If the 2023 upfronts were about disruption, the 2024 upfronts are about Disruption with a capital “D.”
Last year’s events were quite literally disrupted, with striking WGA writers on picket lines outside the New York City venues and the annual presentations to advertisers blunted by a noted lack of star power, as actors proved unwilling to cross those picket lines. While companies like Disney and NBCUniversal tried to make up for it by leaning on their news and sports talent, it was nonetheless a muted week.
This year, the disruption is more figurative, but in many ways much worse: Linear TV, the linchpin of the ad business for Hollywood, is rapidly eroding. At the same time, this is the year that the streaming behemoths have decided to go for the ad jugular, with Netflix planning an “immersive” experience for media buyers and Amazon storming into upfronts only months after turning on...
Last year’s events were quite literally disrupted, with striking WGA writers on picket lines outside the New York City venues and the annual presentations to advertisers blunted by a noted lack of star power, as actors proved unwilling to cross those picket lines. While companies like Disney and NBCUniversal tried to make up for it by leaning on their news and sports talent, it was nonetheless a muted week.
This year, the disruption is more figurative, but in many ways much worse: Linear TV, the linchpin of the ad business for Hollywood, is rapidly eroding. At the same time, this is the year that the streaming behemoths have decided to go for the ad jugular, with Netflix planning an “immersive” experience for media buyers and Amazon storming into upfronts only months after turning on...
- 5/9/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
The board room and executive suite drama at Paramount Global escalated on Monday, with Bob Bakish leaving his role as CEO and a trio of executives taking over just days before an exclusive negotiating window for a sale to David Ellison’s SkyDance Media and partners closes.
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
- 4/30/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Federal regulators won’t stand in the way of any deals Wbd wants to make now, but its financial position may make big deals hard to find.
There’s still time to send Warner Bros. Discovery an anniversary card, though at this point it will arrive a little late. As of Monday, April 8, it’s been two years since the merger of Warner Media and Discovery in 2022. In the two years since the merger, things look a lot different for Wbd from a streaming perspective; HBO Max and discovery+ content is now available on the combined Max platform, which also carries live sports and news from the company’s cable channels. The two-year mark also means that legally, Wbd is now allowed to seek new merger and acquisition deals, and The Streamable will break down the best targets for the company to pursue now that it can officially use its credit card again.
There’s still time to send Warner Bros. Discovery an anniversary card, though at this point it will arrive a little late. As of Monday, April 8, it’s been two years since the merger of Warner Media and Discovery in 2022. In the two years since the merger, things look a lot different for Wbd from a streaming perspective; HBO Max and discovery+ content is now available on the combined Max platform, which also carries live sports and news from the company’s cable channels. The two-year mark also means that legally, Wbd is now allowed to seek new merger and acquisition deals, and The Streamable will break down the best targets for the company to pursue now that it can officially use its credit card again.
- 4/9/2024
- by David Satin
- The Streamable
Warner Bros. Discovery was officially created when Discovery and AT&T’s WarnerMedia closed their megamerger on April 8, 2022. Two years later, the entertainment giant, led by CEO David Zaslav, has integrated the two companies’ businesses and increased its cost-savings target from $3 billion to more than $5 billion.
But its stock has been under pressure as of late amid industrywide challenges, including advertising softness and cord-cutting, as well as a lack of financial guidance during its fourth-quarter earnings conference call. And chatter about possible M&a that the company could engage in is likely to surge now that the two-year Reverse Morris Trust lockup period for big deals involving Wbd has ended.
As of noon Et on Monday, Wbd shares were down around 25 percent for the year to date, from above $11 to about $8.50. And several analysts have since the company’s fourth-quarter earnings update lowered their stock price targets on Wbd.
“We maintain our...
But its stock has been under pressure as of late amid industrywide challenges, including advertising softness and cord-cutting, as well as a lack of financial guidance during its fourth-quarter earnings conference call. And chatter about possible M&a that the company could engage in is likely to surge now that the two-year Reverse Morris Trust lockup period for big deals involving Wbd has ended.
As of noon Et on Monday, Wbd shares were down around 25 percent for the year to date, from above $11 to about $8.50. And several analysts have since the company’s fourth-quarter earnings update lowered their stock price targets on Wbd.
“We maintain our...
- 4/8/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
With Skydance Media in an exclusive period to possibly finalize a deal to acquire Paramount Global and its controlling shareholder National Amusements (Nai), Wall Street analysts are discussing key open questions, such as the financing of a transaction and how it can be structured to satisfy shareholders beyond Nai boss Shari Redstone. But despite the unknowns, at least one analyst on Thursday upgraded his rating on Paramount’s stock, which is trading at $12.30 a share.
Wolfe Research’s Peter Supino has changed his rating from “underperform” to “peer perform,” while dropping the use of a stock price target. “While fundamentally, there remain real risks to Paramount’s business in the form of declining linear profitability and a direct-to-consumer segment that we expect to remain unprofitable over the next few years, the rising prospect of a sale of the company to an owner more likely to exploit Paramount’s intrinsic value outweighs near-term financial concerns,...
Wolfe Research’s Peter Supino has changed his rating from “underperform” to “peer perform,” while dropping the use of a stock price target. “While fundamentally, there remain real risks to Paramount’s business in the form of declining linear profitability and a direct-to-consumer segment that we expect to remain unprofitable over the next few years, the rising prospect of a sale of the company to an owner more likely to exploit Paramount’s intrinsic value outweighs near-term financial concerns,...
- 4/4/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
After Wednesday’s annual shareholder meeting — featuring CEO Bob Iger successfully fending off dissident investors, led by Trian’s Nelson Peltz — Wall Street experts are gaming out the next steps Disney may take as it plots out room for growth.
Analysts took stock of the vote’s impact on and outlook for Disney, its stock, and its management team, led by Iger. Succession planning and the need to optimize streaming and pay-tv profits are among the key priorities they outlined.
Disney shares closed down 3.1 percent at $118.98 on Wednesday, but were up slightly in Thursday pre-market trading.
MoffettNathanson analysts Michael Nathanson and Robert Fishman maintained their “buy” rating on Disney shares, but increased their stock price target by $10 to $135, citing “a higher market multiple and increased conviction in our full-year 2025 earnings per share estimates.”
Addressing the stock’s outlook, they shared: “While it might have admittedly taken longer than we first...
Analysts took stock of the vote’s impact on and outlook for Disney, its stock, and its management team, led by Iger. Succession planning and the need to optimize streaming and pay-tv profits are among the key priorities they outlined.
Disney shares closed down 3.1 percent at $118.98 on Wednesday, but were up slightly in Thursday pre-market trading.
MoffettNathanson analysts Michael Nathanson and Robert Fishman maintained their “buy” rating on Disney shares, but increased their stock price target by $10 to $135, citing “a higher market multiple and increased conviction in our full-year 2025 earnings per share estimates.”
Addressing the stock’s outlook, they shared: “While it might have admittedly taken longer than we first...
- 4/4/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
YouTube TV’s multi-view feature allows streamers to watch multiple sports or news channels from a single screen. (Graphic by The Desk)
Google’s streaming cable television alternative YouTube TV is on track to overtake Comcast’s Xfinity TV and Charter’s Spectrum TV to become the biggest pay TV platform in the United States, according to a media analyst.
Last week, a forecast from research firm MoffettNathanson projected YouTube TV’s growth will accelerate to around 12.4 million paying subscribers by the end of 2026, while Comcast and Charter are expected to continue shedding pay TV customers over the next 24 months.
If that forecast proves to be accurate, YouTube TV would become the biggest pay television provider in the United States, analyst Michael Nathanson wrote in the report.
It is difficult to know how many of those subscribers will pay full price for YouTube TV, which currently costs $73 per month for...
Google’s streaming cable television alternative YouTube TV is on track to overtake Comcast’s Xfinity TV and Charter’s Spectrum TV to become the biggest pay TV platform in the United States, according to a media analyst.
Last week, a forecast from research firm MoffettNathanson projected YouTube TV’s growth will accelerate to around 12.4 million paying subscribers by the end of 2026, while Comcast and Charter are expected to continue shedding pay TV customers over the next 24 months.
If that forecast proves to be accurate, YouTube TV would become the biggest pay television provider in the United States, analyst Michael Nathanson wrote in the report.
It is difficult to know how many of those subscribers will pay full price for YouTube TV, which currently costs $73 per month for...
- 4/1/2024
- by Matthew Keys
- The Desk
As M&a talks surrounding Paramount appear to pick up steam, what will happen to its various properties if it’s sold off piece by piece?
