glamour on stage last night. the founder of alibaba came out and did a magic trick. it is all about hyping this up, getting as many viewers as possible, trying to get people engaging and trying to beat the records. emily: alibaba did post $1 billion in sales in the first five minutes. if this is a litmus test for the strength of the chinese economy what's the verdict so far? tom: the verdict is pretty strong. in the first five minutes, $1
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billion. over the first two hours, $7. billion u.s. dollars, more than the entire 24 hours of 2013. behind me on the screen, just a couple minutes ago, the number was showing at around $9 billion. it is 8:00 a.m. here in beijing. less than halfway through this. they are on course to beat their number quite confidently from last year, if we see an uptick of 45% from last year that will be seen as robust given the overall slowdown in the chinese economy. but the consumer has remained confident and this is a litmus test and gauge of the all-important chinese consumer and their sentiment. emily: there's been a lot of talk about how a trump presidency will affect relations with china. alibaba is an international company but donald trump talked about ending a number of trade agreements with countries around the world. any insight into how a president
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rump might impact alibaba? tom: it has to a degree overshadowed the event and we heard bloomberg from analyst security saying of all the internet, alibaba would be most exposed if trump follows through on that if he did do that it's likely china would respond. but there's a note of caution from people we spoke to on the ground hoar -- ground here last night who say we need to see what he does follow through with. we also heard from the executive vice chairman of alibaba who said trade between the two nations was increasingly important for jobs and in tes alibaba, they have an aliexpress site that sells into the united states and they have a site that sells high end products from the united states to china.
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those would be affected. many analysts say they're playing a wait and see. they may start to focus on emerging markets if trump does follow through on these policies. emily: we will be speaking with alibaba president live tomorrow at 10:30 a.m. eastern, 7:30 a.m. pacific. we spent so much time with bob iger, you have to catch my c.e.o. with the president of blackberry at bloomberg.com. we also talked about the impact of a trump presidency of u.s.-china relations. he did advice president george w. bush during his administration. that does it for "bloomberg technology." we'll see you tomorrow. ♪
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announcer: from our studios in new york city, this is "charlie rose." charlie: in a stunning victory, donald trump has been elected the 45th president of the united states. trump defied poll prediction rs winning battleground states of florida, pennsylvania, ohio and north carolina. he spoke to supporters at approximately 3:00 a.m. wednesday morning at a new york city rally after receiving a call from hillary clinton conceding the presidency. mr. trump: every single american will have the opportunity to realize his or her fullest potential. the forgotten an

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