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AMC Entertainment on Wednesday warned investors of declines in key metrics during the second quarter, sending its shares down more than 7%. It also said it expects to post a net loss of $32.8 million compared with a profit of $8.6 million in the second quarter of 2023. "This explains the weakness in our preliminary Q2 2024 results, as contrasted with the same quarter of a year ago." "But if looking only at the full quarter, the lay observer might easily miss the incredibly good news that transpired within the second quarter," Aron said. "This in turn suggests that AMC should enjoy increasing adjusted EBITDA, if as and when overall industry revenues are climbing.
Persons: Adam Aron, Aron, Hunter Organizations: AMC, AMC Entertainment, Disney, Comcast, CNBC Locations: New York, moviegoing, NBCUniversal
United Parcel Service — The package delivery company plunged more than 12%, hitting a new 52-week low, after posting a miss on both top and bottom lines in the second quarter. Pentair beat expectations for the second quarter, posting earnings of $1.22 per share, excluding items, compared to the FactSet consensus estimate of $1.14 per share. NXP Semiconductors posted adjusted earnings of $3.20 per share, which was below the LSEG consensus estimate of $3.21 per share. Inter Parfums — The stock jumped more than 6% after the fragrance manufacturer posted record net sales for the second quarter. The regional bank earned $1.28 per share, above the consensus estimate of $1.10 a share from analysts polled by LSEG.
Persons: LSEG, MSCI, FactSet, Pentair, Danaher, Rainer Blair, Sherwin, Williams, Lockheed Martin, , Alex Harring, Yun Li, Hakyung Kim Organizations: Spotify, United Parcel Service, UPS, Revenue, NXP, Crown Holdings, Inter, Comcast —, LSEG, General Motors, Buick, GE Aerospace, Lockheed, Comcast, CNBC Locations: U.S, Michigan
Comcast reported mixed results before the bell Tuesday, missing on revenue estimates due to tough year-over-year comparisons for its film studio and theme parks. The company's revenue fell nearly 3% to $29.69 billion compared to the same period last year. Revenue from the content and experiences segment, which includes the NBCUniversal TV business, theme parks and Universal Pictures, was down 7.5% to $10.06 billion. However, NBCUniversal's TV business offset the segment, posting $6.32 billion in revenue, up 2% from last year. Comcast shed 419,000 cable TV customers during the quarter.
Persons: Mario, Peacock Organizations: Comcast NBC, Comcast, LSEG, Revenue, Universal Pictures, CNBC Locations: Los Angeles , California
S&P 500 futures are near flat Monday night, with traders readying for earnings reports from major companies after the benchmark posted its best day in more than a month. Futures tied to the broad index sat near their flatline, as did Nasdaq 100 futures . The S&P 500 rose more than 1% for its best session since early June, while the Dow ticked higher by 0.3%. The S&P 500 was led higher by the information technology and communication services sectors, which gained roughly 2% and 1.2%, respectively. "If we get that bullish inflation report, I think you could see another leg higher in small caps and the banks."
Persons: Russell, Larry Tentarelli, Tentarelli, Mattel Organizations: New York Stock Exchange, Dow Jones Industrial, Dow, Nasdaq, Big Tech, Federal Reserve, Blue, Motors, Comcast, UPS, Technology, CNBC
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
We'll show you everything you need to know about how to watch the Open Championship, including cable and live streaming options. The Open Championship originated in 1860 in Scotland, making it the oldest golf tournament in the world, but it has shifted to various courses in the UK over the years. Keep reading to learn how to watch the Open Championship from anywhere. How to watch the Open Championship in the USThe Open Championship is spread across various NBCUniversal options in the US. Check price at FuboHow to watch the Open Championship in the UKOpen Championship coverage will air on Sky Sports in the UK.
