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☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
▼ + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com time to read: +11 min

Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.

☆ Inside PodCo, the startup cashing in on Nickelodeon and Disney nostalgia, drawing hundreds of thousands of listeners, and scoring brand deals with stars of shows like 'Wizards of Waverly Place'
▼ + stars: | 2023-05-18 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

"Even Stevens" star Christy Carlson Romano and her husband, Brendan Rooney, founded the startup. Since their debut, several PodCo shows have ranked among the top 10 television and film podcasts on platforms like Apple Podcasts, according to Chartable. Along with the hosts, other big-name alums have made appearances on PodCo shows, which are also recorded on video and viewable on YouTube. So when he heard Carlson Romano and Rooney's idea, he leapt at the chance to bring the show back in a new form. Some have written into him personally to say the "Ned's" podcast is leaving them feeling less isolated in their own lives, he added.

☆ JPMorgan is watching: How the nation's largest bank keeps tabs on its workforce — from their office attendance to emails and Zoom calls
▼ + stars: | 2023-05-17 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

JPMorgan is calling employees back to the office — and keeping tabs on attendance. This has reignited a conversation about the bank's surveillance of its employees. They explained how the bank tracks everything from office attendance to time spent on Zoom calls and composing emails. Many of the JPMorgan employees Reed spoke to said their surveillance made them feel untrusted by their bosses. Inside the little-known tool that gives JPMorgan Chase the power to collect data about everything its employees do at work

☆ JPMorgan employees describe growing 'paranoia' as the company tracks their office attendance, calls, calendars, and more — with one worker even installing a 'mouse jiggler' to evade 'Big Brother'
▼ + stars: | 2023-05-16 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

JPMorgan has developed a powerful data-collection tool to monitor its employees, dubbed WADU. Employees at America's largest bank fear what the data collection could mean for their jobs. One staffer described a workplace where terms like "Big Brother" and "1984" have become commonplace. For more details on how JPMorgan Chase's WADU system works and what kinds of data it tracks about employees, read Insider's full story here. Employees were granted anonymity to discuss how WADU works and how it impacted company staff since they were not authorized to speak with reporters.

☆ These 22 top reality TV companies making hits like 'Love Is Blind' and 'The Kardashians' could see a boom if the Hollywood writers' strike drags on
▼ + stars: | 2023-05-15 | by ( Lucia Moses | Reed Alexander | ) www.businessinsider.com time to read: +4 min

The Hollywood writers' strike could drive an increase in demand for unscripted programming. Insider identified companies dominating the genre, producing reality content for top networks and streamers. Check out 22 companies making top titles including "90-Day Fiancé," "Real Housewives," and more. Even if the writers' strike is resolved more quickly than pundits generally are predicting, reality TV's future looks bright. Reality shows are also a way for streamers to grow their international audience as much of it translates globally.

☆ 'iCarly' writers join the WGA strike as showrunner Ali Schouten calls out Hollywood studios' 'corporate greed'
▼ + stars: | 2023-05-11 | by ( Reed Alexander | ) www.businessinsider.com time to read: +13 min

Insider spoke to Ali Schouten, the showrunner behind Paramount+ series "iCarly," about what's at stake. The "iCarly" writers will link up with the picket line outside the lot where the show is filmed, according to Ali Schouten, the series' showrunner and executive producer. Ahead of the "iCarly" writers' picketing on Thursday, I spoke with Schouten to understand what she and her colleagues are fighting for. Lisa Rose/Paramount+The last writers' strike resulted in $2 billion worth of losses for the California economy, and some experts predict the impact of this work stoppage could be even greater. How is the writers' strike impacting you, your business, or your family?

☆ 22 red-hot reality TV companies producing shows like 'The Kardashians' and 'Queer Eye' that could grow amid Hollywood's writers' strike
▼ + stars: | 2023-05-10 | by ( Lucia Moses | Reed Alexander | ) www.businessinsider.com time to read: +4 min

The Hollywood writers' strike could drive an increase in demand for unscripted programming. Insider identified companies dominating the genre, producing reality content for top networks and streamers. Check out 22 companies behind top titles including "The Kardashians," "Queer Eye," and more. Even if the writers' strike is resolved more quickly than pundits generally are predicting, reality TV's future looks bright. Reality shows are also a way for streamers to grow their international audience as much of it translates globally.

DreamWorks Animation has laid off 33 staffers, or around 2%, in recent days. DreamWorks' parent company, NBCUniversal, has been laying off staff across divisions in recent months. The cuts were confirmed by a spokesperson from DreamWorks Animation, whose parent company, Comcast's NBCUniversal, has eliminated roles across the organization over the past six months. DreamWorks Animation said in a statement that the layoffs were part of an overall cost reduction and that a majority of those affected were in support functions. This person said staffers laid off in this round learned the news several weeks ago, giving those affected some time to prepare.

