1/ Learnings from #Media and #Telecom earnings so far: 1) When live sports aren't in the bundle, bad things happen. 2) Q2 #CordCutting will render 2H cable fees -LSD w/ Q2 subs down at least 2m (-5.4% YoY). 3) Q3 subs better with the return of live sports. 4) .... #ESPN, $DIS,