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☆ From CNN to Paramount, Media Companies Cut Jobs as Pressures Mount
▼ + 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.

☆ Activision acquisition would be good for Microsoft and the overall stock market
▼ + stars: | 2022-12-02 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

That implies that the other 35% of the market is made up of firms with equal to or less than about a 2% market share. For simplicity's sake, let's say an additional 17 firms have a 2% market share each to bring us to 100% of the market. That means the HHI, calculated by the market share number squared and then added together for all 27 companies, would be under 650. If the Microsoft-Activision Blizzard deal goes through, and you combine the market share concentration of the two companies, the HII would be just over 700. The other issue is how one measures the gaming market.

Netflix founder and co-CEO Reed Hastings said Wednesday he was slow to come around to advertising on the streaming platform because he was too focused on digital competition from Facebook and Google . "So Google and Facebook were going to mop up the world — and they have in non-TV advertising." Advertisers were "desperate" for avenues in connected TV and internet, Hastings said, but Netflix was still on the sidelines. "We didn't have to steal away the advertising revenue. There are also free streaming services, such as Paramount's Pluto and Fox Corp.'s Tubi, which make revenue solely through advertising.

☆ AMC Networks CEO exits after less than three months in role
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - AMC Networks' (AMCX.O) Christina Spade has stepped down as chief executive officer, less than three months after taking over the role, sending the company's shares down 5% on Tuesday. "We thank Christina for her contributions to the company in her CEO role and her earlier CFO (chief financial officer) role, and we wish her well in her future endeavors," Chairman James Dolan said in a brief statement. AMC Networks did not respond to a request for comment on the layoffs. Cord cutting and a gloomy advertising market have weighed on the company's business, with shares down 40% year to date. Revenue in the division surged 41% in the last reported quarter, even as the company's overall revenue slumped 16%.

☆ AMC Networks CEO exits after brief stint; plans 20% U.S. job cuts
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

Shares of the cable TV network, home to hit shows such as "Mad Men" and "The Walking Dead", fell 4.4% on Tuesday. AMC Networks had 1,739 full-time and 287 part-time employees as of Dec. 31, according to a regulatory filing. Cord cutting and a gloomy advertising market have weighed on the company's business, with shares down 40% year to date. Revenue in the division surged 41% in the last reported quarter, even as the company's overall revenue slumped 16%. In September, she took the helm from Matt Blank who had held it on an interim basis after long-time Chief Executive Officer Josh Sapan stepped down in August last year.

☆ NBCUniversal layoffs are coming in January, with cuts expected mainly in broadcast and cable TV groups
▼ + stars: | 2022-11-28 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +3 min

Layoffs will come in ad sales and marketing in the linear TV business but aren't expected to affect theme parks. NBCUniversal is the latest major media corporation to plan layoffs, according to two company insiders and a third person closely familiar with plans. The axe will fall mainly in ad sales, marketing, and back-end functions at the traditional broadcast and cable business units, but will come division by division, two people said. The company is looking for $1 billion in cuts across the TV networks, according to a Bloomberg report. Paramount Global also conducted layoffs last week, mainly in ad sales in New York and Los Angeles.

☆ HBO is No. 1 as 14 TV insiders rank the streamers where they want to sell shows: Apple's a big spender and 'there's a sheen when you're a Hulu show,' but there's 'fear in the air' at Netflix
▼ + stars: | 2022-11-28 | by ( Elaine Low | Lucia Moses | ) www.businessinsider.com time to read: +19 min

"It's definitely been not the most exciting and robust year," said one TV agent at a major agency. Around 70 people at HBO and HBO Max have been let go this year, and their comedy development teams have merged. While WBD doesn't break out streamer-specific figures, it said on Thursday's earnings call that HBO Max, HBO, and Discovery+ have a combined 94.9 million subscribers, ensuring that any show on HBO Max has the chance to get a lot of eyeballs. They'll also take smaller swings in the genre department, do things at a lower budget," said the second TV agent. Echoed the first TV agent: "You pitch and sell to them if no one else wants it."

☆ Paramount Global Terminates Deal to Sell Publisher Simon & Schuster to Rival Penguin Random House
▼ + stars: | 2022-11-22 | by ( Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Paramount Global’s comments about its Simon & Schuster unit suggested the book publisher might again find itself on the sales block. Paramount Global , which owns the Simon & Schuster book-publishing unit, said in a federal filing Monday that it has terminated its agreement to sell Simon & Schuster to rival Penguin Random House. Paramount said that Simon & Schuster “remains a non-core asset” and that the publisher “does not fit strategically within Paramount’s broader portfolio,” suggesting Simon & Schuster eventually will go back on the sales block.

☆ NBCUniversal layoffs are coming in January
▼ + stars: | 2022-11-22 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +3 min

Layoffs will come in ad sales and marketing in the linear television business but won't affect theme parks. NBCUniversal is the latest major media corporation to plan layoffs, according to two company insiders and a third person closely familiar with plans. The axe will fall mainly in ad sales, marketing, and back-end functions at the traditional broadcast and cable business units, but will come division by division, two people said. Paramount Global also conducted layoffs last week, mainly in ad sales in New York and Los Angeles. NBCUniversal was the first major media firm to conduct a corporate restructure of its business back in 2020.

