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☆ Disney board exposed itself to activist intervention, but Peltz may be overreaching
▼ + stars: | 2023-01-12 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

Disney's share price spike in 2021 was caused by the same phenomenon — investors charging into streaming services with significant subscriber growth. Activist investor Nelson Peltz spent about 30 minutes Thursday morning speaking with CNBC's Jim Cramer and David Faber in a wide-ranging interview about why he wants a Disney board seat. Now Iger's back, and the Disney board has tasked him with finding a successor in the next two years. It's a far easier case to be made that Disney's board and Iger have consistently bungled succession planning. As Trian noted in its presentation (on Slide 28), the Disney board extended Iger's retirement date five different times between October 2011 and December 2017.

☆ Apple is searching for a head of ad sales as its streaming TV and sports ambitions grow
▼ + stars: | 2023-01-11 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

Apple has a recruitment firm searching for a top TV and streaming executive to head up its ad sales. The search suggests the company may be considering an ad-supported tier for Apple TV+. Recruiters are quietly working on a search for a head of ad sales, according to a person familiar with conversations. This new executive search indicates that Apple has plans to create an ad tier for Apple TV+. An ad executive familiar with plans said Apple was negotiating a major beachfront presence this year.

☆ NBCUniversal's latest round of layoffs shows how streaming is killing the traditional TV ad sales role
▼ + stars: | 2023-01-09 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

A TV era is quietly coming to a close and high-profile ad sales executives are hitting the exits. The changes come as advertisers pause spend due to economic uncertainty, and linear TV ad buys decline as viewers shift to streaming TV. Paramount CFO Naveen Chopra noted at an investor event "significant restructuring in our ad sales organization." NBCUniversal has done small groups of layoffs across divisions and just cut ad sales staff. Horizon's Campanelli said that with clients knowing much more about their audiences' viewing preferences, traditional ad sales desks have a smaller role to play than before.

☆ The Race to Build the ‘Yellowstone’ Universe
▼ + stars: | 2023-01-07 | by ( John Jurgensen | ) www.wsj.com time to read: +1 min

FEELY, Mont.—Helen Mirren had her shoes off and her feet propped close to a hissing propane heater. With co-stars Harrison Ford and Timothy Dalton she was huddled in a nook of a hollow building, a film set that looked like a stately stone-and-timber lodge on a snowy hill outside Butte, Mont. The actors were keeping warm while running dialogue for an outdoor scene they had tried in vain to shoot two days earlier, when subzero temperatures made it impossible for them to enunciate their lines. It was early December, winter was bearing down, and a premiere date was looming in two weeks for “1923,” a big-budget TV series saddled with two mandates. The first: to pull audiences deeper into the stories linked to the most-watched series on television, “Yellowstone.” The second: to do so on deadline as Paramount Global , the company behind “Yellowstone,” races to capitalize on the show’s popularity and fix a major gap in its streaming-television inventory.

☆ Streaming is killing the traditional TV ad sales role
▼ + stars: | 2023-01-06 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

A shift to streaming is shrinking the need for big ad sales teams. A TV era is quietly coming to a close and high-profile ad sales executives are hitting the exits. The changes come as advertisers pause spend due to economic uncertainty, and linear TV ad buys decline as viewers shift to streaming TV. Horizon's Campanelli said that with clients knowing much more about their audiences' viewing preferences, traditional ad sales desks have a smaller role to play than before. And local stations are still hiring TV sales executives, said Robert Russo, CEO of RNR Media Consulting, a former VP of political sales at ION Media.

☆ 'Halftime Report' traders like financials, see sector doing well even in a recession
▼ + stars: | 2023-01-04 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

As investors position their portfolios for the year ahead, one sector is a standout pick for the investment panel on CNBC's "Halftime Report" : financials. "In every recession, there's one sector, whose balance sheet is most negatively affected by the recession. Gilman Hill Asset Management CEO Jenny Harrington named financial stocks as her top 2023 sector pick, saying the sector is undervalued after reviewing its price/earnings to growth ratio, or PEG ratio. The financials sector in the S & P 500 was down by 12% in 2022, still outperforming the broader market index despite the drop. Here is the full 2023 stock picks from the group: Karen Firestone: Charles Schwab, Align Technology, American Tower; Sector Pick: Financials Jenny Harrington: Kohl's, Uber, B & G Foods; Sector Pick: Financials Jim Lebenthal: Boeing, Cleveland-Cliffs, Paramount Global; Sector Pick: Industrials

