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☆ Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.

Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho

☆ Skydance's unique offer for Paramount Global would give it a large stake while keeping the company public
▼ + stars: | 2024-04-05 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

The question for Paramount Global shareholders might be: Is it better than no deal at all? Paramount Global would continue to trade publicly. Spokespeople for Paramount Global and Skydance declined to comment. He would also potentially provide Paramount Global with access to artificial intelligence software and other data technology from Oracle. Paramount Global has a market capitalization of about $7.6 billion and had $14.6 billion in long-term debt at the end of 2023.

Persons: Skydance, Spokespeople, hasn't, David Ellison, Larry Ellison, Forrest Gump, it's Organizations: National, Paramount Pictures, Paramount Global, Paramount, RedBird Capital Partners, KKR, Oracle, Oracle . Paramount Global, CBS, Comedy Central, Nickelodeon, Viacom

NEW YORK (AP) — It's a new location but the same host for the Tony Awards:Ariana DeBose will make it three in a row as MC of theater's most watched event, which this year moves uptown to Lincoln Center. “I couldn’t pass up the chance to host the Tonys one more time, at Lincoln Center. Photos You Should See View All 60 ImagesLike last year, the three-hour main telecast will air on CBS and stream on Paramount+ from 8 p.m.-11 p.m. EDT/5 p.m.-8 p.m. PDT with a pre-show on Pluto TV, with some Tony Awards handed out there. The Tony eligibility cut-off date for the 2023-2024 season is April 25, and nominations for the 2024 Tony Awards will be announced April 30. The awards are presented by The Broadway League and the American Theatre Wing.

Persons: —, Ariana DeBose, Tony, ”, DeBose, ” “ Hamilton, ” “, Steven Spielberg’s, David H, Kimberly Akimbo ”, Tom Stoppard’s “, Sean Hayes, Victoria Clark, “ Kimberly Akimbo, ” ___ Mark Kennedy Organizations: Lincoln Center, The, Broadway, Hollywood, United, Theatre, “ Company, ”, Apple, Koch, New York City Ballet, Lincoln Square Theater, Beaumont, CBS, Paramount, The Broadway League, American Theatre Locations: “, New

☆ Paramount falls short of revenue expectations but posts surprise profit, strong streaming results
▼ + stars: | 2024-02-28 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +3 min

Paramount Global missed revenue expectations for the fourth quarter on Wednesday but posted a surprise quarterly profit and posted strong results from its streaming platform Paramount+. Paramount — home to brands such as CBS, Showtime, BET, Nickelodeon and its namesake movie studio — reported a 6% year-over-year revenue decline but posted notable strides in its streaming segment. Paramount+, its flagship streaming service, reached 67.5 million subscribers during the period, a net increase of 4.1 million, and recorded 69% revenue growth year over year. Subscription revenue in the fourth quarter grew 43%, partially driven by price increases, and revenue across its entire direct-to-consumer segment grew 34%. Paramount saw a 27% jump in global viewing hours across Paramount+ and Pluto TV during the fourth quarter.

Persons: Bob Bakish, we've, CNBC's Alex Sherman Organizations: Paramount Global, Paramount, CBS, Showtime, BET, Nickelodeon, Warner Bros, Discovery, CNBC PRO Locations: LSEG

☆ Paramount Global lays off about 800 employees, a day after announcing record Super Bowl ratings
▼ + stars: | 2024-02-13 | by ( Alex Sherman | ) www.cnbc.com time to read: +1 min

Paramount Global is laying off hundreds of employees, just one day after the company announced CBS had record Super Bowl viewership, Chief Executive Officer Bob Bakish said Tuesday in an internal memo to employees. Paramount Global ended 2022 with about 24,500 full-time and part-time employees. Paramount Global owns a variety of assets including CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks including Nickelodeon, BET and Comedy Central. The media company had warned employees of impending cuts in an internal memo last month. Bakish said at the time that Paramount Global needed to "operate as a leaner company and spend less."

