Wall Street speculation over Hulu’s fate has ramped up in recent weeks after Disney CEO Bob Iger said in February that all options are on the table, including a potential sale of the company’s majority stake to the highest bidder. But who has the finances and the need to buy a domestic streamer?
TheWrap spoke to a range of experts about who might potentially buy Disney’s two-third stake in Hulu. The options range from Comcast — which owns the remaining third — to tech giants Apple, Amazon, Alphabet and Microsoft. Or, some said, Disney could keep it in some form, either buying out Comcast or restructuring its deal.
As is typical with deals this big and momentous, the companies stayed quiet. A spokesperson for Microsoft declined to comment. Representatives for Apple, Amazon, Alphabet, Comcast and Disney didn’t respond to TheWrap’s requests for comment.
Also Read:
Why Disney...
TheWrap spoke to a range of experts about who might potentially buy Disney’s two-third stake in Hulu. The options range from Comcast — which owns the remaining third — to tech giants Apple, Amazon, Alphabet and Microsoft. Or, some said, Disney could keep it in some form, either buying out Comcast or restructuring its deal.
As is typical with deals this big and momentous, the companies stayed quiet. A spokesperson for Microsoft declined to comment. Representatives for Apple, Amazon, Alphabet, Comcast and Disney didn’t respond to TheWrap’s requests for comment.
Also Read:
Why Disney...
- 3/10/2023
- by Lucas Manfredi
- The Wrap
The fate of Hulu is still up in the air, Disney CEO Bob Iger said Thursday.
Speaking at the Morgan Stanley Tech, Media and Telecom conference, Iger said the company is continuing to evaluate the best option for Hulu, which he praised as a strong platform, but one that features “undifferentiated” entertainment content, compared to what he sees as the highly differentiated content on Disney+. The company is said to have hired Goldman Sachs to explore strategic options for its stake in Hulu, which could include a sale. Starting in January 2024, Comcast can use its put option to require Disney to buy its stake, or Disney can use its buy option to tell Comcast to sell its stake.
“What we’re doing right now — because we own two-thirds of Hulu, and we have an agreement with Comcast that may result in us owning 100 percent — is we’re really studying the business very,...
Speaking at the Morgan Stanley Tech, Media and Telecom conference, Iger said the company is continuing to evaluate the best option for Hulu, which he praised as a strong platform, but one that features “undifferentiated” entertainment content, compared to what he sees as the highly differentiated content on Disney+. The company is said to have hired Goldman Sachs to explore strategic options for its stake in Hulu, which could include a sale. Starting in January 2024, Comcast can use its put option to require Disney to buy its stake, or Disney can use its buy option to tell Comcast to sell its stake.
“What we’re doing right now — because we own two-thirds of Hulu, and we have an agreement with Comcast that may result in us owning 100 percent — is we’re really studying the business very,...
- 3/9/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
The future of Hulu continues to be unclear. In recent months, both Disney and Comcast have indicated their respective companies would be open to selling their shares in the streamer, but also that they would be open to owning it outright. Now, Comcast President Mike Cavanagh has weighed in, indicating that the company is willing to entertain offers to sell its 33% stake in Hulu to companies other Disney, which owns the remaining 2/3.
30-Day Free Trial $7.99+ / month hulu.com
Hulu began as an equal partnership between Disney, Comcast, and Fox with each owning 1/3 of the streaming platform. However, Disney acquired majority control of the service when it purchased the bulk of 20th Century Fox’s assets in 2019. According to an agreement reached at the time of the sale, both sides have the ability to force a sale of Comcast’s shares in early 2024 at an independent valuation of the service, but...
30-Day Free Trial $7.99+ / month hulu.com
Hulu began as an equal partnership between Disney, Comcast, and Fox with each owning 1/3 of the streaming platform. However, Disney acquired majority control of the service when it purchased the bulk of 20th Century Fox’s assets in 2019. According to an agreement reached at the time of the sale, both sides have the ability to force a sale of Comcast’s shares in early 2024 at an independent valuation of the service, but...
- 3/9/2023
- by Jessica Lerner
- The Streamable
NBCUniversal’s streaming service Peacock may be hitting peak losses in 2023, but the company is looking to get its broader media business to profit growth again, Comcast president Michael Cavanagh told an investor conference Wednesday.
Speaking at the Morgan Stanley Technology, Media and Telecom Conference in San Francisco in a session that was webcast, he spoke broadly about the firm’s media business.
Peacock, the streaming service of Comcast entertainment unit NBCUniversal, ended 2022 with more than 20 million U.S. paid subscribers. Management said recently that full-year losses related to Peacock amounted to $2.5 billion in 2022, in line with guidance. It is expecting the loss to widen to around $3 billion this year. “As we have said before, we believe 2023 will be peak losses for Peacock, and from there [they will] steadily improve,” Cavanagh emphasized at the time.
In content, “our growth there is really all around Peacock,” he said Wednesday, noting $2 billion in revenue...
Speaking at the Morgan Stanley Technology, Media and Telecom Conference in San Francisco in a session that was webcast, he spoke broadly about the firm’s media business.
Peacock, the streaming service of Comcast entertainment unit NBCUniversal, ended 2022 with more than 20 million U.S. paid subscribers. Management said recently that full-year losses related to Peacock amounted to $2.5 billion in 2022, in line with guidance. It is expecting the loss to widen to around $3 billion this year. “As we have said before, we believe 2023 will be peak losses for Peacock, and from there [they will] steadily improve,” Cavanagh emphasized at the time.
In content, “our growth there is really all around Peacock,” he said Wednesday, noting $2 billion in revenue...
- 3/8/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Comcast President Mike Cavanagh said the media giant would of course consider alternative proposals for its stake in Hulu but they’d have to top its longstanding agreement to sell its remaining stake in the streamer to Disney next year.
Disney has been going through a bumpy patch and returned CEO Bob Iger indicated recently that paying billions to buy in Hulu may not be a top priority. Under a four-year old, put-call agreement, Comcast can force Disney to buy the stake (or Disney can force Comcast to sell it) early next year.
Asked about Iger’s comments at a Morgan Stanley media conference today, Cavanagh, the CFO who was elevated last fall and works very closely with Comcast CEO Brian Roberts, said: “On this one, remember they and we, back in 2019, put together a very clean and good agreement for a put-call that does happen in early 2024.”
“We are very happy with that,...
Disney has been going through a bumpy patch and returned CEO Bob Iger indicated recently that paying billions to buy in Hulu may not be a top priority. Under a four-year old, put-call agreement, Comcast can force Disney to buy the stake (or Disney can force Comcast to sell it) early next year.
Asked about Iger’s comments at a Morgan Stanley media conference today, Cavanagh, the CFO who was elevated last fall and works very closely with Comcast CEO Brian Roberts, said: “On this one, remember they and we, back in 2019, put together a very clean and good agreement for a put-call that does happen in early 2024.”
“We are very happy with that,...
- 3/8/2023
- by Jill Goldsmith
- Deadline Film + TV
Who Owns What? Top Investors Shuffle Their Securities Holdings in the Media and Entertainment Sector
At a time when many investors were sitting on the sidelines, some well-known strategic spenders made massive bets on media and tech companies last year. To get a better sense of where the largest money managers like Warren Buffett have sizable ownership stakes, look no further than the annual flood of Schedule 13D and 13G reports.
For those outside of the inside-baseball world of corporate finance: Forty-five days out from the end of the year, companies are required to have filed 13D and 13G disclosure forms with the Securities and Exchange Commission. These reports are required for investors who amass 5% or more of a company’s total stock issue. Starting with this primer on how to monitor big-dollar investment bets, Variety will offer an a quarterly survey of how the media and entertainment sector is faring among the world’s most sophisticated stock pickers.
The significance of these annual filings...
For those outside of the inside-baseball world of corporate finance: Forty-five days out from the end of the year, companies are required to have filed 13D and 13G disclosure forms with the Securities and Exchange Commission. These reports are required for investors who amass 5% or more of a company’s total stock issue. Starting with this primer on how to monitor big-dollar investment bets, Variety will offer an a quarterly survey of how the media and entertainment sector is faring among the world’s most sophisticated stock pickers.
The significance of these annual filings...
- 3/8/2023
- by Jennifer Maas and Heidi Chung
- Variety Film + TV
“Soon, we’re going to add another Super Nintendo World to Universal Orlando Resort,” announced Universal Parks & Resorts Chairman and Chief Executive Officer Mark Woodbury on Wednesday night at the grand opening event for the same-named attraction at Universal Studios Hollywood. He then admitted that the news may have been “the worst-kept secret in history.” You can watch the moment below.
