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☆ Democratic upset in U.S. midterms could roil markets, options mavens say
▼ + stars: | 2022-11-08 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 8 (Reuters) - An unexpected result in Tuesday’s U.S. midterm election could roil markets positioned for relative calm, options strategists said. Control of the U.S. Congress is at stake in Tuesday's midterms, with Republicans favored by polls and betting markets to win control of the House of Representatives and possibly the Senate. At the individual stock level, certain names have the potential for higher election-related volatility, strategists at Goldman Sachs said in a note earlier this month. Meanwhile, shares of tobacco company Philip Morris International Inc (PM.N) could be volatile around regulatory restrictions, Goldman’s analysts wrote. Reporting by Saqib Iqbal Ahmed in New York Editing by Ira Iosebashvili and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Paramount took a risk keeping ‘Top Gun’ grounded for two years. It was this year’s biggest hit
▼ + stars: | 2022-11-08 | by ( Frank Pallotta | ) edition.cnn.com time to read: +8 min

“Maverick” flew into theaters with lots of buzz and strong reviews, and that helped the movie blow past box office projections for its opening weekend. It brought in a Memorial Day weekend record of $160 million at the North American box office. “Maverick” is an old-school box office hit made for the biggest screen possible that emerged just as the industry’s future was very much in doubt. “The commercial reception of Tom Cruise’s legacy sequel was the summer movie miracle theaters needed,” Scott Mendelson, a box office reporter, wrote for Forbes. Climbing back up the mountain"We really felt, and Tom certainly agreed with the fact that we had a great big screen movie," Bakish said.

☆ 14 TV insiders rank the streamers where they want to sell shows now as Apple TV+ closes in on HBO Max amid turmoil at Warner Bros. Discovery
▼ + stars: | 2022-11-08 | 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."

WASHINGTON, Nov 7 (Reuters) - A U.S. judge cited negative impacts on top-selling authors in blocking a planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster, according to a written opinion released Monday. Penguin is owned by German media group Bertelsmann SE & Co (BTGGg.F) while Paramount Global (PARA.O) owns Simon & Schuster. Pan said those best-selling authors "have fewer outlets that can satisfy their requirements, and therefore are vulnerable to anticompetitive behavior." 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.

Warner Bros. Pictures, film subsidiary of Warner Bros. "We're spending more money this year than we've ever spent historically," Warner Bros Chief Executive David Zaslav told a conference call. Warner Bros posted a third-quarter loss of $2.3 billion, or 95 cents a share, which includes $1.5 billion in pre-tax restructuring charges. Warner Bros Discovery, home to hit franchises such as "Batman" and "Euphoria," added 2.8 million new streaming subscribers in the third quarter, bringing its total to 94.9 million. A merger of HBO Max and Discovery+ will debut on an accelerated timetable, in spring of 2023.

☆ CBS, Moonves must pay $30.5 million for insider trading after sex assualt allegations
▼ + stars: | 2022-11-03 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

CBS and its former president, Les Moonves, will pay $30.5 million as part of an agreement with the New York attorney general’s office, which says the network’s executives conspired with a Los Angeles police captain to conceal sexual assault allegations against Moonves. Moonves will have to pay $2.5 million, all of which will benefit stockholders who the attorney general said were initially kept in the dark about the allegations. At least one of those executives — one of the few privy to an internal investigation — sold millions in dollars of stock before the allegations against Moonves became public, which the attorney general’s office said amounted to insider trading. The captain then met personally with Moonves and another CBS executive and fed them confidential information about the investigation. The captain instructed the police officers investigating the complaint to “admonish” the woman not to go to the media with her allegations, according to the attorney general’s office.

☆ Penguin Seeks Simon & Schuster’s Support to Fight for Imperiled Book Merger
▼ + stars: | 2022-11-03 | by ( Jessica Toonkel | Jeffrey A. Trachtenberg | ) www.wsj.com time to read: 1 min

Penguin Random House said it would request an expedited appeal of a judge’s ruling blocking a merger with Simon & Schuster. Book-publishing giant Penguin Random House wants to appeal a federal judge’s decision blocking its acquisition of Simon & Schuster, but the first step is to ensure its would-be deal partner stays in the legal fight. Penguin parent Bertelsmann SE has had talks with Simon & Schuster owner Paramount Global about offering inducements, including cash, that would lead Paramount to support an appeal and continue pursuing the transaction, according to people familiar with the situation.

