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☆ Actors union vote to authorize July strike, possibly joining writers
▼ + stars: | 2023-06-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

If the actors do walk out, they would join members of the Writers Guild of America already on picket lines. The DGA tentative deal “doesn’t hurt the leverage or the pursuit of better working conditions for the writers and possibly the actors. : An Industry at War in the Internet Age.” He puts the chance of an actors’ strike at about two to one. Some television shows, particularly late night shows that are written daily in order to be timely, have had their production halted by the writers’ strike. Some shows and films that have had scripts already completed have continued to film since the writers went on strike.

Persons: isn’t, Radio Artists “, ”, Fran Drescher, “ I’m, AFTRA, Duncan Crabtree, “, Tom Nunan, doesn’t, Jonathan Handel, Nunan Organizations: New, New York CNN, Screen, — American Federation of Television, Radio Artists, Writers Guild of America, WGA, Alliance, Television Producers, Companies, Amazon, Apple, CBS, Disney, NBC Universal, Netflix, Paramount Global, Sony, Warner Bros ., Guild of America, DGA, SAG, UCLA School of Theater, Film, Television Locations: New York

☆ The top Hollywood exec made $498 million in the last 5 years—384 times as much as the average writer
▼ + stars: | 2023-06-01 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +4 min

That's a staggering 384 times the average pay of a Hollywood writer. Overall, average pay for Hollywood's top execs climbed to $28 million in 2021, up 53% from 2018 (and roughly 108 times the average writer's pay) according to the analysis, which uses compensation data from the research firm Equilar and includes stock options, base salaries, bonuses and other perks. Meanwhile, average pay for Hollywood writers has remained virtually flat at about $260,000 as 2021, the Times reports. Hollywood executive pay dropped in 2022 due to stock market volatility and investor pressure to make streaming profitable. From 1978 to 2021, CEO pay grew by 1,460%, adjusted for inflation, versus just 18.1% for the typical worker.

Persons: David Zaslav, That's, Ari Emanuel, Reed Hastings, Bob Iger, Walt, Ted Sarandos, Rupert Murdoch, Lachlan Murdoch, Brian Roberts, Joseph Ianniello, Patrick Whitesell, Kaitlin Fontana, Kelly Evans Organizations: Hollywood, Los Angeles Times, Warner Bros, Discovery Inc, Times, Writers Guild of America, Endeavor Group Holdings Inc, Netflix, Walt Disney Co, Fox Corp, Comcast Corp, Paramount Global, Endeavor, Paramount, Disney, Company, WGA, Alliance, Television Producers, LA Times, Economic, Comcast, CNBC Locations: U.S, California

Fox will pay $6 million, and CBS, now known as Paramount Global (PARA.O), will pay $5 million, the court filing showed. Representatives for Cox, Fox and CBS either declined to comment or did not immediately respond to a message seeking comment. Representatives from those defendants either declined to comment on the pending litigation or did not immediately respond to messages seeking comment. Plaintiffs' attorney Megan Jones at law firm Hausfeld, on Tuesday did not immediately respond to a message seeking comment. The case is In re: Local TV Advertising Antitrust Litigation, U.S. District Court for the Northern District of Illinois, No.

Persons: Cox, District Judge Virginia Kendall, schemed, Sinclair, Kendall, Megan Jones, Hausfeld, Freed, Robins Kaplan, Jennifer Giordano, George Cary, Cleary Gottlieb Steen, Nathan Eimer, Eimer Stahl, Weil, Brian Sher, Bryan Cave Leighton, Mike Scarcella, Leigh Jones Organizations: Fox, CBS, Cox Media Group, Fox Corp, CBS Corp, Northern, Northern District of Illinois, Paramount Global, U.S, District Judge, Cox, Sinclair Broadcasting Group Inc, Scripps Company, TEGNA Inc, U.S . Justice Department, Local, Antitrust Litigation, Northern District of, Millen, Latham, Watkins, Hamilton, Thomson Locations: U.S, Northern District, Chicago, Northern District of Illinois

☆ Stocks making the biggest premarket moves: ChargePoint, Ford, Nvidia, Tesla and more
▼ + stars: | 2023-05-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making some of the biggest moves in premarket trading:ChargePoint — Shares of the electric vehicle charging station company jumped 5% premarket after Bank of America upgraded the stock to buy. Tesla — Shares gained 3% premarket. Last Thursday, Tesla and Ford announced a partnership giving Ford owners access to Tesla Superchargers. Coinbase — Shares gained 4% in premarket trading. Nvidia — Shares continued to near $1 trillion in market value, up 3.7% in premarket trading.