(Watch) Universal Studios announces an all-new #SuperNintendoWorld in Orlando #EpicUniverse pic.twitter.com/7LJHPPvbsd
— Deadline Hollywood (@Deadline) February 16, 2023
Super Nintendo World at Universal Studios Hollywood officially opens Friday, roughly coinciding with the April 7, 2023 release of Universal and Illumination’s Super Mario Bros movie — the voice of Mario himself, Chris Pratt, was at the grand opening event Wednesday night. A larger Super Nintendo World opened last year at Universal’s Japan park with its own Mario Kart attraction, one is planned for Singapore and now, officially, there is confirmation that...
(Watch) Universal Studios announces an all-new #SuperNintendoWorld in Orlando #EpicUniverse pic.twitter.com/7LJHPPvbsd
— Deadline Hollywood (@Deadline) February 16, 2023
Super Nintendo World at Universal Studios Hollywood officially opens Friday, roughly coinciding with the April 7, 2023 release of Universal and Illumination’s Super Mario Bros movie — the voice of Mario himself, Chris Pratt, was at the grand opening event Wednesday night. A larger Super Nintendo World opened last year at Universal’s Japan park with its own Mario Kart attraction, one is planned for Singapore and now, officially, there is confirmation that...
- 2/16/2023
- by Tom Tapp
- Deadline Film + TV
Does Disney need Hulu? Does Comcast want Hulu? Can the two sector giants strike a win-win deal for Hulu? Those are just some of the questions swirling around Wall Street these days. But don’t expect clear answers in Philadelphia, home of Comcast, or Burbank, home to Disney, right now. After all, it’s complicated, and there is no immediate deal deadline pressure … yet.
Disney CEO Bob Iger has signaled that he wants to refocus the Mouse House on its beloved content brands from Pixar and Marvel to Lucasfilm, including family and kids fare. Asked on CNBC on Feb. 9 what that means for Hulu, he said: “Everything is on the table right now, so I am not going to speculate whether we are a buyer or a seller of it. But I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly in the competitive landscape that we are operating in,...
Disney CEO Bob Iger has signaled that he wants to refocus the Mouse House on its beloved content brands from Pixar and Marvel to Lucasfilm, including family and kids fare. Asked on CNBC on Feb. 9 what that means for Hulu, he said: “Everything is on the table right now, so I am not going to speculate whether we are a buyer or a seller of it. But I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly in the competitive landscape that we are operating in,...
- 2/10/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Disney CEO Bob Iger on Thursday suggested the entertainment giant might sell off its stake in Hulu despite the streaming service’s overall success.
“Everything’s on the table right now,” Iger told CNBC’s David Faber the morning after the recently returned CEO announced 5.5 billion in cost cutting at the company, which includes slashing 7,000 jobs.
Iger called Hulu, whose hits like “Only Murders in the Building” and “The Handmaid’s Tale” are largely adult-oriented, a “very successful platform” but demurred when he was asked about the potential 9 billion bill coming next year, should Comcast’s NBCUniversal try to sell its 33 stake in the hybrid subscription/ad supported streamer.
Also Read:
Nelson Peltz Abandons Disney Proxy Battle After Bob Iger Reveals Restructuring Plans
Under a 2019 agreement, Disney can buy out rival Comcast’s remaining 33 stake in Hulu as early as January 2024, and Comcast can require that Disney do so.
NBCUniversal CEO...
“Everything’s on the table right now,” Iger told CNBC’s David Faber the morning after the recently returned CEO announced 5.5 billion in cost cutting at the company, which includes slashing 7,000 jobs.
Iger called Hulu, whose hits like “Only Murders in the Building” and “The Handmaid’s Tale” are largely adult-oriented, a “very successful platform” but demurred when he was asked about the potential 9 billion bill coming next year, should Comcast’s NBCUniversal try to sell its 33 stake in the hybrid subscription/ad supported streamer.
Also Read:
Nelson Peltz Abandons Disney Proxy Battle After Bob Iger Reveals Restructuring Plans
Under a 2019 agreement, Disney can buy out rival Comcast’s remaining 33 stake in Hulu as early as January 2024, and Comcast can require that Disney do so.
NBCUniversal CEO...
- 2/9/2023
- by Eileen AJ Connelly
- The Wrap
With Bob Iger back in the CEO seat at Disney, will he look to grab full ownership of Hulu from Comcast — or will the company sell its stake as it looks to refocus its streaming portfolio?
Iger, not yet 90 days in his reprise as Disney’s CEO, was noncommittal on the question of Hulu’s future when asked in an interview Thursday on CNBC’s “Squawk on the Street.” Disney currently owns 67 of Hulu, and Comcast owns the remaining 33.
“Everything is on the table right now, so I am not going to speculate whether we are a buyer or a seller of [Hulu],” he said. “But I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly in the competitive landscape that we are operating in, and we are going to look at it very objectively and expansively.”
Comcast and Disney inked their deal in May 2019, which gave Disney control of Hulu.
Iger, not yet 90 days in his reprise as Disney’s CEO, was noncommittal on the question of Hulu’s future when asked in an interview Thursday on CNBC’s “Squawk on the Street.” Disney currently owns 67 of Hulu, and Comcast owns the remaining 33.
“Everything is on the table right now, so I am not going to speculate whether we are a buyer or a seller of [Hulu],” he said. “But I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly in the competitive landscape that we are operating in, and we are going to look at it very objectively and expansively.”
Comcast and Disney inked their deal in May 2019, which gave Disney control of Hulu.
- 2/9/2023
- by Todd Spangler
- Variety Film + TV
Disney CEO Bob Iger said today that he’s open to selling Hulu — instead of forking over billions of dollars to buy out Comcast’s stake in the streaming platform.
Asked on CNBC about his plans for Hulu as a 2024 deadline to buy it in, or sell it off, approaches, he said: “Everything is on the table right now, so I am not going to speculate whether we are a buyer or a seller of it. But I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly in the competitive landscape that we are operating in, and we are going to look at it very objectively and expansively.”
Pressed by host David Faber on whether he’d be interested if Comcast CEO Brian Roberts inquired about buying the Disney stake, Iger said, “We will be open minded.”
Faber noted that the going assumption has been that Disney...
Asked on CNBC about his plans for Hulu as a 2024 deadline to buy it in, or sell it off, approaches, he said: “Everything is on the table right now, so I am not going to speculate whether we are a buyer or a seller of it. But I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly in the competitive landscape that we are operating in, and we are going to look at it very objectively and expansively.”
Pressed by host David Faber on whether he’d be interested if Comcast CEO Brian Roberts inquired about buying the Disney stake, Iger said, “We will be open minded.”
Faber noted that the going assumption has been that Disney...
- 2/9/2023
- by Jill Goldsmith and Ted Johnson
- Deadline Film + TV
NBCUniversal CEO Jeff Shell said the company is always eyeing possible deals to bolster its business, citing the 3.8 billion acquisition of DreamWorks Animation in 2016 and Universal’s partnership with Blumhouse Productions.
Shell jumped in Thursday after Comcast president Mike Cavanagh noted new deals have a high hurdle versus investing in existing operations. The execs were asked about M&a on a post-earnings conference call, with particular reference to World Wrestling Entertainment. Vince McMahon, WWE’s majority owner and newly returned executive chairman, is looking to sell, with Comcast considered a logical buyer. WWE Network programming has been popular on Peacock and helped drive subscriber acquisitions since the service took exclusive U.S. streaming rights in 2021. Shell didn’t address WWE but said the conglom led by Brian Roberts would be opportunistic.
Related Story Peacock Clears 20M Subscribers, Helping Comcast Nip Wall Street Q4 Estimates Related Story NBCUniversal And Comcast Execs "More...
Shell jumped in Thursday after Comcast president Mike Cavanagh noted new deals have a high hurdle versus investing in existing operations. The execs were asked about M&a on a post-earnings conference call, with particular reference to World Wrestling Entertainment. Vince McMahon, WWE’s majority owner and newly returned executive chairman, is looking to sell, with Comcast considered a logical buyer. WWE Network programming has been popular on Peacock and helped drive subscriber acquisitions since the service took exclusive U.S. streaming rights in 2021. Shell didn’t address WWE but said the conglom led by Brian Roberts would be opportunistic.
