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☆ Disney investors await CEO Iger's revival plan with results on tap
▼ + stars: | 2023-02-07 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

LOS ANGELES, Feb 7 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger is expected to discuss a turnaround plan on Wednesday, when the media company delivers its first quarterly results since the return of the executive who built the modern incarnation of Disney. "This is the right place to do it. It also endorsed Iger's leadership, adding that Disney generated a shareholder return of 554% under his previous tenure as CEO. That change resulted in the departure of Kareem Daniel, head of the Disney Media and Entertainment Distribution group created by Iger's predecessor, Bob Chapek, to consolidate budgeting and distribution for the studio's content. Analysts polled by FactSet estimate Disney+ will have 163 million subscribers, down modestly from the previous quarter.

☆ Disney's Hong Kong service drops 'Simpsons' episode with 'forced labor' reference
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 6 (Reuters) - Walt Disney Co (DIS.N) has cut an episode from the hit cartoon series "The Simpsons" that contains a reference to "forced labour camps" in China from its streaming service in Hong Kong, according to a check of the service. The episode "One Angry Lisa", which first aired in October on television, is not available on the U.S. company's Disney Plus streaming service in Hong Kong, according to a check by Reuters. Reuters was not able to establish when it was removed from the Hong Kong service and Disney did not immediately respond to a request for comment. Bitcoin mines, forced labour camps where children make smartphones.”China denies any suggestion that forced labour occurs there. In 2021, Disney removed an episode of "The Simpsons" that made a reference to the 1989 Tiananmen Square crackdown when it first launched its Disney Plus service in Hong Kong.

☆ Futures fall with eyes on earnings
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Companies reporting quarterly results this week include Walt Disney Co (DIS.N) and PepsiCo Inc (PEP.O), while Tyson Foods Inc (TSN.N), Lowe's Cos Inc (LOW.N), Activision Blizzard Inc (ATVI.O) and Cummins Inc (CMI.N) report results later in the day. Halfway through the earnings of the S&P 500 companies, 69.6% have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.7%. Job growth in the U.S. accelerated sharply in January, with nonfarm payrolls surging by 517,000 jobs, well above an estimate of 185,000. ET, Dow e-minis were down 237 points, or 0.7%, S&P 500 e-minis were down 37 points, or 0.89%, and Nasdaq 100 e-minis were down 144.25 points, or 1.14%.

[1/2] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. Money market participants see the Fed's terminal rate to settle above 5% by May followed by rate cuts in September. More than 69% of the S&P 500 firms have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.8%. All of the 11 major S&P 500 indexes were in the red with the real-estate sector (.SPLRCR) slumping 1.5%.

☆ Peltz's Trian seeks to rally Disney shareholders against board director Froman
▼ + stars: | 2023-02-02 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

REUTERS/Fred ProuserNEW YORK, Feb 2 (Reuters) - Activist investor Nelson Peltz's hedge fund Trian Fund Management wrote to Walt Disney Co (DIS.N) shareholders on Thursday to make the case for replacing the media and entertainment conglomerate's board director Michael Froman. Trian, which owns a roughly $1 billion stake in the home of Mickey Mouse, has asked Disney shareholders to drop Froman — a former U.S. Trade Representative — from the company's 12-member board and elect Peltz instead. Trian did not spell out in the letter why it had picked Froman to target among the Disney directors, but suggested that Peltz was more qualified to serve. In the letter, Trian also directed its criticism at the full Disney board, blaming it for a 44% drop in Disney's stock last year. A shareholder vote to decide on the composition of Disney's board has not yet been set but is expected in the spring.

The business has been valued at as much as 3 billion pounds ($3.7 billion), according to analysts. "But we do see a pathway whereby, via consolidation, ITV may be able to simultaneously both demonstrate and create value from ITV Studios," they said. ITV built up its Studios production business in the last decade to reduce its reliance on the British advertising market and tap into rising global demand for content. Revenue in the nine months to end-September rose 16% to 1.39 billion pounds ($1.71 billion). That would imply a valuation of about 3 billion pounds, in line with analysts' calculations and nearly as much as ITV's total market value of 3.27 billion pounds.