A fter a year of layoffs across media and entertainment companies, more cuts could come in 2023 .. A pull-back of advertising tied to the declining economic outlook has affected all media. From tech diruptors like Netflix to news stalwarts like the Washington Post, a range of companies are impacted. In the blink of an eye, the media and tech jobs market has gone from hot to not. Discovery and Paramount Global that are racing to make their streaming businesses profitable to digital media companies such as BuzzFeed and Vice that are trying to bolster their valuations. Here are 15 media and entertainment companies that have laid off staff as of December 2022:

☆ 2022 was tough for media stocks like Netflix and Disney, and 2023 doesn't look good, either
▼ + stars: | 2022-12-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +7 min

On top of that, companies are contending with lower ad revenue and more cord cutting. Tightening ad marketOn top of this, the ad market has worsened. Paramount missed third-quarter estimates after its ad revenue dropped, with its stock hitting a low in the following days. "We also anticipate that advertising streaming will become more important in the year to come," Solomon Partners' Boidman said. For media companies like Comcast and Charter Communications , lagging subscriber growth on the broadband front, rather than the pay-TV business, weighed more significantly on their stocks.

☆ Jim Cramer's top 10 things to watch in the market Friday: Inflation, natural gas plunge, Tesla
▼ + stars: | 2022-12-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Case in point: Natural gas prices plunge roughly 25% this week alone and even more for the month. Citi cuts price target on Paychex (PAYX) to $119 per share from $131. Wedbush cuts price target on Tesla (TSLA) to $175 per share from $250, though keeps its outperform (buy) rating. Loop Capital cut Paramount Global (PARA) to a sell from hold, slashing its price target to $14 per share from $30. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Disney shares fall following softer-than-expected 'Avatar' opening weekend
▼ + stars: | 2022-12-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Shares of Disney dropped on Monday following a weaker-than-expected opening box office weekend for James Cameron's "Avatar: The Way of Water." Industry analysts pegged the long-awaited "Avatar" sequel as a box office winner for Disney and are viewing the holiday season as a make-or-break period for the film. The film notched $134 million at the domestic box office during its opening weekend, falling short of analyst expectations of $175 million and Disney's own forecast of between $135 million and $150 million. Still, box office analysts aren't concerned yet. Internationally, "Way of Water" raked in $300.5 million, bringing its total opening weekend number to $434.5 million.

☆ The biggest media targets and buyers in 2023, as speculation swirls around Disney's next move under CEO Bob Iger and how Warner Bros. Discovery can shed debt
▼ + stars: | 2022-12-19 | by ( Lucia Moses | Claire Atkinson | Reed Alexander | ) www.businessinsider.com time to read: +12 min

Continued pressure to get bigger has big media companies in Hollywood looking to scale up. Media bankers and investors predicted to Insider that dealmaking will rebound in 2023 as companies big and small size up their options for possible tie-ups. Pressure on big media companies to get bigger hasn't gone away. Apple: Could eye a big content prizeTim Cook. Paramount's library could help a streaming company bulk up its content; Netflix for one has explored Paramount's studio business before.

☆ 12 media executives anonymously predict 2023's biggest deals, trends and changes
▼ + stars: | 2022-12-18 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

Candle Media has acquired intellectual property assets including Reese Witherspoon's Hello Sunshine production company and Moonbug, which owns the animated kids series "CoComelon." Executive 3: Iger extends his contract There's been lots of speculation over who Iger will choose as his successor. History suggests he has a hard time leaving the role of Disney CEO. Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer The Walt Disney Company. "I love Shari [Redstone], but ViacomCBS is not long for this world as it stands today," said a media executive last year.

