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☆ Paramount fires back at Warner Bros. Discovery in 'South Park' streaming lawsuit
▼ + stars: | 2023-04-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Discovery in a lawsuit over the streaming rights for the comedic cartoon, and is seeking more than $50 million in unpaid fees. Warner alleged Paramount withheld specials and other related "South Park" content as its own fledgling streaming service, Paramount+, was lifting off. Discovery's argument that Paramount Global was required to deliver additional South Park content is baseless and wholly unsupported by the parties' agreement. Warner said in the earlier filing that during the bidding process for the streaming rights Paramount had allegedly asked if they could share the rights for Paramount+. The company added that Warner's HBO Max – which is being relaunched as Max – continues to feature the entire "South Park" library.

BuzzFeed wasn't the only digital media company to announce layoffs Thursday. Miller added that going public is probably not the best strategy for digital media companies like Buzzfeed. The news comes during a tough period for digital media companies as publishers are cutting staff as advertisers reduce spending. BuzzFeed will lay off 15% of staff and shut down its news unit, BuzzFeed CEO Jonah Peretti wrote in an email to staff Thursday. The digital media company scaled back its news operation in an attempt to make BuzzFeed News profitable, resulting in the departure of several editors.

☆ Fox faces similar defamation case from Smartmatic after Dominion settlement
▼ + stars: | 2023-04-19 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Fox Corp. and its TV networks agreed to pay $787.5 million to settle Dominion Voting Systems' defamation lawsuit this week, but the media giant's legal headaches don't end there. Still hanging in the balance is voting software company Smartmatic USA's defamation case, which is seeking $2.7 billion in damages – over $1 billion more than Dominion initially sought in its lawsuit. Smartmatic, like Dominion, filed its defamation lawsuit against Fox for spreading false claims that its voting software helped rig the 2020 election that saw Joe Biden triumph over Donald Trump. Although Smartmatic's lawsuit was filed shortly ahead of Dominion's in 2021, the pace of the case has lagged in comparison. It remains unclear how or whether the settlement between Fox and Dominion will affect Smartmatic's case.

☆ Analysts say Netflix's password crackdown could reaccelerate growth, though concerns linger
▼ + stars: | 2023-04-19 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Netflix's mixed quarterly results had something for the bulls and the bears, as analysts weighed their outlook on the streaming service against a delay in the password sharing crackdown and lackluster guidance. Hodulik upgraded Netflix to buy from neutral, saying he expects growth will inflect with double-digit profit growth and rising free cash flow. What's more, he said restricting password sharing could become "meaningfully accretive" for Netflix as soon as the third quarter. Netflix turned to an ad-supported plan, and a password sharing crackdown, after reporting its first subscriber loss last year. He cited mixed subscriber growth, light guidance, and uncertainty around the delayed rollout in the password sharing crackdown.

A person walks past Fox News Headquarters at the News Corporation building on May 03, 2022 in New York City. - Fox Corp. and its cable networks agreed Tuesday to pay $787.5 million to Dominion Voting Systems to settle a defamation lawsuit over false claims that Dominion's machines swayed the outcome of the 2020 presidential election. The suit by Dominion, which sells voting machines and election software, had argued that Fox News and its sister network Fox Business "intentionally and falsely" blamed Dominion for the 2020 loss of former President Donald Trump to President Joe Biden by airing unsubstantiated claims about the company. Fox had said in court filings that its hosts' statements about Dominion were protected by the First Amendment. The company also said Dominion had not shown that the statements were made with so-called actual malice, which is the threshold for civil defamation claims.

☆ Netflix may shrug at writers' strike after slashing content spending in first quarter
▼ + stars: | 2023-04-18 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

Like other media companies, Netflix appears focused on boosting free cash flow rather than cranking up spending to add more subscribers. But if that amount is cut, Netflix's new investor story of boosting free cash flow may not be derailed. The company nonetheless hopes to avoid a writers' strike, co-CEO Ted Sarandos said during Netflix's earnings video presentation Tuesday. A writers' strike could put more emphasis on Netflix adding live programming — something the company is clearly still struggling with. Still, Netflix seems prepared to weather a writers' strike — because it's already getting permission from investors to cut content spend without one.

