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☆ Why the middle-class is being permanently priced out of Miami
▼ + stars: | 2023-09-18 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

More apartments are being built in Miami than anywhere else in the US, the Wall Street Journal reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Now, "the Florida housing market is undergoing a restructuring as a result of the work-from-home phenomenon," housing expert Jonathan Miller told Insider. Particularly in South Florida, it's a sign that these wealthier newcomers — mostly from the northeast — have permanently altered Miami's housing market, Miller said. For wealthier newcomers who moved from the northeast, Miami luxury housing is actually comparatively cheap, Miller said.

Persons: Jonathan Miller, Miller, Daryl Fairweather, Rich, Eli Beracha, Mercedes Cabrera, WPTV Organizations: Wall Street Journal, Service, Wall Street, Redfin Corp, Bloomberg, Hollo, Real, Florida International University, Dade, Street Journal Locations: Miami, Wall, Silicon, Florida, South Florida, Real Estate, Manhattan, Broward, Palm Beach, Hileah, Dade County, Southeast Florida

Legacy media companies like Disney , Warner Bros. Netflix was the first streamer to report a loss in subscribers in 2022, sending its stock and other media companies spiraling. Media companies also have begun slashing content spending budgets. Yet streaming remains the focus for all of these companies as consumers rapidly cut the cord and opt for streaming. Legacy media companies scrambled to follow suit, unsure if the model actually worked.

Persons: Mario Tama, it's, Steven Schiffman, NBCUniversal, Bob Iger, Ken Solomon, Solomon, Marc DeBevoise, John Hodulik, hasn't, —, Hulu —, Peacock, Max —, HBO Max, — Ryan Murphy, Shonda, Kenya Barris, David Benioff, Weiss —, Jonathan Miller, Shonda Rhimes, Presley Ann, Patrick McMullan, Bart Simpson, esports, DeBevoise, Peter Csathy Organizations: Netflix, Getty, North, Georgetown University, Legacy, Disney, Warner Bros, Discovery, Paramount, Media, Marvel, Tennis Channel, Sinclair, Companies, UBS, CBS, HBO, Max, Hulu, Integrated Media, Trek, Universal Studios Television, Getty Images Disney, Wars, Fox, Hollywood's, Creative Media, Charter Communications, ESPN, & $, + + Locations: Los Angeles, North American, J.J, Abrams, Kenya, Beverly Hills , CA, Georgetown

☆ Disney, Charter’s Spectrum deal will reshape media -executives
▼ + stars: | 2023-09-14 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +5 min

Disney also agreed to drop eight of its less-viewed networks, signaling the end of bloated cable TV bundles. Broadcasters could negotiate fees that included adding new cable TV channels. The new type of bundle deal combining traditional channels with streaming services provides a way forward for the media business. Pity the cable TV channels that few people watch, said one TV station group executive. Paramount Global has created numerous spin-offs of its main cable channels, with Nickelodeon siring five programming offspring, Nick Jr., Nick at Nite, TeenNick, Nicktoons and Nick Music.

Persons: Dado Ruvic, John Malone, Walt Disney, ”, Craig Moffett, “, you’re, Rich Greenfield, Jonathan Miller, Nick Jr, Nick, Nick Music, Moffett, Dawn Chmielewski, Kenneth Li, Josie Kao Organizations: REUTERS, Liberty Broadband, Charter Communications, Reuters, Disney / Charter, Disney, Broadcasters, Cable, P Global Market Intelligence, Netflix, Leichtman Research, Paramount, ESPN, FX, Integrated Media Co, Warner Bros Discovery, American Heroes Channel, Paramount Global, Nickelodeon, Nick, Thomson Locations: U.S, Greenfield, Los Angeles, New York

☆ Manhattan median rent remains at record high of nearly $4,400 a month
▼ + stars: | 2023-09-14 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Manhattan renters may have reached their "affordability threshold" in August, as median rents remained at record high, according to a new report. The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm Miller Samuel. The drop suggests that while asking rents for new leases are high, renters are balking at the prices. In short, Manhattan renters may have reached their price limit. According to Redfin, the median national rent in August was $2,052, just $2 below the record-high last year.

