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Disney just had its worst day in a year and a half
  + stars: | 2024-05-07 | by ( Allison Morrow | ) edition.cnn.com   time to read: +4 min
New York CNN —Disney managed a rare feat for a legacy media company: Its streaming service actually turned a profit — with some caveats. It was Disney’s worst stock trading day in 18 months. That’s a lot of money, but it is a pretty huge improvement over the $659 million loss the collective streaming business reported in the same period a year ago. Streaming is new(ish) and very different beast from the traditional cable TV model Disney and other media giants like Paramount, Viacom and Warner Bros. “It is a very tough business,” Verna said.
Persons: CNN Business ’, New York CNN — Disney, ” Paul Verna, ” Disney, ” Verna, Bob Iger, It’s, ” “ Indiana Jones, , Iger, Brian Mulberry Organizations: CNN Business, New York CNN, Disney, ESPN, Apple, Netflix, Paramount, Viacom, Warner Bros ., Zacks Investment Management Locations: New York, , India
One of the architects of that plan for a Trump second term said as much in a video last year for the Heritage Foundation. Reissuing Schedule F is part of a roadmap, known as Project 2025, drafted for a second Trump term by scores of conservative groups and published by the Heritage Foundation. The new rules would not fully block reclassifying workers in a second Trump term. Greene said she worries for federal workers who might face the same choice in a second Trump term. The project includes a personnel database for potential hires in a second Trump administration.
Persons: Donald Trump, it’s, , Trump, Joe Biden, Donald Moynihan, Georgetown University's, ” Donald Moynihan, ” Moynihan, “ It’s, , Russell Vought, , you’re, Doreen Greenwald, Moynihan, Kenneth Baer, Barack Obama, ” Kenneth Baer, Peter Orszag, Pete Souza, Robert Shea, Eva Shea, George W, Bush, Laura Bush, Tina Hager, ” Biden, Baer, George Frey, ” Trump, Max Stier, Verna Daniels, ” Daniels, Catherine Greene, ” Greene, Tom Bewick, NIFA, ” Bewick, we’ll, Greene, Biden, “ We’ve, He’s, Hillary Clinton, he’d, James Comey, Bill Barr, Barr, Jeffrey Clark, Clark, Mark Meadows, Stephen Miller, Peter Navarro, he’ll Organizations: CNN, United, Republican, Democratic, Trump, , Georgetown, Georgetown University's McCourt School, Public, Georgetown University, Heritage Foundation, Management, Budget, of Justice, FBI, Environmental Protection Agency, Vought, National Treasury Employees Union, OMB, White, Personnel Management, Land Management, Department of Agriculture, Kansas City, Partnership for Public Service, Government, Office, GAO, Economic Research Service, National Institute of Food, Agriculture, USDA, National Institute for Food, NIFA, Applied Economics Association, BLM, Getty, Department of Justice, Justice Department, Univision, Justice, Department, U.S . Justice, Center, Washington Post, National Security and Intelligence, of Homeland Security, of Education and Commerce, Federal Communications Commission, Federal Trade Commission Locations: United States, Washington, Georgetown, , Colorado, DC, Kansas, Colorado, Virginia, America, Grand Junction, Washington ,, New York City, New York, Georgia
One year after the East Palestine, Ohio train derailment created an environmental disaster, the Biden administration on Tuesday unveiled new regulations intended to shore up freight rail safety. Drone footage shows the freight train derailment in East Palestine, Ohio, U.S., February 6, 2023 in this screengrab obtained from a handout video released by the NTSB. Yet the new rule stops short of the kind of rail safety updates that the Biden administration and members of Congress had originally envisioned as a response to the East Palestine disaster. Making any major updates to rail safety will require congressional funding that has not yet been approved. The stalling of the Railway Safety Act also underscores the power of the freight rail industry's Washington lobbying shop, the Association of American Railroads (AAR).
Persons: Pete Buttigieg, Biden, Vince Verna, Buttigieg Organizations: Federal Railroad Administration, NTSB, Norfolk Southern, Railway, of Locomotive Engineers, Trainmen, Association of American Railroads, CNBC, CSX, Union Pacific, AAR, ARA, Transportation Department Locations: States, United States, Palestine , Ohio, East Palestine , Ohio, U.S, East Palestine, Norfolk, Palestine, Ohio, Washington
ESPN parent Disney and Fox report earnings on Wednesday, and more answers could be on the way. Here are six of the biggest questions coming out of the new announcement:How much will it cost? This new streamer could be the thing that finally kills cable TV. If they believe it has promise, could it give ESPN, Fox, and WBD more bargaining power in sports-right negotiations and greater ability to shoulder the sky-high costs? Will this new streamer come to the negotiating table for more sports rights to pad out its offering?
