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Warner Bros. Discovery, the entertainment giant led by CEO David Zaslav, has been a work-in-progress since the mega-merger of Discovery and AT&T’s WarnerMedia that created it in April 2022. Its latest earnings report and call didn’t seem to change that sentiment much, but its management team signaled a focus on a creative reinvigoration thanks to Middle-earth.
On Thursday, company shares were trading lower after it reported mixed first-quarter results, including lower-than-expected total revenue and earnings, but also higher direct-to-consumer (Dtc) unit earnings and subscribers. However, by mid-day, the stock had made a comeback, eking out a gain of 1.7 percent to $7.93 by 12:30 p.m. Et, possibly thanks to Zaslav sharing on the earnings call that the company was “in the early stages of script development” with Peter Jackson and Andy Serkis for new Lord of the Rings movies that are expected to be ready for release in 2026 and will...
On Thursday, company shares were trading lower after it reported mixed first-quarter results, including lower-than-expected total revenue and earnings, but also higher direct-to-consumer (Dtc) unit earnings and subscribers. However, by mid-day, the stock had made a comeback, eking out a gain of 1.7 percent to $7.93 by 12:30 p.m. Et, possibly thanks to Zaslav sharing on the earnings call that the company was “in the early stages of script development” with Peter Jackson and Andy Serkis for new Lord of the Rings movies that are expected to be ready for release in 2026 and will...
- 5/9/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
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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
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The Helldivers 2 craze, an unexpected success for Sony, continues. Well, the title achieved impressive success, selling 1 million copies within the first three days of its February launch, taking the top spot on the Steam charts.
As the game’s popularity skyrockets, so do folks’ expectations, naturally prompting the enhancement of the gaming experience through the incorporation of new features.
Helldivers 2 Will Never Feature a Transmog System, Johan Pilestedt Says Battle in Helldivers 2.
Fans persistently engage in discussions on social media about features that could be added to the game. Occasionally, notable figures, including Arrowhead Game Studios CEO Johan Pilestedt, join in these conversations, responding to fans’ suggestions. Surprisingly, Pilestedt recently participated in one such discussion and definitively confirmed that a desired feature would not be added to the game.
Suggested“A gameplay loop that’s just dumb fun”: Helldivers 2 Gets Compared to the Golden Age of Gaming Pinnacle and...
As the game’s popularity skyrockets, so do folks’ expectations, naturally prompting the enhancement of the gaming experience through the incorporation of new features.
Helldivers 2 Will Never Feature a Transmog System, Johan Pilestedt Says Battle in Helldivers 2.
Fans persistently engage in discussions on social media about features that could be added to the game. Occasionally, notable figures, including Arrowhead Game Studios CEO Johan Pilestedt, join in these conversations, responding to fans’ suggestions. Surprisingly, Pilestedt recently participated in one such discussion and definitively confirmed that a desired feature would not be added to the game.
Suggested“A gameplay loop that’s just dumb fun”: Helldivers 2 Gets Compared to the Golden Age of Gaming Pinnacle and...
- 4/13/2024
- by Tunahan Karakis
- FandomWire
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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
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The stock of Paramount Global, led by CEO Bob Bakish, was in Wall Street analysts’ focus on Thursday as they dissected its fourth-quarter 2023 earnings report from late Wednesday for signs of its outlook and possible deal future.
As of Thursday morning, several analysts spoke of a stabilization of sorts in Paramount’s business trends, with one suggesting a possible profit bottom may have been reached. But most experts also pointed to challenges for the Hollywood giant, meaning they aren’t ready to turn more bullish on its stock, at least at this stage.
The entertainment conglomerate, controlled by Shari Redstone’s National Amusements, told the Street it expected to deliver “significant total company earnings growth” in 2024 and reach profitability for streamer Paramount+ domestically in 2025, among other things.
Management also touted the opportunity for cutting the cost of film and TV titles in addition to corporate cost cuts via layoffs. “2023 presented...
As of Thursday morning, several analysts spoke of a stabilization of sorts in Paramount’s business trends, with one suggesting a possible profit bottom may have been reached. But most experts also pointed to challenges for the Hollywood giant, meaning they aren’t ready to turn more bullish on its stock, at least at this stage.
The entertainment conglomerate, controlled by Shari Redstone’s National Amusements, told the Street it expected to deliver “significant total company earnings growth” in 2024 and reach profitability for streamer Paramount+ domestically in 2025, among other things.
Management also touted the opportunity for cutting the cost of film and TV titles in addition to corporate cost cuts via layoffs. “2023 presented...
- 2/29/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Warner Bros. Discovery share price, already in the dumps, has tumbled another 11% this morning after the company’s latest quarterly numbers showed weak linear advertising and a struggling studio. But the clincher for investors may be what it didn’t show — a full-year 2024 forecast.
The stock is scraping $8.50 late morning as the lack of a number “challenges confidence,” said Michael Morris of Guggenheim Partners in a note.
“The results themselves were not great,” he noted on CNBC, but not all that surprising. “Where I think that people are surprised right now is the lack of full-year 2024 guidance. This is a company that has historically provided formal guidance for its coming year.” On a call with analysts after the numbers, CEO David Zaslav and CFO Gunnar Wiedenfels “talked about a number of qualitative factors, but without that quantitative commitment, it’s hard for investors to make the commitment” either.
With the...
The stock is scraping $8.50 late morning as the lack of a number “challenges confidence,” said Michael Morris of Guggenheim Partners in a note.
“The results themselves were not great,” he noted on CNBC, but not all that surprising. “Where I think that people are surprised right now is the lack of full-year 2024 guidance. This is a company that has historically provided formal guidance for its coming year.” On a call with analysts after the numbers, CEO David Zaslav and CFO Gunnar Wiedenfels “talked about a number of qualitative factors, but without that quantitative commitment, it’s hard for investors to make the commitment” either.
With the...
- 2/23/2024
- by Jill Goldsmith
- Deadline Film + TV
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Warner Bros. Discovery and its stock were in Wall Street’s focus Friday as analysts dissected its fourth-quarter and 2023 earnings report and management’s lack of outright 2024 guidance.
Before the market opened, the Hollywood conglomerate reported that it managed to turn a profit for its direct-to-consumer unit, which houses its streaming business, for the full year to the tune of $103 million in earnings before interest, taxes, depreciation and amortization (Ebitda), compared with a loss of nearly $2.1 billion for 2022. But its latest overall company earnings fell below Wall Street expectations.
“We have an attack plan for 2024 that includes the rollout of Max in key international markets, a more robust creative pipeline across our film and TV studios, and further progress against our long-range financial goals,” Wbd CEO David Zaslav said in the earnings update.
On the call, management expressed more confidence about the road ahead, but didn’t detail 2024 financial guidance.
Before the market opened, the Hollywood conglomerate reported that it managed to turn a profit for its direct-to-consumer unit, which houses its streaming business, for the full year to the tune of $103 million in earnings before interest, taxes, depreciation and amortization (Ebitda), compared with a loss of nearly $2.1 billion for 2022. But its latest overall company earnings fell below Wall Street expectations.
“We have an attack plan for 2024 that includes the rollout of Max in key international markets, a more robust creative pipeline across our film and TV studios, and further progress against our long-range financial goals,” Wbd CEO David Zaslav said in the earnings update.
On the call, management expressed more confidence about the road ahead, but didn’t detail 2024 financial guidance.
- 2/23/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Disney shares are up more 12% in a big move after impressing Wall Street with an earnings beat, solid outlook and deals with Epic Games and Taylor Swift.
The numbers hit as two activist shareholders are trying to push outside directors onto Disney’s board claiming the company is floundering strategically and the stock too low. With shareholders set to cast votes at an April 3 annual meeting, the fiscal first quarter results and commentary needed to make a splash, and it did.
“We would not want to be making that activist case after those fireworks,” said analyst Doug Creutz of Td Cowen in a note today.
Nelson Peltz’ Trian Partners was unmoved. “It’s déjà vu all over again. We saw this movie last year and we didn’t like the ending,” said a Trian spokesperson.
Peltz launched a proxy fight with Disney a year ago as well but backed down...
The numbers hit as two activist shareholders are trying to push outside directors onto Disney’s board claiming the company is floundering strategically and the stock too low. With shareholders set to cast votes at an April 3 annual meeting, the fiscal first quarter results and commentary needed to make a splash, and it did.