☆ Paramount Won’t Support Appeal of Ruling That Blocked Simon & Schuster’s Sale to Penguin
▼ + stars: | 2022-11-21 | by ( Jessica Toonkel | Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Penguin Random House had said it wanted to pursue an expedited appeal, but it needed the support of Simon & Schuster parent Paramount Global. Paramount Global has decided not to support an appeal of a recent ruling that blocked the planned $2.18 billion sale of its Simon & Schuster book-publishing unit to rival Penguin Random House, according to people familiar with the situation. Paramount is expected to announce a decision early this week, the people said.

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Paramount scraps deal to sell Simon & Schuster to Penguin after weeks after judge rejected merger
▼ + stars: | 2022-11-21 | by ( Mike Calia | ) www.cnbc.com time to read: +2 min

The U.S. Department of Justice is suing Penguin Random House and Simon & Schuster to block the companies from completing a merger valued at $2.175 billion. Paramount Global said Monday it scrapped its $2.2 billion deal to sell book publisher Simon & Schuster to rival Penguin Random House, weeks after a federal judge rejected the merger. Penguin, which is owned by German media conglomerate Bertelsmann, said it still believes Simon & Schuster is a good fit for its business, but that it accepted Paramount's decision. Paramount also indicated that it would still seek to unload Simon & Schuster. "Simon & Schuster is a highly valuable business with a recent record of strong performance," Paramount said.

The top five U.S. publishers are Penguin, HarperCollins, Macmillan, Simon & Schuster and Hachette. Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew. Previously known as ViacomCBS, Paramount had inked the Penguin deal so it could focus on its video and streaming businesses. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said. Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. Following the deal's collapse, Simon & Schuster's owner, Paramount Global (PARA.O), will be free to explore a sale of the publisher anew. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

☆ Top CBS Executives Exit Amid Broader Restructuring at Paramount
▼ + stars: | 2022-11-17 | by ( Joe Flint | Jessica Toonkel | ) www.wsj.com time to read: 1 min

Kelly Kahl, CBS’s head of entertainment, will leave his post at the end of the year, the company said. The top two entertainment executives at CBS are leaving as part of a broader restructuring at the network and its parent company, Paramount Global . CBS’s head of entertainment, Kelly Kahl , and his top lieutenant, Thom Sherman , will leave their posts at the end of the year, the company said.

☆ Murdoch deal will struggle to be fair and balanced
▼ + stars: | 2022-11-17 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

A decade ago, Murdoch split his movies-to-books empire because it had become too broad and complex. As it stands, both $16 billion Fox and $10 billion News Corp suffer from significant valuation discounts, partly due to their common owner’s grip. It owns roughly 62% of Australian housing portal REA, a stake worth $6.7 billion based on its Wednesday closing price in Sydney. On the same 16 times multiple as New York Times (NYT.N), it would be worth about $8 billion. Rupert Murdoch and his family trust control about 42% of Fox voting shares and 39% of News Corp voting shares.

☆ CBS' Kelly Kahl is the fourth major TV network chief to exit in 6 weeks and it shows how the streaming wars are disrupting power in Hollywood
▼ + stars: | 2022-11-16 | by ( Elaine Low | ) www.businessinsider.com time to read: +1 min

Kelly KahlThe CBS Broadcast Center in Manhattan. Thomson ReutersAfter 26 years at the network, including over five years at the top, Kelly Kahl is leaving his post at CBS amid a broader restructuring and streamlining at Paramount Global. Kahl also presided over the network when it introduced its trio of "FBI" dramas, hit comedy "Ghosts," and Queen Latifah starrer "The Equalizer," Cheeks noted. In his stead is Amy Reisenbach, who is stepping into the role of CBS Entertainment president to oversee the network's primetime, daytime, and late night creative departments, according to the company. A CBS veteran who has been there since 2005, she has occupied programming roles at both the network and the studio.

☆ Paramount Global shares jump after Warren Buffett's Berkshire Hathaway increases stake
▼ + stars: | 2022-11-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount Global 's stock got a boost Tuesday after Warren Buffett's Berkshire Hathaway upped its stake, a fresh signal that the media and entertainment company could be an acquisition target. Berkshire disclosed in public filings late Monday that it now owns more than 91 million shares in Paramount. Buffett's firm first disclosed its new stake in Paramount in May. Paramount is controlled through its class A shares by National Amusements, chairman Shari Redstone's holding company. Paramount owns "Top Gun: Maverick" movie studio Paramount Pictures, as well as the broadcast network CBS, cable channels including MTV and VH1, the premium network Showtime, and fledgling streaming service Paramount+.