☆ John Malone prepares for a victory lap
▼ + stars: | 2023-02-01 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

Now the cable cowboy’s Liberty Media (FWONA.O) empire is trotting out its trademark financial razzle-dazzle to try and wring additional value out of its assets. Malone, Liberty Media’s chairman, is as renowned for his dizzying array of specialized equity issues, spinoffs and splits as he is for the telecom and entertainment companies that have been subjected to the intricate machinations. It excludes broadcaster Discovery, spun off from Liberty Media in 2005, and international broadband provider Liberty Global (LBTYA.O), hived off a year earlier. A more logical starting point would be 2001, when Malone carved Liberty Media out of telecom giant AT&T (T.N). Likewise, Liberty Media’s accompanying shakeup of its tracking stocks stands to further spotlight the value of Formula One.

☆ Exclusive: Warner Bros Discovery licenses movies and TV shows to Roku, Tubi
▼ + stars: | 2023-01-31 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Warner Bros Discovery Inc (WBD.O) has reached deals with streaming services Roku Inc (ROKU.O) and Fox Corp's (FOXA.O) Tubi to license 2,000 hours of movies and TV series, as it becomes the latest media company to embrace free, ad-supported streaming TV. The streamers announced Tuesday they plan to use the content to launch Warner Bros-branded free, ad-supported TV (or FAST) channels. For the first nine months of 2022, Warner Bros Discovery's streaming business, which includes HBO Max, lost $1.38 billion. The studio is seeking to capitalize on a growing segment of the streaming universe, which industry executives see as complementing subscription streaming services. AMC Networks Inc (AMCX.O), Comcast Corp's (CMCSA.O) NBCUniversal and the National Hockey League have launched FAST channels over the last year.

Despite a rich stable of characters from Batman to Wonder Woman, the DC film and television studio has failed to match the success of Walt Disney Co's (DIS.N) Marvel hit factory. Also in 2025, DC Studios will release "Batman - Part II," a sequel starring Robert Pattison, a darker, more adult tale that is not part of Gunn's newly envisioned "DC Universe." While Marvel has become the highest-grossing film franchise in history, DC Studios has had mixed results. Four DC film projects that were completed before Gunn and Safran took over the studio will be released to theaters this year, "Shazam! Zaslav cut some costs by scrapping a third "Wonder Woman" film and a "Batgirl" movie that was headed to streaming.

☆ Apple developing software to help users build apps for upcoming headset - The Information
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Apple Inc (AAPL.O) is developing software to help users of its upcoming mixed-reality (MR) headset build their own augmented reality apps, the Information reported on Friday, citing four people who worked on the headset. According to a Bloomberg News report, the company was in talks with about half a dozen media partners including Walt Disney Co (DIS.N) to develop virtual reality content for its MR headset. An MR headset could allow the wearer to use a real-world object to trigger a virtual-world reaction. The iPhone maker's MR headset is set to launch in this year's spring event and will cost around $3,000, according to a separate Bloomberg News report. That would be twice as much as Meta Platforms Inc's (META.O) Quest Pro virtual and mixed reality headset, which was launched late last year for $1,500.

☆ 'Elvis,' 'Everything Everywhere' vie for Oscar nods on Tuesday
▼ + stars: | 2023-01-24 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

REUTERS/Mario AnzuoniLOS ANGELES, Jan 24 (Reuters) - Hollywood's film academy will announce this year's Oscar nominees early on Tuesday, a field expected to range from biopic "Elvis" to dark comedy "The Banshees of Inisherin" and multiverse adventure "Everything Everywhere All at Once." The Oscars and other entertainment awards shows have been struggling to attract TV viewers, particularly younger ones who spend time on TikTok and YouTube. Last year's Academy Awards show, when Will Smith slapped presenter Chris Rock before winning best actor, drew about 15.4 million TV viewers, the second-smallest audience ever. The Gold Derby website, which monitors Hollywood's awards races, gives "Everything Everywhere" the best odds at the moment to ultimately win best picture. The movie stars Michelle Yeoh in a dimension-hopping action film about an exhausted woman trying to finish her taxes.

☆ Box office hits 'Everything Everywhere,' 'Elvis' and 'Avatar' land Oscar nominations
▼ + stars: | 2023-01-24 | by ( Lisa Richwine | ) www.reuters.com time to read: +5 min

"Everything Everywhere," a science-fiction flick about an exasperated Chinese immigrant struggling to finish her taxes, landed 11 nominations, including best picture and four acting nods. Other films in the hunt for the top trophy at the Academy Awards included sequel "Avatar: The Way of Water," James Cameron's visual spectacle that currently ranks as the sixth-highest grossing movie of all time. Last year's Academy Awards ceremony, when Will Smith slapped presenter Chris Rock before winning best actor, drew about 15.4 million TV viewers, the second-smallest audience ever. Apple TV+ (AAPL.O) nabbed best picture last year for heartwarming drama "CODA." This time, Disney received the most nominations, a total of 22, for movies including "Avatar," "Banshees" and animated "Turning Red."

