Latest Business News

Relativity Owes Money On Movies Going Back At Least 8 Years

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At least 10 movie productions appear among 145 debtors listed in Relativity’s bankruptcy filing so far. The limited companies’ names mimic titles of the films in question. The movies vary from specialized fare such as Joseph Gordon-Levitt’s feature directing debut Don Jon to major releases like Mirror Mirror, Relativity’s Snow White story that came out ahead of Universal’s more successful Snow White And The Huntsman back in 2012. Specific creditors are not listed for… Read

Steven Spielberg & Jeffrey Katzenberg Among Hillary Clinton’s $1M SuperPAC Donors

Hillary Clinton Addresses National Urban League Conference

Less than a week before her next Hollywood fundraiser, Hillary Clinton’s Tinseltown friends have been revealed to be very, very generous. Matching the amounts they donated to President Barack Obama’s PAC in 2012Steven Spielberg and Jeffrey Katzenberg gave $1 million apiece to the former Secretary of State’s 2016 SuperPAC, Federal Elections Commission filings disclosed today. The contributions were made to Priorities USA Action SuperPAC, an independent expenditure… Read

SAG-AFTRA Election: Ken Howard Attacks Opponents’ “Empty Promises”

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SAG-AFTRA President Ken Howard today called his opposition's sweeping agenda for change "empty promises" and "hollow rhetoric." In an email sent to the union's members, he said that the record of Membership First — the slate opposing his Unite for Strength candidates in next month’s election — "is one of conflict, division and, ultimately, failure." "This election is critical to your future as a performer and as a union member," Howard wrote. "There are those who want to… Read

Bankruptcy Judge Gives Relativity A Small, Brief Lifeline At Initial Hearing

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U.S. Bankruptcy Court Judge Michael Wiles approved a $9.5 million interim debtor in possession [DIP] loan for Relativity today and set August 14 for the next hearing to deal with its Chapter 11 filing. The judge allowed Relativity to spend $4 million from the DIP to compensate what it deems to be "critical vendors." But he insisted that the lenders also approve the payments. A Relativity lawyer called this "truly a tight budget. … This company is not big on buying goods… Read

Sling Says Comcast’s NBC O&Os Won’t Run Its Ads Criticizing Cable

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Sling took a shot at Comcast-owned NBC today, charging that — in contrast to ABC, CBS, and Fox — its owned stations won’t accept ads for the Dish Network-owned service’s low-priced streaming TV package. NBC-owned stations in San Diego, San Francisco and Washington, D.C. specifically rejected the ads, Sling says. The inaugural campaign, introduced last week, playfully likens cable companies to schoolyard bullies that force customers to agree to long-term contracts… Read

Struggling Cinedigm Adds Activist Investor Reps To Board

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After a summerlong scrap with activist investors unhappy with digital distributor Cinedigm Corp’s stock performance, the company announced today it has appointed four new independent directors to its board, effective immediately. It also named Ron Chez, who with Sabra Capital Partners led the charge to revamp Cinedigm starting with a $15 million share repurchase plan, as special adviser. Cinedigm said today that it has reached a settlement with Chez and Sabra’s Zvi Rhine… Read

Viacom Acquires 50% Of India’s Prism TV For $153 Million

Viacom Inc. Rings The NASDAQ Stock Market Opening Bell In Honor Of Viacommunity Day

Viacom has acquired 50% of India’s Prism TV Private LTD for $153 million, chief exec Philippe Dauman revealed Friday. The remaining 50% stake will continue to be owned by the Network18 Group, Viacom’s partner in the Viacom18 joint venture. Prism TV owns owns a number of regional entertainment channels in India, including ETV Bangla and ETV Gujarati. “Regional TV networks, and regional ad markets, are the next wave of growth in India. Having a strong national and broad… Read

Rolling Stone Reviewer Peter Travers’ Status Shifts As Jann Wenner Sets New Editor From Company Stable

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UPDATE Friday morning: Rolling Stone movie reviewer Peter Travers, one of the most familiar bylines in the industry, has been moved from staff to freelance status and reportedly isn’t happy about the demotion. Asked about the status of Travers, a 26-year RS veteran, Wenner Media spokeswoman  Kathryn Brenner told the Los Angeles Times, which first reported the situation yesterday, “I can confirm he is still with Rolling Stone. He is our movie critic now and will continue… Read

John Malone’s Liberty Global Increases ITV Stake To 9.9% In Latest Spending Spree

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John Malone’s Liberty Global has upped its stake in British broadcaster ITV to 9.9% from 6.4%. Liberty acquired its stake last July from Rupert Murdoch’s then BSkyB — now called Sky — for $824 million. ITV is the home of ratings juggernaut Downton Abbey and has been on an aggressive acquisitions spree of late. In June, the company acquired Boom Supervisory Limited, the holding company of Brit TV production banner Twofour Group. The seller was majority shareholder LDC, the… Read

‘Top Gear’ Gets New Exec Producer; Discovery Expands In Turkey: Global Briefs

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Just as the former Top Gear team heads over to Amazon Prime, the BBC show has plugged in a new executive producer. Lisa Clark will step in for Andy Wilman who left the motoring series after Jeremy Clarkson was exited and who is joining Clarkson, Richard Hammond and James May for their new program at Amazon. Chris Evans has strapped into the Top Gear driver's seat for the BBC and will reunite there with Clark, with whom he previously worked at The Big Breakfast and Don't Fo… Read

Relativity Filing Unveils Its Complicated Debts And Operations

"The November Man" - Los Angeles Premiere

Relativity today finally had to disclose, in a U.S. Bankruptcy Court filing, information about its complicated web of loans and finances that it long struggled to keep private. The document from Chief Restructuring Officer Brian Kushner says that the company faces more than 1,000 creditors looking to be made whole as it struggles to deal with $350 million in outstanding matured secured debt while “unable to finalize any further financing.” Relativity generated about $501… Read

SAG-AFTRA Election: Challenger Patricia Richardson Calls For Sweeping Changes

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EXCLUSIVE: SAG-AFTRA presidential candidate Patricia Richardson is calling for sweeping changes in the way the union does its business and deals with its diverse membership, vowing to heal the infighting and to take the fight to the producers for better wages and working conditions. Perhaps just as important, she's calling for greater transparency inside a union that some wags have come to call the Secret Actors Guild. Running atop her Membership First slate of… Read