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Disney, Netflix, Media Firms Rake in Profit Amid SAG, WGA Hollywood Strikes

Large media companies have been reporting stronger-than-expected profits as the twin strikes by Hollywood writers and actors grind on.

While the executives who make and distribute films and TV shows all say they’d like their workers to return soon, their businesses are seeing a huge short-term benefit from the work stoppages: No production means no expenses.

Netflix kicked off earnings season last month with this nugget of news: Projected free cash flow will be about $1.5 billion (nearly Rs. 12,420 crore) greater this year than originally forecast, due to the strikes. Warner Bros. Discovery saved $100 million (nearly Rs. 830 crore) on film and TV production costs in the second quarter. That will grow into hundreds of millions if the strikes continue to the end of the year.

Walt Disney Co. said Wednesday the strikes will contribute to a projected $3 billion (nearly  Rs. 24,830 crore) reduction in film and TV production costs this year.

All of which partly explains why there’s been so little progress toward a settlement. The studios have vast libraries, including newly completed films and TV shows, and will rake in in billions of dollars in extra cash before longer-term damage from the strikes becomes evident. Similarly, many members of the striking Writers Guild of America and Screen Actors Guild have other jobs outside of Hollywood and face little pressure to compromise.

Paramount Global Chief Executive Officer Bob Bakish didn’t put a specific number on what his company, the parent of CBS and Paramount Pictures, is saving. He told investors this week the company had enough movies and shows to keep viewers watching and coming to theaters in the months ahead.

Bob Bakish, president and chief executive officer of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Tuesday, July 11, 2023. The summit is typically a hotbed for etching out mergers over handshakes, but could take on a much different tone this year against the backdrop of lackluster deal volume, inflation and higher interest rates. 

“We’re in pretty good shape,” Bakish said.

The strike by the writers, which began in May, has already run longer than the union’s previous work stoppage in 2007. New film and TV production, particularly for scripted series, has almost ground to halt. The actors walked out in July.

On Thursday, the Writers Guild said it received a new request to meet from the studios’ bargaining group and would do so Friday. The union said it expects a response to its recent proposals.

There has been some fallout: Networks are rejiggering their fall schedules, adding reality shows that aren’t affected by the walkouts. Studios are delaying some film releases because actors aren’t allowed to promote them while on strike.

Still, on conference calls with investors, executives minimize the impact. Mike Cavanagh, who oversees the NBCUniversal film and TV business as president of Comcast, forecast higher free cash flow and lower working capital this year with production shut down. That will reverse when the strikes end.

“It’s all manageable,” Cavanagh said. 

The writers and actors, while represented by separate unions, have similar demands in their negotiations with the studios. They’re seeking increases in their base pay, as well as a share of revenue from programs that run on streaming services. They also want assurances that their jobs won’t be replaced by artificial intelligence.

“We have studios really trying to squeeze us so they can get more profit, and enough is enough,” Darsan Solomon, an actor and strike captain, said on a picket line in late July. “We need to be able to make a living at this again.”

Netflix co-CEO Ted Sarandos told investors on an earnings call that his father was a union electrician and that he understood the toll strikes can take on families.

“There are a handful of complicated issues,” he said. “We’re super committed to getting to an agreement as soon as possible.”

© 2023 Bloomberg LP

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Warner Bros Discovery Unveils Revamped ‘Max’ Streaming Service, Launching May 23

Warner Bros Discovery on Wednesday said it will launch on May 23 its long-awaited new streaming service, christened “Max”, combining HBO Max’s scripted entertainment with Discovery’s reality shows.

The service will seek to expand its reach beyond devotees of HBO’s acclaimed and edgy shows by incorporating unscripted fare and children’s programming.

It also will mine the studio’s rich content library to produce high-profile programming, including a new series based on the Harry Potter books by author JK Rowling, and another prequel to popular fantasy series Game of Thrones.

Warner Bros, Walt Disney and other media companies are seeking to strike the right balance between spending on fresh programming to attract and retain subscribers and turning a profit.

Shares in Warner Bros Discovery closed down nearly 6 percent, part of a broader decline in streaming stocks after critical remarks from renowned investor Warren Buffett.

