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LOS ANGELES, May 18 (Reuters) - Walt Disney Co (DIS.N) is scrapping plans to relocate 2,000 jobs to Florida in part because of "changing business conditions" in the state, according to an e-mail to employees seen by Reuters on Thursday. Disney parks chief Josh D'Amaro said "leadership changes" and "changing business conditions" prompted Disney to reconsider its 2021 plan to relocate employees, including its Imagineers who design theme park rides, to a new campus in Lake Nona. The original decision to relocate employees to Florida from California had prompted complaints from many employees who did not want to move across the country. DeSantis, who is expected to soon announce that he will seek the 2024 Republican nomination for U.S. president, then moved to strip Disney of its long-standing self-governing power over Walt Disney World in Orlando. Iger's predecessor announced plans in July 2021 to relocate jobs from Southern California to a new facility in central Florida, citing its "business-friendly climate."

☆ 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.

☆ 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.

☆ Disney kills $1 billion development in Florida just days before DeSantis' expected presidential announcement
▼ + stars: | 2023-05-18 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

Disney canceled its plans to move jobs from California to Florida. The announcement came just days before DeSantis is expected to formally run for president. "Ron DeSanctimonious gets caught in the mouse trap," the Trump campaign tweeted Thursday. Gavin Newsom of California, who'd urged Disney not to relocate workers from his state to Florida, tweeted. Hundreds of Disney workers who already relocated to Florida will have the option to move back, per the Wall Street Journal.

☆ 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.

☆ 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.

☆ 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.

☆ Disney Makes Tough but Necessary Choices on Streaming
▼ + stars: | 2023-05-11 | by ( Dan Gallagher | ) www.wsj.com time to read: 1 min

Walt Disney Co. CEO Bob Iger is trying to make good on the promise to sharply improve the economics of streaming. Photo: MARIO ANZUONI/REUTERSWhen Bob Iger said Disney was no longer going to chase subscribers at the expense of profits, he wasn’t kidding. Disney’s fiscal second-quarter results Wednesday afternoon contained a couple surprises for the company’s streaming business. That segment generated an operating loss of $659 million—nearly $200 million less than Wall Street had expected and way better than the $1 billion torched by that unit three months prior.

[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.

☆ Disney Earnings to Shed Light on Streaming Progress as Restructuring Continues
▼ + stars: | 2023-05-10 | by ( Robbie Whelan | ) www.wsj.com time to read: +1 min

After a year of maneuvering on both sides, Walt Disney Co. is suing Florida Gov. Photo Composition: Rachel RogersWhen Walt Disney Co. reports second-quarter earnings Wednesday afternoon, all eyes will be on streaming, but not for the usual reasons. Investors will be looking for the entertainment giant to show meaningful progress cutting losses in its direct-to-consumer business, which includes flagship streaming service Disney+, as well as other platforms such as Hulu, ESPN+ and India’s Hotstar. Since Disney+ launched in November 2019, most of the attention has been on the service’s rapid pace of growth. Over the past couple of quarters, direct-to-consumer losses have narrowed, from $1.47 billion in the October quarter to $1.05 billion in the holiday quarter.

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 to Make Hulu Content Available Within Disney+ Platform
▼ + stars: | 2023-05-10 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

After a year of maneuvering on both sides, Walt Disney Co. is suing Florida Gov. Ron DeSantis. WSJ’s Arian Campo-Flores explains what’s behind the lawsuit. Photo Composition: Rachel RogersWalt Disney Co. said it would make Hulu content available within Disney+ in the U.S. by the end of the year, the latest effort by newly returned Chief Executive Robert Iger to get the company’s streaming business to profitability. “We will soon begin offering a one-app experience domestically that incorporates our Hulu content via Disney+,” Mr. Iger said during a call with investors to discuss the company’s latest quarterly results.

☆ Toyota posts 35% surge in Q4 operating profit
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

Media & Telecom category · May 9, 2023Walt Disney Co's quarterly revenue growth is expected to hit its lowest in nearly two years, underlining the hurdles that Chief Executive Bob Iger faces in revitalizing a company that is now caught in what could be a long strike by Hollywood writers.