Persons: Bob Bakish, Bakish, – Organizations: Paramount, MTV, PSD Bank, Paramount Global, CBS, Paramount Pictures, Pluto TV, Nickelodeon, BET, Comedy Central, Skydance Media, Warner Bros, Discovery, CNBC Locations: Duesseldorf, Germany

☆ 16 VCs that are funding the future of entertainment by backing generative AI and other disruptive tech
▼ + stars: | 2024-01-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +17 min

AdvertisementAfter a period of "wild west" investing in AI, Blank believes activity will favor AI companies that respect artists' consent and compensation. It recently co-led a $1 million seed round in Conduiit, which centralizes entertainment companies' production finance operations. Endeavor Venture InvestmentsEndeavor Venture Investments is the venture arm of entertainment and sports behemoth Endeavor. SWaN & LegendThe Virginia-based VC firm has a broad consumer portfolio that includes a number of entertainment investments. With Hollywood in contraction, SWaN has largely hit pause on new entertainment investments to get its portfolio companies on a strong footing.

Persons: Michael Blank, Blank, Jon Miller, Miller, Slack, Garnet Heraman, BDMI, Urs Cete, Michael, TMRW, Tiger Woods, Rory McIlroy, Elysian Park Ventures Jay Adya, Grant Lamos, Tom Brady, Gotham Chopra, Michael Strahan, Jay Adya, Morgan, Kushaan Ahuja, Drew Glover, Glover, Alex Harris, they've, Noah Doyle, Payback India, Jed Katz, Rich Greenfield, Rich, Ilya Pozin, Jamie Seltzer, LightShed, Steve Cohen's, it's, Sri Chandrasekar, Tripp Shriner, Ishan Sinha, That's, Wondery, Ian Doody, Raine, Gordon Rubenstein, Joe Ravitch, Jeff Sine, ‐, Fred Schaufeld, SWaN, that's, Oscar, Jose, Schaufeld, Sam Wick, Alex J, Investcorp, Paul Yoo, Edgar Bronfman Jr, Daniel Leff, Waverley, Leff Organizations: Service, Creative Artists, Connect Ventures, Business, Hollywood, Veteran, TPG, Integrated Media Co, Advancit, CAA, Bertelsmann, Waverley, Octopus Ventures, Accel, Facebook, Venture, Aperture Venture, Bertelsmann Digital Media Investments, Fremantle, Connect, CAA Connect Ventures, New Enterprises Associates, TMRW Sports, Disney, Universal, Elysian Park Ventures, Elysian, Sports, Endeavor Venture, Endeavor Venture Investments, behemoth Endeavor, Dapper Labs, Fiat Ventures, Fiat Ventures Fiat Ventures, Fiat, Payback, Rent, LightShed, Rich Greenfield Influential, LightShed Ventures, Pluto, Apple, Octopus Ventures Octopus Ventures, Investments, Corp, Etsy, Re, Point72 Ventures New York Mets, Range Media Partners, Point72 Ventures, Sri, Powerhouse, Athletic, The New York Times Co, Evolution Media, Creative Artists Agency, Astro, Rave Digital Media, Accel Entertainment, Jose Andrés Media, Berliner, UTA Talent, UTA, UTA Ventures, Ventures, VR, Amazon, PFL Locations: blockchain, —, Conduiit, fintech, London, Australia, Papercup, Los Angeles, Virginia, UTA.VC

☆ Paramount Global stock up double digits for second straight day
▼ + stars: | 2023-11-03 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

Tom Ryan, CEO and President of Paramount Streaming, speaks during the LG press conference ahead of the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023. Paramount stock jumped about 11% Friday, a day after posting another double-digit gain, on pace for its best day since last November. The media giant released its third quarter earnings report after the closing bell Thursday, posting higher profit and revenue from a year earlier. Bernstein Research analysts noted that the trends in the third quarter were strong, and if the company keeps them up, Paramount can expect more earnings growth. Moffett Nathanson Research analysts echoed that sentiment while remaining cautiously optimistic.

