Latest Business News
Cineplex CEO Sees Theatrical at “Pivotal Point” in Post-Strike Rebound
Canadian exhibition giant Cineplex underlined the impact of its Hollywood movie supply upended by the 2023 actors and writers strikes as it released its second quarter financial results on Friday. Cineplex saw box office revenue drop 30 percent to $114.5 million, and theater attendance, especially in April and May, was off by nearly 32 percent […]
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“Our Billion-Dollar Olympic Lab”: What NBC Is Taking From Paris to L.A.
The Paris Olympics have put NBC and its employees in a mighty good mood. Walking through NBC Sports’ headquarters midway through the games, one could almost feel the energy and good vibes. And not just because of the live music and s’more-making in fire pits by the Eiffel Tower. No, not that Eiffel Tower. In […]
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As Broadcasting & Cable Goes Dark, a Former Editor In Chief Reflects on the 93-Year Legacy of Magazine
It was early February 2004 and barely a week into my tenure as editor in chief of Broadcasting & Cable when I first got to see the power of the venerable trade publication in action. Word had surfaced that Comcast was making a hostile $51 billion bid to acquire Disney, and only minutes later, it […]
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Rupert Murdoch’s News Corp. Considering Sale of Australian Pay TV Company Foxtel
News Corp. is weighing a sale of Australian pay TV and streaming operator Foxtel, the Murdoch family-controlled company said Thursday in its full-year earnings release. News Corp chief executive, Robert Thomson, said that potential buyers had emerged for Foxtel during a review of the company’s assets. “That review has coincided recently with third-party interest in a potential […]
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Paramount Sells Two Entertainment Websites Amid Cost-Cutting Effort
As it looks to shed assets in order to achieve $500 million in cost savings, Paramount Global has sold two entertainment news websites in its portfolio to the digital media executive who once ran the sites. ComicBook and PopCulture have been sold to Savage Ventures, a digital media operator run by Sam Savage. The two […]
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Lionsgate Shrinks First Quarter Loss Even As Motion Picture Unit Revenue Falls
Lionsgate released its first quarter financial results after the spinoff of the media giant’s studio business into a separately traded stock. The studio, led by CEO Jon Feltheimer, posted a first quarter net loss attributable to shareholders at $59.4 million, compared to a year-earlier $70.7 million loss, on overall revenue falling to $834.7 million, against […]
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Paramount to Cut 15 Percent of U.S. Workforce in Major Layoff Plan
Paramount continued to push forward on its $500 million cost-savings plan and goal of reaching sustained profitability in streaming by 2025, in the company’s first earnings report since the Skydance deal was announced. On Thursday, the company said its cost-savings plan will include reducing its U.S.-based workforce by approximately 15 percent. The areas hit will […]
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Liberty Media CEO Says Live Nation Shouldn’t Be Broken Up
Liberty Media, the company controlled by billionaire mogul John Malone that has ownership stakes in assets like Live Nation, audio entertainment giant SiriusXM and the Formula 1 racing circuit, reported second-quarter financials on Thursday. CEO Greg Maffei, on an analyst call, talked about concert promoter Live Nation Entertainment and said that concert demand shows “no signs […]
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iHeartMedia Podcast Segment Drives Quarterly Revenue Results
Podcast revenue at iHeartMedia rose 8 percent in the company’s second quarter, compared to same quarter last year, to reach $104.5 million. Overall revenue in the digital audio group, which includes podcasting, rose 10 percent to reach $286 million. That group propelled revenue growth at iHeartMedia, which otherwise saw its consolidated second quarter revenue up […]
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Oliver Darcy Exits CNN, Will Launch New Media Newsletter
More changes are coming to CNN’s media coverage, with the cable channel’s lead media reporter Oliver Darcy leaving the news outlet. Darcy, who appeared frequently on CNN to talk about media topics and wrote the company’s Reliable Sources Newsletter, is now launching his own newsletter, Status, which hit inboxes Thursday morning. According to the introductory […]
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Endeavor Puts OpenBet and IMG Arena Up For Sale as Silver Lake Takeover Draws Closer
As Endeavor’s take-private deal with Silver lake draws closer, big changes are already coming to the Ari Emanuel-led firm. In its Q2 earnings report Thursday morning, Endeavor said that it has put the businesses in its “sports data & technology segment up for sale: OpenBet and IMG Arena. Endeavor says it has begin to “actively […]
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TikTok Rolls Out Marketing Feature For Movie Studios
Tiktok is rolling out a marketing tool for studios and the entertainment industry. Called TikTok Spotlight, the tool allows companies to add a link to TikTok videos that feature content relevant to an upcoming film or library content. The link directs users to a landing page with a plot synopsis, cast information, links to purchase […]
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TKO Raises Guidance Again As UFC and WWE Each See Quarterly Growth
Even with its new Netflix WWE deal months away, TKO Group Holdings continues to see growth in both revenue and net income. The Endeavor-controlled company reported record revenue of $851.2 million and net income of $150.7 million, as well as adjusted EBITDA of $420.9 million, thanks to an increase in media rights fees and sponsorship […]
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AI Pros and Cons for Film in Locarno Focus: Of Cost Cuts, Algorithms’ Danger, and Taming Tech
How will artificial intelligence, including generative AI, impact the film industry and its creatives? That was one key question discussed during the opening day of Locarno Pro, the Locarno Film Festival’s industry strand, on Thursday. The debate came a day after the 77th edition of the Locarno fest opened with a lineup that features several movies […]
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YouTube Creators Step Into Legal Battle Against OpenAI With Class Action Lawsuit
OpenAI has been sued by a YouTuber whose videos were transcribed and used to train its artificial intelligence system, opening a new front in the legal battle against companies leading development of the technology. With the lawsuit, creators on YouTube join sprawling litigation over the unauthorized utilization of copyrighted material to power ChatGPT. Creators who’ve […]
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Warner Bros. Discovery Takes Major Impairment Charge Over Linear TV While Streaming Makes Minor Gains
Warner Bros. Discovery posted a quarterly loss for its Direct-to-Consumer (DTC) unit, and saw its base of global streaming subscribers rise to 103.3 million at the end of the second quarter, up 3.6 million subs added, compared 99.6 million at the end of the first quarter. Warner Bros. Discovery posted a second-quarter loss of $107 million for […]
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