Related Story Peacock Clears 20M Subscribers, Helping Comcast Nip Wall Street Q4 Estimates Related Story NBCUniversal And Comcast Execs "More...
- 1/26/2023
- by Jill Goldsmith
- Deadline Film + TV
Will they or won’t they buy anything? And if so, what? With M&a speculation regularly swirling around the entertainment industry, including NBCUniversal owner Comcast, the cable giant’s executive team was quizzed on its appetite for acquisitions during the company’s earnings conference call on Thursday.
Comcast and NBCUniversal have in the past been mentioned as possible suitors of the likes of film libraries or other intellectual property, sports entertainment powerhouse WWE, parts of Walt Disney and, longer-term, maybe even the likes of Warner Bros. Discovery.
Comcast president Michael Cavanagh reemphasized to analysts on the fourth-quarter earnings conference call that the company weighs up whether any takeover adds enough to the mix given it has enough attractive businesses it wants to invest in and grow. As such, he once again signaled that any potential deal discussions would focus on whether buying a new asset makes financial and strategic sense.
Comcast and NBCUniversal have in the past been mentioned as possible suitors of the likes of film libraries or other intellectual property, sports entertainment powerhouse WWE, parts of Walt Disney and, longer-term, maybe even the likes of Warner Bros. Discovery.
Comcast president Michael Cavanagh reemphasized to analysts on the fourth-quarter earnings conference call that the company weighs up whether any takeover adds enough to the mix given it has enough attractive businesses it wants to invest in and grow. As such, he once again signaled that any potential deal discussions would focus on whether buying a new asset makes financial and strategic sense.
- 1/26/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
NBCUniversal CEO Jeff Shell said execs at the company and parent Comcast are “more confident” than they were a year or two ago that investments in streaming service Peacock will soon yield profits. How soon remains a bit unclear, however.
Related Story Peacock Clears 20M Subscribers, Helping Comcast Nip Wall Street Q4 Estimates Related Story 'Poker Face' Review: No Lie! Natasha Lyonne & Rian Johnson's Peacock Road Trip Procedural Is All Green Lights & Parking Spaces Related Story 'Dr. Death': Peacock Anthology Series Adds Five To Recurring Cast For Season 2
“We’ve been clear from the start that we’re going to see a return on that investment — I think we feel better about that now based on where we are,” Shell said during Comcast’s fourth-quarter earnings call.
The company said Peacock had passed 20 million subscribers by the end of 2022, more than double its size at the start of the year.
Related Story Peacock Clears 20M Subscribers, Helping Comcast Nip Wall Street Q4 Estimates Related Story 'Poker Face' Review: No Lie! Natasha Lyonne & Rian Johnson's Peacock Road Trip Procedural Is All Green Lights & Parking Spaces Related Story 'Dr. Death': Peacock Anthology Series Adds Five To Recurring Cast For Season 2
“We’ve been clear from the start that we’re going to see a return on that investment — I think we feel better about that now based on where we are,” Shell said during Comcast’s fourth-quarter earnings call.
The company said Peacock had passed 20 million subscribers by the end of 2022, more than double its size at the start of the year.
- 1/26/2023
- by Dade Hayes
- Deadline Film + TV
NBC’s Peacock streaming hub is making its way in the world — but the cost of doing so is becoming onerous.
Broadband-and-entertainment giant Comcast said it managed to add five million new subscribers to its Peacock, but generated substantial investment to do so, even as it had to navigate a slowdown in its overall broadband business and pay out severance to reduce staff.
The company’s top executive seems to think the costs of being in streaming are worth it. Comcast “more than doubled” its paying Peacock subscribers, according to a statement from Brian Roberts, the company’s chairman and CEO, while revenue “nearly tripled” to 2.1 billion.
The owner of the Xfinity cable business and the NBC and Telemundo networks said revenue during the period rose just 0.7 to to 30.6 billion. Profit came to 3.02 billion, or 70 cents a share, compared with 3.06 billion, or 66 cents a share, in the year-earlier period.
Revenue in Comcast’s cable operation,...
Broadband-and-entertainment giant Comcast said it managed to add five million new subscribers to its Peacock, but generated substantial investment to do so, even as it had to navigate a slowdown in its overall broadband business and pay out severance to reduce staff.
The company’s top executive seems to think the costs of being in streaming are worth it. Comcast “more than doubled” its paying Peacock subscribers, according to a statement from Brian Roberts, the company’s chairman and CEO, while revenue “nearly tripled” to 2.1 billion.
The owner of the Xfinity cable business and the NBC and Telemundo networks said revenue during the period rose just 0.7 to to 30.6 billion. Profit came to 3.02 billion, or 70 cents a share, compared with 3.06 billion, or 66 cents a share, in the year-earlier period.
Revenue in Comcast’s cable operation,...
- 1/26/2023
- by Brian Steinberg
- Variety Film + TV
Peacock, the streaming service of Comcast’s entertainment unit NBCUniversal, grew its revenue and subscribers in the fourth quarter, but its loss widened again compared with the year-ago period. In a conference call, management reiterated that the streamer’s loss would peak this year, predicting a loss of 3 billion.
Comcast’s earnings report for the final period of 2022 detailed quarterly financials for NBCUniversal, including higher advertising revenue in its media unit, but lower ad revenue when excluding the soccer World Cup, and improved studios unit results, European pay TV and technology giant Sky, as well as latest pay TV and broadband subscriber figures for its core cable systems business.
Amid a recent industry-wide focus on restructurings and staff layoffs to boost profitability, the media and technology giant also disclosed 638 million in severance costs, or 541 million higher than in the year-ago period, that hit its earnings in the fourth quarter. That...
Comcast’s earnings report for the final period of 2022 detailed quarterly financials for NBCUniversal, including higher advertising revenue in its media unit, but lower ad revenue when excluding the soccer World Cup, and improved studios unit results, European pay TV and technology giant Sky, as well as latest pay TV and broadband subscriber figures for its core cable systems business.
Amid a recent industry-wide focus on restructurings and staff layoffs to boost profitability, the media and technology giant also disclosed 638 million in severance costs, or 541 million higher than in the year-ago period, that hit its earnings in the fourth quarter. That...
- 1/26/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Comcast has upped its Deputy Chief Financial Officer Jason Armstrong to the CFO post, succeeding Mike Cavanagh, who was named president of the NBCUniversal parent last October.
Armstrong has served in several financial leadership positions over the past nine year.
“Jason is ideally suited to be our next Chief Financial Officer,” said Cavanagh. “He is a trusted voice in the financial community, has a great understanding of our company, and is well respected by our management team. Jason is already playing a pivotal role in shaping our long-term strategy and I couldn’t be more excited to partner with him going forward.”
As deputy CFO, Armstrong oversaw the Treasury and finance functions at Comcast and managed its capital formation, capital allocation, credit-related matters, and investment management activities, working closely with teams across Comcast Cable, NBCU, and Sky. Before that, he served as Treasurer of Comcast, CFO at Sky, and as...
Armstrong has served in several financial leadership positions over the past nine year.
“Jason is ideally suited to be our next Chief Financial Officer,” said Cavanagh. “He is a trusted voice in the financial community, has a great understanding of our company, and is well respected by our management team. Jason is already playing a pivotal role in shaping our long-term strategy and I couldn’t be more excited to partner with him going forward.”
As deputy CFO, Armstrong oversaw the Treasury and finance functions at Comcast and managed its capital formation, capital allocation, credit-related matters, and investment management activities, working closely with teams across Comcast Cable, NBCU, and Sky. Before that, he served as Treasurer of Comcast, CFO at Sky, and as...
- 1/6/2023
- by Jill Goldsmith
- Deadline Film + TV
Comcast has promoted Jason S. Armstrong to chief financial officer, a role previously filled by Mike Cavanagh, who was named president of the company in October.
Most recently, Armstrong served as deputy CFO and treasurer, holding several financial-adviser exec roles at Comcast during his nine years with the Brian Roberts-run company.
“Jason is ideally suited to be our next chief financial officer,” Cavanagh said. “He is a trusted voice in the financial community, has a great understanding of our company, and is well respected by our management team. Jason is already playing a pivotal role in shaping our long-term strategy and I couldn’t be more excited to partner with him going forward.”
When Cavanagh was first named president at Comcast in October, it was stated he would continue to serve in his role as CFO, making Armstrong’s appointment to the position Friday a bit of a shock.
Most recently, Armstrong served as deputy CFO and treasurer, holding several financial-adviser exec roles at Comcast during his nine years with the Brian Roberts-run company.
