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☆ Penn Entertainment beats profit estimates on rising demand for sports betting
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.

Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington

"We think that at this point there is some profit taking and retrenchment in the short term on the card," said Aadil Zaman, partner at Wall Street Alliance Group. However, Fed Governor Michelle Bowman on Monday said the combination of still-elevated inflation and continued economic growth meant further rate increases are likely. The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. Seven of the top 11 S&P 500 sectors rose, led by gains in energy stocks (.SPNY), that increased 1.6%, touching a near six-month high, tracking a jump in crude oil prices. Of the 443 S&P 500 companies that have reported results as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Aadil Zaman, Patrick Harker, Michelle Bowman, Monday, It's, Zaman, Brendan McDermid Big, Wells, Penn Entertainment's, Walt Disney's, Uber, advancers, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, . Federal Reserve, Wall, Nvidia, Apple, Wall Street Alliance Group, Philadelphia Fed, Traders, FedWatch, Index, CPI, New York Stock Exchange, REUTERS, Bank of America, Dow Jones, Casino, Walt, Walt Disney's ESPN, NYSE, Thomson Locations: U.S, New York City, Bengaluru

[1/2] SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. The growth of artificial intelligence has been a key issue for union members, who fear that it could replace their creative input. "Nothing is more important to this company than its relationships with the creative," Iger said on a call discussing Disney's quarterly results on Wednesday. Iger, who returned to Disney as CEO last year, did not say how he would help bring the strikes to an end. Under Iger, Disney has created a task force to study artificial intelligence and how it can be applied across the company, Reuters reported on Tuesday.

Persons: Mike Blake, Walt Disney, Bob Iger, Iger, Bryan Cranston, Danielle Broadway, Dawn Chmielewski, Mary Milliken, Leslie Adler Organizations: Writers Guild of America, Disney Studios, REUTERS, Hollywood, Disney, SAG, Reuters, Thomson Locations: Burbank , California, U.S, Iger

The Consumer Price Index (CPI) for July, due on Thursday, is expected to show a slight year-over-year acceleration. On a month-to-month basis, consumer prices are seen increasing 0.2%, the same rate as in June. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 9 points, or 0.20%, and Nasdaq 100 e-minis were up 31.5 points, or 0.21%. Of the 443 S&P 500 companies that have reported earnings as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.

Persons: Patrick Harker, Michelle Bowman, FEDWATCH, Brendan McDermid, Michael Hewson, Penn Entertainment's, Walt Disney's, Uber, Bansari Mayur, Shounak Dasgupta Organizations: Penn, Dow, Nasdaq, Federal Reserve, Index, Philadelphia Fed, Traders, Bank of America, Citigroup, New York Stock Exchange, REUTERS, ECB, Bank of England, CMC Markets, Dow e, Casino, Walt, Walt Disney's ESPN, Rivian, Thomson Locations: U.S, New York City, Asia, Bengaluru

☆ Morning Bid: Banking news unnerves ahead of US CPI
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File PhotoA look at the day ahead in European and global markets from Brigid RileyMarkets have a full plate on Wednesday, taking in China's disappointing inflation data while awaiting tomorrow's U.S. CPI report, and processing a surprise banking windfall tax announcement from Italy. The banking sector in Europe is still reeling after Italy unexpectedly approved a 40% windfall tax, although authorities added in a statement on Tuesday that the new tax could not breach 0.1% of a lender's total assets. European markets will be on guard for similar moves in other countries. Eyes are turning to the fast-approaching U.S. inflation report after mostly dovish comments from several Fed officials this week. Dutch supermarket chain Ahold Delhaize (AD.AS) and Germany-based E.ON (EONGn.DE), Europe's largest energy company, also announce earnings.

Persons: King of Prussia, Mark Makela, Brigid Riley, there's, Ahold, Edmund Klamann Organizations: King of Prussia , Pennsylvania U.S, REUTERS, Brigid Riley Markets, U.S, CPI, Walt Disney Co, E.ON, Reuters Graphics Reuters, Illumina, Walt Disney, Thomson Locations: King, King of Prussia , Pennsylvania, Brigid, Italy, Europe, Asia, China, Germany

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Walt Disney Studios in Burbank, California, U.S., July 31, 2023. As evidence of its interest, Disney has 11 current job openings seeking candidates with expertise in artificial intelligence or machine learning. AI has become a powder keg in Hollywood, where writers and actors view it as an existential threat to jobs. In Switzerland, Disney Research has been exploring AI, machine learning and visual computing, according to its website. This technology is used to augment digital effects, not replace human actors, according to a source familiar with the matter.

