BET Networks Names Scott Mills New President; Debra Lee Remains Chairman And CEO
BET Networks has named Viacom executive and former BET boss Scott M. Mills as president, a role in which he will oversee overall strategy and day-to-day operations of BET Networks including oversight of the brand's programming, ad sales and digital teams. Debra Lee will continue in her chairman and CEO role but is stepping back from running the network, and will serve as an advisor to Mills.
Michael Armstrong will continue in his position as GM, and as part of the… Read
Viacom Shares Slide After Mixed Q4 Earnings Report, Affiliate Weakness
UPDATED at 7AM PT with executive comments: Viacom ended its fiscal year with a mixed-to-positive fourth quarter featuring a slim total revenue gain and better-than-expected advertising results but also softness in domestic affiliate revenue and ongoing struggles at Paramount.
Total revenue of $3.3 billion in the quarter ending Sept. 30 was up 3% from $3.2 billion in the year-earlier quarter. Net income reached $680 million ($1.69 a share), up from $432 million ($1.09) a… Read
Lionsgate Roars Back With Strong Q2 Results As Starz Gains Traction, Plans Hulu Launch And First Docu-Series
Lionsgate reported a 41% revenue gain to $941 million for its fiscal second quarter as premium network Starz saw subscriber gains and positive early performance for its direct-to-consumer offering.
Adjusted operating income totaled $30 million in the quarter, compared with negative-$24 million and an operating loss of $58 million in the prior-year period. The company reported free cash flow of $347 million and reduced corporate net debt by $332 million, two reasons it… Read
Disney Reports Q4 Earnings That Modestly Beat Street Estimates
Disney reported a modest lift in its fourth quarter earnings, even though revenues were buffeted by Hurricane Irma.
The company posted per-share earnings of $1.13, or $1.7 billion, for its quarter ending in September. That beat Thomson Reuters consensus estimates of $1.12 per share. Excluding items that affect compatibility, such as the gain from Disney’s acquisition of controlling interest of BAMTech, earnings per share for the quarter decreased 3% from $1.10 in the… Read
Roku Stock Skyrockets After Streaming Company Delivers Huge Quarter
Roku, the independent streaming-TV company that recently staged a successful IPO, is seeing a huge rise in its stock price in midday trading, a day after the company’s first quarterly financial report crushed Wall Street revenue estimates.
Shares of the maker of streaming boxes and dongles connecting viewers to Netflix, Amazon, Hulu and hundreds of other services were trading at $27.50, up a remarkable 46% on triple normal volume. For perspective, the stock closed at… Read
Dish Network Q3 Results Underwhelm Amid Storm-Tossed Subscriber Losses
Dish Network shed 129,000 net subscribers in the hurricane-heavy third quarter, leading to a revenue and profit downturn that undershot Wall Street estimates.
Total revenue of $3.58 billion for the quarter that ended Sept. 30 was off a tick compared with $3.77 billion in the comparable period in 2016. Net income attributable to Dish was $297 million, down from $318 million, and diluted per-share earnings were 57 cents, compared with 67 cents a year ago.
The pay-TV… Read
Fox Tops Wall Street’s Q1 Estimates But Keeps Mum On The Merger Front
UPDATED with executive comment, 3:10 PM: As merger talk continues to percolate throughout the media business, 21st Century Fox reported solid results in its fiscal first quarter. Revenue climbed 8% to $7 billion, ahead of Wall Street estimates, and adjusted net was 49 cents a share, down from 51 cents in the year-ago period. The adjusted earnings figure matched estimates.
During a conference call with analysts kept to a tight 35 minutes, the company pre-emptively said it… Read
It’s Not Just You: Snap’s CEO Admits Snapchat App Is Too Hard To Use
Snap CEO Evan Spiegel admitted something you already knew: The Snapchat app is too hard to use. Spiegel told investors during today’s third quarter earnings call that the company plans to redesign the mobile camera app to make it easier to use — adding that such a change may cause some temporary “disruptions.”
“We’re willing to take that risk for substantial, long-term growth of our business,” Spiegel said.
The Venice-based company fell short of Wall Street’s revenue… Read
Top Exhibitor AMC Reports Q3 Weakness Amid Studio Merger Talk
UPDATED with executive comment, 4 PM: With questions swirling about the possibility of Fox and Disney merging their film studios and some TV assets, AMC Entertainment reported third-quarter results that showed weakness that the company blamed on the “quantity and subject matter” of Hollywood movies.
Revenue of $779.8 million represented a 51% gain from the year-earlier period, but net earnings of $30.4 million swung to a net loss of $42.7 million.
CEO Adam Aron said the… Read
Local TV Giant Nexstar Soars Past Estimates With Record Q3 Results
Nexstar Media Group, the second-biggest local TV station group, reported record earnings for the third quarter, with revenue soaring 64% over the year-earlier quarter to $42 million and total revenue more than doubling to $612 million. The results exceeded Wall Street analysts’ expectations.
Chairman, president and CEO Perry Sook said the numbers for the period ending Sept. 30 reflected “the benefits of scale and the strong operating leverage in our business model.”
Altice USA Shares Drop But Brass Stays Cool: “We Are Extremely Comfortable”
Altice USA has seen its share price drop by 11% on triple its average trading volume today, reaching $22.12, well below its initial public offering price of $31.60 in June, but top executives say they are not planning any emergency measures.
"We are comfortable with the leverage that we have," said Dennis Okhuljsen, CFO of the U.S. unit's France-based parent company, Altice, during a conference call today with financial analysts. Despite above-average debt, which it does… Read
Apple’s Tim Cook Says Augmented Reality Will “Change Everything”
Add Apple CEO Tim Cook to the list of Silicon Valley technologists who believe in the transformative power of augmented reality, saying it’s going to “change everything.”
Augmented reality — that technology that overlays virtual images and information onto the real world, like a magical television chyron — long has seemed the stuff of science fiction. But since incorporating AR into Apple’s iOS 11 mobile operating system in September, developers have released more than… Read