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☆ Hollywood strike may soon turn destructive for media stock investors, analysts say
▼ + stars: | 2023-07-20 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

"We're getting to a point of being very destructive to the entertainment ecosystem," said Rosenblatt Securities analyst Barton Crockett. Bazinet said to expect the walkout to last into the fourth quarter, which would mean a writers' strike lasting between around 150 and 240 days and an actors' strike in a range of 70 and 160 days. The strikes could cost the film and TV industry about $150 million per week, Citigroup's Bazinet wrote, using inflation-adjusted data from the 1980 actors' strike. "The lasting impacts are: [it] makes the streamers stronger and the traditional media companies weaker," Crockett said. JPMorgan analyst David Karnovsky downgraded movie theatre chain Cinemark shares to neutral from overweight earlier this week, citing the strike.

Persons: We're, Barton Crockett, Jason Bazinet, Bazinet, Douglas Mitchelson, Mitchelson, Goldman Sachs, Brett Feldman, Philip Cusick, Cusick, Goldman's Feldman, Citigroup's Bazinet, Rosenblatt's Crockett, Crockett, Feldman, Barbie, Oppenheimer, Stephen Laszczyk, David Karnovsky, Karnovsky, — CNBC's Michael Bloom Organizations: Screen, – American Federation of Television, Radio Artists, Alliance, Television Producers, Writers Guild of America, Rosenblatt Securities, Media, AMC, Disney, Warner Bros, Discovery, Paramount, Netflix, UFC, Endeavor, WWE, SAG, Credit Suisse, JPMorgan, AMC Networks, WBD, Covid, Comcast, CNBC

☆ A Netflix assistant launched a newsletter for young Hollywood because 'there is no blueprint' to break in, and she's enlisting help from workers at Disney, Showtime, and more
▼ + stars: | 2023-07-18 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

A Hollywood assistant role has long been a launching point for a career in entertainment. But "there is no blueprint" for how to get such a job, said Cathy Campo, a creative assistant at Netflix. Campo launched The Hollywood Assistant, a monthly newsletter aimed at industry hopefuls, to change that. In February, Campo launched The Hollywood Assistant, a free newsletter that recently released its sixth edition. It's difficult to make ends meet on those salaries in the costly cities where the entertainment industry is most heavily concentrated: Los Angeles and New York.

Persons: Cathy Campo, Campo, she's, —, Matthew Belloni, Nick Lachey, She's, Emma Weiss, Jonathan Groff, Alyssa Tumale, Drew Barrymore, Brown, Jimmy Fallon, Michelle Greene, Don Rutledge, Natalie Lifson, Buchwald, Allison Leffingwell, Rutledge, Puck, Reed Alexander Organizations: Netflix, Hollywood, Brown University grad, NBCUniversal, CBS, Disney Entertainment, CAA, Chautauqua Ordway, Campo, Universal, Showtime, Media, Universal Filmed Entertainment Locations: Stillwater, Hollywood, Los Angeles and New York

☆ Inside the buzzy newsletter a Netflix assistant launched to create a ‘blueprint’ for breaking into Hollywood — featuring tea from workers at Disney, CBS, and more
▼ + stars: | 2023-07-11 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

☆ US starts new round of audit inspections on China firms- source
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. The PCAOB previously said it would demand complete access in mainland China and Hong Kong in their regular inspections from 2023. The PCAOB, Tencent Music Entertainment Group, Didi Global, and NetEase did not immediately respond to Reuters' requests for comment. Washington's demands for access to the audits of Chinese companies follow a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Reporting by Xie Yu in Hong Kong and Yana Gaur in Bengaluru; Editing by Rashmi Aich and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, PCAOB, Didi Global, NetEase, Janet Yellen, Xie Yu, Yana Gaur, Rashmi Aich, Sam Holmes Organizations: Entertainment, REUTERS, U.S, Public Company, Reuters, Wall, Bloomberg, Tencent Music Entertainment, Global Inc, NetEase Inc, Music Entertainment, Authorities, Treasury, Thomson Locations: Hong Kong, U.S, Washington, Beijing, China, United States, Bengaluru

☆ Morgan Stanley reveals 6 of its top China stocks, including a chipmaker it expects to soar 80%
▼ + stars: | 2023-07-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Morgan Stanley has named a slew of Chinese stocks it says are set to outperform, despite current market conditions. Baidu has the highest R & D mix compared to peers in tech innovation over the years," said Morgan Stanley. NetEase Morgan Stanley pointed to NetEase 's strong game pipeline, and expects margins to improve as a result of non-game segments cutting losses, among other factors. Star Power Semiconductor Morgan Stanley also named one semiconductor stock: China-listed Star Power Semiconductor. It gave Star Power a price target of 420 Chinese yuan ($57.8), or potential upside of around 80%.

