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Business

AT&T Stock Rises 2% After UBS Upgrade: “The Worst Is Likely Over”

In a mixed trading session for Wall Street, shares in AT&T have been up nearly 2% all day after a prominent analyst upgraded the stock to a “buy” from “neutral.” John Hodulik of UBS, who has long tracked the telecom space and AT&T, upped his 12-month price target from $33 to $38. Shares have hovered around $34 today on average trading volume. Since February, they have remained well below the level where they were in October 2016, when the $79 billion acquisition of Time Wa… Read

Business

Fox Puts Former Board Member Viet Dinh In Top Legal Executive Role

21st Century Fox

Viet D. Dinh has been appointed Chief Legal and Policy Officer of “New Fox,” the Murdoch-controlled entity that will be spun off after most of 21st Century Fox is acquired by Disney. Dinh recently stepped down as an independent director on the board of 21st Century Fox. The new Fox portfolio will consist of the Fox broadcast network, FS1, Fox News and the company’s portfolio of In his role at Fox, Mr. Dinh will be responsible for all legal, compliance, and regulatory… Read

breakingBusiness

Saban Capital Acquires Panavision And Sim Video In $622 Million Deal

Saban Capital Acquisition is acquiring Panavision and Sim Video International Inc. in a $622 million cash and stock deal that would combine the companies to create a comprehensive production and post-production entity. The three companies, to be united under the Panavision Holdings banner, are positioned to capitalize on the surge in content spending that’s been fueled by the rise of online streaming services. According to documents filed this morning with the SEC, Saban… Read

Business

Endeavor Chief Ari Emanuel Talks Rebalancing The Company And How Media Disruption Puts It “In The Perfect Spot”

Endeavor Logo New

Endeavor CEO Ari Emanuel offered a roomful of Wall Street types his takes on several hot topics in media while also making a case for his privately held company’s progress in evolving from its traditional representation origins. Speaking at the Goldman Sachs Communacopia conference in New York, Emanuel said at the start of this decade, the company made about 80% of its money through traditional representation. Today, that number is closer to 50%, he said, with Endeavor… Read

Business

CBS Now Has “An Open Window” To Find A Buyer, Boosting Stock – Analyst

Michael Nathanson, a veteran media analyst with MoffettNathanson, has raised his price target on CBS due to what he sees as the increased likelihood of the company being acquired. Things have moved quickly since Sunday’s ouster of chairman and CEO Les Moonves due to allegations of sexual misconduct. The terms of his exit and the settlement of dueling lawsuits between CBS and controlling shareholder National Amusements stipulate that NAI can’t move to merge CBS and Viacom… Read

breakingBusiness

Fox General Counsel Gerson Zweifach Will Leave Following Disney Acquisition

21st Century Fox General Counsel Gerson Zweifach will leave the company with The Walt Disney Co.’s acquisition, which is expected to close in the first half of next year. The company said Zweifach will return to Williams & Connolly where he spent more than three decades prior to joining 21CF. He’ll remain with Fox to see the $71.3 billion transaction through to completion. "Gerson is one of the brightest legal minds in the business and has been instrumental in our growth… Read

Business

Viacom CEO Bob Bakish Talks Paramount And MTV But Not CBS Or Ouster Of Les Moonves

Viacom CEO Bob Bakish hailed progress at Paramount Pictures and MTV and said the company is in dealmaking mode on a smaller scale during an appearance at the Goldman Sachs Communacopia conference. One topic that did not come up at all during the 50-minute session was CBS or the recent exit of its longtime chairman and CEO, Les Moonves. CBS, of course, shares a controlling shareholder with Viacom in National Amusements. (The conference format is that a Goldman analyst asks… Read

Business

AT&T Boss Randall Stephenson: HBO Is “The Tiffany” And Netflix Is “The Walmart” Of Subscription Video

AT&T CEO Randall Stephenson said in the subscription video landscape, HBO is “the Tiffany” to Netflix’s Walmart. Expanding on earlier comments by WarnerMedia chief John Stankey, Stephenson spoke during the kickoff session at the Goldman Sachs Communacopia conference. While he poked the streaming giant, he said the focus at WarnerMedia is increasing the spending and output of HBO. “You’d like to fill out the schedule” on HBO. “But we’re not talking about Netflix-scale… Read

breakingBusiness

CBS Stock Recovers Some Losses, But Ends Day Down 1.5%

CBS stock regained some ground in the afternoon but closed down 1.5% at $55.21 as investors seemed to register at least some concern about its strategic direction and leadership team. Investors have had a lot to process as rumors of Les Moonves’ exit as chairman and CEO came to fruition over the weekend. In early trading, the stock was down more than 3.5% as investors took measure of the company’s unanswered questions. Trading volume today was more than three times the… Read

Business

CBS Stock Falls 3% In Early Trading As Les Moonves News Sinks In

CBS shares are down almost 4% today as investors fully digest the news about Les Moonves departing the company under a cloud. Moonves and CBS announced his exit yesterday after allegations of sexual misconduct by more than a dozen women. Shares in CBS have dropped about 3.5% to $54.15, on average trading volume. That’s a turnaround from gains last Thursday and Friday as Wall Street appeared to cheer the dark clouds on the verge of being taken away. As the news has sunk… Read

Business

Les Moonves Leaves Complicated Legacy At CBS As Company And Industry Look To Emerge From His Long Shadow

The fall of Les Moonves is stunning for the sheer velocity with which one of the most powerful moguls in the media business got dethroned. Once regarded as creative executive with few equals, Moonves now leaves a complicated legacy clouded by the allegations of sexual misconduct made this summer by a dozen women. The 68-year-old boss finalized his exit today after weeks of speculation about his fate as chairman and CEO. For CBS — and, really, the entire television… Read

Business

Les Moonves Out At CBS, NAI Lawsuit Over, New Board Members In

After months of bitter legal battles with National Amusements and two waves of sexual-misconduct allegations, Les Moonves is officially out as chairman and CEO of CBS, enabling NAI chief Shari Redstone to declare victory again. The exit of Moonves marks the end of his 24-year run at the company as one of media’s most imposing chief executives. As part of the settlement, he and CBS are donating $20 million to one or more organizations that support the #MeToo movement. The… Read