Paramount Global’s controlling shareholder Shari Redstone is confronted with several choices about the future of the company. At the forefront of her mind is the question of whether or not to sell the company, and if so, to whom. Paramount has fielded serious merger and acquisition (M&a) offers from the private equity firm Apollo Global Management, as well as from billionaire David Ellison of Skydance Media in recent months. New details from Variety help lay out exactly what might happen to the various segments of Paramount if the company is sold piecemeal, and they make clear why Redstone seems to be leaning toward Ellison’s offer.
Apollo Global Management’s offer for Paramount encompassed only the Paramount movie and TV studios. Ellison’s...
Paramount Global’s controlling shareholder Shari Redstone is confronted with several choices about the future of the company. At the forefront of her mind is the question of whether or not to sell the company, and if so, to whom. Paramount has fielded serious merger and acquisition (M&a) offers from the private equity firm Apollo Global Management, as well as from billionaire David Ellison of Skydance Media in recent months. New details from Variety help lay out exactly what might happen to the various segments of Paramount if the company is sold piecemeal, and they make clear why Redstone seems to be leaning toward Ellison’s offer.
Apollo Global Management’s offer for Paramount encompassed only the Paramount movie and TV studios. Ellison’s...
- 3/25/2024
- by David Satin
- The Streamable
What does the future hold for Paramount Global? The odds of a seismic M&a event seem to be increasing: Private-equity firm Apollo Global has reportedly offered $11 billion for Paramount’s Hollywood studios. Short of carving up the “mountain of entertainment,” as the Paramount+ tagline boasts, analysts say the overture could drive up bidding for the entirety of Paramount Global — which is what Shari Redstone, who owns a controlling stake in the media conglomerate, is understood to prefer.
Given that backdrop, let’s consider what Paramount Global comprises — and the potential effect of selling it off in its entirety or in pieces. As it stands, Paramount Global, led by CEO Bob Bakish, is made up of three segments: filmed entertainment, TV media and direct-to-consumer streaming.
The company’s filmed entertainment unit, which includes Paramount Pictures, is its smallest, representing 10% of overall revenue in 2023. Last year, the segment generated revenue of...
Given that backdrop, let’s consider what Paramount Global comprises — and the potential effect of selling it off in its entirety or in pieces. As it stands, Paramount Global, led by CEO Bob Bakish, is made up of three segments: filmed entertainment, TV media and direct-to-consumer streaming.
The company’s filmed entertainment unit, which includes Paramount Pictures, is its smallest, representing 10% of overall revenue in 2023. Last year, the segment generated revenue of...
- 3/22/2024
- by Jennifer Maas
- Variety Film + TV
It appears Shari Redstone remains firmly opposed to breaking up Paramount Global.
Redstone, president of National Amusements Inc. — the controlling shareholder of Paramount Global — was “unconvinced” by Apollo Global Management’s $11 billion offer to buy Paramount’s film and TV studio, the Financial Times reported, citing anonymous sources. The reported price tag would be a premium over the market cap of the entire company. Instead, per the Ft report, Redstone is preferring to continue negotiating a deal with Skydance’s David Ellison, in partnership with RedBird Capital and Tencent, to sell Nai (and then merge Skydance with Paramount Global).
Shares of Paramount Global closed down 5.5% Thursday following the Ft’s report, amid an uptick in broader market indexes. That came after the stock popped nearly 12% following the Wall Street Journal’s report that Apollo had made an $11 billion offer to acquire Paramount Pictures and the Paramount TV studios group.
Apollo...
Redstone, president of National Amusements Inc. — the controlling shareholder of Paramount Global — was “unconvinced” by Apollo Global Management’s $11 billion offer to buy Paramount’s film and TV studio, the Financial Times reported, citing anonymous sources. The reported price tag would be a premium over the market cap of the entire company. Instead, per the Ft report, Redstone is preferring to continue negotiating a deal with Skydance’s David Ellison, in partnership with RedBird Capital and Tencent, to sell Nai (and then merge Skydance with Paramount Global).
Shares of Paramount Global closed down 5.5% Thursday following the Ft’s report, amid an uptick in broader market indexes. That came after the stock popped nearly 12% following the Wall Street Journal’s report that Apollo had made an $11 billion offer to acquire Paramount Pictures and the Paramount TV studios group.
Apollo...
- 3/21/2024
- by Todd Spangler
- Variety Film + TV
After skidding to multi-year lows in late-2023, Disney stock has rebounded more than 20% thus far in 2024 as two activist investment firms have launched a proxy fight.
The stock finished Thursday trading at $110.18, up a fraction. It started the year at $90.10, putting its gains at 22% for the year to date. Longer-term, of course, the shares have slipped 15% over the past five years as the S&P 500 has nearly doubled, with that underperformance forming the centerpiece of activist shareholders’ recent attacks. Even at $110, Disney stock is well off its high three years ago near $190.
Goosing the stock price is a stated goal of two activist investment firms that have taken aim at Disney’s top execs and board of directors ahead of the company’s annual shareholder meeting on April 3. It isn’t yet clear whether either opponent has managed to secure meaningful support from other shareholders, though many individuals hold Disney shares,...
The stock finished Thursday trading at $110.18, up a fraction. It started the year at $90.10, putting its gains at 22% for the year to date. Longer-term, of course, the shares have slipped 15% over the past five years as the S&P 500 has nearly doubled, with that underperformance forming the centerpiece of activist shareholders’ recent attacks. Even at $110, Disney stock is well off its high three years ago near $190.
Goosing the stock price is a stated goal of two activist investment firms that have taken aim at Disney’s top execs and board of directors ahead of the company’s annual shareholder meeting on April 3. It isn’t yet clear whether either opponent has managed to secure meaningful support from other shareholders, though many individuals hold Disney shares,...
- 3/7/2024
- by Dade Hayes
- Deadline Film + TV
Despite a fourth-quarter earnings beat, growing engagement on the streaming platform to 80 million active accounts, Roku’s stock tumbled more than 20 percent a day after the Feb. 15 earnings announcement.
While some analysts continue to believe Roku is just facing some growing pains amid a recovering advertising market, others think the company is now at a turning point in the streaming wars.
“Recently, we believe that there is a strong and growing body of evidence that supports the view that Roku is at the precipice of being squeezed by the emergence of challengers on all flanks,” MoffettNathanson analyst Michael Nathanson wrote.
This view comes as Roku faces increasing competition on the streaming advertising side, with growth in the new ad-supported offerings from Netflix and Disney and free, ad-supported offerings such as Pluto and Tubi. Amazon’s rollout of advertising in late January to all of its Prime Video viewers adds another strong competitor.
While some analysts continue to believe Roku is just facing some growing pains amid a recovering advertising market, others think the company is now at a turning point in the streaming wars.
“Recently, we believe that there is a strong and growing body of evidence that supports the view that Roku is at the precipice of being squeezed by the emergence of challengers on all flanks,” MoffettNathanson analyst Michael Nathanson wrote.
This view comes as Roku faces increasing competition on the streaming advertising side, with growth in the new ad-supported offerings from Netflix and Disney and free, ad-supported offerings such as Pluto and Tubi. Amazon’s rollout of advertising in late January to all of its Prime Video viewers adds another strong competitor.
- 2/19/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
An email informing customers of the discount on Sunday Ticket may confuse readers as to whether they can watch the Super Bowl on the service.
The Super Bowl is every football fan’s final opportunity to enjoy the NFL before the offseason. Super Bowl Lviii is coming this Sunday, Feb. 11 at 6:30 p.m. Et on CBS, and to celebrate the Big Game, YouTube TV is offering new subscribers a discount on their next season of NFL Sunday Ticket if they sign up for the league’s out-of-market games service before Feb. 28. However, the Super Bowl — as is true for every postseason game — is not available on Sunday Ticket.
YouTube TV is giving new subscribers $50 off their season of NFL Sunday Ticket if they subscribe now. An email sent by YouTube TV to customers informing them of the discount could be misinterpreted to suggest that fans can stream the Big Game on Sunday Ticket.
The Super Bowl is every football fan’s final opportunity to enjoy the NFL before the offseason. Super Bowl Lviii is coming this Sunday, Feb. 11 at 6:30 p.m. Et on CBS, and to celebrate the Big Game, YouTube TV is offering new subscribers a discount on their next season of NFL Sunday Ticket if they sign up for the league’s out-of-market games service before Feb. 28. However, the Super Bowl — as is true for every postseason game — is not available on Sunday Ticket.
YouTube TV is giving new subscribers $50 off their season of NFL Sunday Ticket if they subscribe now. An email sent by YouTube TV to customers informing them of the discount could be misinterpreted to suggest that fans can stream the Big Game on Sunday Ticket.
