July 1, 2025 • 19 mins
Watch Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Intelligence hosted by Paul Sweeney and Emily Graffeo
-Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst discusses Apple considering using artificial intelligence technology from Anthropic PBC or OpenAI to power a new version of Siri, potentially sidelining its own in-house models.
- Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, on how the $56 million domestic opening of Apple's "F1: The Movie" could supercharge bidding prospects for F1's US TV rights, which have hit a lull.
- Stamatis Tsantanis, chairman and CEO of global shipping companies, Seanergy Maritime (NASDAQ: SHIP) and United Maritime (NASDAQ: USEA) on shipping in times of tariffs and geopolitical tensions.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence Podcast. Catch us live weekdays at ten am
Eastern on Applecarplay and Android Auto with the Bloomberg Business App.
Listen on demand wherever you get your podcasts, or watch
(00:22):
us live on YouTube.
Speaker 2 (00:23):
I'll tell you one of the biggest pieces of the
news for me today.
Speaker 3 (00:27):
Or he came out.
Speaker 2 (00:28):
Yes, say Apple, I mean here's the Bloomberg headline, Apple
ways using outside AI power to power serie in a
major shift. This is Apple saying we kind of can't
get this AI thing going, so we'll let somebody else
do it for ust. To me, that was shocking stock
market like this stocks up a couple of percent today.
But I need to figure out what's going on here,
So I said, Man Deep, sing Bloomberg Intelligence senior tech analyst,
(00:51):
I need you in our studio here, Man Deep.
Speaker 3 (00:53):
To me, this seemed big.
Speaker 2 (00:56):
Yes, I mean Apple, they got the new headquarters, they
got like a gajillion scientist. They're saying, we can't really
get AI as well as we want it, as quickly
as we want it, so we'll maybe use somebody outside.
Speaker 4 (01:08):
Yeah, I mean, if you remember at WWDC. All they
showcase was that new liquid glass interface. There was no
mention of AI, so it was pretty obvious that they
had nothing new to showcase from an LLM perspective. And look,
given the astronomical rise of chatchpt and how it's taken
(01:30):
the user and engagement share, I mean, everyone is looking
to use that kind of functionality on the apps that
live within the Apple ecosystem, whether it's your email, your calendar,
your contacts, like the photos that are stored on iCloud.
You have to ask to yourself, why can't Apple deploy
(01:54):
AI in a similar fashion where I can engage in
a chatchipt type format. And so that's the use case here. Obviously,
Apple's own LLM efforts have gone nowhere because they have,
frankly speaking, underinvested. I mean, look at their capex versus
all the other hyperskillers. They're spending eighty billion dollars. Apple
is spending ten billion dollars, So it's just not the
(02:17):
same level of investment. And they underappreciated how transformational this
generative AI LLLM wave is going to be. And now
they are partnering with an entropic and or open AI.
I think Entropic makes more sense to me because open
ai has clearly said they have their own hardware ambitions,
and to my mind, Entropic is an enterprise focused player.
(02:40):
They have already partnered with Amazon, and in this case
they probably will partner with Apple as well.
Speaker 5 (02:46):
And as Paul mentioned, the stock market it wasn't disappointed
in this snooze. The stock was up yesterday when Bloomberg's
Mark Erman wrote the story, which I do think it
came out. I think he breaks, yes, he does break everything.
I think there came after the close. But still the
stock is hired today, so this is good.
Speaker 3 (03:06):
I mean, talk a.
Speaker 5 (03:07):
Little bit more about the partnerships because if Anthropic is
partnering with Amazon as well, like, this isn't really an
exclusive deal that they're doing. Apple's just going to have
the same AI as all the other times.
Speaker 4 (03:21):
Yeah, but Apple controls the distribution across their iOS devices,
and whether it's your tablet or your smartphone or macpcs,
it's the Apple iOS ecosystem. So if Entropics LLM is
natively integrated, I mean, look at how much Microsoft has
benefited from OpenAI's partnership.
Speaker 3 (03:41):
Microsoft doesn't have.
Speaker 4 (03:42):
Their own LLM. The fact that they have risen so
much is because of the Open Ai partnership. So partnership
isn't a bad thing for Apple. And in this case,
clearly Entropic has a very good LLM. On the tech side,
maybe you could argue in terms of multi modality, open
Ai and Google are ahead, but for a text LM,
(04:07):
anthropics performance is comparable at part with the frontier models,
and that's where it makes a ton of sense that
they use Anthropic.
