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☆ CNN chief Chris Licht has big ideas, but employees are nervous, and more job cuts are coming
▼ + stars: | 2022-10-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +13 min

Courtesy: CNNShifting from ZuckerPart of Licht's challenge as the new leader of CNN is he's not the old leader. There's also a hangover effect from the sudden collapse of CNN+, which Zucker pushed relentlessly as the future of the business. The comments heightened anxiety for many CNN staffers, according to six people who were at the company at the time. The changes should also bring workflow alignments to CNN digital and linear, which should help both entities' content and organization. CNN still hasn't named a chief digital officer, although the company's job posting now says it's filled.

☆ Warner Bros. Discovery Flags Up to $4.3 Billion in Restructuring Costs
▼ + stars: | 2022-10-25 | by ( Joe Flint | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery said it expected to incur as much as $4.3 billion in pretax restructuring charges through 2024, the result of a cost-cutting effort following the combination earlier this year of Discovery Inc. and AT&T WarnerMedia unit. The majority of the charges—between $2 billion and $2.5 billion—are tied to restructuring the company’s content operations, including writing down the value of some content and killing off projects that were in development, Warner Bros. Discovery said in a securities filing Monday. The company is expected to report third-quarter earnings Nov. 3.

☆ DC's movie and TV division has finally found its own version of Marvel's Kevin Feige
▼ + stars: | 2022-10-25 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

The pair inherit a baggage-heavy DC film universe. Discovery has finally found an executive to lead its DC movie and TV franchise — well, executives, plural, that is. Warner Bros. Since Discovery and WarnerMedia merged earlier this year, Zaslav has been looking for someone to lead DC's movie and TV efforts. Gunn jumped to Warner Bros. and DC after getting temporarily fired from the third "Guardians of the Galaxy" movie in 2018.

☆ James Gunn, Peter Safran named new heads of Warner Bros.' DC studios
▼ + stars: | 2022-10-25 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

James Gunn and Peter Safran will be the next co-heads of Warner Bros. The news comes during a tumultuous time for the newly formed Warner Bros. Zaslav has been looking for someone to steady the ship at the DC film division, home to superheroes such as Wonder Woman and Superman, as Warner Bros. Warner Bros. Warner Bros. recently moved its "Aquaman" sequel, which was set for a March 2023 release, to December 2023.

☆ Warner Bros Discovery expects up to $2.5 bln charge on scrapped content
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Oct 24 (Reuters) - Warner Bros Discovery Inc (WBD.O) on Monday put a price tag on its decision to scrap "Batgirl," "The Not-Too-Late Show With Elmo" and other series and films deemed unworthy of the investment: as much as $2.5 billion. AT&T Inc's (T.N) WarnerMedia unit and Discovery Inc completed their merger in April to form Warner Bros Discovery. Register now for FREE unlimited access to Reuters.com RegisterIn a regulatory filing on Monday, Warner Bros Discovery detailed how Zaslav and his leadership team plan to achieve the promised cost cuts, which will be substantially completed by the end of 2024. Warner Bros Discovery said it anticipates $800 million to $1 billion in costs related to layoffs throughout the company, and another $400 million to $700 million by consolidating facilities. The company declined to say how the charges would impact its third-quarter results, due for release on Nov. 3.

☆ Warner Bros Discovery expects up to $1.6 bln charge on scrapped content
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Oct 24 (Reuters) - Media company Warner Bros Discovery (WBD.O) on Monday said it was expecting to book a pre-tax charge of $1.3 billion to $1.6 billion in the third quarter, much of it related to content pulled from the streaming service HBO Max, such as "The Not-Too-Late Show with Elmo." AT&T Inc's (T.N) WarnerMedia unit and Discovery Inc completed their merger in April to form Warner Bros Discovery. The coming third-quarter will reflect the removal of 36 titles from HBO Max that failed to attract large audiences, including originals like the teen drama "Generation" and the animated anthology series "Infinity Train." In total, the company expects to write off as much as $2.5 billion in costs related to canceled projects. Warner Bros Discovery said it anticipates $800 million to $1 billion in costs related to layoffs throughout the media organization, and another $400 to $700 million by consolidating facilities.