☆ Netflix, NBCUniversal, BuzzFeed, Vice, and other media companies have laid off thousands in 2022, and there could be more cuts ahead in 2023
▼ + stars: | 2022-12-16 | by ( Lucia Moses | Claire Atkinson | Elaine Low | ) www.businessinsider.com time to read: +2 min

A fter a year of layoffs across media and entertainment companies, more cuts could come in 2023 .. A pull-back of advertising tied to the declining economic outlook has affected all media. In the blink of an eye, the media and tech jobs market has gone from hot to not. More than 3,300 media jobs were lost through November this year, according to Challenger, Gray & Christmas data — though this was down from an unprecedented 2020, when Challenger data showed 30,000 media sector jobs were lost. Discovery and Paramount Global that are racing to make their streaming businesses profitable to digital media companies such as BuzzFeed and Vice that are trying to bolster their valuations. Here are 15 media and entertainment companies that have laid off staff as of December 2022:

☆ Penguin Random House CEO to quit after merger blocked
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 9 (Reuters) - Penguin Random House head Markus Dohle will step down at the end of the year after a U.S. judge blocked a planned $2.2 billion merger of the world's largest publisher and rival Simon & Schuster, the company said in a statement on Friday. Nihar Malaviya, who is president and chief operating officer of Penguin Random House U.S., will take over as interim CEO from Jan. 1, the company said. Thomas Rabe, chief executive of Penguin's German owner Bertelsmann (BTGGg.F), expressed full confidence in Malaviya, who he said had a chance of permanently becoming CEO. With the deal's dissolution, Penguin will pay a $200 million termination fee to Paramount. Reporting by Klaus Lauer, Writing by Miranda Murray, Editing by Rachel More and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ CBS-owned stations added to free, rapidly growing local news streaming service VUit
▼ + stars: | 2022-12-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +6 min

He added: "It's a double-edged sword when making the transition to the [streaming] TV world." TV and streaming services are crawling all over each other for more content that retains viewers. Some companies like Sinclair have created their own free streaming services, and many affiliates use their websites and build their own apps to offer newscasts. VUit aims to work with CBS's local stations to boost their hyperlocal events on the platform and attract more eyeballs. A recent Iceman Challenge mountain bike race in Traverse City, Michigan, available only from local station WWTV on VUit's platform, garnered thousands of viewers.

☆ Penguin Random House CEO steps down weeks after judge blocked Simon & Schuster merger
▼ + stars: | 2022-12-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Penguin Random House said Friday that CEO Markus Dohle will step down at the end of the year, weeks after the collapse of a deal to merge Penguin with Simon & Schuster. A federal judge sided with the Justice Department and blocked Penguin's $2.2 billion acquisition of Simon & Schuster in late October. Soon after the judge's decision, Paramount Global , which owns Simon & Schuster, officially pulled the plug on the deal. "We regret Markus Dohle's decision to leave Bertelsmann and Penguin Random House," said Christoph Mohn, chairman of Penguin parent Bertelsmann's supervisory board. "He has sustainably focused Penguin Random House on growth and profitability.

☆ Cramer's lightning round: AGNC Investment is not a buy
▼ + stars: | 2022-12-07 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

I don't know where it bottoms, but it sure isn't close to the top." Loading chart...Hasbro Inc : "I don't like the earnings, and I think that Mattel 's actually cheaper." Loading chart...AGNC Investment Corp : "That's one of those real estate investment trusts that I do not like." Loading chart...Citigroup Inc : "The book value is so different from where the common stock is, the price. Something is very wrong there."

☆ VidCon reveals initial list of creators slated to appear at June 2023 conference in Anaheim
▼ + stars: | 2022-12-06 | by ( ) www.nbcnews.com time to read: +2 min

VidCon, the fan and industry event producer celebrating YouTubers and other digital creators, unveiled the first round of featured creators confirmed to its flagship convention in Anaheim, Calif., in June 2023. Additional details on programming, speakers, partner activations, and more featured creators confirmed to attend will be announced in the coming months. VidCon also has opened ticket sales for the 2023 Anaheim confab, with more info at this link. In 2022, VidCon returned to an in-person convention in Anaheim after a two-year break because of COVID. VidCon was founded by veteran YouTube creators John and Hank Green (the Vlogbrothers) and was acquired by Paramount Global in 2018.

☆ Paramount Global projects fourth-quarter advertising revenue will decline from third quarter
▼ + stars: | 2022-12-06 | by ( Helen Coster | ) www.reuters.com time to read: 1 min

Russian state-owned bank VTB hit by largest DDoS attack in its history, article with imageFinance category · December 6, 2022 · 8:24 AM UTCRussia's No. 2 bank VTB was hit by the largest cyber attack in its history, it said on Tuesday, warning of temporary difficulties in accessing its mobile app and website, but assuring customers that their data remained safe.