Speaker 2 (04:14):
Thirty seconds, Can I think about this potent this announcement
similar to Apple saying we're going to.
Speaker 3 (04:19):
Use Google for search.
Speaker 4 (04:22):
Yeah, And part of the reason why there is no
mention of Google here is because of that anti trust
case that's pending. So clearly what Apple wants to signal
is they don't want to do anything with Google right now,
given that monopoly lawsuit and the twenty plus billion dollar
of payment from Google to Apple, and right now they
(04:42):
are really diversifying their exposure to these LLM players they
could have very well used in LLLM, and I wouldn't
be surprised down the line once this DOOJ case is resolved,
and if it's if it works out fine, they may
end up using Google's LM as well. Apple's main goal
here is to have as many LLLM partners and really
(05:06):
not depend on just one, whether it's Opening Hour and tropic.
They want five players, and I think they would be
willing to use anyone.
Speaker 2 (05:13):
All right, all right, I thought it was a big deal,
But again I kind of liken it to this whole
search thing.
Speaker 3 (05:19):
We'll do search with Global.
Speaker 2 (05:20):
If they have better search, we'll use that so on
our phones. Men Deep Singh, he breaks it down for
us as he always does. Mendep Sing's senior tech analyst
Bloomberg Intelligence. He kind of runs it with Anna Ragrana.
They kind of run our global technology team. We've got
annalysts in Europe, North America and Asia covering the global
tech industry because that.
Speaker 3 (05:38):
Is a driver of the value in these markets. This
is great.
Speaker 1 (05:45):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 3 (06:00):
Won the movie. I want to see this thing.
Speaker 2 (06:02):
I did not see it yet, but it had a
good US box office even better international box office.
Speaker 3 (06:08):
Emily, did you see it? No?
Speaker 5 (06:09):
But it has a star studded lineup.
Speaker 3 (06:11):
Yeah, is the main star. I'm gonna wait for the
book to come out. You can wait for the book
to come out. John Tuck with it. And that's good
news for Apple because they produced the movie.
Speaker 2 (06:21):
It's good news for I guess Brad Pitt, but maybe
it's good news for f one in general. Keitha rang
Anathan joins US. She's a US media analyst and she's got.
Speaker 3 (06:29):
An interesting angle here. Getha. First, let's just talk about
the movie.
Speaker 2 (06:32):
That's good to see a successful movie in the movie
theaters these days that I guess the movie theater companies
are pretty happy.
Speaker 6 (06:39):
Very happy, Paul. So this was obviously, as you just
pointed out, a big success story for Apple. They've been
dabbling in these theatrical films for quite a bit now,
but none of you know, none of their movies have
had this much of a success. So this is really
good news, and I think it kind of really emboldens
them with respect to their strategy. So definitely, movie theaters
are happy. And the other point that I'd like to
(06:59):
make is, you know, more than twenty to twenty five
percent of the total box office actually came in from Imax.
So this is really good news for the exhibiters because
the premium large format, that whole thing about going to
the theater to experience the movie is really working.
Speaker 5 (07:16):
Okay, so your latest note is about how this F
one movie here from Apple is going to jolt you say,
lackluster lackluster bidding for the Formula one rights in the US.
Just give us a little bit of context here the
landscape of rights for Formula one, Who currently has the rights,
when does that expire? And just put into context kind
(07:39):
of the current bidding right now?
Speaker 6 (07:42):
Sure, Emily, so right now. So Formula one is, you know,
is a global sports, global media property in the US.
The rights to distribute Formula one content is owned by
Disney's ESPN, so they have rights that go through the
end of this year to the end of twenty twenty five.
Their current paying about eighty five million dollars a year.
(08:03):
That's up from their last negotiation negotiation cycle when they
were paying only about five million dollars, so it's it's
up to eighty five million. But what F one is
saying is that this is such an interesting property. This
is you know, a hot property, you should be paying
up for it, and they are really looking for something
upwards of about one hundred and fifty two hundred and
sixty million, and I'm not so sure ESPN wants to
(08:24):
pay that that much money. So it's really price is
really a sticking point here, and it looks like we've
hit a little bit of a stalemate because you know,
when you kind of think about, yes, this is a property.
By the way, this prob you know, F one really
kind of shot into the limelight in the US Emily
and Paul with the Netflix drive to survive series. Now,
Netflix has been hugely, actually instrumental in kind of driving
(08:47):
this Surgeon popularity. So everybody was kind of wondering whether
Netflix or you know, maybe another streamer like an Amazon
would kind of come in and bid for the rights.
