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Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media. Paramount has identified $500 million in cost savings, which include the head count reductions, as part of $2 billion in synergies related to its transaction with Skydance. Paramount agreed to a merger with Skydance Media last month. Meanwhile, earnings surged as the company's streaming division swung to an unexpected profit — the first time Paramount has announced a profitable quarter for its direct-to-consumer business. Here's how Paramount performed in the quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Persons: Organizations: Paramount, Skydance Media, LSEG
Discovery CEO David Zaslav needs a win. Since merging Discovery with WarnerMedia in 2022 and immediately slashing billions in costs, Zaslav has struggled to convince shareholders that his company is a worthy investment. Warner Bros. Discovery shares have fallen about 70% since April 8, 2022, the day the merger closed. Making matters worse for him, Zaslav has long been one of the highest paid CEOs in the country.
Persons: David Zaslav, Zaslav, Chris Licht, John Malone, That's, WarnerMedia, Robert Fishman Organizations: Warner Bros, Discovery, CNN, Boston, NBA, Warner Bros . Discovery Locations: U.S
Here's a surprise: Disney 's media business isn't weighing down the company anymore. Disney's combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million. Meanwhile, Disney saw a "moderation of consumer demand towards the end of [fiscal] Q3 that exceeded our previous expectations" for its theme parks division. The company said last year it plans to invest $60 billion in its theme parks and cruise lines in the next decade. Disney shares dropped Wednesday, likely because investors were focused on the parks.
Persons: Here's, , Disney, Bob Iger, Iger, Captain America, we're, Hugh Johnson Organizations: Hulu, ESPN, Disney, Netflix
The star broadcaster and National Basketball Association Hall of Famer said Tuesday that he plans to stay with Warner Bros. Discovery 's TNT Sports even if the company doesn't emerge with NBA media rights. Warner Bros. Warner Bros. Barkley's commitment to TNT Sports likely closes the door on recreating "Inside the NBA" for another network if Warner Bros.
Persons: Charles Barkley, David Dow, Charles Barkley isn't, he's, Barkley, I've, Charles, Luis Silberwasser, Dan Patrick Show Organizations: NBA TNT, New York Knicks, Cleveland Cavaliers, Quicken Loans, Getty, TNT Sports, National Basketball Association Hall of Famer, Warner Bros, TNT, NBA, Warner Bros . Discovery, Amazon Prime, Max, Major League Baseball, NCAA, National Hockey League, United States Soccer Federation, NASCAR, Big East Locations: Cleveland , Ohio
The antitrust ruling against Google may not be the lose-lose scenario for the search giant and its key partner Apple that some are predicting. At the heart of the case is Google's exclusive relationship with device makers to be the default search engine on their screens. Google paid Apple $20 billion in 2022 alone for the privilege, according to recent court documents. AAPL YTD mountain Apple (AAPL) year-to-date performance "By collateral damage of course, this is negative for Apple," Jim said. Bank of America analysts tried to assuage Apple investors' concerns around services revenues.
Persons: Sherman, Kent Walker, Walker, Jim Cramer, Jim, , Jim Cramer's, Jason Alden Organizations: Google, Apple, Barclays, Firefox, Yahoo, Bank of America, CNBC, Bloomberg, Getty Locations: U.S
A federal U.S. judge ruled Monday that Google has illegally held a monopoly in two market areas: search and text advertising. The landmark case from the government, filed in 2020, alleged that Google has kept its share of the general search market by creating strong barriers to entry and a feedback loop that sustained its dominance. General search services, according to the court, applies to Google’s core search engine, where it traditionally competed with Yahoo. General search text advertising refers to the text ads that run alongside search results. However, the ruling found that general search advertising is not a market so there can be no monopoly control.
