Exactly and, to a slightly lesser extent, park tickets and hotel rates...are grocery stores next?
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Controversial Topics
Several months ago, I added a private sub-forum to allow members to discuss these topics without fear of infractions or banning. It's opt-in, opt-out. Corey Click Here
DIS Shareholders and Stock Info ONLY
- Thread starter hhisc16
- Start date
clarker99
DIS Veteran
- Joined
- May 15, 2019
I will not do a deep dive on this stock. I will not do a deep dive on this stock. I will not do a deep dive on this stock...
OK, so "don't" let us know what you find...
Obi-J Kenobi
Jedi Knight
- Joined
- Mar 15, 2021
I have for years never understood why Disney parks do not charge a premium seating fee for dinner reservations or lunch reservations during traditional dinner and lunch times. For instance, if you want lunch at Tusker House at noon for a character meal, then you pay a $20 / person seating fee, but if you want to eat lunch at 2:00 p.m. then there is only a $5 / person seating fee. What are park guests going to do? Not eat?
They are going to bring in food, eat off site or eat quick service. The food is beyond overpriced at this point.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.msn.com/en-us/money/com...f-live-action-movies-to-step-down/ar-BB1iVWJC
Disney’s Head of Live-Action Movies to Step Down
Executive shuffle comes as Disney faces pressure from activist investors
By Ben Glickman
Updated Feb. 26, 2024 - 6:58 pm EST
Sean Bailey, who has overseen live-action movies for Disney’s namesake studio since 2010, will step down.
Disney said Monday that Bailey would be succeeded by David Greenbaum, former co-president of Disney’s Searchlight Pictures. Greenbaum would take on the new role of president of Disney live action and 20th Century Studios.
The entertainment company said that Greenbaum, in the newly created role, would lead a “combined studio group” that would allow for greater collaboration on the company’s production slate.
The executive shuffle comes as Disney faces pressure from activist investors. Activist Nelson Peltz has called on the company to improve its streaming margins and review creative processes at its studios to improve output.
Searchlight Pictures would still be led by President Matthew Greenfield, who stepped into the position with Greenbaum in 2021.
Disney said that Bailey would continue as a producer on the company’s “Tron: Ares” movie and other projects.
Write to Ben Glickman at ben.glickman@wsj.com
Disney’s Head of Live-Action Movies to Step Down
Executive shuffle comes as Disney faces pressure from activist investors
By Ben Glickman
Updated Feb. 26, 2024 - 6:58 pm EST
Sean Bailey, who has overseen live-action movies for Disney’s namesake studio since 2010, will step down.
Disney said Monday that Bailey would be succeeded by David Greenbaum, former co-president of Disney’s Searchlight Pictures. Greenbaum would take on the new role of president of Disney live action and 20th Century Studios.
The entertainment company said that Greenbaum, in the newly created role, would lead a “combined studio group” that would allow for greater collaboration on the company’s production slate.
The executive shuffle comes as Disney faces pressure from activist investors. Activist Nelson Peltz has called on the company to improve its streaming margins and review creative processes at its studios to improve output.
Searchlight Pictures would still be led by President Matthew Greenfield, who stepped into the position with Greenbaum in 2021.
Disney said that Bailey would continue as a producer on the company’s “Tron: Ares” movie and other projects.
Write to Ben Glickman at ben.glickman@wsj.com
Elijah Abrams
Mouseketeer
- Joined
- Feb 6, 2020
Sayonara, Sean! The end of the live-action remakes is nigh!
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.hollywoodreporter.com/b...x-warner-bros-discovery-streaming-1235836557/
Hollywood Moguls Try a Quarterback Sneak
The unnamed Disney-Fox-Warner Bros. Discovery sports platform is a risky bet, for both the channel owners using sports to build their media brands, and for the leagues, which have long relied on the channel owners to bid competitively for their rights.
by Alex Weprin
February 26, 2024 1:00pm
Sitting in Pat McAfee’s studio in Indianapolis Feb. 14, NBA commissioner Adam Silver engaged in an extended conversation about the state of streaming sports.
McAfee, whose show is simulcast on ESPN, brought up the recently-announced joint venture between Disney, Fox, and Warner Bros. Discovery seems like a game-changing development. “We knew nothing about until it got announced,” McAfee said.
“Neither did I,” Silver responded dryly.
Indeed, multiple sources tell The Hollywood Reporter that the major sports leagues were all caught off guard by the announcement of the joint venture, though executives at the media companies endeavored to reach out and loop them in a few hours before it was revealed. The same is true of the cable and satellite companies that pay to distribute ESPN, TNT, TBS and Fox.
One of those distributors, FuboTV, would even sue to block the JV from launching.
The surprise by their league and distribution partners underscored how quickly the deal came together, sources say, adding that discussions did not kick into high gear until late last year.
The JV was announced, fittingly, in the days leading up to this year’s Super Bowl, and sources on the ground in Las Vegas say that it was the talk of the press room, with league officials pressing journalists and other attendees for any new details on the plan.
But it’s formation was also something of an audible — to use a football term for changing strategy mid-play — by the rights holders, all of whom were thinking about how they would take their valuable sports rights to streaming.
Warner Bros. Discovery launched its own sports tier, called B/R Sports, last fall, with plans to put it behind a paywall in the coming months. On WBD’s earnings call Feb. 23, streaming chief JB Perrette suggested that the new JV could supersede that offering.
“As it relates to what does that mean for the existing B/R sports that are on Max: Look, we’ll have more to share with that over the coming months as the we get closer to launch,” he said when asked by a Wall Street analyst. “But obviously, it’s incredibly compelling to be able to say that we’ll be able to take the incredible entertainment offering that is on Max, along with the great aggregated, simpler, more compelling consumer offering of the joint venture to put those two together and offer them in a compelling fashion to the subscribers.”
And Disney, which has been planning to bring its flagship ESPN product to streaming for some time, still plans to do that in 2025 … but this new bundle will launch this year, beating flagship ESPN to streaming by many months.
“It is a different product,” Iger said of the dedicated ESPN streaming offering, adding that it will “have many more features and provide a more immersive experience for the sports fan,” including betting integrations and other feature content.
Fox, meanwhile, has strategically been sitting on the streaming sidelines. While CBS and NBC have made almost all of their live sports available on Paramount+ and Peacock, respectively, Fox kept its games exclusive to those paying for TV through cable, satellite, or vMVPDs, preserving its “optionality,” to use a phrase favored by Fox Corp CEO Lachlan Murdoch when asked about streaming sports in earnings calls.
Now, for the first time outside of a major TV bundle, Fox’s games will be accessible to consumers, a major strategic pivot for the company as it seeks to reach the “60 million odd households that currently don’t participate in the bundled cable and pay television ecosystem,” as Murdoch explained to analyst’s earlier this month.
WBD CEO David Zaslav, on his company’s earnings call, described a product that disassociates the sport from the legacy TV brand it’s on: “Today when people are thinking what channel should I watch? What channel is my sport on? You will be able to go to this new product, this new app-based product and if you if you love the baseball playoffs, you’ll watch all of them, and you’re not thinking ‘what channel is it on?'”
It’s a risky bet, for both the channel owners using sports to build their media brands, and for the leagues, which have long relied on the channel owners to bid competitively for their rights.
There’s one group that clearly isn’t worried about the joint venture: Disney, WBD and Fox. And for what its worth, Wall Street largely seems to agree. “We believe such fears are overblown and that the joint venture, if priced correctly, could add some new pay-TV customers,” S&P Global’s Naveen Sarma wrote Feb. 21, adding that the data from the venture could help inform Disney as it prepares its full ESPN launch.
“Given that a skinnier, sports-focused vMVPD has never existed, it is obviously hard to know what the impact will be,” Lightshed TMT’s Rich Greenfield wrote Feb. 13 “As we talked about last week, it is possible that consumers may not care and this is DOA or that it never even launches.”
But there’s no question that the joint venture is a significant pivot in strategy by all three companies, beating Disney’s ESPN streaming launch to the punch, placing WBD’s Max sports offering in question, and bringing Fox into the streaming fold for the first time. “Our traditional Pay TV market will remain our dominant customer base for some time to come,” Lachlan Murdoch told analysts in a Feb. 7 call. “This unique new platform opens up a new market for us, one that we at Fox have not accessed before and that we’re excited to participate in.”
And there’s no question that cable and satellite companies, not to mention spots leagues, will be watching what happens closely.
Hollywood Moguls Try a Quarterback Sneak
The unnamed Disney-Fox-Warner Bros. Discovery sports platform is a risky bet, for both the channel owners using sports to build their media brands, and for the leagues, which have long relied on the channel owners to bid competitively for their rights.
by Alex Weprin
February 26, 2024 1:00pm
Sitting in Pat McAfee’s studio in Indianapolis Feb. 14, NBA commissioner Adam Silver engaged in an extended conversation about the state of streaming sports.