Persons: Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Redfin Organizations: Brokers Locations: East Village, New York, Manhattan

☆ How insiders are reacting to Mark Thompson, CNN's new CEO, and how they think he'll tackle the network's challenges: 'He wants to be involved in editorial'
▼ + stars: | 2023-08-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

WBD named Mark Thompson as CNN's new CEO in a shift by David Zaslav to an experienced news leader. Thompson is widely credited with turning the Times into a digital powerhouse, transforming a news organization that was teetering financially. Under Thompson, there also were flops along the way to success for the Times, like the failed NYT Now mobile app. Thompson is expected to be involved in editorialObservers and insiders expressed optimism about the Thompson news. They also will be watching to see how he will carry out WBD CEO David Zaslav's commitment to providing a wider range of political viewpoints, including conservative ones.

Persons: WBD, Mark Thompson, David Zaslav, Thompson, Chris Licht, Ken Doctor, Meredith Kopit Levien, who'd, Times —, Levien, Nate Silver, Jill Abramson, Abramson, wouldn't, Mark, Donald Trump, David Zaslav's, He'll, Jeff Zucker, I've, Zaslav, Licht, he'd, Semafor, James Harding, Andrew Ross Sorkin, he's, Jonathan Miller, Miller, Amy Entelis, David Leavy, Virginia Moseley, Eric Sherling, who's, Leavy Organizations: CNN, New York Times, Warner Bros, Discovery, Max, longtime Times, Times, ESPN, ABC, Observers, BBC, Company, Integrated Media Co, Editorial Locations: British

☆ Media insiders say ESPN's new sports-betting push could help it court a younger crowd and set up a spinoff from Disney
▼ + stars: | 2023-08-14 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. For ESPN, it's not as material, but it's helpful — ESPN has locked in a 10-year partner with guaranteed pay so that improves the visibility of ESPN's revenue. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Iosilevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

☆ Don’t be fooled by rising consumer price data, take a peek behind the numbers
▼ + stars: | 2023-08-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

CNN —US consumer prices rose 3.2% for the 12 months ending in July, according to the latest Consumer Price Index, which landed Thursday. “Don’t be fooled by the uptick in [year-over-year] inflation,” noted Julia Pollak, chief economist for ZipRecruiter. Gimme (cheaper) shelter: Shelter (i.e. “Our baseline forecast suggests that year-over-year shelter inflation will continue to slow through late 2024 and may even turn negative by mid-2024,” the researchers wrote. Uncooked beef steak prices rose 2.3% and uncooked ground beef rose 1.5%.

Persons: It’s, Don’t, ”, Julia Pollak, Joe Brusuelas, ” Brusuelas, —, Anna Bahney, Danielle Wiener, Bronner, That’s, Douglas Elliman, Miller Samuel, Spencer Platt, Jonathan Miller, “, Read, Biden, Michelle Toh Organizations: CNN Business, Bell, CNN, ZipRecruiter, RSM US, Federal Reserve, Commerce Department, San Francisco, Big Apple, Getty Locations: Manhattan, New York, New York City, China, Silicon

☆ Manhattan rents hit a record high for the third time in four months
▼ + stars: | 2023-08-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Rents in Manhattan hit another all-time high in July, the third record high in the past four months, even as rents are cooling in other parts of the country. That’s up 6% from a year ago and up 2.3% from June, when rents hit were at $4,300. A one-bedroom apartment in the borough had a median rent of $4,295, up 7.4% from last year; while a two-bedroom apartment had a median rent of $5,200, up 4% from a year ago. Not only did median rents go up, but the amount of concessions — or incentives offered by landlords — continued to drop. All the metrics for rent tracked in the report — including median rent, median rent inclusive of concessions and the average rent — hit record highs.

Persons: Douglas Elliman, Miller Samuel, That’s, —, ”, Jonathan Miller, Miller, “ Organizations: DC CNN Locations: Washington, Manhattan, New York City, Brooklyn, Queens, New York

☆ How ESPN's $2 billion sports-betting deal could set it up for a spinoff from Disney, according to industry insiders
▼ + stars: | 2023-08-10 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Industry insiders say ESPN's deal with Penn Entertainment could signal a potential ESPN spinoff from Disney. Disney announced a $2 billion deal with casino operator Penn Entertainment to create ESPN Bet. ESPN's $2 billion Penn Entertainment deal rocked the sports-betting world — and also renewed speculation among industry insiders that Disney could spin off its media crown jewel. To be sure, some industry watchers have questioned how the deal positions ESPN's ability to catch up in the sports-betting race. According to the American Gaming Association, sports betting grossed $7.5 billion in gaming revenue in 2022, up 75% from 2021.

