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☆ The bullwhip is back: Harrison Ford in Cannes for 'Indiana Jones' premiere
▼ + stars: | 2023-05-18 | by ( Miranda Murray | Thomson Reuters | Speed Editor On The Berlin Hub Who Provides General Coverage On Everything Politics To Energy In Germany | ) www.reuters.com time to read: +2 min

[1/5] The 76th Cannes Film Festival - Screening of the film "Indiana Jones and the Dial of Destiny" (Indiana Jones et le cadran de la destinee) Out of Competition - Red Carpet Arrivals - Cannes, France,... Read moreCANNES, May 18 (Reuters) - Harrison Ford was in Cannes for the much-anticipated premiere of "Indiana Jones and the Dial of Destiny" on Thursday evening, 15 years since the actor last picked up the adventurous archaeologist's iconic bullwhip and hat on the big screen. The newest movie's release date had been postponed several times after it had been announced in 2016 and follows 2008's "Indiana Jones and the Kingdom of the Crystal Skull," which received mixed reviews. The "Indiana Jones" franchise, created by George Lucas of "Star Wars" fame, has grossed nearly $2 billion at the global box office with four films and amassed a global fan base. It also inspired a TV series, "The Young Indiana Jones Chronicles." "Dial of Destiny" is the first "Indiana Jones" movie the Walt Disney Co (DIS.N) has made after buying the distribution rights for the franchise from Paramount Pictures in 2013.

☆ A Sony spinoff comes better late than never
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 18 (Reuters Breakingviews) - A long-awaited Sony (6758.T) spinoff is finally happening. The Japanese video games-to-semiconductors conglomerate may list its financial subsidiary "within the next two to three years" while retaining a 20% stake. Investors promptly bid up shares of Sony as much as 7% on the news. Partially offloading Sony Financial Services, which the company only took full control of in 2020 for $3.7 billion, makes sense. Sony stresses it is not planning any other spinoffs for now - one of them is plenty to look forward to.

☆ Hollywood actors' union asks members to authorize possible strike
▼ + stars: | 2023-05-18 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

LOS ANGELES, May 18 (Reuters) - The board of Hollywood's actors union asked members on Thursday to give negotiators the power to call a strike, a move that would add new pressure to major studios already facing a writers' strike. The SAG-AFTRA actors union set a June 5 deadline for its 160,000 members to cast ballots in a strike authorization vote. If approved, the measure would allow union leaders to call a work stoppage if they cannot reach a new contract agreement with major Hollywood studios. The writers' strike has disrupted production of late-night shows and some TV series, but some filming is continuing. A strike by actors would lead to a broader shutdown across the industry.

☆ At Cannes, independent film firms optimistic as streamers stumble
▼ + stars: | 2023-05-17 | by ( Miranda Murray | Thomson Reuters | Speed Editor On The Berlin Hub Who Provides General Coverage On Everything Politics To Energy In Germany | ) www.reuters.com time to read: +4 min

CANNES, May 17 (Reuters) - Independent film companies facing a market upended by the entry of streaming services are showing some optimism heading into this year's Cannes Film Festival as the Netflix era has begun flattening out and audiences start trickling back into cinemas post-pandemic. Cannes may make headlines for its glitz and glamour, but as the world's largest event for buying and selling movie rights, its importance to the industry is unparalleled. "It's a transitional time on the business side as the traditional business model that independent buyers use sees lessened value," said O'Shea. The similarity among much of the content offered on streaming platforms leaves theatre audiences wanting something different, an unmet appetite that independent companies could fulfil, he said. "Something good is happening, and I'm sure other streaming services will follow suit," Cannes Film Festival director Thierry Fremaux said in an interview with Le Film francais magazine in April.

