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[1/3] A Walt Disney World photographer holds a Pride rainbow-coloured Mickey Mouse cutout before the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio JonesFeb 27 (Reuters) - Florida Governor Ron DeSantis on Monday signed a bill that asserts state oversight on the land surrounding Walt Disney World, dramatically changing a special tax district that for half a century allowed Walt Disney Co (DIS.N) to operate with a high degree of autonomy. “The corporate kingdom finally comes to an end,” DeSantis said during a press event at Lake Buena Vista in Orlando. In March, Disney’s then-chief executive officer, Bob Chapek, publicly voiced disappointment with the bill limiting LGBTQ discussion in schools, saying he called DeSantis to express concern about the legislation becoming law. Disney World is the largest employer in central Florida with close to 75,000 employees and drew 36.2 million visitors in 2021, according to the Themed Entertainment Association.

☆ India tribunal puts Zee insolvency on hold after warning of Sony merger delay
▼ + stars: | 2023-02-24 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 24 (Reuters) - An Indian tribunal on Friday put on hold insolvency proceedings against Zee Entertainment Enterprises (ZEE.NS), a major relief for the Indian media company that warned the legal battle could delay its merger with a local unit of Japan's Sony (6758.T). The tribunal has put on hold the insolvency proceedings for the time being, saying the matter required detailed deliberations and will be next heard on March 29. During the hearing, Zee counsel Mukul Rohatgi warned its merger with Sony is "going to get stuck" if the insolvency proceedings continue. It competes with Disney's (DIS.N) Star India and Reliance Industries (RELI.NS) Viacom18, and its planned merger with Sony's India unit will create a $10 billion behemoth. Zee on Friday disputed its liability in the tribunal saying, according to them the liability did not meet the threshold for initiating insolvency proceedings.

☆ Warner Bros Discovery posts quarterly loss after restructuring charges
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

Feb 23 (Reuters) - Warner Bros Discovery (WBD.O) Inc on Thursday posted a $2.1 billion loss in its fourth quarter, reflecting ongoing charges related to the restructuring of the merged media companies. Warner Bros Discovery reported a loss of 86 cents per share, versus expectations of a 21-cent-per-share loss. Warner Bros Discovery said the months-long merger-related restructuring, which resulted in thousands of layoffs and canceled film and television projects, is complete. Warner Bros Discovery also said it has paid down $7 billion in debt since April. Like other media companies, Warner Bros Discovery has yet to turn a profit on its HBO Max and Discovery+ streaming services, though the company has reduced losses from them.

☆ Anti-ESG crusader Ramaswamy launches U.S. presidential bid
▼ + stars: | 2023-02-22 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

A former biotechnology investor and executive, Ramaswamy will pursue the Republican nomination in what is shaping up to be a crowded field. A political outsider, Ramaswamy rose to prominence in 2021 as the author of "Woke Inc: Inside Corporate America's Social Justice Scam". But Ramaswamy's contrarian message made him popular in conservative political circles and a regular guest on cable TV shows. Ramaswamy co-founded Strive with former Anheuser-Busch Inbev SA executive Anson Frericks, who will continue to run the firm. Reporting by Isla Binnie in New York; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Disney clash with activist Peltz will have sequel
▼ + stars: | 2023-02-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

NEW YORK, Feb 16 (Reuters Breakingviews) - Activist investor Nelson Peltz often plays a long game. Disney Chief Executive Bob Iger unveiled $5.5 billion of cost cuts last week when the $200 billion theme-parks-to-streaming company released fourth-quarter earnings. "The proxy fight is over,” a spokesperson for his outfit Trian Fund Management told Reuters. Could Peltz still end up on the Disney board? "The proxy fight is over.

☆ Film academy response to Will Smith slap was 'inadequate,' group's president says
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

BEVERLY HILLS, Calif., Feb 13 (Reuters) - Hollywood's film academy did not adequately respond to Will Smith's slap of Chris Rock at the Academy Awards last March, the organization's president said on Monday at a gathering of this year's Oscar nominees. The Academy of Motion Picture Arts and Sciences was criticized for allowing Smith to remain in his seat, and accept the best actor trophy, after he assaulted Rock on stage. "What happened on stage was totally unacceptable," academy president Janet Yang said at the annual Oscar nominees' luncheon in Beverly Hills. Smith resigned from the academy after the incident, and the academy banned him from attending the Oscars for 10 years. He remains eligible to be nominated for and win Academy Awards.