McAfee, whose show is simulcast on ESPN, brought up the recently-announced joint venture between Disney, Fox, and Warner Bros. Discovery seems like a game-changing development. “We knew nothing about until it got announced,” McAfee said.
“Neither did I,” Silver responded dryly.
Indeed, multiple sources tell The Hollywood Reporter that the major sports leagues were all caught off guard by the announcement of the joint venture, though executives at the media companies endeavored to reach out and loop them in a few hours before it was revealed. The same is true of the cable and satellite companies that pay to distribute ESPN, TNT, TBS and Fox.
One of those distributors, FuboTV, would even sue to block the JV from launching.
The surprise by their league and distribution partners underscored how quickly the deal came together, sources say, adding that discussions did not kick into high gear until late last year.
The JV was announced, fittingly, in the days leading up to this year’s Super Bowl, and sources on the ground in Las Vegas say that it was the talk of the press room, with league officials pressing journalists and other attendees for any new details on the plan.
But it’s formation was also something of an audible — to use a football term for changing strategy mid-play — by the rights holders, all of whom were thinking about how they would take their valuable sports rights to streaming.
Warner Bros. Discovery launched its own sports tier, called B/R Sports, last fall, with plans to put it behind a paywall in the coming months. On WBD’s earnings call Feb. 23, streaming chief JB Perrette suggested that the new JV could supersede that offering.
“As it relates to what does that mean for the existing B/R sports that are on Max: Look, we’ll have more to share with that over the coming months as the we get closer to launch,” he said when asked by a Wall Street analyst. “But obviously, it’s incredibly compelling to be able to say that we’ll be able to take the incredible entertainment offering that is on Max, along with the great aggregated, simpler, more compelling consumer offering of the joint venture to put those two together and offer them in a compelling fashion to the subscribers.”
And Disney, which has been planning to bring its flagship ESPN product to streaming for some time, still plans to do that in 2025 … but this new bundle will launch this year, beating flagship ESPN to streaming by many months.
“It is a different product,” Iger said of the dedicated ESPN streaming offering, adding that it will “have many more features and provide a more immersive experience for the sports fan,” including betting integrations and other feature content.
Fox, meanwhile, has strategically been sitting on the streaming sidelines. While CBS and NBC have made almost all of their live sports available on Paramount+ and Peacock, respectively, Fox kept its games exclusive to those paying for TV through cable, satellite, or vMVPDs, preserving its “optionality,” to use a phrase favored by Fox Corp CEO Lachlan Murdoch when asked about streaming sports in earnings calls.
Now, for the first time outside of a major TV bundle, Fox’s games will be accessible to consumers, a major strategic pivot for the company as it seeks to reach the “60 million odd households that currently don’t participate in the bundled cable and pay television ecosystem,” as Murdoch explained to analyst’s earlier this month.
WBD CEO David Zaslav, on his company’s earnings call, described a product that disassociates the sport from the legacy TV brand it’s on: “Today when people are thinking what channel should I watch? What channel is my sport on? You will be able to go to this new product, this new app-based product and if you if you love the baseball playoffs, you’ll watch all of them, and you’re not thinking ‘what channel is it on?'”
It’s a risky bet, for both the channel owners using sports to build their media brands, and for the leagues, which have long relied on the channel owners to bid competitively for their rights.
There’s one group that clearly isn’t worried about the joint venture: Disney, WBD and Fox. And for what its worth, Wall Street largely seems to agree. “We believe such fears are overblown and that the joint venture, if priced correctly, could add some new pay-TV customers,” S&P Global’s Naveen Sarma wrote Feb. 21, adding that the data from the venture could help inform Disney as it prepares its full ESPN launch.
“Given that a skinnier, sports-focused vMVPD has never existed, it is obviously hard to know what the impact will be,” Lightshed TMT’s Rich Greenfield wrote Feb. 13 “As we talked about last week, it is possible that consumers may not care and this is DOA or that it never even launches.”
But there’s no question that the joint venture is a significant pivot in strategy by all three companies, beating Disney’s ESPN streaming launch to the punch, placing WBD’s Max sports offering in question, and bringing Fox into the streaming fold for the first time. “Our traditional Pay TV market will remain our dominant customer base for some time to come,” Lachlan Murdoch told analysts in a Feb. 7 call. “This unique new platform opens up a new market for us, one that we at Fox have not accessed before and that we’re excited to participate in.”
And there’s no question that cable and satellite companies, not to mention spots leagues, will be watching what happens closely.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.latimes.com/entertainme...sney-sean-bailey-david-greenbaum-movie-studio
Sean Bailey out, David Greenbaum in as Disney movie head - Los Angeles Times
by Meg James, Christi Carras
2/26/24
Sean Bailey, the longtime Walt Disney Co. executive who oversaw the studio’s live-action movies, is stepping down, the Burbank-based entertainment giant announced Monday.
David Greenbaum has been appointed to the newly created role of president of Disney live action and 20th Century Studios, and will oversee film projects for both units spanning theatrical and streaming platforms. Bailey is exiting his position after 14 years at the helm.
The high-level change at the top of Disney’s live-action film unit has been rumored, particularly after the rocky performance of some recent films.
During his tenure, Bailey oversaw a string of blockbuster live-action remakes, including “The Little Mermaid,” “Aladdin,” “Lion King,” and “Beauty and the Beast.” Most of those films topped $1 billion worldwide in box office receipts, while last year’s “The Little Mermaid,” raked in $560 million (it struggled in overseas markets).
But despite high-profile successes, Bailey’s division was behind last year’s box office flop, “Haunted Mansion,” inspired by the vaunted Disneyland theme park ride.
Bailey’s contract was due to expire next January, and it was reported that he had discussions with Netflix executives taking the top film job there. While Bailey is not expected to make the switch to Netflix’s Sunset Boulevard-based campus, revelations of the talks prompted considerable reflection by Bailey and Disney’s top brass about the studio’s live-action film strategy and pipeline, according to a knowledgeable person who was not authorized to comment publicly.
Bailey, who wasn’t interested in extending his contract, will return to his roots as a producer of “Tron: Ares,” for Disney, the company said in its statement.
The new leader, Greenbaum, most recently served as president of Searchlight Pictures, where he jointly managed the studio’s film and TV projects with Matthew Greenfield, who will continue in his role as Searchlight Pictures president. Disney acquired the specialty label as part of its $71.3-billion purchase of 21st Century Fox properties from Rupert Murdoch nearly five years ago.
Searchlight has had plenty of awards success, and Greenbaum helped guide dozens of feature films, including Academy Awards winners “The Shape of Water” and “Nomadland,” to the big screen. He was also involved in shepherding Yorgos Lanthimos’ “Poor Things,” which currently is nominated for a best picture Oscar. Greenbaum was also involved in the making of past standouts such as “The Menu,” “The Favourite,” “The Grand Budapest Hotel” and “Black Swan.”
Before joining Searchlight more than a decade ago, Greenbaum was a development executive at Miramax Films.
“David has an incredible creative sensibility and eye for film, and he has built a reputation as an exceptional leader and creative executive, as proven by his track record at Searchlight Pictures and deep relationships throughout the industry,” said Alan Bergman, co-chairman of Disney Entertainment, in a statement.
“I’m thrilled that he’ll be taking on this new and important role. We’ve had the great fortune to have a strong creative leader in Steve Asbell at 20th Century, and I’m excited for him to work closely with David as we take a more strategic look across both brands from a creative and operational standpoint. I also want to thank Sean Bailey for his many contributions and leadership over his tenure at Disney.”
Bailey, in a statement, said it was a good time to move on and wished Disney Chief Executive Bob Iger, Bergman and others “the very best for a bright future.”
“These 15 years at Disney have been an incredible journey, but the time is right for a new chapter,” Bailey said. “I’m deeply grateful to my exceptional team and proud of the slate and history we’ve built together. I joined Disney while producing Tron: Legacy, so it seems fitting that I will have the opportunity to work on the latest Tron as I depart.”
Netflix has not named a replacement for its film chief, Scott Stuber, who last month announced his departure from the streamer. A Netflix spokesperson wasn’t immediately available for comment.
Sean Bailey out, David Greenbaum in as Disney movie head - Los Angeles Times
by Meg James, Christi Carras
2/26/24
Sean Bailey, the longtime Walt Disney Co. executive who oversaw the studio’s live-action movies, is stepping down, the Burbank-based entertainment giant announced Monday.
David Greenbaum has been appointed to the newly created role of president of Disney live action and 20th Century Studios, and will oversee film projects for both units spanning theatrical and streaming platforms. Bailey is exiting his position after 14 years at the helm.