But I think what we're seeing with a lot of
these streaming platforms is that they want glows rights. These
are all global streaming platforms. They want rights to distribute
this content in all markets, and they're not going to
be able to get that right.
Speaker 2 (09:07):
Now because Formula one, who's their European over is that
Warner Brothers Discovery, who distributes Sky.
Speaker 6 (09:15):
Sky actually distributes them in most markets, so you know, Ireland, UK, Germany,
Italy again, France, Spain, they all have a little bit
different you know, distributors, but Sky is a is a
very big one across most of Europe.
Speaker 5 (09:30):
Wouldn't Apple be the obvious choice to partner up and
you know, get the rights to Formula one because they
just made this a blockbuster hit about Formula one.
Speaker 6 (09:42):
You would think so, you know, but it's been a
little bit of a we you know. Again, it's it's
hard to actually figure out what Apple is thinking here.
One thing that Apple doesn't have, which both Amazon and
Netflix have, is scale. So Netflix has well over three
hundred million global subscribers. Amazon probably has closed about three
(10:03):
hundred million as well on their video streaming service. Apple,
on the other hand, has probably less than fifteen million,
so they don't necessarily have the scale to support it.
And remember there are a few other things with the
Formula one property. You don't have a lot of advertising
inventory necessarily, So again that's something that doesn't necessarily appeal
to streamers, especially because all of these different streaming platforms
are really trying to build out their ad business. A
(10:25):
Formula one doesn't necessarily lend itself to that, but you're
absolutely right. Apple could be a very interested party down
the road.
Speaker 2 (10:32):
And for those who care, one can actually invest directly
in Formula one. It's a public traded company fwonk. I
like Formula one K it's owned by John Malone and
Liberty Media. There's a million different share classes out there,
but Formula one keith, I mean, under John Mallan's leadership,
they've done a good job of increasing rights, sporting rights
(10:54):
and sponsorships and all that kind of stuff, making it actually.
Speaker 6 (10:57):
Profitable, very profitable, and you know, they've done a fantastic
job with the media rights. Again, they've really capitalized on
this huge surgeon popularity because remember F one was really
more of a European really not so big in America,
but they've really kind of capitalized on this huge momentum
in the United States. And you're absolutely right. They've added
(11:19):
a whole lot of races, made it a year round calendar,
lots of sponsorship money. So they've done a very good
job with this new Liberty Media management team.
Speaker 2 (11:26):
Ethan, real quick, well we got you thirty seconds. Are
people feeling better about Disney these days?
Speaker 6 (11:32):
They absolutely are, so one of the things that we
were so worried about was the theme parks and whether
you know, we were going to see a slow down
there because of just general economic uncertainty. Also Epic, which
is the Comcast property opening in Florida. Right, but so
far we haven't seen any signs of a slowdown. So
things are looking actually pretty good for Disney.
Speaker 2 (11:48):
All right, stocks up ten percent this year, better than
the market, ether rong and notthan She covers all the
global media stuff for Bloomberg Intelligence zooming in from Princeton,
New Jersey again formerly one Stock. I mean, the movie
Open last week really good, box office nut crazy good,
but very good and very good.
Speaker 3 (12:07):
International got great reviews, so people think.
Speaker 2 (12:10):
It might have legs, is what they say in the
business over the following weeks here, So we'll see how
that does for Apple and see what it means for
the Formula one racing circuit.
Speaker 1 (12:21):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple, Cocklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (12:35):
All right, let's switch gears let's talk at global shipping here.
We're talking a lot about that really since the pandemic,
when we really started to get knowledgeable, if you will,
about the supply chains and where stuff comes from and
where it goes and how it gets there, and how
supply chains can be fragile. And now with all the
geopolitical tensions in various parts of the world, global shipping
(12:56):
and the threat to global shipping is once again at
the forefront. We're going to check in with Stomatis Santanas.
He is the chairman and chief executive officer of Synergy
Maritime and that is a NASDAQ listed security company. S
Hip is the great symbol there. Stomatis, thanks so much
for joining us here. A lot of hot spots in
(13:18):
the world. You think about the straight of horror mooves,
We've been hearing about that over the last several weeks.
Of course, what's happening in the Baltics with Ukraine. How
do you, guys, how a would you characterize the current
global shipping business these days?
