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☆ Netflix co-CEO yet to see a path to profitability in 'renting big sports'
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - Netflix Inc (NFLX.O) co-Chief Executive Ted Sarandos on Tuesday said he has yet to see a path to profitability in live sports on the streaming service. Sarandos said the economics of professional sports were built around the economics of television - and buying rights is expensive. "We've not seen a profit path to renting big sports today," Sarandos told the UBS Global TMT conference. Sarandos said Netflix has been able to add subscribers without the lure of big sporting events, such as the Super Bowl. He said he is "confident" the service can double in size without streaming live sports, although he did not rule it out entirely.

☆ HBO Max streaming service returns to Amazon Prime Video
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - The HBO Max video streaming service is once again available on Amazon's Prime Video Channels in the United States, ending a more than year-long hiatus. Warner Bros Discovery (WBD.O) and Amazon Inc (AMZN.O) announced Tuesday that Prime customers can sign up for HBO Max, effective immediately. AT&T canceled subscriptions purchased through Amazon's Prime Video in September 2021 and refunded money, as it sought to establish direct relationships with customers. Amazon and Warner Bros Discovery said HBO Max will be available for $14.99 a month. Researcher Parks Associates this month ranked Prime Video as the top streaming service in the United States.

☆ AMC Networks estimates it will incur up to $475 million in restructuring charge
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

Dec 1 (Reuters) - AMC Networks Inc (AMCX.O) Thursday estimated it would incur $350 to $475 million in pre-tax charges related to its restructuring plan announced on Nov. 28, according to a regulatory filing. Reporting by Dawn Chmielewski in Los Angeles; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Netflix CEO calls resisting ads a mistake
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Netflix Inc (NFLX.O) co-founder Reed Hastings said on Wednesday he was "wrong" to resist ads for his streaming service. Hastings said Hulu proved streaming services could support advertising, and offer consumers lower prices. "I wish we had flipped a few years earlier on it," Hastings said during the New York Times DealBook summit. Reporting by Dawn ChmielewskiOur Standards: The Thomson Reuters Trust Principles.

☆ CNN informs employees that layoffs are under way - memo
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo on Wednesday that layoffs are under way, according to an email seen by Reuters. Licht said CNN would notify a limited number of individuals, largely some of its paid contributors on Wednesday and the impacted employees on Thursday, according to the memo. "I know these changes affect both our departing colleagues and those who remain," Licht wrote. In October, Licht had warned CNN would be undergoing changes, citing "widespread concern over the global economic outlook." The changes would affect "people, budgets and projects," Licht had said.

☆ Disney warns restructuring could result in impairment charges
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Walt Disney Co (DIS.N) on Tuesday said it anticipates organizational and operational changes in the company that could result in impairment charges, according to a regulatory filing. The changes follow Bob Iger's return as Disney's chief executive officer. Disney said Iger's mandate is to put the company on the path for renewed growth. As he sets a strategic direction for the company, Disney said it anticipates changes in the coming months. The restructuring and change in business strategy, once determined, could result in impairment charges, the company said in its filing.

☆ Disney CEO Iger makes profitable streaming a priority
▼ + stars: | 2022-11-28 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/File PhotoNov 28 (Reuters) - Walt Disney Co (DIS.N) Chief Executive Bob Iger said on Monday one of his top priorities is to make the company's streaming business profitable. Iger is responsible for Disney's all-in embrace of streaming, and the launch of its marquee service, Disney+, but he acknowledged the measurement of success has changed. Disney joins a number of media companies seeking to grow their streaming services without sacrificing its film or television businesses. From a sound stage on Disney's lot, Iger said he returns to the company he led for 15 years with a sense of urgency. He offered no timing on the restructuring of the company's film and television distribution group, Disney Media and Entertainment Distribution.

☆ Disney CEO Bob Iger calls the drive to make streaming profitable a priority
▼ + stars: | 2022-11-28 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

[1/3] FILEPHOTO: Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. In his 15 years as Disney chief executive, Iger postponed his retirement four times, sidelining would-be successors. read more Part of his mandate, according to Disney, is to work with the board to develop a successor to lead the company. Chapek was among a shortlist of internal candidates vying for Iger's job, according to a source familiar with discussions. Another seen as a top contender was Kevin Mayer, Disney's longtime head of strategic planning who had shepherded the successful launch of Disney+, according to sources.