☆ Warner Bros Discovery reports underwhelming revenue, says new streaming service coming earlier
▼ + stars: | 2022-11-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Discovery reported its third-quarter earnings on Thursday, missing analyst expectations, as it felt the effects of a tough advertising environment and costs associated with its post-merger restructuring. CEO David Zaslav also announced that the merged version of the company's HBO Max and Discovery+ streaming services will be coming in the spring, earlier than the previously announced summer release date. Here's what the company reported compared with analysts' expectations, according to Refinitiv:Revenue: $9.82 billion vs. $10.36 billion expectedThe company reported a loss per share of 95 cents, citing macroeconomic headwinds, particularly in advertising. Discovery is the result of a merger between AT&T's WarnerMedia and Discovery, which was completed earlier this year. Industry peer Paramount Global reported earnings on Wednesday, also missing analyst estimates as its TV and advertising revenue fell.

☆ For your consideration: Warner-Discovery part two
▼ + stars: | 2022-11-03 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

The Warner Bros Discovery (WBD.O) boss has encountered a series of problems since his splashy merger in April. A giant pile of borrowed money used to help cover the cash outlay to AT&T (T.N) for Warner Media looms large. Warner Bros Discovery counts more than 90 million subscribers for services such as HBO Max, less than half as many as at Disney and Netflix. There might be another $3 billion in savings, using the same 20% of EBITDA targeted by Warner Media and Discovery. Its shares have fallen about 48%, to nearly $12 apiece, since the merger of Discovery with AT&T’s Warner Media on April 8.

☆ Warner Bros. Discovery quarterly revenue falls
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Discovery (WBD.O) reported an 8% drop in quarterly revenue on Thursday, hurt by cuts in advertising budgets at businesses struggling to cope with decades-high inflation. Recession-wary brands have taken the axe to their marketing budgets as consumer spending on discretionary products and services dip. It aims to reach about 130 million global subscribers by 2025. Revenue was $9.82 billion for the third quarter ended Sept. 30. Analysts on average expected revenue to come in at $10.37 billion, according to Refinitiv data.

A lawyer for CBS, now known as Paramount Global (PARA.O), said the company has tentatively agreed to pay $7.25 million and Moonves would pay $2.5 million to shareholders. Neither the company nor Moonves will admit wrongdoing as part of the settlement. Lawyers for CBS, Moonves and the shareholders did not immediately respond to requests for comment. CBS and Moonves agreed in April to pay $14.75 million to settle the shareholder case, which alleged they initially hid the misconduct allegations while publicly supporting the #MeToo movement. In December 2018, CBS said it had fired Moonves for cause and withheld his $120 million severance package.

☆ Paramount’s Profit Falls on Rising Costs
▼ + stars: | 2022-11-02 | by ( Dean Seal | Jessica Toonkel | ) www.wsj.com time to read: 1 min

Paramount’s ‘Top Gun: Maverick’ continued its run in theaters and became the top digital sell-through title in the U.S.Paramount Global reported a drop in third-quarter profit on higher costs, while revenue increased nearly 5% as the media company added 4.6 million subscribers to its Paramount+ streaming service. Both the top and bottom lines missed Wall Street expectations. Shares fell about 11% in recent trading.

☆ LAPD captain warned CBS about Les Moonves sexual assault claim, NY attorney general says
▼ + stars: | 2022-11-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

James said she referred the matter to the California Attorney General's office. The investigation found text messages between the LAPD captain, top-ranking CBS executives and Moonves that revealed the allegations. The captain also worked with executives for several months to prevent the complaint from becoming public, according to the attorney general's release on Wednesday. Moonves left CBS in 2018 after allegations of sexual misconduct and cultural problems in the company. "As a publicly traded company, CBS failed its most basic duty to be honest and transparent with the public and investors."