Speaker 7 (13:33):
Well, good morning and thank you for having me. It
is indeed quite challenging. I mean, we've had the COVID
and then we had the pretty much closure of the
Red Sea because of the Hootes, and then everything became
even more challenging with the horror moves or the potential
closure of that. So you know, we tend to navigate
all this zeopolitical challenge is quite successfully so far. You know,
(13:59):
it's it's all about infrastructure. I mean, what's going on
right now and whatever we believe to be the normalization
of whatever conflict in the Middle East. Hopefully that is
going to lead to a very big infrastructure boom in
the area, which is already pretty much started and booming.
And I believe that this is going to help shipping,
especially dry out that we operate in, very very much stimatus.
Speaker 5 (14:22):
In addition to your role at Synergy, you're also the
founder and chairman and CEO of United Maritime Corporation. Together
you have a total of twenty five ships in the ocean.
I'm wondering if you had to reroute anything any shipping
routes in the wake of the latest Middle East tensions.
Speaker 7 (14:41):
Well, we have been rerouting a lot of our ships,
about a third of our fleet has been rerouting already
to avoid the Red Sea, which it was kind of
underplay how important that passage has been for global shipping,
especially for big bulkers like we do. We were transporting
a lot of coal from Tralia to Europe because of
(15:01):
the energy needs, and we did a lot of coal
cargoes from Baltimore, USA to the West coast of India.
All of this routing were from the Red Sea. Now
we're going around the Cape of Good Hope. So unfortunately
that means more turn miles, more expensive than bankers, more
expensive for the consumer, and that adds a lot of
(15:23):
additional CO two emissions to the environment. Let's not forget
about that as well.
Speaker 2 (15:27):
Stamnus talk to us about a global economy that's now
being influenced by terraffs across the globe. Here, how is
that impacted maybe your business, the business of your customers.
Speaker 7 (15:40):
Well, nothing has happened so far. Everything is pretty much
priced thing. The world had a big alarm shock back
in twenty sixteen twenty seventeen with the initial phase and
threat by the first term of President Trump back in
the day. Nowadays, everything is pretty much priced thing. So
you know, people was kind of expecting that and we
(16:02):
didn't see any disruptions so far. What we have been
seeing is all this geopolitical turmoil that has affected full
time being long term buyers of FRA materials like caroen
ore and coal. But I believe this is going to
normalize as well, and we will come back to a
very very strong trading environment once again.
Speaker 5 (16:23):
How would you assess them right now? Just a volume
of shipping. A couple weeks ago, right after Trump announced
the initial tariffs, there were a lot of concerns on
Wall Street that shipping was going to drop, shelves were
going to be empty. Do you think those fears were
overblown in hindsight?
Speaker 7 (16:41):
Well, yes, I mean that initial plan on Liberation Day
was pretty much I'm not so sure how to characterize that,
but of course it got the world into a big shock.
Nobody was expecting that all these sixty seventy eighty ninety
percent global tariffs were going to go through, and it
appeared to be that, you know, after the initial shop
(17:02):
of the first few weeks, things kind of normalize. So
there are numerous deals being happening with each individual country
or continent or European Union or you name it. And
I believe that we're very very close to pretty much
underwinding all the trouble that we saw with you know,
without liberation day. Of course, please be reminded that global
(17:25):
trade has been continuing like nothing has happened. No, you know,
material types have been imposed so far, so so far
it's been business as usual. We haven't really seen any
disruptions in respect of that. It was more psychological impact,
you know, rather than anything material.
Speaker 3 (17:44):
So modest.
Speaker 2 (17:44):
How does your company compete with some of the you know,
the big global monster kind of shipping companies like you know,
the Molar, Marisk and and things like that.
Speaker 3 (17:53):
How do you guys compete, Well.
Speaker 7 (17:56):
It's a totally different industry. They operate mostly in the
humer industry because the transport containers. We are doing a
more park iron, ore, coal and box side, which is
very very important in the infrastructure growth of the world.
Right now, we have trillions of dollars of global infrastructure
being committed and fully funded. So this is going through
(18:19):
especially in the Middle East. As you know, President Trump
has at least seven or eight new buildings being built
in Saudi Arabia, Bahrain, O Man and all this place
over there. We're talking about multi billion dollar projects. And
I believe that the transportation of iron or coal and
box site will help in all this massive infrastructure that
we have been experiencing and all of these things going
(18:41):
on right now. So we do not really support the
consumer needs of the US or Europe, but we do
support substantially the transportation needs for infrastructure in various parts
of the world. That's what we do.