☆ Wells Fargo is pushing for quantity over quality in its private bank
▼ + stars: | 2023-05-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Which brings us to a fantastic story about Wells Fargo's decision to reorganize how it serves its ultra-rich clients. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way. Read more about Wells Fargo's chaotic reorganization of its private bank. It's the latest move in what has been an active 12 months for the bank's tech division. The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Meet Kim Posnett, the powerful Goldman Sachs dealmaker who was just named head of the investment bank's TMT unit
▼ + stars: | 2023-05-03 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

Kim Posnett was just named head of Goldman's all-important TMT investment banking group. Posnett, 43, has long been one of the most senior figures at Goldman's investment bank. Posnett was previously the head of Goldman's investment-banking services unit, which acts as a salesforce for the global IB division. The former co-head of Goldman's TMT franchise will become co-chairman of the unit. The former would result in the IB services group, which functions, in effect, as a sales force.

☆ 'Hey Netflix! You broke it — now fix it': On the picket lines with Hollywood writers as they bring signs, slogans, and sunscreen to their fight against the studios for 'as long as it takes'
▼ + stars: | 2023-05-03 | by ( Reed Alexander | Alison Brower | ) www.businessinsider.com time to read: +12 min

A writers' strike has been underway since overnight Monday. Thousands of Hollywood writers have fanned out across the streets of Los Angeles since early Tuesday afternoon, waving signs and chanting to demonstrate their resolve. Insider spoke with eight WGA members who are picketing or contributing to the work stoppage in other ways. Are you a member of the Writers Guild of America or do you work in the entertainment industry? How is the writers' strike impacting you?

☆ Why Apple TV+ could be hit harder than Netflix, Disney+, and other streamers by a looming Hollywood writers' strike
▼ + stars: | 2023-05-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

But ahead of a potential Hollywood writers' strike, the streamer faces two key vulnerabilities. Hollywood is bracing for a possible writers' strike that could begin at midnight PT, following an overwhelming strike authorization by members of the Writers' Guild of America West and East last month. But, by comparison, Prime Video, Netflix, and Discovery+ offer viewers thousands of TV series, according to ReelGood data from the end of 2022. "They're building a long-term brand of Apple TV+, which is something apart from all their devices and their cool software. It would not damage the perception that people have of Apple TV+."

☆ Inside LinkedIn's new push to use AI tools to amplify — not replace — creators' voices
▼ + stars: | 2023-04-28 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

LinkedIn sees potential for AI to amplify — not replace — creators' voices. Firmly of the view that artificial intelligence technology can augment and amplify those users' voices — not replace them — LinkedIn is eyeing opportunities in the burgeoning space. LinkedIn's collaborative articles begin with a thread generated with the help of AI, and then invite select users to contribute their perspective. Enter collaborative articles, which invited the several dozen teachers to offer up ideas like exhibiting "vulnerability" in the classroom. Think of these seminars like LinkedIn's version of Master Classes on topics like generative AI, machine learning with Python, and AI accountability.

☆ AI is disrupting Hollywood, and one investor sees huge potential in startups harnessing data to identify valuable IP for TV and film
▼ + stars: | 2023-04-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

A private credit investor explains why Wall Street sees the potential for big returns from the tech. "What we're interested in right now are companies that are creating a more automated way of identifying valuable IP," Aria Vossoughi of Serengeti Asset Management told Insider. To be sure, Hollywood has been taking steps toward fusing data, algorithms, and creative content for years. Michael Blank, head of consumer investing at CAA, previously told Insider that investments in this arena are "blowing up right now." It supplements it more than replacing it," he told Insider of AI tech.

☆ Apple TV+ has 2 big disadvantages compared to Netflix, Disney+, and other streamers as a Hollywood writers' strike looms
▼ + stars: | 2023-04-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

But ahead of a potential Hollywood writers' strike, the streamer faces two key vulnerabilities. Hollywood is bracing for a possible writers' strike that could begin on May 1, following an overwhelming strike authorization by members of the Writers' Guild of America West and East earlier this month. But, by comparison, Prime Video, Netflix, and Discovery+ offer viewers thousands of TV series, according to ReelGood data from the end of 2022. "They're building a long-term brand of Apple TV+, which is something apart from all their devices and their cool software. It would not damage the perception that people have of Apple TV+."

☆ Groceries, gas, or Netflix? Gen Zers are dropping their streaming subscriptions as inflation hits.
▼ + stars: | 2023-04-24 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

Nearly two-thirds of millennial and Gen Z consumers have canceled a streaming subscription in the prior six months, a Deloitte survey found. Insider spoke with five millennial and Gen Z consumers who blamed soaring inflation for driving them to cut subscriptions in favor of essentials like gas or groceries. On average, consumers spend $48 per month on streamers, Deloitte said. From Deloitte's 2023 Digital Media Trends survey: 32% of millennials and 30% of Gen Zers said they canceled a streaming subscription within the past six months in order to save money. Gen Z-ers, born between 1997 and 2009, were the runners-up with a 57% churn rate over the same period.

☆ Hollywood agency WME's newest film agent is a twentysomething talent Midas whose must-read comedy newsletter spotted rising stars and launched careers
▼ + stars: | 2023-04-18 | by ( Reed Alexander | ) www.businessinsider.com time to read: +4 min

High-powered Hollywood talent agency WME has scooped up a new film agent from outside the company. Daniel Cramer, a former producer at Sony Pictures, was named by Insider as a 2022 rising star of the entertainment business. He became known as a talent spotter with his Cramer Comedy Newsletter, a curated email for industry insiders. As a producer and newsletter writer, Cramer has been an under-the-radar power broker in Hollywood for several years. Do you work in the entertainment industry?