Persons: Morgan Stanley, Alibaba Morgan Stanley, NetEase Morgan Stanley, Star Power Semiconductor Morgan Stanley, CNBC's Michael Bloom Organizations: Alpha, Baidu, Tencent, Entertainment, Music Entertainment, Hong, Star Power Semiconductor, Power Semiconductor, Power, China 5G, Semiconductor Locations: China, U.S, Hong Kong

Weekly orders this year now average 26 as the strike by the Writers Guild of America (WGA) halted many film and TV productions, Elyea said. Florists, caterers, costume suppliers and others have seen orders dwindle as many are still recovering from disruptions caused by COVID-19. No new talks are scheduled between major Hollywood studios and the writers, who are seeking higher pay and guardrails around the use of artificial intelligence. The strike's impact would be magnified if the SAG-AFTRA actors union also goes on strike when its contract expires on Friday. "Now, there's the writers' strike, and we're losing the movies that have been so good to us."

Persons: Pam Elyea's, Elyea, Kevin Klowden, Klowden, You've, Ross Garner, Danni Sapp, Sapp, Cristina, John Iverson, Cristina Iverson, Iverson, we're, hadn't, Lisa Richwine, Dawn Chmielewski, Danielle Broadway, Rollo Ross, Mary Milliken, Sandra Maler Organizations: Hollywood, Hire, Writers Guild of America, SAG, WGA, Milken Institute, NFP's Entertainment Group, Services, Netflix, HBO, Television Fund, Vogue, FBI, Thomson Locations: ANGELES, Los Angeles, California, United States, COVID, New Mexico, Santa Fe, Waco

☆ Michael Jordan is selling his majority stake in the Charlotte Hornets
▼ + stars: | 2023-06-16 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

Charlotte Hornets owner Michael Jordan responds to a question during a news conference at Spectrum Center in Charlotte, North Carolina, Oct. 28, 2014. Basketball legend Michael Jordan has agreed to sell his majority stake in the National Basketball Association's Charlotte Hornets to wealthy investors Gabe Plotkin and Rick Schnall, a representative for Jordan confirmed Friday. Jordan took a majority stake in the Hornets in 2010 for $275 million. Under the ownership of the six-time NBA champion Jordan, the Hornets have struggled, only making the playoffs two times. Plotkin acquired a minority stake in the Hornets in 2019 and has served as an alternate governor on the NBA Board of Governors.

Persons: Charlotte, Michael Jordan, Basketball Association's Charlotte, Gabe Plotkin, Rick Schnall, Jordan, Plotkin, Schnall, Clayton, Dan Sundheim, J, Cole, Eric Church Organizations: Charlotte Hornets, Spectrum Center, Basketball Association's, Basketball Association's Charlotte Hornets, Hornets, NBA, of Governors, Tallwoods, NBA's Atlanta Hawks, Hawks, D1, North Carolina, Hornets Sports & Entertainment, G League, Greensboro Swarm, Spectrum, Forbes Locations: Charlotte , North Carolina, Dubilier

☆ Read the pitch deck that helped raise $5 million for fintech FilmHedge after it closed $100 million in debt financing to fund new films and TV shows
▼ + stars: | 2023-06-06 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

FilmHedge closed in March on a $5 million funding round and has a $100 million credit facility. FilmHedge, an Atlanta-based fintech launched in February 2020, provides liquidity to productions with budgets ranging from $1 million to $50 million. It follows a $100 million credit facility from Coromandel Capital and Fallbrook Capital in 2022, which helps FilmHedge finance projects. "We have access to $100 million, but we see around $70 million in applicants per month," he said, "so we have to pass on a lot of deals." FilmHedge gave Insider a look at the 18-page pitch deck it used while raising its $5 million Series A round and $100 million credit facility — check it out here.