Persons: Bob Iger, Jonathan Miller, Penn, Alex Ilosevich, it's, It's, Iger, — DraftKings, sportsbooks, LightShed, Peyton Manning's, Ashley Rodriguez Organizations: Industry, Penn Entertainment, ESPN, Disney, ESPN Bet, what's, Hearst, CNBC, NFL, NBA, MLB, Integrated Media Co, Caesars Entertainment, Penn, LightShed Partners, American Gaming Association, Amazon, Comcast, Peyton Manning's Omaha Productions, Front Office Sports Locations: Saudi

☆ The average Manhattan rent just hit a new record of $5,588 a month
▼ + stars: | 2023-08-10 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The average monthly rent in July was $5,588, up 9% over last year and marking a new record. Median rent, at $4,400 per month, also hit a new record, along with price per square foot of $84.74, according to a report from Miller Samuel and Douglas Elliman. It was the fourth time in five months that Manhattan rents hit a record. Despite a loss in population during the pandemic, average rents in Manhattan are now up 30% compared to 2019. Yet despite the population loss and rise of remote work, Manhattan rents continue to soar.

Persons: Fatih Aktas, Miller Samuel, Douglas Elliman, Jonathan Miller, Miller, What's, Janna Raskopf Organizations: Anadolu Agency, Getty, Kastle Systems Locations: Manhattan, New York, United States, U.S

☆ CNN management focused on 'listening' and 'getting back to work' as the network moves on from Chris Licht
▼ + stars: | 2023-06-08 | by ( Trisha Gopal | Lucia Moses | ) www.businessinsider.com time to read: +9 min

A trio of longtime executives have taken charge at CNN following the exit of Chris Licht. There's a moment in Tim Alberta's brutal profile of CNN's now-former CEO Chris Licht where Licht awkwardly takes a jab at his predecessor Jeff Zucker. The following Monday, as Licht attempted to quell growing calls for his ouster, Licht told CNN staff: "As I read that article, I found myself thinking, CNN is not about me. Jeff Zucker and Chris Licht at an event in 2019, back when Zucker still ran CNN and Licht was the showrunner on The Late Show on CBS. If Licht was seen as mismanaging CNN's top talent, Entelis, in particular, is known to be the queen of talent.

Persons: Chris Licht, David Leavy, Amy Entelis, Tim Alberta's, CNN's, Licht, Jeff Zucker, Zucker, Donald Trump, Christiane Amanpour . Licht, Anderson Cooper, Jake Tapper, Kara Swisher, Mike Coppola, — Licht, Virginia Moseley, Eric Sherling, Wolf, David Zaslav, Zaslav, WBD, Leavy, We're, — Leavy, I'm, Kaitlan Collins, Don Lemon's, Poppy Harlow, Licht's, PATRICIA DE MELO MOREIRA, Jonathan Miller, Entelis, Peter Jennings, Ted Koppel, Anthony Bourdain, Eric Ripert, Masa Takayama, Turner, Lisa Ling's, Bell, Tapper —, CNN —, She's, — Organizations: CNN, Morning, Vox Media, CBS, ABC, Warner Bros, Warner Bros Discovery, HBO, Getty, BBC News Board, Integrated Media, CNN Worldwide, Masa Locations: Trump, Japan, America

☆ Manhattan rents up 10% from a year ago
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

While rents are cooling in some parts of the United States, the cost to rent a Manhattan apartment hit a record high in May for the third month in a row. That’s up 10% from a year ago and up 3.6% from April, when rents were at a record high of $4,241. Over the past 18 months, rents have been consistently near or breaking record highs in Manhattan, said Jonathan Miller, president and CEO of Miller Samuel. A one-bedroom apartment had a median rent of $4,275 in May, up 7% from last year, while a two-bedroom apartment had a median rent of $5,400, up 8% from a year ago. For those looking for an apartment in New York City, expect more record high rents ahead.

Persons: Douglas Elliman, Miller Samuel, That’s, Jonathan Miller, “, ” Miller, —, Miller, ” Organizations: DC CNN, Federal Reserve, Brooklyn Locations: Washington, United States, Manhattan, Brooklyn, Queens, New York City

☆ Putin’s war on Ukraine is only costing a tiny sliver of Russia’s GDP
▼ + stars: | 2023-06-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Direct war spending, according to the report, is estimated to be about 3% of Russia's GDP, or about $67 billion a year. The US put about 50% of its GDP toward war near the same time. That makes it hard to justify spending a lofty percentage of GDP on what is not a war, in their view. All this isn't to say Russia's economy hasn't been hamstrung. Are you surprised by the relatively low fiscal cost of Russia's war?