Persons: Mario Anzuoni, Walt Disney, Walt Disney Imagineering, Indiana Jones, Disney Imagineer, Groot, Imagineer, Harrison Ford, STEAMBOAT WILLIE, Willie, Bob Iger, Marvel, Hao Li, Li, Scott Trowbridge, Dawn Chmielewski, Krystal Hu, Kenneth Li, Matthew Lewis Organizations: Writers Guild of America, Walt Disney Studios, REUTERS, Hollywood, Reuters, Disney, Guardians, Screen Actors Guild, STEAMBOAT, U.S . Patent, Swiss Federal Institute of Technology, Carnegie Mellon University, Disney Research, Star, Galactic, Thomson Locations: Burbank , California, U.S, Hollywood, Zurich, Pittsburgh , Pennsylvania, Pittsburgh, Disney's, Switzerland, Los Angeles, New York

☆ Asia shares on guard for US, China inflation risks
▼ + stars: | 2023-08-07 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was a fraction firmer in thin trade, after losing 2.3% last week. Chinese blue chips (.CSI300) eased 0.7% with investors still disappointed at the lack of major and concrete stimulus steps from Beijing. Going the other way, S&P 500 futures added 0.4% and Nasdaq futures 0.5%. In China, the market is looking for further signs of deflation with annual consumer prices seen down around 0.5%, and producer prices falling 4%. Futures imply only a 12% chance of a Federal Reserve rate hike in September, and 24% for a rise by year-end.

Persons: Kim Kyung, Walt Disney, Goldman Sachs, Michael Gapen, Brent, Wayne Cole, Shri Navaratnam, Jacqueline Wong Organizations: Yen, REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Bank of Japan, Nasdaq, News Corp, Goldman, Federal, Fed, U.S ., Thomson Locations: Tokyo, Japan, China, U.S, Asia, Pacific, Beijing, Ukraine

☆ Striking Hollywood writers, studios meet to discuss resuming talks
▼ + stars: | 2023-08-04 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

[1/5] SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Paramount Studios in Los Angeles, California, U.S., August 2, 2023. REUTERS/Mario AnzuoniLOS ANGELES, Aug 4 (Reuters) - As the Hollywood writers' strike approaches the 100-day mark, Writers Guild of America (WGA) negotiators will meet on Friday with representatives of the major studios for the first time in three months to discuss whether contract talks can resume. "We challenge the studios and AMPTP to come to the meeting they called for this Friday with a new playbook," the WGA said in an email. Fox is expected to announce that television's Emmy Awards will be rescheduled to air in January due to the strikes, the Los Angeles Times reported, citing a person familiar with the plans. Reporting by Dawn Chmielewski in Los Angeles; additional reporting by Danielle Broadway in Los Angeles Editing by Mary Milliken and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Mario, Walt Disney, Fox, Jorge A . Reyes, Kevin Hill, Dawn Chmielewski, Danielle Broadway, Mary Milliken, David Gregorio Our Organizations: Writers Guild of America, Paramount Studios, REUTERS, Hollywood, Guild of America, WGA, Television Producers, Walt, Netflix, Screen Actors, Los Angeles Times, Warner Bros Discovery, Thomson Locations: Los Angeles , California, U.S, Los Angeles

☆ At striking actors' hangout bar, tiny residual checks no longer a joke
▼ + stars: | 2023-08-02 | by ( Lisa Richwine | ) www.reuters.com time to read: +5 min

"Back in the late '90s, it used to be kind of a rarity to get a tiny residual check," actor John O'Brien said. In today's streaming-TV era, small residual checks have become so customary that they helped push the SAG-AFTRA actors union to go on strike in mid-July, joining film and television writers, who walked off the job in May, in part over residual payments. O'Brien, who has appeared on dozens of shows, from "Grey's Anatomy" to "Pretty Little Liars," shared images of residual checks from more than two decades ago worth $47.49, $87.77 and $216.25. For working class actors who were not the famous, highly paid stars, the residual checks were vital to helping them pay their bills. Lower residual payments mean fewer actors earn the $26,470 per year needed to qualify for SAG-AFTRA's health insurance coverage, said actor Michael Spellman.

