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☆ CNN names former New York Times CEO Mark Thompson as its chief
▼ + stars: | 2023-08-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +9 min

Mark Thompson is stepping in as the next CEO and chairman of CNN. Discovery CEO David Zaslav told staff in a note Wednesday. Before closing the deal, Zaslav had appointed Licht as CNN's CEO, who was previously the chief executive behind the "CBS This Morning" news program and "Morning Joe" on MSNBC. While network executives Amy Entelis, Virginia Moseley, Eric Sherling and David Leavy led CNN since Licht left CNN, Warner Bros. Shortly, we will announce that highly respected news executive Mark Thompson will be joining our leadership team as Chairman and CEO, effective October 9, reporting directly to me.

Persons: Mark Thompson, Thompson, Chris Licht, Thompson's, David Zaslav, Jeff Zucker, –, Andrew Cuomo, Zucker's, Chris Cuomo, Zucker, Zaslav, Licht, Joe, network's, Donald Trump, Kaitlan Collins, Amy Entelis, Virginia Moseley, Eric Sherling, David Leavy, Read, Mark, Amy, Eric, I've, David Read, you've, David Zaslav's, Wagner, you'll Organizations: CNN, Parent, Warner Bros, Discovery, The New York Times, BBC, Warner Bros . Discovery, Max, New York Gov, MSNBC, CNN Worldwide, Times, Tiananmen Locations: U.S, David, Virginia, London, Washington, DC

Kevin Plank, now former CEO of Under Armour, during a CNBC interview on Mad Money on Feb. 28th, 2018. That afternoon, Ruhle questioned the Morgan Stanley report on Bloomberg's air and referenced data points that Plank had gathered. A couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle "look at that stock!!!" and then helped her arrange an interview with basketball player and Under Armour athlete Stephen Curry the following day, records show. Plank, the current executive chairman of Under Armour, asked Pelkey to help set up the interview with Curry.

Persons: Kevin Plank, Armour, Stephanie Ruhle, Plank, Morgan Stanley, Ruhle, Diane Pelkey, who's, Pelkey, Morgan, Stanley, Stephen Curry, Curry . Plank, Curry Organizations: CNBC, Bloomberg, MSNBC Locations: Maryland

☆ Max to feature AMC Networks shows like 'Fear the Walking Dead,' 'Killing Eve' this fall
▼ + stars: | 2023-08-28 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Discover y's Max will feature more than 200 episodes of recent AMC Networks content for two months. It also provides a bigger audience for AMC Networks' pay TV shows, even though the company has its own streaming service, AMC+. It will also add more programming to Max this fall as the recent writers' and actors' strikes halt Hollywood production of TV shows and films. The AMC shows offered on Max will be available to both ad-supported and commercial-free subscribers at no additional cost. The company's marquee channel, AMC, has been known for hit shows like "Mad Men," "Breaking Bad" and "The Walking Dead."

Persons: Jodie Comer, Sandra Oh, y's Max, Max, Meredith Gertler Organizations: BBC America, Hollywood, Warner Bros, y's, AMC Networks, AMC, Max Locations: Hollywood , California

☆ Lionel Messi lifts MLS to new heights, but the league needs more than 'the GOAT' to grow
▼ + stars: | 2023-08-24 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +6 min

Marco Bello | ReutersSince joining, Inter Miami rose to the highest-selling MLS team for tickets from the 13th spot on StubHub. The average ticket price for Inter Miami on StubHub is $161, nearly 64% higher than the league average. The overall average MLS ticket price is up to $98, while the average ticket price for the Leagues Cup overall was $152. Yes, what we're seeing in pricing for the MLS for Messi games is unprecedented. "Those average ticket prices were still three times what we're seeing for Messi games so far this year," Budelli said.