Persons: Sherman, Amit Mehta, Sundar Pichai, Boris Streubel, General Merrick Garland, , ” Garland, Kent Walker, ” Walker Organizations: Google, U.S, District of Columbia, DFB The Department of Justice, Colorado and, Department, Yahoo Locations: U.S, Colorado, Colorado and Nebraska
New York CNN —Google has violated US antitrust law with its search business, a federal judge ruled Monday, handing the tech giant a staggering court defeat with the potential to reshape how millions of Americans get information online and to upend decades of dominance. The decision by the US District Court for the District of Columbia is a stunning rebuke of Google’s oldest and most important business. The company has spent tens of billions of dollars on exclusive contracts to secure a dominant position as the world’s default search provider on smartphones and web browsers. Now, said US District Judge Amit Mehta, that powerful position has led to anticompetitive behavior that must be stopped. “It has violated Section 2 of the Sherman Act.”This is a developing story and will be updated.
Persons: Microsoft’s Bing, Trump, Amit Mehta, , ” Mehta, Sherman Organizations: New, New York CNN, Google, US, Court, District of Columbia Locations: New York
Call Don Draper, Venu Sports may have a marketing problemThe Disney , Fox and Warner Bros. Discovery jointly-owned streaming service said Thursday it will launch this fall at $42.99 per month. That's much more expensive than Netflix , Max, Peacock or any other major subscription streaming service. Venu will give consumers access to a bundle of networks: ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ABC, Fox, FS1, FS2, BTN, TNT, TBS, and truTV. They could also get a digital antenna to pair with Venu, but antenna uptake among younger viewers may be a tad oxymoronic.
Persons: Don Draper, Venu, Max, Peacock, haven't, Kantar, CBS —, Organizations: Disney, Fox, Warner Bros . Discovery, Netflix, ESPN, ESPN2, ABC, TNT, TBS, truTV, CBS, NBC, NFL, YouTube, Paramount
Warner Bros. Warner Bros. Discovery matching rights when it signed its previous media deal in 2014. Discovery's matching rights agreement is five pages long, and the company believes it has a strong case, the people said. Owning NBA rights is valuable to the health of Warner Bros.
Persons: Max, Discovery's Turner, Discovery, That's, Luis Silberwasser Organizations: Warner Bros . Discovery, National Basketball Association, TNT Sports, TNT, NBA, Disney, Comcast, Warner Bros, Discovery's Turner Sports, Amazon, Amazon Prime, Discovery, Media
If you ask Zaslav, though, the reason Roberts and other potential buyers of media assets aren't interested is because the government has scared them away. Or, perhaps, legacy media companies are simply undesirable assets to own. He extended the life of his previous company, Discovery Communications — and probably his own tenure running a media company — by merging it with AT&T's WarnerMedia in 2022. Without a deal, Discovery would have wallowed as a subscale content provider and owner of declining cable networks. Discovery with another legacy media company, such as Paramount Global , Fox or Disney , or NBCUniversal, if it were spun off from Comcast.
Persons: David Zaslav, David Grogan, Brian Roberts, " Roberts, Comcast's, Roberts, Zaslav, Shari Redstone, Rob Kindler, Paul, Weiss, they've, Kindler, haven't, Morgan Stanley's, Donald Trump's, There's, Joe Biden's, Simon, Simon & Schuster, JD Vance, Lina Khan's, Lina Khan, Biden, Vance, Kamala Harris Organizations: Allen & Company Sun Valley Conference, CNBC Comcast, Warner Bros, Discovery, Allen & Co, Sun, Paramount, Skydance Media, CNBC Redstone, Starz, AMC Networks, Vice Media, Discovery Communications, NBA, Apple, Paramount Global, Fox, Disney, Comcast, CNBC, Google, Scripps Networks Interactive, Time Warner, Scripps, Viacom, CBS, Sky, AMC, IFC, Sundance, Lionsgate, Media, Republican, Democratic, Donald Trump's Department of Justice, Simon &, Random, MGM, Federal Trade, & $ Locations: Sun Valley , Idaho, RemedyFest
The WNBA's new media rights deal includes a price reevaluation after the 2028 season to account for the league's rising popularity, according to people familiar with the agreement. The WNBA deal has been negotiated within a broader $77 billion NBA agreement with media partners announced earlier this week. Instead, the NBA worked with Endeavor Group's media consulting team, led by Karen Brodkin and Hillary Mandel, to assess the value of WNBA rights, said the people. The media partners aren't forced to pay more based on the conclusion of the reevaluation, but they will be incentivized to do so, the people said. A little more than halfway through its current season, the WNBA has already had 16 nationally televised games break the 1 million viewership mark — a league record.
