More NBA coverage from The Vertical: Your $99 membership is paid monthly. There are no long-term contracts. If at any time in the future you decide it's time to move on, simply cancel your membership and you won't be billed again. The first derivative of the option price with respect to the underlying is called the delta of the option price. It is the derivative most people will run into, since it is important in hedging of options. While affiliate fee growth at media networks remains strong in Macker’s view at 4% year over year, the company experienced slowing growth in pay television subscribers. Macker acknowledges this is worrisome, but he believes that the inclusion of Disney channels in every standalone Internet media pay service that has launched demonstrates the strength of the firm’s overall channel package. Furthermore, while Macker acknowledges recent pressures to ESPN’s business model, he counters by stating that the channel did post some impressive viewing numbers with its highest calendar first-quarter ratings in five years. He also points out that while there is a lot of focus on the cost side of the business, the NBA contract is the last major increase on the content side for ESPN until fiscal year 2022. In spite of near-term headwinds, Macker believes that ESPN is the dominant player in U.S. sports entertainment. He adds that its position and brand strength still empower the network to charge the highest subscriber fees of any cable network, which in turn generate sustainable profits. He also believes that both its media networks segment and collection of Disney-branded businesses have demonstrated strong pricing power in the past few years.