Persons: Lionel Messi, Logan Riely, Messi, it's, Camilo Durana, Lee Berke, David Beckham, Wayne Rooney, Thierry Henry, Neymar, Cristiano Ronaldo, Karim Benzema, Germain, –, Leo Messi, Marco Bello, he's, Durana, Marc de Grandpré, that's, Adam Budelli, Tom Brady –, StubHub, Lebron James, Budelli, Berke, Tom Brady, Adam Glanzman Organizations: FC Dallas, Toyota, Major League Soccer's Inter Miami CF, MLS, NFL, NBA, Public Investment Fund, French, Paris Saint, FC Barcelona, Inter Miami, Reuters, Messi, Apple, North, Liga MX, U.S, Leagues, Saturday, Red Bulls, New York Red Bulls, NFL Sunday, Tampa Bay, Disney, ESPN, ABC, Tampa Bay Buccaneers, New England Patriots, Gillette, Getty Locations: Frisco , Texas, U.S, Saudi Arabia, Argentine, Fort Lauderdale , Florida, Harrison , New Jersey, Manhattan, StubHub, Foxborough , Massachusetts

☆ CNN news is coming to Warner Bros. Discovery streaming service Max
▼ + stars: | 2023-08-24 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Warner Bros. Discovery announced Thursday that CNN Max will be added to its Max streaming service on Sept. 27, and will serve as a 24/7 live news hub. Discovery relaunched its flagship streaming service HBO Max as Max, combining content from Warner Bros. and Discovery+ under one roof. As for including sports on Max, Warner Bros. Discovery is targeting the start of MLB playoffs this fall to introduce sports on the streaming app, CNBC previously reported.

Persons: CNN Max, Jim Acosta, Rahel Solomon, Amara Walker, Fredricka Whitfield, Jim Sciutto —, Anderson Cooper, Jake Tapper, HBO Max, Max, Jeff Zucker, Chris Licht, Semafor, Mark Thompson, David Zaslav, we'll, We've, Zaslav, Warner, It's, Jim Sciutto Organizations: Cable News Network, CNN, Warner Bros . Discovery, Max, HBO, Warner Bros, Discovery, BBC, New York Times, MLB, CNBC Locations: Atlanta , Georgia

☆ Hollywood producers take heated negotiations with writers union public, revealing latest offer
▼ + stars: | 2023-08-23 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Hollywood producers are taking their latest contract proposal public as talks between the studios and writers union remain heated. The Alliance of Motion Picture and Television Producers overnight publicly revealed the latest proposal, which they delivered to the writers on Aug. 11. The offer addresses residuals and compensation, artificial intelligence, and increased transparency regarding the streaming business — the top issues for the writers. Still, the negotiations appear far from over: Soon after the proposal was made public, the writers union released its latest update and said the parties have engaged in further discussions since the Aug. 11 offer. The union said the studios' latest offer still includes "limitations and loopholes and omissions" that fail to protect Hollywood writers.

Persons: Carol Lombardini, Bob Iger, Donna Langley, Ted Sarandos, David Zaslav Organizations: Writers Guild of America, Screen, Netflix, Hollywood, Alliance, Television Producers, WGA, Disney, Warner Bros, Discovery, Comcast, CNBC Locations: Hollywood , California

☆ Diamond Sports calls in mediators as it pushes toward a reorganization plan
▼ + stars: | 2023-08-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

On Thursday, a bankruptcy judge approved Diamond's request to bring in mediators as it is negotiates with creditors to reach a reorganization plan. Two judges from the U.S. Bankruptcy Court in the Southern District of Texas — Judges David Jones and Marvin Isgur — will preside as mediators. Last week, Diamond won court approval to extend the period of time it has to come up with a reorganization plan. Diamond has until Sept. 30 to file a reorganization plan, weeks ahead of the opening of the 2023-24 NBA and NHL seasons. Besides shedding its hefty debt load, Diamond is looking to reset some of its rights deals with teams to reflect so-called market rates.

Persons: Christopher Lopez, David Jones, Marvin Isgur —, Diamond Organizations: Ohio, Bally Sports, Cincinnati Reds, Cleveland Guardians, Progressive, Diamond Sports Group, NBA, NHL, U.S, Bankruptcy, Southern District of Texas, Diamond, Nexstar Media Group, Gray Television, Scripps Co, CNBC, Phoenix Suns Locations: Cleveland, America, Southern District

☆ Traditional TV usage drops below 50% for first time ever
▼ + stars: | 2023-08-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The decline of traditional TV continues, even as the prices of streaming services rise. Total traditional TV usage — comprised of broadcast and pay-TV — dropped below 50% in July for the first time ever, according to Nielsen's monthly streaming report, The Gauge. Usage among pay-TV customers fell to 29.6% of TV, while broadcast dropped to a 20% share during the month. Many consumers left the traditional TV bundle due to its steep prices. Lackluster streaming subscriber growth hasn't helped much in their bid for profitability, Macquarie noted in its report.