- 2/8/2024
- by David Satin
- The Streamable
The Magic Kingdom is getting its magic back, and Wall Street is elated. Disney’s latest quarterly earnings report is in, along with color from CEO Bob Iger and his team on a new sports streaming joint venture with Fox and Warner Bros. Discovery, plus news of a $1.5 billion investment in Fortnite parent Epic Games and the fall 2025 launch date for an ESPN stand-alone streaming service.
So, Wall Street analysts had much to digest overnight, but most came away with optimism and increased stock price targets for Disney. In pre-market trading on Thursday, Disney shares were up more than 7 percent above $106.
The upbeat reaction will help Iger as he is facing a proxy fight in early April with activist investors Nelson Peltz, whose Trian Partners is a big Disney investor, and Jason Aintabi’s Blackwells.
Guggenheim Securities analyst Michael Morris lauded a “big quarter” for Disney, reiterated his “buy” rating...
So, Wall Street analysts had much to digest overnight, but most came away with optimism and increased stock price targets for Disney. In pre-market trading on Thursday, Disney shares were up more than 7 percent above $106.
The upbeat reaction will help Iger as he is facing a proxy fight in early April with activist investors Nelson Peltz, whose Trian Partners is a big Disney investor, and Jason Aintabi’s Blackwells.
Guggenheim Securities analyst Michael Morris lauded a “big quarter” for Disney, reiterated his “buy” rating...
- 2/8/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
The blockbuster deal by Disney, Fox Corp. and Warner Bros. Discovery to team up for a sports streaming joint venture was the focus of Wall Street mid-week. Their still-unnamed streaming service will offer live linear channels, such as ESPN, ABC, Fox, TNT and TBS, games and other sports rights from all three companies on a nonexclusive basis. Expected to launch in the fall, in time for the NFL season, it will be available directly to consumers, but also as a bundle with Wbd’s Max, as well as Disney’s ESPN+ and Hulu.
The venture will have rights to the NFL, NBA, MLB, NHL, college football and NCAA March Madness basketball, the FIFA World Cup, three of the four Grand Slam tennis events, the UFC, Formula 1 and NASCAR. Disney CEO Bob Iger called the venture “an important step forward for the media business.”
Indeed, it feels like a first step...
The venture will have rights to the NFL, NBA, MLB, NHL, college football and NCAA March Madness basketball, the FIFA World Cup, three of the four Grand Slam tennis events, the UFC, Formula 1 and NASCAR. Disney CEO Bob Iger called the venture “an important step forward for the media business.”
Indeed, it feels like a first step...
- 2/7/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
In Netflix’s global smash hit Squid Game, the penultimate challenge sees the last few surviving competitors make their way across a glass bridge. One wrong move, and the player falls to their demise.
But as the players progressed, they hit upon a revelation: Yes, there will only be one winner of the final game, but if they work together, they can cross the chasm and survive for one more day.
Netflix, led by co-CEOs Ted Sarandos and Greg Peters, has won the streaming wars (Morgan Stanley proclaimed it “The Undisputed” in a Jan. 23 research note, and the next day Bernstein declared the company “clearly the winner in streaming”), and the company and Wall Street see plenty more room to grow.
But even as Netflix appears poised to reign as the streaming champion, it also finds itself more open than ever to partnering with its competitors-turned-suppliers, perhaps even helping them...
But as the players progressed, they hit upon a revelation: Yes, there will only be one winner of the final game, but if they work together, they can cross the chasm and survive for one more day.
Netflix, led by co-CEOs Ted Sarandos and Greg Peters, has won the streaming wars (Morgan Stanley proclaimed it “The Undisputed” in a Jan. 23 research note, and the next day Bernstein declared the company “clearly the winner in streaming”), and the company and Wall Street see plenty more room to grow.
But even as Netflix appears poised to reign as the streaming champion, it also finds itself more open than ever to partnering with its competitors-turned-suppliers, perhaps even helping them...
- 1/26/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
“So You’re Sayin’ There’s a Chance.” Wells Fargo analyst Steven Cahall channeled a famous line from Dumb and Dumber in the title of a Nov. 3 report, in which he analyzed how Hollywood giants and their investors started off the final earnings season of 2023 with the hope that it would provide proof that the sector was finally making progress toward streaming profitability.
“This earnings season feels like a potential shift for direct-to-consumer (Dtc),” Cahall wrote even before sector powerhouses Warner Bros. Discovery and Disney had shared their latest quarterly results. “Dtc trends this earnings season indicate a potential earnings inflection. It’s potentially a fundamental moment that makes media more investable longer-term.” But he argued it was “too early to call it a turning point, too important to call it nothing.”
With the latest quarterly results all in and the year coming to an end, entertainment companies’ streaming losses...
“This earnings season feels like a potential shift for direct-to-consumer (Dtc),” Cahall wrote even before sector powerhouses Warner Bros. Discovery and Disney had shared their latest quarterly results. “Dtc trends this earnings season indicate a potential earnings inflection. It’s potentially a fundamental moment that makes media more investable longer-term.” But he argued it was “too early to call it a turning point, too important to call it nothing.”
With the latest quarterly results all in and the year coming to an end, entertainment companies’ streaming losses...
- 12/29/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
2024 can’t come fast enough.
When the clock strikes midnight on Jan. 1, Hollywood will close the book on arguably the most tumultuous 12 months in a generation, with the town roiled by devastating strikes, the implosion of the superhero movie and deep divisions on everything from AI to Israel. But as Tinseltown ushers in a new year, will it suffer from a monster hangover? Many of the most vexing issues remain unresolved.
“There’s a huge leadership vacuum, and that’s not about to change,” says Michael Nathanson, the former head of MGM Studios and Columbia Pictures.
Nathanson, who started in the film and TV business in the ’70s, notes that Lew Wasserman, Bob Daly and Mike Ovitz commanded respect and fear, and could galvanize the industry in chaotic times like writers and actors strikes.
“Bob Iger is not really that guy anymore. If he hadn’t left [in 2020] and returned, he would be that guy,...
When the clock strikes midnight on Jan. 1, Hollywood will close the book on arguably the most tumultuous 12 months in a generation, with the town roiled by devastating strikes, the implosion of the superhero movie and deep divisions on everything from AI to Israel. But as Tinseltown ushers in a new year, will it suffer from a monster hangover? Many of the most vexing issues remain unresolved.
“There’s a huge leadership vacuum, and that’s not about to change,” says Michael Nathanson, the former head of MGM Studios and Columbia Pictures.
Nathanson, who started in the film and TV business in the ’70s, notes that Lew Wasserman, Bob Daly and Mike Ovitz commanded respect and fear, and could galvanize the industry in chaotic times like writers and actors strikes.
“Bob Iger is not really that guy anymore. If he hadn’t left [in 2020] and returned, he would be that guy,...
- 12/20/2023
- by Tatiana Siegel
- Variety Film + TV
Former film executive Michael Nathanson, who previously served as head of MGM, is joining the nonprofit Rewilding America Now (Ran) as CEO and managing director. The organization is dedicated to preserving the wild horses of the U.S. and advocating for innovative environmental conservation practices. Nathanson will lead Ran’s rebranding and new initiatives.
In addition to championing horse rewilding and conservation awareness, Ran, formerly known as the Cana Foundation, promotes the inclusion of traditional knowledge through Native American culture. The organization is currently in the midst of acquiring 400,000 acres of grazing lands in the Birch Creek Valley of Idaho to rewild.
“I am honored and excited to join Rewilding America Now and lead their mission to protect and preserve America’s native landscape and wild horses,” said Nathanson. “This is one of those rare opportunities where we can apply our trade to something with a much higher calling, one that will make a difference.
In addition to championing horse rewilding and conservation awareness, Ran, formerly known as the Cana Foundation, promotes the inclusion of traditional knowledge through Native American culture. The organization is currently in the midst of acquiring 400,000 acres of grazing lands in the Birch Creek Valley of Idaho to rewild.
“I am honored and excited to join Rewilding America Now and lead their mission to protect and preserve America’s native landscape and wild horses,” said Nathanson. “This is one of those rare opportunities where we can apply our trade to something with a much higher calling, one that will make a difference.
- 12/12/2023
- by Jaden Thompson
- Variety Film + TV
A year into the run of Bob Iger 2: Return of the CEO, the Walt Disney Co. has not yet rediscovered its mojo.
For most of Iger’s initial 14-year stint in the corner office, Disney was the pace-setter in media and entertainment, pulling off stunning M&a deals and amassing a sizable competitive advantage. Now, the company has fallen back to the pack as a Biblical series of challenges have come to define a centennial year that many staffers would just as soon forget than commemorate.
On Tuesday morning at 9 a.m. Pt, Iger and a handful of top executives will convene a town hall for cast members (read: employees). There should be no shortage of questions on the minds of those listening to management frame the current circumstances. In addition to Iger, the event will feature top execs Alan Bergman (film), Josh D’Amaro (parks), Jimmy Pitaro (ESPN) and Dana Walden...