“We would not want to be making that activist case after those fireworks,” said analyst Doug Creutz of Td Cowen in a note today.
Nelson Peltz’ Trian Partners was unmoved. “It’s déjà vu all over again. We saw this movie last year and we didn’t like the ending,” said a Trian spokesperson.
Peltz launched a proxy fight with Disney a year ago as well but backed down...
- 2/8/2024
- by Jill Goldsmith
- Deadline Film + TV
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David Zaslav has certainly made his mark on the Warner Bros. studio since taking over as CEO in May of 2021. The executive has garnered much attention with every decision he’s made, from cutting content from the Max streaming service to shelving multiple films for tax write-off purposes. Zaslav made the top of the list of highest-paid Hollywood executives with a salary of $498 million dollars from 2018 to 2022, but the underperformance of big-budgets films and the dual strikes created a big blow for the company.
Last week, it was reported that Zaslav met with Paramount Global CEO Bob Bakish in New York City to discuss a possible merger. Zaslav also spoke with Shari Redstone, who owns Paramount’s parent company. The news had taken off, but now, according to The Hollywood Reporter, Wall Street analyst Doug Creutz of Td Cowen, gave a report that the merger has some hurdles that make...
Last week, it was reported that Zaslav met with Paramount Global CEO Bob Bakish in New York City to discuss a possible merger. Zaslav also spoke with Shari Redstone, who owns Paramount’s parent company. The news had taken off, but now, according to The Hollywood Reporter, Wall Street analyst Doug Creutz of Td Cowen, gave a report that the merger has some hurdles that make...
- 12/28/2023
- by EJ Tangonan
- JoBlo.com
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Wall Street’s Hollywood observers got a pre-holiday surprise this year when news broke that Warner Bros. Discovery CEO David Zaslav has explored a potential deal for Paramount Global in a meeting with its CEO Bob Bakish and chair Shari Redstone, who controls the firm through family holding company National Amusements.
Shares of Warner Bros. Discovery (Wbd) dropped as investors tried to unpack the news and analysts expressed their doubts about the potential deal, using such phrases as “we have a hard time seeing” a deal and equating it to catching “a falling knife” or even a “financial death sentence.”
While not quite describing the revelation of the deal talks as a nightmare before Christmas, Wells Fargo analyst Steven Cahall straight-out told investors in a report: “We prefer Wbd stand-alone.” After all, “pro-forma Wbd/Paramount would be a beast of a mostly linear company,” he explained. That merged company would...
Shares of Warner Bros. Discovery (Wbd) dropped as investors tried to unpack the news and analysts expressed their doubts about the potential deal, using such phrases as “we have a hard time seeing” a deal and equating it to catching “a falling knife” or even a “financial death sentence.”
While not quite describing the revelation of the deal talks as a nightmare before Christmas, Wells Fargo analyst Steven Cahall straight-out told investors in a report: “We prefer Wbd stand-alone.” After all, “pro-forma Wbd/Paramount would be a beast of a mostly linear company,” he explained. That merged company would...
- 12/28/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Disney today named Hugh F. Johnston, PepsiCo’s CFO and vice chairman, as its new chief financial officer, effective Dec. 4. He replaces interim CFO Kevin Lansberry, who will return to his position as EVP and CFO of Disney’s Experiences segment.
Lansberry stepped in on an interim basis after former CFO Christine McCarthy left abruptly earlier this year for family reasons. The appointment is a rare example of Disney tapping an outsider for a key executive position and it fills a key leadership role as Disney faces a number of challenges, financial and strategic.
The company is set to report its latest quarterly earnings on Wednesday.
The shares, which have fallen sharply this year, ticked up slightly in early trading but are off a bit late morning, at about $85 (vs $118 at their 52-week high). That’s prompted activist investor and Disney shareholder Nelson Peltz of Trianon Partner to make another...
Lansberry stepped in on an interim basis after former CFO Christine McCarthy left abruptly earlier this year for family reasons. The appointment is a rare example of Disney tapping an outsider for a key executive position and it fills a key leadership role as Disney faces a number of challenges, financial and strategic.
The company is set to report its latest quarterly earnings on Wednesday.
The shares, which have fallen sharply this year, ticked up slightly in early trading but are off a bit late morning, at about $85 (vs $118 at their 52-week high). That’s prompted activist investor and Disney shareholder Nelson Peltz of Trianon Partner to make another...
- 11/6/2023
- by Jill Goldsmith
- Deadline Film + TV
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After exceeding revenue estimates and topping expectations for how much it could cut losses in its streaming unit (only $238 million in the red is a win right now), Wall Street analysts picked through Paramount Global’s Nov. 2 earnings report for how it’s faring in a battle to survive in a landscape with far larger media and tech giants.
The company, controlled by Shari Redstone and run by Bob Bakish, hit 63 million global streaming subscribers in the latest quarter (a gain of 2 million) and touted that total revenue hit $7.1 billion, up 10 percent year-over-year, with free cash flow at $377 million.
The company’s leadership also believes that 2022 marked the peak investment year for its streaming ambitions — powered by Paramount+ and Pluto TV — and that this year losses will be overall lower than last year, an encouraging sign. Partnerships with Delta and Walmart+ were touted by the company as far as expanding...
The company, controlled by Shari Redstone and run by Bob Bakish, hit 63 million global streaming subscribers in the latest quarter (a gain of 2 million) and touted that total revenue hit $7.1 billion, up 10 percent year-over-year, with free cash flow at $377 million.
The company’s leadership also believes that 2022 marked the peak investment year for its streaming ambitions — powered by Paramount+ and Pluto TV — and that this year losses will be overall lower than last year, an encouraging sign. Partnerships with Delta and Walmart+ were touted by the company as far as expanding...
- 11/3/2023
- by Erik Hayden
- The Hollywood Reporter - Movie News
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After the Writers Guild of America and Hollywood studios late Sunday unveiled a tentative deal for a new contract, Wall Street analysts weighed in on what it means for stocks and businesses.
While the terms of the tentative three-year deal have not been released yet, and the pact still needs to be ratified by the WGA members, leadership of the guild stated on Sept. 24 that “meaningful gains and protections for writers in every sector of the membership” were made. In the meantime, analysts offered their first reactions to the tentative WGA deal.
B. Riley analyst Eric Wold says “we have been optimistic that an agreement would be reached sooner rather than later (acknowledging the strike length put it more on the later side) and view Sunday’s news as bolstering our positive view on the exhibition space.”
But a pact with the actors union is also key, he highlighted. “Given...
While the terms of the tentative three-year deal have not been released yet, and the pact still needs to be ratified by the WGA members, leadership of the guild stated on Sept. 24 that “meaningful gains and protections for writers in every sector of the membership” were made. In the meantime, analysts offered their first reactions to the tentative WGA deal.
B. Riley analyst Eric Wold says “we have been optimistic that an agreement would be reached sooner rather than later (acknowledging the strike length put it more on the later side) and view Sunday’s news as bolstering our positive view on the exhibition space.”
But a pact with the actors union is also key, he highlighted. “Given...
- 9/25/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Big media shares, which rose in pre-market trade, opened lower at the bell and are still trending down midday after writers reached a tentative deal with studios to end their prolonged strike. Renewed market jitters over inflation, interest rates and a potential government shutdown appeared to have offset relief that Hollywood is back in business – or much closer to it.
On the other hand, Netflix is up. And exhibitors — which can avoid clear and present danger if Hollywood strikes end — are seeing strong gains across the board.
As it pertains to big media groups, Wall Street has been mixed on the dual strikes by actors and writers. Shuttered production led to significantly lower costs at companies in dire need of cash to pay down debt given ongoing losses in streaming. CEOs have had two sets of earnings calls with little pushback from investors last spring, and a bit more concern...
On the other hand, Netflix is up. And exhibitors — which can avoid clear and present danger if Hollywood strikes end — are seeing strong gains across the board.
As it pertains to big media groups, Wall Street has been mixed on the dual strikes by actors and writers. Shuttered production led to significantly lower costs at companies in dire need of cash to pay down debt given ongoing losses in streaming. CEOs have had two sets of earnings calls with little pushback from investors last spring, and a bit more concern...
- 9/25/2023
- by Jill Goldsmith
- Deadline Film + TV
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The Walt Disney Co. hosted Wall Street representatives at Walt Disney World Resort in Orlando early this week for the Hollywood conglomerate’s 2023 investor summit focused on the Disney Parks, Experiences and Products (Dpep) unit, led by its theme parks.