Persons: —, Nielsen's, Tim Nollen, Max, Comcast's Peacock, Macquarie Organizations: Comcast Corp, Charter Communications, Comcast, Charter, Macquarie, Macquarie ., Nielsen, Netflix, Disney, Hulu, ESPN, Warner Bros, Warner Bros . Discovery, Paramount Locations: Macquarie

☆ Sage Steele departs ESPN following lawsuit settlement
▼ + stars: | 2023-08-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Sage Steele and ESPN have parted ways. "ESPN and Sage Steele have mutually agreed to part ways," an ESPN spokesman said Tuesday. During the Sept. 2021 podcast, Sage said she had been vaccinated against Covid but referred to the company's vaccine mandate as "sick." Steele is the daughter of Gary Steele, the first Black football player at West Point, and Mona Steele, a white woman. During the same podcast, Steele also suggested that women who wear provocative clothes in the workplace bear responsibility for sexism they may experience.

Persons: Sage Steele, Steele, Jay Cutler, Sage, Barack Obama's, Barack Obama, Black, —, Barbara Walters, belittling, Gary Steele, Mona Steele Organizations: ESPN, NBA, Toronto Raptors, Golden State Warriors, Oracle Arena, Disney, NFL, Black Locations: Oakland , California, West

☆ CBS News names Wendy McMahon as new chief
▼ + stars: | 2023-08-14 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

CBS News on Monday named Wendy McMahon as its CEO and president. The role expands McMahon's prior role as co-president to having solo oversight over CBS News and its stations. McMahon will be in charge of all of CBS News' broadcast and streaming operations, as well as its 27 local TV stations, 14 local streaming channels and syndication programming. She'll also oversee content licensing to TV stations and the division's national ad sales business. McMahon will was also named president of CBS Media Ventures.

Persons: Wendy McMahon, McMahon, Neeraj Khemlani, Khemlani, Simon, Simon & Schuster, She'll, Drew Barrymore, CBS Newspath, Steven LoCascio, LoCascio Organizations: CBS, CBS News, Sunday, Simon &, Paramount, KKR, CBS Radio, CBS Media Ventures

☆ Fox Chief Legal Officer Viet Dinh to step down months after Dominion settlement
▼ + stars: | 2023-08-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Fox Corp. Chief Legal and Policy Officer Viet Dinh will step down from his post, months after the company agreed to pay a $787.5 million settlement to Dominion Voting Systems. The departure comes after Dinh advised the company through the lawsuit with the voting machines company, which was halted just short of a trial with the April settlement. While Fox agreed to the settlement, its hosts weren't required to talk about the lawsuit or make any public apology for on-air statements. Carlson and Dinh were among the Fox anchors and executives who were questioned as part of the lawsuit. "We are grateful that he will continue to serve FOX as Special Advisor where we will benefit from his counsel."

Persons: Dinh, Donald Trump, Joe Biden, Tucker Carlson, Jesse Watters, Carlson, Lachlan Murdoch Organizations: News Corporation, Fox News, New York City . Fox Corp, Voting Systems, Dominion, Fox, FOX, Century Fox, Fox Corp Locations: New York City

It's clear to the four major U.S. professional sports leagues that Disney 's ESPN is potentially interested in them taking an equity stake in the network. Talks have had few specifics, said the people, but may heat up as ESPN attempts to reach a rights renewal deal with the NBA. Sources say Disney is targeting 2025 as a potential launch date for an unbundled-from-cable ESPN streaming service. Disney has informed the leagues that it's also holding separate talks with strategic investors who can provide distribution benefits, according to people familiar with the matter. "We're looking for partners that are going to help ESPN successfully transition to a [direct-to-consumer] model," Iger said Wednesday.