For most of Iger’s initial 14-year stint in the corner office, Disney was the pace-setter in media and entertainment, pulling off stunning M&a deals and amassing a sizable competitive advantage. Now, the company has fallen back to the pack as a Biblical series of challenges have come to define a centennial year that many staffers would just as soon forget than commemorate.
On Tuesday morning at 9 a.m. Pt, Iger and a handful of top executives will convene a town hall for cast members (read: employees). There should be no shortage of questions on the minds of those listening to management frame the current circumstances. In addition to Iger, the event will feature top execs Alan Bergman (film), Josh D’Amaro (parks), Jimmy Pitaro (ESPN) and Dana Walden...
- 11/28/2023
- by Dade Hayes
- Deadline Film + TV
Disney’s decision to bring back long-time CEO Bob Iger to replace beleaguered Bob Chapek on Nov. 20, 2022 sent shock waves through Hollywood. The stock closed that week at $98.87 amid hopes he could right a struggling ship.
On Nov. 28 last year, Iger used a town hall meeting to outline first priorities and told staff that he did not expect the company to make any significant acquisitions during his second run as CEO. “We have a great set of assets here,” he said. “Nothing is forever, but I am very, very comfortable with each of the assets that we have.”
Fast-forward exactly a year, and some things have changed for the better for Disney, with Iger having focused on cost-cutting (putting Disney on track to achieve roughly $7.5 billion in cost reductions, up from the previously targeted $5.5. billion), streamlining and optimizing the company via restructuring moves.
But the conglomerate’s stock has remained under pressure,...
On Nov. 28 last year, Iger used a town hall meeting to outline first priorities and told staff that he did not expect the company to make any significant acquisitions during his second run as CEO. “We have a great set of assets here,” he said. “Nothing is forever, but I am very, very comfortable with each of the assets that we have.”
Fast-forward exactly a year, and some things have changed for the better for Disney, with Iger having focused on cost-cutting (putting Disney on track to achieve roughly $7.5 billion in cost reductions, up from the previously targeted $5.5. billion), streamlining and optimizing the company via restructuring moves.
But the conglomerate’s stock has remained under pressure,...
- 11/27/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
On April 8, 2024, a total solar eclipse will cross North America. But Hollywood executives may not be looking to the heavens — they’ll be watching David Zaslav.
April 8 is the date the Reverse Morris Trust lock-up period from Discovery’s WarnerMedia deal with AT&T expires. Put simply, it’s when Warner Bros. Discovery can again be involved in M&a activity without getting brutalized on taxes. (The Reverse Morris Trust is a method of tax avoidance that allows a company to sell off unwanted assets without incurring tax obligations on the gains from those sales.)
The otherwise random Monday, 139 days from today (2024 is a leap year!) and the day we’ll have a full sense of how Disney’s “The Omen” prequel film “The First Omen” performed over opening weekend, will be an unofficial holiday for Zaslav and his CFO Gunnar Wiedenfels. How’s that Madonna song go? “Holiday/Consolidate.”
Reflecting on...
April 8 is the date the Reverse Morris Trust lock-up period from Discovery’s WarnerMedia deal with AT&T expires. Put simply, it’s when Warner Bros. Discovery can again be involved in M&a activity without getting brutalized on taxes. (The Reverse Morris Trust is a method of tax avoidance that allows a company to sell off unwanted assets without incurring tax obligations on the gains from those sales.)
The otherwise random Monday, 139 days from today (2024 is a leap year!) and the day we’ll have a full sense of how Disney’s “The Omen” prequel film “The First Omen” performed over opening weekend, will be an unofficial holiday for Zaslav and his CFO Gunnar Wiedenfels. How’s that Madonna song go? “Holiday/Consolidate.”
Reflecting on...
- 11/21/2023
- by Tony Maglio
- Indiewire
One analyst projected NFL Sunday Ticket would need over 4 million subscribers per season to help Google break even on the deal, but YouTube TV could be its X-factor.
The NFL season is rounding into its 11th week, and — as per usual — chaos has ensued in the league. The AFC has eight teams with four or five losses currently, meaning that the playoff seeding for the conference will likely come down to several consequential games spread across the last few weeks of the season, just the way the league prefers it; and that very likely will make one of the NFL’s newest streaming partners very happy.
New data from Antenna shows that 62% of NFL Sunday Ticket sign-ups this season have been made by YouTube TV subscribers. Almost a third of this 62% segment signed up for YouTube TV at the same time as their Sunday Ticket subscription. More YouTube TV subscribers...
The NFL season is rounding into its 11th week, and — as per usual — chaos has ensued in the league. The AFC has eight teams with four or five losses currently, meaning that the playoff seeding for the conference will likely come down to several consequential games spread across the last few weeks of the season, just the way the league prefers it; and that very likely will make one of the NFL’s newest streaming partners very happy.
New data from Antenna shows that 62% of NFL Sunday Ticket sign-ups this season have been made by YouTube TV subscribers. Almost a third of this 62% segment signed up for YouTube TV at the same time as their Sunday Ticket subscription. More YouTube TV subscribers...
- 11/16/2023
- by David Satin
- The Streamable
Disney has agreed to take full control of Hulu in a deal with Comcast, which has owned a third of the streamer ever since Disney’s acquisition of the 21st Century Fox entertainment assets.
“The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the Bob Iger-led company said in a statement Wednesday.
A securities filing confirmed that NBCUniversal triggered the purchase earlier in the day.
“We look forward to the appraisal process and the determination of Hulu’s fair market value which we expect will reflect the extraordinary value of the business,” Comcast said in a statement.
Wall Street has over the past year repeatedly discussed Hulu’s future due to its shared ownership and put and call options. Starting in November, Comcast has had a put option to require Disney to take over its stake, while Disney has had...
“The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives,” the Bob Iger-led company said in a statement Wednesday.
A securities filing confirmed that NBCUniversal triggered the purchase earlier in the day.
“We look forward to the appraisal process and the determination of Hulu’s fair market value which we expect will reflect the extraordinary value of the business,” Comcast said in a statement.
Wall Street has over the past year repeatedly discussed Hulu’s future due to its shared ownership and put and call options. Starting in November, Comcast has had a put option to require Disney to take over its stake, while Disney has had...
- 11/1/2023
- by Georg Szalai and Alex Weprin
- The Hollywood Reporter - Movie News
A product like NFL Sunday Ticket has the potential to be so much more than it currently is. But an insistence from the league on maintaining a premium price for Sunday Ticket has hamstrung providers, and it could be one of the biggest reasons that YouTube TV is reportedly struggling to attract users to the out-of-market games package in its first year on that service.
Directv Chief Content Officer Rob Thun says his company never even engaged on talks to renew its former deal for NFL Sunday Ticket. Thun says Directv would be losing $1.5 billion per season if it had kept Sunday Ticket at the rate YouTube TV is now paying for it. YouTube TV reportedly has around 1.3 million subscribers for NFL Sunday Ticket; estimates have suggested the company would need 4.5 million just to break even on its deal with the NFL. Sign Up $349+ / year tv.youtube.com Sunday Scaries...
Directv Chief Content Officer Rob Thun says his company never even engaged on talks to renew its former deal for NFL Sunday Ticket. Thun says Directv would be losing $1.5 billion per season if it had kept Sunday Ticket at the rate YouTube TV is now paying for it. YouTube TV reportedly has around 1.3 million subscribers for NFL Sunday Ticket; estimates have suggested the company would need 4.5 million just to break even on its deal with the NFL. Sign Up $349+ / year tv.youtube.com Sunday Scaries...
- 10/23/2023
- by D Satin
- The Streamable
Updated with closing price. Netflix shares came roaring out of the gate Thursday and never wavered amid a wave of Wall Street enthusiasm about its latest quarterly earnings report.
The stock closed at $401.77, up 16%, on nearly five times normal trading volume. The dramatic upswing, the biggest single-day increase since January 2021, came against a muted backdrop for the broader markets and a mixed bag for media and tech stocks.
On Wednesday, the streaming giant posted results that soared above analysts’ expectations for third-quarter subscriber gains and earnings. It also reported a surge in free cash flow and signs of growth in its nascent advertising business.
Laurent Yoon, an analyst with Bernstein, spoke for many in his note to clients. “They crushed it,” he wrote. “The management deserves an Emmy for managing investor expectations.” Yoon maintains a “market perform” (neutral) rating on the stock, however, so he included a caveat. The third...
The stock closed at $401.77, up 16%, on nearly five times normal trading volume. The dramatic upswing, the biggest single-day increase since January 2021, came against a muted backdrop for the broader markets and a mixed bag for media and tech stocks.