Speaker 2 (18:55):
Fascinating story. Thank you for giving us a few minutes
of your time. Stamatis Santanas. He's a chairman in chief
executive officer of Synergy Maritime, also the founder, chairman and
CEO of United Maritime Corporation. Both of those are publicly
traded companies talk about the global shipping business, and infrastructure
is a big part of their growth story.
Speaker 1 (19:14):
This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot Com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
and always on the Bloomberg terminal
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence Podcast. Catch us live weekdays at ten am
Eastern on Applecarplay and Android Auto with the Bloomberg Business App.
Listen on demand wherever you get your podcasts, or watch
(00:22):
us live on YouTube.
Speaker 2 (00:23):
I'll tell you one of the biggest pieces of the
news for me today.
Speaker 3 (00:27):
Or he came out.
Speaker 2 (00:28):
Yes, say Apple, I mean here's the Bloomberg headline, Apple
ways using outside AI power to power serie in a
major shift. This is Apple saying we kind of can't
get this AI thing going, so we'll let somebody else
do it for ust. To me, that was shocking stock
market like this stocks up a couple of percent today.
But I need to figure out what's going on here,
So I said, Man Deep, sing Bloomberg Intelligence senior tech analyst,
(00:51):
I need you in our studio here, Man Deep.
Speaker 3 (00:53):
To me, this seemed big.
Speaker 2 (00:56):
Yes, I mean Apple, they got the new headquarters, they
got like a gajillion scientist. They're saying, we can't really
get AI as well as we want it, as quickly
as we want it, so we'll maybe use somebody outside.
Speaker 4 (01:08):
Yeah, I mean, if you remember at WWDC. All they
showcase was that new liquid glass interface. There was no
mention of AI, so it was pretty obvious that they
had nothing new to showcase from an LLM perspective. And look,
given the astronomical rise of chatchpt and how it's taken
(01:30):
the user and engagement share, I mean, everyone is looking
to use that kind of functionality on the apps that
live within the Apple ecosystem, whether it's your email, your calendar,
your contacts, like the photos that are stored on iCloud.
You have to ask to yourself, why can't Apple deploy
(01:54):
AI in a similar fashion where I can engage in
a chatchipt type format. And so that's the use case here. Obviously,
Apple's own LLM efforts have gone nowhere because they have,
frankly speaking, underinvested. I mean, look at their capex versus
all the other hyperskillers. They're spending eighty billion dollars. Apple
is spending ten billion dollars, So it's just not the
(02:17):
same level of investment. And they underappreciated how transformational this
generative AI LLLM wave is going to be. And now
they are partnering with an entropic and or open AI.
I think Entropic makes more sense to me because open
ai has clearly said they have their own hardware ambitions,
and to my mind, Entropic is an enterprise focused player.
(02:40):
They have already partnered with Amazon, and in this case
they probably will partner with Apple as well.
Speaker 5 (02:46):
And as Paul mentioned, the stock market it wasn't disappointed
in this snooze. The stock was up yesterday when Bloomberg's
Mark Erman wrote the story, which I do think it
came out. I think he breaks, yes, he does break everything.
I think there came after the close. But still the
stock is hired today, so this is good.
Speaker 3 (03:06):
I mean, talk a.
Speaker 5 (03:07):
Little bit more about the partnerships because if Anthropic is
partnering with Amazon as well, like, this isn't really an
exclusive deal that they're doing. Apple's just going to have
the same AI as all the other times.
Speaker 4 (03:21):
Yeah, but Apple controls the distribution across their iOS devices,
and whether it's your tablet or your smartphone or macpcs,
it's the Apple iOS ecosystem. So if Entropics LLM is
natively integrated, I mean, look at how much Microsoft has
benefited from OpenAI's partnership.
Speaker 3 (03:41):
Microsoft doesn't have.
Speaker 4 (03:42):
Their own LLM. The fact that they have risen so
much is because of the Open Ai partnership. So partnership
isn't a bad thing for Apple. And in this case,
clearly Entropic has a very good LLM. On the tech side,
maybe you could argue in terms of multi modality, open
Ai and Google are ahead, but for a text LM,
(04:07):
anthropics performance is comparable at part with the frontier models,
and that's where it makes a ton of sense that
they use Anthropic.
Speaker 2 (04:14):
Thirty seconds, Can I think about this potent this announcement
similar to Apple saying we're going to.
Speaker 3 (04:19):
Use Google for search.