☆ Stocks making the biggest moves midday: Nvidia, Tesla, Coinbase and more
▼ + stars: | 2023-05-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Visitors at the Nvidia stand at the 2022 Apsara Conference in Hangzhou, China, Nov 3, 2022. Nvidia — Shares of the chipmaker and artificial intelligence beneficiary popped nearly 6%, building on its recent gains on the heels of a blowout quarter. Tesla — Shares gained 6% following a Reuters report a private jet used by CEO Elon Musk arrived in China, his first visit in three years. ChargePoint — Shares rose nearly 11%. Devon Energy , Diamondback , Chevron , ExxonMobil — Energy stocks were under pressure Tuesday as prices for oil and natural gas slid.

☆ Paramount pops after Buffett's favorite banker makes 'interesting' bet in media giant's key shareholder
▼ + stars: | 2023-05-26 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

National Amusements, Paramount's majority voting shareholder, announced Thursday afternoon that it has entered into an agreement for a $125 million preferred equity investment from BDT Capital Partners, an affiliate of BDT & MSD Partners. Paramount Global shares jumped nearly 6% on Friday after an investor known as Warren Buffett's favorite banker piled into the media company's controlling shareholder. BDT & MSD Partners' chairman and co-CEO is Byron Trott, who has long been known as Buffett's preferred and trusted banker. "It's not good news when any company passes its dividend, or cuts its dividend dramatically," Buffett said. Upgrade from LoopLoop Capital on Friday upgraded Paramount to a hold rating from a sell in light of the BDT investment.

☆ 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.

☆ Netflix password-sharing crackdown rolls out in the U.S.
▼ + stars: | 2023-05-23 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

The streaming service said it began alerting members on Tuesday about its new sharing policy, noting that Netflix accounts are only to be shared within a single household. Netflix 's crackdown on password sharing has come to the U.S.Netflix warned it would be tightening its guidelines on password sharing in a push to boost revenue and subscriber numbers, soon after the company began seeing growth stagnate. On Netflix's subscription plans page , it notes that extra members can be added to its standard and premium plans without ads. Earlier this year, Netflix outlined password-sharing guidance in four other countries: New Zealand, Canada, Portugal and Spain. In addition to its crackdown on password sharing, Netflix also recently introduced a cheaper, ad-supported tier in an effort to boost revenue.

☆ Paramount streaming service to merge with Showtime on June 27
▼ + stars: | 2023-05-22 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 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 Global 's flagship streaming service Paramount+ will combine with its Showtime app in the U.S. on June 27, the company said Monday. The Paramount+ with Showtime premium tier will increase to $11.99 from $9.99, while the Paramount+ option without Showtime content will increase by $1 to $5.99. The premium cable-TV network, known for series like "Yellowjackets" and "Billions," will also be rebranded as Paramount+ with Showtime, and the company will also sunset the standalone Showtime app by the end of the year. Paramount has said it expects peak losses for its fledgling streaming service Paramount+ this year.

Persons: Tom Ryan, Max, Bob Iger Organizations: Paramount, LG, Consumer Electronics, Showtime, Warner Bros, HBO Max, Disney Locations: Las Vegas , Nevada, U.S

☆ Desperate for streaming profits, media giants look to a soft ad market for help
▼ + stars: | 2023-05-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

(AP Photo/Universal Pictures) Photo Credit: Universal Pictures/Tippett StudioAfter spending years amassing streaming subscribers at great cost, media companies now need to make some profits. Look no further for proof of that than the most recent annual Upfronts, the events where media companies like Fox Corp ., Warner Bros. During Disney's earnings call earlier this month, CEO Bob Iger put new emphasis on ad-supported streaming. 'We need ads'There's been an uptick of consumers signing up for ad-supported streaming subscriptions. But media companies are struggling with the question of whether ad-tier subscriptions make up for other losses.

This year, advertisers and ad agencies may well use the strike as a bargaining tool, said Erin Firneno, vice president of business intelligence for researcher Advertiser Perceptions. The writers’ strike, which has entered its third week, is also injecting a new element of uncertainty for ad buyers, at a time when television viewership is declining and the possibility of recession looms. While the TV networks have long contended with splintered viewership amid the rise of social media and streaming, the writers' strike puts content production at risk, said Rishad Tobaccowala, a former executive at advertising and public relations giant Publicis Groupe and advisor on business transformation. Last year, NBC’s upfront presentation emphasized star power as the network returned to a live event after a COVID-19-imposed hiatus. Ahead of the upfront presentations, media executives sought to reassure investors about the strike’s impact.

☆ 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).