Persons: Brian Harman, Scottie Scheffler, Rory McIlroy, Xander Schauffele, Woods, Peacock, Sling's, it's, ExpressVPN Organizations: Business, Royal Troon, Club, NBC, Sky Sports, Now's Sports Locations: Scotland, USA, British
J. Michael Cline, the co-founder of Fandango, an online ticketing company that changed how Americans went to the movies, died this week after falling from the twentieth floor of a Manhattan hotel, according to the police. New York City police officers, who responded to a 911 call at the Kimberly Hotel on Tuesday, “found an unconscious and unresponsive male with injuries indicative of a fall from an elevated position,” a spokesman for the police said in a statement. The medical examiner’s office ruled the death a suicide. Mr. Cline, who was 64, co-founded Fandango in 2000 and left the company in 2011, according to his LinkedIn profile. The company — familiar to many from its splashy logo, an orange “F” in the shape of a ticket stub — was later acquired by Comcast and is currently owned by NBCUniversal and Warner Bros.For years, the company dominated movie-ticket sales, handling ticketing for several major theater chains and making money by charging a processing fee for online ticket sales and by selling advertising on its site.
Persons: Michael Cline, , , Cline Organizations: New York City, Comcast, NBCUniversal, Warner Bros Locations: Manhattan, New York
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
Known for his comedic timing, the "Bob Newhart Show" and "Newhart" star was one of the funniest men of the 20th century. Breaking through into comedy in the '50sYoung Bob Newhart initially didn't consider comedy a career. Over the next 11 years, he released seven more albums, including "Bob Newhart Faces Bob Newart" (1964) and "Best of Bob Newhart" (1971). Bob Newhart during the first season of "The Bob Newhart Show," performing one of his popular telephone jokes. "The Bob Newhart Show" and "Newhart"Newhart on "The Bob Newhart Show."
Persons: , Bob Newhart, Jerry Digney, Newhart, Bernard, Will Farrell, he'd, Young Bob Newhart, Gerald Smith, George Robert Newhart, James Thurber, Max Shulman, Fred Allen, Jack Benny, couldn't, Abraham Lincoln, Conan O'Brien, Abe Lincoln Vs, Dan Sorkin, Ed Sullivan, Bob Newart, Grace L, it's, Carol Burnett, Dean Martin, Sanford, Son, Bob Hartley, Roseanne, Variety, Gerald Ford, Dick Loudon, Ginnie, Rolling Stone, Cuoco, Monty Brinton, George, Leo, Bob, Arthur Jeffries, Sheldon Cooper, Sheldon fanboyed, Jeffries, Cooper, Proton, Sheldon, Virgina, Ginny, Quinn, Timothy, Jennifer, Courtney, Kirsten Acuna Organizations: Service, CBS, Business, Disney, Television Academy Foundation, NBC, NBCU, Getty Images, Television Academy, United States Army, Madison, ABC, Warner Bros . Records, AV, Getty, Warner Bros, Party, Ferguson, Peabody, Fox, Entertainment, Academy of Television Arts & Sciences Hall of Fame, Proton, Wars Locations: Oak Park , Illinois, Chicago, Vermont
CNN —Football, wrestling and immersive experiences: This year, Netflix has expanded beyond its usual scripted and reality TV offerings. In May, Netflix disclosed that it has 40 million monthly active users on its new ad-supported subscription tier, a jump from 23 million in January. The deal kicks off this year with Netflix globally airing two NFL games on the holiday. But sports aren’t the only way Netflix is trying to expand its footprint. “It should help retain those customers and keep them in the Netflix ecosystem and paying for their subscriptions for longer,” he said.
Persons: Tim Nollen, , ” Nollen, Peacock, David Joyce Organizations: CNN — Football, Netflix, Disney, Warner Bros, Macquarie, NFL, WWE, Dallas Galleria, Seaport Locations: Philadelphia
But despite the chance, he posted on LinkedIn last week, he chose not to invest in Uber — a company that's now worth roughly $138 billion. It was "one of the greatest mistakes of my investing career," wrote Vaynerchuk, currently the CEO of Vaynerchuk Media. In 2009, Uber's co-founders sought funding at a $10 million valuation, serial entrepreneur Mark Cuban told Peacock's "Hart to Heart" last year. "I realized, Uber doesn't sell transportation ... Uber sells us time," Vaynerchuk wrote. "Just think: If I would've given him $250,000 on a [$10 million] valuation, it'd be billions," he said.