Persons: Nikola Jokic, ESPN's Lisa Salters, Disney, Bob Iger, it's, Iger, I've Organizations: Denver Nuggets, Nuggets, Los Angeles Lakers, Crypto.com Arena, Disney, ESPN, National Basketball Association, Major League Baseball, NBA, Comcast, Penn Entertainment, Football, MLB Locations: Los Angeles, Hulu

In this article SBGINXSTGTNSSP Follow your favorite stocks CREATE FREE ACCOUNTChristian Petersen | Getty Images Sport | Getty ImagesTensions are building among broadcast station owners and pay TV providers as the local rights to air NBA, NHL and MLB games go up for grabs. Pay-TV providers are also exploring alternatives to keep local games in the bundle. The NBA's Phoenix Suns and Utah Jazz recently reached deals to be be aired on local broadcast networks run by Gray and Sinclair, respectively. "The reality is that the issue people keep talking about is the rights fees. But the rights fees aren't necessarily the question," said Berke.

Persons: Christian Petersen, Sinclair, Diamond, Bill Morrow, RSNs, George Kubas, Lee Berke, There's, Gray, Brian Lawlor, Lawlor, Jeff Speer, —, Ion, Berke, David Peralta, Kole Calhoun, Starling Marte Organizations: Getty, NBA, NHL, MLB, Scripps Co, Gray Television, Nexstar Media Group, Diamond Sports Group, Warner Bros, Broadcasters, Comcast, Charter, DirecTV, Gray, Nexstar, Communications, Ohio, Bally Sports, Cincinnati Reds, Cleveland Guardians, Progressive, Diamond Sports, Diamond, Phoenix Suns, Utah Jazz, Clipper, Las Vegas Golden Knights, NHL Stanley, Scripps, Scripps Sports, Knights, Warnes Bros, Vegas Golden Knights, Florida Panthers, Mobile, — ABC, NBC, CBS, Fox, CW Network, Nexstar's CW Network, ACC, Nascar, Suns, Arizona Diamondbacks, Oakland Athletics, Chase Field, The Diamondbacks Locations: Cleveland, Los Angeles, Las Vegas, Las Vegas , Nevada, Phoenix , Arizona

☆ Disney says it will crack down on password sharing, following Netflix's lead
▼ + stars: | 2023-08-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Disney is joining the streaming fight against password sharing. While Iger said Disney should see some effects from the rollout in 2024, the initiatives to prevent password sharing won't be completed next year. Disney follows the lead of Netflix , which began rolling out a new account sharing policy earlier this year. Disney has three streaming services under its umbrella: the flagship Disney+, Hulu and ESPN+. As the company eliminates password sharing, it does not know how the action will affect subscriber growth, Iger said.

Persons: Bob Iger, Iger, I'm, Disney, we're Organizations: Disney, Netflix, Hulu, ESPN Locations: Brooklyn, New York, U.S

☆ ESPN launches sportsbook in partnership with Penn Entertainment
▼ + stars: | 2023-08-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Disney 's ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world. U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. As part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period. Correction: Penn Entertainment reported in February that its sports-betting business turned a profit in the final three months of the fiscal year.

Persons: Bob Chapek, Bob Iger, David Portnoy, Penn, Portnoy, — CNBC's Alex Sherman Organizations: Disney, ESPN, Penn Entertainment, ESPN Bet, Hulu, CNBC, Penn, Sports, Barstool Locations: U.S

☆ Paramount to sell Simon & Schuster to KKR for $1.62 billion
▼ + stars: | 2023-08-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The publishing offices of Simon and Schuster in New York. Paramount Global agreed to sell book publisher Simon & Schuster to private equity giant KKR for $1.62 billion, the media company said Monday as it reported earnings. KKR's entry into the book publishing space comes months after Paramount scrapped its initial agreement to sell Simon & Schuster to rival Penguin Random House — which was valued at $2.2 billion — after a federal judge rejected the merger and it raised red flags with the government. Paramount executives said during Monday's earnings call that the proceeds of the Simon & Schuster sale would be used in the company's ongoing effort to pay down debt. Paramount reported revenue of $7.62 billion for the quarter, down about 2% year-over-year, as the company's TV segment was once again dragged down by lower advertising revenue.

Persons: Simon, Schuster, Simon & Schuster, Naveen Chopra, Bob Bakish Organizations: Paramount Global, KKR, Paramount, Penguin Random, Simon &, Penguin, BET Media Group, BET, VH1, CNBC, Media, Revenue Locations: New York

☆ Florida State University taps JPMorgan to help find potential investors
▼ + stars: | 2023-08-04 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Florida State University has been working with JPMorgan as it explores options to bring in funding from institutional investors, according to a person familiar with the matter. The discussions have been ongoing in recent months, and Sixth Street Partners has expressed interest as an investor, the person said. The discussions with potential equity investors are not tied to FSU's potential push to leave the conference, according to the person familiar with the matter. Sportico earlier reported that FSU was working with JPMorgan and that Sixth Street was part of the discussions. "That effort fell apart, mainly because it was a challenge to mesh private investors with the potential media rights for public schools," said sports media consultant Lee Berke.