On Wednesday, the streaming giant posted results that soared above analysts’ expectations for third-quarter subscriber gains and earnings. It also reported a surge in free cash flow and signs of growth in its nascent advertising business.
Laurent Yoon, an analyst with Bernstein, spoke for many in his note to clients. “They crushed it,” he wrote. “The management deserves an Emmy for managing investor expectations.” Yoon maintains a “market perform” (neutral) rating on the stock, however, so he included a caveat. The third...
- 10/19/2023
- by Dade Hayes
- Deadline Film + TV
Netflix’s stock is again north of $400 per share and this time it may be to stay. The streamer revealed surprisingly good third-quarter results October 18, revving up investors and Wall Street’s media analysts.
“Netflix is definitely back,” Jesse Cohen, a senior analyst at Investing.com declared in an email to IndieWire. “The company is firing on all cylinders and subscribers are once again flocking to the streaming service.”
Netflix added nearly 9 million subscribers from July to September, millions more than anticipated, and “better than fine” in the words of Wells Fargo’s Steven Cahall. The streamer also announced a price hike that takes immediate effect on certain ad-free tiers and the market rewarded Netflix with a double-digit increase in share value.
“It’s safe to say that investors are pleased with the company’s recent growth initiatives as well as plans to raise prices,” Cohen continued. “At this point,...
“Netflix is definitely back,” Jesse Cohen, a senior analyst at Investing.com declared in an email to IndieWire. “The company is firing on all cylinders and subscribers are once again flocking to the streaming service.”
Netflix added nearly 9 million subscribers from July to September, millions more than anticipated, and “better than fine” in the words of Wells Fargo’s Steven Cahall. The streamer also announced a price hike that takes immediate effect on certain ad-free tiers and the market rewarded Netflix with a double-digit increase in share value.
“It’s safe to say that investors are pleased with the company’s recent growth initiatives as well as plans to raise prices,” Cohen continued. “At this point,...
- 10/19/2023
- by Tony Maglio
- Indiewire
Netflix’s third-quarter earnings report on Wednesday had much for Wall Street analysts to sink their teeth into – from better-than-expected subscriber additions of nearly 9 million and a lift in its free cash flow forecast for the full year to management commentary on the impact of the streamer’s rollout of its advertising tier and its ongoing password-sharing crackdown, as well as news of price increases.
The news sent the stock soaring in after-hours and in Thursday pre-market trading, helping it gain well more than 10 percent.
The bounceback came as Wall Street saw the latest performance update from Netflix as a sign that recent investor malaise may have been just as overdone as a previous period of exuberance. The result: more optimism and at least a couple of stock price target boosts, but also some mentions of future questions facing Netflix investors.
Bank of America analyst Jessica Reif Ehrlich reiterated a...
The news sent the stock soaring in after-hours and in Thursday pre-market trading, helping it gain well more than 10 percent.
The bounceback came as Wall Street saw the latest performance update from Netflix as a sign that recent investor malaise may have been just as overdone as a previous period of exuberance. The result: more optimism and at least a couple of stock price target boosts, but also some mentions of future questions facing Netflix investors.
Bank of America analyst Jessica Reif Ehrlich reiterated a...
- 10/19/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
It’s still early days, but it appears the NFL and YouTube TV have scored a touchdown with NFL Sunday Ticket this season. The 2023 season is the first that YouTube TV is hosting the league’s out-of-market games package, and analysts have been anxious to see how well the service has been doing, especially since YouTube TV does not regularly report subscriber numbers publicly.
The NFL isn’t so bashful, however. According to Pro Football Talk, the league says that it already has more Sunday Ticket subscribers this year than last year when the package was housed on Directv. Front Office Sports later clarified that the NFL’s claim was meant to apply to residential customers only, but it’s still impressive for the league and YouTube TV. Directv has maintained the rights to air Sunday Ticket to bars, restaurants, and other businesses.
Sign Up $349+ / month tv.youtube.com
Save...
The NFL isn’t so bashful, however. According to Pro Football Talk, the league says that it already has more Sunday Ticket subscribers this year than last year when the package was housed on Directv. Front Office Sports later clarified that the NFL’s claim was meant to apply to residential customers only, but it’s still impressive for the league and YouTube TV. Directv has maintained the rights to air Sunday Ticket to bars, restaurants, and other businesses.
Sign Up $349+ / month tv.youtube.com
Save...
- 9/13/2023
- by David Satin
- The Streamable
Two industry giants collided in showdown that led to a blackout for millions of pay TV customers — but then still managed to strike a deal. With the Walt Disney Co. and Charter Communications unveiling a new carriage agreement on Monday, both sides could argue success. But Disney executives also acknowledged that the entertainment powerhouse had to give and take to reach the new pact.
Overnight, Wall Street experts started sharing their analysis of where Disney and Charter won, and lost, in the new deal. Here is a closer look at some of their thoughts.
Macquarie analyst Tim Nollen, who has a “neutral” rating on Disney shares with a $94 price target: “a first down for both companies.” Nollen, like many of his peers, expects this arrangement to affect future carriage deals for Disney and other entertainment giants. “In the end this wasn’t as revolutionary a deal as Charter seemed poised to hold out for,...
Overnight, Wall Street experts started sharing their analysis of where Disney and Charter won, and lost, in the new deal. Here is a closer look at some of their thoughts.
Macquarie analyst Tim Nollen, who has a “neutral” rating on Disney shares with a $94 price target: “a first down for both companies.” Nollen, like many of his peers, expects this arrangement to affect future carriage deals for Disney and other entertainment giants. “In the end this wasn’t as revolutionary a deal as Charter seemed poised to hold out for,...
- 9/12/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
With the ink still drying on a closely tracked carriage renewal with Charter, Disney execs Dana Walden and Jimmy Pitaro told Deadline in an interview that the agreement’s details suit the current streaming/linear hybrid environment.
The companies announced the settlement earlier today, a bit more than 10 days after their initial clash left 27 networks and ABC stations dark for the 14.7 million subscribers to the No. 2 U.S. cable system. The impasse ended just hours before the regular-season kickoff of Monday Night Football, an anticipated matchup between the Buffalo Bills and newly Aaron Rodgers-led New York Jets.
While financial terms were not divulged, the main deal points had various puts and takes for both sides. Charter gains the right to take a wholesale fee in exchange for offering the ad-supported tier of Disney+ to its estimated 9.5 million Select video subscribers. It also will carry only a “curated” selection of networks,...
The companies announced the settlement earlier today, a bit more than 10 days after their initial clash left 27 networks and ABC stations dark for the 14.7 million subscribers to the No. 2 U.S. cable system. The impasse ended just hours before the regular-season kickoff of Monday Night Football, an anticipated matchup between the Buffalo Bills and newly Aaron Rodgers-led New York Jets.
While financial terms were not divulged, the main deal points had various puts and takes for both sides. Charter gains the right to take a wholesale fee in exchange for offering the ad-supported tier of Disney+ to its estimated 9.5 million Select video subscribers. It also will carry only a “curated” selection of networks,...
- 9/11/2023
- by Dade Hayes
- Deadline Film + TV
Just as this summer’s New York City wildfire smoke, Los Angeles’ hurricane and sneaker-melting heat have brought home the reality of climate change, the Disney-Charter carriage battle is foregrounding the fragility of the pay-tv bundle.
Charter’s Spectrum TV service is in its fifth day of darkness as the companies fight over carriage terms, leaving nearly 15 million customers without access to 18 Disney networks, including ESPN, as well as eight ABC stations.
When the fight broke into public view on Thursday, initial reactions raised existential questions about the fate of the bundle. “Is this the video tipping point?” wondered the headline of a research note by Guggenheim analyst Michael Morris, who believes the situation poses “increased and sustained risk for not only Disney but for video economics.”
Bank of America analyst Jessica Reif Ehrlich also sounded the alarm in a note to clients today. “If this posture were to be...
Charter’s Spectrum TV service is in its fifth day of darkness as the companies fight over carriage terms, leaving nearly 15 million customers without access to 18 Disney networks, including ESPN, as well as eight ABC stations.
When the fight broke into public view on Thursday, initial reactions raised existential questions about the fate of the bundle. “Is this the video tipping point?” wondered the headline of a research note by Guggenheim analyst Michael Morris, who believes the situation poses “increased and sustained risk for not only Disney but for video economics.”
Bank of America analyst Jessica Reif Ehrlich also sounded the alarm in a note to clients today. “If this posture were to be...