Persons: Tom Ryan, Moffett Nathanson Organizations: Paramount, LG, Consumer Electronics, Wall Street, Bernstein Research, Moffett Nathanson Research Locations: Las Vegas , Nevada

☆ Paramount's Shari Redstone is open for business, but business may not be open for her
▼ + stars: | 2023-10-22 | by ( Alex Sherman | ) www.cnbc.com time to read: +11 min

Paramount Global 's controlling shareholder is open to a merger or selling the company at the right price, according to people familiar with her thinking. Spokespeople for Redstone and Paramount Global declined to comment. Paramount Global's market value was below $8 billion as of Friday. Discovery could merge with Paramount Global, though putting together Warner Bros. and Paramount Pictures may hold up deal approval with U.S. regulators. Paramount Global isn't actively working with an investment bank on a sale, according to people familiar with the matter.

Persons: Shari Redstone, David A, CNBC Shari, Jon Miller, SpongeBob, Guggenheim, Michael Morris, Morris, Warren Buffett, Berkshire Hathaway, Bob Bakish, Bakish, Wells, Steven Cahall, Cahall, CNBC's David Faber, Lina Khan, Laura Martin, haven't, Simon, Simon & Schuster, Sumner Redstone, NAI, Jim Cramer Organizations: National Amusements, Paramount Global, Allen & Company Sun Valley, Grogan, CNBC, Paramount, Redstone, Integrated Media, Advancit, Paramount Pictures, CBS, MTV, Nickelodeon, Comedy Central, BET, Showtime, NFL, Champions League, Viacom, Berkshire, Paramount Global's, Tech, Apple, YouTube, National Football, Federal Trade, Big Tech, Comcast, NBC, Fox, Disney, Needham & Co, Netflix, Bain, Co, Warner Bros, Sky, Scripps, Discovery, Simon &, MSD Partners Locations: Sun Valley , Idaho, Los Angeles , California, U.S

☆ Even with price hikes for Netflix and Disney+, streaming is still a cheap deal and way better than cable TV
▼ + stars: | 2023-08-22 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +4 min

But streaming TV is still a good deal. I wrote in May about why a wave of price hikes for ad-free streaming services was on the horizon. AdvertisementAdvertisementWhat's really coming to an end right now is not the end of cheap streaming but the end of cheap ad-free streaming. That's why cable TV mostly has ads (with some add-on exceptions like HBO and other premium cable channels). "Streamflation" is a drag, but I'm not pining for the cable bundle — and I doubt other cord-cutters are either.

Persons: I'd, It's, Ted Lasso Organizations: Disney, Netflix, Financial Times, Nielsen, Hulu, Free, Paramount, Apple

☆ A startup is giving away 500,000 TVs for free — with one catch: There's a second screen for ads. Here's how to get one.
▼ + stars: | 2023-07-20 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

A startup from is giving away 500,000 TVs for free — but there's a catch. Here's how you can join the waitlist for the free TV, which the company says is valued at $1,000. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Telly, a startup from a cofounder of Pluto TV is giving away 500,000 TVs — for free. Brands buying ads on the second screen pays for the free TVs, according to Telly's website.

Persons: you've, you'll, Telly didn't, Telly, Ilya Pozin, Insider's Lucia Moses Organizations: Morning, Pluto, Brands

☆ 'Kimberly Akimbo,' Tom Stoppard’s 'Leopoldstadt' among winners on writerless Tony night
▼ + stars: | 2023-06-12 | by ( Kathryn Lurie | ) www.reuters.com time to read: +3 min

[1/5] The cast of “Kimberly Akimbo” perform at the 76th Annual Tony Awards in New York City, U.S., June 11, 2023. REUTERS/Brendan McdermidJune 11 - “Kimberly Akimbo,” about a teenager who ages in reverse, and Tom Stoppard’s autobiographical “Leopoldstadt” were among the winners Sunday as the Tony Awards went on despite the Writers Guild of America strike. The three-hour telecast on CBS was hosted by Tony- and Academy Award-winner Ariana DeBose. Patrick Marber, who won best director of a play for “Leopoldstadt,” was among several winners who used their acceptance speeches to express support for the strike. The pre-show included the award for best regional theater, which went to the Pasadena Playhouse, and the Isabelle Stevenson Award, which went to director and choreographer Jerry Mitchell.

