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☆ Fox projects record Super Bowl ad revenue after World Cup, NFL boosted results
▼ + stars: | 2023-02-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Fox Corp said Wednesday it will rake in a record amount of Super Bowl ad revenue as it reported a boost in its fiscal second quarter results. NFL and college football games helped drive ratings and advertising revenue, Fox executives said Wednesday. The company's broadcast network will air the Super Bowl on Sunday, which is known to be the marquee event for advertisers. "The money came in late for Super Bowl advertising, so we had some nervous moments," Murdoch said. "But it will be a record Super Bowl for us in terms of total revenue and what we achieved for each spot."

Disney said Wednesday it is planning to reorganize into three segments, while also cutting thousands of jobs and slashing costs. Disney executives said about $1 billion in cost cutting was already underway since last quarter. Disney also said it would be eliminating 7,000 jobs from its workforce. Chapek's removal came shortly after Disney had reported its fiscal fourth quarter earnings, disappointing on profit and certain key revenue segments. He had also told employees shortly thereafter that Disney would be cutting costs through hiring freezes, layoffs and other measures.

One of the really interesting questions here – this will be fascinating – the core of linear TV is sports rights. When you look at the size and scope of the linear TV business, it's huge. Patrick T. Fallon | Afp | Getty ImagesByron Allen, Entertainment Studios founder and CEO: I think linear TV will exist for a very, very long time. Simmons: I believe Apple, out of nowhere, will start making their own awesome televisions that have Apple TV embedded in them. We are witnessing early stages of this dynamic with deals like "NFL Sunday Ticket" on YouTube and the MLS deal with Apple TV.

☆ Bed Bath & Beyond lines up funding in a last-ditch bid to avoid bankruptcy
▼ + stars: | 2023-02-07 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A Bed Bath & Beyond store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Bed Bath & Beyond will live to see another day – at least for now. Bed Bath will receive $225 million in the offering up front plus an additional $800 million in proceeds over time, the company said. Whatever's left over will be used to aid Bed Bath's attempt at a turnaround, the company said. The efforts have evidently failed thus far, forcing Bed Bath to go to the public markets for funding.

☆ Trian presses Disney to replace board member Michael Froman with Nelson Peltz
▼ + stars: | 2023-02-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The proxy battle between Disney and activist investment firm Trian Management LP is heating up ahead of the company's annual shareholder meeting. On Thursday, Trian said in a filing that Disney shareholders should vote to remove Michael Froman from the board and replace him with Nelson Peltz. "Trian Group believes Mr. Froman has no experience as a public company director outside of Disney," the firm said in a statement Thursday. "In contrast, Nelson Peltz has served on numerous public company boards over the last several years." Few members of Disney's board have media experience outside of the Mouse House.

☆ Showtime to combine with Paramount+, rebrand with new name
▼ + stars: | 2023-01-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

In this photo illustration, Paramount+ (Paramount Plus) logo is seen on a smartphone against its website in the background. Paramount Global is further joining its streaming and cable TV business by combining its Showtime TV network and streaming service, Paramount+. The company said Monday it plans to integrate Showtime's streaming service fully into Paramount+, its marquee standalone streaming platform and response to the streaming wars. As part of this integration, the premium cable TV network, known for shows like "Yellowjackets," "Billions," and "Dexter," will be rebranded as Paramount+ with Showtime. Paramount+ starts at $4.99 a month, and Showtime's streaming service is $10.99 a month.

☆ Comcast beats expectations even as broadband growth slows, Peacock racks up losses
▼ + stars: | 2023-01-26 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Comcast on Thursday reported fourth quarter earnings that topped analyst expectations despite persistent softness in broadband subscriber growth and mounting losses from its streaming service, Peacock. The company's top-line growth was fueled by higher revenue from its broadband and wireless businesses, as well as its theme parks segment. Here's how Comcast performed, compared to estimates from analysts surveyed by Refinitiv:Earnings per share : 82 cents, adjusted, vs. 77 cents expected: 82 cents, adjusted, vs. 77 cents expected Revenue: $30.55 billion vs. $30.32 billion expected. Yet even that number was a sign that cable broadband subscriber growth has slowed – especially compared to the early days of the pandemic. Still, Comcast's broadband subscriber base has remained stable and revenue for the segment increased nearly 6% during the quarter due in part to price hikes.

☆ Bed Bath and Beyond shares plunge after retailer warns it doesn't have the cash to pay down debts
▼ + stars: | 2023-01-26 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +1 min

Signage is seen through an overturned shopping cart outside a Bed Bath & Beyond Inc. store in Greendale, Wisconsin. Bed Bath and Beyond said Thursday it doesn't have enough cash to pay down its debts, warning once again of a potential bankruptcy. Shares of Bed Bath plunged Thursday afternoon. The company's market value stands at about $278 million. The news comes several weeks after the retailer issued a "going concern" notice that it may not be able to cover its expenses following a worse-than-expected quarter.