Persons: Brionna Jones, Los Angeles, Cameron Brink, , Karen Brodkin, Hillary Mandel, Caitlin Clark, Angel Reese, aren't, Cathy Engelbert, Ion, — CNBC's Lillian Rizzo, Jess Golden Organizations: Connecticut Sun, Los, Los Angeles Sparks, Sparks, Sun, Mohegan Sun Arena, WNBA, — Disney, NBA, Endeavor, Amazon, Scripps, CNBC Locations: Connecticut, Uncasville , CT
It’s been nearly 51 years since Billy Joel recorded the song “Piano Man” — five decades of performing and merchandise for all occasions. As Mr. Joel, 75, will perform his 150th show at Madison Square Garden, the final performance of his 10-year-residency, fans have been gearing up. Five decades of performing means a lot of T-shirts sold — more than 10 million, in the estimation of Claire Mercuri, a spokeswoman for Mr. Joel — and that’s just the count for licensed wear. The musician doesn’t have a favorite item — they’re all his “children,” Mr. Joel said, through Ms. Mercuri, which he also says when asked to pick his favorite song. Collectors, devoted to every wave of memorabilia style, from the blocky graphics of the 1990s to the minimal modern versions, are at the ready.
Persons: It’s, Billy Joel, Joel, Claire Mercuri, Joel —, that’s, doesn’t, ” Mr Organizations: Madison, Garden
CNN —A lightning-sparked wildfire raging in eastern Oregon has scorched nearly 270,000 acres, making it the largest active wildfire in the United States. The massive blaze is the largest of 31 large wildfires currently burning across Oregon, which has been the hardest hit by fires in recent days. Over the weekend and earlier this week, the Durkee Fire exhibited extreme fire behavior, even creating it’s own weather in the form of pyrocumulus clouds. Wildfire smoke, including from the Durkee Fire in Oregon, was spreading into Boise and beyond. A cold front has moved through the area Thursday morning, bringing high temperatures to the 80s on Thursday, according to the National Weather Service.
Persons: Indianapolis –, Tina Kotek, ” Kotek, Sarah Sherman, Patrick Nauman, ” Nauman Organizations: CNN, Oregon -, Nationwide, National Interagency Fire Center . Oregon Gov, National Guard, Oregon Department of Emergency Management, Land Management, Oregon State Fire, Weiser, Associated Press, National Weather Service Locations: Oregon, United States, Indianapolis, Oregon - Idaho, Eastern Oregon, Malheur County, Baker, Boise, Colorado , Idaho , Oregon, Washington, Weiser , Idaho
Inside the battle for NBA streaming rights
  + stars: | 2024-07-23 | by ( Alex Sherman | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside the battle for NBA streaming rightsCNBC's Alex Sherman discusses the latest developments in the battle for NBA media rights.
Persons: Alex Sherman Organizations: NBA
Warner Bros. Warner Bros. Warner Bros. Warner Bros. Warner Bros.
Persons: David Zaslav, NBCUniversal Organizations: Warner Bros, Discovery, National Basketball Association, Amazon Prime, NBA, Warner Bros . Discovery, TNT, Amazon, Disney, Comcast, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarner Bros. Discovery offers to match Amazon offer for NBA rightsCNBC's Alex Sherman to report on Warner Bros Discovery's offer to match Amazon's offer for NBA rights.
