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☆ Logan Paul’s Prime becomes WWE’s first-ever logo to appear on its wrestling ring mats
▼ + stars: | 2024-03-11 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —WWE and Logan Paul’s Prime have struck a “record-setting” deal to feature the sports drink as the first-ever brand logo to appear in the center of the wrestling mat. Notably, the deal is for Prime Hydration and not for its energy drink, Prime Energy, which riled up some US lawmakers last year for its high caffeine content. In January, Netflix acquired the exclusive rights to “WWE Raw,” currently seen weekly on Comcast’s USA cable network. However, controversy surrounded the company when disturbing allegations of sexual assault, trafficking and physical abuse against WWE founder Vince McMahon came to light. McMahon, who has denied the accusations, resigned from the company a few days later.

Persons: Logan, ”, Paul, Jake, “, Bud Light, Mat, Dwayne “, ” Johnson, Vince McMahon, McMahon Organizations: New, New York CNN, WWE, Bank, Prime Energy, UFC, Modelo, Netflix, Comcast’s USA Locations: New York, ”

☆ Dwayne ‘The Rock’ Johnson scores mega payday to join the WWE’s board
▼ + stars: | 2024-01-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

He also secures full ownership of his stage name, “The Rock,” as part of the deal. I’ve been there, I’m still there and this is for them.”The TKO board now has 13 members, following Tuesday’s appointment of Groupon co-founder Brad Keywell as well. “Very few people on the planet understand the convergence of sports, entertainment, media, and business like Rock,” Vince McMahon, executive chairman of TKO’s board said. The show will begin streaming live January 2025. WWE had an early foray into the streaming business but largely failed to win enough subscribers to support itself.

Persons: New York CNN — Dwayne “, ” Johnson, , Johnson, Johnson’s, I’ve, I’m, Groupon, Brad Keywell, ” Vince McMahon, ”, Mark Shapiro Organizations: New, New York CNN, Holdings, WWE, UFC, Netflix, ZOA Energy, Seven Bucks, United Football League, World Wrestling Entertainment, Endeavor Group, Endeavor, Comcast’s USA, NBC Locations: New York

☆ Earnings report: Netflix releases their fourth quarter numbers as their stock jumps
▼ + stars: | 2024-01-23 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —Netflix announced a major boost in sign-ups in the fourth quarter on Tuesday. The company added more than 13 million subscribers for the quarter, compared to Wall Street’s expectation of 8.7 million. While Netflix added 1.2 million paid subscribers in the fourth quarter in the US, much of the strongest subscriber growth came internationally from Europe and Asia. The company posted revenue of $8.8 billion for the fourth quarter but came short of Wall Street’s expectations for earnings-per-share at $2.11, according to Factset estimates. The fourth quarter also saw a big expansion in Netflix’s video game offering.

Persons: Amy Reinhard, Netflix’s, “, we’ve, We’re Organizations: CNN, Netflix, Gaming, WWE, USA, Formula, Theft Locations: Europe, Asia

☆ Media Matters: Elon Musk’s X sues media watchdog over report on pro-Nazi content on the social media site
▼ + stars: | 2023-11-20 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +6 min

The lawsuit filed Monday accuses Media Matters of distorting how likely it is for ads to appear beside extremist content on X, alleging that the group’s testing methodology was not representative of how real users experience the site. “Media Matters designed both these images and its resulting media strategy to drive advertisers from the platform and destroy X Corp.”The lawsuit simultaneously names Media Matters and Eric Hananoki, its senior investigative reporter, as defendants. It calls for a judicial order forcing Media Matters to remove its analysis from its website and accuses Media Matters of interfering with X’s contracts with advertisers, of disrupting their economic relationships and of unlawfully disparaging X. In a statement Monday evening, Media Matters President Angelo Carusone vowed to defend the group against the suit. “Media Matters stands behind its reporting and looks forward to winning in court.”On Monday evening, X CEO Linda Yaccarino chimed in defending the social media site.