“Jason is ideally suited to be our next chief financial officer,” Cavanagh said. “He is a trusted voice in the financial community, has a great understanding of our company, and is well respected by our management team. Jason is already playing a pivotal role in shaping our long-term strategy and I couldn’t be more excited to partner with him going forward.”
When Cavanagh was first named president at Comcast in October, it was stated he would continue to serve in his role as CFO, making Armstrong’s appointment to the position Friday a bit of a shock.
- 1/6/2023
- by Jennifer Maas
- Variety Film + TV
Comcast has disclosed contract terms for Michael Cavanagh, a longtime exec who was promoted to president last October.
The agreement will keep Cavanagh in the fold through December 31, 2027 (a fairly routine 5-year term), at an annual base salary of 2.5 million, which takes effect on March 1. Cavanagh also got the grant of a performance-based option to buy 2 million shares of the Company’s Class A common stock, with an aggregate grant date fair value equal to 14.8 million.
The promotion made Cavanagh just the third exec ever to hold the title of president at the nearly 60-year-old, Philadelphia-based media giant. He works closely with CEO Brian Roberts to manage the company’s businesses. After the promotion, he is remaining CFO.
In 2021, Cavanagh’s total compensation was 27.4 million, the company reported earlier this year.
The Performance Award, which is the company’s designation for the performance-based stock option, “is designed to ensure leadership continuity over the longer term,...
The agreement will keep Cavanagh in the fold through December 31, 2027 (a fairly routine 5-year term), at an annual base salary of 2.5 million, which takes effect on March 1. Cavanagh also got the grant of a performance-based option to buy 2 million shares of the Company’s Class A common stock, with an aggregate grant date fair value equal to 14.8 million.
The promotion made Cavanagh just the third exec ever to hold the title of president at the nearly 60-year-old, Philadelphia-based media giant. He works closely with CEO Brian Roberts to manage the company’s businesses. After the promotion, he is remaining CFO.
In 2021, Cavanagh’s total compensation was 27.4 million, the company reported earlier this year.
The Performance Award, which is the company’s designation for the performance-based stock option, “is designed to ensure leadership continuity over the longer term,...
- 12/31/2022
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
Michael Cavanagh, the chief financial officer of Comcast who was recently given the added title of president, has inked a new multi-year deal with the company.
The Brian Roberts-led Comcast disclosed Dec. 30 that it entered into a new employment agreement with Cavanagh through the end of 2027. The agreement stipulates a base salary of 2.5 million beginning next March, as well as a performance-based award, per the Securities and Exchange Commission filing.
Cavanagh — who joined Comcast in 2015 after a stint at asset manager The Carlyle Group and previously co-heading investment banking at JPMorgan Chase and serving as CFO of the bank — was upped to president in October.
In promoting the exec, Comcast described his new role as working closely with CEO Roberts “to manage the businesses and teams across the company.” Cavanagh additionally sits on the board of directors at software firm HealthVerity and...
Michael Cavanagh, the chief financial officer of Comcast who was recently given the added title of president, has inked a new multi-year deal with the company.
The Brian Roberts-led Comcast disclosed Dec. 30 that it entered into a new employment agreement with Cavanagh through the end of 2027. The agreement stipulates a base salary of 2.5 million beginning next March, as well as a performance-based award, per the Securities and Exchange Commission filing.
Cavanagh — who joined Comcast in 2015 after a stint at asset manager The Carlyle Group and previously co-heading investment banking at JPMorgan Chase and serving as CFO of the bank — was upped to president in October.
In promoting the exec, Comcast described his new role as working closely with CEO Roberts “to manage the businesses and teams across the company.” Cavanagh additionally sits on the board of directors at software firm HealthVerity and...
- 12/31/2022
- by Erik Hayden
- The Hollywood Reporter - Movie News
A year ago, no one could have envisioned Netflix with commercials. Well, that — and so much more — happened in 2022. And now it is time for the IndieWire business team to make 11 bold (and maybe bold-ish) predictions for the film and television industries in 2023.
With almost no adieu whatsoever…
End of a Golden Age
The Golden Globes is prepping for its less than triumphant comeback after NBC booted the ceremony from broadcast last year, but the Hollywood Foreign Press Association may need to find a new home quickly. A source from NBC told IndieWire that the channel will “very likely” not be bringing back the award show, often the second-most popular film award ceremony after the Oscars, in 2024. That same source believes another network will bid, so it’s possible that it’ll end up on Fox, ABC, CBS, or a cable channel, all of which will have to be willing...
With almost no adieu whatsoever…
End of a Golden Age
The Golden Globes is prepping for its less than triumphant comeback after NBC booted the ceremony from broadcast last year, but the Hollywood Foreign Press Association may need to find a new home quickly. A source from NBC told IndieWire that the channel will “very likely” not be bringing back the award show, often the second-most popular film award ceremony after the Oscars, in 2024. That same source believes another network will bid, so it’s possible that it’ll end up on Fox, ABC, CBS, or a cable channel, all of which will have to be willing...
- 12/23/2022
- by Tony Maglio, Brian Welk and Wilson Chapman
- Indiewire
NBCUniversal CEO Jeff Shell said Monday that he expects Disney to write a “big check” to obtain complete ownership of Hulu.
Under a 2019 put/call agreement, Disney can buy out rival Comcast’s remaining 33 stake in the hybrid subscription/ad-supported streamer as early as January 2024 – and Comcast can require that Disney do so.
“We think it’s worth a lot of money because it’s sold on a full-control basis, as if you were auctioning it off,” Shell told the Ubs Global Tmt Conference on Monday. “And I think there’s no indication that anything else is going to happen than Disney writing us a big check for the asset in ‘24.”
Disney has guaranteed a minimum total equity value of 27.5 billion, suggesting that Comcast’s share would be worth at least 9 billion. As of Oct. 1, 2022, Disney valued Comcast’s stake at 8.7 billion, according to its latest annual report.
Also Read:...
Under a 2019 put/call agreement, Disney can buy out rival Comcast’s remaining 33 stake in the hybrid subscription/ad-supported streamer as early as January 2024 – and Comcast can require that Disney do so.
“We think it’s worth a lot of money because it’s sold on a full-control basis, as if you were auctioning it off,” Shell told the Ubs Global Tmt Conference on Monday. “And I think there’s no indication that anything else is going to happen than Disney writing us a big check for the asset in ‘24.”
Disney has guaranteed a minimum total equity value of 27.5 billion, suggesting that Comcast’s share would be worth at least 9 billion. As of Oct. 1, 2022, Disney valued Comcast’s stake at 8.7 billion, according to its latest annual report.
Also Read:...
- 12/5/2022
- by Lucas Manfredi
- The Wrap
Click here to read the full article.
Despite earlier comments that Comcast may be interested in retaining full control of Hulu, NBCUniversal CEO Jeff Shell said he believes the company will sell its stake to Disney.
Comcast has a 33 percent stake in the streaming service, while Disney owns the rest and has the option to buy out Comcast starting in January 2024. Speaking at Ubs’s Global Tmt Conference in New York Monday, Shell said he believes that’s likely the timeline and course of action, while also talking up the price of the stake.
“We think it’s worth a lot of money because it’s sold on a full-control basis, as if you were auctioning it off. And I think there’s no indication that anything else is going to happen than Disney writing us a big check for the asset in ‘24,” Shell said.
Comcast CEO Brian Roberts had...
Despite earlier comments that Comcast may be interested in retaining full control of Hulu, NBCUniversal CEO Jeff Shell said he believes the company will sell its stake to Disney.
Comcast has a 33 percent stake in the streaming service, while Disney owns the rest and has the option to buy out Comcast starting in January 2024. Speaking at Ubs’s Global Tmt Conference in New York Monday, Shell said he believes that’s likely the timeline and course of action, while also talking up the price of the stake.
“We think it’s worth a lot of money because it’s sold on a full-control basis, as if you were auctioning it off. And I think there’s no indication that anything else is going to happen than Disney writing us a big check for the asset in ‘24,” Shell said.
Comcast CEO Brian Roberts had...
- 12/5/2022
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Click here to read the full article.
Comcast has earned an upgrade from Wells Fargo analyst Steven Cahall, who raised his stock rating from “underweight” to “equal weight” Monday despite a bearish outlook on the cable, media and tech giant’s entertainment unit NBCUniversal. He also raised his stock price target on the company, led by chairman and CEO Brian Roberts, by 8 to 38.