Persons: Lee Berke, we're, Berke Organizations: Florida State University, JPMorgan, Sixth Street Partners, Atlantic Coast Conference, NCAA, FSU, Sixth, ACC, Southeastern Conference, ESPN, Media

☆ Warner Bros. Discovery loses subscribers after Max launch, but shares rise on debt paydown
▼ + stars: | 2023-08-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Warner Bros. Still, shares of Warner Bros. Executives had been planning to combine the two streamers for more than a year as part of the rationale for the merger between Warner Bros. and Discovery. Warner Bros. The weak ad market, due to the uncertain macroeconomic environment, has been weighing on Warner Bros.

Persons: Max, Warner Organizations: Warner Bros, Discovery, Max, . Company, Warner Bros . Discovery, Company, CNBC

Picketers walk outside the Walt Disney Studios in Burbank, CA on Tuesday, June 6, 2023 as the Writers Guild of America strike enters the sixth week. As the Hollywood writers strike nears its 100th day and pressure from striking actors mounts, producers are asking for a meeting. The Writers Guild of America told screenwriters that Carol Lombardini, the studio negotiator, requested to talk Friday about the possibility of resuming negotiations with the guild. The meeting request doesn't guarantee that producers and writers will resume talks, but it's the first sign of movement in a stalemate between the Alliance of Motion Picture and Television Producers and the WGA since early May when the strike began. Tens of thousands of actors joined the picket lines last month, bringing Hollywood productions to a standstill and marking the first simultaneous actors' and writers' strikes since 1960.

Persons: Carol Lombardini, we've, Fran Drescher, Duncan Crabtree Organizations: Walt Disney Studios, Writers Guild of America, Hollywood, Guild of America, Alliance, Television Producers, WGA, American Federation of Television, Radio Artists, SAG Locations: Burbank , CA

Tiger Woods wipes his driver grip on the 18th tee box during the first round of the PGA TOUR Champions PNC Championship at The Ritz-Carlton Golf Club on December 17, 2022 in Orlando, Florida. Ben Jared | PGA Tour | Getty ImagesThe PGA Tour on Tuesday said Tiger Woods would join its policy board, a concession meant to give players more input and oversight as negotiations continue for its controversial deal with Saudi-backed LIV Golf. Woods joins the board less than a month after former AT&T CEO Randall Stephenson resigned due to concerns regarding the Saudi investment. Until the proposed deal was announced, the PGA Tour and LIV were embroiled in antitrust lawsuits – lobbed at each other – as players left the tour for big paydays at LIV. The proposed deal has been met with ire and confusion from lawmakers, members of the tour and fans.

Persons: Woods, Ben Jared, Tiger Woods, LIV, Randall Stephenson, LIV Golf, Saudi Crown Prince Mohammed bin Salman, Patrick Cantlay, Charley Hoffman, Peter Malnati, Rory McIlroy, Webb Simpson, Monahan, Christian Petersen Organizations: PGA, PNC, Ritz, Carlton Golf Club, Saudi, Saudi Arabia Public Investment Fund, Saudi Crown, Augusta National Golf Club, Getty Locations: Orlando , Florida, Saudi, LIV, Augusta , Georgia

☆ NBCUniversal's Peacock streaming service is growing, thanks to live sports
▼ + stars: | 2023-07-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

NBCUniversal's sports portfolio has been driving growth at its streaming service Peacock, and the company has no plans to let up, with other sports rights deals top of mind. Sports are a double-edged sword for media companies contending with relentless cord cutting and trying to make their streaming services profitable. At the same time, sports are serving as a propeller of growth for streaming, especially for fledgling services such as Peacock and Paramount Global's Paramount+. NBCUniversal's parent company, Comcast , on Thursday touted that Peacock nearly doubled its customer count year over year to 24 million. According to Cavanagh, simultaneous streaming has given the company and its sports assets "tremendous reach," and all at a lower cost to the consumer.