Persons: Bernstein, Paul Verna, Brian Weiser, there's, Disney's Bob Iger, Fox's Lachlan Murdoch, WBD's David Zaslav Organizations: ESPN, Disney, Fox, CNBC, YouTube, NBC, English Premier League —, Insider Intelligence, Business, Hulu, Netflix, JV, Amazon Locations: Madison, Disney's
Disney's fiscal first-quarter earnings per share beat expectations and it said its full-year EPS will rise at least 20% from 2023. Iger also unveiled his strategy and timeline for bringing Disney's flagship sports network ESPN into the streaming era. AdvertisementThe company will launch a stand-alone streaming service with ESPN and its sister networks in the fall of 2025, something Iger called "inevitable." Even if there's consumer demand, the JV faces several hurdles, from challenges brought by existing distributors to antitrust opposition, LightShed Partners wrote in a note published ahead of Disney's earnings release. Challenges aside, the new sports streaming strategy is a big step forward for Iger and Disney.
Persons: , Bob Iger's, Iger, Taylor Swift, Nelson Peltz, Bob Chapek's, Peltz's, Disney, Paul Verna, Alpha, LightShed, Iger didn't, Trian, Elon Musk, Gina Carano's, Iger's Organizations: Service, Disney, Epic Games, Peltz's Trian Fund Management, Blackwells, ValueAct, Business, Iger, Insider Intelligence, ESPN, Disney's, Fox, Warner Bros, JV, LightShed Partners, Marvel, CNBC Locations: Moana
Toy figures of people are seen in front of the displayed Disney + logo, in this illustration taken January 20, 2022. For the fiscal fourth quarter ended Sept. 30, Disney reported adjusted per-share earnings of 82 cents, topping an average forecast of 70 cents, according to LSEG data. The company said it added nearly 7 million Disney+ streaming subscribers in the quarter, with the inclusion of "Guardians of the Galaxy Vol. Disney+ and Disney+ Hotstar together boast 150.2 million subscribers, ahead of Visible Alpha's estimate of 147.4 million. "Our results this quarter reflect the significant progress we've made over the past year," Iger said in a statement.
Persons: Dado Ruvic, Walt Disney, Bob, Kevin Lansberry, Iger, Disney, Nelson Peltz, Trian, Paolo Pescatore, Paul Verna, Verna, We've, Dawn Chmielewski, Lisa Richwine, Chavi Mehta, Peter Henderson, Sayantani Ghosh, Matthew Lewis Organizations: REUTERS, ABC, Disney, Guardians, Trian, Management, Warner Bros Discovery, SAG, Insider Intelligence, Hulu, ESPN, Shanghai Disney, Walt Disney, Disney's Entertainment, Star, Big Ten, Thomson Locations: Shanghai, Hong Kong, Florida, India, Los Angeles, Bengaluru
"There was a lot of excitement and hope at the return of Bob Iger a year ago," a current Disney staffer told Insider. Uncertainty about the company's future and about who's deciding what on the creative side has left execs in a state of inertia, according to an entertainment lawyer with knowledge of Disney's business. The declining linear TV business culminated in a standoff with Charter Communications over terms for a new contract for carrying Disney's cable channels. And Disney's streaming business, which was supposed to make up for the decline in cable revenues, has lost $11 billion since Disney+ launched in 2019. Churn is a top concern in Disney streaming, some employees said.
Persons: Goofy, what's, Bob Iger, Bob Chapek, He's, confidants, Zenia Mucha, Alan Braverman, Alan Horn, Jayne Parker, Christine McCarthy —, Mickey, Ariel, grumbled, Iger's, It's, he's, Iger, Paul Verna, Chapek, Bob, it's, Ron DeSantis —, Iger —, Nelson Peltz, he'd, hasn't, Verna, Disney, Ike Perlmutter, Peltz, Perlmutter, Ike, Disney's, Paul Singer, Kevin Mayer, Tom Staggs, Puck, Stagg's Blackstone, Intelligence's Verna Organizations: Walt Disney Co, Disney, ABC, Hollywood, CNBC, Writers Guild of America, Wall, Insider Intelligence, Marvel, Lucasfilm, Century Fox, Google, Facebook, Netflix, Communications, Florida Gov, Hulu, ESPN Iger, FX, Geographic, ESPN, Apple, Electronic, Elliott Investment Management, Bloomberg, Mayer Locations: Burbank, Hollywood, Florida's, Iger
Sept 19 (Reuters) - Walt Disney (DIS.N) said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business. Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year. The announcement of the planned investment followed a slowdown at Walt Disney World in Orlando, as attendance surges at its parks around the world, particularly Shanghai Disney Resort and Hong Kong Disneyland. Disney also plans to nearly double the capacity of its cruise line, adding two ships in fiscal 2025 and another in 2026.