Fox Corp. , Disney , Warner Bros. Media executives' messaging to advertisers could center around value this year, particularly as companies continue to offer more content on their streaming services. Cost cuttingWhile media executives will try to convince advertisers to maximize their spending, they'll be pushing that narrative while making fewer shows. The logo of the streaming service Paramount+ on a logo wall at the Paramount+ launch event. Jörg Carstensen | Picture Alliance | Getty ImagesParamount, in particular, has seen a big reliance on franchises, especially for its Paramount+ streaming service.

☆ 'iCarly' writers join the WGA strike as showrunner Ali Schouten calls out Hollywood studios' 'corporate greed'
▼ + stars: | 2023-05-11 | by ( Reed Alexander | ) www.businessinsider.com time to read: +13 min

Insider spoke to Ali Schouten, the showrunner behind Paramount+ series "iCarly," about what's at stake. The "iCarly" writers will link up with the picket line outside the lot where the show is filmed, according to Ali Schouten, the series' showrunner and executive producer. Ahead of the "iCarly" writers' picketing on Thursday, I spoke with Schouten to understand what she and her colleagues are fighting for. Lisa Rose/Paramount+The last writers' strike resulted in $2 billion worth of losses for the California economy, and some experts predict the impact of this work stoppage could be even greater. How is the writers' strike impacting you, your business, or your family?

☆ With writers' strike already underway, film and TV studios start labor talks with directors
▼ + stars: | 2023-05-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Television and film studios, already dealing with a strike by the Writers Guild of America, started contract negotiations Wednesday with the Directors Guild of America. If those talks break down, they could lead to even broader work stoppages on film and television sets nationwide. Writers Guild of America members and supporters picket outside Sunset Bronson Studios and Netflix Studios, after union negotiators called a strike for film and television writers, in Los Angeles, California, U.S., May 3, 2023. There’s a good chance the Writers Guild could still be on strike at that point. Late night television shows were the first to be halted by the writers strike, and some other popular shows now in production, including Stranger Things, have been postponed as well.

☆ MTV News is shutting down after 36 years — take a look at its iconic history
▼ + stars: | 2023-05-10 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Paramount Global announced Tuesday it is shutting down MTV News and cutting 25% of its staff. It gained popularity for covering news in music, entertainment, and eventually politics. After decades of reporting on entertainment news and a history of iconic interviews with A-listers in the music industry, MTV News is shutting down. Paramount Global announced the shutdown on Tuesday, along with the news that it's cutting 25% of its staff, NPR reported. Its subsidiaries include CBS, Nickelodeon, Comedy Central, and Showtime, the latter of which merged with MTV Entertainment Studios in February.

☆ The streaming wars are over, and it's time for media to figure out what's next
▼ + stars: | 2023-05-10 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

The race between the biggest media and entertainment companies to add streaming subscribers, knowing consumers will only pay for a limited number of them, is finished. Disney announced its flagship streaming service, Disney+, lost 4 million subscribers during the first three months of the year, dropping the company's total streaming subscribers to 157.8 million from 161.8 million. Disney on Wednesday announced streaming losses narrowed to $659 million from $887 million. NBCUniversal's Peacock gained 2 million subscribers last quarter, giving it 22 million subscribers. Paramount Global added 4.1 million subscribers in the quarter, putting it at 60 million subscribers.

☆ Here's what Blue Line Futures' Bill Baruch expects from Disney this earnings season
▼ + stars: | 2023-05-09 | by ( ) www.cnbc.com time to read: +2 min

In light of a pessimistic quarterly report from Paramount, Bill Baruch, president of Blue Line Futures said he'll keep an eye out on Disney 's earnings Wednesday after the bell. "Ultimately, subscriber growth rebounding is going to be the key thing," referring to the company's streaming platform Disney+. He noted that Disney+ lost 2.4 million subscribers last quarter after losing a subscription deal in India. However, he said Disney is now expected to bring back 2.2 million subscribers for Disney+, 716,000 subscribers for ESPN and about 300,000 Hulu subscribers. "Bringing those subscribers back we'll get them on pace for getting about 10 million subscribers in the current year and that's going to be crucial," he said.

☆ Shaquille O’Neal, Kenya Barris and 50 Cent Team Up to Explore Bid for BET Media
▼ + stars: | 2023-05-05 | by ( Jessica Toonkel | Alexandra Bruell | ) www.wsj.com time to read: 1 min

Shaquille O’Neal, a retired basketball star, is part of a consortium that could bid for BET Media Group. Photo: Katherine Tyler/NBAE via Getty ImagesA group including basketball legend Shaquille O’Neal , TV producer Kenya Barris and rapper 50 Cent is among the potential bidders for a majority stake in Paramount Global ’s BET Media Group , according to people familiar with the situation. The three celebrities have teamed up with Group Black—a company that aims to invest in and grow Black-owned media firms—private-equity firm CVC Capital Partners and Authentic Brands Group, which develops and licenses its brands to retail operators, the people said.