☆ Apple in talks with Disney, others on VR content for new headset - Bloomberg News
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Apple Inc (AAPL.O) was in talks with about half a dozen media partners including Walt Disney Co (DIS.N) to develop virtual reality (VR) content for its mixed reality headset, Bloomberg News reported on Monday. Earlier this month, Bloomberg reported that Apple was planning to unveil its first mixed reality (MR) headset this year. An MR headset could allow the wearer to use a real world object to trigger a virtual world reaction. The iPhone maker's MR headset is set to launch in this year's spring event and will cost around $3,000, according to the report. That would be twice as much as Meta Platforms Inc's (META.O) Quest Pro virtual and MR headset, which waslaunched late last year for $1,500.

☆ Box office haul for 'Avatar: The Way of Water' tops $2 billion
▼ + stars: | 2023-01-22 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

[1/3] Director James Cameron arrives at the world premiere of 'Avatar: The Way of Water' in London, Britain December 6, 2022. "The Way of Water" debuted in late December, 13 years after the original "Avatar" introduced the lush world of Pandora and became a worldwide phenomenon. Box office sales for "The Way of Water" totaled $2.024 billion on Sunday, according to Disney estimates. Roughly $1.4 billion of ticket sales have come from international markets outside the United States and Canada. A third "Avatar" movie, which Cameron has already filmed, is scheduled to debut in December 2024.

☆ Netflix's ability to churn out hits gives it an edge over rivals -analysts
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

read moreAt least 18 brokerages raised their price targets on the stock as they cheered Netflix's 7.66 million subscribers additions that easily beat estimates of 4.57 million. "Content performance is underpinning all aspects of financial improvement and helps investors sleep better," Wells Fargo analysts said, adding that double-digit revenue growth could be achievable in the second half of the year. The company said it would roll out features this quarter to try and convert more password sharers to paying subscriber. But the company expects increased engagement and monetization after a short period of churn. Reporting by Aditya Soni, Tiyashi Datta and Eva Mathews in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/3] Reed Hastings, Co-CEO, Netflix speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. "It was a baptism by fire, given Covid and recent challenges within our business," Hastings said in a statement. To kick-start growth, Netflix introduced a cheaper, ad-supported option last November in 12 countries. We believe we have a clear path to reaccelerate our revenue growth," Netflix said in its quarterly letter to shareholders. That 2011 initiative cost the company 800,000 subscribers and sent the stock plunging.

☆ Activist investing cries out for some pushback
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

The number of aggressive investing campaigns led by firms such as Paul Singer’s Elliott Management and Nelson Peltz’s Trian Fund Management swelled last year, including from a record arrival of rookie practitioners. It represents a 36% increase from 2021 and the busiest year since 2018, when there were 249. There were also 55 first-time activists last year, who initiated more than a third of the campaigns. If the result is no better than a coin flip, it gives shareholders and boards fresh reason to question an activist’s arrival. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Disney investors pay twice for half-leadership
▼ + stars: | 2023-01-18 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 18 (Reuters Breakingviews) - Walt Disney’s (DIS.N) poor succession planning is costing its shareholders twice over. That takes Disney to $60 million in total pay for the duo. Warner Bros Discovery (WBD.O), a fraction of Disney’s size, awarded its boss David Zaslav a $247 million compensation package in 2021. For the 2023 fiscal year, his target compensation package in 2023 is approximately $28 million. Disney urged shareholders to vote for its slate of directors at the company’s upcoming annual meeting.

☆ Breakingviews: Disney investors pay twice for half-leadership
▼ + stars: | 2023-01-18 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 18 (Reuters Breakingviews) - Walt Disney’s (DIS.N) poor succession planning is costing its shareholders twice over. That takes Disney to $60 million in total pay for the duo. Warner Bros Discovery (WBD.O), a fraction of Disney’s size, awarded its boss David Zaslav a $247 million compensation package in 2021. For the 2023 fiscal year, his target compensation package in 2023 is approximately $28 million. Activist investor Nelson Peltz, through his company Trian Fund Management, has challenged Disney by seeking a seat on the board.