☆ Les Moonves, CBS to pay $30 million in settlement with NY AG over sexual misconduct allegations
▼ + stars: | 2022-11-02 | by ( Frank Pallotta | ) edition.cnn.com time to read: +4 min

New York CNN Business —Leslie Moonves, former chief executive officer of CBS, and CBS reached a $30.5 million settlement with the office of the attorney general of New York, Letitia James, on Wednesday. Moonves stepped down as CBS’ chief executive in 2018 following multiple sexual misconduct allegations. The exit marked the end of Moonves’ tenure atop one of the most powerful companies in the media world. Moonves denied the allegations. Moonves himself must pay $2.5 million, which will also go to CBS shareholders.

☆ Stocks making the biggest moves premarket: CVS, Estee lauder, Canada Goose and others
▼ + stars: | 2022-11-02 | by ( Peter Schacknow | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell:CVS (CVS) – CVS gained 1.9% in the premarket after reporting better-than-expected revenue and profit for its latest quarter. Estee Lauder reported better-than-expected earnings for its latest quarter. Canada Goose (GOOS) – The outerwear company cut its full-year revenue forecast, prompting a 2.4% premarket drop in its shares. Livent (LTHM) – Livent lost 4.7% in premarket trading after the lithium producer cut its full-year sales and profit forecast. Mondelez (MDLZ) – Mondelez gained 3.3% in the premarket after the maker of Oreos, Sour Patch Kids, and other snacks raised its full-year outlook.

☆ Stocks making the biggest moves midday: Tupperware, Airbnb, Paramount, Estee Lauder and more
▼ + stars: | 2022-11-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

Estee Lauder — The cosmetic maker dropped 8% after it gave a weak outlook despite beating expectations for the quarter. Trimble — Shares dropped 7% after Trimble missed revenue expectations in its third-quarter results. Robinson — The stock fell 6% after the transportation and logistics company reported disappointing revenue in its latest results. Airbnb — The lodging stock fell 10.1% after the company reported earnings per share that beat expectations, while revenue came in line with estimates. The company it its fiscal first quarter reported adjusted earnings per share of 93 cents versus expectations of 75 cents.

☆ Paramount misses revenue estimates on ad weakness
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - Paramount Global (PARA.O) fell short of analysts' estimates for quarterly revenue on Wednesday, as the media giant struggled with the absence of major content releases and an extended weakness in ad sales. Total revenue rose 5% to $6.92 billion in the third quarter ended Sept. 30, but missed the average estimate of $7.01 billion, according to Refinitiv data. Paramount said advertising revenue declined 2% in the quarter. Revenue at TV Media, its biggest reporting segment, declined 5% to $4.95 billion, capturing the bulk of weakness in the ads market. Fox Corp (FOXA.O) on Tuesday reported better-than-expected quarterly revenue, with an 8% rise in ad revenue due to higher political advertising revenue on its TV stations.

☆ Paramount Global shares slide as results miss and TV revenue falls
▼ + stars: | 2022-11-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount Global on Wednesday reported $6.92 billion in revenue for its third quarter, an increase of 5% year-over-year. Yet the company's results missed expectations as it suffered from cord cutting and a drop in advertising revenue. Advertising revenue for the segment also dropped, a sign that macroeconomic headwinds are beginning to hit. Paramount said advertising revenue for its TV networks was down 3% to about $1.9 billion. The company noted it also restructured some of its international affiliate TV agreements during the quarter, which shifted revenue from pay-TV services to streaming.

☆ Stephen King makes for unlikely antitrust hero
▼ + stars: | 2022-11-01 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

A U.S. judge blocked Penguin Random House’s $2.2 billion acquisition of rival Simon & Schuster on Monday after the Department of Justice argued it would unfairly limit pay for top authors such as Stephen King. Adding Simon & Schuster would give it 70% of the literary nonfiction market, according to NPD Book Scan. The Department of Justice drew a line in its challenge to Penguin, distinguishing highly paid writers from the rest. Follow @jennifersaba on TwitterloadingCONTEXT NEWSA U.S. judge on Oct. 31 ruled that a planned $2.2 billion merger of Penguin Random House and rival Simon & Schuster cannot go forward. German media group Bertelsmann, the owner of Penguin, agreed to buy Simon & Schuster from Paramount Global in 2020.