☆ Paramount Can’t Say No to the Man Behind ‘Yellowstone’: $50,000 a Week for His Ranch, $25 Per Cow
▼ + stars: | 2023-05-05 | by ( Erich Schwartzel | Joe Flint | ) www.wsj.com time to read: 1 min

No one on the set of “Yellowstone” could figure out why the show was paying a horse wrangler who was more than 1,600 miles away. It was May 2022, and the Paramount Network blockbuster western was gearing up for a fifth season that was, by all accounts, expected to be another hit—both for its all-powerful creator, Taylor Sheridan, and Paramount Global , the media conglomerate bankrolling his operation.

☆ Berkshire Hathaway's annual meeting is here: What to expect from Warren Buffett and Charlie Munger
▼ + stars: | 2023-05-05 | by ( Yun Li | ) www.cnbc.com time to read: +7 min

Warren Buffett is set to kick off Berkshire Hathaway 's annual shareholder meeting Saturday before tens of thousands of adoring shareholders. Berkshire's annual "Woodstock for Capitalists" will be held in Omaha, Nebraska, the second straight in-person gathering after two virtual meetings during the pandemic. The question of Buffett's Activision stake is expected to come up at the annual meeting. Geico Berkshire shareholders will also be eager to learn more about what's next for auto insurer Geico , the crown jewel of Berkshire's insurance empire and Buffett's "favorite child." ESG issues There are a few ESG-related shareholder proposals being put to a vote at the annual meeting, including requiring Berkshire to publish an annual assessment of climate-related risks and publish data on its workforce composition by gender, race, and ethnicity.

☆ There's a real-life 'Succession' drama playing out among the children of Bernard Arnault, the world's richest person and head of luxury behemoth LVMH
▼ + stars: | 2023-05-05 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

But there's a similar legacy battle going on inside LVMH, the French luxury house run by Bernard Arnault. The children of the world's richest man are vying for influence within LVMH in a "Darwinian" fight. Showrunner Jesse Armstrong says his fictional Roy family is inspired by several famous dynasties, such as the Hearsts — the family behind Hearst Communications — and the Redstones — the controlling influence behind Paramount Global. There's still plenty of rivalry between the progeny of Bernard Arnault, CEO of luxury goods behemoth LVMH and world's richest person. The Roy family of "Succession."

☆ Paramount’s Slashed Dividend Will Cost It
▼ + stars: | 2023-05-04 | by ( Dan Gallagher | ) www.wsj.com time to read: +1 min

Paramount has been facing its own ‘Mission Impossible’ in grappling with how to pay for its expensive pivot to streaming. Photo: Christian Black/Paramount/Everett CollectionThe media giant behind the “Mission Impossible” franchise has been facing one of its own: how to pay for an expensive pivot to streaming long past the time when investors were willing to write blank checks for that. Now Paramount Global ’s checks to investors won’t be nearly as large as they used to be. The company announced a “dividend modification” with its first-quarter results Thursday morning. That modification—a 79% cut to what the company had been paying—will help it conserve $500 million in cash annually.

☆ Paramount Posts Earnings Loss on $1.7 Billion Charge, Cuts Dividend
▼ + stars: | 2023-05-04 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Paramount and other streaming companies have been working to rein in costs. Photo: Gabby Jones/Bloomberg NewsParamount Global posted a steep loss in the first quarter, weighed down by nearly $1.7 billion in charges tied to its plan to remove certain programming as it combines its Showtime streaming service with its Paramount+ platform. The New York-based media company also slashed its dividend for the first time in over a decade as it continues to pour cash into its money-losing streaming division.

May 4 (Reuters) - Paramount Global Inc (PARA.O) missed first-quarter revenue estimates on Thursday amid a weak advertising market in its TV business and cut its dividend. The company incurred a $1.7 billion charge in connection with its plan to integrate Showtime into its Paramount+ streaming service and remove certain programming. Paramount Global said its dividend cut to 5 cents per share will result in approximately $500 million in annualized cash savings. Paramount+, the company's flagship streaming platform, added 4.1 million subscribers during the quarter, compared with 9.9 million in the preceding quarter. Sales for its TV media segment declined by 8% from a year earlier and advertising revenue fell by 11%.

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