☆ Meet 9 top media bankers transforming the M&A landscape and driving deals for Warner Bros. Discovery, Legendary, Amazon, and more
▼ + stars: | 2022-10-20 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

2022 kicked off with some huge transactions, from AT&T's WarnerMedia spin-off to private equity scooping up content players. Brad Pitt's production company, Plan B, and Diamond Sports Group both recently tapped big banks to explore their options. Not surprisingly, WarnerMedia was at the heart of the richest transaction fee waterfall for big banks in 2022. Moelis and LionTree were just tapped to help figure out what's next for Sinclair's Regional Sports Networks, Diamond Sports Group, while Brad Pitt's production company, Plan B, also hired Moelis to shop the production company, according to Variety. There's lots of dry powder still in private equity, Navid Mahmoodzadegan, co-founder and co-president at investment bank Moelis, told Insider.

☆ DC wants to better compete with Marvel movies, but its plan is already facing severe roadblocks
▼ + stars: | 2022-10-20 | by ( Travis Clark | ) www.businessinsider.com time to read: +5 min

Warner Bros. Discovery wants to rebuild the DC universe in the mold of Marvel movies. Warner Bros. confirmed a sequel to "Joker," which exists outside the universes of any of those other projects. The search for such an executive put DC movies president Walter Hamada on the outskirts, and Deadline reported on Wednesday that he had exited. Warner Bros.

☆ How much media and tech giants from Disney to TikTok pay employees in the US
▼ + stars: | 2022-10-19 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +12 min

And tech companies like TikTok have made key hires from more traditional media spheres. These are base salaries, and do not include other forms of compensation such as stock options or cash bonuses. DisneyDisney and its US streamer Hulu offered base salaries ranging from $93,150 to $242,000 per year, according to wages from 132 foreign-labor-certification applications. Most of the salaries were for streaming and tech jobs, including data scientist and software engineer roles. Most of the salaries were for data, engineering, and other tech jobs based in San Francisco, California; and Seattle, Washington.

☆ Insiders cast doubt on Warner Bros. Discovery's plans after it axed, then reinstated, a revered TV writers' workshop. It highlights a 'huge crisis' facing Hollywood creatives.
▼ + stars: | 2022-10-17 | by ( Elaine Low | ) www.businessinsider.com time to read: +9 min

Discovery abruptly axed, then reinstated, its longstanding TV writers' training program. Numerous TV writers told Insider they would not have been able to establish their careers without the TV workshop. The WBTV workshops not only developed emerging talents, but also helped ease their way into paid work in Hollywood. But even with Zaslav examining every asset across the company to find a promised $3 billion in synergies, the WBTV writers' and directors' workshops seemed unlikely targets. "The training is just phenomenal," a third alum of the writers' workshop told Insider.

☆ Top media recruiters and Hollywood insiders reveal the entertainment jobs in demand now and which companies are hiring in an 'awful' job market
▼ + stars: | 2022-10-17 | by ( Elaine Low | ) www.businessinsider.com time to read: +4 min

The typical fall "hiring boom" in the entertainment industry, especially at the big streamers, is quieter this year. Recruiters and job seekers said the job market is slow, though data and analytics pros are still in demand. Autumn is typically ripe for hiring in Hollywood. "The streamers are always in a hiring boom this time of year but you're not seeing that anymore." Data and tech jobs are still hot, said Sucherman, calling it a sector of the entertainment industry "that is expanding, not contracting."

☆ Bill Nygren is looking to stocks with 'unsustainably low' price-earnings ratios. Here are his picks
▼ + stars: | 2022-10-12 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The volatile market is pushing some cyclical stocks' price-earnings ratios to levels that Bill Nygren, portfolio manager at Oakmark Funds, sees as "unsustainably low." "When the markets are really volatile like they have been, that tends to lead to an increase in the distribution of P/E ratios," Nygren said on CNBC's "Squawk on the Street." Nygren said that recession fears are driving down companies' P/E ratios. This number is what you get when you divide a stock's price by the annual earnings per share. Nygren said stocks that are currently selling at lower-than-typical P/E ratios have long-term value for investors who can wait out current pressures on company earnings and share values.

Latinos are underrepresented in the media industry workforce across film, radio, television, newspapers and digital platforms, according to the report. Latinos are 19% of the nation's population, almost 1 in 5 Americans, and 18% of workers outside the media industry. The largest percentage of Hispanic media industry workers were employed in service worker positions (19%) — which include food, cleaning and personal and protective services, according to the latest available reports submitted by media companies to the U.S. In positions that can influence the content audiences consume, Latinos were far less represented: They made up only 7% of professional media industry positions such as actors, producers, directors, writers, reporters and editors. When Latinos did see themselves represented in content, they felt "it was inaccurate" in most cases, de Armas said.

