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☆ U.S. weekly jobless claims fall ; fourth-quarter growth trimmed
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +4 min
WASHINGTON, Feb 23 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, continuing to signal persistently tight labor market conditions. Initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 192,000 for the week ended Feb. 18, the Labor Department said on Thursday. The so-called continuing claims, a proxy for hiring, dropped 37,000 to 1.654 million during the week ending Feb 11, the claims report also showed. The unemployment rate at 3.4% in January was the lowest in more than 53 years. Strong wage growth generated by the tight labor market is helping to underpin consumer spending and the overall economy.
☆ Warner Bros Discovery CEO David Zaslav faces complex challenges as a combined HBO Max-Discovery streamer preps to launch this spring and staffers fear more layoffs and cuts
  + stars: | 2023-02-22 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com   time to read: +8 min
CEO David Zaslav is expected to provide an update of the company's financials and outlook for the year ahead. WBD also shed more than half its stock price since the merger deal closed April 8, before a more recent partial recovery. But optimism around the company seems to be based on the feeling that things can only go up from here. Discovery to $20 from $16, assuming the heaviest cost cutting is done and despite the fact that the near-term ad outlook is poor. Legacy Warner ad salespeople in particular are frustrated over this approach and worried it'll cost them in the form of a smaller annual bonus than they've come to expect in years past.
☆ 12 top investors, from Blackstone to TPG, pouring billions into production studios in a long-term bet on Hollywood's content boom
  + stars: | 2023-02-21 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +4 min
Institutional investors continue to see gold in Hollywood studios, despite a slowdown in content spending. Just as investors are pouring money into film and TV production companies, they're also doubling down on studio space, betting that the content boom is here to stay. The production real estate arena has attracted giants like Blackstone, which in 2020 acquired 49% of real estate investment trust Hudson Pacific Properties' three Los Angeles-based studios. Also bulking up in Hollywood is Bain Capital Real Estate, which in 2019 created a joint venture with Bardas Investment Group, a West Hollywood real estate development and investment firm. And investors insisted to Insider that their long-term view on the space hasn't darkened, even if high interest rates and a slowdown in new content spending temper activity in the short term.
☆ U.S. existing home sales fall in January, but pace slowing
  + stars: | 2023-02-21 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 21 (Reuters) - U.S. existing home sales dropped to a more than 12-year low in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom. Home resales, which account for a big chunk of U.S. housing sales, plunged 36.9% on a year-on-year basis in January. The housing market has been the biggest casualty of the Federal Reserve's aggressive interest rate hiking campaign. It will, however, be a while before the housing market turns around. At January's sales pace, it would take 2.9 months to exhaust the current inventory of existing homes up from 1.6 months a year ago.
☆ U.S. business activity rebounds to eight-month high in February- S&P Global survey
  + stars: | 2023-02-21 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 21 (Reuters) - U.S. business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to a survey on Tuesday, which also showed inflation subsiding. S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 50.2 this month from a final reading of 46.8 in January. The services sector accounted for the rise in business activity, while manufacturing remained weak. The survey's flash manufacturing PMI rose to 47.8 from 46.9 in January. The survey's flash services sector PMI increased to 50.5 from 46.8 in January.
☆ An NBA and IMG veteran breaks down how he raised a $300 million private equity fund in a bleak market and how he plans to invest in all things sports
  + stars: | 2023-02-16 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +4 min
NBA vet Bobby Sharma and partner Kyle Charters just raised $300 million for sports-related investments. It's led by NBA and IMG vet Bobby Sharma and investment banking vet Kyle Charters and just announced it closed a $300 million fund to invest in sports-related media and entertainment. "And there are some sports media, entertainment, business executives who are learning private equities through their fundraising. There's been a wave of private equity interest in sports by giants like Blackstone to new entrants like Dynasty Equity Partners. You've got the incumbent media companies that are ensuring their survival by heavily investing as well.