Speaker 4 (04:22):
Yeah, And part of the reason why there is no
mention of Google here is because of that anti trust
case that's pending. So clearly what Apple wants to signal
is they don't want to do anything with Google right now,
given that monopoly lawsuit and the twenty plus billion dollar
of payment from Google to Apple, and right now they
(04:42):
are really diversifying their exposure to these LLM players they
could have very well used in LLLM, and I wouldn't
be surprised down the line once this DOOJ case is resolved,
and if it's if it works out fine, they may
end up using Google's LM as well. Apple's main goal
here is to have as many LLLM partners and really
(05:06):
not depend on just one, whether it's Opening Hour and tropic.
They want five players, and I think they would be
willing to use anyone.
Speaker 2 (05:13):
All right, all right, I thought it was a big deal,
But again I kind of liken it to this whole
search thing.
Speaker 3 (05:19):
We'll do search with Global.
Speaker 2 (05:20):
If they have better search, we'll use that so on
our phones. Men Deep Singh, he breaks it down for
us as he always does. Mendep Sing's senior tech analyst
Bloomberg Intelligence. He kind of runs it with Anna Ragrana.
They kind of run our global technology team. We've got
annalysts in Europe, North America and Asia covering the global
tech industry because that.
Speaker 3 (05:38):
Is a driver of the value in these markets. This
is great.
Speaker 1 (05:45):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 3 (06:00):
Won the movie. I want to see this thing.
Speaker 2 (06:02):
I did not see it yet, but it had a
good US box office even better international box office.
Speaker 3 (06:08):
Emily, did you see it? No?
Speaker 5 (06:09):
But it has a star studded lineup.
Speaker 3 (06:11):
Yeah, is the main star. I'm gonna wait for the
book to come out. You can wait for the book
to come out. John Tuck with it. And that's good
news for Apple because they produced the movie.
Speaker 2 (06:21):
It's good news for I guess Brad Pitt, but maybe
it's good news for f one in general. Keitha rang
Anathan joins US. She's a US media analyst and she's got.
Speaker 3 (06:29):
An interesting angle here. Getha. First, let's just talk about
the movie.
Speaker 2 (06:32):
That's good to see a successful movie in the movie
theaters these days that I guess the movie theater companies
are pretty happy.
Speaker 6 (06:39):
Very happy, Paul. So this was obviously, as you just
pointed out, a big success story for Apple. They've been
dabbling in these theatrical films for quite a bit now,
but none of you know, none of their movies have
had this much of a success. So this is really
good news, and I think it kind of really emboldens
them with respect to their strategy. So definitely, movie theaters
are happy. And the other point that I'd like to
(06:59):
make is, you know, more than twenty to twenty five
percent of the total box office actually came in from Imax.
So this is really good news for the exhibiters because
the premium large format, that whole thing about going to
the theater to experience the movie is really working.
Speaker 5 (07:16):
Okay, so your latest note is about how this F
one movie here from Apple is going to jolt you say,
lackluster lackluster bidding for the Formula one rights in the US.
Just give us a little bit of context here the
landscape of rights for Formula one, Who currently has the rights,
when does that expire? And just put into context kind
(07:39):
of the current bidding right now?
Speaker 6 (07:42):
Sure, Emily, so right now. So Formula one is, you know,
is a global sports, global media property in the US.
The rights to distribute Formula one content is owned by
Disney's ESPN, so they have rights that go through the
end of this year to the end of twenty twenty five.
Their current paying about eighty five million dollars a year.
(08:03):
That's up from their last negotiation negotiation cycle when they
were paying only about five million dollars, so it's it's
up to eighty five million. But what F one is
saying is that this is such an interesting property. This
is you know, a hot property, you should be paying
up for it, and they are really looking for something
upwards of about one hundred and fifty two hundred and
sixty million, and I'm not so sure ESPN wants to
(08:24):
pay that that much money. So it's really price is
really a sticking point here, and it looks like we've
hit a little bit of a stalemate because you know,
when you kind of think about, yes, this is a property.
By the way, this prob you know, F one really
kind of shot into the limelight in the US Emily
and Paul with the Netflix drive to survive series. Now,
Netflix has been hugely, actually instrumental in kind of driving
(08:47):
this Surgeon popularity. So everybody was kind of wondering whether
Netflix or you know, maybe another streamer like an Amazon
would kind of come in and bid for the rights.
But I think what we're seeing with a lot of
these streaming platforms is that they want glows rights. These
are all global streaming platforms. They want rights to distribute
this content in all markets, and they're not going to
be able to get that right.
Speaker 2 (09:07):
Now because Formula one, who's their European over is that
Warner Brothers Discovery, who distributes Sky.