Persons: Resy, Gary Vaynerchuk, Uber, Uber's, Mark Cuban, Peacock's, Hart, Vaynerchuk, Travis Kalanick, Garrett Camp, Vaynerchuck, Logan Paul, AJ Vaynerchuk, AJ, Cuban, Kalanick, Peacock Organizations: Twitter, LinkedIn, Uber, Vaynerchuk Media, CNBC Locations: New York City, NBCUniversal
Rep. Adam Schiff (D-CA) appears on "Meet the Press" in Washington D.C., Sunday July 7, 2024. William Plowman | Nbcuniversal | Getty ImagesCalifornia Democratic Rep. Adam Schiff on Wednesday urged President Joe Biden to exit the 2024 presidential election contest. Schiff in a statement said that he had "serious concerns about whether the President can defeat Donald Trump in November." A source familiar with Pelosi told CNBC on Wednesday that Schiff's statement was "news to her" and that he "did not consult her before." Politico on Tuesday reported that Pelosi has offered to talk to members of Congress who wanted to discuss their concerns about having Biden as the Democratic nominee.
Persons: Adam Schiff, William Plowman, Nbcuniversal, Joe Biden, Schiff, Donald Trump, Biden's, Nancy Pelosi, Pelosi, Biden, Trump Organizations: Washington D.C, Getty Images, Getty Images California Democratic, Democratic, U.S, Senate, California Democrat, CNBC, NBC News, Politico, New York Times, Biden, Trump, Republican Locations: Washington, Getty Images California, California, Long Island , New York
CNN —The hosts of MSNBC’s “Morning Joe” rebuked the network’s leadership on Tuesday, expressing dismay over the decision to pull the flagship morning show program from the air Monday and telling viewers that they were not provided clear answers about the matter. But, as he noted, “that did not happen.”“We don’t know why that was that didn’t happen. Our team was not given a good answer as to why that didn’t happen,” Scarborough said. “But it didn’t happen.”get reliable sources in your inbox A daily digest chronicling the evolving media landscape with uncompromising reporting and analysis. The decision to pull “Morning Joe” was made with that political reality in mind.
Persons: Joe ”, Joe Scarborough, Mika Brzezinski, Willie Geist, Donald Trump, ” Scarborough, Cesar Conde, Rashida Jones, Brzezinski, ” Geist, we’d, ” Brzezinski, Organizations: CNN, NBC, NBCUniversal News Group, MSNBC, NBCUniversal News, Comcast, Sunday Locations: MSNBC’s, Scarborough
New York CNN —MSNBC will not air “Morning Joe,” its celebrated politics roundtable program, on Monday, opting to instead air continued breaking news coverage of the attempted assassination of former President Donald Trump. The progressive news network confirmed the decision to preempt its influential and top-rated morning show after a CNN inquiry Sunday evening. GET reliable sources in your inbox A daily digest chronicling the evolving media landscape with uncompromising reporting and analysis. MSNBC has, in particular, been blasted by Trump’s allies, putting the network in the spotlight. Last year after Hamas executed its deadly October 8 attack on Israel, MSNBC quietly pulled three of its Muslim broadcasters from air.
Persons: , Donald Trump, Cesar Conde, Rashida Jones, Joe Scarborough, Mika Brzezinski, It’s, Semafor Organizations: New, New York CNN, MSNBC, CNN, Republican National Convention, NBC News, NBCUniversal News, Trump, Comcast Locations: New York, Israel
Mr. Holt’s coverage ran on MSNBC immediately after the shooting on Saturday and he was scheduled to interview Mr. Biden on Monday. The person said staff members were surprised on Monday when MSNBC ran programming from its digital news service, NBC News Now, instead of the main NBC News show, “Today,” which was not pre-empted. A spokesman for MSNBC denied that NBC had made the programming change because of political considerations. In a statement, the network said: “Given the gravity and complexity of this unfolding story, NBC News, NBC News NOW and MSNBC have remained in rolling breaking news coverage since Saturday evening. MSNBC made other programming changes after the shooting on Saturday.
