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☆ Three media veterans just raised $360 million to invest in sports, live experiences, and proven IP — trends that are 'permanent' even as streamers struggle for profits and consumers churn
▼ + stars: | 2023-05-02 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Alex Iosilevich, Kevin Tsujihara, and Jeff Bewkes raised $360 million to invest in media, entertainment, and gaming. "Today it's television, tomorrow it's virtual reality," Alex Iosilevich, a longtime media banker and investor, told Insider. The trio announced April 27 that they raised $360 million for their first private equity fund to invest in media, entertainment, and gaming companies. And Iosilevich's resume includes more than a decade of media dealmaking at UBS, Deutsche Bank, and Barclays. With the market for subscription-based streaming services getting saturated, streaming companies will have to look more aggressively for new audiences through overseas expansion, ad-supported tiers, and new entertainment content.

☆ What the Hollywood writers' strike could mean for your favorite TV shows, from 'Abbot Elementary' to 'Saturday Night Live'
▼ + stars: | 2023-05-02 | by ( Sindhu Sundar | Lucia Moses | ) www.businessinsider.com time to read: +6 min

Topical shows relying on actively scripted material, including late night, will be the most immediately affected. The strike — which was authorized by nearly 98% of Writers Guild of America members who voted last month — will most immediately impact shows that rely on active writers' rooms working on current material, including "Saturday Night Live" and late night shows. The moment may be an opportunity for reality TV producers as well as non-union productions. Some celebrities on shows likely to be impacted have addressed the possibility of the impending strike on the late night circuit. Davidson acknowledged a writer's strike might mean his "SNL" episode doesn't happen as planned and said he gained a new perspective working on the production as a prospective host.

☆ US manufacturing contacts again in April but pulls off 3-year low
▼ + stars: | 2023-05-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The ISM said its manufacturing PMI increased to 47.1 last month from 46.3 in March, which was the lowest reading since May 2020. It was the sixth straight month that the PMI remained below the 50 threshold, which indicates contraction in manufacturing. The proportion of manufacturing GDP with a composite PMI calculation at or below 45 percent - a good barometer of overall manufacturing weakness - was 12 percent in April, compared to 25 percent in March, said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. Only two of the six biggest manufacturing industries, petroleum and coal products as well as transportation equipment, reported growth last month. The ISM survey's forward-looking new orders sub-index rose to 45.7 last month from 44.3 in March.

☆ US construction spending rebounds in March on nonresidential structures
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 1 (Reuters) - U.S. construction spending increased more than expected in March, boosted by investment in nonresidential structures, but single-family homebuilding remained depressed amid higher mortgage rates. The Commerce Department said on Monday that construction spending rose 0.3% in March after declining 0.3% in February. Construction spending increased 3.8% on a year-on-year basis in March. Outlays on private non-residential structures like gas and oil well drilling surged 1.0% in March. Investment in state and local government construction projects increased 0.3%, while federal government construction spending declined 0.7%.

☆ US manufacturing contracts again in April, but pace slows
▼ + stars: | 2023-05-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The ISM said its manufacturing PMI increased to 47.1 last month from 46.3 in March, which was the lowest reading since May 2020. The ISM said 73% of manufacturing gross domestic product was contracting, up from 70% in March. "The proportion of manufacturing GDP with a composite PMI calculation at or below 45 percent - a good barometer of overall manufacturing weakness - was 12 percent in April, compared to 25 percent in March," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. Only two of the six biggest manufacturing industries, petroleum and coal products as well as transportation equipment, reported growth. Higher prices align with government data showing wages and salaries in the manufacturing industry growing solidly in the first quarter.

☆ Why the producers of 'Queer Eye' and Peacock's 'Swedish Death Cleaning' show believe they're 'in a really good position' to ride out a Hollywood writers' strike
▼ + stars: | 2023-05-01 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

"Queer Eye" creator Scout Productions is betting its time is now, with a Hollywood writers' strike looming. It's working with Kristen Stewart on a "super-gay ghost hunting" reality series, as the star touted it on Instagram. It's also plotting a return to its scripted content roots. "They are very Scout shows in our storytelling process, but they're also shows that fit, that can be international, they can be domestic only. Joel Chiodi, head of documentaries and SVP of strategic development, contended that Scout's content "may not be broad, but we're enough in the mainstream, just pushing a little more."