Persons: Elon Musk, Eric Hananoki, Angelo Carusone, ” Carusone, ”, Linda Yaccarino chimed, I’m, ” Yaccarino, “, Ken Paxton, Musk, ” Musk, opportunistically, that’s, Steve Vladeck, Joan Donovan, ” Ken White, “ X, ” White, White, Mark Pittman, Donald Trump, Pittman, Joe Biden’s, Jon Passantino, Dan Berman Organizations: CNN, Media, “ Media, X Corp, Court, Northern, Northern District of, “, Whites, Disney, Paramount, Warner Bros, Northern District of Texas, University of Texas, Boston University, YouTube, of Columbia Locations: Northern District, Northern District of Texas, Texas, Los Angeles, California

☆ IBM to pause ad spending on X after its ads ran on pro-Nazi accounts
▼ + stars: | 2023-11-16 | by ( Liam Reilly | Clare Duffy | ) edition.cnn.com time to read: +4 min

New York CNN —IBM on Thursday announced it had suspended advertising on Elon Musk’s X, the platform formerly known as Twitter, after an ad for the computing giant appeared alongside pro-Nazi content. The accounts remained active on X Thursday afternoon, hours after the report was published. No brands had specifically targeted the pro-Nazi accounts identified in Thursday’s report for their advertisements, nor did the company intentionally place their ads there, the spokesperson said. Full stop.”IBM is not the first company to part ways with X after its ad appeared next to hateful content. Musk’s X has also come under fire for reinstating the accounts of users who were previously banned on the social media platform, including far-right and neo-Nazi figures.

Persons: Elon Musk’s, ”, NBCUniversal’s Bravo, Adolf Hitler, Linda Yaccarino, NCTA, Yaccarino, Musk, Jonathan Greenblatt, ” Greenblatt, Musk’s, –, Brian Fung Organizations: New, New York CNN, IBM, Elon, Media, IBM —, Apple, Oracle, Comcast, NBCU, CNN, and Television Association, Gilead Sciences, Adobe, Adobe , New York University Langone Hospital, University of Maryland’s, Whites, Defamation League Locations: New York, Nazi, Adobe ,, America

NEW YORK (AP) — Hollywood’s months of labor unrest are coming to an end, but the post-strike landscape that awaits actors and writers may be far from happy-ever-after. That helter-skelter transition threw much of the economics of entertainment out of whack. “Going through that with a streaming service that’s losing billions of dollars is really, really difficult to go on offense.”Cancellations have grown more commonplace as streamers get more selective. Due in part to the strikes, series production will dip for the first time in years in 2023 after reaching an all-time high last year, when 599 original series were made. “And so I think really we will see over the coming days, weeks and months what the industry’s real intentions are.

Persons: —, HBO Max, Max ”, ”, Jonathan Taplin, Crypto, Taplin, Puck’s Matt Belloni, Walt, Bob Iger, ” Iger, I’ve, it’s, Peacock, David Zaslav, Max, ” Zaslav, “, Martin Scorsese’s, Ridley Scott’s “ Napoleon, ” Duncan Crabtree, Krysta Fauria Organizations: Hollywood, SAG, HBO, Netflix, USC, Innovation Lab, International Alliance, Walt Disney Co, Disney, Comcast, Warner Bros . Discovery, Apple Studios, Associated Press Locations: Hollywood, Los Angeles

☆ Disney is in trouble. Bob Iger has 5 big problems to solve
▼ + stars: | 2023-11-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Last quarter, Disney’s linear television revenue continued to slip, declining 7% compared to the same quarter last year. Disney World angstIt may not be all bad news for Disney, though. However, Disney World Resort in Florida has struggled with declining attendance in recent months. Over the summer, Disney World parkgoers experienced shorter-than-expected ride wait times and fewer crowds. Nearly one year ago, Iger unexpectedly came out of retirement to take over the role of Disney CEO once again after the board unexpectedly fired his successor, Bob Chapek.