“We’re less negative on Comcast’s cable outlook with slower earnings before interest, taxes, depreciation and amortization (Ebitda) growth, but also clearer capital expenditures (capex),” he explained. “We’re more negative on NBCU and below Street on free cash flow. Net/net we now think Comcast is de-risked and fair value is around 38.”
Cahall said he was “moving NBCU to a bearish media outlook,” explaining: “We’re more aggressively cutting numbers at NBCU to bake in around 7 percent annual sub declines, weakness in entertainment scatter ad pricing (recession,...
Comcast has earned an upgrade from Wells Fargo analyst Steven Cahall, who raised his stock rating from “underweight” to “equal weight” Monday despite a bearish outlook on the cable, media and tech giant’s entertainment unit NBCUniversal. He also raised his stock price target on the company, led by chairman and CEO Brian Roberts, by 8 to 38.
“We’re less negative on Comcast’s cable outlook with slower earnings before interest, taxes, depreciation and amortization (Ebitda) growth, but also clearer capital expenditures (capex),” he explained. “We’re more negative on NBCU and below Street on free cash flow. Net/net we now think Comcast is de-risked and fair value is around 38.”
Cahall said he was “moving NBCU to a bearish media outlook,” explaining: “We’re more aggressively cutting numbers at NBCU to bake in around 7 percent annual sub declines, weakness in entertainment scatter ad pricing (recession,...
- 12/5/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
A platoon of titles hits the specialty circuit this weekend, getting in ahead of steamroller Avatar: Way of Water and the year-end deadline for Oscar eligibility. This is a soul-searching, what-lies-ahead moment for a market still much too inconsistent for comfort, but that can be pondered later. At the moment, indie distributors are quite busy “with all these movies, and these plans to release theatrically. We are not going anywhere,” said one executive.
The Gotham Awards earlier this were were a shot of goodwill. Focus Features chairman Peter Kujawski recalled “the mandate that all of us share in the specialty film business” at the ceremony in NYC, kicking off awards season.
“To all our friends at A24, at Neon, at Searchlight, Sony Pictures Classics, IFC, Bleecker Street, FilmNation, Cinetic, Participant and so many other wonderful companies,” he said — accepting an industry tribute with vice chairman Jason Cassidy – “We are in there together,...
The Gotham Awards earlier this were were a shot of goodwill. Focus Features chairman Peter Kujawski recalled “the mandate that all of us share in the specialty film business” at the ceremony in NYC, kicking off awards season.
“To all our friends at A24, at Neon, at Searchlight, Sony Pictures Classics, IFC, Bleecker Street, FilmNation, Cinetic, Participant and so many other wonderful companies,” he said — accepting an industry tribute with vice chairman Jason Cassidy – “We are in there together,...
- 12/2/2022
- by Jill Goldsmith
- Deadline Film + TV
Click here to read the full article.
Since Nov. 21, when Disney revealed the shocking return of Bob Iger as CEO and the ouster of his chosen successor Bob Chapek from the role, the informed speculation rumor mill about the future of the Burbank-based entertainment giant has been in overdrive.
Iger, in a town hall with employees on Nov. 28, dismissed the idea that another megadeal is what’s driving this new era for the executive at Disney. “We have a great set of assets here,” Iger told staffers. “Nothing is forever, but I am very, very comfortable with each of the assets that we have,” he added, and specifically called the idea that Disney could sell out to Apple “pure speculation.”
That hasn’t stopped Wall Street analysts, investors and longtime Disney observers to note that Iger has built Disney into what it is today with a series of big swing...
Since Nov. 21, when Disney revealed the shocking return of Bob Iger as CEO and the ouster of his chosen successor Bob Chapek from the role, the informed speculation rumor mill about the future of the Burbank-based entertainment giant has been in overdrive.
Iger, in a town hall with employees on Nov. 28, dismissed the idea that another megadeal is what’s driving this new era for the executive at Disney. “We have a great set of assets here,” Iger told staffers. “Nothing is forever, but I am very, very comfortable with each of the assets that we have,” he added, and specifically called the idea that Disney could sell out to Apple “pure speculation.”
That hasn’t stopped Wall Street analysts, investors and longtime Disney observers to note that Iger has built Disney into what it is today with a series of big swing...
- 12/1/2022
- by J. Clara Chan, Winston Cho, Caitlin Huston and Alex Weprin
- The Hollywood Reporter - Movie News
Disney now owns 100 of BAMTech, the streaming technology services group that powers Disney+ and the media company’s other direct-to-consumer services.
Earlier this month, Disney paid 900 million to Major League Baseball to buy out the league’s remaining 15 stake in BAMTech, the media conglomerate disclosed in an SEC filing Tuesday.
In 2016, Disney made a 1 billion investment in BAMTech, giving it a 33 stake, and then a year later paid an additional 1.58 billion for a 75 stake. In August 2021, the NHL opted to sell its 10 interest in BAMTech to Disney for 350 million. As of Oct. 1, 2022, MLB’s 15 interest in BAMTech was recorded in Disney’s financial statements at 828 million.
MLB created the precursor to BAMTech in 2000 with MLB Advanced Media. That year, the league began streaming live video online with its MLB.TV service — years before YouTube was a glimmer in Google’s eye. In 2015, Major League Baseball spun off the streaming-technology division as BAMTech,...
Earlier this month, Disney paid 900 million to Major League Baseball to buy out the league’s remaining 15 stake in BAMTech, the media conglomerate disclosed in an SEC filing Tuesday.
In 2016, Disney made a 1 billion investment in BAMTech, giving it a 33 stake, and then a year later paid an additional 1.58 billion for a 75 stake. In August 2021, the NHL opted to sell its 10 interest in BAMTech to Disney for 350 million. As of Oct. 1, 2022, MLB’s 15 interest in BAMTech was recorded in Disney’s financial statements at 828 million.
MLB created the precursor to BAMTech in 2000 with MLB Advanced Media. That year, the league began streaming live video online with its MLB.TV service — years before YouTube was a glimmer in Google’s eye. In 2015, Major League Baseball spun off the streaming-technology division as BAMTech,...
- 11/29/2022
- by Todd Spangler
- Variety Film + TV
You gotta spend money to make money, as the old saying goes, and 50 Cent has spent a lot over the course of his career — especially on lawyers and other legal fees.
In a recent podcast interview with Brian Roberts, the rapper and entrepreneur said he’s spent over 23 million on legal fees since he first broke through the music industry in 2003 with his debut album, Get Rich or Die Tryin’. The topic came up somewhat out of nowhere while 50 was discussing the massive amounts of money Alex Jones will...
In a recent podcast interview with Brian Roberts, the rapper and entrepreneur said he’s spent over 23 million on legal fees since he first broke through the music industry in 2003 with his debut album, Get Rich or Die Tryin’. The topic came up somewhat out of nowhere while 50 was discussing the massive amounts of money Alex Jones will...
- 11/23/2022
- by Jon Blistein
- Rollingstone.com
Click here to read the full article.
On Oct. 31, the Department of Justice antitrust division landed a major victory when a federal judge blocked Penguin Random House’s 2.175 billion bid to buy rival Simon & Schuster from Paramount Global. After legal wrangling in a trial closely monitored by Hollywood, U.S. District Judge Florence Pan found that combining two of the world’s largest book publishers would hurt competition for best-selling books. “The government has presented a compelling case that predicts substantial harm to competition as a result of the proposed merger,” Pan wrote. “The post-merger concentration of the relevant market would be concerningly high: The merged entity would have a 49 market share, more than twice that of its closest competitor.”
The ruling marks a triumph for a rejuvenated DOJ antitrust division after decades of lax enforcement — and a troubling sign for Hollywood moguls contemplating mergers. “Anybody who is looking to...
On Oct. 31, the Department of Justice antitrust division landed a major victory when a federal judge blocked Penguin Random House’s 2.175 billion bid to buy rival Simon & Schuster from Paramount Global. After legal wrangling in a trial closely monitored by Hollywood, U.S. District Judge Florence Pan found that combining two of the world’s largest book publishers would hurt competition for best-selling books. “The government has presented a compelling case that predicts substantial harm to competition as a result of the proposed merger,” Pan wrote. “The post-merger concentration of the relevant market would be concerningly high: The merged entity would have a 49 market share, more than twice that of its closest competitor.”
The ruling marks a triumph for a rejuvenated DOJ antitrust division after decades of lax enforcement — and a troubling sign for Hollywood moguls contemplating mergers. “Anybody who is looking to...
