MGM Seeks To Grow Epix Through Investment In Original Content, New Distribution Deals
MGM its working to reposition the also-ran subscription service Epix into a legitimate competitor to other premium pay TV channels and streaming services.
“At the time acquired Epix from our joint-venture partners three things were true: it was under-distributed, it was under-subscribed and it was under- monetized,” Chief Operating Officer Chris Brearton old investors during MGM’s first quarter investor call. “It also lacked strong original programming to compete with… Read
News Corp. Calls For Algorithm Review Board To Monitor For Potential Abuse
News Corp. used its third quarter investor call as a platform to continue its attack on the two dominant tech platforms whose outsized influence and practices are having a “deleterious effect” on journalism.
Chief Executive Robert Thomson expressed concern about the opaque role of algorithms, the secret, behind-the-scenes calculations that determine what information consumers see. He called for the creation of an Algorithm Review Board to monitor for abuse.
AMC Networks Zombie-Walks Past Wall Street Estimates With Q1 Results: “Our Size, Focus And Assets Are Unique Strengths”
AMC Networks mounted an argument for its vitality in a consolidating media landscape, posting stellar first-quarter financial results that blew past Wall Street estimates.
Net income increased 28% to $2.54 per share on a diluted basis from $1.98 in the first quarter a year ago, far higher than Wall Street analysts’ $2.19 consensus. Revenue inched up nearly 3% to $741 million, $20 million ahead of analysts’ forecasts. The earnings and revenue figures were company records… Read
‘Queer Eye’ & ‘The Four’ Help Boost ITV Revenues
Netflix's Queer Eye and Fox's The Four helped British commercial broadcaster ITV bolster its revenues for the first three months of the year.
The company revealed that overall revenue across the firm was up 5% to £772 million (U.S. $1 billion), compared to £734M ($995M) last year. Revenue at production group ITV Studios, which produced the above series, grew 11% to £382M ($518M) to the end of March 2018, with organic revenues up 9%. The latter will particularly please the… Read
21st Century Fox Falls Short Of Earnings Expectations, As Broadcast TV Revenue Plummets
UPDATED with details from the investor call: 21st Century Fox fell short of Wall Street’s earnings expectations for its third quarter, as broadcast television and film units reported declines from a year ago.
The company reported per-share adjusted earnings of 49 cents, shy of consensus analyst estimates of 53 cents a share. Revenue for Fox’s March quarter reached $7.42 billion, exceeding analyst forecasts of $7.4 billion but representing a 2% decrease from a year… Read
Liberty Media Still Interested In iHeartMedia “At The Right Price”
Liberty Media is still interested in iHeartMedia.
CEO Greg Maffei told investors during today’s first quarter earnings call that the radio and online broadcaster’s assets are complementary to Liberty’s music holdings.
Liberty has a controlling interest in satellite radio broadcaster SiriusXM, which, in turn, holds a 19% stake in the streaming music company Pandora.
“iHeart is an attractive free-cash flow generator,” Maffei said. “At the right price, I think it would be… Read
Liberty Media Reports Revenue Gains, Prepares To Launch Formula 1 Streaming Service
Liberty Media, the company controlled by billionaire John Malone whose holdings include the satellite radio company SiriusXM, the Atlanta Braves baseball team and the Formula 1 racing circuit, reported revenue and earnings gains in it first quarter.
The company reported earnings of $131 million, compared with a loss of $21 million a year ago. Revenue rose to $1.5 billion, up nearly 9% from last year’s consolidated revenue of $1.4 billion.
The company’s Liberty SiriusXM… Read
Cinemark’s Earnings Fall Short Of Expectations, Despite Lift From ‘Black Panther’
Cinema giant Cinemark Holdings posted lower first-quarter earnings, despite strong ticket sales for Black Panther.
The company reported per-share earnings of 53 cents, falling short of analysts’ consensus estimates of 60 cents a share. Revenues for the first three months came in at $780 million, virtually the same as last year but surpassing analysts’ forecasts of $761.7 million.
“Fueled by the unprecedented success of Black Panther, the North American industry box office… Read
Disney’s Bob Iger Sees “Opportunities To Expand” Its Parks In China
Disney CEO Bob Iger said he sees “opportunities to expand” the company’s theme parks in China and other parts of the world.
Iger was asked during the company’s second quarter earnings call if Disney might consider building parks in other parts of the world as a “brand beacon.”
“We think there’s opportunities to expand in China,” Iger said. “There may also be opportunities in other parts of the world.”
Theme parks helped fuel the company’s second-quarter results, with… Read
Media Stocks Melt Down, Especially Dish And Other TV Bundle Staples
While the major stock market indices recovered early losses amid jitters over the U.S. pulling out of the Iran nuclear deal, media companies had a rough trading day, especially those with exposure to the traditional pay-TV bundle.
Dish Network was by far the biggest laggard. Its shares tanked 12% to end at $29.81, after the company announced first-quarter results that fell short of Wall Street estimates and rang cord-cutting alarms. The satellite TV company said its… Read
‘Black Panther’ Helps Disney Deliver Strong Second Quarter Earnings
Disney exceeded Wall Street’s expectations in it second quarter, propelled by the blockbuster release of Black Panther and higher spending at its theme parks.
The entertainment conglomerate posted adjusted per share earnings of $1.84, topping consensus per-share analyst estimates of $1.70 for the March quarter. Second-quarter revenues reached $14.55 billion — above forecasts of $14.11 billion.
"Our ability to create extraordinary content like Black Panther and Avengers: In… Read
Discovery Swings To Small Q1 Loss Despite International Growth
Discovery posted a net loss of $8 million in the first quarter, compared with a profit of $215 million in the year-ago period, with the company blaming costs linked to the acquisition of Scripps Networks Interactive and other charges.
Revenue in the quarter hit $2.3 billion, up 14% from a year ago when the Scripps deal and transactions involving OWN and the Enthusiast Network are removed. International, a strong suit of Discovery under current management, posted a 28%… Read