At a time when much debate has centered on Disney’s future ownership and plans for streamer Hulu, along with the potential sale of ABC and linear TV assets, the investor gathering explored such topics as the Dpep segment’s post-covid pandemic growth and profitability outlook, visitor and spending trends, new theme park attractions and investment in the firm’s cruise ships business. Disney also touted a major expansion of its Dpep business, with a vow to invest $60 billion over the next 10 years to turbocharge growth in the lucrative unit, nearly doubling its spending over the prior 10-year period.
“It’s a big investment, but it’s also already a big business,...
At a time when much debate has centered on Disney’s future ownership and plans for streamer Hulu, along with the potential sale of ABC and linear TV assets, the investor gathering explored such topics as the Dpep segment’s post-covid pandemic growth and profitability outlook, visitor and spending trends, new theme park attractions and investment in the firm’s cruise ships business. Disney also touted a major expansion of its Dpep business, with a vow to invest $60 billion over the next 10 years to turbocharge growth in the lucrative unit, nearly doubling its spending over the prior 10-year period.
“It’s a big investment, but it’s also already a big business,...
- 9/20/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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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
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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
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Streaming businesses are getting overhauled in the hope of reaching profitability down the line; the advertising market may be stabilizing but has been challenged; Hollywood writers are striking; record cord-cutting has further eaten away at TV networks divisions that once were the big profit centers; companies are going through layoffs to address “macroeconomic” clouds. To cut to the chase: it has been a challenging environment for entertainment stocks with few signs of compelling growth narratives and success stories.
No surprise that investors are in this market keeping a particularly close eye on which possible gainers, or at least companies that can weather these rocky seas better than peers, Wall Street analysts are picking. At the mid-year point of 2023, some agree on Warner Bros. Discovery as their best bet, while others back other entertainment conglomerates, Netflix or Endeavor.
The Hollywood Reporter sifted through at analysts’ top picks and favorite stocks in...
No surprise that investors are in this market keeping a particularly close eye on which possible gainers, or at least companies that can weather these rocky seas better than peers, Wall Street analysts are picking. At the mid-year point of 2023, some agree on Warner Bros. Discovery as their best bet, while others back other entertainment conglomerates, Netflix or Endeavor.
The Hollywood Reporter sifted through at analysts’ top picks and favorite stocks in...
- 7/3/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Disney is the Djia’s worst performer today with shares down over 8% after reporting fiscal second quarter earnings that were mixed and a bit messy as the company and industry reset.
Wall Street analysts trimmed some estimates today but were largely supportive, expressing confidence in the media giant’s ability under CEO Bob Iger to work through key issues.
“Despite all the massive investments and losses in Dtc and the continuing collapse of linear networks, the long-term profit picture should be brighter than the market knows and thus we think the stock is undervalued,” said MoffettNathanson in a note today. “The issue for Disney’s stock, at this point in time, is that there is no map or Gps to get us to that special place.” The firm has an “outperform” rating and a $127 price target on the stock, which is trading at just under $93 midday.
Disney lost some streaming subscribers last quarter,...
Wall Street analysts trimmed some estimates today but were largely supportive, expressing confidence in the media giant’s ability under CEO Bob Iger to work through key issues.
“Despite all the massive investments and losses in Dtc and the continuing collapse of linear networks, the long-term profit picture should be brighter than the market knows and thus we think the stock is undervalued,” said MoffettNathanson in a note today. “The issue for Disney’s stock, at this point in time, is that there is no map or Gps to get us to that special place.” The firm has an “outperform” rating and a $127 price target on the stock, which is trading at just under $93 midday.
Disney lost some streaming subscribers last quarter,...
- 5/11/2023
- by Jill Goldsmith
- Deadline Film + TV
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Warner Bros. Discovery Gets Wall Street Upgrade as Analysts Weigh Streaming Profit Vs. Earnings Miss
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Warner Bros. Discovery got to play a trump card on Friday, unveiling a surprise first-quarter profit for its streaming business to the tune of $50 million.
Wall Street has over the past year often urged Hollywood giants to prove that they can write black streaming ink instead of bleeding money, with management teams typically vowing to do so starting in 2024 or beyond. So the news came as a coup for the company as CEO David Zaslav touted that Wbd’s U.S. streaming business would post a profit for 2023, a year ahead of the original target. And he told analysts on a conference call: “Our U.S. streaming business is no longer a bleeder. It is hard to run a business when you have a big bleeder.”
At least one analyst upgraded his stock rating following the earnings update. But Wbd’s stock dropped more than 5 percent in early Friday trading,...
Wall Street has over the past year often urged Hollywood giants to prove that they can write black streaming ink instead of bleeding money, with management teams typically vowing to do so starting in 2024 or beyond. So the news came as a coup for the company as CEO David Zaslav touted that Wbd’s U.S. streaming business would post a profit for 2023, a year ahead of the original target. And he told analysts on a conference call: “Our U.S. streaming business is no longer a bleeder. It is hard to run a business when you have a big bleeder.”
At least one analyst upgraded his stock rating following the earnings update. But Wbd’s stock dropped more than 5 percent in early Friday trading,...
- 5/5/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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“Concerning.” “Downside risk.” Wall Street analysts chose unusually worried verbiage in dissecting Paramount Global’s weaker-than-expected first-quarter results and news of a dividend cut on Thursday. “Ouch!” may have been the thought of some company insiders and investors. After all, the hit to the stock was also pronounced. It was down 25.2 percent at $17.12 as of 10:30 a.m. Est after earlier going as low as $17.03, close to its 52-week low of $15.29.
“Paramount missed their first-quarter adjusted (operating income before depreciation and amortization (Oibda) guidance by about 11 percent and cut their dividend, which we take as signs that there is continued estimate risk,” Wells Fargo analyst Steven Cahall, who has an “underweight” rating on the stock with an $11 price target, wrote in a report. While the entertainment conglomerate’s streaming business recorded a wider loss of $511 million in the first quarter, experts called the result roughly in line with estimates.
But...
“Paramount missed their first-quarter adjusted (operating income before depreciation and amortization (Oibda) guidance by about 11 percent and cut their dividend, which we take as signs that there is continued estimate risk,” Wells Fargo analyst Steven Cahall, who has an “underweight” rating on the stock with an $11 price target, wrote in a report. While the entertainment conglomerate’s streaming business recorded a wider loss of $511 million in the first quarter, experts called the result roughly in line with estimates.
But...
- 5/4/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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The U.K. Competition and Markets Authority has stunned Wall Street by issuing a ruling that blocks Microsoft’s proposed $68.7 billion merger with video game publisher Activision Blizzard on grounds the megadeal would enable the U.S. software giant to unduly dominate the nascent cloud gaming space.
One thing’s certain, say media analysts: The U.S. tech giant’s proposed takeover has received a near-fatal blow in an essential gaming market. “For Microsoft and Activision, we suspect the CMA decision is a deal-killer,” Svb Securities Research analyst Clay Griffin argued in an April 26 investor note.
Despite the U.K. roadblock, shares in Microsoft ended Wednesday up $19.95, or just over 7 percent, at $295.37 after the tech giant beat revenue and earnings estimates for its first-quarter results on Tuesday, while Activision Blizzard saw its share price tumble by $9.93, or 11.5 percent, to $76.81.
The surprise British regulatory ruling comes over a year after Microsoft,...
One thing’s certain, say media analysts: The U.S. tech giant’s proposed takeover has received a near-fatal blow in an essential gaming market. “For Microsoft and Activision, we suspect the CMA decision is a deal-killer,” Svb Securities Research analyst Clay Griffin argued in an April 26 investor note.
Despite the U.K. roadblock, shares in Microsoft ended Wednesday up $19.95, or just over 7 percent, at $295.37 after the tech giant beat revenue and earnings estimates for its first-quarter results on Tuesday, while Activision Blizzard saw its share price tumble by $9.93, or 11.5 percent, to $76.81.
The surprise British regulatory ruling comes over a year after Microsoft,...
- 4/26/2023
- by Etan Vlessing
- The Hollywood Reporter - Movie News
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This story is part of The Hollywood Reporter’s 2023 Sustainability Issue (click here to read more).
On Spaceship Earth, the famous ride at Walt Disney World’s Epcot Center (it’s the one housed inside the park’s signature geodesic sphere), visitors are transported through humanity’s great achievements, culminating with a projection of the Earth in the vast expanse of space.