- 11/19/2022
- by Winston Cho
- The Hollywood Reporter - Movie News
At 15 million paid subscribers, Peacock isn’t on the same level as other streaming services, but NBCUniversal CEO Jeff Shell says that’s no accident.
“Our long-term aspiration for Peacock is to balance out our overall media business,” Shell said during NBCU parent Comcast’s third-quarter earnings call today. “We’ve said all along that our strategy in streaming is different than some of the premium SVOD players like Netflix and Disney+. We view it as a part of our business. We manage it as one. We make decisions on programming as one, we sell advertising across the business as one. As viewership shifts from linear to Peacock, we want Peacock to get to a level and a scale that causes our business to be balanced as consumer sentiments and advertiser sentiments change.”
At about 30 million monthly active users across free and premium tiers, Shell added, “We’re right on...
“Our long-term aspiration for Peacock is to balance out our overall media business,” Shell said during NBCU parent Comcast’s third-quarter earnings call today. “We’ve said all along that our strategy in streaming is different than some of the premium SVOD players like Netflix and Disney+. We view it as a part of our business. We manage it as one. We make decisions on programming as one, we sell advertising across the business as one. As viewership shifts from linear to Peacock, we want Peacock to get to a level and a scale that causes our business to be balanced as consumer sentiments and advertiser sentiments change.”
At about 30 million monthly active users across free and premium tiers, Shell added, “We’re right on...
- 10/27/2022
- by Dade Hayes
- Deadline Film + TV
NBCUniversal added 2 million subscribers to its Peacock streaming service in the third quarter, bringing its total to over 15 million.
The increase was a nearly 70 leap year-to-date, notable after Peacock’s subscriptions showed no net gains in the prior quarter.
Parent Comcast Communications said Thursday that the paid subscribers, who access the service for as little as 4.99 per month, were joined by 14 million viewers who access the streamer for free through cable subscriptions or bundles, bringing the total number of users on the service to nearly 30 million, according to CEO Brian Roberts.
“Peacock has become the best streaming value in the market, providing customers with a massive premium content offering across movies, TV, Entertainment, Sports and news in English and in Spanish,” Roberts said during the conference call with analysts.
Also Read:
Comcast Tops Wall Street Expectations Even as it Swings to Q3 Loss on 1.5 Revenue Slip
The subscriber increase also...
The increase was a nearly 70 leap year-to-date, notable after Peacock’s subscriptions showed no net gains in the prior quarter.
Parent Comcast Communications said Thursday that the paid subscribers, who access the service for as little as 4.99 per month, were joined by 14 million viewers who access the streamer for free through cable subscriptions or bundles, bringing the total number of users on the service to nearly 30 million, according to CEO Brian Roberts.
“Peacock has become the best streaming value in the market, providing customers with a massive premium content offering across movies, TV, Entertainment, Sports and news in English and in Spanish,” Roberts said during the conference call with analysts.
Also Read:
Comcast Tops Wall Street Expectations Even as it Swings to Q3 Loss on 1.5 Revenue Slip
The subscriber increase also...
- 10/27/2022
- by Eileen AJ Connelly
- The Wrap
Click here to read the full article.
As mergers and acquisitions talk continues to dominate the media sector, Comcast CEO Brian Roberts has once again thrown cold water on deal speculation surrounding the cable and media giant, including NBCUniversal.
If he and NBCUniversal CEO Jeff Shell have planned any big moves for new media assets, they didn’t show their hand with Wall Street analysts during a call following the release of Comcast’s third quarter financial results.
“The bar is the highest it’s been in terms of M&a … We feel really great about that opportunity to look at things, but we really like the company we’ve got,” Roberts told analysts amid a backdrop of Hollywood deal-making following the Discovery-WarnerMedia merger. (His Warner Bros. Discovery rival, David Zaslav, told staff at a September town hall that Wbd is “absolutely not for sale.”)
Comcast president and CFO...
As mergers and acquisitions talk continues to dominate the media sector, Comcast CEO Brian Roberts has once again thrown cold water on deal speculation surrounding the cable and media giant, including NBCUniversal.
If he and NBCUniversal CEO Jeff Shell have planned any big moves for new media assets, they didn’t show their hand with Wall Street analysts during a call following the release of Comcast’s third quarter financial results.
“The bar is the highest it’s been in terms of M&a … We feel really great about that opportunity to look at things, but we really like the company we’ve got,” Roberts told analysts amid a backdrop of Hollywood deal-making following the Discovery-WarnerMedia merger. (His Warner Bros. Discovery rival, David Zaslav, told staff at a September town hall that Wbd is “absolutely not for sale.”)
Comcast president and CFO...
- 10/27/2022
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Click here to read the full article.
NBCUniversal, Comcast’s entertainment arm, talked Peacock on Wednesday as the media giant looks to its streaming service to offset continuing decline for its linear cable and pay TV businesses.
On a morning analyst call following the release of Comcast’s third quarter financial results, NBCUniversal CEO Jeff Shell, asked about the latest strategic focus for Peacock, talked about investing in the streaming platform for scale to better monetize film and TV content overall.
Peacock paid subscribers in the U.S. “surpassed 15 million” as of the end of September, as NBCUniversal took an adjusted Ebitda loss of 614 million related to the streaming service.
“We want to get Peacock to a scale where we’re fairly indifferent between content going on linear and content going on Peacock and having the best platform out there, and we think we’re well on our way to that,...
NBCUniversal, Comcast’s entertainment arm, talked Peacock on Wednesday as the media giant looks to its streaming service to offset continuing decline for its linear cable and pay TV businesses.
On a morning analyst call following the release of Comcast’s third quarter financial results, NBCUniversal CEO Jeff Shell, asked about the latest strategic focus for Peacock, talked about investing in the streaming platform for scale to better monetize film and TV content overall.
Peacock paid subscribers in the U.S. “surpassed 15 million” as of the end of September, as NBCUniversal took an adjusted Ebitda loss of 614 million related to the streaming service.
“We want to get Peacock to a scale where we’re fairly indifferent between content going on linear and content going on Peacock and having the best platform out there, and we think we’re well on our way to that,...
- 10/27/2022
- by Etan Vlessing
- The Hollywood Reporter - Movie News
One of the nation’s biggest media companies is navigating its way through a challenging period, when two of its main flows of revenue have started to narrow.
Cable-and-entertainment giant Comcast Corp. said that its flagship business continued to grapple with industry headwinds, as it added just 14,000 broadband subscribers in the third quarter and saw ad revenue decline in the wake of the absence of an Olympics telecast this year.
The Philadelphia company’s third quarter revenue dipped 1.5, to 29.85 billion. The quarter lacked a TV extravaganza like last year’s Tokyo Olympics, and the company’s NBCUniversal business reported a 35.1 drop in advertising sales. NBCU said its Peacock streaming hub had 15 million paid subscribers, compared with 13 million in the previous quarter.
Net loss attributable to Comcast came to 4.6 billion, or 1.05 per share, compared with a profit of 4.04 billion, or 86 cents per share, in the year-earlier period. Comcast took on non-cash...
Cable-and-entertainment giant Comcast Corp. said that its flagship business continued to grapple with industry headwinds, as it added just 14,000 broadband subscribers in the third quarter and saw ad revenue decline in the wake of the absence of an Olympics telecast this year.
The Philadelphia company’s third quarter revenue dipped 1.5, to 29.85 billion. The quarter lacked a TV extravaganza like last year’s Tokyo Olympics, and the company’s NBCUniversal business reported a 35.1 drop in advertising sales. NBCU said its Peacock streaming hub had 15 million paid subscribers, compared with 13 million in the previous quarter.
Net loss attributable to Comcast came to 4.6 billion, or 1.05 per share, compared with a profit of 4.04 billion, or 86 cents per share, in the year-earlier period. Comcast took on non-cash...
- 10/27/2022
- by Brian Steinberg
- Variety Film + TV
Comcast narrowly beat Wall Street estimates in the third quarter despite volatility in the UK and Europe, tough comparisons with the year-ago Tokyo Olympics quarter and ongoing cord-cutting.
Earnings per share came in at 96 cents, six cents better than analysts’ consensus estimate and 10 ahead of the same quarter in 2021. Total revenue also cleared the bar at 29.8 billion, though it was down 1.5 from the year-ago period.