Persons: Ron DeSantis, Bob Iger, Hugh Johnston, Christine McCarthy, Iger, ” Iger, I’ve, expansively, Indiana Jones, Reynaud Julien, Bank of America’s Jessica Reif Ehrlich, Ehrlich, Jason Bazinet, Disney, Disney isn’t, ”, Vijay Jayant, underperformance, Bob Chapek, Johnston Organizations: Los Angeles CNN, Disney, Republican, Gov, Warner Bros, CNN, Media, YouTube, ESPN, Wall Street, PepsiCo, ABC, Disney Channel, Geographic, “, Destiny, Cannes Film, APS, Bank of America’s, Citigroup, Shanghai Disney Resort, Hong Kong Disneyland Locations: Florida, Refinitiv, Cannes, France, Canada, Hulu, Shanghai, Hong, Central Florida

Investors await news on deals, cuts and moreOn Wednesday, Bob Iger will deliver one of the most consequential earnings reports for Disney since returning as C.E.O. He has had to confront many problems, including a slumping share price, strikes that have crippled much of Hollywood, the wrenching transformations wrought by streaming and renewed pressure from the activist investor Nelson Peltz. Progress on potential deals and asset sales: Since Iger opened the door to selling Disney’s declining but profitable traditional TV business and bringing in an investor for ESPN, investors have eagerly awaited what’s next. (Disney, which last month began breaking out financial results for ESPN, has concluded that any deal should be with a sports league or leagues.) Cost cuts: Months of Hollywood strikes — talks between studios and the actors’ on Wednesday will resume on Wednesday — may have saved Disney money on production costs.

Persons: Bob Iger, Nelson Peltz, Iger, what’s, —, ’ Organizations: Disney, ESPN, Hulu Locations: Hollywood

☆ Disney earnings: Company plans to slash costs by $2 billion more
▼ + stars: | 2023-11-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

The company announced it would slash expenses by another $2 billion, adding to the $5.5 billion reduction it had previously announced, which included thousands of job cuts. Meanwhile, the company continues to lose money in its Disney+ streaming business, but it managed to significantly reduce its losses in that division. The company reported revenue of $21.2 billion, coming in slightly below expectations of $21.3 billion, according to estimates from analysts surveyed by Refinitiv. The company said it was “aggressively managing its cost base,” planning to slash $2 billion more in costs than previously reported. “We are bullish about the future of our streaming business,” Iger said.

Persons: Los Angeles CNN — Disney, Bob Iger, Angus Mordant, Ron DeSantis, “, ’, Kevin Lansberry, Lansberry, ”, “ We’re, Iger, ” Iger Organizations: Los Angeles CNN, Disney, Times, Bloomberg, Getty, Republican, Gov, Walt Disney World, ESPN, ABC, Disney Channel, Geographic, “, ABC Network, CNBC Locations: New York, Central Florida, Disney’s, Canada, Hulu

☆ Analysis: November is typically the best month for stocks. So far, it’s looking promising
▼ + stars: | 2023-11-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

The S&P 500 on Thursday climbed 1.9% to log its best one-day gain since April. The S&P 500 has gained an average 6.7% from November to April since 1990, according to CFRA data. “We remain comfortable with our long-standing 3,900 year-end target for the S&P 500,” he wrote in a note on October 29. The S&P 500 closed Thursday at about 4,318. “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the company said in a short statement.

Persons: Jerome Powell’s, ”, George Smith, Mike Wilson, Morgan Stanley, Liam Reilly, Oliver Darcy, “, Read, Hanna Ziady, Andrew Bailey Organizations: CNN Business, Bell, New York CNN, Investors, Dow Jones, Dow, Federal, Treasury, LPL, Disney, Hulu Disney, Comcast, Bank of England, of England, ” Bank of England Locations: New York, Hulu, Israel

☆ Disney to Pay Comcast’s NBCUniversal at Least $8.61 Billion for Its Stake in Hulu
▼ + stars: | 2023-11-01 | by ( Jessica Toonkel | ) www.wsj.com time to read: 1 min

A scene from ‘Only Murders in the Building,’ an original show on Hulu. Photo: Patrick Harbron/Hulu)Disney said Wednesday it expects to pay Comcast ’s NBCUniversal at least $8.61 billion for its stake in Hulu, as the companies continue complex negotiations over the future of the streaming video service. Disney’s announcement came after Comcast exercised its option, as part of a long-held agreement between the companies, to sell its minority stake in Hulu. Disney controls two-thirds of the service, while Comcast owns one-third.