“It’s not really a very good business,” Buffett said on CNBC television. While people working in entertainment “make lots of money, the shareholders really haven’t done that great over time”.

Buffett is an investor in Paramount Global, which dropped 3 percent on Wednesday. Disney fell 2.5 percent and Netflix was down 2 percent.

The new “Max” service will serve as a test of CEO David Zaslav’s ambition to create one of the world’s leading streaming services by assembling a collection of disparate assets, from the Barefoot Contessa cooking show to Batman.

“This is our time, this is our chance,” Zaslav said during a presentation held on the Warner studio lot in Burbank, California. “I feel like for our company, this is our rendezvous with destiny.”

Prices for Max would range $9.99 (roughly Rs. 820) a month for the ad-supported version to $19.99 (roughly Rs. 1,640) a month for “Max Ultimate” for the ad-free tier with four concurrent streams. One tier would retain the current HBO Max pricing of $15.99 (roughly Rs. 1,310) a month – a strategy that won praise from one media analyst.

“By keeping the pricing the same, except for the new premium tier, there’s no reason for anybody to churn off,” said Bank of America media analyst Jessica Reif Ehrlich. “For the same price you’re getting multiples of content.”

Zaslav said HBO’s “one-of-a-kind storytelling” would bring subscribers to the service while Discovery’s unscripted programming would keep them.

Warner Bros Discovery eliminated “HBO” from the name of the streaming service, which for some viewers connotes bespoke series but repels others.

Global streaming chief JB Perrette said, “HBO is HBO” and it “should not be pushed to the breaking point” by taking on a wide variety of content offered by HBO and Discovery.

“We look to go broader,” Perrette said, “And we think we can compete with the biggest players in the space.”

The service will feature HBO content including multiple Emmy award-winning drama series Succession and hit video-game adaptation The Last of Us.

New titles

It will also have several new titles based on popular franchises, including The Penguin, a series based on the DC Comics villain, a new comedy series derived from the hit CBS show The Big Bang Theory, and a new installment in the Fixer Upper home improvement franchise, Fixer Upper: The Hotel.

CEO Zaslav has said Warner Bros films would enjoy a traditional theatrical release and reap box office proceeds before becoming available on the streaming service.

The opportunity to better capitalize on the streaming video revolution was one of the justifications for the merger of Discovery and WarnerMedia in 2022.

But by the time the deal closed in April last year, Wall Street’s enthusiasm for streaming had begun to wane, as Netflix reported its first loss of subscribers in more than a decade. Investors began prioritizing profits over subscriber gains, ushering in a new frugality across Hollywood.

Like other media companies, Warner Bros Discovery has yet to turn a profit on its HBO Max and Discovery+ streaming services, though the company has reduced losses from them.

It has set a subscriber goal of 130 million by 2025, well below Netflix’s 231 million subscribers.

© Thomson Reuters 2023

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Mortal Kombat 12 Confirmed by Warner Bros., Scheduled for 2023 Release

Mortal Kombat 12 is coming this year. During its quarterly earnings call, parent company Warner Bros. Discovery confirmed the existence of the highly-anticipated fighter sequel with “ambitious launch projections.” NetherRealm Studios has remained quite secretive about this project. But in June, Andrew Bowen, voice actor for Johnny Cage in the Mortal Kombat games, tweeted a video of him at the Warner Bros. parking lot. This caused fans to assume that a new iteration was in development, though director Ed Boon later told IGN that it was for a separate project. With Warner Bros. themselves announcing the game now, it seems Boon was lying after all.

“And there’s lots more to come, including the highly-anticipated Mortal Kombat 12 and Suicide Squad: Kill the Justice League — games also set to release this year, with ambitious launch projections,” Andrew Slabin, Executive VP, WBD, said in the earnings call. Creator Boon also jokingly acknowledged the silent announcement on Twitter asking people if they had heard any news about Injustice 3. Both are developed by NetherRealm Studios. While fans were expecting to see the Injustice threequel as well, games journalist Jeff Grubb shut it down in 2021, claiming that the studio was prioritising the next Mortal Kombat game. At the time, NetherRealm’s future with publisher WB Games seemed uncertain, as overall owner AT&T was looking to sell sections of its gaming business.