☆ Fox earnings lifted by advertising revenue from free streaming service Tubi
▼ + stars: | 2022-11-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Fox Corp .'s bet on its free, ad-supported streaming service Tubi appears to be paying off for the company. On Tuesday, the company reported earnings for its first fiscal quarter, noting that Tubi helped boost its advertising revenue. Fox said its advertising revenue in the quarter was also propelled by political ads leading into the midterm elections. On a call with investors, Murdoch said that Tubi's revenue for the first time surpassed the advertising revenue generated by Fox Entertainment "in a meaningful way." Murdoch called the investment "very modest" when compared with premium subscription streaming services.

WASHINGTON, Oct 31 (Reuters) - A planned $2.2 billion merger of Penguin Random House, the world's largest book publisher, and rival Simon & Schuster cannot go forward, a U.S. judge ruled on Monday. Unlike most merger fights, which are focused on what consumers pay, this one focused on authors' earnings. 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. Penguin is owned by German media group Bertelsmann SE & Co (BTGGg.F) while Paramount Global (PARA.O) owns Simon & Schuster. 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.

☆ Stocks making the biggest moves midday: Wynn Resorts, TuSimple, Newell Brands, First Solar and more
▼ + stars: | 2022-10-31 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

Newell Brands – Shares of Newell Brands, a consumer goods manufacturer, slipped 7.3%. Paramount Global –Shares of Paramount Global shed 3.6% after being downgraded by Wells Fargo Securities to underweight from equal weight. Meta Platforms – Shares of Meta Platforms fell 5.5%, leading declines in megacap technology stocks following disappointing earnings results last week. The firm has an equal weight rating on the stock. Amgen — The biopharma stock dipped 1.5% after Barclays downgraded Amgen to underweight from equal weight, saying investor enthusiasm ahead of an obesity drug update next week may be overdone.

☆ Stocks making the biggest moves in the premarket: Wynn Resorts, Petrobras, Hanesbrands and more
▼ + stars: | 2022-10-31 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Petrobras (PBR) – The Brazilian state-run oil company's shares slid 8.5% in premarket trading after Luiz Inácio Lula da Silva defeated Jair Bolsonaro in the Brazilian presidential election. Hanesbrands (HBI) – The apparel maker received a double-downgrade at Wells Fargo Securities, which cut the stock's rating to "underweight" from "overweight." Wells Fargo is concerned about the company's debt position, as well as business headwinds that it feels are largely out of management's control. Wells Fargo said the original downgrade came amid concerns about cord-cutting and the rising cost of sports rights, and that the situation has worsened since then. Keurig Dr Pepper (KDP) – The beverage maker's stock fell 1.8% in premarket trading after Truist Securities downgraded it to "sell" from "neutral."

☆ The Fed could lay the groundwork for a year end rally in the week ahead
▼ + stars: | 2022-10-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

The coming week is also the busiest of the corporate earnings season, with about a third of the S & P 500 companies releasing results. "Historically, the market waits for the last Fed rate hike to be introduced and then the market climbs higher. The S & P 500 was up more than 8.8% for the month. The Dow was up 5.7% on the week, the S & P 500 was up 5.7% and the Nasdaq was up 2.2%. The 50-day moving average is 3,841 for the S & P 500, and it was well above it Friday afternoon for the second time in the past week.

☆ NBA Hires CMO From Paramount as It Pushes Digital Products
▼ + stars: | 2022-10-27 | by ( Katie Deighton | ) www.wsj.com time to read: +2 min

The National Basketball Association named media executive Tammy Henault to be its chief marketing officer as it sharpens its focus on its direct-to-consumer platforms. Ms. Henault joins the NBA after eight years at Paramount Global, where most recently she was senior vice president overseeing consumer marketing for the media company’s streaming platform, Paramount+, and led marketing strategy for its launch. She previously held marketing posts overseeing digital products at New York Times Co. and Time Inc. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. It also added NBA ID, a free membership program, to its roster of direct-to-consumer subscriptions products.

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