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Tencent Reports Rare Profit Drop As Gaming Unit Falls Under Regulatory Scrutiny

Tencent delivered disappointing second quarter results as the Chinese technology giant struggles with regulatory hurdles for its gaming business. The company said its net profit fell 2% to 17.9 billion yuan ($2.7 billion), well shy of the consensus analyst estimates of 19.6 billion yuan for the quarter ended June 30. Revenues rose 30% to 73.7 billion yuan ($11.1 billion), but fell short of the 77.3 billion yuan projected by analysts, according to Thomson Reuters. Tencent… Read

Business

Lionsgate Slips Past Wall Street’s Q1 Estimates As Starz Notches Subscriber Gains, Expands In Europe – Update

Lionsgate

UPDATED with executive comments: Lionsgate beat forecasts by Wall Street analysts for its fiscal first quarter, reporting Thursday a fully diluted loss of 4 cents per share of and total revenue of $932.7 million. Analysts had called for a loss of 7 cents a share and revenue of $885.1 million. The key metrics in the quarter ending June 30 represented a downturn from the year-earlier period, when the company reported earnings of 8 cents a share and revenue of $1.01 billion… Read

breakingBusiness

New Univision CEO Updates Investors On Dish Talks, Rebuilding Effort

Vince Sadusky, who replaced Randy Falco two months ago as CEO of Univision, briefed investors on his efforts to rejuvenate the Hispanic media giant in his first earnings conference call in his new role. The first extended public comments by the CEO, who is familiar with the U.S. Hispanic space from a prior stint as an executive at rival Telemundo, offered a directional snapshot of the company. While it is privately held, Univision releases quarterly results and holds… Read

Business

Viacom CEO Bob Bakish Makes Comeback Case As Company Returns To Spotlight: “A Lot Of Positives Going On”

Viacom

Stepping back into the spotlight, Viacom execs banged the drums for the progress they have made in turning around the legacy media company even as intrigue swirls about its past, present and future relationship with CBS. Ending a relatively quiet summer dominated by it former corporate sibling CBS due to the investigation of conduct by CEO Les Moonves, CEO Bob Bakish turned the quarterly earnings call into a one-hour sales pitch. Wall Street seemed to buy in, boosting the… Read

Business

Tribune CEO On Still-Vibrant M&A Climate, Post-Sinclair Strategy, WGN America Plans

In a conference call with investors this morning, Tribune Media CEO Peter Kern said the company will continue to look for M&A opportunities despite the demise of its long-gestating merger with Sinclair Broadcast Group. In the wake of the $3.9 billion deal’s end, which officially came this morning with the company’s filing of a lawsuit against Sinclair, Kern didn’t offer many specifics as to where Tribune goes from here. The sting of the outcome is still being felt inside… Read

Business

Univision Q2 Revenue Slides On Advertising Shortfall

Univision said total revenue dipped 2% to $749.8 million in the second quarter on a downturn in advertising, highlighting the challenge ahead of the privately held Hispanic media giant. New CEO Vince Sadusky has been remaking the company in recent months. He will address the status of the rebuilding efforts and discuss the quarterly results on a conference call later today. Net income inched up to $114.3 million from $106.1 million a year ago. But adjusted operating… Read

breakingBusiness

Fox’s James And Lachlan Murdoch Shed Little Light On Disney Vision: “We Won’t Be Getting Into Any Gun-Jumping”

Lachlan Murdoch Rupert Murdoch James Murdoch

Lachlan Murdoch, executive chairman of 21st Century Fox, and James Murdoch, the company’s CEO, expressed optimism about the future for most of the company with Disney. They shed little light on that aspect of their strategy, instead using a condensed conference call with Wall Street analysts to emphasize plans for the operations that will remain after the historic merger closes early next year. It was likely their last such quarterly call as the company is currently… Read

Business

Fox Tops Wall Street’s Q4 Estimates As It Looks To Disney-fied Future

21st Century Fox

In one of its last financial reports as a stand-alone company, 21st Century Fox topped Wall Street estimates for its fourth fiscal quarter, posting earnings of 57 cents a share on an adjusted basis and revenue of $7.94 billion. Analysts had called for earnings per share of 54 cents and revenue of $7.56 billion. Growth came from several areas of the company. Cable Network Programming and Filmed Entertainment overcame softness in Television. Operating income in cable… Read

Business

With Tribune Deal Fading, Sinclair CEO Says M&A Stance Unchanged; Calls Fox RSNs “Interesting,” “A Good Fit”

As the $3.9 billion Tribune Media acquisition they first proposed more than a year ago appeared set to expire at midnight, Sinclair Broadcast Group executives shrugged at questions from Wall Street analysts wondering how they plan to turn the page. CEO Chris Ripley gamely answered a couple of Tribune-based queries during a conference call to discuss the company’s strong second-quarter results, asserting that the company’s M&A appetite has not changed. With the deadline… Read

Business

Sinclair Broadcast Group CEO Says Merger Talks Continue With Tribune; Q2 Financial Results Come In Strong

Sinclair Broadcasting

Sinclair Broadcast Group said it continues to pursue its $3.9 billion acquisition of Tribune Media despite a major regulatory setback and new lawsuits claiming employees jumped the gun on the deal before it entered its current limbo state. The No. 1 local TV chain delivered the comments along with strong second-quarter financial results. It reported diluted earnings per share of 27 cents, a 37% decline from the same period a year ago but well ahead of Wall Street… Read

Business

Cinemark Posts Record Q2 Revenue, 10% Gain In Earnings Per Share

Cinemark

Cinemark, the No. 3 theater chain in the U.S., reported strong financial results in the second quarter, with total revenue increasing 18% to $889 million and diluted earnings per share up 10% to $1.23. “Given the all-time high box office that the North American industry celebrated in the second quarter and first half of the year, we remain bullish on full-year 2018 box office potential, while our enthusiasm for the 2019 film slate continues to grow," said CEO Mark… Read

Business

Disney Undershoots Wall Street’s Q3 Estimates For Earnings And Revenue; Shares Waver After Hours – Update

Disney

UPDATED with after-hours stock movement. The Walt Disney Co. missed Wall Street estimates in its third quarter, reporting earnings per share of $1.87 and total revenue of $15.23 billion. While those figures represented gains over the prior year quarter of 18% and 7%, respectively, the consensus estimate among analysts was for diluted earnings of $1.95 a share, and $15.34 billion in revenue. When certain accounting items affecting comparability (such as taxes or… Read