Persons: Lester Holt, Savannah Guthrie, Kristen Welker, Mr, Biden, , Joe ”, Ali Velshi Organizations: NBC, MSNBC, NBC News, NBCUniversal News, Republican Locations: Savannah, Milwaukee
CNN —Dr. Ruth Westheimer, the iconic sex therapist whose cheerful and disarming advice helped educate millions of Americans about sexual desires and practices, has died, her publicist Pierre Lehu told CNN on Saturday. Dr. Ruth Westheimer poses for a portrait in Pasadena, California, in January 2016. Becoming Dr. Ruth Westheimer speaks during an American Society of Newspaper Editors convention in April 1986. Bob D'Amico/ABC/Getty Images Westheimer on the set of "Quantum Leap" with actor Dean Stockwell and director Stuart Margolin in 1993. Ron Galella Collection/WireImage/Getty Images Westheimer rides on the back of a motorcycle during New York's Salute to Israel Parade in May 1996.
Persons: Ruth Westheimer, Pierre Lehu, grandmotherly Westheimer, Dr, Ruth ” –, , Lehu, Maarten de Boer, Westheimer, Ruth, Stewart, AP Westheimer, Cyndi Lauper, Nancy Kaye, Ron Galella, Bob D'Amico, Dean Stockwell, Stuart Margolin, Alice S, David Karp, Bill Clinton, King Mohammed VI of, Susan Walsh, Keith Bedford, Sir Paul McCartney, McCartney, Bob Child, Barack Obama, Michelle Obama, Chip Somodevilla, Andy Kropa, John Lamparski, Michael Kovac, Gabby Jones, , Ruth Show, ” Westheimer, Columbia University . Westheimer, Love Organizations: CNN, Haganah, Zionist, Israel Defense Forces, American Society of Newspaper, ABC, Getty, Israel Parade, White House, Westheimer, Yale, Communications, Broadway, of Fame, Gotham, New York, New York Times, Lifetime, Teachers College, Columbia University ., Museum of Jewish Heritage Locations: Pasadena , California, Switzerland, Jerusalem, New York, Beverly Hills , California, Los Angeles, King Mohammed VI of Morocco, New Haven , Connecticut, Washington ,, New, Germany, Paris, New York City
The Olympic Rings being placed in front of the Eiffel Tower in celebration of the French capital won the hosting right for the 2024 Summer Olympics. Sopa Images | Lightrocket | Getty ImagesSportsbooks and daily fantasy operators are preparing for a Summer Olympics bump. The gaming industry expects an increase in wagering from the previous Summer Games in Tokyo, particularly for sports like men's and women's basketball, soccer and tennis. Even so, the expected rise in Olympics gambling underscores just how much the market has boomed in recent years. The Tokyo Olympics came just a few years after the Supreme Court ruling that paved the way for legal betting across the U.S.
Persons: Max Bichsel, it's, Jordan Bender, DraftKings, Bender, Peacock, Robert Gauthier Organizations: Rings, Eiffel, Getty, U.S, North America, Gambling.com, NFL, NBA, Citizens, Tokyo, American Gaming Association, NHL, Olympics, Winter, NBC, Basketball, Saitama Super, Los Angeles Times Locations: Paris, Tokyo, North, U.S, Beijing, Japan, USA, France
Read previewAfter months of negotiations, Paramount has inked a merger agreement with film studio Skydance Media, owned by David Ellison, son of billionaire Oracle founder Larry. The Ellison family and RedBird will invest $6 billion and $2 billion, respectively, to take over Paramount and bolster its balance sheet. This story is available exclusively to Business Insider subscribers. Advertisement"I think it's my biggest competitive advantage that I don't get emotionally attached," Cardinale told Business Insider in 2022. Business Insider spoke with 27 of Cardinale's colleagues and peers to learn more about his winning strategy.