“It lines up with the reality and it lines up with what I’ve heard, where Mortal Kombat 12 would make the most sense because that’s a game they know will make money, it will sell well…”, Grubb said on his GiantBomb show. “At the same time, you don’t have to use any of these Batman or Superman characters that might be tied up in licensing if you try to get rid of NetherRealm or sell it to whoever.” Since 2013, NetherRealm has alternated between releasing Injustice and Mortal Kombat. However, going for the latter made sense and was safer since director Boon essentially created the Mortal Kombat franchise and its characters. Meanwhile, DC Comics and its characters are owned by Warner Bros. and it would have caused licensing issues at the time. Even more so, if NetherRealm was sold off to another publisher midway through Injustice 3’s development.

2023 promises to be an exciting year for fighting game fans, as the aforementioned Mortal Kombat 12 will go up against Street Fighter 6 and Tekken 8. In our 8/10 review of Mortal Kombat 11, we criticised its repetitive formula that follows a similar style to the Injustice games but offers a lot more control. “It stands out as the best entry in the new trilogy and presents you with a lot to explore, learn and even master.”

If things go as planned, Mortal Kombat 12 is likely to release on all major platforms — PC, PS5, and Xbox Series S/X. Moreover, expecting an old-gen PS4 and Xbox One release isn’t far-fetched, given it’s a competitive esports franchise.

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For details of the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and other companies at the Mobile World Congress in Barcelona, visit our MWC 2023 hub.



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The Batman Director Matt Reeves to Meet With James Gunn to Discuss BatVerse Future: Report

The Batman director Matt Reeves has an upcoming meeting with new DC Studio co-heads James Gunn and Peter Safran. As per a new report, the filmmaker celebrated Cloverfield’s 15-year anniversary and confirmed that his BatVerse will be developed parallel with the new DC Universe. The conversation comes in the wake of the DC Comics brand getting a ‘reset’, with the new bosses still mapping out a 10-year-long plan for an intertwined storyline akin to the Marvel Cinematic Universe. The idea of the meeting is to go over long-term storyline plans from either party and ensure they don’t conflict with each other.

“We’re actually supposed to meet in the next few weeks because they want to talk to me about the broad plan, and then they want to hear the BatVerse plan. We’re just getting together to talk about all of that,” Reeves said, as per a Collider report. “Look, I’m excited to hear what they’re going to do. The BatVerse thing, as James has said, and as Peter has said, is kind of its own thing they’re letting us do.” Reeves kicked off his The Batman universe last year with Robert Pattinson in the starring role, which earned critical acclaim and grossed $770.8 million (about Rs. 6,275 crore) at the global box office. It currently sits at the seventh position among the highest-grossing films of 2022.

The Batman Review: Robert Pattinson and Matt Reeves Make for a Moody Visceral Opera

When Gunn and Safran came on board as new heads, and made tough calls for a unified DC story, fans were worried about Reeves’ vision getting meddled with. The duo have already made some controversial decisions in light of future plans, which include scrapping Wonder Woman 3 and cancelling Henry Cavill’s return as Superman. Gunn also recently confirmed that he had been working on a script focusing on a younger version of Superman — not an origin story — though there’s no word on who will direct it. According to Variety, the pair is expected to present their 10-year plan — spanning movies, shoes, animation, and video games — to Warner Bros. Discovery executives, later this month. Those plans, for now, do not include a Black Adam sequel either.

It is possible that Gunn and Safran would adopt DC Comics’ Elseworlds strategy, which relies on alternate realities that run separately from the main arc. “I had this dream for the way I wanted that to play out and that’s part of what I’m going to be talking to them about in a few weeks,” Reeves added. “They’re going to be talking to me about what they’re doing in their 10-year plan or certainly what’s in the near future as well so that we can understand that we’re not — it’s air traffic control — we don’t want to be crashing into each other.”