☆ BuzzFeed slashes 12% of its workforce, citing ‘worsening macroeconomic conditions’
▼ + stars: | 2022-12-06 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

New York CNN Business —BuzzFeed on Tuesday said it would lay off approximately 12% of its staff, making the digital news and entertainment conglomerate the latest media company to make painful cuts amid a deteriorating economic climate. In a note to impacted employees, Jonah Peretti, the company’s founder and chief executive, blamed the cuts on “a combination of worsening macroeconomic conditions” and changes in how people consume media. The spokesperson added that there were no cuts made to its Tasty food brand, BuzzFeed News, or HuffPost, which BuzzFeed also acquired. A slew of media companies have slashed costs in recent months as the advertising market weakens and the economic outlook becomes dimmer. “While I believe in the strategy we’re pursuing, and know it’s necessary to navigate the challenging year ahead, that’s no comfort if you are directly affected.”

☆ Netflix co-CEO Sarandos says streamer likely to offer multiple ad-supported tiers
▼ + stars: | 2022-12-06 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Netflix is likely to offer multiple subscription plans with ads in the future, the company's co-Chief Executive Ted Sarandos said on Tuesday, just weeks after the streaming giant rolled out its first ad-supported option. For viewers who don't want to see commercials, Netflix already offers multiple plans ranging in price from $9.99 a month to $19.99 a month. And the company will likely do the same for its ad-supported model as the business grows, Sarandos said at the UBS TMT conference. "We have multiple tiers today, so it's likely we'll have multiple ad tiers over time, but nothing to talk about yet," Sarandos said. Disney+ also plans to launch a tier with advertising, while also raising prices for its commercial-free option and other streaming services.

☆ From Apple and Disney to Warner Bros. Discovery, here's the 2023 media deal outlook for Hollywood's biggest companies, according to 13 bankers and industry experts
▼ + stars: | 2022-12-06 | by ( Lucia Moses | Claire Atkinson | Reed Alexander | ) www.businessinsider.com time to read: +12 min

☆ The former CEO of WarnerMedia predicts only 3 major entertainment companies will survive in the streaming space
▼ + stars: | 2022-12-06 | by ( Travis Clark | ) www.businessinsider.com time to read: +4 min

Media exec Jason Kilar predicts only 3 entertainment companies will survive the streaming war. In a piece for The Wall Street Journal, Kilar predicted that only three of the global entertainment companies, not including tech giants Amazon and Apple, will come out of the "streaming war" unscathed. But based on Kilar's threshold, Disney is well-positioned to survive, with 235 million global subscribers across its services, 164 million of which belong to Disney+. Kilar added that "two or three major mergers and/or acquisitions" in the entertainment industry would occur in the next two years because of shifts in the streaming space. Former Disney CEO Bob Chapek, who was ousted last month, hinted in September that he'd want to integrate Hulu into Disney+ once the deal is complete, though it's unclear what returning CEO Bob Iger's plans are.

Shares of Paramount Global fell Tuesday after CEO Robert Bakish warned that fourth-quarter advertising revenue would be lower than the company's sluggish third-quarter figures. Paramount's ad revenue declined 2% in the third quarter. Paramount isn't the only media company to say the ad market is rough. NBCUniversal CEO Jeff Shell said at the UBS conference Monday that it has steadily worsened over the last six to nine months. Programing note: Paramount CEO Robert Bakish will appear on CNBC's "Squawk on the Street" on Wednesday at 10 a.m.

☆ CNN, Gannett, Other Media Giants Resort to Layoffs Ahead of Potential Downturn
▼ + stars: | 2022-12-03 | by ( Sarah Krouse | Joe Flint | ) www.wsj.com time to read: 1 min

An advertising slowdown, economic worries and strains of the shift to streaming have many major media companies in cost-cutting and layoff mode. News organizations, TV networks, movie and television studios, and entertainment giants laid off hundreds of workers over the past week alone, including Warner Bros. Discovery Inc.’s CNN and Paramount Global ’s television-production units.

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