The high-level change at the top of Disney’s live-action film unit has been rumored, particularly after the rocky performance of some recent films.
During his tenure, Bailey oversaw a string of blockbuster live-action remakes, including “The Little Mermaid,” “Aladdin,” “Lion King,” and “Beauty and the Beast.” Most of those films topped $1 billion worldwide in box office receipts, while last year’s “The Little Mermaid,” raked in $560 million (it struggled in overseas markets).
But despite high-profile successes, Bailey’s division was behind last year’s box office flop, “Haunted Mansion,” inspired by the vaunted Disneyland theme park ride.
Bailey’s contract was due to expire next January, and it was reported that he had discussions with Netflix executives taking the top film job there. While Bailey is not expected to make the switch to Netflix’s Sunset Boulevard-based campus, revelations of the talks prompted considerable reflection by Bailey and Disney’s top brass about the studio’s live-action film strategy and pipeline, according to a knowledgeable person who was not authorized to comment publicly.
Bailey, who wasn’t interested in extending his contract, will return to his roots as a producer of “Tron: Ares,” for Disney, the company said in its statement.
The new leader, Greenbaum, most recently served as president of Searchlight Pictures, where he jointly managed the studio’s film and TV projects with Matthew Greenfield, who will continue in his role as Searchlight Pictures president. Disney acquired the specialty label as part of its $71.3-billion purchase of 21st Century Fox properties from Rupert Murdoch nearly five years ago.
Searchlight has had plenty of awards success, and Greenbaum helped guide dozens of feature films, including Academy Awards winners “The Shape of Water” and “Nomadland,” to the big screen. He was also involved in shepherding Yorgos Lanthimos’ “Poor Things,” which currently is nominated for a best picture Oscar. Greenbaum was also involved in the making of past standouts such as “The Menu,” “The Favourite,” “The Grand Budapest Hotel” and “Black Swan.”
Before joining Searchlight more than a decade ago, Greenbaum was a development executive at Miramax Films.
“David has an incredible creative sensibility and eye for film, and he has built a reputation as an exceptional leader and creative executive, as proven by his track record at Searchlight Pictures and deep relationships throughout the industry,” said Alan Bergman, co-chairman of Disney Entertainment, in a statement.
“I’m thrilled that he’ll be taking on this new and important role. We’ve had the great fortune to have a strong creative leader in Steve Asbell at 20th Century, and I’m excited for him to work closely with David as we take a more strategic look across both brands from a creative and operational standpoint. I also want to thank Sean Bailey for his many contributions and leadership over his tenure at Disney.”
Bailey, in a statement, said it was a good time to move on and wished Disney Chief Executive Bob Iger, Bergman and others “the very best for a bright future.”
“These 15 years at Disney have been an incredible journey, but the time is right for a new chapter,” Bailey said. “I’m deeply grateful to my exceptional team and proud of the slate and history we’ve built together. I joined Disney while producing Tron: Legacy, so it seems fitting that I will have the opportunity to work on the latest Tron as I depart.”
Netflix has not named a replacement for its film chief, Scott Stuber, who last month announced his departure from the streamer. A Netflix spokesperson wasn’t immediately available for comment.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
Perhaps gaming ISN'T the way of the future for DIS after all?
https://www.hollywoodreporter.com/b...s-cut-gaming-division-playstation-1235837005/
Sony Lays Off 900 Employees in Gaming Division
"We have concluded that tough decisions have become inevitable," Sony Interactive CEO Jim Ryan wrote to employees Tuesday.
by Alex Weprin
February 27, 2024 - 6:03am PST
Sony is the latest tech and gaming giant to undergo a significant round of layoffs.
The company’s Sony Interactive Entertainment unit is cutting 8 percent of its workforce, or about 900 people, its CEO Jim Ryan told employees Tuesday morning.
The division includes Sony’s PlayStation devices, as well as multiple game development studios.
“Through discussions over the past few months about the evolving economic landscape, changes in the way we develop, distribute, and launch products, and ensuring our organization is future ready in this rapidly changing industry, we have concluded that tough decisions have become inevitable,” Ryan wrote. “The leadership team and I made the incredibly difficult decision to restructure operations, which regrettably includes a reduction in our workforce impacting very talented individuals who have contributed to our success.”
Ryan wrote that employees will be impacted across all of SIE’s regions, including multiple studios. Sony is proposing to close down its PlayStation Studios’ London Studio entirely.
“After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company,” Ryan wrote. “We had to step back, look at our business holistically, and move forward focusing on the long-term sustainability of the company and delivering the best experiences possible for our community.”
Layoffs have hammered the gaming industry over the past few months, as companies adapt to the current economic environment. Sony’s biggest competitor in the space, Microsoft, cut 1,900 employees last month after completing its acquisition of Activision Blizzard.
Elsewhere, Fortnite studio Epic Games cut 830 jobs late last year, while Riot Games, the producer of League of Legends, cut 530 jobs last month.
Both gaming and tech have been hammered by cuts, with Amazon slashing hundreds of jobs (including at its video game-focused streaming service Twitch), and the video platform YouTube restructuring.
You can read Ryan’s email to Sony staff below.
Subject: Important Update Regarding Organizational Restructuring
Team,
It is important to provide you with updates about the business as often as possible. Today, I am writing with sad news. Through discussions over the past few months about the evolving economic landscape, changes in the way we develop, distribute, and launch products, and ensuring our organization is future ready in this rapidly changing industry, we have concluded that tough decisions have become inevitable. The leadership team and I made the incredibly difficult decision to restructure operations, which regrettably includes a reduction in our workforce impacting very talented individuals who have contributed to our success.
After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company. We had to step back, look at our business holistically, and move forward focusing on the long-term sustainability of the company and delivering the best experiences possible for our community. The goal is to streamline our resources to ensure our continued success and ability to deliver experiences gamers and creators have come to expect from us.
I want to be as transparent as possible with you, our partners, and our community about what this means:
For those who will be staying at SIE: We will be saying goodbye to friends and colleagues that we cherish during this process, and this will be painful. Your resilience, sensitivity, and adaptiveness will be critical in the weeks and months to come.
This will not be easy, and I am aware of the impact it will have on wellbeing. Affected employees will receive support, including severance benefits. While these are challenging times, it is not indicative of a lack of strength of our company, our brand, or our industry. Our goal is to remain agile and adaptable and to continue to focus on delivering the best gaming experiences possible now and in the future.
Thank you for your understanding during this difficult period. Please be kind to yourselves and to each other.
Jim
https://www.hollywoodreporter.com/b...s-cut-gaming-division-playstation-1235837005/
Sony Lays Off 900 Employees in Gaming Division
"We have concluded that tough decisions have become inevitable," Sony Interactive CEO Jim Ryan wrote to employees Tuesday.
by Alex Weprin
February 27, 2024 - 6:03am PST
Sony is the latest tech and gaming giant to undergo a significant round of layoffs.
The company’s Sony Interactive Entertainment unit is cutting 8 percent of its workforce, or about 900 people, its CEO Jim Ryan told employees Tuesday morning.
The division includes Sony’s PlayStation devices, as well as multiple game development studios.
“Through discussions over the past few months about the evolving economic landscape, changes in the way we develop, distribute, and launch products, and ensuring our organization is future ready in this rapidly changing industry, we have concluded that tough decisions have become inevitable,” Ryan wrote. “The leadership team and I made the incredibly difficult decision to restructure operations, which regrettably includes a reduction in our workforce impacting very talented individuals who have contributed to our success.”
Ryan wrote that employees will be impacted across all of SIE’s regions, including multiple studios. Sony is proposing to close down its PlayStation Studios’ London Studio entirely.
“After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company,” Ryan wrote. “We had to step back, look at our business holistically, and move forward focusing on the long-term sustainability of the company and delivering the best experiences possible for our community.”
Layoffs have hammered the gaming industry over the past few months, as companies adapt to the current economic environment. Sony’s biggest competitor in the space, Microsoft, cut 1,900 employees last month after completing its acquisition of Activision Blizzard.
Elsewhere, Fortnite studio Epic Games cut 830 jobs late last year, while Riot Games, the producer of League of Legends, cut 530 jobs last month.
Both gaming and tech have been hammered by cuts, with Amazon slashing hundreds of jobs (including at its video game-focused streaming service Twitch), and the video platform YouTube restructuring.
You can read Ryan’s email to Sony staff below.
Subject: Important Update Regarding Organizational Restructuring
Team,
It is important to provide you with updates about the business as often as possible. Today, I am writing with sad news. Through discussions over the past few months about the evolving economic landscape, changes in the way we develop, distribute, and launch products, and ensuring our organization is future ready in this rapidly changing industry, we have concluded that tough decisions have become inevitable. The leadership team and I made the incredibly difficult decision to restructure operations, which regrettably includes a reduction in our workforce impacting very talented individuals who have contributed to our success.