Persons: “ Kimberly Akimbo ”, Tony, Brendan Mcdermid, “ Kimberly Akimbo, Tom, Tony Awards, Ariana DeBose, Joel Grey, John Kander, Patrick Marber, “, ”, Marber, I’m, ” “ Kimberly Akimbo ”, Victoria Clark, ” Clark, Sean Hayes, Oscar Levant, Oscar, ” J, Harrison, Alex Newell, Newell, Lulu, Jodie Comer, Tessa, “ Prima, ” Michael Arden, Julianne Hough, Skyler Astin, Tonys, Isabelle Stevenson, Jerry Mitchell, Kathryn Lurie, Donna Bryson, Gerry Doyle Organizations: REUTERS, Writers Guild of America, CBS, Pasadena Playhouse, Thomson Locations: New York City, U.S, Washington Heights, Manhattan, York , New York, Piazza, London, “, “ Shucked

☆ Tony Award Winners 2023: Updating List
▼ + stars: | 2023-06-11 | by ( Rachel Sherman | ) www.nytimes.com time to read: +1 min

Follow the latest live updates and photos from the Tony Awards. The 76th Tony Awards are taking place tonight at the United Palace in Manhattan’s Washington Heights neighborhood. The awards ceremony, which honors plays and musicals that opened on Broadway between April 29, 2022, and April 27, 2023, will be broadcast live at 8 p.m. Eastern on CBS and streamed on Paramount+. This year’s awards ceremony, which was nearly called off amid the Writers Guild of America strike, will be presented without a script in an agreement reached with the union. Ariana DeBose, who was nominated for a Tony in 2018, will host the ceremony for the second year in a row.

Persons: Tony, Julianne Hough, Skylar Astin, ’, Ariana DeBose, ”, ” “ Kimberly Akimbo Organizations: Broadway, CBS, Paramount, Writers Guild of America Locations: Manhattan’s Washington Heights, ” “ New York , New York

☆ This company wants to give you a free TV. The catch? constant ads.
▼ + stars: | 2023-05-17 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

There’s a catch: a second screen attached to the bottom streams non-stop information and advertising based on the household’s extensive personal data. From TellyThe TVs, subsidized by those ads on the second screen, will begin shipping out to the customers on its waitlist this summer. Telly has opened sign-ups for the first 500,000 of its Dual Screen Smart TVs, a 55-inch display with a second smart screen integrated through a sound bar. On top of a square for advertisements, the smart screen displays information including news, sports scores, weather and stocks. Though it ships with a 4K Android TV streaming stick, the technology is compatible with other major streaming devices like the Amazon Fire Stick or Apple TV.

☆ Pluto TV's cofounder just unveiled a free, ad-supported TV set. Check out the 18-page deck he used to raise funds from top media analyst Rich Greenfield and Gary Vaynerchuk.
▼ + stars: | 2023-05-15 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Pluto TV cofounder Ilya Pozin has launched a new company that's trying to disrupt TV advertising. Telly is a free, ad-supported TV that's backed by Rich Greenfield, Gary Vaynerchuk, and more. Ilya Pozin, who disrupted cable with free ad-supported streamer Pluto TV, now wants to do the same for your physical TV. His company, Telly, came out of stealth mode May 15 with a new, ad-supported TV that's free to the user. Pozin said the idea for Telly grew out of Pluto, a free, ad-supported TV streaming service that he co-founded in 2013; it was acquired in 2019 by Viacom (now Paramount Global).