Just a half-mile to the west of that sphere, in an open field between Epcot Center Drive and World Drive, sits one of Disney’s most visible efforts to protect the Earth: an enormous, 22-acre array of solar panels, providing electricity to Disney World. Viewing the array from above (or via Google Maps), one can see that it has the unmistakable shape of Mickey Mouse ears.
Disney World’s turn to renewable energy is part of a growing trend among large companies as investors seek out companies that...
On Spaceship Earth, the famous ride at Walt Disney World’s Epcot Center (it’s the one housed inside the park’s signature geodesic sphere), visitors are transported through humanity’s great achievements, culminating with a projection of the Earth in the vast expanse of space.
Just a half-mile to the west of that sphere, in an open field between Epcot Center Drive and World Drive, sits one of Disney’s most visible efforts to protect the Earth: an enormous, 22-acre array of solar panels, providing electricity to Disney World. Viewing the array from above (or via Google Maps), one can see that it has the unmistakable shape of Mickey Mouse ears.
Disney World’s turn to renewable energy is part of a growing trend among large companies as investors seek out companies that...
- 3/22/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
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If the past five years were about chasing Netflix’s up-and-to-the-right trajectory for streaming subscribers, this year begins a pivot in that approach for its rivals. While adding subscribers is still important, now the likes of Disney, Warner Bros. Discovery, Paramount and NBCUniversal find themselves envious of something else Netflix has in spades: Streaming profits.
Like Gollum and The One Ring to Rule Them All, or Thanos and the Infinity Stones, streaming profits have become the entertainment industry’s ultimate MacGuffin, always seemingly out of reach. Netflix now finds itself atop the subscription streaming heap, ending 2022 with 231 million paid subscribers and $5.6 billion in profits. Next quarter the company projects $1.6 billion in profit, and for 2023, it expects to have operating margins of 21 to 22 percent, up from 18 to 20 percent in 2022.
The rest of the business, meanwhile, is looking at 2024. That’s when Disney, NBCU, Paramount and Wbd all say they expect — or...
Like Gollum and The One Ring to Rule Them All, or Thanos and the Infinity Stones, streaming profits have become the entertainment industry’s ultimate MacGuffin, always seemingly out of reach. Netflix now finds itself atop the subscription streaming heap, ending 2022 with 231 million paid subscribers and $5.6 billion in profits. Next quarter the company projects $1.6 billion in profit, and for 2023, it expects to have operating margins of 21 to 22 percent, up from 18 to 20 percent in 2022.
The rest of the business, meanwhile, is looking at 2024. That’s when Disney, NBCU, Paramount and Wbd all say they expect — or...
- 2/28/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
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Paramount Global will raise the monthly subscription price for its rebranded streaming service Paramount+ with Showtime in the third quarter of 2023, executives said on an earnings conference call on Thursday after reporting fourth-quarter results that saw Paramount+ post strong subscriber gains in the fourth quarter thanks to such hit content as Top Gun: Maverick.
“We all know streaming represents incredible value for consumers and the Paramount Plus offering is far from the industry price leader. We are on the value end of the pricing spectrum. And so in 2023, we will raise prices both for Paramount Plus Premium and Essential, both in the U.S., and select international markets,” CEO Bob Bakish said on the call.
The cost of the advertising-free premium streaming plan will rise from 9.99 per month for Paramount+ to 11.99 for Paramount+ with Showtime, while the essential plan with advertising will see a price hike from 4.99 a month to...
“We all know streaming represents incredible value for consumers and the Paramount Plus offering is far from the industry price leader. We are on the value end of the pricing spectrum. And so in 2023, we will raise prices both for Paramount Plus Premium and Essential, both in the U.S., and select international markets,” CEO Bob Bakish said on the call.
The cost of the advertising-free premium streaming plan will rise from 9.99 per month for Paramount+ to 11.99 for Paramount+ with Showtime, while the essential plan with advertising will see a price hike from 4.99 a month to...
- 2/16/2023
- by Georg Szalai and Caitlin Huston
- The Hollywood Reporter - Movie News
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Fox Corp.’s latest quarterly earnings improved and included higher advertising revenue, but it was not only its financials that drew Wall Street praise on Wednesday. Analysts also lauded an increased stock buyback program and its strategic implications for the company after the Murdoch family recently dropped plans to merge it with News Corp. And the Street liked what it saw.
Cfra Research analyst Kenneth Leon raised his stock price target on Fox by 7 to 41, while reiterating his “buy” rating after the latest quarterly update on Wednesday. “With low investment risk to the TV streaming wars, Fox stands out with #1 ratings for Fox Sports and Fox News,” he wrote in a note to investors. “Its long-term strategy of ‘what’s next’ has been questioned by investors, but we think Fox can grow profitably and return capital from the 7.0 billion buyback plan.”
The fact that Fox boosted its stock buyback authorization...
Cfra Research analyst Kenneth Leon raised his stock price target on Fox by 7 to 41, while reiterating his “buy” rating after the latest quarterly update on Wednesday. “With low investment risk to the TV streaming wars, Fox stands out with #1 ratings for Fox Sports and Fox News,” he wrote in a note to investors. “Its long-term strategy of ‘what’s next’ has been questioned by investors, but we think Fox can grow profitably and return capital from the 7.0 billion buyback plan.”
The fact that Fox boosted its stock buyback authorization...
- 2/8/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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What alternative deals could Fox Corp. and News Corp. explore now that media mogul Rupert Murdoch has pulled the plug on his proposal to merge the two and reunite his media empire, which had split in 2013 to focus on different businesses and strategic priorities? Wall Street experts have started debating this question after the companies unveiled the decision on Jan. 24 following objections raised by various investors and at least one member of the Murdoch family.
“In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp. and Fox at this time,” read News Corp.’s board statement. Fox, where Rupert Murdoch serves as chair and son Lachlan as executive chair and CEO, issued a similar comment.
The elder Murdoch had initiated the merger discussions in October, asking the boards of both firms to consider a combination,...
“In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp. and Fox at this time,” read News Corp.’s board statement. Fox, where Rupert Murdoch serves as chair and son Lachlan as executive chair and CEO, issued a similar comment.
The elder Murdoch had initiated the merger discussions in October, asking the boards of both firms to consider a combination,...
- 1/25/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
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As Hollywood looks for new content to keep consumers engaged, video games have become an intellectual property gold mine with the number of film and television adaptations consistently growing over the last two decades — especially in the streaming world.
Video game adaptations released within the past several years include the films “Uncharted,” “Mortal Kombat,” “Sonic the Hedgehog,” “Sonic the Hedgehog 2,” and “Resident Evil: Welcome to Raccoon City” and TV shows “The Witcher,” “Halo,” “Arcane,” “Resident Evil” and “Cyberpunk Edgerunners.”
But on Sunday, HBO debuts “The Last of Us” with the daring goal of elevating the video-game adaptation to prestige TV — something that hasn’t truly been accomplished before.
While many past attempts at television and film adaptations of video games have failed to live up to fan expectations, Cowen entertainment, media and gaming analyst Doug Creutz told TheWrap that the current boom differs in that storytellers are taking the...
Video game adaptations released within the past several years include the films “Uncharted,” “Mortal Kombat,” “Sonic the Hedgehog,” “Sonic the Hedgehog 2,” and “Resident Evil: Welcome to Raccoon City” and TV shows “The Witcher,” “Halo,” “Arcane,” “Resident Evil” and “Cyberpunk Edgerunners.”
But on Sunday, HBO debuts “The Last of Us” with the daring goal of elevating the video-game adaptation to prestige TV — something that hasn’t truly been accomplished before.
While many past attempts at television and film adaptations of video games have failed to live up to fan expectations, Cowen entertainment, media and gaming analyst Doug Creutz told TheWrap that the current boom differs in that storytellers are taking the...
- 1/12/2023
- by Lucas Manfredi
- The Wrap
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Many entertainment industry CEOs and investors may want to quickly forget 2022, given how it decimated various media sector stocks.
However, 2023 doesn’t look like it will bring much reprieve near-term. After all, recession fears and their impact on advertising revenue, a recent acceleration of cord-cutting and profitability concerns about Hollywood firms’ streaming businesses are among the dark clouds hanging over the industry.