Persons: John O'Brien, you'd, It's, O'Brien, Michael Spellman, Walt Disney, Arabella Field, Mike Blake, bartenders, Walt, Justin Bieber, Kirk Dinsmore, you've, Dinsmore, Spellman, We're, Lisa Richwine, Mary Milliken, Rosalba O'Brien Organizations: CITY, SAG, Alliance, Television Producers, Netflix, Studio City, REUTERS, Universal Pictures, Warner Bros, Walt Disney, Writers Guild of America, WGA, Thomson Locations: CITY , California, Hollywood, Los Angeles, Los Angeles , California, U.S

☆ Striking Hollywood writers to hold first talks with studios in three months
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Netflix, in Los Angeles, California, U.S., July 31, 2023. REUTERS/Mario AnzuoniAug 2 (Reuters) - Hollywood's striking writers and major studios have agreed to hold talks on Friday for the first time since their strike began over higher pay demands in May, the Writers Guild of America (WGA) said on Tuesday. An AMPTP spokesperson told Reuters that the alliance was committed to finding a mutually beneficial deal, without giving further details. Hollywood actors joined the writers on picket lines in July as they also demanded higher streaming-era pay and curbs on the use of artificial intelligence. The entertainment website Deadline reported on Tuesday that the WGA and the studios were on the verge of making a breakthrough in talks.

Persons: Mario Anzuoni, We'll, Walt Disney, Gokul Pisharody, Bharat Govind Gautam, Robert Birsel Organizations: Writers Guild of America, Netflix, REUTERS, Alliance, Television Producers, WGA, Reuters, Walt, Warner Bros Discovery, Hollywood, Thomson Locations: Los Angeles , California, U.S, Bengaluru

The ruling allows the oversight district to pursue its case that seeks to void "backroom deals" favorable to Disney that were struck with a prior district board earlier this year. A Disney spokesperson said the decision "has no bearing" on the federal lawsuit seeking to "vindicate Disney's constitutional rights." "We are fully confident Disney will prevail in both the federal and state cases," the spokesperson said in an email. The skirmish began last year after Disney criticized a Florida law banning classroom discussion of sexuality and gender identity with younger children. DeSantis rallied lawmakers to pass bills that reconstituted the district as the Central Florida Tourism Oversight District and transferred power over the board to the governor from Disney.

Persons: Ron DeSantis, DeSantis, Disney, Lawmakers, Tom Hals, Jody Godoy, Deepa Babington, Jonathan Oatis, Richard Chang Organizations: Walt Disney Co, DeSantis, Disney, Republican, Central, Thomson Locations: WILMINGTON , Delaware, Florida, Central Florida, District, Wilmington , Delaware, New York

NEW DELHI, July 27 (Reuters) - Walt Disney's (DIS.N) India streaming service plans to start enforcing a policy of allowing its premium users to login from only four devices, an effort aimed at limiting password sharing in a key market, two sources with direct knowledge said. In India, a premium account of Disney+ Hotstar streaming service still allows logins on as many as 10 devices, even though its website currently says "number of devices that can be logged in" is four. Industry data says Hotstar is market leader in terms of users with approximately 50 million. The new planned restriction will also apply to its cheaper plan which will limit usage across two devices, the second source added. Disney's Hotstar topped India's streaming market between January 2022 and March 2023 with a 38% share of viewership, while rivals Netflix and Prime Video held 5% each, data from research firm Media Partners Asia showed.

Persons: Walt Disney's, Disney's, Disney, Mukesh Ambani's JioCinema, Hotstar, Walt Disney, Aditya Kalra, Munsif Vengattil, Jane Merriman Organizations: Netflix, Disney, Media Partners, Media Partners Asia, Thomson Locations: DELHI, DIS.N, India

☆ Bryan Cranston calls out Bob Iger at striking actors' rally
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike SegarNEW YORK, July 25 (Reuters) - Emmy-winning "Breaking Bad" actor Bryan Cranston rallied a crowd of striking Hollywood actors on Tuesday with comments directed at Walt Disney Co (DIS.N) Chief Executive Bob Iger. Iger angered members of the SAG-AFTRA actors union this month by saying their demands for a labor contract with higher pay and limits on use of artificial intelligence were "unreasonable." At a rally in Times Square in New York near Disney's ABC News studio, Cranston said the actors had "a message for Mr. The actors' union has asked for a requirement that studios obtain consent to use a star's digital image, among other protections. "We will not have you take away our right to work and earn a decent living," Cranston said in his remarks directed at Iger.