☆ How Warner Bros. Discovery plans to take on Disney and Netflix with new streamer Max, according to WBD's top marketing exec
▼ + stars: | 2023-05-01 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

"HBO had its limits," Patrizio Spagnoletto, Warner Bros. WBD research showed that to attract new subscribers, the HBO brand was too nichePatrizio "Pato" Spagnoletto is Warner Bros. DiscoveryIn dropping "HBO" from the name, WBD is acknowledging HBO Max has a potent but narrow appeal that could turn off a broader audience. The Max logo has the same vibe as the HBO Max logo, however, and incorporates a few elements of HBO's logo. "Right now, we have very limited capabilities" in that regard, he said of the current HBO Max app.

☆ Inside NBCUniversal, female execs are eyeing leadership's next moves after CEO Jeff Shell's ouster over 'inappropriate relationship': 'We're watching'
▼ + stars: | 2023-05-01 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

NBCUniversal insiders are reeling after chief Jeff Shell's stunning departure and asking questions about what's next for the Comcast division. News of Shell's hasty exit dropped April 23 after an investigation into what he called an "inappropriate relationship" with a company employee. "It's shocking," said one employee, wondering how an executive at Shell's level would take such a risk with his career. Two staffers also grumbled that the company hasn't widely addressed the matter internally since its terse statement announcing Shell's exit. Keeping Cavanagh atop NBCU could serve another purpose — to help bring about a merger of Comcast with Warner Bros.

☆ US consumer spending flattens; core inflation still hot
▼ + stars: | 2023-04-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The unchanged reading in consumer spending last month, reported by the Commerce Department, followed a downwardly revised 0.1% gain in February. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have increased 0.2% in February. Last month's flat reading in consumer spending set consumption and the overall economy on a lower growth path in the second quarter. Consumer spending is plateauing likely as Americans become more averse to higher prices. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February.

☆ US labor costs increase solidly in first quarter
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 28 (Reuters) - U.S. labor costs increased solidly in the first quarter as strong wage gains persisted amid a tight labor market, suggesting inflation could remain elevated for a while. The Employment Cost Index, the broadest measure of labor costs, rose 1.2% last quarter after increasing 1.1% in the October-December period, the Labor Department said on Friday. Labor costs increased 4.8% on a year-on-year basis after advancing 5.1% in the fourth quarter. Wages and salaries increased 1.2% last quarter after rising by the same margin in the fourth quarter. Inflation-adjusted wages for all workers were unchanged on a year-on-year basis after declining 1.2% in the fourth quarter.

☆ U.S. consumer spending flat in March; core inflation still strong
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +3 min

The unchanged reading in consumer spending last month, reported by the Commerce Department on Friday, followed a downwardly revised 0.1% gain in February. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have increased 0.2% in February. Economists polled by Reuters had forecast consumer spending dipping 0.1%. Last month's flat reading in consumer spending set consumption on a lower growth path in the second quarter. The so-called core PCE price index gained 4.6% on a year-on-year basis in March after rising 4.7% in February.

☆ Pretty Yende, South African opera star will perform at King Charles' coronation
▼ + stars: | 2023-04-28 | by ( Gertrude Kitongo | ) edition.cnn.com time to read: +7 min

CNN —“Pretty, are you sitting down?” South African soprano Pretty Yende was performing in Vienna last December when she received a call from her manager. She had just been booked for the biggest gig of her life: a performance at the coronation of King Charles III. As one of three soloists at the ceremony, it’s thought that Yende is the first African to be invited to perform solo at a British coronation. The coronation will not be the first time King Charles has watched Yende perform; he saw the soprano sing at the Royal Philharmonic Orchestra’s 75th anniversary gala, held at Windsor Castle in April 2022. Pretty Yende performs in "Lucia Di Lammermoor" at the Bastille Opera House in Paris in October 2016.