Reeves, who is currently deep into writing The Batman sequel has also confirmed that the film will continue to focus on Bruce Wayne’s arc instead of its outlandish rogue’s gallery. “[…] a lot of times what happens is, after you do the first one, then suddenly other Rogues Gallery characters come in, and they kind of take over, and then Batman takes a backseat sort of character-wise, or emotionally,” he explained.

Previous reports confirmed that the director is looking to expand on the villains via spin-off stories, with characters ranging from Scarecrow, Clayface, and Professor Pyg, as a means to build out a larger universe. The first of them is the Colin Farrell-led Penguin spin-off series, which will soon begin filming. Reeves pointed out that the series will be ‘tightly connected’ to the theatrical release, presumably functioning as a foundation for The Batman sequel. “There’s actually a whole little fabric of things we’re wanting to do, the way we’re doing with [the] Penguin and how that comes back into how that will lead into the sequel, and what that sequel is going to be,” Reeves said.

The Batman is now available to stream on Amazon Prime Video.

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CNN begins slashing workers as Chris Licht cuts costs: report

CNN began a long-expected round of layoffs on Wednesday as president Chris Licht and other executives at WarnerBros. Discovery trim costs at the struggling cable news network.

Licht informed CNN employees of the cuts in a memo and acknowledged “it will be a difficult time for everyone” at the company.

“It is incredibly hard to say goodbye to any one member of the CNN team, much less many. I recently described this process as a gut punch, because I know that is how it feels for all of us,” Licht said in the memo, which was obtained by The Hollywood Reporter.

Licht said the pink slips would begin with “a limited number of individuals, largely some of our paid contributors” on Wednesday as part of a “recalibrated reporting strategy.” The company will begin notifying other impacted employees on Thursday, with additional detail from Licht on CNN’s next steps to follow by that afternoon.

CNN’s Chris Licht has warned for weeks that layoffs were coming.
Getty Images for Warner Bros. Di

It wasn’t immediately clear how many CNN employees are being laid off. The Post has reached out to CNN for further comment.

This is a breaking story. Check back for updates.

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CNN taps Don Lemon, Kaitlan Collins and Poppy Harlow to anchor morning show

Ratings-challenged CNN will reshuffle the deck chairs on the slowly-sinking network, pushing out left-leaning primetime host Don Lemon from his plum solo slot to a newly-created morning team, boss Chris Licht announced Thursday.

Lemon will join Kaitlan Collins and Poppy Harlow to replace current “New Day” hosts John Berman and Brianna Keilar.

Lemon’s long-anticipated demotion comes after Licht was tasked by new corporate overlord Warner Bros. Discovery to shift CNN away from opinion-based shows to more centrist reporting of the news.

Last month, the network canned Brian Stelter, the outspoken host of the now canceled “Reliable Sources.”

Lemon — who often espoused his liberal opinions on his 10 pm show “Don Lemon Tonight” — helmed the lowest-ranked program in primetime in August, averaging 660,000 viewers to finish a distant third to Fox and MSNBC.

Kaitlin Collins and Don Lemon will be join Poppy Harlow as co-hosts of CNN’s new morning show.
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A rep for CNN said the network will be making an announcement on who will replace Lemon in the next few weeks.

Insiders have earmarked Kasie Hunt as a possible replacement for Lemon, or for the 9 p.m. slot, which was left open when Chris Cuomo was fired last year over his role in advising his older brother, then-New York Gov. Andrew Cuomo, in his sex harassment scandal.

Poppy Harlow, who has filled in at “New Day,” will co-host the new morning show.
Getty Images for TIME

Sources recently told The Post that Licht “has his work cut out for him” as he tries to pump up the network’s ratings.

In August, Fox News dominated with nine shows making the top 10 highest-rated cable news shows. Only MSNBC’s Rachel Maddow pulled out a fifth-place ranking with 2.7 million viewers, lagging behind Fox’s “The Five” (3.4 million), “Tucker Carlson Tonight” (3.3 million), “Hannity” (2.9 million) and “Jesse Watters Primetime” (2.9 million).

The only CNN show to crack the top 25 was “Anderson Cooper 360” — in 25th place with 950,000 viewers.

Meanwhile, “New Day,” came in 42nd place out of 82 cable news shows, bringing in 396,000 total viewers.

