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☆ DeSantis' hand-picked Walt Disney World oversight board meets for the first time
▼ + stars: | 2023-03-08 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

REUTERS/Octavio JonesMarch 8 (Reuters) - A new board controlling Walt Disney World's special taxing district in Florida will meet for the first time on Wednesday, as Governor Ron DeSantis' hand-picked group gets ready to end the entertainment giant's "corporate kingdom." Nothing in the language of the legislation creating the Central Florida Tourism Oversight District gives the board of supervisors authority to direct Walt Disney Co's (DIS.N) content. "The District board members are now in place and will be examining all of the needed actions to get back on track," Bryan Griffin, a spokesman for the governor, said on Tuesday. Legislators in Florida passed a bill in February giving DeSantis effective control over a board that oversees municipal services and development in a special district that encompasses Walt Disney World resort. “Shameful to see Disney continue to use children as pawns to advance their WOKE political agenda,” Ziegler tweeted.

March 7 (Reuters) - Fox Corp (FOXA.O) Chairman Rupert Murdoch questioned whether hosts Sean Hannity and Laura Ingraham “went too far” in their coverage of voter fraud claims, according to an email contained in a trove of new exhibits in Dominion Voting Systems’ lawsuit against Fox that became public Tuesday. The exhibits unsealed Tuesday contain evidence underlying the parties’ dueling motions for summary judgment, in which they seek pretrial rulings in their favor. The new documents also include more context of testimony and messages that Fox claimed Dominion had “cherry-picked” and “misrepresented” in its filing. Dominion has alleged Fox continued to push the stolen election narrative because it was losing viewers to right-wing outlets that embraced it. Fox argued in court filings that its coverage of claims by Trump's lawyers were inherently newsworthy and protected by the First Amendment of the U.S. Constitution.

☆ Paramount Global mulls sale of majority stake in BET -source
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Paramount Global (PARA.O) is mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source with knowledge of the matter told Reuters. BET drew an immediate expression of interest from Byron Allen, whose Allen Media Group's assets include The Weather Channel. A spokesperson for Allen Media Group said it "will be pursuing the acquisition of the network." Paramount also formed BET Studios in 2021 through a partnership with "Black-ish" creator Kenya Barris, actress Rashida Jones and "S.W.A.T" co-creator Aaron Rahsaan Thomas. The Wall Street Journal first reported that Paramount was exploring a possible sale of BET as it looks to improve its balance sheet.

☆ Paramount Global mulls sale of majority stake in BET
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Paramount Global (PARA.O) is mulling the possible sale of a majority stake in BET Media Group, which includes the BET cable network, BET Studios and VH1, a source confirmed. The company believes BET, an entertainment brand focused on the Black community and culture, would attract substantial interest from Black investors or institutions, the source said. Paramount hopes to maintain a minority stake to benefit from any value that might be unlocked by the transaction. Previously, the media company partnered with the actor and filmmaker Tyler Perry to launch the BET+ subscription service in 2019, and he retains a minority stake. It also formed BET Studios through a partnership with "Black-ish" creator Kenya Barris, actress Rashida Jones and "S.W.A.T" co-creator Aaron Rahsaan Thomas.

[1/3] A Walt Disney World photographer holds a Pride rainbow-coloured Mickey Mouse cutout before the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio JonesFeb 27 (Reuters) - Florida Governor Ron DeSantis on Monday signed a bill that asserts state oversight on the land surrounding Walt Disney World, dramatically changing a special tax district that for half a century allowed Walt Disney Co (DIS.N) to operate with a high degree of autonomy. “The corporate kingdom finally comes to an end,” DeSantis said during a press event at Lake Buena Vista in Orlando. In March, Disney’s then-chief executive officer, Bob Chapek, publicly voiced disappointment with the bill limiting LGBTQ discussion in schools, saying he called DeSantis to express concern about the legislation becoming law. Disney World is the largest employer in central Florida with close to 75,000 employees and drew 36.2 million visitors in 2021, according to the Themed Entertainment Association.