Persons: Walt Disney, Bob Iger, Josh D'Amaro, Parks, Iger, Disney, Ron DeSantis, Mario Anzuoni, Paul Verna, Thomas Hayes, Samrhitha, Dawn Chmielewski, Shailesh Kuber, Chizu Nomiyama, Paul Simao, Aurora Ellis Organizations: Disney, Wall Street, Walt Disney World, Disney California, Hollywood Studios, Republican, REUTERS, Insider Intelligence, Walt Disney, Shanghai Disney Resort, Great, Thomson Locations: Orlando , Florida, California, Orlando, Florida, Anaheim , California, U.S, Shanghai, Hong Kong, Great Hill, Bengaluru, Dawn, Los Angeles
For Disney, Iger's return was a doctor's-orders scenario. "What is the long game for any pure-play media company in a world where we have tech-driven media companies that are much larger than any traditional media company and have fundamentally different business models?" Will Disney sell TV assets like ABC? Industry watchers have focused on private-equity firms as likely buyers of Disney's TV assets. Are you a Disney insider?
Persons: Bob Iger, Bob Chapek, Iger, Disney, Iger's, Peter Csathy, Tom Staggs, Kevin Mayer, Csathy, they're, He's, Paul Verna, Verna, David Heger, Edward Jones, Heger, Hulu —, it's, Dave Portnoy's Barstool, Will, Evercore, Dana Walden, Alan Bergman, Puck, Disney bigwigs, Mayer, Walden, Bergman, Reed Alexander, Lucia Moses Organizations: Disney, ESPN, Walt Disney Co, Hollywood, Creative Media, Apple, PE, Candle Media, Insider Intelligence, Hulu, LightShed Partners, Penn Entertainment, ESPN Bet, Penn, Yahoo Finance, Will Disney, ABC, Geographic, CNBC, Industry, Disney's, Parks
For Disney, Iger's return was a doctor's-orders scenario. "What is the long game for any pure-play media company in a world where we have tech-driven media companies that are much larger than any traditional media company and have fundamentally different business models?" Will Disney sell TV assets like ABC? Industry watchers have focused on private-equity firms as likely buyers of Disney's TV assets. Are you a Disney insider?
Persons: Bob Iger, , Bob Chapek, Iger, Disney, Iger's, Peter Csathy, Tom Staggs, Kevin Mayer, Csathy, they're, He's, Paul Verna, Verna, David Heger, Edward Jones, Heger, Hulu —, Will, it's, Evercore, Dana Walden, Alan Bergman, Puck, Disney bigwigs, Mayer, Walden, Bergman, Reed Alexander, Lucia Moses Organizations: Disney, ESPN, Walt Disney Co, Hollywood, Creative Media, Apple, PE, Candle Media, Insider Intelligence, Hulu, LightShed Partners, Will Disney, ABC, Geographic, CNBC, Industry, Disney's, Parks
Oppenheimer took the occasion to explain to Einstein that he was going to be absent from the Institute for some weeks. He was being forced to defend himself in Washington, D.C., during a secret hearing against charges that he was a security risk, and perhaps even disloyal. “He loved America,” said Verna Hobson, his secretary who was a witness to the conversation, “and this love was as deep as his love of science.”“Einstein doesn’t understand,” Oppenheimer told Ms. Hobson. But as Einstein walked back into his office he told his assistant, nodding in the direction of Oppenheimer, “There goes a narr [fool].”Einstein was right. Oppenheimer was foolishly subjecting himself to a kangaroo court in which he was soon stripped of his security clearance and publicly humiliated.