A person walks by Fox News signage posted on the News Corporation building in New York City, April 12, 2023WILMINGTON, Del. — Opening arguments were delayed Tuesday in the Dominion Voting Systems' defamation lawsuit accusing Fox News of spreading the damaging falsehood that the company rigged the 2020 election. The person, a Fox News representative, was forced to delete the photos and permanently exit the courtroom. The Fox representative misunderstood the courtroom rules and apologized, adding that the pictures were deleted immediately, the company told CNBC. I'm not going to give you an extra day," Davis told attorneys for both camps.

☆ Netflix delays password-sharing crackdown rollout, posts mixed results
▼ + stars: | 2023-04-18 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Netflix shares fell Tuesday after the streaming giant posted earnings and said it was pushing back its broad rollout of its password-sharing crackdown. Results for the country's new ad-supported tier will be top of mind. The ad-supported tier came shortly after it lost subscribers as streaming competition ramped up. In February, Netflix outlined password-sharing guidance in four countries: New Zealand, Canada, Portugal and Spain. The company has yet to provide password-sharing guidance for the U.S., although it is expected to do so this year.

Dominion Voting Systems' $1.6 billion civil defamation lawsuit against Fox News has been delayed on the eve of its scheduled start date, an official for the court hearing the case said Sunday. Spokespeople for Fox and Dominion did not immediately provide statements when asked for comment after the delay was announced Sunday night. Fox has argued that Dominion has not met the legal standard for defamation, and that the statements made about Dominion on its air were protected by the First Amendment. The Wall Street Journal reported earlier Sunday evening that Fox has made a last-minute push to settle the lawsuit out of court. But as recently as Saturday, the possibility of Dominion and Fox avoiding trial seemed as unlikely as ever.

☆ Earnings playbook: Netflix and Goldman Sachs headline a big week of reports
▼ + stars: | 2023-04-16 | by ( Fred Imbert | ) www.cnbc.com time to read: +14 min

Tuesday Johnson & Johnson is set to report earnings before the open, followed by a call with management at 8:30 a.m. Goldman Sachs is set to report earnings before the open, followed by a call at 9:30 a.m. What history shows: Bespoke data shows Goldman tops earnings expectations 86% of the time. Netflix is set to report earnings after the bell, followed by a call with management at 6 p.m. Friday Procter & Gamble is set to report earnings before the open, with a conference call also slated for 8:30 a.m.

☆ Fox News apologizes to judge in defamation case for failing to disclose Rupert Murdoch's role at the network
▼ + stars: | 2023-04-16 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Fox News apologized to the Delaware judge presiding over the Dominion Voting Systems' lawsuit for failing to properly define Fox Corp. Chairman Rupert Murdoch's formal role at the network, according to a letter filed with the court. "We understand the Court's concerns, apologize, and are committed to clear and full communication with the Court moving forward," Fox attorney Blake Rohrbacher wrote in the letter Friday. Dominion Voting Systems brought its defamation lawsuit against Fox and its TV networks, Fox News and Fox Business, in March 2021, arguing its hosts pushed false claims that Dominion's voting machines were rigged in the 2020 presidential election that saw President Joe Biden triumph over former President Donald Trump. Delaware Superior Court Judge Eric Davis expressed frustration with the network Tuesday for its failure to accurately disclose Murdoch's leadership role there. Fox lawyers had repeatedly claimed Murdoch did not have an official title at Fox News, only to later reveal that he serves as the Fox News Executive Chair.

☆ What Dominion's lawsuit could mean for Fox and its cable TV networks
▼ + stars: | 2023-04-13 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

Michael M. Santiago | Getty Images News | Getty ImagesDominion Voting System's defamation lawsuit against Fox Corp . and its cable TV networks will go to trial in the coming days, but the jury is still out on what, exactly, the lawsuit means for Fox and its business. Dominion brought its lawsuit against Fox and its TV networks, Fox News and Fox Business, in March 2021, arguing their hosts pushed false claims that Dominion's voting machines were rigged in the 2020 presidential election that saw Joe Biden triumph over Donald Trump. Worsen [Fox Corp. Stock Chart Icon Stock chart icon Fox Corp.'s stock has remained stable in recent months as evidence implicating its TV hosts and executives have come to light in Dominion's defamation lawsuit. Oftentimes, companies will pull their ads when TV networks are embroiled in controversy.