- 9/5/2023
- by Dade Hayes
- Deadline Film + TV
“The end of the end,” Bank of America analyst Jessica Reif Ehrlich called the carriage dispute between Hollywood giant Walt Disney and cable powerhouse Charter Communications in the headline of a Tuesday report. “Breaking up is hard to do,” emphasized Guggenheim analyst Michael Morris before also posing the more ominous question: “Is this the video tipping point?” MoffettNathanson analysts Craig Moffett and Michael Nathanson echoed that, asking: “What is the future of video?” And LightShed Partners’ Rich Greenfield and colleagues went all Star Wars, wondering of the Charter CEO: “Can Chris Winfrey destroy the sports media Death Star?”
The very fact that all these experts used such colorful phrases, worthy of a Hollywood blockbuster film script, shows just how seriously Wall Street is taking the battle of the titans that erupted Aug. 31. The resulting blackout of Disney channels in Charter households hit at a critical time, with ESPN’s networks airing the U.
The very fact that all these experts used such colorful phrases, worthy of a Hollywood blockbuster film script, shows just how seriously Wall Street is taking the battle of the titans that erupted Aug. 31. The resulting blackout of Disney channels in Charter households hit at a critical time, with ESPN’s networks airing the U.
- 9/5/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
NFL Sunday Ticket is undergoing a bold, new experiment this season. After decades of residing exclusively with the satellite provider Directv, the NFL’s out-of-market package is gearing up for its first season on streaming. Not only does the move mean that YouTube TV is the Sunday afternoon package’s new home, but the Google-owned platform is also letting football fans subscribe without having to pay for a live TV streaming subscription.
Sign Up $349+ / month tv.youtube.com
Save $50 off any Sunday Ticket package if you sign up before Sept. 19.
The move to YouTube TV was not accompanied by the advent of single-team plans, as many users had hoped, but the summer started with a fantastic introductory offer; for nearly two months, new users could sign up and save $100 off of any NFL Sunday Ticket subscription. That was a big discount, but considering that users who wanted both Sunday...
Sign Up $349+ / month tv.youtube.com
Save $50 off any Sunday Ticket package if you sign up before Sept. 19.
The move to YouTube TV was not accompanied by the advent of single-team plans, as many users had hoped, but the summer started with a fantastic introductory offer; for nearly two months, new users could sign up and save $100 off of any NFL Sunday Ticket subscription. That was a big discount, but considering that users who wanted both Sunday...
- 8/22/2023
- by David Satin
- The Streamable
If one Disney is good, could two Disneys be better?
That’s media analyst Michael Nathanson (of MoffettNathanson’s) basic theory, one that on Wednesday Disney CEO Bob Iger said he was “looking forward to reading” about in more detail. It’s possible he was just being polite.
On the Disney fiscal Q3-earnings conference call, Nathanson asked Iger: Why not spin off Disney’s parks, Disney+, and its studio IP into a new company, leaving linear TV, ESPN+, Hulu (including Hulu + Live TV), and Disney+ Hotstar right where they are? His premise: Why should investors take the bad with the good if they don’t have to?
“I’m not gonna comment on the future structure of the company or the asset makeup of the company. As I’ve said, we’re looking at strategic options both for ESPN and for the linear networks, obviously addressing all the challenges that those businesses are facing,...
That’s media analyst Michael Nathanson (of MoffettNathanson’s) basic theory, one that on Wednesday Disney CEO Bob Iger said he was “looking forward to reading” about in more detail. It’s possible he was just being polite.
On the Disney fiscal Q3-earnings conference call, Nathanson asked Iger: Why not spin off Disney’s parks, Disney+, and its studio IP into a new company, leaving linear TV, ESPN+, Hulu (including Hulu + Live TV), and Disney+ Hotstar right where they are? His premise: Why should investors take the bad with the good if they don’t have to?
“I’m not gonna comment on the future structure of the company or the asset makeup of the company. As I’ve said, we’re looking at strategic options both for ESPN and for the linear networks, obviously addressing all the challenges that those businesses are facing,...
- 8/10/2023
- by Tony Maglio
- Indiewire
Disney’s latest earnings report and conference call after the market close on Wednesday showed a mix of progress under CEO Bob Iger, including in terms of cost-cutting and moving toward streaming profitability. It also showed challenges, such as in the linear TV networks business, as well as new initiatives, including plans to roll out a Disney+ ad tier abroad and crack down on streaming account sharing, that take pages from the Netflix playbook.
No surprise then that Disney shares in early Thursday trading were little changed, up 1.1 percent at $88.44, as Wall Street had much to digest overnight. First reactions showed that analysts remain divided between bulls and those more cautious until Disney answers open questions or shows further progress.
Several Wall Street experts lowered their stock price targets following the earnings update, while others touted their belief in an improving outlook.
Bank of America analyst Jessica Reif Ehrlich remains a key Disney bull,...
No surprise then that Disney shares in early Thursday trading were little changed, up 1.1 percent at $88.44, as Wall Street had much to digest overnight. First reactions showed that analysts remain divided between bulls and those more cautious until Disney answers open questions or shows further progress.
Several Wall Street experts lowered their stock price targets following the earnings update, while others touted their belief in an improving outlook.
Bank of America analyst Jessica Reif Ehrlich remains a key Disney bull,...
- 8/10/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
It wasn’t a broad-based outpouring of “buy”-rated love, but Wall Street gave Paramount Global’s second-quarter results better reviews than its first-quarter update, with several analysts even slightly raising their stock price targets.
After all, in its earnings update unveiled after the market close on August 7, the firm narrowed its quarterly adjusted operating loss before depreciation and amortization in streaming to $424 million while slightly growing Paramount+ subscribers to 61 million. Plus, it unveiled a deal to sell its Simon & Schuster book unit for $1.62 billion to private equity firm Kkr, which will help ease debt and liquidity worries after the company’s dividend cut unveiled as part of its first-quarter earnings update earlier this year.
In early market trading on Tuesday, Paramount’s stock was up 1 percent at $16.25 amid a drop in the broader market.
Wall Street experts overnight dissected the latest performance update from Paramount, led by CEO Bob Bakish,...
After all, in its earnings update unveiled after the market close on August 7, the firm narrowed its quarterly adjusted operating loss before depreciation and amortization in streaming to $424 million while slightly growing Paramount+ subscribers to 61 million. Plus, it unveiled a deal to sell its Simon & Schuster book unit for $1.62 billion to private equity firm Kkr, which will help ease debt and liquidity worries after the company’s dividend cut unveiled as part of its first-quarter earnings update earlier this year.
In early market trading on Tuesday, Paramount’s stock was up 1 percent at $16.25 amid a drop in the broader market.
Wall Street experts overnight dissected the latest performance update from Paramount, led by CEO Bob Bakish,...
- 8/8/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
MIPCOM Keynote Speaker
Gerhard Zeiler, president of international at Warner Bros. Discovery, will give the opening keynote at the 39th edition of TV market Mipcom, which runs Oct. 16-19 in Cannes.
Zeiler is expected to share insight into Wbd’s transformation post-merger as well as lay out the company’s worldwide content and streaming strategy.
Zeiler’s responsibilities for Wbd span strategic oversight of brands and joint responsibility for direct-to-consumer activity (including streaming service Max) across more than 220 markets. He is also responsible for local theatrical production, acquisitions, and country and region-specific networks and businesses in Latin America, Europe, Middle East, Africa, and the Asia Pacific.
Zeiler said: “Our industry is facing heightened disruption and undergoing a process of transformation. These are times of change but it’s also a once-in-a-lifetime opportunity to architect the media ecosystem for the next generation. I’m looking forward to speaking at Mipcom about...
Gerhard Zeiler, president of international at Warner Bros. Discovery, will give the opening keynote at the 39th edition of TV market Mipcom, which runs Oct. 16-19 in Cannes.
Zeiler is expected to share insight into Wbd’s transformation post-merger as well as lay out the company’s worldwide content and streaming strategy.
Zeiler’s responsibilities for Wbd span strategic oversight of brands and joint responsibility for direct-to-consumer activity (including streaming service Max) across more than 220 markets. He is also responsible for local theatrical production, acquisitions, and country and region-specific networks and businesses in Latin America, Europe, Middle East, Africa, and the Asia Pacific.
Zeiler said: “Our industry is facing heightened disruption and undergoing a process of transformation. These are times of change but it’s also a once-in-a-lifetime opportunity to architect the media ecosystem for the next generation. I’m looking forward to speaking at Mipcom about...
- 8/4/2023
- by Leo Barraclough
- Variety Film + TV
Warner Bros. Discovery’s progress in making its streaming business profitable and reducing its debt after the mega-merger that created the Hollywood giant was in Wall Street’s focus on Thursday.
With the entertainment conglomerate’s second-quarter results in the book, including a streaming loss of just $3 million, and management commentary, including boosting its post-merger cost-savings target to more than $5 billion, analysts shared their latest takes on the stock, which has gained year-to-date, and its outlook.