☆ Netflix ad tier has nearly 5 mln monthly active users
▼ + stars: | 2023-05-17 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

LOS ANGELES, May 17 (Reuters) - Netflix Inc's (NFLX.O) recently launched ad-supported tier reaches nearly 5 million active users per month, executives said on Wednesday in a pitch that emphasized the breadth of its programming to potential advertisers. On Wednesday, Netflix made its first presentation to advertisers at the annual ritual known as the upfronts, where networks aim to lock in ad commitments for upcoming shows. Jeremi Gorman, Netflix's president of worldwide advertising, said that global monthly active users had reached 5 million. Monthly active users count all adult profiles used on one account with ads. Netflix reported 232.5 million paying subscribers around the world as of the end of March.

☆ Comcast likely to sell Hulu stake to Disney by early 2024 - CNBC
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Comcast Corp (CMCSA.O) will likely sell its 33% stake in streaming platform Hulu to Walt Disney Co (DIS.N) early next year, CNBC reported on Tuesday, citing Comcast Chief Executive Brian Roberts. Disney said in 2019 it would take full control of Hulu in a deal with Comcast that ascribed a minimum equity value of $27.5 billion to Hulu, allowing either company to trigger a sale or purchase of the stake as early as January 2024. According to the CNBC report, Roberts suggested the final price for Hulu will likely be higher than the valuation set in 2019. Comcast, Disney and Hulu did not immediately respond to Reuters' requests for comment. Disney CEO Bob Iger said last week in an earnings call that he had "constructive" talks with Comcast about Hulu.

☆ Nelson Peltz adds to Disney stake following share sale - Bloomberg News
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Nelson Peltz, the activist investor who launched and then gave up a proxy fight earlier this year at Walt Disney Co (DIS.N), has recently added to his stake in the company, Bloomberg News reported on Monday. Peltz-owned Trian Fund Management has purchased roughly 500,000 more shares since the end of March, giving it a total of 6.4 million, the report said, citing a person familiar with the matter. The fund started the year with 9.4 million Disney shares, before cutting its stake by 34% by March-end, the report said. "On Feb. 8, 2023, Disney committed to strategic and operating improvements that generally aligned with the initiatives we had previously discussed with the company." Walt Disney did not immediately respond to Reuters' requests for comment.

☆ Nelson Peltz adds to Disney stake following share sale in Q1 - Bloomberg News
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Trian Fund Management's Nelson Peltz, the activist investor who launched and then abandoned a proxy fight earlier this year at Walt Disney Co (DIS.N), has recently added to his stake in the company, Bloomberg News reported on Monday. Trian has purchased roughly 500,000 more shares since the end of March, giving it a total of 6.4 million, the report said, citing a person familiar with Peltz's holdings. The fund started the year with 9.4 million Disney shares, before cutting its stake by 34% by the end of March, according to the report. Walt Disney and Trian Fund Management did not immediately respond to Reuters' requests for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Cannes jury president to striking Hollywood writers: 'Yeah, go!'
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

[1/4] The 76th Cannes Film Festival - Press conference of the jury - Cannes, France, May 16, 2023. Jury President Ruben Ostlund and jury member Brie Larson attend a press conference. REUTERS/Yara NardiCANNES, May 16 (Reuters) - Swedish director Ruben Ostlund, who heads the jury awarding the Cannes Film Festival's top award this year, expressed solidarity with striking Hollywood film and TV writers on Tuesday, saying industrial action was the only way to change work conditions. "It's great that people have a strong collegial feeling so you can go out and have a strike. Top executives close to the discussions have told Reuters that the strike could continue into the summer and possibly beyond.

[1/2] Walt Disney Co. CEO Bob Iger poses on the champagne-colored red carpet during the Oscars arrivals at the 95th Academy Awards in Hollywood, Los Angeles, California, U.S., March 12, 2023.... Read moreMay 10 (Reuters) - Walt Disney Co (DIS.N) Chief Executive Bob Iger on Wednesday accused Florida politicians of retaliating against the company and questioned the state's interest in the entertainment conglomerate's continued investment in Walt Disney World. It plans to invest $17 billion over the next decade expanding Walt Disney World. And by the way, we pay them above the minimum wage, substantially above the minimum wage dictated by the state of Florida," Iger said in remarks made during the company's quarterly investor call. He said Disney has been forced to file a lawsuit in federal court to protect its business interests. Iger disputed that, noting some 2,000 special districts exist in Florida to foster development and that "we were one of them."