CNN did not provide a start date for the changes but said it will rename “New Day” and update its set later this year. Berman and Keilar will remain at the network, Licht said.

Don Lemon is moved to the morning show as ratings at his primetime show continued to sink.
Getty Images

The exec is known for his previous success launching MSNBC’s “Morning Joe” and revamping CBS’ morning show, which was then called “CBS This Morning.” Both shows brought about a lively conversation about current topics and news of the day with a broad selection of guests.

“There is no stronger combination of talent than Don, Poppy and Kaitlan to deliver on our promise of a game-changing morning news program,” Licht said Thursday. “They are each uniquely intelligent, reliable and compelling; together they have a rare and palpable chemistry. Combined with CNN’s resources and global newsgathering capabilities, we will offer a smart, bold and refreshing way to start the day.”

Harlow has most recently served as an anchor of “CNN Newsroom,” as well as a relief presenter at “New Day,” while Collins served as a White House correspondent for the network.

The rejuggling also comes after Warner Bros. Discovery CEO David Zaslav said he is looking  to shore up at least $3 billion in cost savings in 2023 across the company. Earlier this year, the parent company shuttered CNN+, the network’s month-old streaming service, laying off roughly 300 staffers.

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DC Films Eyes Lego Franchise Producer Dan Lin as New Head, in the Vein of MCU’s Kevin Feige: Report

DC Films might have found its Kevin Feige in Dan Lin. The executive-turned producer is reportedly in contention to overlook all upcoming movies and TV series for the superhero arm. The decision comes in the wake of Warner Bros. Discovery CEO David Zaslav laying out a 10-year plan for the DC brand — kickstarting a “reset” under a new team, focused on quality over quantity. The move will see current DC Films President Walter Hamada stepping down, paving the way for Lin to take over.

New candidate Lin, known for producing the Academy Award-winning The Lego Movie, is one of the strong contenders to take on the role. As per The Hollywood Reporter, the proposed system will skip three division heads — Warner Bros. Pictures’ heads Michael De Luca and Pam Abdy, HBO/ HBO Max chief Casey Bloys, and Warner Bros. TV chair Channing Dungey — putting control in the hands of one person.

Lin also shepherded 2017’s The Lego Batman Movie, noting in a podcast earlier this month, that in 2008, he almost got the job of “overseeing the entire DC franchise.” At the time, he was working on a now-cancelled Justice League film with Oscar-winning filmmaker George Miller (Mad Max: Fury Road).

Reports claim that Hamada, the current head of DC Films, would transition out of the role. THR’s sources claim that the involved parties are discussing salary and the future of Lin’s production company Rideback. That said, the current DC chief will oversee the Dwayne Johnson-led Black Adam’s cinematic release on October 21. Earlier this month, it was revealed that Hamada was not consulted on the shocking cancellation of the live-action Batgirl movie, starring Leslie Grace in the lead.

Warner Bros. Discovery confirmed that cancelling Wonder Twins, Batgirl, and Scoob! Holiday Haunt was a difficult part of this strategy, but it did not fit their vision to maximise financial returns. Other reports indicated that Batgirl underwent test screenings, with audiences calling it “irredeemable.” The movie, which was originally planned for an HBO Max release will not see the light of day, in cinemas or on the streaming platform.

CEO Zaslav stated earlier this month, that he was looking for a Kevin Feige-like figure to guide the DC Films brand over the next 10 years. Similar to the Marvel Cinematic Universe, where all character stories are interwoven with each other, and eventually build up to a dramatic climax. At Warner Bros. Discovery’s earnings call webcast, he also confirmed that Black Adam and Shazam! Fury of the Gods, alongside the problematic Ezra Miller-led The Flash, have been marked safe for release. However, the David F. Sandberg-directed Shazam! sequel has been delayed to a March 17 release date.

Even James Wan’s Aquaman and the Lost Kingdom got pushed to December 25, 2023, as it needs more time in post-production. Meanwhile, Todd Phillips’ Joker: Folie à Deux is in the early stages of production, while Matt Reeves has begun co-writing The Batman sequel with Mattson Tomlin. Both are deemed quality products by the WBD offices.

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