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The state of Wall Street's drug culture
  + stars: | 2024-01-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
In today's big story, we're looking at the state of Wall Street's drug culture. What's on deck:AdvertisementBut first, does Wall Street have a drug problem? The big storyHigh on Wall StreetVartika Sharma for BIOf the many stereotypes about Wall Street, one of the most prevalent is the industry's rampant drug use. From Martin Scorsese's "The Wolf of Wall Street" to HBO's "Industry," extreme drug use and working in finance are often portrayed as being hand-in-hand. Business Insider's finance team spoke to more than a dozen current and former finance professionals, along with several health professionals, to get a sense of Wall Street's drug culture these days.
Persons: , Jennifer Lopez's, Vartika Sharma, Martin Scorsese's, JAMES ARTHUR GEKIERE, Marty Chavez, Goldman Sachs, Chavez, that's, It's, Ted Shaffrey, Justin Sullivan, MGM Studios Jen Salke, Rachel Weisz, Alice Birch, MGM Studios Sue Kroll, Kevin Mazur, they'll, Josephine Maida, I've Organizations: Service, Business, BI, Sixth, Apple, Netflix, Big Tech, Tech, Amazon, MGM Studios, Apple Vision, Schlumberger Locations: Wall
The layoffs hit Prime Video and the Amazon MGM Studios division, with many of the cuts related to Amazon's $8.5 billion acquisition of MGM in 2022, the second biggest deal in the tech giant's history. The layoffs, combined with other factors straining the entertainment business — from strikes to content spending pullbacks — have heightened concerns about the future of the company's entertainment ambitions. These are the questions that came up the most about that future, according to conversations with six people close to Prime Video and Amazon MGM Studios. As part of the layoffs, two MGM teams were integrated under Chris Brearton, a business-side exec who joined Amazon with the MGM acquisition in 2022. How will sports impact original content spending?
Persons: what's, Jen Salke, Freevee, didn't, Who's, Chris Brearton, Salke, Mike Hopkins, What'll, there's Organizations: Amazon, Amazon MGM Studios, MGM, Amazon's, Hollywood Reporter, Hollywood, Diamond Sports, MLB, NHL, NBA Locations: Salke, Africa, MENA, Northern, Central
The company is laying off "several hundred" employees across Prime Video and Amazon MGM studios. "As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organization." In April 2023, Amazon Studios (now Amazon MGM Studios) and Prime Video teams cut about 100 people — a tiny fraction of Amazon's 27,000 layoffs last year. As a result of these decisions, we will be eliminating several hundred roles across the Prime Video and Amazon MGM Studios organization. Prime Video is one of the most popular benefits for Prime members, and one of most widely used entertainment destinations in the world.
Persons: Mike Hopkins, Hopkins, Amazon's, Jen Salke, Freevee, We've, we've, Amazonians who've, Mike Organizations: Service, Prime, MGM, Amazon MGM Studios, Business, Hollywood Reporter, Bloomberg, Hollywood, Amazon Studios Locations: Americas, Hollywood
Amazon Studios is shaking up its business ranks in the wake of its acquisition of MGM. Feldman has been at Amazon Studios since 2015 and was a VP at MTV for about four years before that. Feldman has been at Amazon Studios since 2015 and was a VP at MTV for about four years before that. Also getting new responsibilities is Sam Semon , who will have international business affairs consolidated under him, adding oversight for Ingrid Auyón Tanji, who leads business affairs in Latin America. , who will have international business affairs consolidated under him, adding oversight for Ingrid Auyón Tanji, who leads business affairs in Latin America.
Amazon's ambitious new spy series, "Citadel," starring Priyanka Chopra, premiered today. Costing as much as an estimated $300 million, it stands to be one of the most expensive series ever made. It has a 56% critics rating on Rotten Tomatoes, based on 41 reviews. Amazon has a lot riding on its new ambitious spy series, "Citadel," but so far critics are less than impressed. Rotten Tomatoes deems a 60% score or less to be "rotten."
Amazon Studios and Prime Video insiders are expecting layoffs this week. After massive layoffs across Amazon, speculation inside Prime Video and Amazon Studios has been mounting that their turn is next, starting as early as Wednesday. Amazon Studios is the TV and film division and a source of content for Prime Video, one of a bundle of services that drive Amazon Prime memberships ($139 per year or $15 per month in the US). Amazon's entertainment business so far has been untouched by layoffs within the company, which has joined the rest of the tech industry in big layoffs. As a high-profile but relatively small unit of the trillion-dollar-plus Amazon, Prime Video is somewhat insulated from the financial pressures facing its entertainment competitors.
"The Rings of Power" series reportedly only had a 37% percent completion rate, according to a report from The Hollywood Reporter published Monday — meaning that far less than half of its viewers finished the series. THR noted that the figure was confirmed by unnamed sources, but didn't offer more details. THR noted that Amazon held information more closely than usual on the "The Rings of Power" series. Nevertheless, THR noted that Amazon Studios Chief Jen Salke deems the series a success. That's not to say Amazon Studios hasn't had hits, which include shows like "Transparent," "The Marvelous Mrs. Maisel," and "Fleabag," THR noted.
The dust has been settling at Amazon Studios after a big reorg in the fall that solidified Jen Salke's power. Yet Amazon Studios faces major challenges. Amazon Studios' Head of Global Television Vernon Sanders told Insider that the goal is to deliver content with global cultural relevance. Amazon Prime VideoWhile spending on such big swings has soared, some insiders see far less budgetary support for underrepresented casts. "I do think people wonder what's the commitment to Amazon Studios," the current insider said.
"It's definitely been not the most exciting and robust year," said one TV agent at a major agency. Around 70 people at HBO and HBO Max have been let go this year, and their comedy development teams have merged. While WBD doesn't break out streamer-specific figures, it said on Thursday's earnings call that HBO Max, HBO, and Discovery+ have a combined 94.9 million subscribers, ensuring that any show on HBO Max has the chance to get a lot of eyeballs. They'll also take smaller swings in the genre department, do things at a lower budget," said the second TV agent. Echoed the first TV agent: "You pitch and sell to them if no one else wants it."
"It's definitely been not the most exciting and robust year," said one TV agent at a major agency. Around 70 people at HBO and HBO Max have been let go this year, and their comedy development teams have merged. While WBD doesn't break out streamer-specific figures, it said on Thursday's earnings call that HBO Max, HBO, and Discovery+ have a combined 94.9 million subscribers, ensuring that any show on HBO Max has the chance to get a lot of eyeballs. They'll also take smaller swings in the genre department, do things at a lower budget," said the second TV agent. Echoed the first TV agent: "You pitch and sell to them if no one else wants it."
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