☆ Disney's media sales boss to exit in Iger shake-up
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - A day after returning to the company, Walt Disney Co (DIS.N) Chief Executive Bob Iger moved to undo a corporate structure put in place by his hand-picked successor. Iger said the restructuring would result in changes to Disney Media & Entertainment Distribution, a unit former CEO Bob Chapek formed in October 2020 to centralize all film and television sales and distribution. Bank of America analyst Jessica Reif Ehrlich said Iger's decisive action resembles his management approach during his first stint as Disney's CEO. During that time, he quickly calmed tensions with Pixar Animation Studio's chief executive, Steve Jobs. Reporting by Dawn Chmielewski in Los Angeles; Editing by Mark Porter and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Disney's chairman, Daniel, to exit in planned restructuring
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - One day after returning to the company, Walt Disney Co (DIS.N) Chief Executive Bob Iger moved to undo a corporate structure put in place by his hand-picked successor. In an email to employees on Monday, seen by Reuters, Iger said that as a result of the restructuring, Chairman Kareem Daniel will leave the company. Iger said the restructuring would result in a reorganization of Disney Media & Entertainment Distribution, a unit former CEO Bob Chapek formed to handle all film and television sales and distribution. Iger said the change would put decision-making back into the hands of creative executives and asked a group of senior executives to reorganize the company. Reporting by Dawn Chmielewski in Los Angeles; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. Disney did not respond to a request for comment on Trian and Trian did not respond to a request for comment. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic hit, leading to park closures and restrictions on visitors globally. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. IGER'S RETURNSIger exited Disney on a high note as the company led the battle against Netflix in the streaming wars. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

[1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. REUTERS/Hannah McKayLOS ANGELES, Nov 20 (Reuters) - Former Walt Disney Co (DIS.N) Chief Executive Bob Iger is returning to the media company as CEO less than a year after he retired, a surprise appointment that comes as the entertainment company struggles to turn its streaming TV services into a profitable business. Iger, who retired last year after 15 years as chief executive, has agreed to serve as CEO for two more years, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020. Iger exited Disney on a high note as the company led the entertainment industry's battle against Netflix (NFLX.O) in the streaming wars.

☆ Korean-American superhero 'Silk' comes to small screen
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Silk, a Korean-American superhero, will be coming to MGM+ and Amazon Prime Video in a live-action television series based on Sony Pictures' universe of Marvel characters, Amazon said Thursday. Deal terms were not disclosed for this first installment in a multi-series agreement Amazon struck with Sony. It will be distributed globally on Prime Video in more than 240 countries. Angela Kang, a Korean-American television writer and producer who is showrunning "The Walking Dead," will serve as showrunner. She developed the series with "Into the Spider-Verse" producers Phil Lord, Christopher Miller and Amy Pascal, who will serve as executive producers.

Nov 15 (Reuters) - Donald Trump said he would make a third bid for the U.S. presidency, in an announcement that was carried live on Fox News' “Hannity” show Tuesday. Trump received an upbeat response from host Sean Hannity, a longtime supporter who has interviewed the former president on myriad occasions, and guests including Fox contributor Mike Huckabee and “Fox & Friends Weekend” co-host Pete Hegseth. “He is the preeminent fighter for freedom, for America First, of our generation,” said Hegseth in remarks after Trump’s announcement. The show’s enthusiasm about Trump’s candidacy runs counter to some of the harsher criticism that Fox and other news outlets controlled by Rupert Murdoch have levied against Trump in the days since the midterm elections. On midterm election night, some Fox News analysts singled out Trump for criticism when the "red wave" that was expected to sweep Republican candidates into office amounted to a trickle.

☆ Disney plans to freeze hiring and cut some jobs, memo shows
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +3 min

Nov 11 (Reuters) - Walt Disney Co (DIS.N) is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday. Chief Executive Bob Chapek sent the memo to Disney's leaders, saying the company is instituting a targeted hiring freeze and anticipates "some small staff reductions" as it looks to manage costs. Disney has said the fast-growing service added 12 million subscribers in its fiscal fourth quarter but reported an operating loss of nearly $1.5 billion. The company said Disney+ would become profitable in fiscal 2024, with losses having peaked in the quarter. Meta Platforms (META.O) said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.