☆ NBCUniversal expects Peacock losses to peak this year as streamer slowly adds subscribers
▼ + stars: | 2023-01-26 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

The NBCUniversal Inc. Peacock streaming service is displayed on a laptop computer in an arranged photograph taken in the Brooklyn Borough of New York, U.S., on Monday, April 20, 2020. Streaming service Peacock has slowly been taking flight with consumers. Like its peers, Comcast has been investing in its streaming platform by putting more of its content on Peacock. Company executives said Thursday Peacock losses will peak in 2023 at around $3 billion, but expect it to steadily improve after that. And besides that, propping up Peacock with NBCUniversal content from its linear networks also only helps to accelerate its bleeding of Comcast's cable-TV customers.

☆ Rupert Murdoch calls off proposed Fox-News Corp merger
▼ + stars: | 2023-01-24 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Rupert Murdoch has withdrawn the proposal to re-combine Fox Corp and News Corp .Fox said Tuesday its board received a letter from Murdoch, its chairman, and his son Lachlan Murdoch that "determined that a combination is not optimal for the shareholders" of either of the companies at the time. The potential merger had faced opposition from shareholders in recent months, who didn't believe a merger would show the true value of News Corp. if it merged with Fox. A combination of the two companies would have unified leadership in Murdoch's empire and cut costs. News Corp. owns Wall Street Journal publisher Dow Jones.

☆ Bed Bath beefs up legal team ahead of possible bankruptcy filing in New Jersey
▼ + stars: | 2023-01-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Bed Bath has been in discussions to nail down financing that would keep it afloat if it were to file for bankruptcy, CNBC previously reported. Bed Bath also recently hired consulting firm AlixPartners as one of its advisors, replacing Berkeley Research Group, CNBC previously reported. Despite efforts to stave off landing in bankruptcy protection, a filing will likely occur in the weeks ahead, the people said. Earlier this month, Bed Bath warned of a looming bankruptcy as its turnaround plans failed to improve the business and its balance sheet deteriorated.

Fanatics is in discussions to acquire the BetParx sportsbook, as the sports merchandising company looks to take a bigger position in sports betting, according to people familiar with the matter. Representatives for Fanatics and BetParx declined to comment. Fanatics has been seeking a deal in the sports betting space for some time. The company is opening Fanatics Sportsbook at FedExField, the stadium of the NFL's Washington Commanders. Last year, Fanatics' billionaire executive chairman Michael Rubin sold his 10% stake in Harris Blitzer Sports Entertainment, the owner of the Philadelphia 76ers and New Jersey Devils, allowing Fanatics to enter the gambling space.

Vice Media is restarting its sale process after earlier interested bidders balked at the initial price tag, according to people familiar with the situation. The digital media company, which was valued at $5.7 billion in 2017, is now likely to fetch a price of below $1 billion, the people said. Initially, Vice was looking for a valuation between $1 billion and $1.5 billion, one of the people added. A Vice Media spokesperson declined to comment. Meanwhile, Buzzfeed , the only digital media company to IPO, has seen its stock fall roughly 90% since going public in 2021.

Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.

☆ Disney rips Peltz over board fight, defends Iger's acquisitions
▼ + stars: | 2023-01-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Disney ripped Nelson Peltz and his bid for a board seat Tuesday, as the entertainment giant's proxy fight with the investor and his activist firm, Trian Fund Management, takes shape. Disney said in a securities filing Tuesday that its board was where it needed to be to move the company forward. Last week, Peltz laid out his case for a proxy fight with Disney on CNBC's "Squawk on the Street" after Trian filed a preliminary proxy statement looking for a seat on the board. Peltz raised issues with how shareholder value has eroded recently and Disney's $71 billion acquisition of Fox in 2019. The company said it had offered Peltz an information-sharing agreement, meaning he would have met quarterly with both management and the board, rather than a board observer role, as Peltz had said.

☆ Rupert Murdoch deposition in Dominion-Fox lawsuit delayed until next week
▼ + stars: | 2023-01-13 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho. Fox Corp. Chairman Rupert Murdoch is now slated to appear for a deposition later in January as part of Dominion Voting's defamation lawsuit against the company and its cable news networks. The deposition is set to occur Thursday and Friday next week, according to court filings. Most recently, his son and Fox CEO Lachlan Murdoch faced questioning as part of the lawsuit. The trial is set to begin on April 17, with pre-trial conferences in the days prior, according to court filings.

☆ HBO Max raises price for ad-free service for the first time since it launched
▼ + stars: | 2023-01-12 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

'House of the Dragon' series logo displayed on a phone screen and HBO Max website are seen in this illustration photo taken on August 16, 2022. Warner Bros. Discovery is raising the monthly price of HBO Max by $1 as the company looks to further invest in content and the user experience. The company said Thursday the HBO Max ad-free tier's price would increase to $15.99 a month from $14.99, the first price increase for HBO Max since it launched in May 2020. Discovery spring 2023 launch of its combined HBO Max and Discovery+ streaming service.