☆ Morning Bid: Japan hesitates
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +4 min

Judging by Wednesday's reaction, world markets reckon Japan will eventually abandon its ultra-loose monetary policy despite a stubborn doubling down this week - and overseas ructions may be less than feared. But after some wild gyrations on the initial announcement, the market reaction was rather muted on balance. Japan's Nikkei (.N225) ended 2.5% higher, but it closed before the yen rebound in European hours. The release of December U.S. producer price, retail sales and industrial production numbers later on Wednesday now takes centre stage. U.S. Treasury auctions 20-year bonds* Bank of Japan policy decision.

☆ Disney says Peltz 'lacks skills' to help business as proxy battle heats up
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

"Peltz does not understand Disney's businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," Disney said. Peltz told CNBC on Thursday that Disney should either jettison the streaming business or buy the rest of rival streaming service Hulu. Disney also needs to boost capital expenditure at its parks business, where it probably raised ticket prices "too hard," he said then. In its statement on Tuesday, Disney said it was already working to improve profitability at the Disney+ streaming business that Iger helped launch in 2019 and was rolling out broader cost-cutting measures. Unless Peltz settles with Disney, investors will vote this year on whether he should sit on the company's board.

☆ Netflix set for slowest revenue growth as ad plan struggles to gain traction
▼ + stars: | 2023-01-17 | by ( Eva Mathews | ) www.reuters.com time to read: +4 min

REUTERS/Bing GuanJan 17 (Reuters) - Netflix Inc (NFLX.O) is expected to report its slowest quarterly revenue growth on Thursday as its ad-supported plan struggles to attract customers in the saturating U.S. market, which could pressure the company to pull back on content spending this year. "Given current interest rates, Netflix will have to be very selective about green-lighting content and how they would finance it." It returned to subscriber growth in the third quarter, but its stock, an investor favorite during its years of rapid growth, still ended the year with a drop of more than 50%. "As overall streaming growth flattens out, most of the more mature streaming platforms have leveled off as well," MoffettNathanson said, adding that Netflix's reach fell by 200 basis points in the quarter. Reuters GraphicsStill, some analysts believe that the ad-supported plan will pay off in the long run, especially in developing markets, where spending power is weaker.

☆ Former Fox execs' FIFA case about 'corruption of international soccer,' prosecutor says
▼ + stars: | 2023-01-17 | by ( Jack Queen | ) www.reuters.com time to read: +2 min

The charges are part of a long-running corruption probe surrounding FIFA, the world governing body for soccer. "This case is about the corruption of international soccer," prosecutor Victor Zapana told jurors in opening statements, saying the alleged scheme funneled money that could have gone towards building stadiums and developing youth and women's leagues into the pockets of corrupt officials. An attorney for Full Play Group said the allegedly illicit payments were "expected, asked for and even demanded" by South American soccer officials. An attorney for Lopez told jurors his client was not aware of the bribes and immediately reported them to Fox upon learning of them. The charges are part of a sprawling FIFA corruption probe unveiled in May 2015.

☆ China lets Marvel movies back in, sets dates for Black Panther, Ant-Man sequels
▼ + stars: | 2023-01-17 | by ( Danielle Broadway | ) www.reuters.com time to read: +1 min

LOS ANGELES, Jan 17 (Reuters) - Walt Disney Co's (DIS.N) Marvel Studios on Tuesday announced February release dates for "Black Panther" and "Ant-Man" sequels in China, marking the first time in nearly four years that the Communist country has allowed Marvel movies into its cinemas. "Black Panther: Wakanda Forever" will arrive in Chinese theaters on Feb. 7 followed by "Ant-Man and the Wasp: Quantumania" on Feb. 17, Marvel announced on Chinese social media network Weibo. "Wakanda: Forever," the sequel to 2018's blockbuster hit "Black Panther," debuted in global theaters in November. The first "Black Panther" took in $105 million at Chinese theaters, while the second "Ant-Man" movie generated $121 million, according to Box Office Mojo. The February releases will be the first Marvel films to play in Chinese theaters since "Spider-Man: Far from Home" in July 2019.

☆ Disney braces for boardroom battle
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

Jan 12 (Reuters) - Activist investor Nelson Peltz on Thursday bid for a seat on the board of Walt Disney Co (DIS.N), stirring the pot for what appears to be a boardroom battle brewing at the Magic Kingdom. This comes after company veteran Bob Iger returned to the helm at the Marvel-parent to help a push for profitability at its streaming business, Disney+. Peltz's Trian Fund, after Third Point's Daniel Loeb, have 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 Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

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