Persons: , David Ellison, Larry, Ellison, RedBird, Gerry Cardinale, Goldman Sachs, " Cardinale, Jeff Shell, Skydance, Goldman, Jon Winkelried, Gerry Organizations: Service, Paramount, Skydance Media, RedBird Capital Partners, Business, New York Yankees, Dallas Cowboys, NFL, AC Milan, Weatherford Capital, TPG Locations: Skydance, RedBird
Paramount trio of CEOs told staff it was "business as usual" until its merger closes, Deadline reported. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementParamount's CEO trio told employees it was "business as usual" until its mega merger with Skydance formally closes, while reminding them that layoffs loom. This story is available exclusively to Business Insider subscribers.
Persons: , Shari Redstone, David Ellison, Larry Ellison, Jeff Shell Organizations: Paramount, Service, Skydance, Business
Paramount agrees to merge with Skydance
  + stars: | 2024-07-08 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +2 min
Paramount Global will merge with Skydance, capping off a months-long negotiation that included various twists and turns, and will see the Redstone family step away from control of the storied movie studio and media company. Paramount's special committee agreed to the merger on Sunday, days after Shari Redstone's National Amusements, the controlling shareholder of Paramount, once again reached a preliminary agreement with Skydance. The latest iteration of the deal will see the buying consortium, which includes RedBird Capital Partners and KKR, invest more than $8 billion into Paramount and to acquire National Amusements. The deal gives National Amusements an enterprise value of $2.4 billion, which includes $1.75 billion in equity. A completed Skydance merger would mark a major shift for the ownership of Paramount, as well as for Hollywood as a whole.
Persons: Shari Redstone's, it's, Jeff Shell, Ellison, Forrest, , David Ellison, Skydance, Larry Ellison Organizations: Paramount Studios, Paramount, Skydance, RedBird Capital Partners, KKR, National, Shell, Hollywood, CBS, MTV, Nickelodeon, Oracle Locations: Los Angeles , California
CNN —Paramount Global—the sprawling media empire behind CBS, MTV, and one of Hollywood’s most storied movie studios—has agreed to merge with technology scion David Ellison’s Skydance Media, ending years of speculation over the company’s fate. The complicated transaction will see Skydance first buy National Amusements, then merge with Paramount, valuing Skydance at $4.75 billion. The combined company will be helmed by Ellison as chief executive and former NBCUniversal chief Jeff Shell as president. The deal caps a tumultuous and protracted saga that began in December, with the two companies entering into exclusive negotiations in April, resulting in the ouster of longtime Paramount chief executive Bob Bakish. In the meantime, the company has been run by a triumvirate of leaders: Brian Robbins, chief executive of Paramount Pictures; Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios; and George Cheeks, chief executive of CBS.
Persons: , David Ellison’s Skydance, Ellison, Shari Redstone’s, Sumner Redstone, Jeff Shell, Bob Bakish, Brian Robbins, Chris McCarthy, George Cheeks, Robbins, , ” Robbins, David Ellison, Larry Ellison, ” Redstone, Paramount’s Organizations: CNN, Paramount, CBS, MTV, David Ellison’s Skydance Media, Amusements, National, Paramount Pictures, Showtime, MTV Entertainment Studios, Comedy Central, Netflix, BET, Sony Pictures, Apollo Global Management, Sony, Apollo, Redstone, Skydance Media
In past years, media companies chased high subscriber numbers in an attempt to best each other. Nathaniel S. Butler | National Basketball Association | Getty ImagesWith the NBA's media rights negotiations still ongoing, sports will remain a topic of conversation at this year's gathering. League commissioners, especially the NFL's Roger Goodell, are often attendees of the Sun Valley conference. Discovery has been weighing whether to match a competing offer for the media rights as the league looks to finalize smaller package deals. Sports remain the glue holding the traditional pay-TV bundle together, and has proven invaluable for streaming services, too.