Speaker 6 (09:15):
Sky actually distributes them in most markets, so you know, Ireland, UK, Germany,
Italy again, France, Spain, they all have a little bit
different you know, distributors, but Sky is a is a
very big one across most of Europe.
Speaker 5 (09:30):
Wouldn't Apple be the obvious choice to partner up and
you know, get the rights to Formula one because they
just made this a blockbuster hit about Formula one.
Speaker 6 (09:42):
You would think so, you know, but it's been a
little bit of a we you know. Again, it's it's
hard to actually figure out what Apple is thinking here.
One thing that Apple doesn't have, which both Amazon and
Netflix have, is scale. So Netflix has well over three
hundred million global subscribers. Amazon probably has closed about three
(10:03):
hundred million as well on their video streaming service. Apple,
on the other hand, has probably less than fifteen million,
so they don't necessarily have the scale to support it.
And remember there are a few other things with the
Formula one property. You don't have a lot of advertising
inventory necessarily, So again that's something that doesn't necessarily appeal
to streamers, especially because all of these different streaming platforms
are really trying to build out their ad business. A
(10:25):
Formula one doesn't necessarily lend itself to that, but you're
absolutely right. Apple could be a very interested party down
the road.
Speaker 2 (10:32):
And for those who care, one can actually invest directly
in Formula one. It's a public traded company fwonk. I
like Formula one K it's owned by John Malone and
Liberty Media. There's a million different share classes out there,
but Formula one keith, I mean, under John Mallan's leadership,
they've done a good job of increasing rights, sporting rights
(10:54):
and sponsorships and all that kind of stuff, making it actually.
Speaker 6 (10:57):
Profitable, very profitable, and you know, they've done a fantastic
job with the media rights. Again, they've really capitalized on
this huge surgeon popularity because remember F one was really
more of a European really not so big in America,
but they've really kind of capitalized on this huge momentum
in the United States. And you're absolutely right. They've added
(11:19):
a whole lot of races, made it a year round calendar,
lots of sponsorship money. So they've done a very good
job with this new Liberty Media management team.
Speaker 2 (11:26):
Ethan, real quick, well we got you thirty seconds. Are
people feeling better about Disney these days?
Speaker 6 (11:32):
They absolutely are, so one of the things that we
were so worried about was the theme parks and whether
you know, we were going to see a slow down
there because of just general economic uncertainty. Also Epic, which
is the Comcast property opening in Florida. Right, but so
far we haven't seen any signs of a slowdown. So
things are looking actually pretty good for Disney.
Speaker 2 (11:48):
All right, stocks up ten percent this year, better than
the market, ether rong and notthan She covers all the
global media stuff for Bloomberg Intelligence zooming in from Princeton,
New Jersey again formerly one Stock. I mean, the movie
Open last week really good, box office nut crazy good,
but very good and very good.
Speaker 3 (12:07):
International got great reviews, so people think.
Speaker 2 (12:10):
It might have legs, is what they say in the
business over the following weeks here, So we'll see how
that does for Apple and see what it means for
the Formula one racing circuit.
Speaker 1 (12:21):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple, Cocklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (12:35):
All right, let's switch gears let's talk at global shipping here.
We're talking a lot about that really since the pandemic,
when we really started to get knowledgeable, if you will,
about the supply chains and where stuff comes from and
where it goes and how it gets there, and how
supply chains can be fragile. And now with all the
geopolitical tensions in various parts of the world, global shipping
(12:56):
and the threat to global shipping is once again at
the forefront. We're going to check in with Stomatis Santanas.
He is the chairman and chief executive officer of Synergy
Maritime and that is a NASDAQ listed security company. S
Hip is the great symbol there. Stomatis, thanks so much
for joining us here. A lot of hot spots in
(13:18):
the world. You think about the straight of horror mooves,
We've been hearing about that over the last several weeks.
Of course, what's happening in the Baltics with Ukraine. How
do you, guys, how a would you characterize the current
global shipping business these days?
Speaker 7 (13:33):
Well, good morning and thank you for having me. It
is indeed quite challenging. I mean, we've had the COVID
and then we had the pretty much closure of the
Red Sea because of the Hootes, and then everything became
even more challenging with the horror moves or the potential
closure of that. So you know, we tend to navigate
all this zeopolitical challenge is quite successfully so far. You know,
(13:59):
it's it's all about infrastructure. I mean, what's going on
right now and whatever we believe to be the normalization
of whatever conflict in the Middle East. Hopefully that is
going to lead to a very big infrastructure boom in
the area, which is already pretty much started and booming.