☆ Super Bowl ad hits feature 'The Flash', Disney as automakers pull back
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Auto ads, usually among the most popular during the Super Bowl, were mostly absent this year in another sign of reduced spending by automakers grappling with a tough economy and shrinking consumer wallets. Data from research firm Edo showed that Warner Bros Discovery's (WBD.O) 45-second "The Flash" trailer with two Batmans - Michael Keaton and Ben Affleck - was 24 times more effective than the median Super Bowl LVII ad. The Super Bowl is one of the most lucrative hours for advertisers hoping to grab the attention of over a 100 million people watching the game. On Sunday, the Kansas City Chiefs secured a dramatic 38-35 win over the Philadelphia Eagles to claim their second Super Bowl victory in four years. The average cost of a 30-second Super Bowl spot this year was about $7 million, an 84% surge from ten years ago, data from Statista showed.

☆ Walmart to close three U.S. tech hubs, relocate staff
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Walmart Inc (WMT.N) will close three of its U.S. technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters on Monday. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart's director of global communications. The big-box retailer would close offices that housed technology staff in Austin, Texas, in Carlsbad, California and in Portland, Oregon, Munroe said. The operations would move to hubs including one in San Bruno, California or the company's headquarters in Bentonville, Arkansas, he said, citing a memo sent last week by Walmart's global technology head, Suresh Kumar. The company currently has 11 tech hubs in the U.S. and six abroad, according to its website.

☆ Wall St dips as Treasury yields rise after auction
▼ + stars: | 2023-02-10 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

"With Treasury yields higher, it becomes a legitimate alternative to equities," said Michael Rosen, chief investment officer at Angeles Investments. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 4.7%. All 11 S&P 500 sectors posted losses. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 75 new highs and 57 new lows.

☆ Florida governor gains control over Disney district board
▼ + stars: | 2023-02-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

[1/4] Sunlight breaks through clouds near Disney World in Orlando, Florida, U.S. September 8, 2017. REUTERS/Gregg Newton/File PhotoFeb 10 (Reuters) - Florida lawmakers on Friday granted Governor Ron DeSantis effective control of the board that oversees development in and around Walt Disney Co's (DIS.N) central Florida theme parks, escalating the Republican's battle with the company. DeSantis' spokesperson Bryan Griffin said the prior system, under which the Florida legislature in 1967 gave Disney sole control over the district, lacked accountability. Disney World is the largest employer in central Florida with close to 75,000 employees and drew 36.2 million visitors in 2021, according to the Themed Entertainment Association. The new bill preserves the Reedy Creek special district, though within two years it will be renamed Central Florida Tourism Oversight District.

☆ Florida governor assumes control over Disney district board
▼ + stars: | 2023-02-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

Feb 10 (Reuters) - Florida lawmakers granted Governor Ron DeSantis effective control of the board that oversees development in and around Walt Disney Co's (DIS.N) central Florida theme parks, escalating the Republican's battle with the emblematic company. The board members will be confirmed by the Senate, and will have no involvement in the day-to-day operations of the theme parks. "Reedy Creek gifted extraordinary special privileges to a single corporation," DeSantis' spokesman Bryan Griffin wrote on Twitter. Disney World is the largest employer in central Florida with close to 75,000 employees, drawing 36.2 million visitors in 2021, according to the Themed Entertainment Association. The new bill preserves the Reedy Creek special district, though within two years it will be renamed Central Florida Tourism Oversight District.

☆ Wall St dips as Treasury yields rise; Disney hits 5-month high
▼ + stars: | 2023-02-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

The U.S. 30-year Treasury yield rose after an auction in the early afternoon, while the yield curve between two-year and 10-year notes widened earlier. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.2179%. The S&P 500 communication services sector (.SPLRCL) sank 2.86%. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 69 new highs and 41 new lows.

The data tentatively eased concerns about the Federal Reserve's rate-hike path after a strong January employment report rattled markets last week. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.6%. The S&P 500 communication services sector (.SPLRCL) sank 2.6%, while Alphabet shares eyed their worst weekly performance since November. Ralph Lauren Corp (RL.N) gained 1.2% after beating quarterly sales expectations, while peer Tapestry Inc (TPR.N) soared 5.4% on a strong annual profit forecast. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data.