Warner Bros. Discovery on Wednesday unveiled its new blended streaming service of HBO Max and Discovery+, called "Max." Warner Bros. Warner Bros. Discovery had more than 96 million global streaming subscribers, from either HBO Max, HBO or Discovery+, at the end of the fourth quarter.

☆ Here's what NFL 'Sunday Ticket' will cost through YouTube TV
▼ + stars: | 2023-04-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

For those who already subscribe to YouTube TV, which costs $72.99 a month, the base "Sunday Ticket" package will cost an additional $349 for the season. And though you can bypass the YouTube TV subscription and still snag Sunday Ticket, it will come at a cost. YouTube TV became the newest home of the Sunday Ticket package in December, in a deal that will see the tech giant shell out roughly $2 billion annually for the rights, CNBC previously reported. There was a real opportunity to price this in a smart way, and we worked really closely with the NFL," Oestlien said. The package cost $79.99 a month for the base option, or $149.99 a month for extra features, on top of a DirecTV subscription.

☆ Dominion urges judge to compel Murdochs to testify live in Fox trial
▼ + stars: | 2023-04-05 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Dominion Voting Systems urged a Delaware judge to compel Fox Corp. Chairman Rupert Murdoch, and his son, Fox Corp. CEO Lachlan Murdoch, to appear live in court during the upcoming trial over its $1.6 billion defamation lawsuit against Fox and its networks. In a letter to Judge Eric Davis on Wednesday, Dominion urged the judge to compel both Murdochs to appear live. In earlier court papers Dominion did not included the Murdochs on its list for live testimony, although it had been earlier discussed in court. Fox had opposed Murdoch, as well as the other Fox Corp. executives, giving their testimony live in court. They had also pointed to the elder Murdoch's age, 92, as a reason for why he couldn't appear live in court.

☆ UFC merger beefs up WWE's leverage in media rights negotiations
▼ + stars: | 2023-04-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Networks and streaming services need to get ready for a media rights smackdown. UFC should also benefit ahead of 2025, when its U.S. media rights deals come up, including with Disney's ESPN. "I think everything is up for grabs with these media rights deals. During his time with CAA, he had formed a relationship with McMahon during a recent round of TV rights negotiations for WWE. It will also work for UFC negotiations, he noted.

☆ Vince McMahon locks in two-year contract as WWE looks for buyers
▼ + stars: | 2023-03-31 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada. Vince McMahon has pinned down a two-year employment contract at World Wrestling Entertainment . The WWE chairman's agreement dates back to Jan. 9, when he returned to the company, according to a securities filing. McMahon returned to WWE's board in January help with the sale negotiations. At the time, his daughter, Stephanie McMahon, had taken over as co-CEO of WWE, a family business for the McMahons.

☆ Judge rejects Fox motions, allows Dominion's $1.6 billion defamation suit to go to trial
▼ + stars: | 2023-03-31 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

A Delaware judge on Friday said Dominion Voting's $1.6 billion defamation lawsuit against Fox Corp. and its networks could go to trial in April. Judge Eric Davis of Delaware's Superior Court rejected Fox's arguments that it should bypass a trial since it's protected by the First Amendment. We look forward to going to trial," Dominion said late Friday afternoon. The former president, who was indicted Thursday in an unrelated criminal matter, has repeatedly made false claims about the election being rigged against him. The depositions of both Murdochs, as well as other Fox Corp. executives, are to be included in the trial, too.

☆ Want to watch MLB games? Making sense of the confusing TV and streaming landscape
▼ + stars: | 2023-03-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Home base planFor the baseball fan looking to watch as many games as possible, a traditional pay TV service is still the go-to place. Discovery' s TBS, as well as Fox Corp. 's broadcast and pay TV networks, take up a decent chunk of the schedule. However, as more options are introduced, regional sports networks are getting fewer games and fans have to pay more to watch all games. With a higher rate of consumers dropping pay TV bundles and opting for streaming services, many networks have created direct-to-consumer streaming app options. Few offset the pay TV losses, but at least provide an option for fans wanting to stream.