☆ How 'Citadel,' Amazon Studios' ambitious new spy series from the Russo brothers, became one of the costliest shows ever made
  + stars: | 2023-02-16 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +4 min
"Citadel," Amazon Studios' ambitious spy series, is on track to be one of the costliest series ever made. Amazon Studios early on was known for prestige shows like "Transparent" and "Maisel" as well as action hits like "Jack Ryan." Amazon Studios' Head of Global Television, Vernon Sanders, told Insider that "Citadel" is new territory for the company. Inside and outside of Amazon Studios, there are concerns about a lack of clear creative direction as well as the division's future role in the larger Amazon ecosystem. Insider spoke to 21 current and recently departed Amazon Studios executives, Hollywood agents, and other industry insiders about the opportunities and challenges.
☆ U.S. single-family housing starts, building permits tumble in January
  + stars: | 2023-02-16 | by ( ) www.reuters.com   time to read: +3 min
Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a seasonally adjusted annual rate of 841,000 units last month, the Commerce Department said on Thursday. Single-family homebuilding tumbled 27.3% on a year-on-year basis in January. Last month, single-family homebuilding plunged in the Northeast and West, with the latter likely depressed by flooding in California. Single-family building permits dropped 1.8% to a rate of 718,000 units, while those for housing projects with five units or more rose 0.5% to a rate of 563,000 units. The inventory of single-family housing under construction fell 1.1% to a rate of 752,000 units.
☆ U.S. weekly jobless claims fall; monthly producer prices rebound
  + stars: | 2023-02-16 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 16 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, offering more evidence of the economy's resilience despite tighter monetary policy. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 194,000 for the week ended Feb. 11, the Labor Department said on Thursday. Claims remain low despite high-profile layoffs in the technology sector and other industries highly sensitive to interest rates. Some of the laid-off workers are likely finding new work or are delaying filing for benefits because of severance packages. A second report from the Labor Department on Thursday showed monthly producer prices accelerating in January.
☆ U.S. manufacturing output surges in January
  + stars: | 2023-02-15 | by ( ) www.reuters.com   time to read: +2 min
Manufacturing output increased 1.0% last month, the Federal Reserve said on Wednesday. Two additional rate hikes of 25 basis points are expected in March and May. The increases in manufacturing and mining offset the tumble in utilities, leaving overall industrial production unchanged. Industrial output dropped 1.0% in December. Capacity utilization for the manufacturing sector, a measure of how fully firms are using their resources, rose 0.6 percentage point in January to 77.7% in January.
☆ U.S. retail sales rebound strongly in January
  + stars: | 2023-02-15 | by ( ) www.reuters.com   time to read: +3 min
The Commerce Department said on Wednesday that retail sales surged 3.0% last month. Some cautioned against reading too much into the jump in retail sales. The so-called seasonal adjustment factors likely flattered retail sales in January. Retail sales are mostly goods and are not adjusted for inflation. Excluding automobiles, gasoline, building materials and food services, retail sales increased 1.7% last month.
☆ HBO's content chief reveals plans to build audiences for HBO Max and Warner Bros. Discovery's new mega-streamer with DC and Warner Bros. shows
  + stars: | 2023-02-14 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +8 min
HBO's Casey Bloys revealed his content strategy on "The Watch" podcast and in a talk with Parrot Analytics. Bloys also shared what's ahead for HBO Max once it combines with Warner Bros. Despite economic pressures on streaming, he's not worried that HBO content will suffer. And even after Bloys took on oversight of HBO Max Originals in 2020, "The idea is to do things that are not necessarily for HBO," he told "The Watch." And he pointed to more Batman spinoffs like "The Penguin" that's coming to HBO Max and will star Colin Farrell.
☆ U.S. consumer prices increase in January; trend slowing
  + stars: | 2023-02-14 | by ( ) www.reuters.com   time to read: +2 min
The consumer price index increased 0.5% last month after gaining 0.1% in December, the Labor Department said on Tuesday. Monthly inflation was boosted in part by rising gasoline prices, which increased 3.6% in January, according to data from the U.S. Energy Information Administration. The revisions, updated seasonal factors and new weights prompted some economists to bump up their CPI forecasts. In the 12 months through January, the CPI increased 6.4%. Excluding the volatile food and energy components, the CPI increased 0.4% after rising 0.4% in December.