Persons: J, Robert Oppenheimer, Albert Einstein, Oppenheimer, Einstein, Oppenheimer “, ” Oppenheimer demurred, , , Verna Hobson, ” Oppenheimer, Hobson, ” Einstein, Oppenheimer’s Organizations: Institute for, Study, Institute, Washington , D.C, Atomic Energy Locations: Princeton, N.J, Germany, Washington ,, America
"DEI leaders are facing extreme fatigue and burnout," says Chandra Robinson, vice president in the Gartner HR practice. "Unfortunately," she says, "with so much attention paid to DEI, undue pressures are put on DEI leaders to make progress" quickly. Half of DEI leaders say their biggest challenge is when other leaders fail to take ownership for driving diversity outcomes, and one-third say they have limited power to effectively drive change, according to a 2022 Gartner survey of 181 DEI leaders. Black women are more likely than women overall to aspire to executive roles, according to the joint Lean In and McKinsey "Women in the Workplace" report. But they also face more barriers to advance in their career: Black women leaders are more likely to be undermined at work, and 1 in 3 Black women leaders says they've been denied or passed over for opportunities because of personal characteristics, including their race and gender.
Persons: Karen Horne, Vernā Myers, Netflix's, LaTondra Newton, Terra Potts, Joanna Abeyie, Myers, Abeyie, Rachel Thomas, aren't, Chandra Robinson, Robinson, George Floyd, It's, Russell Reynolds, Thomas, they're, they've, they'd, Kelly Evans Organizations: Hollywood, North, North America DEI, Warner Bros, Academy of Motion Pictures Arts and Sciences, America, DEI, Gartner, Lean, McKinsey, Women Locations: North America, Corporate America
In most states you would have to get at least a 260 score on the bar exam to pass. This year the minimum passing score for the Maryland bar exam is 266, according to the National Conference of Bar Examiners. The LSAT costs more than $200 and the bar exam is close to $1,000. The non-profit also offers programs to introduce undergraduate and high school students to law school and other legal career opportunities. Those responsibilities can lead to less time to prepare for the bar exam, which is extremely important because the bar exam decides how well you are prepared for the exam and not how well you know the law, George said.
Persons: Matthew Graham, Thurgood Marshall, Marshall, Graham, ” Graham, Ciara Graham, Celine Graham, Genise Thomas, I’ve, Verna Williams, It’s, ” Williams, Williams, Angela Winfield, Winfield, , ” Winfield, ” “, Erika George, ” George, George, Ciara, Celine, Matthew, Genise Thomas Graham, Black, doesn’t Organizations: CNN, Black, Alpha Phi Alpha, American, American Bar Association, National Conference of Bar, Maryland, Washington DC, , The Law, Princeton, University of Utah’s, Quinney College of Law, University of Baltimore School of Law Locations: Baltimore , Maryland, Maryland
Netflix has a top team of business leaders who debate and drive the company's biggest decisions. This "Lstaff" includes co-CEOs Greg Peters and Ted Sarandos plus execs leading new areas like gaming and ads. When Netflix is faced with a big, agenda-setting decision, it convenes a special team of business heads to debate the issue at hand. This group, which numbers 25, has helped shape major company moves like its expansion into mobile games and advertising. Scroll down to read about the people on Netflix's Lstaff, listed in alphabetical order, and the perspective each brings.
Persons: Greg Peters, Ted Sarandos, , Reed Hastings, Bela Bajaria, Scott Stuber, Kim —, Vernā Myers, Jeremi Gorman, Mike Verdu, Spencer Wang Organizations: Netflix, New Zealand Locations: Korea, Japan, Southeast Asia, Australia, New
[1/3] A man looks at his phone as he passes by a screen advertising Walt Disney's streaming service Disney+ in New York City, U.S., November 12, 2019. The division ended the quarter with an operating loss of $659 million, compared with $1.1 billion in the prior quarter. At the same time, total subscribers to the flagship Disney+ service dropped by 4 million to 157.8 million. Inge Heydorn, a fund manager at GP Bullhound, said a question for investors is: "are the trade offs from lower marketing costs leading to lower subscribers?" "We've only just begun to scratch the surface of what we can do with advertising on Disney+," Iger said on a conference call with analysts.
Disney is also embroiled in a legal fight with Florida Governor Ron DeSantis over state efforts to control Disney World. The media and entertainment giant's Disney+ streaming service is expected to add a net 1.3 million subscribers in the second quarter, compared with additions of 7.9 million a year ago, according to Visible Alpha. "Star Wars" spin-off "The Mandalorian" was Disney+'s most in-demand series both in the U.S. and worldwide during the quarter, according to data provider Parrot Analytics. The streaming unit's operating loss is expected to widen to about $750 million from a loss of nearly $670 million a year earlier. That would mark the slowest growth since the second quarter of 2021, as the company's cable business also takes a hit from an ad market slowdown.