REUTERS/Mario AnzuoniNEW YORK, Feb 24 (Reuters) - The rights to stream "South Park," the popular animated comedy featuring foul-mouthed children, is the subject of a new lawsuit where Warner Bros Discovery Inc is seeking hundreds of millions of dollars in damages from Paramount Global (PARA.O). The complaint said the defendants cemented their apostasy in August 2021 when Paramount's MTV unit announced an agreement to stream new "South Park" content on Paramount+, through season 30 in 2027. Warner said it now expects to receive only 14 of the 30 new "South Park" episodes it had been promised, including two "Pandemic Specials" that Paramount claims constitute season 24. The defendants also include MTV and South Park Digital Studios, a joint venture between Paramount, Parker and Stone. "South Park" was launched in August 1997 on Comedy Central, owned by Paramount.

☆ Warner Bros Discovery posts quarterly loss after restructuring charges
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

Feb 23 (Reuters) - Warner Bros Discovery (WBD.O) Inc on Thursday posted a $2.1 billion loss in its fourth quarter, reflecting ongoing charges related to the restructuring of the merged media companies. Warner Bros Discovery reported a loss of 86 cents per share, versus expectations of a 21-cent-per-share loss. Warner Bros Discovery said the months-long merger-related restructuring, which resulted in thousands of layoffs and canceled film and television projects, is complete. Warner Bros Discovery also said it has paid down $7 billion in debt since April. Like other media companies, Warner Bros Discovery has yet to turn a profit on its HBO Max and Discovery+ streaming services, though the company has reduced losses from them.

☆ Down-to-the-wire Super Bowl draws game's second-largest audience, Nielsen says
▼ + stars: | 2023-02-14 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

Nielsen's figure includes people who watched on the Fox or Fox Deportes TV networks (FOXA.O) or streamed the game on Fox digital properties or NFL+. Football - NFL - Super Bowl LVII - Half-Time Show - State Farm Stadium, Glendale, Arizona, United States - February 12, 2023 Rihanna performs during the halftime show REUTERS/Caitlin O'haraThe Super Bowl draws the biggest audience on U.S. television each year. The most-watched Super Bowl took place in 2015, when an average of 114.8 million people watched the New England Patriots defeat the Seattle Seahawks. Viewership rose roughly 11% from last year, when Nielsen reported an audience of 101 million people. Fox said the audience increased during the halftime show starring pop and R&B superstar Rihanna, averaging 118 million people on TV and digital platforms.

☆ NFL says Super Bowl watched by 113 million viewers
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

LOS ANGELES, Feb 13 (Reuters) - Sunday's Super Bowl attracted an average of 113 million viewers across traditional television and digital platforms, the National Football League said on Monday, citing preliminary data. The NFL said that figure represented a six-year high for its championship game, which this year was broadcast on the Fox TV network (FOXA.O) and streamed on Fox digital properties and NFL+. A final audience tally will be released by Nielsen on Tuesday, the NFL said. The Super Bowl ranks as the most-watched event on U.S. television every year, though viewership has been dwindling since it peaked in 2015. Viewership increased during the halftime show starring pop and R&B superstar Rihanna, averaging 118 million people on TV and digital platforms, the NFL said.

☆ Florida governor gains control over Disney district board
▼ + stars: | 2023-02-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

[1/4] Sunlight breaks through clouds near Disney World in Orlando, Florida, U.S. September 8, 2017. REUTERS/Gregg Newton/File PhotoFeb 10 (Reuters) - Florida lawmakers on Friday granted Governor Ron DeSantis effective control of the board that oversees development in and around Walt Disney Co's (DIS.N) central Florida theme parks, escalating the Republican's battle with the company. DeSantis' spokesperson Bryan Griffin said the prior system, under which the Florida legislature in 1967 gave Disney sole control over the district, lacked accountability. Disney World is the largest employer in central Florida with close to 75,000 employees and drew 36.2 million visitors in 2021, according to the Themed Entertainment Association. The new bill preserves the Reedy Creek special district, though within two years it will be renamed Central Florida Tourism Oversight District.

