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All articles tagged with #business entertainment

business-entertainment1 year ago

"Paramount's Future: The Ellison Family's Battle for Control"

Speculation surrounds whether Larry Ellison's tech background and company, Oracle, will aid his son David Ellison in rescuing Paramount, with some suggesting access to capital and tech know-how could benefit the TV-and-movie company. However, the potential tie-up between Oracle and Paramount is met with skepticism, as Paramount's challenges stem from industry pressures rather than a lack of tech resources. While David Ellison's Hollywood credibility and investment may play a role in Paramount's revival, the impact of his father's tech connections remains uncertain.

via Business Insider|
#business-entertainment#david-ellison#hollywood
business-entertainment1 year ago

"Disney Triumphs Over Activist Investor Nelson Peltz in Shareholder Showdown"

Disney shareholders rejected activist investor Nelson Peltz's board nominees, opting instead for the company's 12-person slate at its annual meeting. The proxy battle, fueled by Peltz's criticism of Disney's streaming strategy and CEO succession plan, ended with shareholders supporting the company's direction. Disney has faced challenges in the streaming era, with Peltz's Trian Partners advocating for cost cuts and a clearer strategy. Despite Disney+ gaining 111.3 million subscribers, the platform has yet to turn a profit, and the issue of CEO succession remains a point of contention.

via ABC News|
#business-entertainment#disney#nelson-peltz
business-entertainment1 year ago

Take-Two Interactive Acquires Gearbox Entertainment for $460 Million

Take-Two Interactive Software, Inc. has announced its acquisition of The Gearbox Entertainment Company for $460 million in newly issued shares of Take-Two common stock, deepening its relationship with Gearbox and expanding its portfolio of intellectual property, including the Borderlands franchise. The acquisition is expected to be completed in the first quarter of Take-Two’s Fiscal Year 2025 and will see Gearbox operate as a studio within 2K, led by Founder and CEO Randy Pitchford. The move aims to leverage the full resources of Take-Two across Gearbox’s initiatives and future projects, with incremental opportunities to invest in new projects and expand proven franchises.

via Business Wire|
#acquisition#business-entertainment#entertainment
business-entertainment1 year ago

"Paramount Stock Plummets as Shari Redstone Questions $11 Billion Apollo Offer"

Paramount Global shares plummeted after a report indicated that controlling shareholder Shari Redstone is skeptical of Apollo's $11 billion offer for Paramount Pictures, favoring a competing bid from Skydance Media backed by RedBird Capital, Tencent, and KKR. Former CNN chief Jeff Zucker and ex-NBCUniversal CEO Jeff Shell are also involved in the Skydance option, which includes taking a majority stake in National Amusements to gain control of Paramount Global. Paramount has been the subject of various M&A offers, including from Byron Allen and Warner Bros Discovery boss David Zaslav, as the company grapples with challenges stemming from declines in the pay-TV business.

via Deadline|
#apollo-offer#business-entertainment#manda-deal
business-entertainment1 year ago

"Apollo's $11 Billion Bid for Paramount Studio Sparks Stock Surge"

Private equity firm Apollo Global Management has made an $11 billion bid for Paramount Global’s film and TV studios, excluding the CBS broadcast network, cable channels, and streaming services. The bid, which is more than the $9 billion market value for all of Paramount Global, could potentially impact the future of the Star Trek franchise and Paramount Plus. The deal, if approved, may take well over a year to be finalized and could lead to changes in the licensing and distribution of Star Trek content.

via TrekMovie|
#apollo-global-management#business-entertainment#film-studios
business-entertainment1 year ago

"Apollo's $11 Billion Bid Boosts Paramount Global Stock"

Apollo Global has reportedly made an $11 billion bid for Paramount Global's film and TV studio, causing the company's stock to surge over 11%. The board is reviewing the offer, while other suitors like Skydance Media and Byron Allen are also in the mix. Paramount Global, battling streaming losses and high debt, has been a takeover target for months without any deal. Majority shareholder Shari Redstone has been reluctant to sell off the studio, complicating potential deals involving National Amusements, Warren Buffett, and Mario Gabelli. The company has stated it will consider all offers while undergoing retrenching and divesting non-core assets.

via Deadline|
#apollo-global#business-entertainment#film-studio
business-entertainment1 year ago

"DirecTV Offers Subscribers Option to Remove Local Channels"

DirecTV is offering subscribers the option to opt out of receiving local TV station feeds in exchange for a $12 monthly discount, as the company aims to address concerns about the high cost and limited choices of pay TV. This move reflects the broader pushback from content distributors against the shift of premium video entertainment to streaming platforms. The decision comes amid disputes between entertainment companies and cable/satellite distributors over access to local station content, which has also begun to move online.

via Variety|
#business-entertainment#cable-tv#directv
business-entertainment1 year ago

"Reliance Industries Acquires Paramount Global's Stake in Viacom18 for $517M"