Persons: FilmHedge, Jon Gosier, fintech, May FilmHedge, Gosier, —, Axios, FilmHedge hadn't Organizations: Hollywood, Netflix, Entertainment, Variety, Lionsgate, Disney, Collab, WOCStar, Savannah College of Art & Design, TriplePoint, Coromandel Capital, Fallbrook, Media Locations: Atlanta, Coromandel, Hollywood

☆ Factbox: Penalties imposed on Australian companies over the recent years
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

Here are some of the major penalties imposed by the regulators:AMP LTD (AMP.AX)Troubled Australian wealth manager AMP Ltd was fined a court-mandated penalty of A$24 million in May for billing dead clients for insurance and financial advice. In October 2022, ANZ was penalised A$25 million for failing to provide certain benefits it had agreed to give customers. In October 2022, CBA's trading unit was fined A$20 million for compliance failures in delivering financial services. NATIONAL AUSTRALIA BANK (NAB.AX)National Australia Bank, the country's second-largest bank, was charged A$18.5 million penalty in August 2021 by a court for issuing misleading fee disclosure statements or none at all. WESTPAC BANKING CORP (WBC.AX)Australia's third-biggest lender, Westpac Banking Corp was ordered to pay A$113 million in penalties in April 2022 for multiple compliance failures across its businesses.

☆ How music lawyers are crafting a new playbook to protect artists from AI imitators
▼ + stars: | 2023-05-30 | by ( Dan Whateley | ) www.businessinsider.com time to read: +7 min

Copyright and right of publicity laws are top of mind for entertainment attorneys as AI songs surge. Here are four key takeaways from a recent panel on AI music hosted by the law firm Manatt. But the precise manner that AI-generated music, trained on a human artist's body of work, could violate copyright laws is still being defined. Streaming platforms like Spotify and YouTube will play a big role in AI's futureThe sheer volume of AI songs spit out onto streaming platforms could create detection challenges for rights holders. Music platforms like Spotify and YouTube could set limits on how much AI music spreads, the attorneys said.

☆ Alibaba plans to list cloud division as quarterly revenue misses expectations
▼ + stars: | 2023-05-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

In this article BABABABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Bloomberg | Bloomberg | Getty ImagesAlibaba announced plans to spin off its cloud division as a separate, publicly traded company, while the e-commerce titan's quarterly revenue missed expectations. In its Thursday report, Alibaba said it plans to spin off its cloud division as a newly listed company, subject to restructuring certain assets, liabilities and contracts, and regulatory approvals. Dan Ives, an analyst at Wedbush Securities, said Alibaba's cloud spin-off plan was a "no brainer strategic move that we believe adds to the sum of the parts valuation on BABA." "We believe this was a step in the right direction for the Alibaba story," Ives told CNBC in emailed comments Thursday.

HONG KONG, May 16 (Reuters Breakingviews) - Investing in China need not be too stressful, provided you avoid investing in Chinese companies. A spending pop in the transport, food and beverage and hospitality sectors helped lift first-quarter GDP to 4.5%. But that data was flattered by comparison to a grim 2022, and April data on imports, inflation and bank loans all disappointed. While Beijing’s crackdowns on domestic technology companies and property developers have eased, other risks are rising. Separately, quarterly revenue at Alibaba is expected to rise 3% year-on-year to 211 billion yuan ($30.5 billion) in the three months to March, according to the average analyst forecast on Refinitiv.

☆ China's Tencent Music revenue beats estimates on jump in paying users
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2% higher in premarket trading. That helped the Tencent Holdings Ltd-controlled company, which owns platforms including QQ Music, Kuwo Music and WeSing, snap five consecutive quarters of revenue declines. Total revenue rose 5.4% to 7.00 billion yuan ($1.01 billion) in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data. "We are glad to achieve a record-high online music paying ratio and expand ARPU for the fourth consecutive quarter. Net profit attributable to equity holders was 1.15 billion yuan, compared with 609 million yuan a year earlier.