☆ Meet 9 top media bankers transforming the M&A landscape as streaming video reshapes entertainment
▼ + stars: | 2022-09-29 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

2022 kicked off with some huge transactions, from AT&T's WarnerMedia spin-off to private equity scooping up content players. Company valuations are set to fall back to earth in 2023, and private equity and strategics are lying in wait. Not surprisingly, WarnerMedia was at the heart of the richest transaction fee waterfall for big banks in 2022. Joshua Grode's Legendary Entertainment, backed by Dalian Wanda and now Apollo Group, which took a stake in the studio in January. There's lots of dry powder still in private equity, Navid Mahmoodzadegan, co-founder and co-president at investment bank Moelis, told Insider.

☆ Netflix, HBO Max, and more streamers are scrapping original kids series and battling for more IP-based hits like 'CoComelon' in a 'bummer year for animation'
▼ + stars: | 2022-09-28 | by ( Elaine Low | ) www.businessinsider.com time to read: +7 min

HBO Max's abrupt removal of dozens of series, mostly kids shows, took creators by surprise. You can't stream it on HBO Max or any subscription service; it's available only for purchase on iTunes. The move was a cost-saving one for HBO Max parent Warner Bros. HBO Max will continue to release new kids and animated programming but is expected to be more selective. "It's a small community" of animation creators, the animation exec told Insider, and those HBO Max cancellations hurt.

☆ How Bryan Lourd became one of the most powerful people in the history of Hollywood
▼ + stars: | 2022-09-25 | by ( Alex Sherman | ) www.cnbc.com time to read: +18 min

Lourd, 61, isn't a household name, but he wields a stunning amount of influence in Hollywood. Lourd's Hollywood clients aren't just A-listers, they're A+-listers: Brad Pitt. An old-fashioned talent agent who loves discussing old movies and doesn't mind pointing out the flaws in his own clients' work, Lourd has become arguably the most powerful person in Hollywood. "He's one of the most powerful people in the history of Hollywood," said Netflix co-CEO Ted Sarandos. But Lourd's clients are such bankable stars that it's equally important for Hollywood executives to be friendly with him as it is beneficial for Lourd and CAA.

☆ Hollywood streamers' typical fall 'hiring boom' is much quieter this year. Here's where the jobs are now and when hiring will pick up again.
▼ + stars: | 2022-09-23 | by ( Elaine Low | ) www.businessinsider.com time to read: +4 min

Fall is usually a busy time for hiring in the entertainment industry, especially at the big streamers. Here's why there's a slump and when hiring is likely to pick up again. "The streamers are always in a hiring boom this time of year but you're not seeing that anymore." "Fall is usually busy — you can usually mark the seasons," said entertainment headhunter and former E! Data and tech jobs are still hot, said Sucherman, calling it a sector of the entertainment industry "that is expanding, not contracting."

☆ Warner Bros. Discovery CEO David Zaslav faces 3 key challenges as financial headwinds disrupt his strategy and threaten his promises to Wall Street
▼ + stars: | 2022-09-22 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

MoffettNathanson analyst Robert Fishman crystallized the daunting task ahead for Zaslav and WBD in his August 5 report "Reality First. The honeymoon was short-lived," said one senior Hollywood insider. It turns out there are five, housing some 40,000 employees globally: Warner Bros., HBO Max, the Turner entertainment channel business, CNN, and Discovery. The WBD insider said there isn't a rush to hire a new chief and that the company will continue to meet people. Under the ownership of AT&T, WarnerMedia's financials were buried in its parent's spreadsheets — now as a pure-play entertainment company, Warner Bros.

☆ It's a 'bummer year for animation' as HBO Max, Netflix, and more streamers scrap original kids series and hunt for the next 'CoComelon'
▼ + stars: | 2022-09-07 | by ( Elaine Low | ) www.businessinsider.com time to read: +7 min

Producer Dan Lin attends the premiere Of Warner Bros. Pictures' "The LEGO Batman Movie" at Regency Village Theatre on February 4, 2017 in Westwood, California. Movie producer Dan Lin, who had been in talks to become head of Warner Bros. The news comes during a tumultuous time for the newly formed Warner Bros. Warner Bros. recently moved its "Aquaman" sequel, which was set for a March 2023 release, to December 2023. Warner Bros.