US media giants Paramount and Disney are selling their stakes in India's Viacom18 and merging their India assets with Reliance Industries, respectively, due to challenges in profitability and monetization in the region. Paramount's heavy debt load and Disney's struggle with Hotstar subscribers after losing rights to stream Indian Premier League Cricket matches to Reliance have contributed to their decisions. Despite India's significant advances in the media and entertainment industry, the current challenges and geopolitical tensions make it a less favorable time for further investments in riskier overseas markets.

via Yahoo Finance|
#business-entertainment#disney#india
business-entertainment1 year ago

"Ultra-Wealthy Extravaganza: Billionaire Bling and Rihanna's Concert at Opulent Indian Wedding"

Rihanna's multi-million-dollar performance at an Indian billionaire's pre-wedding party is seen as a strategic business move to expand her Fenty Beauty brand in India, with the help of Mukesh Ambani's Reliance Industries, which acquired Sephora's stores in the country. With India's rapidly growing beauty market and the potential for Fenty Beauty to become the first Black-owned brand in Sephora India stores, the move could significantly boost the brand's global presence and sales.

via The Root|
#business-entertainment#fenty-beauty#india
business-entertainment1 year ago

"Reliance and Disney's $8.5 Billion Merger Creates Indian Media Powerhouse"

Disney and Indian conglomerate Reliance are merging their media units in a $8.5 billion deal, forming a joint venture that will give Disney access to valuable cricket streaming rights in India, a country passionate about the sport. The merger, expected to reach over 750 million viewers, is seen as a strategic move for Disney to regain lost customers in the Indian market after losing streaming rights to the Indian Premier League in 2022. The deal, led by Asia's richest man Mukesh Ambani, aims to bolster Disney's streaming efforts in India and is not expected to hurt Disney's earnings.

via CNBC|
#business-entertainment#disney#india
business-entertainment1 year ago

"Paramount+ Surpasses Subscriber Expectations, Narrows Streaming Losses"

Paramount+ reaches 67.5 million subscribers, with a streaming loss shrinking to $490 million, as the company expects profitability domestically in 2025 and significant earnings growth in 2024. The studio's first-quarter net earnings were $514 million, with a smaller streaming loss and increased advertising and subscription revenue. Paramount is adapting to changing TV viewing habits and considering strategic options, including potential partnerships and acquisitions, as it navigates a consolidating marketplace.

via Hollywood Reporter|
#business-entertainment#earnings#paramount
business-entertainment1 year ago

"Paramount Global's Path to Profit: Navigating Ad Decline and Streaming Losses"

Paramount Global's Q4 earnings slightly surpassed Wall Street expectations, but a 6% decline in revenue was attributed to a 15% drop in linear TV advertising. The company projects its domestic streaming business to become profitable by 2025, with Paramount+ showing a 69% revenue increase and 67.5 million subscribers. Paramount Pictures struggled in the fourth quarter, with a 31% revenue decline primarily due to lower licensing revenue. Amid talks of potential acquisitions, Paramount's shares fell almost 2% and are down more than 20% in 2024, prompting CEO Bob Bakish to emphasize the company's focus on profitable growth and scaling streaming.

via Deadline|
#advertising#business-entertainment#earnings
business-entertainment1 year ago

Paramount Global's Q1: Layoffs, Cost Cuts, and Streaming Success

Paramount Global reported a 6% decline in overall revenue in its fourth quarter, with losses in its traditional TV and movie operations but a narrowed loss in its streaming business. The company emphasized cost-cutting measures, including a $1 billion charge for layoffs and restructuring, and aims for Paramount+ to be profitable in the U.S. by the end of 2025. Despite rising advertising and subscriptions at Paramount+, revenues fell in traditional businesses, with declines in advertising, affiliate fees, and licensing. Executives outlined a strategy to focus on making streaming profitable and reducing production costs for movies and TV, while strategically deploying content across various platforms.

via Variety|
#business-entertainment#content-investments#cost-cutting
business-entertainment1 year ago

"Disney's $8.5 Billion Merger Creates Media Giant in India"

Disney is merging its Star India service with Viacom18, backed by Reliance Industries, in an $8.5bn deal led by Asia's richest man, Mukesh Ambani. Reliance will inject $1.4bn to help the firm grow, creating one of the biggest media forces in India. The joint venture aims to address challenges in the Indian streaming market, where Reliance outbid Disney for rights to stream the popular India Premier League cricket tournament in 2022. The deal, expected to be completed by the end of this year or early next year, will see Disney owning a 37% stake, Viacom18 holding 47%, and Reliance having 16%.

via BBC.com|
#business-entertainment#disney#india
business-entertainment1 year ago

"Disney's Sean Bailey Steps Down, David Greenbaum Takes Over Live-Action Film Production"

Sean Bailey, the longtime president of Walt Disney Studios Motion Picture Production, has resigned amid disappointing box office results. Disney named David Greenbaum as his successor, expanding his role to oversee live-action remakes of animated classics and 20th Century Studios. Bailey had been with Disney for 14 years, providing stability during a tumultuous period for the company's film division.

via The New York Times|
#box-office#business-entertainment#david-greenbaum