Persons: Bryan Cranston, Steve Buscemi, Brendan Fraser, F, Murray Abraham, Jill Hennessy, Mike Segar, Bob Iger, Iger, Cranston, Lisa Richwine, Jonathan Oatis Organizations: SAG, Times, REUTERS, Walt Disney Co, Disney's ABC, Hollywood, Alliance, Television Producers, Disney, Netflix Inc, Thomson Locations: Manhattan, New York City , New York, U.S, New York, Disney's, Hollywood, Iger

July 21 (Reuters) - U.S. Vice President Kamala Harris criticized Florida "extremists" on Friday for backing educational guidelines that taught "revisionist history" about slavery in the United States. Harris, the first Black and Asian-American woman to serve as vice president, flew to Florida, a political swing state whose governor, Ron DeSantis, is running for the Republican presidential nomination, to deliver a blistering speech condemning the new guidelines. The board of education approved the new teaching guidelines for kindergarten through high school on Wednesday. Florida's education commissioner, Manny Diaz Jr., said during the board meeting in Orlando that the guidelines go in to the "tougher subjects" of slavery and racist violence, as appropriate by age. President Joe Biden, with Harris as his vice president, is running for re-election in 2024.

Persons: Kamala Harris, Harris, Ron DeSantis, Manny Diaz Jr, William Allen, Frances Presley Rice, DeSantis, Donald Trump, Walt Disney, Joe Biden, Jeff Mason, Brad Brooks, Steve Holland, Andrea Shalal, Matthew Lewis Organizations: Republican, Thomson Locations: Florida, United States, Orlando, Washington, Texas

☆ Netflix’s cash gun starts to whir
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 19 (Reuters Breakingviews) - Netflix (NFLX.O) is putting out some programming worthy of more eyeballs. But its forecast on free cash flow – once a horror flick– shows that the business is only getting stronger. The revenue outlook for the third quarter of $8.5 billion is below analysts’ estimates of $8.7 billion, according to Refinitiv. Netflix raised its outlook for free cash flow this year to at least $5 billion from approximately $3.5 billion. At a time when high interest rates make greenbacks more expensive, and competitors Walt Disney (DIS.N) and Warner Bros Discovery (WBD.O) are squirming, Netflix’s cash story is one to watch.

Persons: Reed Hastings, Walt Disney, Jennifer Saba, Gucci, Xavier Niel’s, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Netflix, Hollywood, Warner Bros Discovery, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson

☆ Disney approaches Indian court in Google in-app billing dispute - source
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File PhotoNEW DELHI, July 18 (Reuters) - Walt Disney (DIS.N) has approached a state court in India in an ongoing legal challenge against Google's (GOOGL.O) in-app billing system, a source familiar with the matter told Reuters on Tuesday. In May, India's competition watchdog started an inquiry into Google after some companies alleged the service fee the U.S. firm charges for in-app payments breaches an earlier antitrust directive. Google, which counts India as a key growth market, had earlier said the service fee supports investments in Google Play app store and the Android mobile operating system, ensuring it distributes it for free, and covers developer tools and analytic services. Reporting by Arpan Chaturvedi in New Delhi and Indranil Sarkar in Bengaluru ; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Walt Disney, Google's, Arpan Chaturvedi, Indranil Sarkar, Savio D'Souza, Nivedita Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Reuters, Google, Android, Thomson Locations: New York, U.S, DELHI, India, New Delhi, Bengaluru

☆ Hollywood studios say they offered actors $1 billion in gains before strike
▼ + stars: | 2023-07-18 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

LOS ANGELES, July 17 (Reuters) - Major film and television studios offered Hollywood actors more than $1 billion in higher compensation and enhanced benefits before the SAG-AFTRA union called a strike last week, a group that represents media companies said on Monday. "For SAG-AFTRA to assert that we have not been responsive to the needs of its membership is disingenuous at best," the AMPTP added. The union said the studios countered with an offer of 5%. "We moved on some things, but from day one they wouldn’t meaningfully engage on the most critical issues," SAG-AFTRA said. The actors have joined members of the Writers Guild of America (WGA), which went on strike May 2 after failing to reach a deal with the AMPTP.