Persons: Travis Kelce, Raymond James Stadium, Peacock, Mike Cavanagh, Cavanagh, it's Organizations: Kansas City Chiefs, Tampa Bay Buccaneers, Paramount, Comcast, Sports, NFL, Nascar, Premier League, Telemundo —, Paris Olympics, Sunday, Football, Premier League soccer

☆ Comcast beats expectations as higher prices offset slowing broadband growth
▼ + stars: | 2023-07-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

Comcast beat analyst estimates on Thursday when it reported its second-quarter results, as higher pricing helped offset a continued slowdown in its broadband business. The company now groups its Xfinity-branded broadband, cable TV and wireless services with its U.K.-based Sky. Higher average rates helped to offset second-quarter subscriber losses, leading to broadband revenue growth of 4.4%. Comcast and its peers have experienced slowing growth in the broadband segment following quarters of robust gains during the early days of the Covid pandemic. The drop in domestic advertising was largely due to lower revenue at NBCUniversal's TV networks, which was partially offset by the leap in Peacock revenue.

Persons: Peacock, Cord, Bob Iger, NBCUniversal, Mario Organizations: Comcast, Refinitiv, Disney, USA Network, Bravo, Premier League soccer, Peacock, Sky Sports, Revenue, Mario Bros, Super Nintendo, CNBC Locations: Beijing, Japan, Orlando, Florida

☆ Netflix stock sinks as Wall Street looks for clarity on revenue growth
▼ + stars: | 2023-07-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

"I think people expected a lot more revenue growth in the third quarter, plus there was the weakness in [average revenue per membership]," said analyst Michael Nathanson of MoffettNathanson. Netflix stock sank more than 9% Thursday after a quarterly earnings report that was largely positive, but left Wall Street underwhelmed and uncertain about key revenue drivers. Netflix's stock has risen on the rollout of ad-supported streaming and a new password sharing policy, which are both meant to boost revenue. "Most of our revenue growth this year is from growth in volume through new paid memberships, and that's largely driven by our paid sharing rollout," Neumann said. In a note following the earnings report, however, Cahall said "patience is a virtue," and called out investors that were "over-exuberant on paid sharing," noting revenue growth will take longer.

Persons: Michael Nathanson, Spencer Neumann, Neumann, Wells, Steven Cahall, Cahall, Greg Peters Organizations: MoffettNathanson, Netflix, Wall Street, Hollywood

☆ Netflix is about to report earnings — here's what to expect
▼ + stars: | 2023-07-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Netflix reports second-quarter earnings on Wednesday and investors will pay close attention to the streaming giant's crackdown on password sharing, as well as the recently launched ad-supported tier. Here's what analysts are expecting for the quarter, according to Refinitiv:Earnings: $2.86 per share$2.86 per share Revenue: $8.30 billionIn May, Netflix began alerting members about its new sharing policy, which prevents freeloaders from sharing accounts. Netflix saw its subscriber base rise weeks after the rollout, according to a report from Antenna. Investors will also watch for any details Netflix provides on its recently launched cheaper, ad-supported tier. During its pitch to advertisers in May, Netflix unveiled few details about its ad-supported tier, albeit enough to push its stock higher.

Persons: MoffettNathanson, Wells, Steven Cahall Organizations: Netflix, Media, Hollywood Locations: Wells Fargo

☆ Netflix gets rid of cheapest basic ad-free option in the U.S., U.K.
▼ + stars: | 2023-07-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Netflix has gotten rid of its cheapest commercial-free plan in the U.S. and the U.K., in a push to get more sign-ups for its recently launched ad-supported option. The move leaves Netflix's standard with ads plan, which is priced at $6.99 a month, as its cheapest option. During last quarter's earnings call, Netflix Chief Financial Officer Spencer Neumann said the "economics" of its ad-supported plan were higher than the basic plan. "It's actually even higher than our standard plan," he said during the call, adding that advertising was incremental to both its revenue and profit. Similarly, Disney CEO Bob Iger has said the company is leaning into its ad-supported streaming option to get to profitability.

Persons: Spencer Neumann, It's, Reed Hastings, Ted Sarandos, Bob Iger Organizations: Netflix, Disney Locations: Krakow, Poland, U.S

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