☆ Amazon's $300 million new spy series 'Citadel' debuts to mediocre reviews and could be another high-profile miss for the streamer
▼ + stars: | 2023-04-28 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Amazon's ambitious new spy series, "Citadel," starring Priyanka Chopra, premiered today. Costing as much as an estimated $300 million, it stands to be one of the most expensive series ever made. It has a 56% critics rating on Rotten Tomatoes, based on 41 reviews. Amazon has a lot riding on its new ambitious spy series, "Citadel," but so far critics are less than impressed. Rotten Tomatoes deems a 60% score or less to be "rotten."

☆ 'Queer Eye' producers are diving into the world of professional mermaiding for new Netflix doc series
▼ + stars: | 2023-04-28 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

The producers of "Queer Eye" explore underwater performers in a new docu-series, "MerPeople." Scout Productions executive-produced it; Oscar-winning Cynthia Wade directed. The creators of "Queer Eye" are turning their lens on the world of underwater performers for a new docu-series on Netflix, "MerPeople." Executive producers were Scout Productions' Michael Williams, David Collins, Joel Chiodi, and Rob Eric, along with photographer Andréanna Seymore; Roland Ballester, known for "Halston" and "30 for 30"; and Wade. Scout Productions has become known for richly shot, inclusivity-themed unscripted TV projects like ballroom competition series "Legendary" and streetwear design contest "The Hype" on HBO Max, in addition to "Queer Eye."

☆ Strong US consumer spending seen driving economy in first quarter
▼ + stars: | 2023-04-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

According to a Reuters survey of economists, GDP growth likely increased at a 2.0% annualized rate last quarter after rising at a 2.6% pace in the fourth quarter. Estimates ranged from a growth rate of 0.4% to a 3.3% pace. DOWNSIDE RISKSome institutions cut their GDP growth estimates, with Wells Fargo slashing its forecast by a full percentage point. Still, consumer spending is expected to have grown at a pace faster than the pedestrian 1.0% rate logged in the fourth quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to be driven by demand for services.

☆ Hollywood writers: Tell us what you earn and how you budget as the WGA prepares to strike for more pay
▼ + stars: | 2023-04-27 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

The shift to streaming media has resulted in a gush of new TV shows and movies, and content budgets at companies like Netflix and Disney have ballooned — but writers' pay hasn't kept up. Insider is asking film and TV writers to share what they make and show the challenges at the root of a potential WGA strike. Fully half of TV series writers were paid the basic minimum rate under the WGA contract, up from 33% in 2013-14, according to a WGA survey. With the WGA preparing to go on strike in May over pay and other issues regarding the structure of Hollywood writers' work, we want to hear from guild members about the challenges they face in making ends meet. For an idea of what this project will look like, see our earlier post on Hollywood salary diaries.

☆ U.S. goods trade deficit narrows sharply in March; retail inventories rise
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, April 26 (Reuters) - The U.S. trade deficit in goods narrowed sharply in March as exports surged and imports declined, which augurs well for economic growth in the first quarter. The goods trade deficit contracted 8.1% last month to $84.6 billion, the Commerce Department said on Wednesday. Exports of goods increased $4.9 billion to $172.7 billion. Goods imports fell $2.5 billion to $257.3 billion, pulled down by decreases in industrial supplies, capital goods and other goods. Retail inventories increased 0.7% after rising 0.3% in the prior month.

☆ U.S. core capital goods orders and shipments drop in March
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.4% last month, the Commerce Department said on Wednesday. Data for February was revised down to show these so-called core capital goods orders falling 0.7% instead of dipping 0.1% as previously reported. Economists polled by Reuters had forecast core capital goods orders slipping 0.1%. Shipments of core capital goods decreased 0.4% in March after falling 0.4% in February. Core capital goods shipments are used to calculate equipment spending in the gross domestic product measurement.