With that in mind, The Hollywood Reporter is taking stock of some media and entertainment analysts’ picks for the year ahead.
Michael Nathanson, MoffettNathanson
Picks: Walt Disney, Fox
Why: The veteran entertainment industry analyst has “outperform” ratings on the two companies. Nathanson upgraded Disney from “market perform” in late November and raised his stock price target by 20 to 120, citing the return of Bob Iger as CEO. “Magic Is Back,” he summarized his call in the title of his report. “We applaud...
Many entertainment industry CEOs and investors may want to quickly forget 2022, given how it decimated various media sector stocks.
However, 2023 doesn’t look like it will bring much reprieve near-term. After all, recession fears and their impact on advertising revenue, a recent acceleration of cord-cutting and profitability concerns about Hollywood firms’ streaming businesses are among the dark clouds hanging over the industry.
With that in mind, The Hollywood Reporter is taking stock of some media and entertainment analysts’ picks for the year ahead.
Michael Nathanson, MoffettNathanson
Picks: Walt Disney, Fox
Why: The veteran entertainment industry analyst has “outperform” ratings on the two companies. Nathanson upgraded Disney from “market perform” in late November and raised his stock price target by 20 to 120, citing the return of Bob Iger as CEO. “Magic Is Back,” he summarized his call in the title of his report. “We applaud...
- 12/29/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
![Image](https://m.media-amazon.com/images/M/MV5BNDczMmM0NTctOTVjMC00NDgyLWIyMWMtNjZkODNhOWVjNGJhXkEyXkFqcGdeQXVyMTE0MzQwMjgz._V1_QL75_UX500_CR0,26,500,281_.jpg)
A media sector squeezed by streaming losses, anemic stocks, layoffs and executive turmoil unveiled its latest casualties Tuesday: 20 of AMC Networks’ U.S. staff, or about 200 people, along with the departure of CEO Christina Spade.
The news follows Bob Chapek’s equally sudden departure last Sunday from Disney after a quarter of hefty streaming losses and months of PR missteps. No reason was given for Spade’s departure, but it kicked off another round of speculation about the potential for the cuts being a preamble to an M&a transaction. AMC Networks declined to comment when contacted by Deadline.
Jobs are being axed from Warner Bros Discovery to Paramount Global, Disney and the CW alongside a virtual bloodbath in tech. Today’s staff memo from AMC Networks chairman James Dolan, whose family is the company’s controlling shareholder, was particularly grim, noting that “the mechanisms for the monetization of content are in disarray.
The news follows Bob Chapek’s equally sudden departure last Sunday from Disney after a quarter of hefty streaming losses and months of PR missteps. No reason was given for Spade’s departure, but it kicked off another round of speculation about the potential for the cuts being a preamble to an M&a transaction. AMC Networks declined to comment when contacted by Deadline.
Jobs are being axed from Warner Bros Discovery to Paramount Global, Disney and the CW alongside a virtual bloodbath in tech. Today’s staff memo from AMC Networks chairman James Dolan, whose family is the company’s controlling shareholder, was particularly grim, noting that “the mechanisms for the monetization of content are in disarray.
- 11/30/2022
- by Jill Goldsmith
- Deadline Film + TV
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Shortly after AMC Networks CEO Christina Spade abruptly stepped down after less than three months in the role, the company’s chairman, James Dolan, sent a memo to staff on Nov. 29 forecasting “large-scale layoff as well as cuts to every operating area.”
“It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case,” Dolan wrote, adding: “We of course realize that this will cause significant concern and anxiety for our employees and those who rely on AMC Networks for their livelihood. We do not take this lightly. We will take every step possible to minimize the impact of these actions on our community.”
The company — home of such cable networks as AMC, IFC and Sundance TV, as well as such streamers as AMC+, Acorn TV and Shudder — didn’t immediately provide details about...
Shortly after AMC Networks CEO Christina Spade abruptly stepped down after less than three months in the role, the company’s chairman, James Dolan, sent a memo to staff on Nov. 29 forecasting “large-scale layoff as well as cuts to every operating area.”
“It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case,” Dolan wrote, adding: “We of course realize that this will cause significant concern and anxiety for our employees and those who rely on AMC Networks for their livelihood. We do not take this lightly. We will take every step possible to minimize the impact of these actions on our community.”
The company — home of such cable networks as AMC, IFC and Sundance TV, as well as such streamers as AMC+, Acorn TV and Shudder — didn’t immediately provide details about...
- 11/29/2022
- by Georg Szalai, Lesley Goldberg and Etan Vlessing
- The Hollywood Reporter - Movie News
![Image](https://m.media-amazon.com/images/M/MV5BNGVkNWQ4ODUtOTQ1YS00MWU0LWFmYTItZDE4NzJmN2RjZTY0XkEyXkFqcGdeQXVyMTE0MzQwMjgz._V1_QL75_UX140_CR0,0,140,140_.jpg)
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Streaming subscriber growth is nice, but not if it comes with big streaming losses and a fast-declining traditional TV networks business. That was the message that Wall Street sent Hollywood giants, yet again, in analyst reactions to the latest quarterly results reported by the Walt Disney Co. late on Tuesday. Financial observers cut their earnings estimates and stock price targets, while also mentioning positive streaming subscriber trends.
After all, Disney+ added 12.1 million subscribers at streamer Disney+ in the fiscal fourth quarter ended Oct. 1, which included the launch of such originals as She-Hulk: Attorney at Law and Andor, bringing the streamer’s total user base to 164 million. Wrapping up earnings season for industry majors, Disney also reached 236 million overall streaming subscribers. But Disney’s direct-to-consumer (Dtc), or streaming, unit recorded a quarterly operating loss of 1.47 billion, more than double the 630 million reported in the...
Streaming subscriber growth is nice, but not if it comes with big streaming losses and a fast-declining traditional TV networks business. That was the message that Wall Street sent Hollywood giants, yet again, in analyst reactions to the latest quarterly results reported by the Walt Disney Co. late on Tuesday. Financial observers cut their earnings estimates and stock price targets, while also mentioning positive streaming subscriber trends.
After all, Disney+ added 12.1 million subscribers at streamer Disney+ in the fiscal fourth quarter ended Oct. 1, which included the launch of such originals as She-Hulk: Attorney at Law and Andor, bringing the streamer’s total user base to 164 million. Wrapping up earnings season for industry majors, Disney also reached 236 million overall streaming subscribers. But Disney’s direct-to-consumer (Dtc), or streaming, unit recorded a quarterly operating loss of 1.47 billion, more than double the 630 million reported in the...
- 11/9/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Lionsgate today confirmed today that it remains on track to separate Starz and its studio business despite volatile markets noting that it’s now focusing on spinning out the studio, instead of the other way around.
“As negotiations progress we have increased our focus on the possibility of spinning our studio business, creating a number of financial and strategic benefits. In that regard, we are continuning productive negotiations with prospective strategic and financial partners on both sides of our business,” the company said in an SEC filing Wednesday.
It said it remains on a path to complete a transaction despite “volatile market conditions.”
Lionsgate initially announced last fall it was exploring strategic options that included a potential spinoff Starz, splitting the businesses in order to realize greater value for both as separate entities with a deal to be announced by late summer to close in early spring. That deadline has...
“As negotiations progress we have increased our focus on the possibility of spinning our studio business, creating a number of financial and strategic benefits. In that regard, we are continuning productive negotiations with prospective strategic and financial partners on both sides of our business,” the company said in an SEC filing Wednesday.
It said it remains on a path to complete a transaction despite “volatile market conditions.”
Lionsgate initially announced last fall it was exploring strategic options that included a potential spinoff Starz, splitting the businesses in order to realize greater value for both as separate entities with a deal to be announced by late summer to close in early spring. That deadline has...
- 9/28/2022
- by Jill Goldsmith
- Deadline Film + TV
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Disney stock rose about 5 Thursday after posting a beat on earnings, profit, streaming subscriber growth and parks for its fiscal third quarter ended in June. It announced a new Disney+ ad-supported tier will launch on Dec. 8 for 7.99 – the current price of the ad-free service, which will jump to 10.99. That’s nice if you can get it.
A 40 hike “greatly widens the range of potential outcomes for Disney over the next two years,” says analyst Doug Creutz of Cowen. He thinks Disney+ was underpriced at launch at 6.99, “but the 3 price hike here seems very aggressive, especially at a time when economically pressured consumers are cutting back discretionary spending.”