Persons: AFTRA, Lisa Richwine, Robert Birsel Organizations: SAG, Alliance, Television Producers, Netflix Inc, Walt Disney Co, Warner Bros Discovery, Writers Guild of America, Thomson Locations: ANGELES

☆ Netflix shielded from Hollywood strike by global crew, strong pipeline
▼ + stars: | 2023-07-17 | by ( Samrhitha A | ) www.reuters.com time to read: +4 min

Some of the people on strike are also picketing the Netflix offices in Los Angeles. Netflix's international production capabilities are a "huge differentiator", and a lot of their content comes from countries that are not involved in the strike, analysts at SVB MoffettNathanson, Credit Suisse and Insider Intelligence said. Netflix is expected to have added a net 1.77 million subscribers, according to Refinitiv, in what is typically a weak quarter due to school holidays. The company lost nearly 1 million subscribers in the year-ago period. The second quarter also featured some strong programming from Netflix, including hits like "Queen Charlotte: A Bridgerton Story" and "Never Have I Ever Season 4".

Persons: Gal, Michael Nathanson, Nathanson, Jamie Lumley, Charlotte, Samrhitha, Aditya Soni, Shounak Organizations: Netflix, U.S, Credit Suisse, Insider Intelligence, Disney, Reuters, Macquarie, Intelligence, Thomson Locations: Hollywood, Los Angeles, United States, U.S, Bengaluru

The actors' union said on Thursday its board had unanimously agreed to a strike after failing to reach a deal with studios, including Walt Disney Co (DIS.N) and Netflix Inc (NFLX.O). Officials said actors would join picket lines in New York and Los Angeles starting on Friday. The economic damage is expected to spread after actors join the picket lines. The actors' walkout will shut down the studios' remaining U.S.-based productions of film and scripted television and hamper many overseas shoots. Britain's main entertainment industry union Equity said it backed its U.S. counterpart and would be bringing up many of the same issues in its own contract negotiations over the next 12 months.

Persons: Fran Drescher, Duncan Crabtree, Drescher, Rather, AFTRA, Paul Fleming, Lisa Richwine, Marie, Louise Gumuchian, Diane Craft, Andrew Heavens, Barbara Lewis Organizations: SAG, Alliance, Television Producers, Studios, Britain's Equity, Hollywood, Writers Guild of America, Walt Disney Co, Netflix Inc, Los Angeles, Equity, U.S ., Reuters, Thomson Locations: Hollywood's, New York, Los, California, Britain, London

The proposal was delivered to the streaming platforms at a June 20 meeting at the Information and Broadcasting Ministry. The government highlighted the need for a "more proactive approach" to ensure that streaming content, "including international content", aligns with a so-called code of ethics, the minutes showed. That code already mandates providers to exercise caution on content that could incite violence or be sensitive for religious reasons. The proposal also comes as streaming giants protest a government order to add 50-second tobacco health warnings in each piece of content, and two years after India ordered the setting up self-regulatory bodies for complaints about streaming content. Suhasini Maniratnam of the Digital Publisher Content Grievance Council, told the gathering pre-censorship could hurt the industry growth and cost jobs, and that given the high volume of content "there is a need to specifically act" against obscene and vulgar content.

Persons: OTT, Anurag Thakur, Thakur, Suhasini, Aditya Kalra, Robert Birsel Organizations: Netflix, Disney, Information and Broadcasting Ministry, Reuters, Media Partners, Amazon, Apple, Industry, Broadcasting, Thomson Locations: India, DELHI, New Delhi, Bengaluru

☆ Hollywood actors' strike: How would it hit TV shows and movies?
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

LOS ANGELES, July 13 (Reuters) - Thousands of Hollywood film and television actors may go on strike from Thursday, joining writers who walked off the job 11 weeks ago. How would a walkout by the Screen Actors Guild and the American Federation of Television and Radio Artists (SAG-AFTRA) affect viewers' favorite shows and movies? Which films and television shows would be hit? Broadcast networks including Fox (FOXA.O) and Walt Disney Co's (DIS.N) ABC have announced fall lineups heavy with reality shows, which are not affected by the strikes. The same is true for unscripted reality shows such as "Big Brother" and "The Bachelor."

