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May 12 (Reuters) - Elon Musk has named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO, as the company tries to reverse a plunge in ad revenue. "I am excited to welcome Linda Yaccarino as the new CEO of Twitter!" Last month, NBC parent Comcast said NBCUniversal CEO Jeff Shell was leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation. Musk, the CEO of electric-vehicle maker Tesla Inc (TSLA.O), completed his purchase of Twitter in October for $44 billion. On Thursday, Musk tweeted that he had found a CEO without identifying Yaccarino.

[1/2] Walt Disney Co. CEO Bob Iger poses on the champagne-colored red carpet during the Oscars arrivals at the 95th Academy Awards in Hollywood, Los Angeles, California, U.S., March 12, 2023.... Read moreMay 10 (Reuters) - Walt Disney Co (DIS.N) Chief Executive Bob Iger on Wednesday accused Florida politicians of retaliating against the company and questioned the state's interest in the entertainment conglomerate's continued investment in Walt Disney World. It plans to invest $17 billion over the next decade expanding Walt Disney World. And by the way, we pay them above the minimum wage, substantially above the minimum wage dictated by the state of Florida," Iger said in remarks made during the company's quarterly investor call. He said Disney has been forced to file a lawsuit in federal court to protect its business interests. Iger disputed that, noting some 2,000 special districts exist in Florida to foster development and that "we were one of them."

[1/3] A man looks at his phone as he passes by a screen advertising Walt Disney's streaming service Disney+ in New York City, U.S., November 12, 2019. The division ended the quarter with an operating loss of $659 million, compared with $1.1 billion in the prior quarter. At the same time, total subscribers to the flagship Disney+ service dropped by 4 million to 157.8 million. Inge Heydorn, a fund manager at GP Bullhound, said a question for investors is: "are the trade offs from lower marketing costs leading to lower subscribers?" "We've only just begun to scratch the surface of what we can do with advertising on Disney+," Iger said on a conference call with analysts.

The company plans to expand its streaming offerings by the end of the year with a new app that combines Disney+ and Hulu, Chief Executive Bob Iger said. Total subscribers to the flagship Disney+ service dropped by 4 million from the previous quarter to 157.8 million. Most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. "Striking a fine balance between customer acquisition versus financial performance is no easy feat." As Disney tries to build streaming, its traditional television business faces hurdles.

LOS ANGELES, May 8 (Reuters) - Writing for a new season of "The Handmaid's Tale" and a coming "Game of Thrones" prequel was halted as a nearly week-long strike by thousands of film and television writers rippled across Hollywood on Monday. Writing of the dystopian drama stopped when the Writers Guild of America (WGA) called a strike last week, Chang told Reuters on Monday. Martin said in a blog post that the writers' room for prequel series "A Knight of the Seven Kingdoms: The Hedge Knight" was "closed for the duration of the strike." Warner Bros has not announced a release date for "The Hedge Knight." The second season of "House of the Dragon," another "Game of Thrones" prequel, began filming in April, Martin said, and will continue in London and Wales.

☆ Warner Bros Discovery's surprise loss clouds strong streaming unit show
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] The exterior of the Warner Bros. Warner Bros Discovery reported a per-share loss of 44 cents, while analysts had expected a profit of 1 cent, according to Refinitiv data. Warner Bros Discovery's new streaming service, christened "Max," is set to launch on May 23, combining HBO Max's scripted entertainment with Discovery's reality shows. Warner Bros Discovery reported revenue of $10.70 billion for the first three months of 2023, compared with analysts' estimates of $10.78 billion, according to Refinitiv data. The Warner Bros studio segment missed on its revenue forecasts, as its big March release "Shazam!

[1/2] Workers and supporters of the Writers Guild of America picket outside Sunset Bronson Studios and Netflix Studios, after union negotiators called a strike for film and television writers, in Los Angeles, California, U.S., May 3, 2023. REUTERS/Mario AnzuoniLOS ANGELES, May 4 (Reuters) - The Hollywood writers' strike that kicked off this week could last well into the summer and likely beyond, top executives close to the discussions told Reuters this week. Moody’s estimates a three-year contract with writers ultimately will cost the media industry $250 million to $350 million per year, a more modest estimate than the guild's projections of about $429 million per year. Television writers say their pay has suffered, as studios squeeze writers into smaller rooms for fewer weeks at minimum pay, despite financing lavishly produced streaming series. Hollywood writers must pay their agents and managers out of their wages -- and, unlike staff writers, can go long periods between gigs.