☆ How Warner Bros. Discovery's reorganization, content cuts, and layoffs have shocked Hollywood and delighted Wall Street
▼ + stars: | 2022-08-04 | by ( Lucia Moses | Elaine Low | ) www.businessinsider.com time to read: +5 min

Discovery formed in 2022, combining a rich array of properties from Warner Bros. to CNN. David Zaslav has been enjoying a stock runup after Wall Street analysts expressed increased optimism about Warner Bros. Discovery, with much cost-cutting behind it and growth ahead as it plans to launch a new streaming service. AT&T's WarnerMedia merged with Discovery in 2022 in a $43 billion deal, creating a content behemoth combining Warner's HBO, CNN, and famed Warner Bros. film studio with Discovery's lifestyle and reality fare. WBD shocked entertainment insiders by canceling high-profile projects like "Batgirl" and yanking episodes of shows including "Sesame Street" from HBO Max, and it has made other moves that concerned Hollywood creatives.

☆ How much media and tech giants from Spotify to TikTok pay employees in the US
▼ + stars: | 2022-05-30 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +12 min

Insider analyzed US pay data to see what eight media and tech giants offer top talent. Streaming fused media with technology, urging media companies to think like tech platforms and tech giants to move into content. These are base salaries, and do not include other forms of compensation such as stock options or cash bonuses. DisneyDisney and its US streamer Hulu offered base salaries ranging from $93,150 to $242,000 per year, according to wages from 132 foreign-labor-certification applications. Most of the salaries were for streaming and tech jobs, including data scientist and software engineer roles.

☆ Kevin Hart sold a $100 million stake in his media company to private equity firm Abry. Here are 10 more Hollywood production shops that are hot M&A targets.
▼ + stars: | 2022-05-19 | by ( Natalie Jarvey | Elaine Low | Madeline Berg | ) www.businessinsider.com time to read: +12 min

Abry Partners' $100 million stake in Kevin Hart's company HartBeat is the latest big M&A move in Hollywood. Dealmakers said production companies are valuable amid the streaming wars and demand for content. The M&A activity had top Hollywood dealmakers telling Insider in early 2022 that practically every independent production company is a target. Many production companies make work-for-hire or don't control the rights to a project once it is sold off to a studio distributor. Based on January interviews with five entertainment industry experts and insiders, Insider identified a list of 10 production companies that could be compelling acquisition targets as M&A activity continues.

☆ Hulu will lose top NBC shows like 'SNL' and 'The Voice' in September, one of the key challenges ahead for streamer chief Joe Earley, according to insiders
▼ + stars: | 2022-03-10 | by ( Natalie Jarvey | Claire Atkinson | ) www.businessinsider.com time to read: +7 min

Disney executive Joe Earley was named president of Hulu in January. "This is the best outcome for them," said a former Hulu executive, noting that Earley's "superpower" is navigating the type of complicated internal conflicts that have plagued the streamer's leaders. Under Earley, Hulu will have "an advocate," the former executive said. Many in Hollywood believe Disney hasn't taken Hulu international because it doesn't want to further boost the platform's overall valuation. It will also be Earley's job to redefine the Hulu brand once it becomes 100% owned by Disney.

☆ Capital One Savor credit cards permanently increase cash back on groceries, streaming services
▼ + stars: | 2021-05-18 | by ( Julian Kheel | ) edition.cnn.com time to read: +5 min

CNN —During the coronavirus pandemic, Capital One added a limited-time bonus category on popular streaming services to its Savor credit cards. Starting Tuesday, May 18, the Capital One® Savor® Cash Rewards Credit Card earns 4% cash back on eligible music and video streaming services on an ongoing basis, while the Capital One® SavorOne® Cash Rewards Credit Card now earns 3% cash back on those same streaming services. Popular streaming services that officially earn bonus cash back on the Savor cards include Netflix, Hulu and Disney+, but other streaming services that have been reported to earn bonus cash back as well include Spotify, Sling, Kindle Unlimited, Paramount+ and HBO Max, among others. Previously, the issuer added redemption options for streaming services and food delivery to its Capital One® Venture® Rewards Credit Card and Capital One® VentureOne® Rewards Credit Card, but that enhancement is currently scheduled to end on June 30. Find out which cards CNN Underscored chose as our best credit cards currently available.

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