Persons: Patrick Harbron, Disney Organizations: Hulu ., Comcast, Disney Locations: Hulu

☆ Disney to acquire remaining stake in Hulu for $8.6 billion
▼ + stars: | 2023-11-01 | by ( Oliver Darcy | Liam Reilly | ) edition.cnn.com time to read: +3 min

CNN —Disney will acquire Comcast’s one-third stake in Hulu for an expected $8.61 billion, the company said Wednesday, in a deal that will put the streaming service entirely inside the Magic Kingdom when the transaction closes later this year. “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the company said in a short statement. Disney’s bid to acquire the remaining shares in the platform began in 2019 under an agreement between the two companies that gave Hulu a value of at least $27.5 billion. In 2020, NBCU launched its own subscription-based streaming platform, Peacock, and Comcast began shifting programming from Hulu onto the new platform, including Bravo and NBC shows. Disney has also bundled the Hulu service as part of its larger portfolio of streaming services, including Disney+ and ESPN+, offering it at a discounted rate as part of the larger package.

Persons: CNN —, Disney’s, Bob Iger, Disney “, Iger, ”, NBCU, Hulu, “ I’ve, ” Iger Organizations: CNN, CNN — Disney, Hulu, Disney, ABC, ESPN, Century Fox, Comcast, Time Warner, Bravo, NBC Locations: Hulu

☆ Disney Says It Will Take Full Control of Hulu
▼ + stars: | 2023-11-01 | by ( Brooks Barnes | More About Brooks Barnes | ) www.nytimes.com time to read: +1 min

The Walt Disney Company said on Wednesday that it would take full control of Hulu, one of the world’s most popular streaming services, by paying at least $8.61 billion to buy out Comcast, which owned a 33 percent stake. Comcast, which recently stopped supplying Hulu with shows like “Saturday Night Live” and “The Voice,” rerouting them instead to its Peacock streaming service, said in September that it had sped up negotiations to sell Hulu to Disney. Previously, Comcast and Disney agreed that Comcast could force Disney to buy its stake early next year (the “put”). At the same time, Disney had the ability at that point to require Comcast to sell (the “call”). “The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” Disney said in a statement.

Persons: ” Disney, “, ” Organizations: Walt Disney Company, Hulu, Comcast, Disney, ABC, Fox Locations: Hulu

Wait times for rides and attractions at both resorts have shortened, according to analysts who track theme park attendance. Disney CEO Bob Iger attributed Disney World’s recent decline in wait times to an overall slump in Central Florida tourism. Iger told CNBC he did not have “long-term concerns” about Disney’s theme parks. For Universal’s Florida parks, every month since March has seen lower average wait times, according to the site. Pareti said she spends between four and six days per week at Disney’s parks and visits Universal parks, as well.

Persons: Los Angeles CNN —, Walt, Universal Orlando parkgoers, Bob Iger, ”, Iger, Shorter, July’s, Don Munsil, he’s, Munsil, “, Kayla Pareti, Mickey Travels, Mickey, You’re, Pareti, she’s, “ Don’t, it’s, Comcast’s, Disney’s, That’s, Ron DeSantis, DeSantis, Pete Werner, Christine McCarthy, ” Werner, It’s, Disney Organizations: Los Angeles CNN, Central, Walt Disney World, Universal Orlando, Disney, CNBC, CNN, Universal, Disney’s, Universal Studios, Disney’s Hollywood Studios, Hollywood Studios, Walt Disney Company, Comcast, UBS, DIS Universal, Republican, NAACP, Human Rights, League of United Latin American, Walt Disney, Disney Cruise Locations: Florida, Central Florida, “ Florida, Disney’s Florida, Universal Studios Florida, Bay Lake , Florida, Orange County, Orlando

☆ California is about to give Hollywood studios a lucrative tax deal during the writers’ strike
▼ + stars: | 2023-06-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

CNN —The state of California is about to give movie and TV studios a new lucrative tax perk. The new, refundable tax credits come as competition for film and TV production from other states and countries is on the rise. In a 2020 SEC filing, Netflix said it had $250 million in California R&D tax credits — far more than it could use. In addition to refundable tax credits and stricter safety standards, the bill establishes specific diversity requirements. The bill also adds a new member to the state’s film commission with diversity, equity, and inclusion expertise.