LOS ANGELES, May 3 (Reuters) - Hollywood writers have for decades penned sci-fi scripts featuring machines taking over the world. The Writers Guild of America is seeking to restrict the use of artificial intelligence in writing film and television scripts. A spokesperson for the Alliance of Motion Picture and Television Producers, which is negotiating the contract on behalf of the studios, did not comment. The dispute over AI is one of several issues that led Hollywood’s film and TV writers to strike Monday, marking the first work stoppage in 15 years. Screenwriter John August, a member of the WGA negotiating committee, said writers have two concerns regarding AI.

LOS ANGELES, May 1 (Reuters) - Thousands of film and television writers will go on strike starting Tuesday, throwing Hollywood into turmoil as the entertainment business grapples with seismic changes triggered by the global streaming TV boom. The rise of streaming has led to declining television ad revenue, as traditional TV audiences shrink and advertisers go elsewhere. The last WGA strike, in 2007 and 2008, cost the California economy an estimated $2.1 billion as productions shut down and out-of-work writers, actors and producers cut back spending. Writers say they have suffered financially during the streaming TV boom, in part due to shorter seasons and smaller residual payments. Half of TV series writers now work at minimum salary levels, compared with one-third in the 2013-14 season, according to Guild statistics.

"The companies' behavior has created a gig economy inside a union workforce," said the WGA, which represents roughly 11,500 writers. The rise of streaming has led to declining television ad revenue, as traditional TV audiences shrink and advertisers go elsewhere. The last WGA strike in 2007 and 2008 lasted 100 days. Writers say they have suffered in the streaming TV boom with shorter seasons and smaller residual payments. Reporting by Lisa Richwine and Dawn Chmielewski in Los Angeles; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Alyssa PointerLOS ANGELES, May 1 (Reuters) - Negotiators for Hollywood writers and film and television studios engaged in 11th-hour contract talks on Monday to try and avert a strike that would disrupt TV production across an industry grappling with seismic changes. The Writers Guild of America could call a work stoppage as early as Tuesday if it cannot reach a deal with companies such as Walt Disney Co (DIS.N) and Netflix Inc (NFLX.O). Writers say they have suffered financially during the streaming TV boom, in part due to shorter seasons and smaller residual payments. Half of TV series writers now work at minimum salary levels, compared with one-third in the 2013-14 season, according to Guild statistics. The WGA wants safeguards to prevent studios from using AI to generate new scripts from writers' previous work.

☆ Florida board picked by DeSantis to countersue Disney
▼ + stars: | 2023-05-01 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

(Reuters) -An oversight board appointed by Florida Governor Ron DeSantis on Monday said it would file a countersuit against Walt Disney Co in state court, according to prepared remarks seen by Reuters. Slideshow ( 2 images )The decision, which further escalates tensions between Disney and the state of Florida, comes in response to a lawsuit Disney filed last week in federal district court against DeSantis and members of the Central Florida Tourism Oversight district board. The skirmish began last year after Disney criticized a Florida measure banning classroom discussion of sexuality and gender identity with younger children. Florida lawmakers passed legislation that ended Disney’s virtual autonomy in central Florida where the Disney World theme parks attract millions of visitors each year. “The district will seek justice in state court here in central Florida where both it and Disney reside and do business,” Martin said.

☆ Florida board picked by DeSantis countersues Disney
▼ + stars: | 2023-05-01 | by ( Dawn Chmielewski | Tom Hals | ) www.reuters.com time to read: +5 min

(Reuters) - A district board appointed by Florida Governor Ron DeSantis to oversee development around Walt Disney Co’s Florida theme parks sued the company on Monday to void “backroom deals” favorable to the entertainment giant. The state court lawsuit escalates tensions between Disney and the Republican governor and likely presidential candidate. It comes in response to a case Disney filed last week in federal district court against DeSantis and members of the Central Florida Tourism Oversight district board. DeSantis who is expected to soon declare his candidacy for U.S. president, has repeatedly attacked “woke Disney” in public remarks. The Central Florida Tourism Oversight District board maintained that Disney rushed through the agreement before the new board assumed oversight of municipal services and development within the 25,000 acres of land in and around Walt Disney World.