And I believe that this is going to help shipping,
especially dry out that we operate in, very very much stimatus.
Speaker 5 (14:22):
In addition to your role at Synergy, you're also the
founder and chairman and CEO of United Maritime Corporation. Together
you have a total of twenty five ships in the ocean.
I'm wondering if you had to reroute anything any shipping
routes in the wake of the latest Middle East tensions.
Speaker 7 (14:41):
Well, we have been rerouting a lot of our ships,
about a third of our fleet has been rerouting already
to avoid the Red Sea, which it was kind of
underplay how important that passage has been for global shipping,
especially for big bulkers like we do. We were transporting
a lot of coal from Tralia to Europe because of
(15:01):
the energy needs, and we did a lot of coal
cargoes from Baltimore, USA to the West coast of India.
All of this routing were from the Red Sea. Now
we're going around the Cape of Good Hope. So unfortunately
that means more turn miles, more expensive than bankers, more
expensive for the consumer, and that adds a lot of
(15:23):
additional CO two emissions to the environment. Let's not forget
about that as well.
Speaker 2 (15:27):
Stamnus talk to us about a global economy that's now
being influenced by terraffs across the globe. Here, how is
that impacted maybe your business, the business of your customers.
Speaker 7 (15:40):
Well, nothing has happened so far. Everything is pretty much
priced thing. The world had a big alarm shock back
in twenty sixteen twenty seventeen with the initial phase and
threat by the first term of President Trump back in
the day. Nowadays, everything is pretty much priced thing. So
you know, people was kind of expecting that and we
(16:02):
didn't see any disruptions so far. What we have been
seeing is all this geopolitical turmoil that has affected full
time being long term buyers of FRA materials like caroen
ore and coal. But I believe this is going to
normalize as well, and we will come back to a
very very strong trading environment once again.
Speaker 5 (16:23):
How would you assess them right now? Just a volume
of shipping. A couple weeks ago, right after Trump announced
the initial tariffs, there were a lot of concerns on
Wall Street that shipping was going to drop, shelves were
going to be empty. Do you think those fears were
overblown in hindsight?
Speaker 7 (16:41):
Well, yes, I mean that initial plan on Liberation Day
was pretty much I'm not so sure how to characterize that,
but of course it got the world into a big shock.
Nobody was expecting that all these sixty seventy eighty ninety
percent global tariffs were going to go through, and it
appeared to be that, you know, after the initial shop
(17:02):
of the first few weeks, things kind of normalize. So
there are numerous deals being happening with each individual country
or continent or European Union or you name it. And
I believe that we're very very close to pretty much
underwinding all the trouble that we saw with you know,
without liberation day. Of course, please be reminded that global
(17:25):
trade has been continuing like nothing has happened. No, you know,
material types have been imposed so far, so so far
it's been business as usual. We haven't really seen any
disruptions in respect of that. It was more psychological impact,
you know, rather than anything material.
Speaker 3 (17:44):
So modest.
Speaker 2 (17:44):
How does your company compete with some of the you know,
the big global monster kind of shipping companies like you know,
the Molar, Marisk and and things like that.
Speaker 3 (17:53):
How do you guys compete, Well.
Speaker 7 (17:56):
It's a totally different industry. They operate mostly in the
humer industry because the transport containers. We are doing a
more park iron, ore, coal and box side, which is
very very important in the infrastructure growth of the world.
Right now, we have trillions of dollars of global infrastructure
being committed and fully funded. So this is going through
(18:19):
especially in the Middle East. As you know, President Trump
has at least seven or eight new buildings being built
in Saudi Arabia, Bahrain, O Man and all this place
over there. We're talking about multi billion dollar projects. And
I believe that the transportation of iron or coal and
box site will help in all this massive infrastructure that
we have been experiencing and all of these things going
(18:41):
on right now. So we do not really support the
consumer needs of the US or Europe, but we do
support substantially the transportation needs for infrastructure in various parts
of the world. That's what we do.
Speaker 2 (18:55):
Fascinating story. Thank you for giving us a few minutes
of your time. Stamatis Santanas. He's a chairman in chief
executive officer of Synergy Maritime, also the founder, chairman and
CEO of United Maritime Corporation. Both of those are publicly
traded companies talk about the global shipping business, and infrastructure
is a big part of their growth story.
Speaker 1 (19:14):
This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot Com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
and always on the Bloomberg terminal
Popular Podcasts
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com