Persons: Drew Angerer, Discovery's David Zaslav, Bob Iger, Dana Walden, Alan Bergman, Josh D'Amaro, Hugh Johnston, Ted Sarandos, Greg Peters, Andy Jassy, Jeff Bezos, Tim Cook, it's, Shari Redstone, Neil Begley, Redstone, David A, Barry Diller —, Paramount —, Jeff Shell, Max, Jonathan Miller, Begley, Sun, Mark Boidman, Dwyane Wade, Nathaniel S, Butler, Roger Goodell, Miller, Donald Trump, Joe Biden, Andrew Harnik Organizations: Getty Images Media, titans, Allen, Co, Warner Bros, Netflix, Apple, Amusements, Paramount Global, Paramount, Moody's Investors Services, Co . Media, Technology Conference, Grogan, CNBC, Media, Shell, Disney, Hulu, ESPN, Fox Corp, Integrated Media, Hollywood, Solomon Partners, Sports, NBA, National Basketball Association, Getty, League, Sun, NFL, YouTube, Amazon Locations: Sun Valley , Idaho, Sun, Idaho, Atlanta
This story is available exclusively to Business Insider subscribers. AdvertisementThe difficulties are reportedly creating tensions between Musk and X CEO Linda Yaccarino. Randall Peterson, a professor of organizational behavior at London Business School, told Business Insider that any company struggling like X would suffer leadership tensions. Leadership shake-upAmid the increasing financial pressure, Musk and Yaccarino have also been shaking up the company's leadership. X did not respond to a request for comment from Business Insider.
Persons: , Musk, Linda Yaccarino, Randall Peterson, she's, Yaccarino, Jerod Harris, Mark Read, Steve Davis, Davis, Joe Benarroch, Nick Pickles, Matt Navarra, it's, Navarra, Gwynne Shotwell, Amanda Edwards, Peterson Organizations: Service, Elon Musk's, Twitter, Business, YouTube, London Business School, Times, Microsoft, Cannes Lions, WPP, Brit, Social, SpaceX, Investors
Both companies made a splash at this year's upfront presentations, where streamers make their pitches for the nearly $70 billion in annual TV ad spending and advertisers seek to lock down the bulk of their annual TV ad commitments. But among newer streamers, it's Amazon that's winning advertisers' wallets, several ad buyers told Business Insider. AdvertisementAmazon's big increase in ad inventory and lower ad prices, of about half the ad rate ($30 per 1,000 impressions) that Netflix sought when it launched its ad tier in 2022, put pressure on other TV ad sellers to lower their prices. A second ad-holding-company exec said they expected Amazon to be the third or fourth biggest TV ad seller in the upfronts, behind traditional TV stalwarts NBCUniversal and Disney and potentially YouTube. Data has shown that people watch three times as much Netflix as they do Prime Video, although Prime Video viewing is growing.
Persons: , execs, NBCUniversal, They're, catchup, Netflix's, Max, Ed Papazian Organizations: Service, Netflix, Amazon, Business, Disney, Warner Bros, gunning, Sports, NBA, NFL, NASCAR, National Women's Soccer League, National Basketball Association, WWE, Fox, Wall Street, Prime, NBC, Media Dynamics
Read previewWith Joe Biden's re-election campaign in shambles, Democrats are turning yet again to a woman they've long wanted to nominate: Michelle Obama. Michelle Obama. When he joked that Michelle Obama might not have the temperament to be president, she jumped on the opportunity to agree. December 19, 2016Oprah asked Michelle Obama if she ever plans to seek office, but received largely the same answer as everyone else. Obama asked.
Persons: , Joe Biden's, Michelle Obama, First, Obama, situates, Crystal Carson, Joe Biden, Kamala Harris, Nathan Congleton, we'll, Barack Obama, Michelle, Valerie Jarrett, Jarrett, Oprah, I'm, coy, it's, Conan O'Brien's, O'Brien, she'd, Carson Organizations: Service, Reuters, Democratic, Trump, Business, Getty, The, ABC News, NBC News, White House, Southwest, White, BBC, NBC Locations: NBCU, United States, Baton Rouge , Louisiana, Austin , Texas, Orlando , Florida, Boston , Massachusetts
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