Douglas Mitchelson of Credit Suisse says the key will be “generating greater streaming revenue growth via the upcoming price increases flowing through without meaningful churn” – that’s canceling or pausing subscriptions and it’s exceedingly easy to do with streamers.
On a post-earnings call,...
A 40 hike “greatly widens the range of potential outcomes for Disney over the next two years,” says analyst Doug Creutz of Cowen. He thinks Disney+ was underpriced at launch at 6.99, “but the 3 price hike here seems very aggressive, especially at a time when economically pressured consumers are cutting back discretionary spending.”
Douglas Mitchelson of Credit Suisse says the key will be “generating greater streaming revenue growth via the upcoming price increases flowing through without meaningful churn” – that’s canceling or pausing subscriptions and it’s exceedingly easy to do with streamers.
On a post-earnings call,...
- 8/11/2022
- by Jill Goldsmith
- Deadline Film + TV
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A “contrarian” stock upgrade, a stock price cut and a warning about “new worries” were among Wall Street analysts’ initial reactions to Paramount Global’s second-quarter earnings update Thursday. The company reached “nearly 64 million” streaming subscribers worldwide as of the end of June, up from more than 62 million at the end of March.
Cfra Research analyst Kenneth Leon raised his rating on the Hollywood conglomerate’s stock from “hold” to “buy” and raised his price target by 3 to 33, even though several peers have recently turned more cautious on Paramount due to concerns about its advertising revenue exposure amid gathering economic clouds and questions about whether it can make its growing streaming business profitable in the near- to mid-term.
“We have a contrarian investment view, as we think Paramount can execute and gain market share across all businesses,” Leon wrote, saying his new stock...
A “contrarian” stock upgrade, a stock price cut and a warning about “new worries” were among Wall Street analysts’ initial reactions to Paramount Global’s second-quarter earnings update Thursday. The company reached “nearly 64 million” streaming subscribers worldwide as of the end of June, up from more than 62 million at the end of March.
Cfra Research analyst Kenneth Leon raised his rating on the Hollywood conglomerate’s stock from “hold” to “buy” and raised his price target by 3 to 33, even though several peers have recently turned more cautious on Paramount due to concerns about its advertising revenue exposure amid gathering economic clouds and questions about whether it can make its growing streaming business profitable in the near- to mid-term.
“We have a contrarian investment view, as we think Paramount can execute and gain market share across all businesses,” Leon wrote, saying his new stock...
- 8/4/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Months after its April 8 deal close, the 3 billion in synergies that the new leadership at Warner Bros. Discovery had pledged to find are beginning to come into focus. Senior U.S. leaders in the advertising division were informed that buyouts will be coming, but they haven’t been offered yet, a source confirmed to The Hollywood Reporter.
CEO David Zaslav and CFO Gunnar Wiedenfels have in the past repeatedly pointed to the successful integration of Scripps Networks Interactive — which Discovery acquired in 2018 — as a sign of their team’s readiness to bring together the two companies, take out management layers and cut cost. But they have also emphasized that content is not part of the cost savings game, with the goal being to spend more on content and to spend smarter.
The newly combined firm is “moving rapidly to capture synergies,” Cowen analyst...
Months after its April 8 deal close, the 3 billion in synergies that the new leadership at Warner Bros. Discovery had pledged to find are beginning to come into focus. Senior U.S. leaders in the advertising division were informed that buyouts will be coming, but they haven’t been offered yet, a source confirmed to The Hollywood Reporter.
CEO David Zaslav and CFO Gunnar Wiedenfels have in the past repeatedly pointed to the successful integration of Scripps Networks Interactive — which Discovery acquired in 2018 — as a sign of their team’s readiness to bring together the two companies, take out management layers and cut cost. But they have also emphasized that content is not part of the cost savings game, with the goal being to spend more on content and to spend smarter.
The newly combined firm is “moving rapidly to capture synergies,” Cowen analyst...
- 6/15/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Disney is set to welcome the Wall Street crowd to Orlando for two days next week at annual event that’s still a go, even after a corporate retreat was nixed amid swirling headlines.
The meeting provides analysts and investors a deep dive into the booming theme parks business that, despite all the attention to streaming, is 30% of revenue and rebounding dramatically from Covid lows.
The event comes as Disney continues to manage the fallout from its slow response to the Florida bill opponents have dubbed “Don’t Say Gay,” which Chapek has acknowledged was botched and apologized for.
Disney is the state’s single largest employer.
Domestic theme parks are roaring back and the company is sticking to ambitious subscriber and profit targets for streaming. Analysts Deadline spoke with...
The meeting provides analysts and investors a deep dive into the booming theme parks business that, despite all the attention to streaming, is 30% of revenue and rebounding dramatically from Covid lows.
The event comes as Disney continues to manage the fallout from its slow response to the Florida bill opponents have dubbed “Don’t Say Gay,” which Chapek has acknowledged was botched and apologized for.
Disney is the state’s single largest employer.
Domestic theme parks are roaring back and the company is sticking to ambitious subscriber and profit targets for streaming. Analysts Deadline spoke with...
- 3/25/2022
- by Jill Goldsmith
- Deadline Film + TV
![Shari Redstone](https://m.media-amazon.com/images/M/MV5BNjk0OTA2NDEyN15BMl5BanBnXkFtZTgwNTE5NDI1NTM@._V1_QL75_UY207_CR12,0,140,207_.jpg)
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ViacomCBS is now Paramount but whatever you call the company today, it’s clearly going all-in on streaming. That push put Hollywood on notice — and Wall Street on edge. During an avalanche of entertainment news shared at a busy investor day on Tuesday, Paramount President and CEO Bob Bakish and non-executive chair Shari Redstone firmly planted their digital flag amid the ongoing streaming wars. Among the many announcements: Paramount+ is becoming the new pay TV window for all Paramount Pictures movies, “South Park” is coming home after its HBO Max run, and the company is all-in on “Yellowstone” creator Taylor Sheridan even more than it was previously. As analyst Doug Creutz of Cowen put it in his analysis: “Seemingly every piece of Paramount content that has had ever had success is getting spinoffs or expansions.” While the plans and content slate certainly made noise within the entertainment industry, on Wall...
- 2/17/2022
- by Tony Maglio
- The Wrap
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Disney shares are down 8% in heavy trading, extending a selloff that started yesterday after the media conglom posted weaker than expected earnings and streaming data for the September quarter.
The dip in the shares, changing hands at about $161, is weighing on the broader market. Disney is one of only 30 highly selective, heavyweight stocks included in the Dow Jones Industrial Average so a big move like today’s has an impact, pulling the index lower.
Disney+ growth slowed for the fiscal fourth quarter, adding 2.1 million subscribers to hit 118.1 million. That’s 10M less than it added in the prior quarter. On a call with analysts and an appearance on CNBC, CEO Bob Chapek said the streamer is still on track to meet its longer-term 2024 Fy targets in large part as it pushes into...
The dip in the shares, changing hands at about $161, is weighing on the broader market. Disney is one of only 30 highly selective, heavyweight stocks included in the Dow Jones Industrial Average so a big move like today’s has an impact, pulling the index lower.
Disney+ growth slowed for the fiscal fourth quarter, adding 2.1 million subscribers to hit 118.1 million. That’s 10M less than it added in the prior quarter. On a call with analysts and an appearance on CNBC, CEO Bob Chapek said the streamer is still on track to meet its longer-term 2024 Fy targets in large part as it pushes into...
- 11/11/2021
- by Jill Goldsmith
- Deadline Film + TV
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Updated with closing price, more analyst comments. Disney stock, which ran up to an all-time record in advance of Thursday’s quarterly earnings report, slid 2% today even as many analysts expressed upbeat views on the media giant’s prospects.
The company’s fiscal first quarter results exceeded analysts’ expectations despite a $2.6 billion hit to theme parks due to Covid-19 and a 28% drop in streaming Arpu, or average revenue per subscriber. The growth story of Disney+, which reached 94.9 million global subscribers by the end of the quarter on January 2, has propelled the stock for months as investors increasingly rewarded the company’s pivot.
Shares in Disney closed at $187.56, on twice their average trading volume. Their high point came earlier in the week, at $193.83.
One analyst firmly in the bull camp is John Hodulik of Ubs, who upgraded the stock to a “buy” last month. In a note to clients Thursday night,...