☆ Amazon Studios is growing fast and spending big on shows like 'Citadel,' but insiders say unclear creative direction, leadership shifts, and tech bureaucracy threaten to drive away staff and talent
  + stars: | 2023-02-10 | by ( Lucia Moses | Elaine Low | ) www.businessinsider.com   time to read: +20 min
The dust has been settling at Amazon Studios after a big reorg in the fall that solidified Jen Salke's power. Yet Amazon Studios faces major challenges. Amazon Studios' Head of Global Television Vernon Sanders told Insider that the goal is to deliver content with global cultural relevance. Amazon Prime VideoWhile spending on such big swings has soared, some insiders see far less budgetary support for underrepresented casts. "I do think people wonder what's the commitment to Amazon Studios," the current insider said.
☆ CEO Bob Iger's new Disney structure raises succession questions, insiders say, as some top execs depart and others jockey for power
  + stars: | 2023-02-10 | by ( Claire Atkinson | Lucia Moses | Elaine Low | ) www.businessinsider.com   time to read: +6 min
Disney CEO Bob Iger announced a new business structure Wednesday and further details emerged Thursday. ESPN and ESPN+ will form a separate unit, led by Jimmy Pitaro. Hollywood is already busy sharing memes about Bergman and Walden and how they will share and compete for power. As part of the cuts, Iger has directed his reports to lay off 7,000 staffers. A Thursday morning press release outlined all the shared services units that will now come under Bergman, Walden, and Pitaro.
☆ U.S. consumer prices revised higher in December, November
  + stars: | 2023-02-10 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 10 (Reuters) - U.S. monthly consumer prices rose in December instead of falling as previously estimated and data for the prior two months was also revised up, which some economists said raised the risk of higher inflation readings in the months ahead. The consumer price index edged up 0.1% in December rather than dipping 0.1% as reported last month, the Labor Department's annual revisions of CPI data showed on Friday. Data for November was also revised higher to show the CPI increasing 0.2% instead of 0.1% as previously estimated. In October, the CPI rose 0.5%, revised up from the previously reported 0.4% increase. Excluding the volatile food and energy components, the CPI rose 0.4% in December, instead of 0.3% as previously reported.
☆ U.S. consumer sentiment improves; inflation expectations rise
  + stars: | 2023-02-10 | by ( ) www.reuters.com   time to read: +3 min
Its gauge of consumer expectations dipped to 62.3 from a reading of 62.7 last month, likely reflecting lingering recession fears. Rising sentiment also suggested that the sharp declines in retail sales in November and December were a fluke. Data next week is expected to show retail sales rebounding 1.5% in January after tumbling 1.1% in December, according to a Reuters survey of economists. UMichThe University of Michigan survey's reading of one-year inflation expectations increased to 4.2% this month from 3.9% in January. The increase in near-term inflation expectations likely reflected a recent rise in gasoline prices.
☆ U.S. weekly jobless claims increase, labor market still tight
  + stars: | 2023-02-09 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 9 (Reuters) - The number of Americans filing new claims for unemployment benefits increased more than expected last week, but remained at levels consistent with a tight labor market. Initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast 190,000 claims for the latest week. Claims have remained low despite high-profile layoffs in the technology industry as well as the interest rate-sensitive finance and housing sectors. Economists speculate that severance packages were delaying the filing of unemployment benefits claims while the abundance of job openings made it easier for laid off workers to find new jobs.
☆ How Netflix leaders, including its new co-CEO, are thinking about a fast streaming service that could supercharge its ads business
  + stars: | 2023-02-09 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +5 min
Netflix said it's open to adding a free, ad-supported streaming service. A FAST offering could help Netflix scale its nascent ads business, which has been slow to take off. Could Netflix launch a free, ad-supported service? A FAST channel — free, ad-supported television — is a linear stream, a model media companies are increasingly using to complement traditional TV and paid streaming services. For Netflix, a FAST could be a quick way to scale its ads business.