LOS ANGELES, May 1 (Reuters) - Negotiators for Hollywood writers and film and television studios engaged in 11th-hour contract talks on Monday to try and avert a strike that would disrupt TV production across an industry grappling with seismic changes. Writers say they have suffered financially during the streaming TV boom, in part due to shorter seasons and smaller residual payments. Half of TV series writers now work at minimum salary levels, compared with one-third in the 2013-14 season, according to Guild statistics. The WGA wants safeguards to prevent studios from using AI to generate new scripts from writers' previous work. The last WGA strike in 2007 and 2008 lasted 100 days.

☆ Factbox: Why are Hollywood writers threatening to strike?
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

LOS ANGELES, May 1 (Reuters) - Hollywood writers and the film and television studios are racing to agree to a new contract to replace the one that expires at 11:59 p.m. Pacific time Monday. Why is the Writers Guild of America threatening a strike? The writers argue that they have been negatively impacted by streaming, saying they are working more for less money. They're seeking better compensation for their work on film, television and streaming shows, and residual payments that reward writers when a show becomes a hit. Striking writers are prohibited from doing work on any television or film project.

Florida lawmakers passed legislation that ended Disney's virtual autonomy in central Florida where the Disney World theme parks attract millions of visitors each year. "Disney now is forced to defend itself against a State weaponizing its power to inflict political punishment," the company said. DeSantis has argued that Disney, which employs roughly 75,000 people in Florida, had been enjoying unfair advantages for decades. Carlos Curbelo, a former U.S. Republican congressman from Miami, said DeSantis' attacks on Disney "made sense for a time." Florida's new oversight body on Wednesday said Disney's plans for potential expansion of Disney World did not comply with state law, and declared that agreement void.

Florida lawmakers passed legislation that ended Disney's virtual autonomy in central Florida where the Disney World theme parks are located and attract millions of visitors each year. In the action filed in federal court in Tallahassee, Disney said it had no choice but to take legal action. DeSantis has argued that Disney, which employs roughly 75,000 people in the Florida, had been operating with unfair advantages for decades. Carlos Curbelo, a former U.S. Republican congressman from Miami, said DeSantis' attacks on Disney "made sense for a time." Florida's new oversight board on Wednesday said Disney's plans for potential expansion of Disney World did not comply with state law, and declared that agreement void.

April 26 (Reuters) - Walt Disney Co (DIS.N) sued Florida Republican Governor Ron DeSantis on Wednesday, asking a court to overturn state efforts to control the Walt Disney World theme parks and intensifying a battle between a global entertainment giant and a potential White House contender. A DeSantis spokesman called Disney's action "an unfortunate example of their hope to undermine the will of Florida voters." Disney also argues it was denied its First Amendment rights to free speech. State Republicans last year targeted Disney after it publicly clashed with DeSantis. But before the takeover by DeSantis' appointees, Disney pushed through changes to the special tax district agreement that limit the board's action for decades.

☆ Explainer: How did the battle between Ron DeSantis and Disney escalate?
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +3 min

April 26 (Reuters) - Walt Disney Co (DIS.N) sued Florida Republican Governor Ron DeSantis on Wednesday, asking a federal court to overturn state efforts to exert greater control over the Walt Disney World theme parks. DeSantis responded by urging the legislature to abolish a special district that gave Disney virtual autonomy over the development of its theme parks in central Florida. The Florida State legislature created the Reedy Creek Improvement District in 1967 to promote the development of Walt Disney World on a 38.5-square miles of land. HOW DO VOTERS FEEL ABOUT THE DESANTIS VS. DISNEY BATTLE? Forty-four percent of Republican respondents in an April Reuters/Ipsos poll said they had a more favorable view of DeSantis because of the fight with Disney.