After careful consideration and many leadership discussions over several months, it has become clear changes need to be made to continue to grow the business and develop the company. We had to step back, look at our business holistically, and move forward focusing on the long-term sustainability of the company and delivering the best experiences possible for our community. The goal is to streamline our resources to ensure our continued success and ability to deliver experiences gamers and creators have come to expect from us.
I want to be as transparent as possible with you, our partners, and our community about what this means:
- We envision reducing our headcount by about 900 people, or about 8% of our current workforce
- There will be impact for employees across all SIE regions – Americas, EMEA, Japan, and APAC
- Several PlayStation Studios are affected
- For those of you in the US, all impacted employees will be notified today.
- In the UK, it is proposed:
- That PlayStation Studios’ London Studio will close in its entirety;
- That there will be reductions in Firesprite studio;
- And that there will be reductions in various functions across SIE in the UK.
- In Japan, we will implement a next career support program. Details will be communicated separately.
- In other countries, we will begin conversations with those who are potentially at risk or impacted as a result of this proposed course of action.
For those who will be staying at SIE: We will be saying goodbye to friends and colleagues that we cherish during this process, and this will be painful. Your resilience, sensitivity, and adaptiveness will be critical in the weeks and months to come.
This will not be easy, and I am aware of the impact it will have on wellbeing. Affected employees will receive support, including severance benefits. While these are challenging times, it is not indicative of a lack of strength of our company, our brand, or our industry. Our goal is to remain agile and adaptable and to continue to focus on delivering the best gaming experiences possible now and in the future.
Thank you for your understanding during this difficult period. Please be kind to yourselves and to each other.
Jim
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://finance.yahoo.com/news/disney-goes-offensive-proxy-battle-141142593.html
Disney goes on the offensive in proxy battle with activist Nelson Peltz
Dawn Chmielewski
Tue, Feb 27, 2024, 8:32 AM CST2 min read
(Reuters) - Walt Disney appealed directly to shareholders in its battle with activist investor Nelson Peltz, publishing a point-by-point refutation of claims made by the head of Trian Fund Management on the company's Vote Disney website on Tuesday.
Disney cited nine examples where it disputed claims made by Peltz, who is attempting to gain two board seats, one for himself and another for ally and former Disney Chief Financial Officer Jay Rasulo.
Disney, Peltz and another activist investor, Blackwells Capital, have roughly one month to persuade investors to back their board room directors. Each party is making its case in hopes of persuading shareholders ranging from institutions to mom and pop investors.
The company attacked a broad range of Peltz's arguments that ranged from the billionaire investor's track record to the financial acumen of its former CFO and Peltz ally.
Among the 11 companies on which Peltz or other Trian representative held a board seat, which were cited by Peltz as having benefited from his involvement, about 68% of the cases have underperformed the Standard & Poor's 500 index, Disney said.
Despite Trian's claims in February that it and other investors were "caught in the Disney mousetrap," Disney cited a report claiming Peltz realized a $150 million profit from the sale of about one-third of his stake in the company in early 2023.
Disney also rejected Trian's claims that its board would benefit from Rasulo's media and business acumen. Since joining the iHeartMedia Board as lead independent director in May 2019 the media company's stock has declined 87%, the company noted.
The company defended the performance of its global streaming services, and disputed claims that Disney had refused to engage with Peltz, noting there have been no fewer than 20 "meaningful interactions."
Disney's battle with activist investors comes at a pivotal time for Disney, as the company is trying to reinvigorate its creative franchises, make its streaming business profitable and find partners to help build ESPN's digital future. Chief Executive Bob Iger has called the activist campaigns a "distraction."
Hedge fund Blackwells Capital also has solicited investor support for its three nominees to Walt Disney's board, Craig Hatkoff, a co-founder of the Tribeca Film Festival who also has a background in real estate, Jessica Schell, a former executive vice president of Warner Bros Home Entertainment, and Leah Solivan, founder and former CEO of TaskRabbit, an online marketplace for freelance labor.
Disney goes on the offensive in proxy battle with activist Nelson Peltz
Dawn Chmielewski
Tue, Feb 27, 2024, 8:32 AM CST2 min read
(Reuters) - Walt Disney appealed directly to shareholders in its battle with activist investor Nelson Peltz, publishing a point-by-point refutation of claims made by the head of Trian Fund Management on the company's Vote Disney website on Tuesday.
Disney cited nine examples where it disputed claims made by Peltz, who is attempting to gain two board seats, one for himself and another for ally and former Disney Chief Financial Officer Jay Rasulo.
Disney, Peltz and another activist investor, Blackwells Capital, have roughly one month to persuade investors to back their board room directors. Each party is making its case in hopes of persuading shareholders ranging from institutions to mom and pop investors.
The company attacked a broad range of Peltz's arguments that ranged from the billionaire investor's track record to the financial acumen of its former CFO and Peltz ally.
Among the 11 companies on which Peltz or other Trian representative held a board seat, which were cited by Peltz as having benefited from his involvement, about 68% of the cases have underperformed the Standard & Poor's 500 index, Disney said.
Despite Trian's claims in February that it and other investors were "caught in the Disney mousetrap," Disney cited a report claiming Peltz realized a $150 million profit from the sale of about one-third of his stake in the company in early 2023.
Disney also rejected Trian's claims that its board would benefit from Rasulo's media and business acumen. Since joining the iHeartMedia Board as lead independent director in May 2019 the media company's stock has declined 87%, the company noted.
The company defended the performance of its global streaming services, and disputed claims that Disney had refused to engage with Peltz, noting there have been no fewer than 20 "meaningful interactions."
Disney's battle with activist investors comes at a pivotal time for Disney, as the company is trying to reinvigorate its creative franchises, make its streaming business profitable and find partners to help build ESPN's digital future. Chief Executive Bob Iger has called the activist campaigns a "distraction."
Hedge fund Blackwells Capital also has solicited investor support for its three nominees to Walt Disney's board, Craig Hatkoff, a co-founder of the Tribeca Film Festival who also has a background in real estate, Jessica Schell, a former executive vice president of Warner Bros Home Entertainment, and Leah Solivan, founder and former CEO of TaskRabbit, an online marketplace for freelance labor.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.cnbc.com/2024/02/27/warner-bros-discovery-halts-paramount-global-merger-talks.html
Warner Bros. Discovery halts merger talks with Paramount Global, sources say
Published Tue, Feb 27 2024 - 11:32 AM EST Updated Tue, Feb 27 2024 - 1:10 PM EST
Alex Sherman@sherman4949
Key Points
Skydance Media, the film and TV studio run by David Ellison, is still performing due diligence on a potential transaction, two of the people said, who asked to speak anonymously because deal talks are private.
Paramount Global has set up a special committee, which has hired its own financial advisor, to sift through potential bids for the whole company or certain assets. Media mogul Byron Allen offered $14 billion for the company last month, though he has a history of bidding on and not buying large media assets.
Comcast, the owner of CNBC parent NBCUniversal, isn’t interested in acquiring Paramount Global assets, one of the people said. Comcast has been working with house bankers to explore a potential commercial partnership with Paramount Global, according to people familiar with the matter.
That could include bundling or merging streaming services Peacock and Paramount+, as previously reported by The Wall Street Journal, or a different arrangement. Still, it’s unclear if Paramount Global would have interest in this as it explores sale scenarios.
Spokespeople for Comcast, Paramount Global, Skydance Media and Warner Bros. Discovery declined to comment.
Warner Bros. Discovery Chief Executive Officer David Zaslav had a preliminary conversation with Paramount Global CEO Bob Bakish, CNBC reported in December. The companies engaged in more serious merger discussions in January, but talks have cooled off this month.
Warner Bros. Discovery shares fell 10% on Friday after the company missed analyst targets for earnings and revenue. The stock has fallen 47% in the past year and is near a 52-week low.
Paramount Global is also trading close to a 52-week low as it prepares to announce its earnings Wednesday.
Warner Bros. Discovery halts merger talks with Paramount Global, sources say
Published Tue, Feb 27 2024 - 11:32 AM EST Updated Tue, Feb 27 2024 - 1:10 PM EST
Alex Sherman@sherman4949
Key Points
- Warner Bros. Discovery is no longer pursuing a merger with Paramount Global as its shares trade near a 52-week low, according to people familiar with the matter.
- Skydance Media is still doing due diligence on a potential transaction with Paramount Global, the people said.
- Comcast isn’t interested in buying any Paramount Global assets but would consider commercial partnerships, like bundling or merging Peacock and Paramount+.
Skydance Media, the film and TV studio run by David Ellison, is still performing due diligence on a potential transaction, two of the people said, who asked to speak anonymously because deal talks are private.