☆ Peltz ends Disney proxy fight as Iger launches restructuring
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File PhotoFeb 9 (Reuters) - Activist investor Nelson Peltz called off his bid for a seat on the board of Walt Disney Co (DIS.N) on Thursday after Chief Executive Bob Iger revealed a plan to restructure and cut costs. Peltz's Trian Fund, after Third Point's Daniel Loeb, pushed the company to make changes after the pandemic crushed its parks business and forced it to increase expenditure to weed out competition in the streaming industry. Here is what happened since Iger retired in 2020:Reporting by Akash Sriram and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Disney reported earnings that topped Wall Street expectations and Iger outlined a corporate restructuring that addresses many of Peltz' criticisms. Disney's stock price climbed 3.6% in Thursday trading. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Iger announced earnings that topped Wall Street expectations and announced a corporate restructuring that addresses many of Peltz' criticisms. Trian owns a nearly $1 billion stake in Disney and had criticized the company for a bungled succession planning, overpaying for new assets and runaway costs. Reporting by Tiyashi Datta in Bengaluru; Editing by Devika Syamnath, Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Bob Iger's Disney revamp could keep critic Peltz 'at bay'
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger dazzled Wall Street on Wednesday with sweeping changes and billions of dollars in cost cuts, and some analysts are convinced that will be enough to sway its harshest critic - activist investor Nelson Peltz. Under the restructuring, Disney is cutting 7,000 jobs and reorganizing into three divisions - an entertainment unit encompassing film, television and streaming, a sports-focused ESPN unit and one with Disney parks, experiences and products. "Iger's early steps seem likely to keep Peltz at bay, which the company dearly wants. Peltz could have an opening if Disney slips up," said Barton Crockett, analyst at Rosenblatt Securities. "We are pleased that Disney is listening," a Trian spokesperson said.

Futures got a lift after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4. The data comes on the heels of a strong January employment report that rattled markets last week. "There are so many companies that are laying off people and that eventually is going to weaken the job market. ET, Dow e-minis were up 213 points, or 0.63%, S&P 500 e-minis were up 33 points, or 0.8%, and Nasdaq 100 e-minis were up 160.5 points, or 1.28%. Ralph Lauren Corp (RL.N) gained 2.4% after beating quarterly revenue expectations on resilient demand for its high-end clothing and accessories.

☆ Futures rise on earnings optimism, Disney climbs on revamp plan
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +3 min

Casino stocks Wynn Resorts (WYNN.O) and MGM Resorts International (MGM.N) gained about 5% each after reporting fourth-quarter results, with Wynn indicating a meaningful return of visitation and demand in Macau during the recent Chinese New Year holiday period. PepsiCo Inc (PEP.O) rose 1.4% as the soda maker reported better-than-expected results for its fourth quarter. Of more than half of the S&P 500 companies that have reported fourth-quarter results so far, 69% have topped analysts' earnings estimates, as per Refinitiv IBES data. ET, Dow e-minis were up 254 points, or 0.75%, S&P 500 e-minis were up 37.25 points, or 0.9%, and Nasdaq 100 e-minis were up 162.5 points, or 1.3%. Reporting by Sruthi Shankar, Medha Singh and Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

"This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit, which lost more than $1 billion. Iger also repositioned the company to capitalize on the streaming revolution, acquiring 21st Century Fox's film and television assets in 2019 and launching the Disney+ streaming service that fall. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

Investor sentiment was further boosted after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 last week, above a forecast of 190,000 claims. The data comes on the heels of a strong January employment report that rattled markets last week. Of more than half of the S&P 500 companies that have reported fourth-quarter earnings so far, 69% have topped estimates, as per Refinitiv data. Advancing issues outnumbered decliners by a 3.03-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and one new low, while the Nasdaq recorded 49 new highs and 20 new lows.

Disney issued a statement applauding Peltz's decision to end a board challenge which it called a "distraction. 'FIRST PHASE' IN DISNEY'S TRANSFORMATIONFor Peltz's Trian Fund Management the board challenge appears to have paid off with an estimated 20% gain on his investment. Analysts said Peltz made a reasonable request for one board seat and to join the 12-member board himself. Peltz appeared on CNBC on Thursday to announce his proxy fight with Disney was over. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

☆ U.S. weekly jobless claims increase, labor market remains tight
▼ + stars: | 2023-02-09 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The jobs market has remained resilient despite growing economic headwinds from the Federal Reserve's interest rate increases. While labor market strength keeps the U.S. central policy on its monetary policy tightening path, it also suggests that a much anticipated recession is nowhere near. The four-week moving average of claims, considered a better measure of labor market trends as it strips out week-to-week volatility, fell 2,500 to 189,250, the lowest level since last April. "But even so, the job market remains remarkably strong." "There is no sign of easing of labor market tightness here."

☆ Morning Bid: Corporate scatter
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. A hail of mega corporate updates distracted stock markets from a confusing macro picture - but offers little more clarity with scattergun fortunes and ambiguous readouts for the wider economy. The flub fed worries that the Google parent is losing ground to rival Microsoft (MSFT.O) in the renewed craze around artificial intelligence. European shares touched a fresh nine-month high on Thursday as Germany's Siemens and UK's AstraZeneca boosted earnings euphoria, while Britain's bank, commodity and pharma heavy FTSE100 hit another record high. Norway's $1.35 trillion sovereign wealth fund said it had recently divested virtually all its remaining shares in the Adani group.

Iger said he would reorganize the company into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit which lost more than $1 billion. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

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