☆ Debt ceiling crisis hangs over markets, with investors hoping to avoid a repeat of 2011
▼ + stars: | 2023-05-13 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +8 min

Republicans, led by House Speaker Kevin McCarthy, want to attach spending cuts to any agreement to raise the debt ceiling. Biden and the Democrats say they are willing to talk about spending cuts but only outside the debt ceiling discussions. Raising the debt ceiling would allow the government to pay for spending that has already occurred. That year, the debt ceiling was raised at the last minute but not before a summer of bickering sent the S & P 500 down 17% from late July to mid-August. The market this past week stumbled with the debt ceiling deadline looming and over concern about regional bank failures.

☆ 'Hey Netflix! You broke it — now fix it': On the picket lines with Hollywood writers as they bring signs, slogans, and sunscreen to their fight against the studios for 'as long as it takes'
▼ + stars: | 2023-05-03 | by ( Reed Alexander | Alison Brower | ) www.businessinsider.com time to read: +12 min

A writers' strike has been underway since overnight Monday. Thousands of Hollywood writers have fanned out across the streets of Los Angeles since early Tuesday afternoon, waving signs and chanting to demonstrate their resolve. Insider spoke with eight WGA members who are picketing or contributing to the work stoppage in other ways. Are you a member of the Writers Guild of America or do you work in the entertainment industry? How is the writers' strike impacting you?

☆ Chinese tourists flock to gambling hub Macau for Labour Day holiday
▼ + stars: | 2023-04-30 | by ( Joyce Zhou | ) www.reuters.com time to read: +3 min

[1/5] A view of visitors in front of the ruins of Saint Paul's during Labour Day holiday in Macau, China, April 30, 2023. REUTERS/Lam YikMACAU, April 30 (Reuters) - Hundreds of thousands of mainland Chinese visitors have descended on the world's biggest gambling hub of Macau for the Labour Day holiday, packing tightly into its narrow cobblestone streets and placing bets in its glitzy casinos. Coco Li, a 42-year-old woman from Hubei province who was visiting with her husband, said they chose to come to Macau because travel rules had relaxed. "We've been actively working with the Macau government on our labour requirements," the company said. Reporting by Joyce Zhou in Macau; Writing by Farah Master; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ The business case for green sports stadiums and arenas is growing
▼ + stars: | 2023-04-29 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

A general exterior view of Climate Pledge Arena before the game between the Seattle Kraken and the Carolina Hurricanes on October 17, 2022. Much like the broader world of commercial real estate, arenas, and stadiums have been slowly adopting sustainable practices over the last few decades, from recycling programs to energy efficiency efforts. That led to what has become the Climate Pledge Arena. AMBSE has even created a "playbook" for other stadium operators to follow if they also want to get to zero waste. It's reached a level of critical mass where people have moved past greenwashing, and they're making substantive changes to their business practices," Cannon said.

☆ Stocks making the biggest moves midday: Fox, Albemarle, First Republic and more
▼ + stars: | 2023-04-24 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

People walk by the News Corporation headquarters, home to Fox News, on April 18, 2023 in New York City. First Solar – Shares of the solar company lost 3.2% after a Citi downgrade to sell cited margin risks and concerns that Inflation Reduction Act benefits are already reflected in the share price. Medtronic — Shares added 4% during midday trading after being upgraded to overweight from equal weight by Wells Fargo on Sunday. Sunrun , Enphase Energy — Shares of Sunrun and Enphase Energy were higher Monday after Citi added positive catalyst watches on the solar companies, saying it sees further share gains. The Wall Street bank opened a 90-day positive catalyst watch on Enphase Energy, citing a strong backlog and expectations for record-high margins.

☆ NBCUniversal CEO Jeff Shell exits after an 'inappropriate relationship,' shocking insiders, and Comcast won't rush to replace him as corporate exec Mike Cavanagh steps up
▼ + stars: | 2023-04-24 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

NBCUniversal CEO Jeff Shell's exit shocked company insiders and all of Hollywood. NBCUniversal CEO Jeff Shell's bombshell departure on Sunday night was a surprise to the well-regarded executive and also to his closest colleagues. Deadline reported that Shell's relationship was with CNBC's senior international correspondent, Hadley Gamble, which lasted 11 years but had ended a couple of years ago. "Comcast is as buttoned-up and straight as ever — this is a black eye for Brian Roberts," the Comcast CEO. A second company insider, however, said that Cavanagh is expected to remain in the role for some time.