Persons: Phil Rosen, Patrick Harker, Vladimir Putin, Mikhail Metzel, Vladimir Putin's, hasn't, that's, Mark Wilson, Goldman Sachs, it's, Realtor.com, Read, Jonathan Miller, Max Adams, Nathan Rennolds Organizations: Federal Reserve, Philly Fed, Economist, Technology, American Locations: Manhattan, Washington, Ukraine, Russia, Moscow, Soviet Union, India, Saudi Arabia, New York, London

☆ 2023 will go down as 'the year of disappointment' for homebuyers and sellers, says top appraiser Jonathan Miller. Here's why he says it will take a long time for the market to normalize.
▼ + stars: | 2023-06-01 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

New York appraiser Jonathan Miller has written about US real estate for more than 25 years. He says it will take a few years for the supply of older homes to grow enough to really move prices. Yes, the housing market has come off the boil thanks to a steep increase in interest rates, and prices have slipped from their highs. That long period of low rates, followed by a boom in home sales after the pandemic started, severely reduced housing supply. Until then, Miller says a real correction in housing prices is unlikely because the shortage of homes for sale will keep prices from falling too much.

Persons: Jonathan Miller, they've, Miller, Miller Samuel, Douglas Elliman, Sellers, that's, it'll Locations: York, New York, New York City, Southern California , Florida, Boston

☆ Beyoncé and Jay-Z Join the $100 Million Home Club
▼ + stars: | 2023-06-01 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

Beyoncé and Jay-Z, no strangers to flashy real estate deals, reportedly upgraded from their $88 million mansion in Bel Air, Calif., to a $200 million Malibu property last month, officially erasing the line between going big and going home. The sale marks the most expensive residential real estate deal in California history — but not the most expensive in American history. That would be the $238 million sale in January 2019 of an unfinished penthouse on Central Park South, in Manhattan, to the billionaire hedge fund tycoon Kenneth C. Griffin. Still, California can claim 10 of the 20 most expensive property sales ever in the United States, according to data compiled by Jonathan Miller of Miller Samuel appraisals. Beyoncé and Jay-Z, who have bought and sold multimillion-dollar homes in Miami, New Orleans and the Hamptons, are now in a rarefied club of celebrities who own properties worth $100 million or more.

Persons: Beyoncé, Tadao Ando, William Bell Jr, Kurt Rappaport, Rappaport, Kenneth C, Griffin, Jonathan Miller, Miller Samuel Organizations: Calif, Malibu, TMZ, Westside Estate Agency, Park, Hamptons Locations: Bel Air, California, Manhattan, , California, United States, New York, Florida, Connecticut, Miami , New Orleans

☆ Desperate for streaming profits, media giants look to a soft ad market for help
▼ + stars: | 2023-05-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

(AP Photo/Universal Pictures) Photo Credit: Universal Pictures/Tippett StudioAfter spending years amassing streaming subscribers at great cost, media companies now need to make some profits. Look no further for proof of that than the most recent annual Upfronts, the events where media companies like Fox Corp ., Warner Bros. During Disney's earnings call earlier this month, CEO Bob Iger put new emphasis on ad-supported streaming. 'We need ads'There's been an uptick of consumers signing up for ad-supported streaming subscriptions. But media companies are struggling with the question of whether ad-tier subscriptions make up for other losses.

☆ Manhattan rents reach (another) record high
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —While rents are cooling in some parts of the United States, the cost to rent a Manhattan apartment hit a record high for the second month in a row. That’s up 8% from a year ago and up 1.6% from March, when rents hit a record high of $4,175. A one-bedroom apartment had a median rent of $4,200, up 5% from last year; while a two-bedroom apartment had a median rent of $5,500, up 11% from a year ago. The Manhattan rental market is continuing to trend slightly better than sideways, said Jonathan Miller, president and CEO of Miller Samuel. Not only are median rental prices going up, but the amount of concessions — or incentives offered by landlords — are dropping.

☆ The average price for a house in the Hamptons just hit a record $3 million
▼ + stars: | 2023-04-27 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The average price for a house in the Hamptons hit a record $3 million in the first quarter, highlighting a shortage of trophy beach homes for sale and the resilience of wealthy buyers. The average sales price in the New York beach community jumped 18% in the first quarter to $3.1 million, according to a report from Douglas Elliman and Miller Samuel. The average price in the Hamptons is now more than $1 million higher than the average sales price in Manhattan. The high end of the Hamptons market is the strongest. In the luxury market — representing the top 10% of sales — both the median and average sales price broke records during the first quarter, with the average luxury price surging 33% to $16.1 million, according to Jonathan Miller, CEO of Miller Samuel.