Paramount Global has set up a special committee, which has hired its own financial advisor, to sift through potential bids for the whole company or certain assets. Media mogul Byron Allen offered $14 billion for the company last month, though he has a history of bidding on and not buying large media assets.
Comcast, the owner of CNBC parent NBCUniversal, isn’t interested in acquiring Paramount Global assets, one of the people said. Comcast has been working with house bankers to explore a potential commercial partnership with Paramount Global, according to people familiar with the matter.
That could include bundling or merging streaming services Peacock and Paramount+, as previously reported by The Wall Street Journal, or a different arrangement. Still, it’s unclear if Paramount Global would have interest in this as it explores sale scenarios.
Spokespeople for Comcast, Paramount Global, Skydance Media and Warner Bros. Discovery declined to comment.
Warner Bros. Discovery Chief Executive Officer David Zaslav had a preliminary conversation with Paramount Global CEO Bob Bakish, CNBC reported in December. The companies engaged in more serious merger discussions in January, but talks have cooled off this month.
Warner Bros. Discovery shares fell 10% on Friday after the company missed analyst targets for earnings and revenue. The stock has fallen 47% in the past year and is near a 52-week low.
Paramount Global is also trading close to a 52-week low as it prepares to announce its earnings Wednesday.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://www.yahoo.com/entertainment/paramount-report-earnings-sale-speculation-223000203.html
Paramount to Report Earnings After Sale Speculation
by Lucas Manfredi
Tue, February 27, 2024 at 4:30 PM CST
Paramount Global, facing increased risk of a possible credit downgrade and persistent chatter about being sold, will provide a financial update to Wall Street on Wednesday after the bell.
Like its competitors, the media conglomerate is struggling to scale and make its streaming business profitable as it looks to offset a declining linear television business. But its financial picture has become more strained after being placed on a negative credit watch by the ratings agency S&P Global last week.
Analysts surveyed by Zacks Investment Research expect Paramount to report a fourth-quarter 2023 earnings loss of five cents per share on revenue of $7.78 billion.
As of Tuesday’s close, Paramount had a market capitalization of $7.7 billion and debt of around $15 billion. Its stock price has fallen 47% in the past year, 23% in the last six months and about 21% year to date.
When Paramount Global CEO Bob Bakish talks to Wall Street, he’s going to have to “basically chew gum and juggle at the same time,” Moody’s Investor Service senior vice president Neil Begley told TheWrap.
Bakish will need to show signs that Paramount’s subscriptions and revenues are continuing to grow, while also demonstrating that EBITDA and free cash flow are improving and that the company is reducing its debt from the six times leverage level at mid-year 2023, Begley said. He added that Paramount needs to lay out what other alternatives it has to “rapidly improve its margins,” such as potential asset sales.
Paramount could field questions on a number topics during its earnings call with analysts, including interest from potential buyers, its debt reduction efforts, its dwindling linear business, its timeline for streaming profitability and its ability to generate cash flow outside of the impacts from the Hollywood strikes.
The company, which has a total of 63.4 million subscribers in its direct-to-consumer division, anticipates full year losses for the segment to be lower than 2022, with the fourth quarter of 2023 similar to the year-ago period. But a timeline for breakeven currently remains unclear.
“Paramount’s lower streaming losses are a testament to its strong execution, lending credence to a positive outlook for 2024, but prospects may dim beyond that,” Bloomberg Intelligence analyst Geetha Ranganathan said in a recent note to clients. “Cost cuts and price increases suggest a substantial improvement in the profit trajectory, with total adjusted EBITDA projected to rise 17%. That won’t be enough, as a lack of scale and heavy linear-TV exposure weigh on the future outlook.”
Ranganathan expects 2023 streaming losses to hit $1.7 billion, down slightly from $1.8 billion in 2022, and to ease to around $1 billion in 2024.
Negative Credit Watch
S&P ratings director Jawad Hussain said in a statement that Paramount’s cash flow metrics are weaker than its similarly rated peers due to “its smaller scale, less business diversification, and slower DTC [direct to consumer] ramp up,” resulting in negative free operating cash flow in 2022 and the firm’s expectation of “minimal” free operating cash flow in 2023.
He noted that S&P could lower the company’s current BBB- rating if Paramount’s adjusted leverage remains above 3.5 times or if free operating cash flow/debt remains below 10%. The firm currently anticipates that Paramount’s free operating cash flow and debt will improve about 5% in 2024, and 7% to 8% in 2025, remaining below the 10% threshold it set for the rating.
Hussain said S&P will make a determination in the next several weeks, incorporating the upcoming earnings results into its analysis.
Paramount, which reported $377 million in free cash flow during the third quarter, said it expects strong free cash flow during the fourth quarter, citing the strike’s impact on the production of content. It added it would sustain programming changes made in response to the strike, resulting in lower steady-state production spend and improved cash flow in 2023 and 2024, which will also benefit its debt level.
Sale Speculation
While Paramount has signaled that it could consider a sale, it remains unclear that there’s a buyer interested in the whole company or that a deal could even be done in the current regulatory and macroeconomic environment.
To set itself up for a possible sale, Paramount has filed a change-of-control and severance protection plan for executives, also known as a golden parachute. Experts have previously told TheWrap that they see Paramount ultimately being sold off in pieces.
On Tuesday, CNBC reported that Warner Bros. Discovery was halting talks about a potential merger with Paramount after Bakish and WBD CEO David Zaslav met in December.
The decision comes after WBD shares tanked 13% on Friday after the company posted a wider-than-expected quarterly earnings-per-share loss of 11 cents and a 6.6% decrease in quarterly revenue to $10.28 billion. The company declined to provide detailed financial guidance for 2024 while acknowledging struggles in its linear networks and studios businesses.
“We do have the optionality of looking at other assets. But it’s going to be a very high bar for us,” Zaslav told analysts when asked about M&A. “We like our hand where it is and we like the particular strategy right now of building Max and really deploying all of our great creative assets.”
Morningstar analyst Matthew Dolgin told TheWrap that the halt in talks is “not overly surprising” given the companies’ respective financial positions.
“The pairing of the two companies could make sense, but the distraction, financial details, and prolonged process to try to get it through may be more than the companies can withstand or focus on right now,” Dolgin said.
Other potential buyers include Skydance Media, which has reportedly made a preliminary offer to acquire controlling shareholder National Amusements to take control of Paramount and is doing due diligence on a potential transaction; and Allen Media Group founder Byron Allen, who has placed a $30 billion bid, including the assumption of debt, to buy Paramount for $28.58 per voting share and $21.53 per non-voting share.
Neither party appears interested in keeping the company’s whole portfolio, which includes Paramount Pictures, streaming platform Paramount+, CBS and linear networks including Comedy Central and Nickelodeon. Wall Street is also skeptical of Allen’s ability to put together financing.
Despite the chatter, LightShed Partners analyst Rich Greenfield wrote in a blog post that he remains skeptical about a potential deal actually happening “until there is greater clarity around [Paramount’s] renewals with major distributors” such as Charter Communications and Dish.
He previously called on Paramount to scale back its investment in Paramount+ and has since cited the “risk to distribution renewals” as the reason why.
“Unfortunately, Paramount has not listened to us and they are now heading for a very difficult 2024,” he added.
Bakish has pushed back against the sale speculation, emphasizing that the company is focused on creating shareholder value. In a memo in January, he said Paramount would drive earnings growth in 2024 by cutting back on content production, leveraging content licensing and laying off employees.
“We’re a storied public company in a closely followed industry,” the CEO said.“But I have always believed the best thing we can do is concentrate on what we can control — execution. Leaning into what’s working, while continually adjusting to current realities.”
The post Paramount to Report Earnings After Sale Speculation appeared first on TheWrap.
Paramount to Report Earnings After Sale Speculation
by Lucas Manfredi
Tue, February 27, 2024 at 4:30 PM CST
Paramount Global, facing increased risk of a possible credit downgrade and persistent chatter about being sold, will provide a financial update to Wall Street on Wednesday after the bell.
Like its competitors, the media conglomerate is struggling to scale and make its streaming business profitable as it looks to offset a declining linear television business. But its financial picture has become more strained after being placed on a negative credit watch by the ratings agency S&P Global last week.
Analysts surveyed by Zacks Investment Research expect Paramount to report a fourth-quarter 2023 earnings loss of five cents per share on revenue of $7.78 billion.
As of Tuesday’s close, Paramount had a market capitalization of $7.7 billion and debt of around $15 billion. Its stock price has fallen 47% in the past year, 23% in the last six months and about 21% year to date.
When Paramount Global CEO Bob Bakish talks to Wall Street, he’s going to have to “basically chew gum and juggle at the same time,” Moody’s Investor Service senior vice president Neil Begley told TheWrap.