Jeff Shell left his role as NBCUniversal CEO on Sunday after he admitted an "inappropriate relationship" with a woman in the comany, corporate parent Comcast announced. The complaint was filed by the woman with whom Shell said he had an "inappropriate relationship," according to people familiar with the matter. Roberts will also get more involved with the NBCUniversal business alongside Cavanagh, the person said. He oversaw the company's theme parks, its Peacock streaming service, sports production operations, television stations group, and entertainment and news television networks like NBC News. Before taking the helm as CEO, Shell was chairman of NBCUniversal Film and Entertainment.

☆ NBCUniversal CEO Jeff Shell is stepping down following an 'inappropriate relationship' with a colleague
▼ + stars: | 2023-04-23 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

NBCUniversal CEO Jeff Shell is leaving the company over an inappropriate relationship with an employee. The CEO of NBCUniversal, Jeff Shell, is stepping down immediately following an investigation into a complaint of inappropriate conduct, Comcast announced Sunday. "Today is my last day as CEO of NBCUniversal," Shell said in a two-paragraph statement. "I had an inappropriate relationship with a woman in the company, which I deeply regret. Shell became CEO of NBCUniversal in 2020 and was chairman of Universal Filmed Entertainment Group from 2013 to 2019.

☆ The owner of Coachella was once dubbed 'America's most reclusive billionaire.' Meet Philip Anschutz, who's worth $10.9 billion.
▼ + stars: | 2023-04-21 | by ( Katie Warren | Elana Klein | ) www.businessinsider.com time to read: +1 min

American businessman Philip Anschutz is worth $10.9 billion, according to Forbes, after decades building his fortune across multiple industries. Shaun Clark/Getty ImagesCoachella Valley Music and Arts Festival, the music festival currently underway in Indio, California, is owned by Anschutz, an 83-year-old billionaire businessman whom The New Yorker once called "the man who owns LA." He owns Coachella through his company, the Anschutz Corporation, and one of its subsidiaries, Anschutz Entertainment Group (AEG). AEG owns several athletic teams, operates more than 90 clubs and theaters around the world, and produces or supports more than 25 music festivals. Take a look at how the billionaire makes and spends his fortune.

☆ US gives final nod to huge power line from Wyoming to Nevada
▼ + stars: | 2023-04-11 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

April 11 (Reuters) - U.S. officials on Tuesday gave final approval for a company owned by billionaire Philip Anschutz to begin building a massive transmission line that will deliver wind energy from blustery Wyoming to power-hungry California. The "notice to proceed" from the U.S. Bureau of Land Management allows TransWest Express LLC to break ground on its $3 billion line after more than 15 years of development. A separate Anschutz firm owns the 600-turbine Chokecherry and Sierra Madre wind farm in Wyoming, which is being built, that will send power through TransWest Express. TransWest Express construction will start later this year and the first stage will be completed in 2027, the company said. The line will run from south central Wyoming, through Colorado, Utah and Nevada to a substation outside of Las Vegas.

☆ DeSantis says he's considering hotel taxes and highway tolls to hit back in his feud with Disney
▼ + stars: | 2023-04-08 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +2 min

Ron DeSantis and Disney have been at odds since the company opposed the "Don't Say Gay" bill. In February, the Florida legislature voted to strip Disney of its self-governing ability. Now, in response to moves by Disney, DeSantis says he's considering another approach: tolls and taxes. It is in this context that DeSantis has proposed new taxes and tolls in and around Disney. "They are not superior to the people of Florida," DeSantis said during a speech at Hillsdale College, a conservative liberal arts college in Michigan, on Thursday.

☆ Alibaba's breakup lifts hopes China's regulatory winter is thawing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +6 min

The move represented a light at the end of the tunnel for many investors who had seen a wave of regulatory blitzes as a major cloud hanging over China's private sector. Reuters GraphicsAlibaba said on Tuesday it would split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. He was spotted on Monday in Hangzhou, home to Alibaba, just one day before the company announced the restructuring. Tencent Holdings Ltd (0700.HK), China's largest gaming company, saw shares rise as much as 5.1%. Alibaba's split may pave the way for other Chinese tech giants to undergo similar restructuring, CMC Markets analyst Tina Teng said.

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