[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.

The company plans to expand its streaming offerings by the end of the year with a new app that combines Disney+ and Hulu, Chief Executive Bob Iger said. Total subscribers to the flagship Disney+ service dropped by 4 million from the previous quarter to 157.8 million. Most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. "Striking a fine balance between customer acquisition versus financial performance is no easy feat." As Disney tries to build streaming, its traditional television business faces hurdles.

☆ Disney boss races to hold back the dam
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

How that unfolds is in the hands of Comcast (CMCSA.O) boss Brian Roberts, whose cable operator owns the studio behind the cinematic video game hit as well as one-third of Hulu. The shift is understandable, however, considering what Disney is up against. In the quarter ended April 1, the division that houses Disney+ narrowed its operating loss from a year earlier, but subscribers also fell 2% to 158 million compared to the previous quarter. A rare bright spot was the theme parks, particularly overseas, but Iger has a growing number of holes to plug to ensure the dam holds. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Disney's Iger may have to add slowing growth to his turnaround checklist
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

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.

HOW THE LAWSUITS DIFFERDisney's lawsuit was filed in federal court and alleges that DeSantis violated the company's protections under the U.S. Constitution, including its First Amendment right to free speech. In contrast, the state court lawsuit against Disney focuses on the procedures the old board followed in approving the agreements with Disney. The Florida district is asking the state court to void the Disney agreements. The district could file a motion in federal court to ask Walker to dismiss or pause Disney's federal case while the state court proceeds. Legal doctrines hold that federal judges should refrain from hearing a case where there is a related state court proceeding, particularly when a state court decision could resolve the federal lawsuit.

☆ Streaming broke the career ladder, striking Hollywood writers say
▼ + stars: | 2023-05-08 | by ( Lisa Richwine | ) www.reuters.com time to read: +4 min

How to train and support a new generation of writers is a sticking point in contract negotiations between the WGA, which represents 11,500 film and TV writers, and Hollywood's major studios. Netflix Inc (NFLX.O) and other streaming services began crafting shorter series in "mini rooms" with fewer writers. The WGA, however, is seeking a requirement for at least six TV writers per series, with half of them being employed throughout the production. Now, half of all writers work at minimum salary levels, the WGA said. "I want to be part of fighting for a better future," Smith said while holding a "Writers Guild of America On Strike" sign.

LOS ANGELES, May 8 (Reuters) - Writing for a new season of "The Handmaid's Tale" and a coming "Game of Thrones" prequel was halted as a nearly week-long strike by thousands of film and television writers rippled across Hollywood on Monday. Writing of the dystopian drama stopped when the Writers Guild of America (WGA) called a strike last week, Chang told Reuters on Monday. Martin said in a blog post that the writers' room for prequel series "A Knight of the Seven Kingdoms: The Hedge Knight" was "closed for the duration of the strike." Warner Bros has not announced a release date for "The Hedge Knight." The second season of "House of the Dragon," another "Game of Thrones" prequel, began filming in April, Martin said, and will continue in London and Wales.

Under the bill, which passed the Republican-controlled legislature largely along party lines, the Central Tourism Oversight District Board - whose members are appointed by DeSantis - can cancel any deals signed up to three months before the board's creation. Disney, the largest employer in central Florida, and the Republican governor have been battling since last year, when Disney criticized a new state law banning classroom instruction of sexuality and gender identity with younger children. Before DeSantis' appointees took over the board, the company pushed through changes to the special tax district agreement that limited the new body's action for decades. The new oversight body in April said Disney's plans for potential expansion of Disney World did not comply with state law, and declared that agreement void. The Central Florida Tourism Oversight District board responded with its own lawsuit in a state court, saying it sought to void "backroom deals" favorable to Disney.