Persons: Walt Disney, Abbott, Fox, Inc's, Lisa Richwine, Dawn Chmielewski, Andrew Heavens Organizations: Screen Actors Guild, American Federation of Television, Radio Artists, Fox, Walt Disney Co's, ABC, Netflix, Thomson Locations: ANGELES, United States, Los Angeles, Korea, India

LOS ANGELES, July 13 (Reuters) - Hollywood actors will go on strike at midnight on Thursday after talks with studios broke down, joining film and television writers who have been on picket lines since May and deepening the disruption of scores of shows and movies. The actors' union announced at a Thursday press conference that the strike will begin at midnight after its national board unanimously authorized the walkout. Fran Drescher, former star of "The Nanny" TV show and the president of SAG-AFTRA, called the studios' responses to actors' concerns "insulting and disrespectful." But the loss of actors, who will also not promote their films or TV shows while on strike, will put more pressure on media companies to find a resolution. The economic damage is expected to spread after actors join the picket lines on Friday.

Persons: Fran Drescher, Drescher, AFTRA, Rather, Duncan Crabtree, Ridley Scott, Bob Iger, Iger, Matt Damon, Oppenheimer, Lisa Richwine, Jonathan Allen, Dawn Chmielewski, Marie, Louise Gumuchian, Mark Porter, Bill Berkrot Organizations: SAG, Writers Guild of America, Television Producers, Netflix Inc, Walt Disney Co, Reuters, Alliance, Paramount Pictures, Hollywood, WGA, Screen Actors Guild, Disney, CNBC, Comcast, Paramount Global, Thomson Locations: ANGELES, United States, Hollywood's, Morocco, Malta, Idaho, California

☆ Union fears Hollywood actors' digital doubles could live on 'for one day's pay'
▼ + stars: | 2023-07-13 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

Actors have used contract talks with the Hollywood studios to assert control over how these digital simulations are used on screen. Such protections, the studios noted, would include gaining an actor's consent to create and use a digital replica, or digitally alter their performance. "So if you think that's a groundbreaking proposal, I suggest you think again." Any other use would require that actor’s consent and bargaining for the use, subject to a minimum payment, the studios said. SAG-AFTRA, Hollywood's largest union, representing 160,000 film and television actors, announced its members would go on strike at midnight.

Persons: Dado Ruvic, Walt Disney, Duncan Crabtree, Crabtree, AMPTP, Dawn Chmielewski, David Gregorio Our Organizations: REUTERS, Hollywood, Walt, Netflix, SAG, Thomson Locations: Los Angeles, Ireland, Hollywood's

SummaryCompanies Delta rises on FY profit forecast raisePepsiCo gains on lifting FY revenue, profit outlookJune PPI data due at 8:30 a.m. A slower rise in prices has boosted hopes that the Federal Reserve could soon end its monetary tightening campaign. Economists polled by Reuters expect producer inflation to have eased to 0.4% over the 12 months through June from 1.1% in the previous month. ET, Dow e-minis were up 54 points, or 0.16%, S&P 500 e-minis were up 15 points, or 0.33%, and Nasdaq 100 e-minis were up 107.25 points, or 0.69%. Overall, earnings for the S&P 500 constituents are expected to have dropped 6.4% in the second quarter, Refinitiv data showed.

Persons: Michael Hewson, Walt Disney, Robert Iger's, Christopher Waller, Johann M Cherian, Saumyadeb Chakrabarty, Maju Samuel Organizations: PepsiCo, Dow, Nasdaq, Federal Reserve, Reuters, Traders, CMC Markets, Dow e, Delta Air Lines, Meta, Fed, Thomson Locations: Bengaluru

☆ Disney extends CEO Bob Iger's contract through 2026
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

The board said in a statement that it aimed to maintain "continuity of leadership during the company’s ongoing transformation." Terms of his contract include opportunity to receive an annual incentive bonus of five times his base salary. In his previous contract, he was entitled to an estimated $27 million per year in total compensation. Meanwhile, the television business is confronting long term and likely irreversible declines in audiences. In February, Disney said it would cut 7,000 jobs in a major overhaul to save $5.5 billion in costs.

Persons: Walt Disney's, Robert Iger's, Iger, Bob Chapek, Disney, Yuvraj Malik, Kenneth Li, Shailesh Kuber, David Gregorio Our Organizations: Disney, Thomson Locations: Bengaluru, New York

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