Persons: Alex Sherman Organizations: Warner Bros . Discovery, NBA, Warner Bros
Read previewAdministered ketamine is being used in concert with therapy to treat Ukrainian veterans who experience post-traumatic stress disorder from fighting on the battlefield. AdvertisementA study published earlier this year focused on the treatment of depression among veterans using ketamine taken through an IV. The doses provided at least partial relief to many of the test subjects and after six weeks of ketamine infusions, depression scores dropped significantly. "Soldiers, for them, it's natural to consider themselves like a strong man," Matrenitsky said, explaining that the effects of the ketamine therapy allow individuals to overcome defensive barriers over their emotions. In partnership with Heal Ukraine Trauma, Matrenitsky along with other healthcare professionals have teamed up to form the Ketamine-Assisted Psychotherapy initiative in hopes of educating Ukrainian therapists on Ketamine-Assisted Therapy.
Persons: , Elaine Klein, Julia Rendleman, Dr, Vladislav Matrenitsky, Yulia Brockdorf, Wolfgang Schwan, Matrenitsky, Bandura, Paula Reynal, Klein Organizations: Service, Business, Heal, Washington, Center, Psychotherapy, 24th Brigade, Getty, Strategic, International Studies Locations: American, Ukraine, US, Kyiv, Anadolu, That's, Washington
While the media and entertainment landscape around Netflix is in a state of change, the world's largest streamer is fine with the status quo. "Because when we delight people with our entertainment, Netflix can drive higher engagement, revenue and profit than the competition. This in turn creates a more loved and valued entertainment company — for our members, creators and shareholders — that we can strengthen and grow over time." But rather than worry about YouTube's competition, Netflix is content to focus on the other 80% of the TV market, the company reiterated. Netflix's focus remains building its advertising business and adding streaming subscribers on the back of its strength of content.
Persons: Disney's, It's Organizations: Netflix, Paramount Global, Skydance Media, Warner Bros, NBA, Nielsen, YouTube, Warner, Disney Locations: U.S
The $44.6 million stegosaurus, the most valuable fossil ever sold at auction, wasn’t the only thing that caught the attention of viewers mesmerized by a 15-minute bidding war at Sotheby’s on Wednesday. Around 10 a.m., Ms. Kao, a vice president of client strategy for Sotheby’s, started the bidding at $3 million with a cool lean on the podium. “Emily draws blood first,” Ms. Kao says of an early bid of $3.8 million in a captivating video. Wearing a gray Armani jacket, with her dark hair twisted up and pinned back in a pony tail, Ms. Kao supported herself on her forearm and steadied her gaze toward the bidders like an opponent challenging a rival. Seven bidders held phones to their ears, relaying offers for the bones from buyers around the world.
Persons: Phyllis Kao, . Kao, , ” Ms, Kao Locations: Sotheby’s
Nathaniel S. Butler | National Basketball Association | Getty ImagesWith National Basketball Association media rights approaching final form, Warner Bros. The league has sent official terms of its proposed new media rights contacts to Warner Bros. Warner Bros. Warner Bros. Warner Bros.
Persons: Jaylen Brown, Nathaniel S, Butler, Comcast's, Discovery's Turner, Max, Ernie Johnson, Charles Barkley, Kenny Smith, Shaquille O'Neal, Barkley Organizations: Boston Celtics, Dallas Mavericks, National Basketball Association, Getty, Warner Bros, Discovery, TNT, Disney, WNBA, CNBC, Amazon, NBA, Warner Bros . Discovery, Discovery's Turner Sports, Max, Amazon's Locations: Boston
At first glance, The Crosby, an apartment building that opened in 2020 in Los Angeles’ Koreatown neighborhood, seems like a typical luxury high-rise. And most office buildings have central air conditioning, so the system needs to be replaced with individual cooling and heating systems for each unit. “Only about 15% of office buildings here in the markets that we’re based in are potentially good candidates for office-to-housing conversions,” Sherman said. While that may initially seem like a positive, apartment units need to have access to windows facing the exterior. Local governments aren’t only pushing for office building conversions, though.