In effect, WBD announced that it is recreating the bundle, erecting the pillars of a one-stop shop for scripted and unscripted television, movies, news and sports at a flat monthly rate. Insider Intelligence analyst Paul Verna noted to me that the WBD competitor has “resisted the temptation” to combine Disney+, Hulu, and ESPN+. Instead, Verna observed that Disney is “leaning into each brand’s core strength,” though Disney does offer the ability to purchase the individual services in a bundle. But it goes without saying that Max — the product of the merger between WarnerMedia and Discovery — represents the future for WBD, which has been entrenched in the declining traditional TV business. The Max service launches May 23.
Netflix Sunsets ‘Surprise Me’ Shuffle-Play Button
  + stars: | 2023-02-14 | by ( Katie Deighton | ) www.wsj.com   time to read: +3 min
Netflix Inc. has removed its “Surprise Me” button, a feature introduced in 2021 to alleviate the modern burden of choosing something to watch from thousands of titles. Netflix in the past year has increased its emphasis on making money from its users instead of focusing only on adding them, Mr. Verna said. “Netflix tries a lot of things, iterates quickly, and kills things that aren’t working,” Mr. Greenfield said. The feature instantly started playing a television show or movie without making users scroll through Netflix’s library to find something to watch. Netflix shares last month rose to their highest since last April after the streaming company announced that it had added 7.7 million subscribers in the final quarter of 2022, topping its own projections.
"This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit, which lost more than $1 billion. Iger also repositioned the company to capitalize on the streaming revolution, acquiring 21st Century Fox's film and television assets in 2019 and launching the Disney+ streaming service that fall. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.
Netflix said it's open to adding a free, ad-supported streaming service. A FAST offering could help Netflix scale its nascent ads business, which has been slow to take off. Could Netflix launch a free, ad-supported service? A FAST channel — free, ad-supported television — is a linear stream, a model media companies are increasingly using to complement traditional TV and paid streaming services. For Netflix, a FAST could be a quick way to scale its ads business.
Netflix said it's open to adding a free, ad-supported streaming service. A FAST offering could help Netflix scale its nascent ads business, which has been slow to take off. Could Netflix launch a free, ad-supported service? A FAST channel — free, ad-supported television — is a linear stream, a model media companies are increasingly using to complement traditional TV and paid streaming services. For Netflix, a FAST could be a quick way to scale its ads business.
Netflix's elevation of Greg Peters to co-CEO shows the importance of its advertising sales effort. But Bela Bajaria's rise to content chief has caused some confusion about the future of the TV and film organization. The Netflix veteran now shares the role with current co-CEO Ted Sarandos, as company cofounder Reed Hastings steps down and settles into an executive chairman position. The move made a lot of sense to industry insiders, and even publicly, Netflix had been signaling the ascension for some time. Netflix insiders said Bajaria's new title underscored the importance of TV versus film in the streaming wars.
Airport workers across the country are rallying and walking off the job Thursday to draw attention to their current working conditions and legislation that could improve them. Workers at 15 U.S. airports, including ones in Dallas, Los Angeles, Miami, New York City and Phoenix, plan to participate in on-site rallies. Formal strikes — which could disrupt operations — are planned at Boston's Logan International Airport, Chicago's O'Hare International Airport and the Newark Liberty International Airport. The rallies are in support of the Good Jobs for Good Airports Act, introduced in June by Sen. Ed Markey, D-Mass. It would set a minimum wage of $15 for airport service workers, as well as ensure the workers have paid time off, holidays, adequate health care and other benefits.
Former Disney CEO Bob Iger is back in his old job, in a move that shocked the media world. From cost cuts to streaming to a solid future succession plan, here's what they hope the CEO will tackle. Following the stunning November 20 announcement that former Disney CEO Bob Iger would be returning to his old job, the happiest place on earth might actually be Wall Street. "What I like about Bob Iger is Bob Iger has always been direct, he's been honest, he's been willing to make tough choices," Michael Nathanson, a senior research analyst and co-founder of the firm, said in a CNBC interview. Are you a Disney insider with insight to share about Bob Iger's return?
Airport service workers are planning a day of action on December 8 to demand better conditions. Airport service workers are gearing up for a day of action, rallying, picketing, and marching to demand better conditions on the job. Airport service workers, such as janitors, security guards, and baggage handlers, will call on Congress to pass the Good Jobs for Good Airports Act. "Airport service workers all across this country help make our airports run. Now, airport service workers are the latest essential group to ask for more.
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