At NBCUniversal, adjusted Ebitda rose almost 25 to 1.7 billion despite losses at streaming service Peacock. Revenue slid 4 to 9.6 billion. Comparisons were tough across the board with the year-ago quarter, which included 1.8 billion of incremental revenue from the Tokyo Olympics. When the Olympics are taken out, media division revenue gained 4, Comcast said.
The highlight within NBCU was the studios division, where revenue shot up 31 to 3.2 billion, on rising theatrical and licensing fortunes. The successful releases of Jurassic World: Dominion and Minions:
The Rise of Gru came during the quarter.
Earnings per share came in at 96 cents, six cents better than analysts’ consensus estimate and 10 ahead of the same quarter in 2021. Total revenue also cleared the bar at 29.8 billion, though it was down 1.5 from the year-ago period.
At NBCUniversal, adjusted Ebitda rose almost 25 to 1.7 billion despite losses at streaming service Peacock. Revenue slid 4 to 9.6 billion. Comparisons were tough across the board with the year-ago quarter, which included 1.8 billion of incremental revenue from the Tokyo Olympics. When the Olympics are taken out, media division revenue gained 4, Comcast said.
The highlight within NBCU was the studios division, where revenue shot up 31 to 3.2 billion, on rising theatrical and licensing fortunes. The successful releases of Jurassic World: Dominion and Minions:
The Rise of Gru came during the quarter.
- 10/27/2022
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
Peacock, the streaming service of Comcast’s entertainment unit NBCUniversal, grew its third-quarter revenue strongly, but its loss widened again, while NBCU increased its earnings for the latest period by more than 20 percent.
Studios revenue and earnings jumped, helped by the likes of Minions: The Rise of Gru.
Comcast also said that it recorded “noncash impairment charges related to goodwill and intangible assets in our Sky segment totaling 8.6 billion.” The media, telecom and technology giant had in 2018 acquired European pay TV powerhouse Sky for 39 billion. On Thursday, it said the impairments “primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories.”
Wells Fargo analyst Steven Cahall wrote in a first reaction note: “The impairment likely marks Sky’s assets down from its purchase price to a new level reflecting lower estimated future earnings.
Peacock, the streaming service of Comcast’s entertainment unit NBCUniversal, grew its third-quarter revenue strongly, but its loss widened again, while NBCU increased its earnings for the latest period by more than 20 percent.
Studios revenue and earnings jumped, helped by the likes of Minions: The Rise of Gru.
Comcast also said that it recorded “noncash impairment charges related to goodwill and intangible assets in our Sky segment totaling 8.6 billion.” The media, telecom and technology giant had in 2018 acquired European pay TV powerhouse Sky for 39 billion. On Thursday, it said the impairments “primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories.”
Wells Fargo analyst Steven Cahall wrote in a first reaction note: “The impairment likely marks Sky’s assets down from its purchase price to a new level reflecting lower estimated future earnings.
- 10/27/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
Comcast Corporation has promoted Mike Cavanagh to president, making him the third person to occupy the role in the company’s 59-year history. He will continue to serve as chief financial officer in addition to working closely with chairman-ceo Brian Roberts on managing the company’s cable and broadband operations as well as NBCUniversal.
“Today’s promotion will come as no surprise – Mike is admired and trusted by those who know and work with him,” Roberts said. “Mike has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He’s an outstanding partner and together we are focused on continuing to create new and exciting opportunities for growth.”
Cavanagh cited the company’s “exceptional businesses with world-class executives,” naming Sky CEO Dana Strong, Comcast Cable chief Dave Watson and NBCU chief executive Jeff Shell. “I look forward to working together to shape the bright future of Comcast.
“Today’s promotion will come as no surprise – Mike is admired and trusted by those who know and work with him,” Roberts said. “Mike has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He’s an outstanding partner and together we are focused on continuing to create new and exciting opportunities for growth.”
Cavanagh cited the company’s “exceptional businesses with world-class executives,” naming Sky CEO Dana Strong, Comcast Cable chief Dave Watson and NBCU chief executive Jeff Shell. “I look forward to working together to shape the bright future of Comcast.
- 10/12/2022
- by BreAnna Bell
- Variety Film + TV
NBCUniversal parent Comcast has promoted CFO Mike Cavanagh to president, working closely with chairman-ceo Brian Roberts to manage the business and teams across the sprawling company.
He’ll only be the third executive to hold that title in the company’s 59-year history, Comcast noted, and will also remain chief financial officer.
“Today’s promotion will come as no surprise – Mike is admired and trusted by those who know and work with him,” said Roberts. “Mike has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He’s an outstanding partner and together we are focused on continuing to create new and exciting opportunities for growth.”
“It’s an honor to work with Brian to lead this great company,” Cavanagh added. “We have exceptional businesses with world-class executives in Dana, Dave and Jeff, and I’m proud to call them my partners.
He’ll only be the third executive to hold that title in the company’s 59-year history, Comcast noted, and will also remain chief financial officer.
“Today’s promotion will come as no surprise – Mike is admired and trusted by those who know and work with him,” said Roberts. “Mike has brought incredible operational and financial expertise to Comcast and is an integral part of our special company. He’s an outstanding partner and together we are focused on continuing to create new and exciting opportunities for growth.”
“It’s an honor to work with Brian to lead this great company,” Cavanagh added. “We have exceptional businesses with world-class executives in Dana, Dave and Jeff, and I’m proud to call them my partners.
- 10/12/2022
- by Jill Goldsmith
- Deadline Film + TV
Has Peacock regained its forward momentum?
NBCUniversal CEO Jeff Shell claimed the media company’s flagship streamer notched healthy growth in the third quarter — thanks to a strong content lineup, including Peacock’s reclaiming day-after-air rights to episodes of NBCU shows from Hulu.
Shell, in an appearance Tuesday on CNBC, said Peacock added more than 2 million paid subscribers in Q3, to top 15 million. Overall, Peacock’s active user accounts is now at 30 million, he said, up more than 3 million in the September quarter.
“If you have the right content, and you offer a broad distribution platform, your consumers are going to find you — and that’s what we’re doing with Peacock,” Shell said.
The Q3 growth is an improvement over the second quarter — when Peacock’s paid customer based was flat at 13 million and Peacock’s overall active accounts actually declined by about 1 million.
One of the drivers for Peacock’s turnaround,...
NBCUniversal CEO Jeff Shell claimed the media company’s flagship streamer notched healthy growth in the third quarter — thanks to a strong content lineup, including Peacock’s reclaiming day-after-air rights to episodes of NBCU shows from Hulu.
Shell, in an appearance Tuesday on CNBC, said Peacock added more than 2 million paid subscribers in Q3, to top 15 million. Overall, Peacock’s active user accounts is now at 30 million, he said, up more than 3 million in the September quarter.
“If you have the right content, and you offer a broad distribution platform, your consumers are going to find you — and that’s what we’re doing with Peacock,” Shell said.
The Q3 growth is an improvement over the second quarter — when Peacock’s paid customer based was flat at 13 million and Peacock’s overall active accounts actually declined by about 1 million.
One of the drivers for Peacock’s turnaround,...
- 10/4/2022
- by Todd Spangler
- Variety Film + TV
Hulu’s loss is Peacock’s gain.
NBCUniversal’s claw-back of programming rights from Disney’s Hulu has resulted in the removal this week of dozens of past seasons of popular shows on the streamer — including the entire run of “Keeping Up With the Kardashians” — as those have now flown over to NBCU’s own Peacock.
Seasons 1-20 of “Keeping Up With the Kardashians,” which originally aired on E!, expired on Hulu as of Sept. 18. They’re now available to stream only on Peacock in the U.S. Hulu, however, has all-new material for fans of the celebrity clan: “The Kardashians” reality series returned this week for Season 2.
In addition, multiple seasons of Bravo’s “Real Housewives” franchise are no longer on Hulu. Those include “The Real Housewives of Beverly Hills” Seasons 1-15; “The Real Housewives of Atlanta” Seasons 1-13; “The Real Housewives of New Jersey: Seasons 1-11”; “The Real...
NBCUniversal’s claw-back of programming rights from Disney’s Hulu has resulted in the removal this week of dozens of past seasons of popular shows on the streamer — including the entire run of “Keeping Up With the Kardashians” — as those have now flown over to NBCU’s own Peacock.
Seasons 1-20 of “Keeping Up With the Kardashians,” which originally aired on E!, expired on Hulu as of Sept. 18. They’re now available to stream only on Peacock in the U.S. Hulu, however, has all-new material for fans of the celebrity clan: “The Kardashians” reality series returned this week for Season 2.