Bakish will need to show signs that Paramount’s subscriptions and revenues are continuing to grow, while also demonstrating that EBITDA and free cash flow are improving and that the company is reducing its debt from the six times leverage level at mid-year 2023, Begley said. He added that Paramount needs to lay out what other alternatives it has to “rapidly improve its margins,” such as potential asset sales.
Paramount could field questions on a number topics during its earnings call with analysts, including interest from potential buyers, its debt reduction efforts, its dwindling linear business, its timeline for streaming profitability and its ability to generate cash flow outside of the impacts from the Hollywood strikes.
The company, which has a total of 63.4 million subscribers in its direct-to-consumer division, anticipates full year losses for the segment to be lower than 2022, with the fourth quarter of 2023 similar to the year-ago period. But a timeline for breakeven currently remains unclear.
“Paramount’s lower streaming losses are a testament to its strong execution, lending credence to a positive outlook for 2024, but prospects may dim beyond that,” Bloomberg Intelligence analyst Geetha Ranganathan said in a recent note to clients. “Cost cuts and price increases suggest a substantial improvement in the profit trajectory, with total adjusted EBITDA projected to rise 17%. That won’t be enough, as a lack of scale and heavy linear-TV exposure weigh on the future outlook.”
Ranganathan expects 2023 streaming losses to hit $1.7 billion, down slightly from $1.8 billion in 2022, and to ease to around $1 billion in 2024.
Negative Credit Watch
S&P ratings director Jawad Hussain said in a statement that Paramount’s cash flow metrics are weaker than its similarly rated peers due to “its smaller scale, less business diversification, and slower DTC [direct to consumer] ramp up,” resulting in negative free operating cash flow in 2022 and the firm’s expectation of “minimal” free operating cash flow in 2023.
He noted that S&P could lower the company’s current BBB- rating if Paramount’s adjusted leverage remains above 3.5 times or if free operating cash flow/debt remains below 10%. The firm currently anticipates that Paramount’s free operating cash flow and debt will improve about 5% in 2024, and 7% to 8% in 2025, remaining below the 10% threshold it set for the rating.
Hussain said S&P will make a determination in the next several weeks, incorporating the upcoming earnings results into its analysis.
Paramount, which reported $377 million in free cash flow during the third quarter, said it expects strong free cash flow during the fourth quarter, citing the strike’s impact on the production of content. It added it would sustain programming changes made in response to the strike, resulting in lower steady-state production spend and improved cash flow in 2023 and 2024, which will also benefit its debt level.
Sale Speculation
While Paramount has signaled that it could consider a sale, it remains unclear that there’s a buyer interested in the whole company or that a deal could even be done in the current regulatory and macroeconomic environment.
To set itself up for a possible sale, Paramount has filed a change-of-control and severance protection plan for executives, also known as a golden parachute. Experts have previously told TheWrap that they see Paramount ultimately being sold off in pieces.
On Tuesday, CNBC reported that Warner Bros. Discovery was halting talks about a potential merger with Paramount after Bakish and WBD CEO David Zaslav met in December.
The decision comes after WBD shares tanked 13% on Friday after the company posted a wider-than-expected quarterly earnings-per-share loss of 11 cents and a 6.6% decrease in quarterly revenue to $10.28 billion. The company declined to provide detailed financial guidance for 2024 while acknowledging struggles in its linear networks and studios businesses.
“We do have the optionality of looking at other assets. But it’s going to be a very high bar for us,” Zaslav told analysts when asked about M&A. “We like our hand where it is and we like the particular strategy right now of building Max and really deploying all of our great creative assets.”
Morningstar analyst Matthew Dolgin told TheWrap that the halt in talks is “not overly surprising” given the companies’ respective financial positions.
“The pairing of the two companies could make sense, but the distraction, financial details, and prolonged process to try to get it through may be more than the companies can withstand or focus on right now,” Dolgin said.
Other potential buyers include Skydance Media, which has reportedly made a preliminary offer to acquire controlling shareholder National Amusements to take control of Paramount and is doing due diligence on a potential transaction; and Allen Media Group founder Byron Allen, who has placed a $30 billion bid, including the assumption of debt, to buy Paramount for $28.58 per voting share and $21.53 per non-voting share.
Neither party appears interested in keeping the company’s whole portfolio, which includes Paramount Pictures, streaming platform Paramount+, CBS and linear networks including Comedy Central and Nickelodeon. Wall Street is also skeptical of Allen’s ability to put together financing.
Despite the chatter, LightShed Partners analyst Rich Greenfield wrote in a blog post that he remains skeptical about a potential deal actually happening “until there is greater clarity around [Paramount’s] renewals with major distributors” such as Charter Communications and Dish.
He previously called on Paramount to scale back its investment in Paramount+ and has since cited the “risk to distribution renewals” as the reason why.
“Unfortunately, Paramount has not listened to us and they are now heading for a very difficult 2024,” he added.
Bakish has pushed back against the sale speculation, emphasizing that the company is focused on creating shareholder value. In a memo in January, he said Paramount would drive earnings growth in 2024 by cutting back on content production, leveraging content licensing and laying off employees.
“We’re a storied public company in a closely followed industry,” the CEO said.“But I have always believed the best thing we can do is concentrate on what we can control — execution. Leaning into what’s working, while continually adjusting to current realities.”
The post Paramount to Report Earnings After Sale Speculation appeared first on TheWrap.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://deadline.com/2024/02/disney-star-reliance-india-joint-venture-in-india-1235840411/
Disney And Reliance Clinch Joint Venture In India
By Jill Goldsmith - Co-Business Editor
February 28, 2024 - 5:46am PST
Disney and Reliance have announced an anticipated deal in India to merge their respective digital streaming and television assets, creating “a world class leader across entertainment and sports,” the companies said today.
Disney anticipates up to $2.4 billion in charges for the March quarter, reflecting a write-down of the net assets of Star India, and of removing the assets from its entertainment linear networks ahead of the deal closing with the business now classified for accounting purposes as what’s called “held-for-sale.”
The transaction values the JV at ₹70,352 crore ($8.5 billion), excluding synergies. Disney will hold about 37% of the venture, which combine the businesses of Mumbai-based Reliance Industries, its owned and controlled Viacom 18 Media, and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private.
Disney will provide content (the JV will have exclusive rights to distribute Disney films and productions in India, with a license to 30,000+ Disney content assets) and may also contribute certain additional media assets, subject to regulatory and third-party approvals.
Nita Ambani will be the Chairperson of the JV, Uday Shankar vice chair, providing strategic guidance to the JV.
The JV will bring together assets across entertainment (Colors, StarPlus, StarGOLD) and sports (Star Sports and Sports18) including events across television and digital platforms through JioCinema and Hotstar. The JV will have over 750 million viewers across India and will also cater to the global Indian diaspora.
The announcement said the JV will seek to lead the digital transformation of the media and entertainment industry in India with a “combination of the media expertise, cutting-edge technology and diverse content libraries of Viacom18 and Star India.”
“India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company,” said Disney CEO Bob Iger. “Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”
Reliance chair and managing director Mukesh Ambani called the JV “a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.”
The transaction, which has been the subject of speculation for months, is expected to close in late 2024 or early 2025. Disney said in an SEC filing today that, pending the close, Star India will be classified as “held-for-sale.”
As a result, Disney said it expects to record a non-cash pre-tax impairment charges of $1.8 billion to $2.4 billion in the current quarter (its fiscal second quarter), approximately half of which reflects a write-down of the net assets of Star India, in order to adjust them to fair value (less estimated transaction costs). The other half reflects a write-down of goodwill at the entertainment linear networks reporting unit, reflecting the impact of removing Star India.
Disney said it will continue to adjust the net book value of Star India to fair value until the closing date.
Reliance is India’s largest private sector company with assets spanning oil and gas exploration, refining and marketing, petrochemicals, renewables, retail and digital services.
The news comes with Disney in the midst of a bitter proxy fight with two activist investors. Trian Group’s Nelson Peltz and Blackwells Capital are both fielding board candidates ahead of Disney’s April 3 annual meeting.
Disney And Reliance Clinch Joint Venture In India
By Jill Goldsmith - Co-Business Editor
February 28, 2024 - 5:46am PST
Disney and Reliance have announced an anticipated deal in India to merge their respective digital streaming and television assets, creating “a world class leader across entertainment and sports,” the companies said today.
Disney anticipates up to $2.4 billion in charges for the March quarter, reflecting a write-down of the net assets of Star India, and of removing the assets from its entertainment linear networks ahead of the deal closing with the business now classified for accounting purposes as what’s called “held-for-sale.”