Several experts reiterated their confidence in the company’s path and improvements, but at least one analyst swam against the stream, downgrading their stock rating. As of mid-day Thursday, the conglomerate’s shares were down 1.2 percent at $12.40.
Bank of America analyst Jessica Reif Ehrlich had a bullish reaction to the earnings update, maintaining her “buy” rating and $21 stock price target on Warner Bros. Discovery. “Wbd’s second-quarter performance reflects the heavy lifting management has undertaken over the last year,...
With the entertainment conglomerate’s second-quarter results in the book, including a streaming loss of just $3 million, and management commentary, including boosting its post-merger cost-savings target to more than $5 billion, analysts shared their latest takes on the stock, which has gained year-to-date, and its outlook.
Several experts reiterated their confidence in the company’s path and improvements, but at least one analyst swam against the stream, downgrading their stock rating. As of mid-day Thursday, the conglomerate’s shares were down 1.2 percent at $12.40.
Bank of America analyst Jessica Reif Ehrlich had a bullish reaction to the earnings update, maintaining her “buy” rating and $21 stock price target on Warner Bros. Discovery. “Wbd’s second-quarter performance reflects the heavy lifting management has undertaken over the last year,...
- 8/3/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Google released its quarterly earnings report on Tuesday. As part of its conference call with analysts and investors to discuss the report, the company revealed that it would be offering a bundle that incorporates both NFL Sunday Ticket and Warner Bros. Discovery’s premium streaming service Max at some point this football season.
7-Day Free Trial $9.99+ / month Max via amazon.com
Get 20% Off Your Next Year of Max When Pre-Paid Annually
“With Warner Brothers Discovery, we expanded our multiyear relationship across our entire Android ecosystem, including partnering on the launch of Max, a deepened mutually beneficial relationship on Google TV, and plans to work together on new services,” said Google SVP Phillip Schindler. “YouTube’s expanded deal for Max, inclusive of a Max/NFL Sunday Ticket bundle on YouTube TV, also underscores our joint commitment to bring the highest quality content and experiences to our customers.”
No details whatsoever, including price,...
7-Day Free Trial $9.99+ / month Max via amazon.com
Get 20% Off Your Next Year of Max When Pre-Paid Annually
“With Warner Brothers Discovery, we expanded our multiyear relationship across our entire Android ecosystem, including partnering on the launch of Max, a deepened mutually beneficial relationship on Google TV, and plans to work together on new services,” said Google SVP Phillip Schindler. “YouTube’s expanded deal for Max, inclusive of a Max/NFL Sunday Ticket bundle on YouTube TV, also underscores our joint commitment to bring the highest quality content and experiences to our customers.”
No details whatsoever, including price,...
- 7/26/2023
- by David Satin
- The Streamable
Netflix’s second-quarter earnings results on Wednesday were mixed, and so was Wall Street’s reaction to them.
On one hand, in early evidence to paid-sharing’s success, subscriber growth at the streaming leader was great; six million new users signed up from April to June. Another highlight from the positive side of the ledger was Netflix’s earnings per share, which easily surpassed analyst expectations. On the other, revenue was below what analysts were projecting, $8.187 billion vs. the Wall Street consensus of $8.3 billion.
You win some, you lose some — right? The problem is, as the media analysts at research firm MoffettNathanson astutely pointed out on Thursday, it is Netflix’s executives (and accountants) who have worked so hard recently to retrain us to think of revenue as being more important than subscribers.
The company’s October (Q3 ’22) shareholder letter reads, in part: “We are increasingly focused on revenue as our primary top line metric.
On one hand, in early evidence to paid-sharing’s success, subscriber growth at the streaming leader was great; six million new users signed up from April to June. Another highlight from the positive side of the ledger was Netflix’s earnings per share, which easily surpassed analyst expectations. On the other, revenue was below what analysts were projecting, $8.187 billion vs. the Wall Street consensus of $8.3 billion.
You win some, you lose some — right? The problem is, as the media analysts at research firm MoffettNathanson astutely pointed out on Thursday, it is Netflix’s executives (and accountants) who have worked so hard recently to retrain us to think of revenue as being more important than subscribers.
The company’s October (Q3 ’22) shareholder letter reads, in part: “We are increasingly focused on revenue as our primary top line metric.
- 7/20/2023
- by Tony Maglio and Brian Welk
- Indiewire
Wall Street reviews of Netflix’ latest earnings ranged from upbeat to more cautiously optimistic, with the latter taking hold today after a major jump in net new subscribers failed to ignite sales last quarter.
Asked why, co-CEOs Ted Sarandos and Greg Peters and CFO Spencer Neumann said they expect a revenue boost from newly launched paid sharing, which just started in May, and from the ad-tier that launched last fall, will be gradual and roll out in coming quarters. But uncertainty on the timing combined with an already frothy share price saw Netflix stock dip after hours Wednesday and lose ground today. It’s trading down almost 9% at $435.
Netflix reported yesterday it added 5.9 million new subscribers for the second quarter ended in June – smashing forecasts. Revenue rose 2.7% to $8.2 billion.
“Given the sheer number of unknowns, it is hard to have any conviction to the upside or to the downside,” research...
Asked why, co-CEOs Ted Sarandos and Greg Peters and CFO Spencer Neumann said they expect a revenue boost from newly launched paid sharing, which just started in May, and from the ad-tier that launched last fall, will be gradual and roll out in coming quarters. But uncertainty on the timing combined with an already frothy share price saw Netflix stock dip after hours Wednesday and lose ground today. It’s trading down almost 9% at $435.
Netflix reported yesterday it added 5.9 million new subscribers for the second quarter ended in June – smashing forecasts. Revenue rose 2.7% to $8.2 billion.
“Given the sheer number of unknowns, it is hard to have any conviction to the upside or to the downside,” research...
- 7/20/2023
- by Jill Goldsmith
- Deadline Film + TV
Netflix shares fell 8.27% in morning trading Thursday as investors gave the streaming behemoth a thumbs down despite generally positive comments from analysts following a mixed second-quarter report.
The stock fell $33.49, to $438.10 in heavy trading but remained near the top of its range following steady gains since early May.
Shares have changed hands between $211.50 and $485 in the past 52 weeks, and the stock ended Wednesday up more than 67% since the start of the year.
The world’s largest streaming service on Wednesday posted net income of $1.48 billion, or $3.29 per share, on revenue of $8.2 billion, falling short forecasts from analysts surveyed by Zacks for $2.83 per share on $8.26 billion revenue.
The company said it added 5.9 million paid subscribers in the quarter, ending June with a total of 238.4 million worldwide.
JPMorgan analyst Doug Anmuth raised his price target on Netflix to $505 from $495, according to TheFly.com, meaning he expects the stock to gain another 6% by...
The stock fell $33.49, to $438.10 in heavy trading but remained near the top of its range following steady gains since early May.
Shares have changed hands between $211.50 and $485 in the past 52 weeks, and the stock ended Wednesday up more than 67% since the start of the year.
The world’s largest streaming service on Wednesday posted net income of $1.48 billion, or $3.29 per share, on revenue of $8.2 billion, falling short forecasts from analysts surveyed by Zacks for $2.83 per share on $8.26 billion revenue.
The company said it added 5.9 million paid subscribers in the quarter, ending June with a total of 238.4 million worldwide.
JPMorgan analyst Doug Anmuth raised his price target on Netflix to $505 from $495, according to TheFly.com, meaning he expects the stock to gain another 6% by...
- 7/20/2023
- by Eileen AJ Connelly
- The Wrap
Shares of Netflix were down more than 8% in early trading Thursday, coming after the streamer blew away estimates for subscriber gains for the second quarter — and analysts said the company continues to be well positioned relative to its peers to weather Hollywood’s double actors and writers strike. But investors had been anticipating a bigger bump from Netflix’s new initiative to monetize password-sharing accounts.
Note that Netflix’s post-earnings stock drop came amid high investor expectations leading into the Q2 report: Shares were up nearly 62% year to date in 2023 through close of trading July 19.
Revenue for Q2 came in at $8.19 billion, shy of Wall Street’s $8.3 billion consensus expectations. And Netflix’s guidance for Q3 revenue of $8.52 billion also was less than the $8.9 billion average forecast by analysts. The company added 5.9 million net new subs in the second quarter, more than double expectations, and said it expects to add...
Note that Netflix’s post-earnings stock drop came amid high investor expectations leading into the Q2 report: Shares were up nearly 62% year to date in 2023 through close of trading July 19.
Revenue for Q2 came in at $8.19 billion, shy of Wall Street’s $8.3 billion consensus expectations. And Netflix’s guidance for Q3 revenue of $8.52 billion also was less than the $8.9 billion average forecast by analysts. The company added 5.9 million net new subs in the second quarter, more than double expectations, and said it expects to add...