Constellation Brands is pouring into the streaming business. The company, which owns beer, wine and spirits brands, is forming a partnership with media company Tastemade to create a content studio and produce shows that revolve around Constellation's brands. Discovery and Walt Disney Co.Its partnership with Constellation will take a similar form. "What was exciting about this partnership is we just got kind of unprecedented access to some story hunting within Constellation Brands," said Fitzgibbon. Constellation's leading brands include Corona, Modelo Especial, The Prisoner Wine Company, Kim Crawford, Svedka Vodka and others.

☆ Bed Bath & Beyond again warns of bankruptcy if new stock offering doesn't pay off
▼ + stars: | 2023-03-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey. Bed Bath & Beyond is warning of a bankruptcy filing — again — if a proposed $300 million stock offering doesn't pay off. If it doesn't receive proceeds from the stock offering, Bed Bath & Beyond warned Thursday it will likely need to file for bankruptcy protection. As part of the amendment to its loans, Bed Bath will now be on the hook for monthly interest payments. From that offering Bed Bath brought in $225 million, which it used to pay some of its debts.

☆ Dominion wants Tucker Carlson, Sean Hannity, other Fox News hosts to testify at trial
▼ + stars: | 2023-03-28 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

Dominion's live witness list of Fox Corp .'s right-wing TV networks includes Tucker Carlson, Sean Hannity, Maria Bartiromo and Jeanine Pirro, as well as former host Lou Dobbs and Fox News CEO Suzanne Scott, according to court papers. Dominion has pointed to 20 broadcasts in which they believe the hosts on Fox News and Fox Business repeated false claims of election fraud and continuously had on guests who repeated those claims. Documents, including text messages and emails, show Fox's TV hosts were skeptical of the election fraud claims being made on air. Dominion is also requesting the depositions of Fox Corp. executives, including Chairman Rupert Murdoch and CEO Lachlan Murdoch, as well as others, be included in the trial. "Dominion's needlessly expansive live witness list is yet another attempt to generate headlines and distract from the many shortcomings of its case.

☆ TikTok's ad business is growing around live sports as platform faces possible U.S. ban
▼ + stars: | 2023-03-23 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The social media platform has been under scrutiny from the U.S. government and faces a possible ban. But the company is nonetheless attracting billions of dollars in advertising revenue as major companies look to reach a younger audience. Hyundai prioritized TikTok this year as many automakers bypassed TV advertising during the Super Bowl to preserve cash or spend on ads elsewhere. TV ads drew more than $7 million for 30-second spots during this year's Super Bowl on Fox's broadcast network. While this makes up about 2% of overall digital advertising spending, the growth of the spending for the platform has been rapid.

☆ Investing in Space: The latecomer
▼ + stars: | 2023-03-23 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. A small group of Virgin Orbit employees are rolling back into the company's Long Beach, California, headquarters today. Virgin Orbit this week announced a partial resumption of operations, potentially bolstered by a surprising new backer: private investor Matthew Brown. A person close to the Virgin Orbit deal described Brown as a "latecomer" and said company leadership initially considered his bid "super fringe." From another investor's perspective, Virgin Orbit was "the most likely to succeed after Rocket Lab " in the small satellite launch market.

☆ DirecTV reaches deal to distribute right wing network Newsmax after long dispute
▼ + stars: | 2023-03-22 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

DirecTV said Wednesday it reached a deal with Newsmax Media to once again carry the right wing network in its satellite-TV and streaming packages. DirecTV had not carried Newsmax on its services since late January, when carriage negotiations broke down between the two companies. Initially, DirecTV carried the network without paying fees and Newsmax relied on advertising revenue, which is typically the case for new TV channels. Throughout the public dispute, DirecTV said such blackouts were a common occurrence in the pay-TV industry, and consumers were often "caught in the middle." Pay-TV providers like DirecTV have been bleeding customers in recent years due to the rise of streaming services.

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