The transaction values the JV at ₹70,352 crore ($8.5 billion), excluding synergies. Disney will hold about 37% of the venture, which combine the businesses of Mumbai-based Reliance Industries, its owned and controlled Viacom 18 Media, and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private.
Disney will provide content (the JV will have exclusive rights to distribute Disney films and productions in India, with a license to 30,000+ Disney content assets) and may also contribute certain additional media assets, subject to regulatory and third-party approvals.
Nita Ambani will be the Chairperson of the JV, Uday Shankar vice chair, providing strategic guidance to the JV.
The JV will bring together assets across entertainment (Colors, StarPlus, StarGOLD) and sports (Star Sports and Sports18) including events across television and digital platforms through JioCinema and Hotstar. The JV will have over 750 million viewers across India and will also cater to the global Indian diaspora.
The announcement said the JV will seek to lead the digital transformation of the media and entertainment industry in India with a “combination of the media expertise, cutting-edge technology and diverse content libraries of Viacom18 and Star India.”
“India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company,” said Disney CEO Bob Iger. “Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”
Reliance chair and managing director Mukesh Ambani called the JV “a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.”
The transaction, which has been the subject of speculation for months, is expected to close in late 2024 or early 2025. Disney said in an SEC filing today that, pending the close, Star India will be classified as “held-for-sale.”
As a result, Disney said it expects to record a non-cash pre-tax impairment charges of $1.8 billion to $2.4 billion in the current quarter (its fiscal second quarter), approximately half of which reflects a write-down of the net assets of Star India, in order to adjust them to fair value (less estimated transaction costs). The other half reflects a write-down of goodwill at the entertainment linear networks reporting unit, reflecting the impact of removing Star India.
Disney said it will continue to adjust the net book value of Star India to fair value until the closing date.
Reliance is India’s largest private sector company with assets spanning oil and gas exploration, refining and marketing, petrochemicals, renewables, retail and digital services.
The news comes with Disney in the midst of a bitter proxy fight with two activist investors. Trian Group’s Nelson Peltz and Blackwells Capital are both fielding board candidates ahead of Disney’s April 3 annual meeting.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://ca.finance.yahoo.com/news/nexstar-president-says-fox-disney-153721873.html
Nexstar President Says Fox-Disney-WBD Sports Streaming Venture Will Offer ‘Additive’ Revenue Stream, Dings ‘Market Overreaction’ to Deal
by Kayla Cobb
Wed, February 28, 2024 at 9:37 a.m. CST
There has been “significant misinterpretation and market overreaction” over the announced live sports joint venture from Fox, Disney and Warner Bros. Discovery, according to Nexstar president and COO Michael Biard. The executive addressed the buzzy announcement during the company’s 2023 fourth quarter earnings call.
“We have confirmation that it will function in the same manner as other VMVPDs,” Biard said, referring to the term used to describe platforms like YouTube TV and Hulu Live TV. “To be clear, Nexstar will have the option of opting in to secure carriage and compensation for ABC stations. As such, this would be an additive incremental revenue stream for Nexstar.”
Biard noted that affiliate stations will be a “core piece” to the product that “reaffirms the critical importance of our broadcast platform to sports rights and distribution.” The president and COO also praised these three corporate partners for understanding the continued importance of linear television, especially because pay TV remains “vital” to Fox, Disney and Warner Bros. Discovery.
Additionally, Biard noted that the “rubber pricing” on this service will not “undervalue” linear networks that will pay and distribute the sports that will be core to the product’s offering “like some other DTC products in the marketplace do.”
Earlier this month, Fox, Disney and Warner Bros. Discovery announced they were teaming up to create a joint sports streaming app that will combine ESPN, TNT and Fox Sports together on one platform. The service is currently planned to launch in the fall. Each of the media giants will own one-third of the company and will have equal board representation. The content available on platform will be available on a non-exclusive basis.
The channels available on the offering will include ESPN, ESPN+, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, FOX, FS1, FS2, BTN, TNT, TBS, truTV and the ABC network.
As for which sports leagues will be featured on the offering, the NFL, NBA, WNBA, MLB, NHL, NASCAR, College Sports, UFC, PGA TOUR Golf, Grand Slam Tennis, the FIFA World Cup and cycling will all have a presence. Subscribers will also be able to bundle the product with Disney+, Hulu and Max.
The post Nexstar President Says Fox-Disney-WBD Sports Streaming Venture Will Offer ‘Additive’ Revenue Stream, Dings ‘Market Overreaction’ to Deal appeared first on TheWrap.
Nexstar President Says Fox-Disney-WBD Sports Streaming Venture Will Offer ‘Additive’ Revenue Stream, Dings ‘Market Overreaction’ to Deal
by Kayla Cobb
Wed, February 28, 2024 at 9:37 a.m. CST
There has been “significant misinterpretation and market overreaction” over the announced live sports joint venture from Fox, Disney and Warner Bros. Discovery, according to Nexstar president and COO Michael Biard. The executive addressed the buzzy announcement during the company’s 2023 fourth quarter earnings call.
“We have confirmation that it will function in the same manner as other VMVPDs,” Biard said, referring to the term used to describe platforms like YouTube TV and Hulu Live TV. “To be clear, Nexstar will have the option of opting in to secure carriage and compensation for ABC stations. As such, this would be an additive incremental revenue stream for Nexstar.”
Biard noted that affiliate stations will be a “core piece” to the product that “reaffirms the critical importance of our broadcast platform to sports rights and distribution.” The president and COO also praised these three corporate partners for understanding the continued importance of linear television, especially because pay TV remains “vital” to Fox, Disney and Warner Bros. Discovery.
Additionally, Biard noted that the “rubber pricing” on this service will not “undervalue” linear networks that will pay and distribute the sports that will be core to the product’s offering “like some other DTC products in the marketplace do.”
Earlier this month, Fox, Disney and Warner Bros. Discovery announced they were teaming up to create a joint sports streaming app that will combine ESPN, TNT and Fox Sports together on one platform. The service is currently planned to launch in the fall. Each of the media giants will own one-third of the company and will have equal board representation. The content available on platform will be available on a non-exclusive basis.
The channels available on the offering will include ESPN, ESPN+, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, FOX, FS1, FS2, BTN, TNT, TBS, truTV and the ABC network.
As for which sports leagues will be featured on the offering, the NFL, NBA, WNBA, MLB, NHL, NASCAR, College Sports, UFC, PGA TOUR Golf, Grand Slam Tennis, the FIFA World Cup and cycling will all have a presence. Subscribers will also be able to bundle the product with Disney+, Hulu and Max.
The post Nexstar President Says Fox-Disney-WBD Sports Streaming Venture Will Offer ‘Additive’ Revenue Stream, Dings ‘Market Overreaction’ to Deal appeared first on TheWrap.
wabbott
DIS Veteran
- Joined
- Aug 4, 2021
https://deadline.com/2024/02/paramo...wall-street-advertising-streaming-1235841014/
Paramount Global Q4 Earnings Nip Wall Street Forecasts But Ad Decline Hits Revenue; Company Projects Domestic Streaming Profit By 2025
By Dade Hayes - Business Editor @dadehayes February 28, 2024 - 1:02pm PST
Paramount Global‘s earnings in the fourth quarter edged Wall Street forecasts, but a double-digit slide in advertising dragged down total revenue by 6%.
Revenue came in at $7.6 billion, while earnings came in at 4 cents a share. Analysts had expected a loss of 1 cent, but revenue of $7.84 billion.
Advertising, which faced tough comparisons with the midterm-election-boosted 2022 frame, declined 15% over the year-earlier period to $2.28 billion. The dual strikes of 2023 also affected the pipeline at CBS and other networks, further squeezing ad sales.
The company said it is forecasting that its domestic streaming business will turn profitable by 2025. It also said 2022 was the peak of streaming losses, confirming management commentary in recent months. Revenue at Paramount+ shot up 69%, while subscriber levels climbed to 67.5 million.
Paramount Pictures, which has found success this month with Bob Marley: One Love, struggled in the fourth quarter. The Filmed Entertainment division of Paramount posted a 31% drop in revenue to $647 million, a decline the company blamed primarily on lower revenue from licensing. Licensing revenue fell 32% from the year-ago period, when Top Gun: Maverick made a splash in the home entertainment marketplace. The company also brought in less revenue from studio rentals and production services as a result of the strikes.
The quarterly financials are landing during a time of great uncertainty at Paramount. Formed from the 2019 merger of CBS and Viacom, the company has held talks recently with a number of entities interested in acquiring some or all of its assets. None of the discussions have progressed to an advanced stage, but investors have raised questions about the company’s vulnerability to declines in linear TV viewing and advertising, as well as its ability to compete in the cash-intensive streaming derby. Shares in Paramount ended Wednesday trading at around $11. They are down more than 20% in 2024 to date and are worth a fraction of what they were when the merger closed.