Persons: CBRE, Crosby, West, , Jaime Lee, , we’ve, ” Lee, Chris Sherman, ” Sherman, Sherman, you’re, Jason Ward, Ward, Eric Adams, John Watson, ” Watson, Watson, Kelly Wilkinson Organizations: CNN, Moody’s, Texaco, Jamison Group, , Jamison, Sherman Associates, , Local, RAND, Housing, Homelessness, New York City, Pfizer, Indianapolis Star Locations: United States, Los Angeles, Koreatown, West Coast, Minneapolis, New York, New, Indianapolis, , Indiana University's
The internet has chosen its new favorite national uniform at the forthcoming Paris 2024 Olympics: Mongolia’s. Female athletes’ outfits come with ceremonial earrings and embroidered bags, while male flag-bearers will wear an archery hat, belt and traditional Mongolian boots. The outfits took an average of 20 hours each to craft, according to the Mongolian National Olympic Committee. The outfits took an average of 20 hours each to craft, according to the Mongolian National Olympic Committee. This year, the country is sending more than 30 athletes to the Paris Olympics, which kick off on July 26.
Persons: Ralph Lauren, Michel, Amazonka, Michel Amazonka, , Ryan Yip, Bee Jamieson, everything’s, geoff0w_, Michel Choigaalaa, Amazonka Choigaalaa, Ben Sherman Organizations: CNN, Eiffel, Mongolian National Olympic Committee, Beijing, Mongolian National Olympic, Paris Olympics, USA Locations: Ulaanbaatar, Paris, Mongolian, Tokyo, Michel Amazonka Mongolia, Beijing, Great Britain
"It layers on, these losses, these injuries, the ungrieved pain," Brockdorf told Business Insider. Ukrainian soldiers walk past a volunteer bus burning after a Russian drone hit it near Bakhmut. Ukrainian soldiers firing mortars from trench positions. Pierre Crom/Getty ImagesSome of Ukraine's soldiers have been serving on the front lines for long stretches as Ukraine grapples with manpower shortages. AdvertisementAnd, indeed, that damage can be lasting, which is why Brockdorf says it's important to be there for Ukrainian soldiers.
Persons: , Yulia Brockdorf, Brockdorf, she's, DAWN, Shandyba Mykyta, Vladislav Matrenitsky, Matrenitsky, Pierre Crom, Mark Hertling, Ryan Pickrell Organizations: Service, Business, Mountain Assault, AP, Center, Psychotherapy, Ukrainian, Washington Post, US Army, CNN Locations: Ukraine, Russian, Bakhmut, Ukrainian, Europe, Kyiv
"We've had a tremendous amount of interest [from private equity firms], and we believe this could make sense for us in a limited fashion, probably no more than 10% of a team. The National Football League is considering allowing minority private equity ownership for its 32 teams of up to 10%, Commissioner Roger Goodell said in an exclusive CNBC interview Thursday. "I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." Private equity incentives around reaching investment targets and exit thresholds could alter the motivations for ownership in ways that make the bigger sports leagues uncomfortable. Private equity firms, tasked with finding investment vehicles to make returns on their assets under management, may be better suited to minority ownership.
Persons: Roger Goodell, Goodell, CNBC's Julia Boorstin, We've, Josh Harris, Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, They're, Ted Leonsis, You'll Organizations: National Football League, Allen & Company Sun Valley, National Basketball Association, Major League Baseball, National Hockey League, Major League Soccer, NFL, Allen & Co, Sun Valley Conference, CNBC, Apollo Global Management, Washington, Summit, Washington , D.C, NBA, Blackstone Group, Philadelphia 76ers, New Jersey Devils, Women's Soccer League, Washington Capitals, Wizards, Mystics, ESPN Locations: Sun Valley , Idaho, Washington ,
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