☆ Streamers have a Gen Z problem: New data reveals why younger subscribers are more likely to cancel as inflation forces them to choose between Netflix and necessities
▼ + stars: | 2023-04-17 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Nearly two-thirds of millennial and Gen Z consumers have canceled a streaming subscription in the past six months, a Deloitte survey found. Canceling the subscriptions meant sacrificing entertainment that provided "comfort" and staved off monotony during the coronavirus pandemic, McMiller said. Insider spoke with five millennial and Gen Z consumers who blamed soaring inflation for driving them to cut subscriptions in favor of essentials like gas or groceries. Overall, 44% of total respondents canceled a paid entertainment subscription within the past six months, including for reasons unrelated to cost savings. Millennials, born between 1983 and 1996, spend an average of $54 per month on streaming subscriptions — the most of any demographic, Deloitte said.

☆ Check out the 18-page pitch deck that Hollywood-focused fintech FilmHedge used to raise tens of millions and help hot new movies and TV series get made
▼ + stars: | 2023-04-12 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

FilmHedge lends credit to movies and TV shows with budgetary needs between $1 million and $5 million. The 3-year-old fintech closed on a $5 million round in March and has a $100 million credit facility. FilmHedge, an Atlanta-based fintech launched in February 2020, provides liquidity to productions with budgets ranging from $1 million to $50 million. It follows a $100 million credit facility from Coromandel Capital and Fallbrook Capital in 2022, which helps FilmHedge finance projects. FilmHedge gave Insider a look at the 18-page pitch deck it used while raising its $5 million Series A round and $100 million credit facility — check it out here.

☆ Wall Street wants to lend to Hollywood, and that could be bad news for the rest of us
▼ + stars: | 2023-03-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we've got stories on an upheaval within BlackRock's communications department, a debate over the merits of the man bun on Wall Street, and why I'm not intimidated by Gen Z anymore. Insider's Rebecca Ungarino and Reed Alexander have a story on private lenders looking to make investments in media and entertainment. Hollywood has long represented an interesting investment opportunity for Wall Street, but lending to the industry is an interesting twist. As Reed pointed out in a follow-up story, Wall Street is keen to apply artificial-intelligence tools to identify projects worth greenlighting. And here's more on why Wall Street is so high on the entertainment industry leveraging AI.

☆ Is AI coming for Hollywood? A Wall Street investor breaks down why he's bullish about a growing class of startups harnessing data to identify the next big blockbuster.
▼ + stars: | 2023-03-30 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

☆ Why big investors like Carlyle and Ares are zeroing in on Hollywood and sports deals — and driving private credit in media to new highs
▼ + stars: | 2023-03-28 | by ( Rebecca Ungarino | Reed Alexander | ) www.businessinsider.com time to read: +7 min

And Ares raised $3.7 billion for a fund last fall geared specifically toward sports, media, and entertainment investments across private debt and private equity. Unlike private equity investing, where managers take stakes in companies or buy them, private credit investors lend to businesses and make money on interest payments. (Private investment firm KKR's media, entertainment, and sports portfolio includes Insider parent company Axel Springer.) Carlyle's $146 billion credit arm has also provided capital to Clair, a media tech company that specializes in live production services and audio products. The strategists said driving that uptick are private credit defaults that include so-called softer forms of default, like breaching a loan's terms and conditions, along with private credit portfolio companies having generally lower ratings and less diversified businesses.

☆ Miramax launched a film development team to resurrect its blockbuster-rich heyday. But a string of key departures has hobbled the vision and frustrated some Hollywood creatives.
▼ + stars: | 2023-03-24 | by ( Reed Alexander | ) www.businessinsider.com time to read: +7 min

Miramax built out a film development team early in the pandemic to bring in new projects and filmmakers. "He's the perfect leader to take the Miramax film team into this next chapter." Hammer's credits as a production executive include "Last Vegas" and "Inside Llewyn Davis." The first source said the film development team had worked to turn the company's reputation around by emphasizing relationships with respected filmmakers. But this person and an independent producer familiar with the Hollywood landscape, agreed that Miramax is no longer a top player in film development.

☆ 'Flamin' Hot' producer DeVon Franklin reveals why he tapped Eva Longoria to direct the film and why he's unfazed by questions over whether it's true to the origins of the fiery Cheetos flavor
▼ + stars: | 2023-03-13 | by ( Reed Alexander | ) www.businessinsider.com time to read: +11 min

The movie "Flamin' Hot" celebrates Mexican heritage and the invention of Flamin' Hot Cheetos. Impressed with the unlikely entrepreneur, Enrico gave it a try — and thus, Flamin' Hot Cheetos were born, and Montañez's career took off. "Flamin' Hot" stars actor Jesse Garcia as Richard Montañez. Eva Longoria directed the new film "Flamin' Hot." The LA Times article, amongst journalists and amongst this small group of people, may get some traction.

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