☆ Florida governor assumes control over Disney district board
▼ + stars: | 2023-02-10 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

Feb 10 (Reuters) - Florida lawmakers granted Governor Ron DeSantis effective control of the board that oversees development in and around Walt Disney Co's (DIS.N) central Florida theme parks, escalating the Republican's battle with the emblematic company. The board members will be confirmed by the Senate, and will have no involvement in the day-to-day operations of the theme parks. "Reedy Creek gifted extraordinary special privileges to a single corporation," DeSantis' spokesman Bryan Griffin wrote on Twitter. Disney World is the largest employer in central Florida with close to 75,000 employees, drawing 36.2 million visitors in 2021, according to the Themed Entertainment Association. The new bill preserves the Reedy Creek special district, though within two years it will be renamed Central Florida Tourism Oversight District.

The company also said it incurred $6 million in one-time costs associated with its plans to merge with Fox Corp (FOXA.O), which News Corp Executive Chairman and Fox Co-Chairman Rupert Murdoch scrapped in January. To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts. The layoffs will be made across all businesses and result in savings of at least $130 million on an annualized basis. Advertising revenue in the second quarter fell 10.6% to $464 million during the quarter. Revenue was $2.52 billion in the second quarter ended Dec. 31, while analysts on average expected $2.55 billion, according to Refinitiv data.

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Disney reported earnings that topped Wall Street expectations and Iger outlined a corporate restructuring that addresses many of Peltz' criticisms. Disney's stock price climbed 3.6% in Thursday trading. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Iger announced earnings that topped Wall Street expectations and announced a corporate restructuring that addresses many of Peltz' criticisms. Trian owns a nearly $1 billion stake in Disney and had criticized the company for a bungled succession planning, overpaying for new assets and runaway costs. Reporting by Tiyashi Datta in Bengaluru; Editing by Devika Syamnath, Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Bob Iger's Disney revamp could keep critic Peltz 'at bay'
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger dazzled Wall Street on Wednesday with sweeping changes and billions of dollars in cost cuts, and some analysts are convinced that will be enough to sway its harshest critic - activist investor Nelson Peltz. Under the restructuring, Disney is cutting 7,000 jobs and reorganizing into three divisions - an entertainment unit encompassing film, television and streaming, a sports-focused ESPN unit and one with Disney parks, experiences and products. "Iger's early steps seem likely to keep Peltz at bay, which the company dearly wants. Peltz could have an opening if Disney slips up," said Barton Crockett, analyst at Rosenblatt Securities. "We are pleased that Disney is listening," a Trian spokesperson said.

"This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit, which lost more than $1 billion. Iger also repositioned the company to capitalize on the streaming revolution, acquiring 21st Century Fox's film and television assets in 2019 and launching the Disney+ streaming service that fall. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

Disney issued a statement applauding Peltz's decision to end a board challenge which it called a "distraction. 'FIRST PHASE' IN DISNEY'S TRANSFORMATIONFor Peltz's Trian Fund Management the board challenge appears to have paid off with an estimated 20% gain on his investment. Analysts said Peltz made a reasonable request for one board seat and to join the 12-member board himself. Peltz appeared on CNBC on Thursday to announce his proxy fight with Disney was over. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

Iger said he would reorganize the company into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit which lost more than $1 billion. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

☆ Disney investors await CEO Iger's revival plan with results on tap
▼ + stars: | 2023-02-07 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

LOS ANGELES, Feb 7 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger is expected to discuss a turnaround plan on Wednesday, when the media company delivers its first quarterly results since the return of the executive who built the modern incarnation of Disney. "This is the right place to do it. It also endorsed Iger's leadership, adding that Disney generated a shareholder return of 554% under his previous tenure as CEO. That change resulted in the departure of Kareem Daniel, head of the Disney Media and Entertainment Distribution group created by Iger's predecessor, Bob Chapek, to consolidate budgeting and distribution for the studio's content. Analysts polled by FactSet estimate Disney+ will have 163 million subscribers, down modestly from the previous quarter.