☆ Disney Reports Narrower Streaming Loss Amid Price Increases
▼ + stars: | 2023-05-10 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

After a year of maneuvering on both sides, Walt Disney Co. is suing Florida Gov. Ron DeSantis. WSJ’s Arian Campo-Flores explains what’s behind the lawsuit. Photo Composition: Rachel RogersWalt Disney Co. dramatically reduced losses in its streaming business, largely the result of price increases for Disney+ and other products implemented in December, as newly returned Chief Executive Robert Iger continues to overhaul the entertainment giant’s finances. The company’s direct-to-consumer segment, which includes streaming, lost $659 million in the quarter ended April 1, far less than the $845 million loss that analysts polled by FactSet had anticipated.

☆ Iger hammers Florida 'retaliation' on Disney's earnings call
▼ + stars: | 2023-05-10 | by ( Sarah Whitten | ) www.cnbc.com time to read: +3 min

The Walt Disney Company isn't the only business in Florida that operates within a special district, CEO Bob Iger reminded investors Wednesday. "The case that we filed last month made our position and the facts very clear," he said during an earnings call. Disney's amended lawsuit also noted that Florida's Republican-led Legislature passed legislation last week targeting Walt Disney World's monorail system. He said the company is the largest taxpayer in central Florida, having paid more than $1.1 billion in state and local taxes last year. "So this is plainly a matter of retaliation while the rest of the Florida special districts continue operating basically as they were."

☆ Disney's revenue is on the rise, giving CEO Bob Iger a victory lap amid legal battle with Florida's Ron DeSantis
▼ + stars: | 2023-05-10 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Disney announced its fiscal second quarter earnings, with 13% revenue growth in the three months ending April 1. The results come as CEO Bob Iger reorganizes the company and pursues a legal battle with Florida Gov. Walt Disney Co. reported $21.79 billion in second quarter revenue, which topped Wall Street expectations for the period and marked 13% growth for the three months through April 1, the company said. The company noted decreases in advertising revenue at non-sports channels including both ABC network and A&E cable channels. Still, Disney's direct-to-consumer unit grew revenue by 12% in the second quarter to $5.5 billion while its operating losses decreased.

☆ Disney is set to report earnings after the bell — here's what to expect
▼ + stars: | 2023-05-10 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Writers walk the picket line on the second day of the television and movie writers' strike outside Disney Studios in Burbank, California on May 3, 2023. A writers strike, a feud in Florida and ongoing company-wide layoffs — there is a lot more than quarterly earnings for CEO Bob Iger and the Walt Disney Company to address on Wednesday. As the pandemic era fades, Disney has staged a rapid financial recovery within most of its divisions, from theme parks to theatrical entertainment. Additionally, the company is already seeing rippling effects from the ongoing writers strike, including the production shutdowns of Marvel Studios' "Blade," which was set to begin filming in Atlanta next month, as well as the Disney+ Star Wars series "Andor." There is also the third wave of expected layoffs within the company, that industry experts expect to see announced soon.

☆ Disney World Ditches Reservations for Some Tickets
▼ + stars: | 2023-05-09 | by ( Joseph Pisani | ) www.wsj.com time to read: 1 min

Disney had said the reservation system keeps lines shorter. Photo: Zack Wittman for The Wall Street JournalWalt Disney Co. is doing away with some of its Covid-19 pandemic ticketing policies at its Orlando theme parks. Starting Jan. 9, 2024, visitors who buy a dated ticket to Walt Disney World won’t also have to make a reservation to one of its four theme parks, Magic Kingdom, Epcot Center, Animal Kingdom and Hollywood Studios. The company has been requiring ticket holders to make reservations since the start of the Covid-19 pandemic as a way to control crowds.

☆ 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.

☆ Disney Says DeSantis, Allies Are ‘Weaponizing the Power of Government’
▼ + stars: | 2023-05-08 | by ( Robbie Whelan | ) www.wsj.com time to read: +1 min

After a year of trying to outmaneuver each other, Walt Disney Co. is suing Florida Gov. Ron DeSantis. WSJ’s Arian Campo-Flores explains what’s behind the lawsuit. Photo Composition: Rachel RogersWalt Disney Co. has fired back at Florida Gov. That measure, which seeks to retroactively void a contract that Disney signed to lock in planning approvals to potentially expand its theme parks and hotels in Florida, escalated a year-long fight between Disney and Florida Republicans.

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