☆ No, there aren't more cash buyers in real estate these days
▼ + stars: | 2023-04-24 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +3 min

Buyers who need a mortgage are waiting for rates to fall, causing the share of cash buyers to rise. "It disproportionately enlarges the share of cash buyers making it look like more cash buyers are coming into the market." Mortgage rates have been edging lower over the past month and a half, but experienced a small uptick this past week. Researchers at Fannie Mae predicted that 30-year fixed mortgage rates will trend down throughout 2023 and 2024. "There were fewer cash buyers to leave the market than purchase mortgage buyers."

BuzzFeed wasn't the only digital media company to announce layoffs Thursday. Miller added that going public is probably not the best strategy for digital media companies like Buzzfeed. The news comes during a tough period for digital media companies as publishers are cutting staff as advertisers reduce spending. BuzzFeed will lay off 15% of staff and shut down its news unit, BuzzFeed CEO Jonah Peretti wrote in an email to staff Thursday. The digital media company scaled back its news operation in an attempt to make BuzzFeed News profitable, resulting in the departure of several editors.

☆ Manhattan median rents hit another high in March
▼ + stars: | 2023-04-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

A one bedroom apartment had a median rent of $4,150, up 9.6% from last year, while a two bedroom apartment had a median rent of $5,680, up 18.3% from a year ago. A studio apartment rents for a median price of $3,190, up 16% from last year. “It isn’t a rocket ship,” he said of median rents. “It is just creeping higher and every so often it creeps high enough to reach a new high.”The opposite of rising rents is not necessarily falling rents, it is stabilizing rents, Miller said. New leases in March were up 15.4% from last year, according to the report, and leasing activity jumped 20.5% from February.

☆ Manhattan real estate sales plunge 38%, but cash deals hit all-time record
▼ + stars: | 2023-04-04 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Manhattan real estate sales fell 38% in the first quarter, as buyers and sellers battled over prices and mortgage rates remained volatile, according to new reports. The average sales price fell 5% to $1.95 million and the median sales price fell 10% to $1.075 million, according to the report. The average discount from the initial list price to sales price in the first quarter price was 7%, up from 5% in the fourth quarter, according to Serhant. Overall, cash deals rose to a record 57% of all sales in the quarter, Miller said. "It's not by any stretch a seller's market, but it's getting busier each month."

☆ The digital media rollup dream is dead for the moment — now it's all about core brand strength
▼ + stars: | 2023-03-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

What's happening in the digital media space echoes trends from the biggest media companies, including Netflix , Disney and Warner Bros. The rollup dream's rise and fallFrom late 2018 to early 2022, the digital media industry had a shared goal. First, digital media companies needed more scale to compete with Facebook and Google for digital advertising dollars. Large legacy media companies such as Disney and Comcast 's NBCUniversal invested hundreds of millions in digital media in the early and mid-2010s. "The digital media rollup has proven successful only when assets are thoughtfully combined with an eye toward consumers," Goldberg said.

☆ This LA mansion is staring down an April 1 deadline before the seller loses millions
▼ + stars: | 2023-03-24 | by ( Ray Parisi | ) www.cnbc.com time to read: +8 min

EstateLuxShootTrying to unload an expensive mansion in the midst of a banking crisis with the LA real estate market softening and uncertainty looming large isn't exactly great timing. Feinberg, like all luxury mansion sellers in LA, is also contending with the new mansion tax approved by voters in November. Yann IppolitoFor homes priced between $5 million and $10 million, sellers will have to pay the city 4% of the total sale price. According to his calculations, all of those sellers combined would have racked up a mansion tax bill of almost $131 million. "When New York implemented the mansion tax in 2019, there was a surge in closings just short of the July 1 start date and a void of sales in the following months," he said.

☆ Rent for a Manhattan apartment remains mind-bogglingly high
▼ + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

“Rents are within a whisker of the summer high, and it is only January, which is typically a weaker rental time,” said Jonathan Miller, president and CEO of Miller Samuel. It seems to confirm that rents aren’t going to go down.”The median cost of renting an apartment in Manhattan was $4,097 in January. A one bedroom had a median rent of $4,000, up 14.3% from last year, while a two bedroom had a median rent of $5,532, up 11.8%. Since rent peaked in the summer, there was an expectation that rents would deteriorate during the fall and winter, said Miller. “The opposite of rising rents is not necessarily falling rents, it is stabilizing rents,” Miller said.

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