- 7/20/2023
- by Todd Spangler
- Variety Film + TV
Netflix stands to benefit from the dual strikes underway in Hollywood while competitors like Disney and Apple will get “weaker,” in part because of the streamer’s vast international production pipeline, a top media-stocks analyst said Wednesday on the brink of earnings season.
“The strike plays to their advantage,” Michael Nathanson, founding partner of Svb MoffettNathanson, said on CNBC’s “Squawk Box.” “I’ve not been a Netflix bull, but their setup for this quarter and the next 12 months is incredibly strong.”
Co-host Andrew Ross-Sorkin seized on that notion, seeking to clarify whether Nathanson meant Netflix would get stronger merely relative to its competition – or if it could help the streamer overall. The answer seemed to be: a bit of both.
“I think relative, clearly, right?” Nathanson said. “You had (Disney CEO) Bob Iger on air last week – I’ve never heard him sound so bearish. The backdrop for traditional media is really tough.
“The strike plays to their advantage,” Michael Nathanson, founding partner of Svb MoffettNathanson, said on CNBC’s “Squawk Box.” “I’ve not been a Netflix bull, but their setup for this quarter and the next 12 months is incredibly strong.”
Co-host Andrew Ross-Sorkin seized on that notion, seeking to clarify whether Nathanson meant Netflix would get stronger merely relative to its competition – or if it could help the streamer overall. The answer seemed to be: a bit of both.
“I think relative, clearly, right?” Nathanson said. “You had (Disney CEO) Bob Iger on air last week – I’ve never heard him sound so bearish. The backdrop for traditional media is really tough.
- 7/19/2023
- by Josh Dickey
- The Wrap
Netflix will be first out of the gate with quarterly earnings after market close today amid a level of Hollywood labor strife not seen since the 1960s. Writers and actors are protesting declines in pay and working conditions — an industry shift that many blame on the company whose name is synonymous with streaming.
The second quarter ended June 30, with the WGA on strike since May 2. SAG-AFTRA joined writers on the the picket lines last Friday. That means the financial impact during the quarter will be limited and numbers that will start rolling out today may show modest write-offs for shutting down production, as well as increased free cash flow from doing the same. The squeeze will get worse for most players if the strike drags on, although Netflix has decisive advantages. In fact, the work stoppage should enhance its competitive edge given its backlog...
The second quarter ended June 30, with the WGA on strike since May 2. SAG-AFTRA joined writers on the the picket lines last Friday. That means the financial impact during the quarter will be limited and numbers that will start rolling out today may show modest write-offs for shutting down production, as well as increased free cash flow from doing the same. The squeeze will get worse for most players if the strike drags on, although Netflix has decisive advantages. In fact, the work stoppage should enhance its competitive edge given its backlog...
- 7/19/2023
- by Jill Goldsmith
- Deadline Film + TV
Boy, Bob Iger had a lot to talk about Thursday morning from the Allen & Co. Sun Valley Conference — and it wasn’t all about the WGA and SAG-AFTRA strikes.
The former, present, and future Disney CEO (emphasis on “future” considering Wednesday’s contract extension) sat down with CNBC’s David Faber in front of some majestic Idaho scenery to discuss all things right and wrong with the company in the current media landscape.
Iger, who replaced his hand-picked successor Bob Chapek back in November, said he’s sticking around through 2026 now due to “greater” challenges than his two-year deal to return initially anticipated. Chief among the troubles Iger identifies are what he calls his company’s “no-growth businesses.”
He’s basically talking about linear television there; Iger is considering selling off broadcast network ABC, Disney’s non-ESPN cable networks, and its stations. Or maybe he’ll just have to scrap them.
The former, present, and future Disney CEO (emphasis on “future” considering Wednesday’s contract extension) sat down with CNBC’s David Faber in front of some majestic Idaho scenery to discuss all things right and wrong with the company in the current media landscape.
Iger, who replaced his hand-picked successor Bob Chapek back in November, said he’s sticking around through 2026 now due to “greater” challenges than his two-year deal to return initially anticipated. Chief among the troubles Iger identifies are what he calls his company’s “no-growth businesses.”
He’s basically talking about linear television there; Iger is considering selling off broadcast network ABC, Disney’s non-ESPN cable networks, and its stations. Or maybe he’ll just have to scrap them.
- 7/13/2023
- by Tony Maglio
- Indiewire
Disney’s disclosure on Wednesday that CEO Bob Iger has signed a contract extension that will keep him at the helm of the Hollywood giant through 2026 didn’t shock Wall Street. But analysts reacted to and analyzed the unanimous board decision and its implications for the company’s transition plan, which, to Disney, “remains a priority for the board.”
The tenor of most finance experts: investors will welcome stability and a venerable CEO in charge at a time of much industry change and many challenges, but Iger and his team will have more work to do to clarify the giant’s future path, including possible acquisitions and divestitures.
MoffettNathanson analyst Michael Nathanson, who has an “outperform” rating on Disney, noted in a Thursday report that, “While the challenges are clear for the company, we do not think investors are giving Disney and Iger credit to solve its massively underperforming linear and [direct-to-consumer] profitability.
The tenor of most finance experts: investors will welcome stability and a venerable CEO in charge at a time of much industry change and many challenges, but Iger and his team will have more work to do to clarify the giant’s future path, including possible acquisitions and divestitures.
MoffettNathanson analyst Michael Nathanson, who has an “outperform” rating on Disney, noted in a Thursday report that, “While the challenges are clear for the company, we do not think investors are giving Disney and Iger credit to solve its massively underperforming linear and [direct-to-consumer] profitability.
- 7/13/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Forget the Chris Rock live-standup success or the “Love Is Blind” reunion’s epic failure: The real benchmark to Netflix exploring live sports should be based on… Universal “Sing 2.”
That’s the argument made Thursday morning by media analysts at MoffettNathanson; before you think we subscribe to some quack research, let Michael Nathanson explain his position.
Though you may know (and subscribe to) Netflix for original hits like “Stranger Things,” “Wednesday,” and “Bridgerton,” its massive library is comprised primarily of acquired film and TV content. Those third-party leftovers account for more than half of the time viewed on Netflix in the U.S. Compared to your average original series or movie, libraries are a stable, predictable, safe, and successful setup.
“The main value of acquired is its dependability,” Nathanson wrote in a note to clients (and obtained by IndieWire). “Titles are already made and already proven… There is little...
That’s the argument made Thursday morning by media analysts at MoffettNathanson; before you think we subscribe to some quack research, let Michael Nathanson explain his position.
Though you may know (and subscribe to) Netflix for original hits like “Stranger Things,” “Wednesday,” and “Bridgerton,” its massive library is comprised primarily of acquired film and TV content. Those third-party leftovers account for more than half of the time viewed on Netflix in the U.S. Compared to your average original series or movie, libraries are a stable, predictable, safe, and successful setup.
“The main value of acquired is its dependability,” Nathanson wrote in a note to clients (and obtained by IndieWire). “Titles are already made and already proven… There is little...
- 7/7/2023
- by Tony Maglio
- Indiewire
The Disney Trio of streaming services is three, three, three times the fun for Disney — even if it’s not exactly three times the revenue for Disney.
Disney’s Trio — Disney+, ESPN+, and Hulu — runs $12.99 per month for the “Basic” plan (with ads) or $19.99 for the ad-free “Premium” plan. The combination provides a clear value to consumers: Trio Basic is a savings of 49 percent vs. subscribing to each service individually; without ads, it’s a 44 percent savings. (Disney is happy to give you a bigger break on subscription price in exchange for the advertising revenue; details on the options are here.)
But where the bundle really pays off for Disney is in a subscriber’s loyalty. The Disney Bundle, a term generally reserved for the Trio (there is also a Duo of ad-supported Hulu and Disney+ for $9.99 that falls under the “Disney Bundle” banner), has the lowest churn (the amount...
Disney’s Trio — Disney+, ESPN+, and Hulu — runs $12.99 per month for the “Basic” plan (with ads) or $19.99 for the ad-free “Premium” plan. The combination provides a clear value to consumers: Trio Basic is a savings of 49 percent vs. subscribing to each service individually; without ads, it’s a 44 percent savings. (Disney is happy to give you a bigger break on subscription price in exchange for the advertising revenue; details on the options are here.)
But where the bundle really pays off for Disney is in a subscriber’s loyalty. The Disney Bundle, a term generally reserved for the Trio (there is also a Duo of ad-supported Hulu and Disney+ for $9.99 that falls under the “Disney Bundle” banner), has the lowest churn (the amount...
- 6/21/2023
- by Tony Maglio
- Indiewire
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