Giant screen options include pioneer IMAX and various premium large formats (PLF) created by theater chains. For Missouri-based B&B Theatres, about half of a multiplex's grosses now come from premium formats, compared with 30% before the pandemic, said Chief Content, Programming and Development Officer Brock Bagby. B&B operates 531 screens in 14 states and offers large format screens with heated recliners, 270-degree Screen X screens, immersive audio and MX4D seats timed to rumble with the action. "Post-COVID, our premium screens are selling better than ever," Bagby said. As a sign of its importance, Universal's Orr and other studio distribution executives said they consult Gelfond about IMAX screen availability before setting movie release dates.

☆ Walt Disney Co to begin second wave of layoffs, cutting several thousand jobs - sources
▼ + stars: | 2023-04-24 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

April 24 (Reuters) - Walt Disney Co (DIS.N) will begin a second wave of layoffs on Monday involving thousands of jobs, as part of efforts to eliminate 7,000 positions and save $5.5 billion in costs, according to sources familiar with the matter. The company will cut "several thousand" jobs through Thursday, with the latest round of reductions bringing the total number of jobs culled to 4,000, Disney officials say. The cuts will occur across the company's business segments, including Disney Entertainment, ESPN and Disney Parks, Experiences and Products, according to the sources, but are not expected to affect hourly frontline workers employed at the parks and resorts. Disney announced its layoff plan in February, together with a reorganization that returned decision-making to its creative executives. On March 27, Disney began notifying employees affected by the workforce reductions, and said a second, larger round would follow in April.

☆ Disney announces groundbreaking for affordable housing in Florida
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Walt Disney World said on Wednesday it would break ground next year on a planned affordable housing development in Central Florida. The unit of Walt Disney Co (DIS.N) said it plans to provide 1,400 housing units on 80 acres (32.4 hectares) of land "a few miles away" from the Magic Kingdom and near schools and shopping. Tensions between Florida Governor Ron DeSantis and Disney began last year, when the company publicly opposed the state's legislation barring instruction of sexual orientation and gender identity in the classroom. Disney responded by pushing through a developer's agreement and restrictive covenants that would limit the new board's actions for decades. The Governor responded by calling on the state lawmakers to pass a bill that would nullify the company's efforts.

April 19 (Reuters) - Florida Governor Ron DeSantis' new oversight board has discovered another "11th hour agreement" that allows Walt Disney Co (DIS.N) to set its own utility rates at its Orlando theme parks, the board's chairman said on Wednesday. A Disney subsidiary, which provides utility services to the central Florida district that includes the Walt Disney World Resort, negotiated an agreement in February to extend its contract through 2032, Chairman Martin Garcia said at a public meeting. "Last Friday afternoon I learned for the first time about one of these new 11th hour agreements entered into between Disney and the district. "We'll have to evaluate the legality of that agreement, that essentially enables Disney to set their utility rates. The board was established to provide state oversight of a special district around Walt Disney World.

☆ No more red envelopes: Netflix to end DVD-by-mail business
▼ + stars: | 2023-04-18 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

April 18 (Reuters) - Netflix Inc (NFLX.O) is winding down its DVD-by-mail business, the company said in a blog post on Tuesday, ending the service it started around 25 years ago. The company said its DVD rental business had been shrinking and it will not be able to continue to offer quality service. "Those iconic red envelopes changed the way people watched shows and movies at home - and they paved the way for the shift to streaming," Netflix Co-CEO Ted Sarandos said in a blog post announcing the DVD service had entered its "final season." "Betting on DVDs was a risk," Randolph wrote in his book, "That Will Never Work: The Birth of Netflix and the Amazing Life of an Idea." When Netflix attempted in 2011 to split its DVD rental business from online streaming into a separate service called Qwikster, it provoked howls of protest from consumers.

Revenue and earnings for the first quarter came in roughly in line with the average analyst estimates from Refinitiv. Shares of Netflix dropped as much as 11% in after-hours trade following the report but recovered to gain 1.4%. From January through March, Netflix added 1.75 million streaming subscribers, missing analyst estimates of 2.06 million additions. The clampdown on password sharing will begin in the United States during the current quarter, Netflix said. UBS media analyst John Hodulik wrote that the password- sharing crackdown could well fuel Netflix's nascent advertising business, as it drives these "sharers" to the lower-priced version of the service.

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