“Our disciplined execution and strong content offering drove our results in 2023, as we continue to
evolve our business for profitable growth in 2024 and beyond,” CEO Bob Bakish said in the company’s earnings release. “Looking ahead, we continue to be focused on maximizing the return on our content investments and scaling streaming, while transforming the cost base of our business. And I couldn’t be more thrilled with the early momentum we’ve had across every platform in 2024, demonstrating the power of our strategy and assets.”
Paramount Global Q4 Earnings Nip Wall Street Forecasts But Ad Decline Hits Revenue; Company Projects Domestic Streaming Profit By 2025
By Dade Hayes - Business Editor @dadehayes February 28, 2024 - 1:02pm PST
Paramount Global‘s earnings in the fourth quarter edged Wall Street forecasts, but a double-digit slide in advertising dragged down total revenue by 6%.
Revenue came in at $7.6 billion, while earnings came in at 4 cents a share. Analysts had expected a loss of 1 cent, but revenue of $7.84 billion.
Advertising, which faced tough comparisons with the midterm-election-boosted 2022 frame, declined 15% over the year-earlier period to $2.28 billion. The dual strikes of 2023 also affected the pipeline at CBS and other networks, further squeezing ad sales.
The company said it is forecasting that its domestic streaming business will turn profitable by 2025. It also said 2022 was the peak of streaming losses, confirming management commentary in recent months. Revenue at Paramount+ shot up 69%, while subscriber levels climbed to 67.5 million.
Paramount Pictures, which has found success this month with Bob Marley: One Love, struggled in the fourth quarter. The Filmed Entertainment division of Paramount posted a 31% drop in revenue to $647 million, a decline the company blamed primarily on lower revenue from licensing. Licensing revenue fell 32% from the year-ago period, when Top Gun: Maverick made a splash in the home entertainment marketplace. The company also brought in less revenue from studio rentals and production services as a result of the strikes.
The quarterly financials are landing during a time of great uncertainty at Paramount. Formed from the 2019 merger of CBS and Viacom, the company has held talks recently with a number of entities interested in acquiring some or all of its assets. None of the discussions have progressed to an advanced stage, but investors have raised questions about the company’s vulnerability to declines in linear TV viewing and advertising, as well as its ability to compete in the cash-intensive streaming derby. Shares in Paramount ended Wednesday trading at around $11. They are down more than 20% in 2024 to date and are worth a fraction of what they were when the merger closed.
“Our disciplined execution and strong content offering drove our results in 2023, as we continue to
evolve our business for profitable growth in 2024 and beyond,” CEO Bob Bakish said in the company’s earnings release. “Looking ahead, we continue to be focused on maximizing the return on our content investments and scaling streaming, while transforming the cost base of our business. And I couldn’t be more thrilled with the early momentum we’ve had across every platform in 2024, demonstrating the power of our strategy and assets.”
Well, the backlash did not take long to force a reversal...LOL
https://www.clickorlando.com/news/l...op_notifcation&__vfz=medium=tray_notification
Wendy’s says it has no plans to raise prices during busiest times at its restaurants
https://www.clickorlando.com/news/l...op_notifcation&__vfz=medium=tray_notification
Obi-J Kenobi
Jedi Knight
- Joined
- Mar 15, 2021
This idea doesn't seem to make a lot of sense for just general restaurants in the public. Because someone can walk or drive somewhere else to get a meal. But...at WDW this dynamic pricing makes more sense. I mean, the park could raise prices during Xmas time or on the 4th of July if the parks are busy. Increase food and drink prices for those days and make the guests pay for it. After all, the parks already do surge pricing for tickets, Genie Plus, resorts, etc. etc.
Elijah Abrams
Mouseketeer
- Joined
- Feb 6, 2020
https://fortune.com/2024/02/28/disney-next-ceo-kevin-mayer-bob-iger-succession/amp/
MASSIMO MARIONI
February 28, 2024 8:52 AM EST
Kevin Mayer, a prime contender in the race to succeed Bob Iger as Disney’s CEO, has mapped out what he sees as the must-have traits for the next chief executive officer of the Mouse House.
Boasting a rich history with the entertainment behemoth dating back to 1992, Mayer’s track record is punctuated by pivotal roles in orchestrating game-changing mergers and acquisitions, including groundbreaking deals for Marvel, Pixar, and key assets of 21st Century Fox.
He also played a crucial role in steering the launch of Disney+, a seismic shift that reshaped the company’s digital landscape.
Exiting Disney in 2020 to helm short-form video platform TikTok, Mayer’s tenure was cut short amidst escalating pressure from the Trump administration over the platform’s ties to China, prompting his swift departure.
Mayer has since redirected his expertise toward the booming realms of streaming and digital content as the founder and CEO of Candle Media, boasting an impressive portfolio featuring the likes of Reese Witherspoon’s media venture Hello Sunshine and global kids’ entertainment titan Moonbug, home to popular franchises such as Cocomelon and Blippi.
Having returned to the Disney fold as a strategic advisor to Iger last year, Mayer’s insights have become increasingly coveted amidst continuing speculation surrounding his old boss’s succession.
“Bob is tough to replace. We saw that the first time around,” acknowledged Mayer, reflecting on the turbulent tenure of Bob Chapek, who replaced Iger in 2020 before leaving in 2022.
“Bob [Iger] is an incredibly capable CEO. He knows the company inside out. He and I made those content acquisitions that really changed the face of not only Disney, but also the entertainment industry in many ways.
“A Disney CEO really has to understand brands. The influence and power that they have. And the responsibility that goes along with having those brands.”
“They have to be creative but also a substantially sophisticated businessperson. It’s a multifaceted company,” he added.
Acknowledging the daunting task of filling Iger’s formidable shoes, Mayer said: “Bob’s a great CEO and very difficult to replace, but no one is irreplaceable.”
Pressed on his potential candidacy, Mayer remained coy, quipping: “No comment on that, but I spent a lot of time there.”
Top ex-Disney executive Kevin Mayer, tipped as a prime contender to succeed Bob Iger, spotlights 3 traits the next CEO must have
Ex-TikTok CEO Kevin Mayer is tipped as a leading contender to step into Bob Iger's job when he decides to step down at Disney.
BYMASSIMO MARIONI
February 28, 2024 8:52 AM EST
Kevin Mayer, a prime contender in the race to succeed Bob Iger as Disney’s CEO, has mapped out what he sees as the must-have traits for the next chief executive officer of the Mouse House.
Boasting a rich history with the entertainment behemoth dating back to 1992, Mayer’s track record is punctuated by pivotal roles in orchestrating game-changing mergers and acquisitions, including groundbreaking deals for Marvel, Pixar, and key assets of 21st Century Fox.
He also played a crucial role in steering the launch of Disney+, a seismic shift that reshaped the company’s digital landscape.
Exiting Disney in 2020 to helm short-form video platform TikTok, Mayer’s tenure was cut short amidst escalating pressure from the Trump administration over the platform’s ties to China, prompting his swift departure.
Mayer has since redirected his expertise toward the booming realms of streaming and digital content as the founder and CEO of Candle Media, boasting an impressive portfolio featuring the likes of Reese Witherspoon’s media venture Hello Sunshine and global kids’ entertainment titan Moonbug, home to popular franchises such as Cocomelon and Blippi.
Having returned to the Disney fold as a strategic advisor to Iger last year, Mayer’s insights have become increasingly coveted amidst continuing speculation surrounding his old boss’s succession.
The 3 traits Disney’s next CEO must have
Speaking on stage with Fortune’s Massimo Marioni at Web Summit Qatar, Mayer outlined three indispensable attributes necessary for the next occupant of one of the world’s most coveted corner offices.“Bob is tough to replace. We saw that the first time around,” acknowledged Mayer, reflecting on the turbulent tenure of Bob Chapek, who replaced Iger in 2020 before leaving in 2022.
“Bob [Iger] is an incredibly capable CEO. He knows the company inside out. He and I made those content acquisitions that really changed the face of not only Disney, but also the entertainment industry in many ways.
“A Disney CEO really has to understand brands. The influence and power that they have. And the responsibility that goes along with having those brands.”
‘No one is irreplaceable’
Furthermore, Mayer underscored the imperative for a fusion of creativity and shrewd business acumen to navigate Disney’s multifaceted operations spanning theme parks, streaming, paid TV, channels, consumer products, and sports.“They have to be creative but also a substantially sophisticated businessperson. It’s a multifaceted company,” he added.
Acknowledging the daunting task of filling Iger’s formidable shoes, Mayer said: “Bob’s a great CEO and very difficult to replace, but no one is irreplaceable.”
Pressed on his potential candidacy, Mayer remained coy, quipping: “No comment on that, but I spent a lot of time there.”
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