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Disney's media sales boss to exit in Iger shake-up
  + stars: | 2022-11-22 | by ( ) www.reuters.com   time to read: +1 min
Nov 21 (Reuters) - A day after returning to the company, Walt Disney Co (DIS.N) Chief Executive Bob Iger moved to undo a corporate structure put in place by his hand-picked successor. Iger said the restructuring would result in changes to Disney Media & Entertainment Distribution, a unit former CEO Bob Chapek formed in October 2020 to centralize all film and television sales and distribution. Bank of America analyst Jessica Reif Ehrlich said Iger's decisive action resembles his management approach during his first stint as Disney's CEO. During that time, he quickly calmed tensions with Pixar Animation Studio's chief executive, Steve Jobs. Reporting by Dawn Chmielewski in Los Angeles; Editing by Mark Porter and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Bank of America's Jessica EhrlichJessica Reif Ehrlich, senior U.S. media and entertainment analyst at BofA Securities, joins 'The Exchange' to discuss her bullish case for Netflix and explore if the worst is over for Netflix in the short term.
Netflix's monetization efforts make it an attractive stock despite slowing subscriber growth, Bank of America said Tuesday. Analyst Jessica Reif Ehrlich took over coverage of the stock and double upgraded it to buy from underperform. Ehrlich also has a price target of $370 on Netflix, implying upside of 23.6% from Monday's close. "Despite slower sub growth, we believe efforts to improve monetization via a value-oriented ad tier and significant conversion of password sharers has the potential to drive operating/financial upside." The streaming giant, which is using Microsoft for its ad needs, turned to the tier after years of rejecting the idea as a way to mitigate declines in subscriber growth.
Netflix shares could rise 24% from current levels to hit $370, Bank of America said Tuesday. Netflix shares on Tuesday rose as much as 4.5% to $312.71, the highest price in about six months. Netflix earlier this month rolled out its "Basic with Ads" subscribership tier that costs $6.99 a month. BofA estimated the Basic AVOD tier could drive $719 million in revenue in the United States and Canada in 2024. Netflix estimates 100 million potential subscribers, including 30 million in the US and Canada, are lost as a result of password sharing, said BofA.
The growth of ad-supported streaming at scale is set to challenge the $60 billion TV ad business. One top internet executive, IAC CEO Joey Levin, says Netflix will destroy networks' scarcity argument. Wall Street also is waiting to see if Netflix draws ad dollars from social media or TV. Traditional TV networks are about to lose one of their main arguments for charging big rates for ads. Netflix's arrival on Madison Avenue next year is going to erode the hugely lucrative TV ad business, said Levin, who spoke with Insider in September.
Netflix will report third-quarter earnings Tuesday, and all eyes are on its new ad-supported tier. Wall Street hopes that the streamer's Basic with Ads plan will boost subscriptions and revenue — but some analysts are skeptical. Complicating matters further, analysts at Wedbush Securities warned that the streamer may report hundreds of thousands of additional subscriber losses this quarter. A recent survey conducted by Samba TV with Harris X found that nearly half of current Netflix subscribers said they'd consider simply trading down their existing membership to the forthcoming cheaper service. While the service still counts more than 220 million overall subscribers, Netflix has blamed the losses on increased competition and account sharing.
(CNN) Marco Rubio hopes to sway voters interested in Chick-fil-A, Ram trucks, and Duck Dynasty. "Political campaigns are using that to their advantage." Rogan, a controversial figure who's popular on the right, attracted more attention from campaigns targeting Facebook ads than any other interest topic in the period analyzed by CNN. The targeting data shows a wide variety of approaches. But most people likely have no idea that they're seeing certain political ads because of their interests in a band or TV show, Woolley noted.
MoffettNathanson analyst Robert Fishman crystallized the daunting task ahead for Zaslav and WBD in his August 5 report "Reality First. The honeymoon was short-lived," said one senior Hollywood insider. It turns out there are five, housing some 40,000 employees globally: Warner Bros., HBO Max, the Turner entertainment channel business, CNN, and Discovery. The WBD insider said there isn't a rush to hire a new chief and that the company will continue to meet people. Under the ownership of AT&T, WarnerMedia's financials were buried in its parent's spreadsheets — now as a pure-play entertainment company, Warner Bros.
Months after an MIT professor was cleared of spying for China, he helped make a major scientific discovery. But for me, I’m stopping that research,” Chen, a Chinese immigrant, said. The research, Chen emphasized, is still in its early stages and the material likely years away from commercial use. The failure to report specific work history, for example, had been interpreted by officials as attempts to conceal affiliations with China. “And I decided to stay and actually I’d say I’m very grateful that I got all the opportunities that occurred.
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