Persons: Gavin Newsom’s, Newsom, Alec Baldwin’s, Wendy Carrillo, ‘ Rust, Dave Cortese, Baldwin, Halyna Hutchins, ” Cortese, Carrillo, ”, Chris Hoene, that’s, Hoene, ” Carrillo, “ Organizations: CNN, Netflix, SEC, Disney, Comcast’s Universal Studios, Democratic, Warner Bros, Warner Bros ., Hollywood, Guild of America, SAG, WGA, California Budget, Policy Center Locations: California, States, New York, Georgia, Angeles County, Los Angeles

☆ It’s Netflix’s world, rivals just stream in it
▼ + stars: | 2023-05-24 | by ( Jennifer Saba | ) www.reuters.com time to read: +9 min

Cheaper streaming options with unique programming were luring viewers, leaving Netflix in a tough spot as it raised prices. Paramount+, started in 2021, is joining forces with sister Showtime to widen its offerings. Disney, Paramount and WBD also operate cable and broadcast networks, and don’t specify what portion of the expense is allocated to streaming. Its subscribers, worth $136 a year in revenue apiece, are also more valuable than those of its rivals. Warner Bros Discovery on May 23 rebranded its streaming service as Max, which will include HBO programming along with Discovery’s reality TV shows.

☆ Comcast Revenue Slips Amid Advertising Slowdown
▼ + stars: | 2023-04-27 | by ( Patience Haggin | ) www.wsj.com time to read: 1 min

Comcast’s movie studio and Universal Studios theme-park units posted revenue growth in the first quarter. Photo: Rodin Eckenroth/Getty ImagesComcast Corp. said revenue fell by 4.3% in the first quarter, partly due to a sharp decline in advertising, while its Peacock streaming service continued to gain new subscribers at a healthy clip. The Philadelphia-based company, owner of Xfinity-branded broadband and cable services, the NBCUniversal media empire and the Sky TV business, posted revenue of $29.69 billion, while net profit rose by 8% to $3.83 billion.

☆ Questions Swirl About NBCUniversal’s Future After C.E.O.’s Shocking Firing
▼ + stars: | 2023-04-27 | by ( Benjamin Mullin | John Koblin | ) www.nytimes.com time to read: +1 min

On the earnings call on Thursday, he made a brief statement in support of Mr. Cavanagh and NBCUniversal’s executives. In a show of support, Mr. Roberts joined Mr. Cavanagh in New York for NBCUniversal’s executive committee meeting, which Mr. During the meeting, Mr. Cavanagh reassured assembled leaders that he would be there for the foreseeable future. Next week, Mr. Cavanagh is expected to head out to Los Angeles to meet with West Coast executives. Mr. Shell’s biggest decisions needed approval from Mr. Cavanagh and Mr. Roberts, who have final say on the big issues facing the company.

☆ Jeff Shell, C.E.O. of NBCUniversal, Steps Down After Inquiry
▼ + stars: | 2023-04-23 | by ( Benjamin Mullin | ) www.nytimes.com time to read: 1 min

Jeff Shell, the chief executive of NBCUniversal, is leaving the company after an investigation into an inappropriate workplace relationship, the company’s owner, Comcast, said in a statement on Sunday. In the statement, Mr. Shell said that Sunday would be his last day and that he had had “an inappropriate relationship with a woman in the company.”“I’m truly sorry I let my Comcast and NBCUniversal colleagues down, they are the most talented people in the business and the opportunity to work with them the last 19 years has been a privilege.”Comcast’s terse statement did not say who would be replacing Mr. Shell at NBCUniversal, which he has led since 2020.

