Latest Business News
How Networks and Streamers Are Prepping for a Potential Writers Strike
As the Writers Guild of America and the Alliance of Motion Picture and Television Producers continue negotiating over a new contract, the prospect of a labor strike — the first for writers in 15 years — looms large. The guild has a wide-ranging set of priorities for the negotiations, ranging from higher minimum pay and expanded […]
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Vince McMahon’s Unusual New WWE Contract Gives Him the Right to Adapt His Own Story for Film
WWE executive chairman Vince McMahon is in line for a multimillion-dollar payout on top of his $2.6 billion stake — and the rights to his life story — in the event that his company gets sold. McMahon signed a new employment agreement with the company this week, retroactive to when he returned earlier this year, […]
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Chicken Soup for the Soul Sees Return of Theatrical Titles But Sells Stock Amid Tough Environment
After acquiring Redbox in August, Chicken Soup for the Soul Entertainment says it is finally poised to see a bigger return on its investment. “The return of theatrical titles is firmly underway. This return, however, began in earnest, months later than we had anticipated when we acquired Redbox. When looking at 2022 there was only […]
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Hollywood to End COVID-19 Safety Agreement That Enabled Pandemic-Era Return to Work
The COVID-19 guidelines that for the past three years kept casts and crews safe during production amid the pandemic will expire May 12. The current iteration of the pact, negotiated by industry unions and top studios and streaming companies represented by the Alliance of Motion Picture and Television Producers (AMPTP), will remain in place through […]
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Universal Music Group Extends CEO Lucian Grainge’s Contract Through 2028
Universal Music Group has extended the contract of its CEO and Chairman Sir Lucian Grainge until May 1, 2028. As part of the extended agreement, Grainge will move from an all-cash compensation package to a combination of equity and cash, with the majority paid in UMG equity and UMG performance-based stock options. His annual salary […]
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Hollywood’s COVID-19 Safety Protocols Agreement May Be on Its Way Out
When Hollywood’s return-to-work agreement expires on April 1, will this be the end of COVID-19 guidelines that have been in place for the past three years? Sources in the industry believe so and have speculated for weeks that, at the very least, major changes might be coming next month, when the current version of the […]
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Paramount Global Hit With Credit Rating Downgrade Over Streaming Costs
Paramount Global has been hit with a credit rating downgrade from S&P Global Ratings over mounting content and platform investment costs to generate gains in a competitive streaming space. The research firm reduced the Hollywood studio’s rating to BBB-, from BBB, on concerns over its debt load, with a stable outlook. The increased credit risk […]
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Disney Layoffs Hit ABC News, Kim Godwin Reorganizes Leadership Team
The Disney layoffs have hit ABC News. The broadcast news division is laying off 50 people as part of the company’s planned cuts, with ABC News president Kim Godwin reorganizing her senior leadership team. Godwin announced the changes in a note to staff Thursday morning. “Throughout the company, teams are being impacted by the downsizing […]
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Bloomberg Goes Hollywood, With Plans to Mine News IP for TV and Film
On Wednesday night, entertainment heavyweights like Netflix co-CEO Ted Sarandos, Spotify exec Bill Simmons, and comedians and actors Tiffany Haddish and Travon Free gathered at République Los Angeles for dinner with Bloomberg Media CEO M. Scott Havens. The dinner was a celebration of sorts for Bloomberg, which is forging a larger presence on the West […]
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Madison Square Garden Board Approves Spinoff Plans
Madison Square Garden Entertainment Corp. has given final board approval to a spinoff of its traditional live entertainment business, with the transaction expected to be completed April 20. Once the tax-free separation from the company’s other businesses, which include the MSG Sphere in Las Vegas and the MSG regional sports networks, is finalized, the parent company will […]
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Potential Writers Strike Presents Disruption (and Opportunity) to Global Content Creators
If Hollywood writers go on strike — a possibility as we close in on the May 1 deadline without a new deal between the Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) — the impact will be felt far beyond New York and Los Angeles. Around the world, producers and distribution […]
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Germany’s Bertelsmann Hits Revenue Record, Halves Profit in 2022
German media giant Bertelsmann closed out 2022 on a high, with overall revenue hitting $21.9 billion (20.2 billion euro), the highest in the company’s history. But the group, which controls European TV conglomerate RTL Group and production subsidiary Fremantle, music division BMG and leading publisher Penguin Random House, saw its profits more than cut in […]
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Florida Gov. Ron DeSantis’ Board Outmaneuvered in Wrangling Over Disney Special District Control
A legal battle is brewing over an agreement that transferred the powers of Disney’s now-dissolved special district back to the company before Florida Gov. Ron DeSantis assumed control of the board. The 30-year deal includes approval to build another theme park and restrictions that bar the Central Florida Tourism Oversight District’s new board of supervisors […]
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Top Production Pros Examine Potential Writers Strike, COVID-19 Safety Protocols at AFCI Brunch
From a potential writers strike to COVID-19 safety protocols on set, some of Hollywood’s top producers offered a peek on Wednesday at how they approach some of the industry’s most contentious issues. The insiders, typically tight-lipped on Hollywood dealings, discussed their thoughts on widespread industry concerns and trends at a brunch honoring the top physical […]
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Electronic Arts to Lay Off 6 Percent of Workforce in Restructuring
Electronic Arts will lay off 6 percent of its workforce, or close to 800 jobs, the video game publisher disclosed Wednesday. This comes as part of the company’s restructuring plan, which will also include office space reductions and portfolio rationalization. In total, Electronic Arts estimates it will incur about $170 million to $200 million in […]
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Warner Bros. Discovery CEO David Zaslav’s 2022 Pay Package Hits $39.3M
The value of Warner Bros. Discovery CEO David Zaslav’s compensation package for 2022, which saw the Discovery-WarnerMedia merger close in April, hit $39.3 million, the company disclosed in a regulatory filing. In 2021, the then-Discovery CEO had received a pay package worth $246.0 million, an enormous jump compared with $37.7 million in 2020 and $45.8 million in […]
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