☆ U.S. weekly jobless claims increase, labor market remains tight
  + stars: | 2023-02-09 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +5 min
The jobs market has remained resilient despite growing economic headwinds from the Federal Reserve's interest rate increases. While labor market strength keeps the U.S. central policy on its monetary policy tightening path, it also suggests that a much anticipated recession is nowhere near. The four-week moving average of claims, considered a better measure of labor market trends as it strips out week-to-week volatility, fell 2,500 to 189,250, the lowest level since last April. "But even so, the job market remains remarkably strong." "There is no sign of easing of labor market tightness here."
☆ Inside the Disney drama as CEO Bob Iger announces massive layoffs and a reorg that dismantles the structure under predecessor Bob Chapek
  + stars: | 2023-02-08 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +6 min
Bob Iger returned to Disney as CEO in November, ending Bob Chapek's rocky tenure. In one of the most dramatic reversals in corporate history, the Walt Disney Co. board reinstated Bob Iger as CEO in November, ousting his predecessor Bob Chapek. Disney had just reported a $1.5 billion loss in its streaming business on a November 8 earnings call. Wall Street faulted him for waiting until after the 3Q earnings call to announce that layoffs were planned, for example. Disney, which in December launched its own ad-supported Disney+ offering, has enjoyed strong streaming growth, but Wall Street cares more about profitability now.
☆ Brad Pitt's production company, Plan B, is not renewing its overall deal with Amazon Studios
  + stars: | 2023-02-07 | by ( Elaine Low | Lucia Moses | ) www.businessinsider.com   time to read: +2 min
Plan B, the production company cofounded by Brad Pitt, is not renewing its overall deal with Amazon Studios. In late 2022, French company Mediawan acquired a majority stake in Plan B. Brad Pitt's production company, Plan B Entertainment, is not renewing its overall deal with Amazon Studios, Insider has learned. Prime Video's "Paper Girls," produced by Plan B and Legendary Television, was canceled after one season. The move comes in the wake of a December announcement that French media company Mediawan had taken a majority stake in Plan B, with Plan B intending to operate as an independent content creator going forward.
☆ Inside Disney, 'nervous and anxious' execs brace for news of cost cuts and layoffs that could number in the thousands
  + stars: | 2023-02-07 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com   time to read: +3 min
Cost cutting reductions, including layoffs, are expected to hit Disney in the coming weeks and months. CEO Bob Iger has asked top execs to reorganize the former Disney Media Entertainment Distribution division. Disney employees are expecting wide layoffs as returning CEO Bob Iger moves to get costs in line. Internally, there's speculation that Disney will target people who work on nonpremium digital products for layoffs, one company insider said. Iger is expected to dismantle the division formerly known as DMED (Disney Media Entertainment Distribution) and shift P&L controls back to creative leaders and others.
☆ Disney CEO Bob Iger has 'very little room for maneuver' as he tackles layoffs, budget cuts, a company reorg, and questions over the future of Hulu and ESPN
  + stars: | 2023-02-07 | by ( Claire Atkinson | ) www.businessinsider.com   time to read: +11 min
Disney chief Bob Iger will speak Wednesday on his first quarterly earnings call since returning as CEO. Wall Street wants to see how Disney plans to boost profitability this year and whether it will trade ESPN or Hulu. Aside from a quick visit to Disney World in January, Bob Iger has been lying very low. Media investor Ross Gerber told Insider that Iger would get back to focusing on content rather than on the distribution mechanism. Iger tweeted a photo of himself at Disney World, dressed in a relaxed green cardigan and gray slacks as he posed with cast members on January 19.
☆ The next 'White Lotus' is expected to be filmed in one of these locations in Asia
  + stars: | 2023-02-07 | by ( Chris Dwyer | ) www.cnbc.com   time to read: +5 min
When the HBO black comedy "The White Lotus" premiered in the summer of 2021, it took viewers to Hawaii's sunny Maui. The Maldives was named-dropped near the end of season two of "The White Lotus," leading fans to speculate it would be the next filming location. Cue the theories that "The White Lotus" is heading to the Southeast Asian nation known as "The Land of Smiles." Two characters spent the night in Villa Tasca in the second season of "The White Lotus." Beyond "The White Lotus," the broader trend of traveling to visit iconic TV and movie locations continues to grow.
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