☆ Analysis: Ron DeSantis' big election night shakes 2024 White House field
▼ + stars: | 2022-11-10 | by ( James Oliphant | ) www.reuters.com time to read: +7 min

Trump would be the favorite in a primary matchup against DeSantis or any other Republican. Although he has been coy about a presidential run, supporters at his victory party chanted "Two more years!" Even if Trump mounts another presidential run, he will continue to face a dizzying array of legal headaches, including probes of his efforts to overturn the 2020 election and his removal of classified documents from the White House. I don't like him," said two-time Trump voter Gordon Nelson, 77, as he voted for Republican candidates in Michigan on Tuesday. At a Wednesday press conference, Biden seemed amused at the prospect of Trump and DeSantis going head-to-head.

Nov 8 (Reuters) - Walt Disney Co (DIS.N) said on Tuesday its marquee streaming service, Disney+, gained more subscribers than Wall Street had expected, but investment costs dragged quarterly earnings below analysts' targets. Disney is spending billions to build its streaming options and compete with Netflix Inc (NFLX.O) and others. Disney+ reported 164.2 million subscribers in the fiscal fourth quarter, surpassing Factset estimates of 161 million. Disney has amassed 235 million subscriptions across Disney+, Hulu and ESPN+ streaming services, a gain of 14.6 million from the previous quarter. For the fiscal year, Disney reported per-share earnings of $3.53, excluding certain items, on revenues of $82.7 billion.

A dispute arose over the price Fox would pay for a stake in the market-leading FanDuel app, leading to arbitration that began in the spring of 2021. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to betters. The growth of Fox Bet has stagnated since Flutter acquired Stars Group, the company that helped launch Fox Bet and owns and operates the app. Fox claimed that Flutter failed to provide reasonable resources behind Fox Bet, a claim Flutter said the arbitrator rejected, finding that Flutter had agreed to commit "commercially reasonable" resources behind the offering.

Nov 4 (Reuters) - Fox Corp (FOXA.O) said an arbitrator on Friday reaffirmed its right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's owner, Flutter Entertainment Plc (FLTRF.L). The New York-based Judicial Arbitration and Mediation Services also settled a dispute over the price to exercise that option. Fox has a 10-year option to acquire an 18.6% stake of FanDuel for $3.7 billion. In April 2021, Fox filed its lawsuit against the Irish gaming company, seeking to secure its option to buy an stake in the market-leading FanDuel app. The arbitrator Friday settled on an option price based on a $20 billion valuation for FanDuel.

Nov 4 (Reuters) - Fox Corp (FOXA.O) said an arbitration court on Friday reaffirmed its right to acquire a nearly one-fifth stake in FanDuel, settling a longstanding dispute with the betting app's parent company, Flutter Entertainment Plc (FLTRF.L). The court also settled a dispute over the price to exercise that option. Fox has a 10-year option to acquire an 18.6% stake of FanDuel for $3.7 billion. Reporting by Dawn Chmielewski; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Warner Bros. Pictures, film subsidiary of Warner Bros. "We're spending more money this year than we've ever spent historically," Warner Bros Chief Executive David Zaslav told a conference call. Warner Bros posted a third-quarter loss of $2.3 billion, or 95 cents a share, which includes $1.5 billion in pre-tax restructuring charges. Warner Bros Discovery, home to hit franchises such as "Batman" and "Euphoria," added 2.8 million new streaming subscribers in the third quarter, bringing its total to 94.9 million. A merger of HBO Max and Discovery+ will debut on an accelerated timetable, in spring of 2023.

As recently as August, Lachlan Murdoch described sports betting as "a huge opportunity" for Fox Sports, telling Wall Street it would fuel viewer engagement. The sports betting app Fox Bet is available in four states, with just 0.2% share of the U.S. market, according to researcher Vixio. A free version called Fox Bet Super 6 has attracted some 6 million users whom Fox hopes to eventually convert to gamblers. The growth of Fox Bet has stagnated since market-leading FanDuel's owner, Flutter Entertainment Plc (FLTRF.L), acquired Stars Group in 2020. The matter is the subject of an arbitration case and Lachlan Murdoch told investors a decision is expected imminently.

[1/2] The logo of Apple company is seen outside an Apple store in Bordeaux, France, March 22, 2019. Although iPhone sales were not as strong as some analysts had targeted, they were still a record for the September quarter. Maestri said iPhone sales set a record for the September quarter, improving 10% over the prior year's quarter and exceeding the company's forecast. In China, which has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion. That is a gain from the prior quarter, when Apple logged sales of $14.6 billion.

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