☆ John Malone prepares for a victory lap
▼ + stars: | 2023-02-01 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

Now the cable cowboy’s Liberty Media (FWONA.O) empire is trotting out its trademark financial razzle-dazzle to try and wring additional value out of its assets. Malone, Liberty Media’s chairman, is as renowned for his dizzying array of specialized equity issues, spinoffs and splits as he is for the telecom and entertainment companies that have been subjected to the intricate machinations. It excludes broadcaster Discovery, spun off from Liberty Media in 2005, and international broadband provider Liberty Global (LBTYA.O), hived off a year earlier. A more logical starting point would be 2001, when Malone carved Liberty Media out of telecom giant AT&T (T.N). Likewise, Liberty Media’s accompanying shakeup of its tracking stocks stands to further spotlight the value of Formula One.

☆ Netflix stock soars as the dollar slides
▼ + stars: | 2023-01-11 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

The suddenly weaker dollar could be giving it a boost. So anytime the dollar loses value, that boosts sales and earnings for a multinational company like Netflix once those international results are translated back into dollars. A strong dollar, on the other hand, is bad news. Netflix warned when it reported third quarter results in mid-October that the dollar’s appreciation in 2022 would hurt revenue and operating income. It will be interesting to hear what management says about the impact of the weaker dollar in its letter to shareholders and conference call with analysts.

Comcast Corp. named a company insider as its next finance chief as the cable and media sector grapples with cord-cutting customers and deterioration in the ad market. Jason Armstrong was appointed chief financial officer, Philadelphia-based Comcast said Friday, after serving for the past nine years in various financial leadership positions. Mr. Armstrong most recently served as deputy CFO and treasurer, responsible for capital formation, capital allocation, credit-related matters and investment management activities. Jason Armstrong, chief financial officer of Comcast. Photo: Comcast CorpSince joining Comcast in 2014, Mr. Armstrong has also had the roles of CFO of Sky, Comcast’s pay-TV giant, and head of investor relations and finance.

☆ Comcast Promotes Jason S. Armstrong to Chief Financial Officer
▼ + stars: | 2023-01-06 | by ( Will Feuer | ) www.wsj.com time to read: +1 min

Comcast Corp. said it has named Jason Armstrong as its chief financial officer, succeeding Mike Cavanagh, who was recently named president of the company. Mr. Armstrong has worked at the cable and entertainment giant in various finance roles for about nine years, and most recently served as deputy CFO of the company. Mr. Cavanagh had served as CFO of Comcast since 2015, and was named to the additional post of president in October. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEW The elevation of Mr. Armstrong comes as the cable and media sector faces a rapidly shifting landscape.

☆ Sky spinoff is Comcast’s least-bad option
▼ + stars: | 2023-01-03 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

The boss of U.S. media giant Comcast (CMCSA.O) may want to make an exception for Sky. Including acquired debt, Roberts paid a multiple of 15 times Sky’s EBITDA to clinch the deal, two and a half times the company’s enterprise value before the takeover battle began. The financial consequences of Roberts’ determination became apparent in October when Comcast took a non-cash impairment charge of $8.6 billion related to Sky. Goldman Sachs analysts expect Sky to generate adjusted EBITDA of $2.1 billion in 2023, nearly one-third less than in 2019. Comcast said on Oct. 27 that it took a non-cash impairment charge of $8.6 billion related to Sky assets for the third quarter of 2022.

YouTube TV will pay roughly $2 billion a year for the rights of the Sunday Ticket package, according to people familiar with the matter. Amazon secured the rights to “Thursday Night Football,” making it the first streaming-only platform to air NFL games, paying about $1 billion per year. YouTube TV is an internet bundle of broadcast and cable networks that mirrors a traditional linear pay-TV operator. The company has been expanding its sports footprint for its Apple TV+ streaming service. DirecTV is interested in delivering Sunday Ticket games in a similar capacity, people familiar with the matter have said.

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