Several of this year's Grammy nominees, including "abcdefu" singer Gayle and R&B artist Muni Long, rose in popularity after influencers and everyday users posted TikTok videos with their music. Even as the music industry gathers in Los Angeles to celebrate artists and their songs at Sunday's Grammy awards, the relationship between hitmaker TikTok and music labels is showing signs of strain. As deals with the major music companies expire, the labels are looking to receive some of TikTok's ad revenue, according to Tatiana Cirisano, music industry analyst for Midia Research. One music industry insider, who spoke on condition of anonymity, said "it’s open to interpretation" why this is happening now. "TikTok has become really integral to the way that younger people relate to music, discover music and consume it,” Cirisano said.

☆ Exclusive: Warner Bros Discovery licenses movies and TV shows to Roku, Tubi
▼ + stars: | 2023-01-31 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Jan 31 (Reuters) - Warner Bros Discovery Inc (WBD.O) has reached deals with streaming services Roku Inc (ROKU.O) and Fox Corp's (FOXA.O) Tubi to license 2,000 hours of movies and TV series, as it becomes the latest media company to embrace free, ad-supported streaming TV. The streamers announced Tuesday they plan to use the content to launch Warner Bros-branded free, ad-supported TV (or FAST) channels. For the first nine months of 2022, Warner Bros Discovery's streaming business, which includes HBO Max, lost $1.38 billion. The studio is seeking to capitalize on a growing segment of the streaming universe, which industry executives see as complementing subscription streaming services. AMC Networks Inc (AMCX.O), Comcast Corp's (CMCSA.O) NBCUniversal and the National Hockey League have launched FAST channels over the last year.

☆ Spotify's user growth beats estimates, expects 500 million listeners next quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Lucy NicholsonSTOCKHOLM, Jan 31 (Reuters) - Spotify Technology SA (SPOT.N) on Tuesday reported fourth-quarter results that beat expectations for both active users and subscribers, and forecast the number of listeners would reach 500 million next quarter. The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million. Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv. Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually.

☆ Spotify's user growth beats estimates, expects 500 mln listeners next quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million. Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million, according to IBES data from Refinitiv. The growth was driven by marketing campaigns and as more listeners signed up in countries such as India and Indonesia. Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually.

Despite a rich stable of characters from Batman to Wonder Woman, the DC film and television studio has failed to match the success of Walt Disney Co's (DIS.N) Marvel hit factory. Also in 2025, DC Studios will release "Batman - Part II," a sequel starring Robert Pattison, a darker, more adult tale that is not part of Gunn's newly envisioned "DC Universe." While Marvel has become the highest-grossing film franchise in history, DC Studios has had mixed results. Four DC film projects that were completed before Gunn and Safran took over the studio will be released to theaters this year, "Shazam! Zaslav cut some costs by scrapping a third "Wonder Woman" film and a "Batgirl" movie that was headed to streaming.

Apart from the forecast of half a billion users, Spotify also expects premium subscribers to reach 207 million in the current quarter and revenue of 3.1 billion euros ($3.35 billion). Analysts were expecting 202 million subscribers and revenue of 3.05 billion euros. Spotify last year laid out plans to get 1 billion users by 2030 and to reach $100 billion revenue annually. "Spotify will double down on things that worked well and stop doing the things that don't work," he said. In 2023, the company expects revenue to begin to grow faster than operating expenses, which have jumped due to headcount growth and higher advertising costs.

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