☆ Nelson Peltz lays out his case for Disney proxy fight, slams Fox acquisition
▼ + stars: | 2023-01-12 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Disney is facing a proxy fight as Nelson Peltz's activist firm Trian Fund Management pushes for a seat on its board. Fox turned what was once a pristine balance sheet into a mess," Peltz said Thursday. On Thursday, the activist firm filed a preliminary proxy statement looking to put Peltz on Disney's board. Disney's board will now have 11 members. The activist firm said it owns about 9.4 million shares valued at approximately $900 million, which it first accumulated a few months ago.

☆ DirecTV lays off hundreds of managers as cord cutting accelerates
▼ + stars: | 2023-01-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

DirecTV is laying off hundreds of employees — roughly 10% of its upper ranks — as the company looks to reduce costs amid the heightened pain of cord cutting for pay-TV providers, according to people familiar with the matter. DirecTV and its peers have long been under pressure as customers cut the cord and opt for streaming services. Satellite TV providers such as DirecTV and Dish in particular have seen some of the highest pay-TV subscriber losses in recent years. In addition to satellite TV, the company also offers DirecTV Stream, an internet-TV bundle similar to Google's YouTube TV and Dish's Sling. Competition has ramped up in rural areas as broadband and fixed wireless companies build out networks in areas where satellite TV providers were once some of the only TV providers.

☆ Stephanie McMahon steps down as WWE co-CEO as her dad, Vince, returns as executive chairman
▼ + stars: | 2023-01-10 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

LAS VEGAS, NEVADA - JULY 02: Vince McMahon, Stephanie McMahon and Triple H attend the UFC 276 event at T-Mobile Arena on July 02, 2022 in Las Vegas, Nevada. Stephanie McMahon has resigned as WWE co-chief executive officer and chairwoman after her father, Vince, was unanimously re-elected as the company's executive chairman. Stephanie McMahon returned from a leave of absence in July to take over as co-CEO after Vince retired amid allegations of sexual misconduct. She informed staff Tuesday that she is again stepping down as Vince McMahon returns to facilitate a potential sale of the company. "I'd like to express my full support for Stephanie's personal decision," Vince McMahon said in a statement Tuesday.

Bed Bath & Beyond warned Thursday it’s running out of cash and is considering bankruptcy. Shares of the company plummeted by 17% in premarket trading after Bed Bath issued the updates in a pair of financial filings. Among its challenges, Bed Bath said it is having trouble getting enough merchandise to fill its shelves and is drawing fewer customers to its stores and website. In recent quarters, Bed Bath has warned it’s been quickly burning through cash. So far, Bed Bath has not seen sales trends change.

☆ Cox launches mobile business, joining Comcast, Charter, Altice
▼ + stars: | 2023-01-05 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

In this photo illustration, the Cox Communications logo is displayed on a smartphone screen. Cox Communications is ringing in the new year with the official launch of its mobile business. The privately held cable and internet operator plans to announce the national launch of Cox Mobile Thursday at the Consumer Electronics Show in Las Vegas. Cox has trailed peers like Comcast , Charter Communications and Altice USA , which started offering mobile service to their customers in recent years and have been adding customers at a fast clip. Like Comcast and Charter's services, Cox Mobile will only be available to new and existing customers.

☆ 5 things to know before the stock market opens Thursday, January 5
▼ + stars: | 2023-01-05 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during morning trading on January 04, 2023 in New York City. Chewing things overU.S. stock markets bounced back a little Wednesday, with the S&P 500 rising 0.75%, the Nasdaq increasing 0.69% and the Dow jumping 133 points. December's jobs report is coming Friday morning, as well, so market watchers still have another big data point to chew over this week. Amazon plans bigger job cutsAmazon CEO Andy Jassy speaks during the GeekWire Summit in Seattle on Oct. 5, 2021. David Ryder | Bloomberg | Getty ImagesAmazon plans to lay off more than 18,000 employees, far more than initially expected.

☆ WWE shares jump as Vince McMahon stages comeback
▼ + stars: | 2023-01-05 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Vince McMahon is staging a comeback at World Wrestling Entertainment , months after he retired from the company over a sexual misconduct scandal. McMahon said that his return is necessary as the company gears up for negotiations over media rights and strategic alternatives. WWE, which styles itself as a media company, has been mentioned as a potential acquisition target. McMahon retired last year amid an investigation into payments the former CEO made regarding alleged instances of sexual misconduct. A special committee probe found that McMahon had paid nearly $15 million to four women over the course of 16 years in order to silence sexual misconduct allegations.

☆ Endeavor shares fall after video shows UFC boss Dana White hitting wife on New Year's Eve
▼ + stars: | 2023-01-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Dana White appears at the UFC 282 post-fight press conference on December 10, 2022, at the T-Mobile Arena in Las Vegas, NV. Media and entertainment company Endeavor saw its shares fall on Tuesday after a video showing Dana White, the president of its Ultimate Fighting Championship business, slapping his wife. Endeavor shares were down more than 7% on Tuesday afternoon. In the video, it appears the two are arguing before Anne White slaps Dana White. Anne White also issued a separate statement to TMZ, calling it isolated incident.

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