☆ A startup is giving away 500,000 TVs — with one catch: There's a second screen for ads. Here's how to get one.
▼ + stars: | 2023-05-15 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

A startup from a cofounder Pluto TV is giving away 500,000 TVs — but there's a catch. Here's how you can join the waitlist for the free TV, which the company says is valued at $1,000. Telly, a startup from a cofounder of Pluto TV is giving away 500,000 TVs — for free. There's a 55-inch 4K HDR screen where you can watch TV using the 4K streaming stick that's included, or by connecting a streaming device. Brands buying ads on the second screen are what will allow viewers to use the TV for free, according to Telly's website.

☆ A new company wants to give you a free TV, in exchange for always showing you ads
▼ + stars: | 2023-05-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

A new startup named Telly wants to put free, dual-screen televisions in consumer homes, supported by the sale of anonymized data and always-on ads. Telly, founded by Pluto TV co-founder Ilya Pozin, announced Monday that it's opening an initial waitlist for 500,000 free ad-supported televisions. Revenue from ad sales would pay for the free TV set, which the company has valued at around $500 in an addendum to its terms of service. Advertising on smart televisions has been almost ubiquitous since the first internet-connected televisions began to see mass adoption in the mid-2010s. Advertisers spent over $15 billion on connected TV ad buys in 2021, according to a press release from a Samsung partner.

☆ Paramount Global shares fall 17% premarket after revenue, earnings miss estimates
▼ + stars: | 2023-05-04 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Paramount Global fell as much as 17% premarket after it reported earnings and revenue that missed analyst estimates and cut its quarterly dividend. Paramount Global's traditional TV revenue, which consists of CBS and its cable networks such as MTV, Comedy Central and Nickelodeon, dropped 8% in the quarter to $5.2 billion. Media companies are struggling to replace traditional TV revenue, as customers cancel each quarter, with streaming revenue as they build out direct-to-consumer businesses. This year will represent peak losses for Paramount Global's streaming business, Bakish said. Streaming revenue from Paramount+ and Pluto TV, the company's free advertising-supported service, rose 39% to $1.5 billion.

NFL Draft coverage will be provided by ESPN, ABC, and NFL Network on TV, and you can also live stream coverage on the free ad-supported NFL Channel. How to watch the NFL Draft in the USYou can watch the NFL Draft on multiple TV channels, including ABC, ESPN, and NFL Network. In addition, the NFL is also providing free streaming coverage of the NFL Draft through the NFL Channel on the NFL app. A VPN will let you watch the NFL Channel's free live stream of the NFL Draft no matter where you are, while also giving you a more secure internet connection. ET NFL Channel, ABC, ESPN, NFL Network2023 NFL Draft first-round orderWhile there are 32 NFL teams, only 31 picks will be made in the first round.

☆ Americans Get Nostalgic for the Cable TV Experience
▼ + stars: | 2023-04-23 | by ( Sarah Krouse | Jessica Toonkel | ) www.wsj.com time to read: 1 min

Andrew Rivera and his girlfriend were aimlessly scrolling through Hulu and Netflix on a recent Sunday night, overwhelmed by the variety of TV shows and movies they could watch. Channel-surf’s upAfter several minutes of decision paralysis, they gave up and opened another app: Pluto TV, a free streaming service whose interface mimics cable TV’s. They flipped through a few channels and quickly settled on an already-started episode of the British version of “Antiques Roadshow,” and eventually watched multiple episodes in a row.

☆ Google TV gets 800 free channels
▼ + stars: | 2023-04-11 | by ( Ashley Capoot | ) www.cnbc.com time to read: 1 min

Google announced that starting Tuesday it's adding more than 800 free channels to its Google TV app on the Chromecast streaming device and select TVs made by Sony, CL, Hisense and Philips. Google's aggregation of several existing free TV services like Fox's Tubi, Paramount Global's Pluto TV and Haystack News is a move to differentiate its streaming operating interface from competitors, including Roku , Apple and Amazon . The Alphabet unit said it is integrating free channels into the "Live" tab where users will see content from channels like NBC, ABC, CBS and FOX. The service is launching in the U.S. on all Google TV devices. Eligible Android TV devices will be able to access the new TV guide and free channels later this year.