The company’s fiscal first quarter results exceeded analysts’ expectations despite a $2.6 billion hit to theme parks due to Covid-19 and a 28% drop in streaming Arpu, or average revenue per subscriber. The growth story of Disney+, which reached 94.9 million global subscribers by the end of the quarter on January 2, has propelled the stock for months as investors increasingly rewarded the company’s pivot.
Shares in Disney closed at $187.56, on twice their average trading volume. Their high point came earlier in the week, at $193.83.
One analyst firmly in the bull camp is John Hodulik of Ubs, who upgraded the stock to a “buy” last month. In a note to clients Thursday night,...
- 2/12/2021
- by Dade Hayes
- Deadline Film + TV
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Wall Street analysts on Friday raised their stock price targets for the Walt Disney Co., lauding the streaming content plans and increased subscriber goals unveiled at a Thursday investor day, and the stock hit an all-time high.
However, Cowen analyst Doug Creutz, in the headline of his report, also noted that “Disney promises more of everything for direct-to-consumer, except profits.”
Disney shares jumped in early Friday trading and reached an all-time high of $171. As of 9:35 a.m. Et, they were up 7.4 percent at $166.15, pushing the company’s market capitalization above $300 billion....
However, Cowen analyst Doug Creutz, in the headline of his report, also noted that “Disney promises more of everything for direct-to-consumer, except profits.”
Disney shares jumped in early Friday trading and reached an all-time high of $171. As of 9:35 a.m. Et, they were up 7.4 percent at $166.15, pushing the company’s market capitalization above $300 billion....
- 12/11/2020
- The Hollywood Reporter - Film + TV
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Wall Street analysts on Friday raised their stock price targets for the Walt Disney Co., lauding the streaming content plans and increased subscriber goals unveiled at a Thursday investor day, and the stock hit an all-time high.
However, Cowen analyst Doug Creutz, in the headline of his report, also noted that “Disney promises more of everything for direct-to-consumer, except profits.”
Disney shares jumped in early Friday trading and reached an all-time high of $171. As of 9:35 a.m. Et, they were up 7.4 percent at $166.15, pushing the company’s market capitalization above $300 billion....
However, Cowen analyst Doug Creutz, in the headline of his report, also noted that “Disney promises more of everything for direct-to-consumer, except profits.”
Disney shares jumped in early Friday trading and reached an all-time high of $171. As of 9:35 a.m. Et, they were up 7.4 percent at $166.15, pushing the company’s market capitalization above $300 billion....
- 12/11/2020
- The Hollywood Reporter - Movie News
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Updated with closing stock price. A number of Wall Street analysts have increased their price targets for Disney’s stock after the media giant reported better-than-expected quarterly earnings and outlined its streaming-focused future.
Shares closed Friday at $138.41, up more than 2% on twice the normal trading volume. While shares had poked above $140 on Monday and Tuesday before retreating, Friday’s trade returned shares to where they were trading in February, a remarkable comeback.
The buoyancy of the stock continues to reflect widespread optimism about Disney despite the daunting reality of Covid-19, which continues to hamper theme parks, moviegoing and live sports.
Coronavirus infection rates set daily records in the U.S. and Europe and the company noted Disneyland in Anaheim won’t be able to reopen in 2020. That update came as Disney reported fiscal fourth-quarter results that bettered analysts’ expectations. While the company lost money in the quarter, it also said...
Shares closed Friday at $138.41, up more than 2% on twice the normal trading volume. While shares had poked above $140 on Monday and Tuesday before retreating, Friday’s trade returned shares to where they were trading in February, a remarkable comeback.
The buoyancy of the stock continues to reflect widespread optimism about Disney despite the daunting reality of Covid-19, which continues to hamper theme parks, moviegoing and live sports.
Coronavirus infection rates set daily records in the U.S. and Europe and the company noted Disneyland in Anaheim won’t be able to reopen in 2020. That update came as Disney reported fiscal fourth-quarter results that bettered analysts’ expectations. While the company lost money in the quarter, it also said...
- 11/13/2020
- by Dade Hayes
- Deadline Film + TV
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AMC Networks anticipates 5.5 million streaming subscribers by year-end including its new AMC+ premium offering — way ahead of internal projections and likely to generate $200 million in streaming revenue for 2020, the company behind The Walling Dead Universe said Monday.
Lower distribution and ad revenue, the latter being part Covid related, continued to squeeze earnings and profits at U.S. linear networks for the third quarter ended in September.
Total revenue dipped 9% to $654 million as national networks declined 17% — the five nets being AMC, We tv, BBC America, IFC and SundanceTV. Third-quarter net income was $62 million ($1.17 per diluted share), compared with $117 million ($2.07 per share) the year before.
The numbers are in line with secular video trends in linear TV as providers, in particular satellite providers, continue to shed subscribers.
CEO Josh Sapan described the ongoing dance to finetune relationships and products with providers who are generally losing linear subscribers but racing ahead with broadband,...
Lower distribution and ad revenue, the latter being part Covid related, continued to squeeze earnings and profits at U.S. linear networks for the third quarter ended in September.
Total revenue dipped 9% to $654 million as national networks declined 17% — the five nets being AMC, We tv, BBC America, IFC and SundanceTV. Third-quarter net income was $62 million ($1.17 per diluted share), compared with $117 million ($2.07 per share) the year before.
The numbers are in line with secular video trends in linear TV as providers, in particular satellite providers, continue to shed subscribers.
CEO Josh Sapan described the ongoing dance to finetune relationships and products with providers who are generally losing linear subscribers but racing ahead with broadband,...
- 11/2/2020
- by Jill Goldsmith
- Deadline Film + TV
The movie industry was hit hard by the coronavirus and the social distancing guidelines which governments and communities have employed to check its spread. Not only are most films produced using large crews that work together in tight, enclosed spaces, they are also typically enjoyed by equally massive crowds which gather in similar environments.
Although some American theater chains have proposed plans to reopen, others remain silent. With more and more states seeing a surge in infections, a second wave of quarantine also appears to be more likely than ever before. All of these elements combine to create the worst possible scenario for cinemas, which one expert now suggests could remain closed until as late as next summer.
Doug Creutz, an analyst working for multinational investment bank Cowen and an influential player in the field of finance, recently changed his rating on the stock for The Walt Disney Company with this exact thought in mind.
Although some American theater chains have proposed plans to reopen, others remain silent. With more and more states seeing a surge in infections, a second wave of quarantine also appears to be more likely than ever before. All of these elements combine to create the worst possible scenario for cinemas, which one expert now suggests could remain closed until as late as next summer.
Doug Creutz, an analyst working for multinational investment bank Cowen and an influential player in the field of finance, recently changed his rating on the stock for The Walt Disney Company with this exact thought in mind.
- 7/17/2020
- by Tim Brinkhof
- We Got This Covered
![Michael Jackson](https://m.media-amazon.com/images/M/MV5BMTM1NjExNjg1OV5BMl5BanBnXkFtZTcwMTQ0NzIwMw@@._V1_QL75_UY207_CR1,0,140,207_.jpg)
![Michael Jackson](https://m.media-amazon.com/images/M/MV5BMTM1NjExNjg1OV5BMl5BanBnXkFtZTcwMTQ0NzIwMw@@._V1_QL75_UY207_CR1,0,140,207_.jpg)
Despite the fact that Grand Theft Auto V was first released in 2013 on the PlayStation 3 and Xbox 360, the game seems to have a lot of life left in it. Rockstar Games has announced the hit open-world game is coming to the PlayStation 5 and Xbox Series X in the second half of 2021.
The most exciting news: a new standalone version of GTA Online will be available for free exclusively for PlayStation 5 players during the first three months. While the campaign is absolutely excellent, GTA V‘s big draw is undoubtedly GTA Online, the multiplayer mode that launched the title to unimaginable success. With billions of dollars in revenue and millions of copies sold, some market analysts even claim that GTA V is now the most successful entertainment product ever released.
“I think it’s a wild outlier,” analyst Doug Creutz told MarketWatch in 2018. “That’s not to say Rockstar won’t...
The most exciting news: a new standalone version of GTA Online will be available for free exclusively for PlayStation 5 players during the first three months. While the campaign is absolutely excellent, GTA V‘s big draw is undoubtedly GTA Online, the multiplayer mode that launched the title to unimaginable success. With billions of dollars in revenue and millions of copies sold, some market analysts even claim that GTA V is now the most successful entertainment product ever released.
