Tronc Says Los Angeles Times Sale On Track To Close “In Days Or Weeks”
Tronc is hoping its sale of the Los Angeles Times and San Diego Union-Tribune will close “in days or weeks,” the company’s CFO, Terry Jiminez, told investors during a conference call to discuss the company’s fourth-quarter results.
The sale to biotech billionaire Patrick Soon-Shiong, for $500 million in cash plus the assumption of $90 million of pension liability, was announced just last month. It will give the print and digital concern, which was spun off from Tribune… Read
AMC Entertainment Reports Fourth Quarter Loss, Offers Upbeat Outlook
AMC Entertainment Holdings reported a fourth-quarter loss of $276.4 million, but it exceeded Wall Street’s revenue estimates thanks to record ticket, food and beverage sales.
The exhibitor chain reported a 53% surge in total revenues to $1.42 billion — growth that was fueled by the AMC’s acquisitions of the Odeon Cinemas Group, Carmike Cinemas and Nordic Cinema Group.
Earnings, adjusted for pretax expenses and costs related to mergers and acquisitions, came $14.1 million… Read
As Sinclair Merger Watch Continues, Tribune Media Posts Soft Q4 Results
Tribune Media, which is playing out the string as regulators continue to review Sinclair Broadcast Group’s $3.9 billion deal for the company, posted soft results for the fourth quarter.
Consolidated operating profit increased 14% to $129.1 million, but the gain came mostly from the company selling off real estate and lowering expenses.
Revenue, which the company reports on a consolidated operating basis, dropped 8% to $489 million. Taking the blame was lower political ad… Read
AMC Networks Posts Lackluster Q4 Results But Points To 2017 Strides
AMC Networks had many positives to point to for all of 2017, including record full-year revenue of $2.8 billion, but the cable programmer posted a middling fourth quarter, with revenue and profit down on an adjusted basis.
Total revenue drifted down a fraction of a percent to $727 million. Adjusted operating income of $206 million was off 3.4% from the same period a year ago.
The environment is not getting any less challenging for a pure-play cable programmer, although… Read
Sinclair Reports Jump In Q4 Profit, Projects Tribune Media Close By Springtime
Sinclair Broadcast Group reported a surge of profit in the fourth quarter, which it attributed to changes in U.S. tax law making the advertising climate more favorable for companies advertising on its local stations.
The No. 1 local TV station owner also provided an update on its long-awaited acquisition of Tribune Media, projecting it will close during the spring quarter. The $3.9B deal, closely watched by a cross-section of investors, politicos and media types, has been… Read
Alibaba Pictures Posts 2017 Loss, Sees Slight Gain In Content Production
In reporting its full-year 2017 earnings, Hong Kong-listed Alibaba Pictures Group said it recorded a 162% increase in revenues, to RMB 2.37B ($375M). However, it saw only a 1% improvement in net losses to RMB 950.3M ($150M). For the first time, the company recorded a slight profit in its content production segment, with RMB 4.1M ($648K). Among the titles it released that helped boost the unit was Once Upon A Time which grossed $82.3M at home.
The group has seen… Read
Imax Posts Strong Q4 Results; CEO Rich Gelfond Says Moviepass “Doesn’t Work” And PVOD “Won’t Happen”
Imax followed its box office surge during the Presidents Day and Chinese New Year weekend with a fourth-quarter earnings report offering several upbeat signs for investors.
Global box office in the quarter, which ended December 31, rose almost 13% to $278 million, and in the U.S. it increased 16% to $117 million. Over the four-day weekend, from February 16-19, the company set an Imax record for February box office with $53 million, led by the release of Marvel Studios’ Bla… Read
Discovery Posts Modest Q4 Gains, Gets DOJ’s OK For Scripps Acqusition
Discovery Communications reported modest gains in the fourth quarter, with revenue up 11% and profits up 7% at U.S. networks, and also said the U.S. Department of Justice has approved its pending acquisition of Scripps Networks Interactive.
In the quarter, total revenue of $1,864 million rose 11% compared to the prior year due to 13% growth at international networks and 10% growth at U.S. networks. Operating income before tax, depreciation and amortization increased 10%… Read
Cinemark Shares Rise On Strong Earnings Results
Investors snapped up shares of Cinemark following this morning’s fourth-quarter earnings results, which exceeded Wall Street’s estimates.
Shares rose nearly 6% in morning trading to $42 after the motion picture exhibitor reported revenues of $750 million for the holiday quarter, thanks to increases in admissions and concession revenue. That beat consensus analyst revenue forecasts of $745.8 million. Cinemark’s earnings of $95.1 million, or 82 cents a share, also surpassed… Read
Roku’s Earnings Beat Street, But Stock Plunges 21% On Forecast
Roku’s shares plunged nearly 22% in after-hours trading Wednesday after the company issued a forecast losses for the coming quarter.
The maker of streaming TV devices predicted first-quarter revenue of $120-$130 million, falling short of the $131.7 million estimate of analysts surveyed by Thomson Reuters. It also forecast a loss of $15 to $21 million in the coming quarter — citing the impact of an accounting rule change governing when customer revenue can be… Read
CBS Touts 5M Total OTT Subscribers, Sets Launches For ‘Entertainment Tonight’ And CBS Sports Apps
While there was a surprising amount of old-fashioned good news in the fourth-quarter earnings report delivered by CBS — retrans revenue, licensing and distribution all way up — the focus of today’s conference call with Wall Street analysts was squarely on digital.
Chairman and CEO Leslie Moonves said that CBS and Showtime together have 5 million subscribers to their respective OTT services. That puts the company ahead of schedule in its progress toward a projection of… Read
CBS Rides Distribution Growth To Strong Q4 Showing Amid Viacom Merger Talks
CBS reported an 11% rise in revenue and an 8% gain in adjusted operating earnings in the fourth quarter ending December 31, citing strength in content licensing and distribution revenues, plus demand from skinny-bundle OTT providers.
Revenues set a record, hitting $3.92 billion from $3.52 billion for the fourth quarter of 2016. On an adjusted basis, operating earnings per share reached $1.20, ahead of Wall Street’s consensus forecast of $1.14. Net profits, however, were… Read