☆ Paramount Explores Sale of Majority Stake in Noggin Streaming Service
▼ + stars: | 2023-04-07 | by ( Joe Flint | Jessica Toonkel | ) www.wsj.com time to read: 1 min

‘PAW Patrol’ is one of the shows in Noggin’s lineup that caters to young children. Paramount Global is exploring selling a majority stake in Noggin, its online learning service for preschool children, according to people familiar with the situation, part of the entertainment company’s efforts to give priority to its Paramount+ and Pluto TV streaming services. Much of Noggin’s content, including “PAW Patrol” and “Peppa Pig,” is created by Nickelodeon, a cable channel also owned by Paramount, and appears on Paramount+ as well as Noggin’s own direct-to-consumer platform.

☆ Paramount Global Explores Sale of Majority Stake of BET Media Group
▼ + stars: | 2023-03-06 | by ( Jessica Toonkel | Joe Flint | ) www.wsj.com time to read: 1 min

An episode of ‘Sistas’ on BET. Paramount Global is exploring a sale of a majority stake of BET Media Group, which includes the cable channel. Paramount Global is exploring a sale of a majority stake of BET Media Group, which includes the cable channels BET and VH1, people familiar with the matter said. The decision to consider selling a majority stake of the assets, which cater primarily to Black audiences, is part of the entertainment giant’s effort to shore up resources to bolster its flagship Paramount+ streaming service and its advertiser-supported free streaming platform Pluto TV, some of the people said.

☆ Paramount Global considers selling majority stake of BET Media Group, sources say
▼ + stars: | 2023-03-06 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Paramount Global is considering selling a majority stake of BET Media Group, the owner of the BET cable network and studio, VH1, and the streaming service BET+, according to people familiar with the matter. While other assets at Paramount Global are closely intertwined with its flagship streaming service Paramount+, BET has its own streaming service, its own ad sales team, and an investment from actor and producer Tyler Perry. Selling a majority stake in BET Group would allow Paramount Global to get added capital to spend on programming for Paramount+ and Pluto TV, its free ad-supported streaming service. Paramount moved VH1 into BET Media Group in October. BET Media Group is run by BET CEO Scott Mills.

☆ Former EMX Digital employees are furious they were let go without severance after the adtech firm's owner Big Village filed for bankruptcy
▼ + stars: | 2023-02-10 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +5 min

Nearly all staff at adtech firm EMX Digital were laid off this week after parent company Big Village filed for Chapter 11 bankruptcy. Big Village, EMX Digital, and Lake Capital Partner did not respond to a request for comment. EMX Digital got backlogged on payments to publishersTwo of the former EMX Digital employees said that financial problems started last summer, after Big Village rebranded from Engine Group. There were internal rumors that this was when Lake Capital Partners started looking for a buyer for Big Village, according to two former employees. At the same time, EMX Digital stopped paying publishers, and between July and September, EMX Digital was bombarded by emails from publishers who were getting increasingly mad about missed payments, said one former employee.

☆ Exclusive: Warner Bros Discovery licenses movies and TV shows to Roku, Tubi
▼ + stars: | 2023-01-31 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Warner Bros Discovery Inc (WBD.O) has reached deals with streaming services Roku Inc (ROKU.O) and Fox Corp's (FOXA.O) Tubi to license 2,000 hours of movies and TV series, as it becomes the latest media company to embrace free, ad-supported streaming TV. The streamers announced Tuesday they plan to use the content to launch Warner Bros-branded free, ad-supported TV (or FAST) channels. For the first nine months of 2022, Warner Bros Discovery's streaming business, which includes HBO Max, lost $1.38 billion. The studio is seeking to capitalize on a growing segment of the streaming universe, which industry executives see as complementing subscription streaming services. AMC Networks Inc (AMCX.O), Comcast Corp's (CMCSA.O) NBCUniversal and the National Hockey League have launched FAST channels over the last year.

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