☆ Stocks making the biggest moves midday: Walmart, Taiwan Semiconductor, Netflix, Carnival and more
▼ + stars: | 2022-11-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Walmart — Shares of retailer Walmart jumped more than 7% after reporting quarterly earnings that beat Wall Street's expectations and raising its forward guidance. Retail stocks — Retail stocks rose following Walmart and Home Depot 's stronger-than-expected financial reports for the third quarter. Signature Bank — Shares of the crypto bank jumped more than 10% after Signature reported minimal exposure to FTX and any potential destruction that could come from its collapse. Sunnova Energy — Shares of solar company rose 7.5% after Deutsche Bank initiated coverage of Sunnova Energy, First Solar and Enphase Energy with buy ratings. First Solar was up 3.2%, and Enphase Energy rose 2%.

☆ Warren Buffett just bet big on Paramount to win the ad streaming wars — here's what makes its business unique compared to competitors like HBO Max, Disney, and Netflix
▼ + stars: | 2022-11-15 | by ( Elizabeth Pham Janowski | Ryan Joe | ) www.businessinsider.com time to read: +6 min

The maturation of ad-supported streaming services over the last year have become clearer. Discovery, and Netflix, which are charging high rates for streaming ads against so-called premium content. If these companies hope to attract premium CPMs however, they need to get them now. "The only reason, in my opinion, that they can control premium CPMs today is that they're just starting at this," Martin said. She believes the market will force services charging "premium" CPMs to lower these prices over time.

☆ Warren Buffett's Berkshire Hathaway discloses $4 billion stake in Taiwan Semiconductor
▼ + stars: | 2022-11-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway built a sizable new stake in Taiwan Semiconductor in the third quarter, according to a quarterly regulatory filing. Berkshire increased its holding in Paramount Global to $1.7 billion at the end of the third quarter. As expected, the filing showed that Buffett continued to accumulate Occidental Petroleum in the third quarter. Berkshire's stake in the Houston-based oil-and-gas driller has reached 21.4% of the shares outstanding, worth $11.9 billion at the end of September. Apple remained Berkshire's biggest stock holding by far, with a position worth more than $123 billion.

☆ Stocks making the biggest moves after hours: Taiwan Semiconductor, Paramount Global and more
▼ + stars: | 2022-11-14 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

The entrance of Paramount Studios is seen at Paramount Studios in Hollywood, California. Check out the companies making headlines in after hours tradingTaiwan Semiconductor Manufacturing – Shares of Taiwan Semiconductor jumped 6.4% after Warren Buffett's Berkshire Hathaway said it now has a $4.1 billion stake in the company. Paramount Global – Shares of Paramount Global gained 3.4% in after hours trading after Warren Buffett's Berkshire Hathaway disclosed that it increased its holding in the company to $1.7 billion in the third quarter. Louisiana-Pacific – Louisiana-Pacific, a building company, gained 9.3% after Berkshire Hathaway took a new position in the name, investing $297 million in the third quarter. Jefferies Financial Group – Shares of the investment bank rose 5.3% after Warren Buffett's company Berkshire Hathaway announced a $12.8 million stake, which it bought in the third quarter.

☆ Warren Buffett's Berkshire Hathaway reveals it built a $4 billion stake in Taiwan Semiconductor - and added Jefferies to its stock portfolio
▼ + stars: | 2022-11-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway disclosed a new, $4 billion stake in Taiwan Semiconductor. Berkshire boosted its Chevron and Oxy bets, and slashed its wagers on US Bancorp and BNY Mellon. The total value of Berkshire's US stock portfolio, which excludes overseas holdings such as BYD, declined slightly to $296 billion. The report revealed it spent a net $3.7 billion on stocks in the period, and foreshadowed its enlarged Chevron stake. It also roughly quadrupled it stake in Chevron in the first quarter, and now counts the oil major among the five most-valuable holdings in its stock portfolio.

☆ Hollywood is learning it's hard trying to be Netflix
▼ + stars: | 2022-11-13 | by ( Travis Clark | ) www.businessinsider.com time to read: +5 min

The company reported that its Disney+ streaming service added 12.1 million subscribers in its most recent quarter, bringing the total subscribers to 164 million globally. In total, Disney has 235 million subscribers across its streaming services, which also include Hulu and ESPN+. Netflix, by comparison, has 223 million subscribers. Two years ago, at the height of the pandemic, Disney's subscriber growth might have satisfied investors. And Wall Street now isn't so much interested in subscriber growth as it is revenue.

☆ TikTok Hires Former NBA CMO as Its New Marketing Chief
▼ + stars: | 2022-11-08 | by ( Katie Deighton | ) www.wsj.com time to read: +3 min

ByteDance Inc.’s TikTok named the National Basketball Association’s former top marketer, Kate Jhaveri, as its global head of marketing as the video-sharing platform aims to continue its growth. Ms. Jhaveri will oversee the social-media platform’s consumer and brand marketing, reporting to Vanessa Pappas, TikTok’s chief operating officer, the spokeswoman said. Ms. Jhaveri also will head up TikTok’s marketing to content creators on the platform, and will work closely with Sofia Hernandez, TikTok’s global head of business marketing. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Ms. Jhaveri had been chief marketing officer of the NBA from 2019 until August this year.

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