“I think it’s a wild outlier,” analyst Doug Creutz told MarketWatch in 2018. “That’s not to say Rockstar won’t...
- 6/11/2020
- by John Saavedra
- Den of Geek
![Jennifer Aniston, Courteney Cox, Lisa Kudrow, Matt LeBlanc, Matthew Perry, and David Schwimmer in Friends (1994)](https://m.media-amazon.com/images/M/MV5BNDVkYjU0MzctMWRmZi00NTkxLTgwZWEtOWVhYjZlYjllYmU4XkEyXkFqcGdeQXVyNTA4NzY1MzY@._V1_QL75_UY207_CR1,0,140,207_.jpg)
![Jennifer Aniston, Courteney Cox, Lisa Kudrow, Matt LeBlanc, Matthew Perry, and David Schwimmer in Friends (1994)](https://m.media-amazon.com/images/M/MV5BNDVkYjU0MzctMWRmZi00NTkxLTgwZWEtOWVhYjZlYjllYmU4XkEyXkFqcGdeQXVyNTA4NzY1MzY@._V1_QL75_UY207_CR1,0,140,207_.jpg)
Disney Plus revealed a whopper of a subscriber update Wednesday — 50 million paying customers — flexing its ability to become a contender in the streaming services arena after a mere five months on the market.
That puts the Walt Disney Co. well ahead of schedule to hit its target of 60 million to 90 million subscribers by 2024, and a fighting step toward Netflix’s 167 million subs worldwide. So what does that mean for the streamers that are yet to come and the streamers that have only just come into being? The HBO Maxes, the Peacocks, the Quibis, the Apple TV Pluses? With most Americans confined to their homes for potentially the next month, maybe more, it’s tough not to look at Disney Plus’ smasher and wonder whether that signals success for its competitors — or whether the Mouse is nibbling at precious market share.
Wedbush equity analyst Dan Ives called the Disney Plus number “jaw dropping,...
That puts the Walt Disney Co. well ahead of schedule to hit its target of 60 million to 90 million subscribers by 2024, and a fighting step toward Netflix’s 167 million subs worldwide. So what does that mean for the streamers that are yet to come and the streamers that have only just come into being? The HBO Maxes, the Peacocks, the Quibis, the Apple TV Pluses? With most Americans confined to their homes for potentially the next month, maybe more, it’s tough not to look at Disney Plus’ smasher and wonder whether that signals success for its competitors — or whether the Mouse is nibbling at precious market share.
Wedbush equity analyst Dan Ives called the Disney Plus number “jaw dropping,...
- 4/10/2020
- by Elaine Low
- Variety Film + TV
Disney’s fast start with Disney+, which the company said has racked up 28.6 million subscribers in its first three months, won raves from most Wall Street analysts but hasn’t budged the company’s stagnating stock price.
The media giant reported generally strong results for its fiscal first quarter on Tuesday, though soft spots included the company’s Media Networks unit, where pay-tv subscriber levels declined more than 4%.
Traditional-media headwinds may help explain the sideways movement of the company’s stock despite the blazing start in streaming. Shares were at $141.50 in mid-morning trading on Wednesday, an otherwise up day for the broader market, a decline of more than 2%. In 2020 to date, the stock has slipped 3%.
Despite some lingering issues, analysts’ focus on the earnings conference call with management and in the hours afterward was on Disney’s remarkable execution of its streaming strategy.
“Regardless of whether you own Disney’s stock,...
The media giant reported generally strong results for its fiscal first quarter on Tuesday, though soft spots included the company’s Media Networks unit, where pay-tv subscriber levels declined more than 4%.
Traditional-media headwinds may help explain the sideways movement of the company’s stock despite the blazing start in streaming. Shares were at $141.50 in mid-morning trading on Wednesday, an otherwise up day for the broader market, a decline of more than 2%. In 2020 to date, the stock has slipped 3%.
Despite some lingering issues, analysts’ focus on the earnings conference call with management and in the hours afterward was on Disney’s remarkable execution of its streaming strategy.
“Regardless of whether you own Disney’s stock,...
- 2/5/2020
- by Dade Hayes
- Deadline Film + TV
![Carl Weathers, Giancarlo Esposito, Pedro Pascal, Shirley Henderson, Paul Sun-Hyung Lee, Katee Sackhoff, Amy Sedaris, Omid Abtahi, Emily Swallow, and Katy O'Brian in The Mandalorian (2019)](https://m.media-amazon.com/images/M/MV5BN2M5YWFjN2YtYzU2YS00NzBlLTgwZWUtYWQzNWFhNDkyYjg3XkEyXkFqcGdeQXVyMDM2NDM2MQ@@._V1_QL75_UX140_CR0,0,140,207_.jpg)
![Carl Weathers, Giancarlo Esposito, Pedro Pascal, Shirley Henderson, Paul Sun-Hyung Lee, Katee Sackhoff, Amy Sedaris, Omid Abtahi, Emily Swallow, and Katy O'Brian in The Mandalorian (2019)](https://m.media-amazon.com/images/M/MV5BN2M5YWFjN2YtYzU2YS00NzBlLTgwZWUtYWQzNWFhNDkyYjg3XkEyXkFqcGdeQXVyMDM2NDM2MQ@@._V1_QL75_UX140_CR0,0,140,207_.jpg)
Disney will report its fiscal first-quarter earnings on Tuesday afternoon after the close of trading, with the company’s streaming progress, executive turnover and response to the coronavirus outbreak all likely to be major themes.
The consensus from analysts is for Disney to report $20.8 billion in total revenue and earnings per share of $1.46. Comparisons with the year-earlier quarter are still not exact, as the $71.3 billion acquisition of most of 21st Century Fox closed last March.
The quarter ending December 31 was one of the most eventful in company history. Long-awaited new installments in the Frozen and Star Wars franchises arrived and piled up considerable box office receipts, even though Star Wars: Rise of Skywalker has turned out to be the lowest-grossing of the three main Star Wars films released by Disney.
Disney launched streaming service Disney+ on November 12, gaining immediate traction with Star Wars spinoff series The Mandalorian. The company said...
The consensus from analysts is for Disney to report $20.8 billion in total revenue and earnings per share of $1.46. Comparisons with the year-earlier quarter are still not exact, as the $71.3 billion acquisition of most of 21st Century Fox closed last March.
The quarter ending December 31 was one of the most eventful in company history. Long-awaited new installments in the Frozen and Star Wars franchises arrived and piled up considerable box office receipts, even though Star Wars: Rise of Skywalker has turned out to be the lowest-grossing of the three main Star Wars films released by Disney.
Disney launched streaming service Disney+ on November 12, gaining immediate traction with Star Wars spinoff series The Mandalorian. The company said...
- 2/4/2020
- by Dade Hayes and Jill Goldsmith
- Deadline Film + TV
Shares of ViacomCBS slumped Monday amidst a broader market recovery as a few Wall Streeters a suggested a wait-and-see attitude to the company’s merger.
The stock was down 3.46% in mid-afternoon trade ahead of the close.
“ViacomCBS is clearly in the ‘show-me’ category, with a need to prove out merger execution and synergies as well as show [that] its ramp in Hollywood content spending … will produce greater future
profitability rather than just defend current market positions at what would then be lower margins,” said Credit Suisse media analyst Doug Michelson in a note where he lowered his rating on the stock from ‘outperform to ‘neutral.’
Other keys, he said, will be: renewing its NFL package at a reasonable price despite potential competition from Disney, which is crucial for CBS distribution leverage; fending off increased competition as Turner shifts to an unscripted strategy; getting Hulu and YouTube distribution;
whether the company’s...
The stock was down 3.46% in mid-afternoon trade ahead of the close.
“ViacomCBS is clearly in the ‘show-me’ category, with a need to prove out merger execution and synergies as well as show [that] its ramp in Hollywood content spending … will produce greater future
profitability rather than just defend current market positions at what would then be lower margins,” said Credit Suisse media analyst Doug Michelson in a note where he lowered his rating on the stock from ‘outperform to ‘neutral.’
Other keys, he said, will be: renewing its NFL package at a reasonable price despite potential competition from Disney, which is crucial for CBS distribution leverage; fending off increased competition as Turner shifts to an unscripted strategy; getting Hulu and YouTube distribution;
whether the company’s...
- 2/3/2020
- by Jill Goldsmith
- Deadline Film + TV
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