☆ US business spending on equipment weakening as demand for goods slows
▼ + stars: | 2023-04-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Even though business spending on equipment weakened, demand remained strong for goods like computers and electronic products as well as electrical equipment, appliances and components. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, dropped 0.4% last month. Core capital goods shipments are used to calculate equipment spending in the gross domestic product measurement. Goods imports dropped $2.5 billion to $257.3 billion, pulled down by decreases in industrial supplies, capital goods and other goods. While the decline in imports is supportive of higher GDP, the drop in capital goods underscored weakening business spending.

☆ US core capital goods orders fall; goods trade deficit narrows
▼ + stars: | 2023-04-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

SummarySummary Companies Core capital goods orders fall 0.4% in MarchShipments of core capital goods drop 0.4%Goods trade deficit narrows 8.1%WASHINGTON, April 26 (Reuters) - New orders for key U.S.-manufactured capital goods fell more than expected in March and shipments declined, suggesting that business spending on equipment likely remained a drag on economic growth in the first quarter. Data for February was revised down to show a 0.7% drop in these so-called core capital goods orders instead of the previously reported 0.1% dip. Economists polled by Reuters had forecast core capital goods orders would slip 0.1%. Shipments of core capital goods decreased 0.4% in March after falling by a similar margin in February. Goods imports fell $2.5 billion to $257.3 billion, pulled down by decreases in industrial supplies, capital goods and other goods.

☆ NBCUniversal insiders are asking what's next after CEO Jeff Shell's 'shocking' exit, and female execs are watching leadership closely after a string of high-profile sexual allegations
▼ + stars: | 2023-04-26 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

They're asking what Comcast exec Mike Cavanagh's elevation to handle Shell's remit means for NBCU's future. NBCUniversal insiders are reeling after chief Jeff Shell's stunning departure and asking questions about what's next for the Comcast division. News of Shell's hasty exit dropped Sunday after an investigation into what he called an "inappropriate relationship" with a company employee. "It's shocking," said one employee, wondering how an executive at Shell's level would take such a risk with his career. Keeping Cavanagh atop NBCU could serve another purpose — to help bring about a merger of Comcast with Warner Bros.

☆ A new Netflix docu-series from the producers of 'Queer Eye' dives into the world of professional mermaiding
▼ + stars: | 2023-04-26 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

☆ US consumer confidence hits nine-month low; housing market bottoming out
▼ + stars: | 2023-04-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Consumers have shown resilience despite high inflation and a rise in interest rates, keeping the economy afloat, thanks to a strong labor market. The Conference Board said its consumer confidence index fell to 101.3, the lowest reading since July 2022, from 104.0 in March. The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, rose to 37.3 from 36.5 in March, consistent with a tight labor market. "Take consumer purchase plans with a grain of salt," said Tim Quinlan, a senior economist at Wells Fargo in Charlotte, North Carolina. That skepticism also extended to home purchase plans.

☆ Amazon Studios insiders are speculating about layoffs as soon as Wednesday as Andy Jassy looks for cost savings across the board
▼ + stars: | 2023-04-25 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Amazon Studios and Prime Video insiders are expecting layoffs this week. After massive layoffs across Amazon, speculation inside Prime Video and Amazon Studios has been mounting that their turn is next, starting as early as Wednesday. Amazon Studios is the TV and film division and a source of content for Prime Video, one of a bundle of services that drive Amazon Prime memberships ($139 per year or $15 per month in the US). Amazon's entertainment business so far has been untouched by layoffs within the company, which has joined the rest of the tech industry in big layoffs. As a high-profile but relatively small unit of the trillion-dollar-plus Amazon, Prime Video is somewhat insulated from the financial pressures facing its entertainment competitors.

The survey's flash services sector PMI rose to 53.7, the highest reading in a year, from 52.6 in March. Economists polled by Reuters had forecast the services PMI falling to 51.5. Flash PMIIn the euro zone, the bloc's dominant services industry saw already-buoyant demand rise too, more than offsetting a deepening downturn in manufacturing. However, the manufacturing PMI fell to 45.5 from 47.3, its lowest since the coronavirus pandemic was cementing its grip on the world three years ago. "The PMI sheds a positive light on the economic performance in the euro zone, as a pickup in service sector activity is boosting growth," said Bert Colijn, senior euro zone economist at ING, noting manufacturing weakness remained a concern.

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