☆ Florida legislature approves bill allowing board to cancel Disney deals
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

Under the bill, which now goes to DeSantis for signing into law, the Central Florida Tourism Oversight District board, appointed by DeSantis to oversee development in and around Disney's theme parks, can cancel agreements that were signed up to three months before the board's creation. It replaced the Reedy Creek Improvement District as the body overseeing the 25,000 acres surrounding the Walt Disney World resort. Disney, the largest employer in central Florida, and DeSantis, a Republican, have been feuding since last year, when Disney criticized a state measure banning classroom discussion of sexuality and gender identity with younger children. DeSantis, who is expected to soon declare his candidacy for U.S. president, has repeatedly attacked "woke Disney" in public remarks. The Central Florida Tourism Oversight District board responded with its own lawsuit in a state court this week, saying it sought to void "backroom deals" favorable to Disney.

☆ Warner Bros Discovery's surprise loss clouds strong streaming unit show
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] The exterior of the Warner Bros. Warner Bros Discovery reported a per-share loss of 44 cents, while analysts had expected a profit of 1 cent, according to Refinitiv data. Warner Bros Discovery's new streaming service, christened "Max," is set to launch on May 23, combining HBO Max's scripted entertainment with Discovery's reality shows. Warner Bros Discovery reported revenue of $10.70 billion for the first three months of 2023, compared with analysts' estimates of $10.78 billion, according to Refinitiv data. The Warner Bros studio segment missed on its revenue forecasts, as its big March release "Shazam!

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%.

Paramount invested in original content to try to attract subscribers to its streaming platform, but is up against competition from established players such as Netflix (NFLX.O) and Walt Disney Co's (DIS.N) Disney+. 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%. Investment in original content and expansion of its streaming platform are consuming cash at the owner of the CBS network. The operating loss was $1.23 billion for the quarter, compared with an operating income of $775 million a year earlier.

[1/3] 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. REUTERS/Mario AnzuoniLOS ANGELES, May 4 (Reuters) - The group representing Hollywood studios fired back on Thursday at claims from striking film and television workers that they have been forced into the "gig economy" because of changes brought by the streaming TV era. Roughly 11,500 members of the Writers Guild of America (WGA) went on strike on Tuesday, saying that studios had "created a gig economy inside a union workforce." Most TV writers, the group said, are employed on a weekly orepisodic basis, with a guarantee of a specified number of weeks or episodes. Writers say they are working more and making less as studios have shifted their focus to streaming over traditional TV and cable.

[1/5] Cast member Chris Pratt attends the premiere of 'Guardians of the Galaxy Vol. Pratt had seen one or two short unfinished sequences of "Guardians of the Galaxy Vol. 3," but at the premiere he took the time to savor the entirety of the swan song in Marvel’s “Guardians” trilogy. “I wanted to be swept away on the journey alongside my friends, my family, all of the fans in the audience, the cast and crew. While that wasn’t the actual moment that Pratt and Gunn had, the two recalled feeling the emotional weight of saying goodbye to the “Guardians” movies together.

☆ Analysis: As DeSantis readies 2024 presidential bid, Florida lawmakers hand him fresh ammo
▼ + stars: | 2023-05-03 | by ( James Oliphant | ) www.reuters.com time to read: +7 min

WASHINGTON, May 3 (Reuters) - Republican Florida Governor Ron DeSantis had counted on a productive state legislative session this spring to turbocharge his coming 2024 presidential bid. With the first presidential nominating contest still nine months away, political analysts say DeSantis has plenty of time to turn his fortunes around. Lawmakers on Tuesday passed an immigration measure that would provide more money for DeSantis’ program for relocating undocumented migrants. POTENTIAL PERILSThe six-week abortion ban remains the thorniest outcome of the session for DeSantis’ national aspirations. The governor did not expressly advocate for the bill, and he signed it without fanfare to replace the current 15-week ban.

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