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Business

Netflix Execs: ‘The Crown’ And Comedy Help Justify Growth In Content Spending

Mandatory Credit: Photo by Masatoshi Okauchi/REX/Shutterstock (5737366j)
Reed Hastings
Netflix contents presentation, Tokyo, Japan - 27 Jun 2016

With its growing investments in original programs, Netflix expects to burn about $2 billion of its cash flow this year — up from $1.7 billion last year — execs said in a quarterly conference call with Wall Street. But they insist that it’s money well spent because it helps the company control its destiny. “It’s a good thing for the shareholder,” CFO David Wells says. “We control more of the rights and the global advantages.” Chief Creative Officer Ted Sarandos adds that… Read

Business

Netflix Shares Rise On Surprisingly Strong Q4 Sub Growth

netflix-logos

Netflix credits original shows including The Crown, Marvel’s Luke Cage, and Gilmore Girls for the stronger than expected growth in subscribers in Q4 — numbers that helped to lift the stock price by nearly 8% in post-market trading. If that continues tomorrow then Netflix stock will hit an all-time high. The company reported $67 million in net income, up 55.2% vs the period last year, on revenues of $2.48 billion, up 36.0%. Analysts expected the top line to hit $2.47… Read

Business

Nielsen Lands Deal To Tap Set-Top Box Data From AT&T’s DirecTV And U-Verse

Nielsen Logo

Nielsen’s local and national TV ratings will begin to include set-top box data from the nation’s No. 1 TV distributor, AT&T, this year as a result of a multi-year agreement the companies announced this morning. The information, they say, will be “anonymized” –industry-speak that means it will identify characteristics of viewers, but not their identities. By adding information about DirecTV and U-Verse viewing, Nielsen will be able to offer “enriched, electronic… Read

Business

Wanda’s Wang Jianlin On U.S. “Protectionism”: “If China Were To Retaliate, It Would Be Bad For Both” – Davos

Wang Jianlin

Much as China's President Xi Jinping did yesterday, Dalian Wanda Group Chairman Wang Jianlin today sounded concern and a warning over potentially increased U.S. government controls on Chinese investment. Calling the concept “protectionism,” Wang said, “The main growth market of English-language films is China. It is a major source of income… So, if China were to retaliate, it's bad for both parties. I do not wish to see that materialize." Chinese investment into the U.S… Read

Business

Nexstar Completes $4.6B Acquisition Of Media General

Nexstar Logo

That’s a wrap for Media GeneralNexstar Broadcasting completed its $4.6 billion cash-and-stock acquisition of the TV station owner today, just 10 days shy of the one-year anniversary of when they announced the deal. Nexstar — now calling itself Nexstar Media Group — also announced that it fulfilled terms of an agreement with Justice Department antitrust officials by selling 13 TV stations, for which it will collect $548 million. The company is now the No. 2 independent… Read

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Former A&E GM David McKillop Sets Up Shop At Jupiter/Sky Vision

Duck Dynasty 1

EXCLUSIVE: Former top A&E and History executive David McKillop, who developed and put on the air such hit series as Duck Dynasty and Storage Wars, has signed an in-house deal with distributors Jupiter and Sky Vision to develop and produce new series. Under the pact, Europa, McKillop's independent production company, will be housed in Jupiter's Manhattan offices. In addition to projects already in development at the History Channel, Discovery Communications and two Jupiter… Read

Business

A+E CEO On Making Big Programming Bets, Like KKK & Leah Remini Series, As Costs Rise

generation-kkk

Non-premium TV networks face a conundrum as they try to chart their course in an increasingly competitive market, A+E Networks CEO Nancy Dubuc told an opening session today at NATPE. A model built around shows that have to be repeated over and over is “not holding up in a world of time shift and SVOD,” she says. At the same time, packing 80% of the schedule with premiere episodes “may not be sustainable.” She notes that “there's an arms race in the high end premium stuff”… Read

breakingFilm

Michael Lynton Is Out As CEO Of Sony Entertainment

Mandatory Credit: Photo by Roger Askew/REX/Shutterstock (5612546l)
Michael Lynton, CEO of Sony Entertainment Inc.
Michael Lynton at the Oxford Union, Oxford, Britain - 08 Mar 2016

After 24 hours of rumors about an executive change at the top of Sony, word has just come from Michael Lynton to his employees that he is stepping down as CEO of Sony Entertainment after more than 12 years at the helm. The move comes after a meeting with Sony bigwigs in the past 48 hours. Lynton, 57, said he is leaving to focus on his job as chairman of the board of Snap, Inc., parent of SnapChat which he and his wife invested into years ago and is getting ready to go… Read

Business

Disney’s Bob Iger Made $43.9M In 2016, -2.3%

Bob Iger, chairman and chief executive officer of The Walt Disney Company, speaks to members of the media about bringing NFL football back to the Los Angeles area, Thursday, Dec. 10, 2015, in Burbank, Calif. (AP Photo/Mark J. Terrill)

Disney CEO Bob Iger's compensation package for 2016, at $43.9 million, was down 2.3% vs 2015, according to the company proxy just filed at the SEC. But it was basically flat when you consider that the earlier period covered 53 weeks, one more than the fiscal 2016 period. Iger's take included $2.5 million in salary, $8.8 million in stock awards, $8.5 million in option awards, $20.0 million in non-equity incentives, $2.9 million in the changed value of his pension, and $1.2… Read

Business

Time Inc. Poised To Consider Sale Bids – Report

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Time Inc. representatives could begin sale talks as early as next week with bidders including Meredith Corp. and a consortium led by Edgar Bronfman Jr., Bloomberg reports citing “people familiar with the matter.” The board, which met this week, would only sell if it sees “significantly higher” offers for the owner of iconic magazines including Time, Fortune, Sports Illustrated, Money, People, and Entertainment Weekly, the business news service says. Many shareholders… Read

Business

FCC Chairman Calls Open Internet Rules “Pro Competition, Not Pro-Incumbent”

FILE - In this Tuesday, March 17, 2015, file photo, Federal Communications Commission Chairman Tom Wheeler testifies before a House committee hearing on net neutrality, on Capitol Hill in Washington. A program to get low-income Americans federal-government help paying for Internet access is targeted to start in December 2016. The FCC voted, 3-2 along party lines, Thursday, March 31, 2016, to expand the $1.5 billion Lifeline program, a $9.25-a-month subsidy, to Internet as well as phone service. (AP Photo/Lauren Victoria Burke, File)

In a farewell speech as FCC Chairman, Tom Wheeler offered a full throated defense of his net neutrality initiative calling it “rooted in reality, not ideology” adding that “it is time to keep moving forward. It must not be taken away.” Wheeler, who President Obama appointed to the FCC in 2013, plans to leave on January 20. Agency watchers believe that the Trump administration will try to overturn the open internet rules that helped to make Wheeler — a former telco and… Read

Business

Steve Mnuchin To Divest From All Film Holdings If Confirmed As Treasury Secretary

Steven Mnuchin

Steve Mnuchin, the former hedge fund investor now in line to be confirmed as Donald Trump’s Secretary of the Treasury, will divest his interests in a slew of businesses to avoid conflict of interest — including many entertainment and media holdings. According to a letter dated January 10 to the Assistant General Counsel for the ethics department of the Treasury, the former Goldman Sachs partner said he will divest from 42 companies. Those will include AT&T (which is… Read