In addition, multiple seasons of Bravo’s “Real Housewives” franchise are no longer on Hulu. Those include “The Real Housewives of Beverly Hills” Seasons 1-15; “The Real Housewives of Atlanta” Seasons 1-13; “The Real Housewives of New Jersey: Seasons 1-11”; “The Real...
- 9/23/2022
- by Todd Spangler
- Variety Film + TV
Click here to read the full article.
As Disney prepares to buy out the remainder of Comcast’s stake in Hulu by 2024, top executives at the two companies have increasingly taken their negotiating tactics public as they weigh the worth of the streaming service.
Speaking to a crowd of investors in San Francisco on Sept. 14, Disney CEO Bob Chapek said he’d like to integrate Hulu into Disney+ “earlier” rather than later, but doing so would require “reasonable terms” from Comcast, which still owns a 33 percent stake in the streaming service.
“We’d have to have full ownership of Hulu to integrate it into Disney+. We would love to get to the endpoint earlier, but that obviously takes some level of propensity for the other party to have reasonable terms for us to get there,” Chapek said. “And if we could get there, I would be more than happy to try to facilitate that.
As Disney prepares to buy out the remainder of Comcast’s stake in Hulu by 2024, top executives at the two companies have increasingly taken their negotiating tactics public as they weigh the worth of the streaming service.
Speaking to a crowd of investors in San Francisco on Sept. 14, Disney CEO Bob Chapek said he’d like to integrate Hulu into Disney+ “earlier” rather than later, but doing so would require “reasonable terms” from Comcast, which still owns a 33 percent stake in the streaming service.
“We’d have to have full ownership of Hulu to integrate it into Disney+. We would love to get to the endpoint earlier, but that obviously takes some level of propensity for the other party to have reasonable terms for us to get there,” Chapek said. “And if we could get there, I would be more than happy to try to facilitate that.
- 9/21/2022
- by Caitlin Huston and J. Clara Chan
- The Hollywood Reporter - Movie News
Click here to read the full article.
In early August — two days after David Zaslav terminated his brief honeymoon with Hollywood by dumping the HBO Max film Batgirl — the Warner Bros. Discovery CEO was still sounding confident about the future of one of the studio’s most important properties.
“You look at Batman, Superman, Wonder Woman, Aquaman — these are brands that are known everywhere in the world,” Zaslav told investors. “We have done a reset. We’ve restructured the business where we are going to focus, where there is going to be a team with a 10-year plan focusing just on DC.”
But the declaration of the DC reset was premature. Zaslav is continuing to meet with prospective candidates to lead the effort, but surprising to no one, he has not found a Kevin Feige clone. A negotiation with producer Dan Lin became public (possibly due to a meeting that...
In early August — two days after David Zaslav terminated his brief honeymoon with Hollywood by dumping the HBO Max film Batgirl — the Warner Bros. Discovery CEO was still sounding confident about the future of one of the studio’s most important properties.
“You look at Batman, Superman, Wonder Woman, Aquaman — these are brands that are known everywhere in the world,” Zaslav told investors. “We have done a reset. We’ve restructured the business where we are going to focus, where there is going to be a team with a 10-year plan focusing just on DC.”
But the declaration of the DC reset was premature. Zaslav is continuing to meet with prospective candidates to lead the effort, but surprising to no one, he has not found a Kevin Feige clone. A negotiation with producer Dan Lin became public (possibly due to a meeting that...
- 9/16/2022
- by Kim Masters
- The Hollywood Reporter - Movie News
With a bit more than a year left before Disney can buy out Comcast’s financial stake in Hulu, Comcast CEO Brian Roberts pushed back on Disney CEO Bob Chapek’s suggestion that Hulu’s value has declined amid public market skepticism about streaming.
“I would take great exception to” that assessment (which Chapek expressed in an interview last weekend with the Financial Times), Roberts said during an appearance at the Goldman Sachs Communacopia & Tech Conference.
“Hulu’s a phenomenal business,” Roberts asserted. A 15-year-old, fully distributed streaming service would generate a “robust auction” were Disney to decide to put it up for sale. In that (unlikely but fascinating) scenario, he added, “Comcast would be interested, and so would a number of tech and media companies. … I don’t know that the public markets are the way to judge the value.”
In 2019, as it completed the 71.3 billion acquisition of most of 21st Century Fox,...
“I would take great exception to” that assessment (which Chapek expressed in an interview last weekend with the Financial Times), Roberts said during an appearance at the Goldman Sachs Communacopia & Tech Conference.
“Hulu’s a phenomenal business,” Roberts asserted. A 15-year-old, fully distributed streaming service would generate a “robust auction” were Disney to decide to put it up for sale. In that (unlikely but fascinating) scenario, he added, “Comcast would be interested, and so would a number of tech and media companies. … I don’t know that the public markets are the way to judge the value.”
In 2019, as it completed the 71.3 billion acquisition of most of 21st Century Fox,...
- 9/15/2022
- by Dade Hayes
- Deadline Film + TV
Is there a bidding war brewing over Hulu? Comcast chairman and CEO Brian Roberts called Hulu a “phenomenal business” — and said that if Disney were willing to sell it, the cable and media company would be interested in buying it out.
“Hulu’s a phenomenal business. Its scale is fantastic. It has wonderful content,” Roberts said, speaking Wednesday at Goldman Sachs’ Communacopia + Technology Conference 2022 in San Francisco. “If it was up for sale, Comcast would be interested” in buying 100 of Hulu, and “others would I think as well.”
Roberts was asked about Disney CEO Bob Chapek’s recent comments, in an interview with the Ft, that when Comcast and Disney inked their deal in May 2019 giving Disney control of Hulu, investors were more bullish on streaming services — and that enthusiasm for the business has waned in the three years since. “I would take great exception to that,” Roberts said.
Disney...
“Hulu’s a phenomenal business. Its scale is fantastic. It has wonderful content,” Roberts said, speaking Wednesday at Goldman Sachs’ Communacopia + Technology Conference 2022 in San Francisco. “If it was up for sale, Comcast would be interested” in buying 100 of Hulu, and “others would I think as well.”
Roberts was asked about Disney CEO Bob Chapek’s recent comments, in an interview with the Ft, that when Comcast and Disney inked their deal in May 2019 giving Disney control of Hulu, investors were more bullish on streaming services — and that enthusiasm for the business has waned in the three years since. “I would take great exception to that,” Roberts said.
Disney...
- 9/15/2022
- by Todd Spangler
- Variety Film + TV
Click here to read the full article.
As more competitors enter the advertising-supported streaming space, including Netflix and Disney, Peacock executives believe the platform remains in a leadership position.
“We know there’s competition coming our way, but we’re out ahead with a really good team,” said Jason Armstrong, executive vp, deputy chief financial officer and treasurer of NBCUniversal owner Comcast Corporation.
Speaking at Bank of America Securities 2022 Media, Communications & Entertainment Conference Thursday, Armstrong cited the 7 billion NBCUniversal brought in at the recent upfronts, with 1 billion of that going to Peacock as evidence.
He also addressed the company’s reported consideration as an advertising partner for Netflix, citing it as a signal of Comcast’s strength in advertising technology and saying that the company was “near the top” of Netflix’s list, but “may not have been willing to write the biggest guarantee around it.”
This view even after...
As more competitors enter the advertising-supported streaming space, including Netflix and Disney, Peacock executives believe the platform remains in a leadership position.
“We know there’s competition coming our way, but we’re out ahead with a really good team,” said Jason Armstrong, executive vp, deputy chief financial officer and treasurer of NBCUniversal owner Comcast Corporation.
Speaking at Bank of America Securities 2022 Media, Communications & Entertainment Conference Thursday, Armstrong cited the 7 billion NBCUniversal brought in at the recent upfronts, with 1 billion of that going to Peacock as evidence.
He also addressed the company’s reported consideration as an advertising partner for Netflix, citing it as a signal of Comcast’s strength in advertising technology and saying that the company was “near the top” of Netflix’s list, but “may not have been willing to write the biggest guarantee around it.”
This view even after...
- 9/8/2022
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Click here to read the full article.
With M&a speculation swirling around the entertainment industry, including NBCUniversal owner Comcast, the media giant’s chairman and CEO Brian Roberts reiterated that the bar for acquisitions was “very high” for his team.
Asked on Thursday during the second-quarter earnings conference call how he feels about the state and look of the conglomerate, he said: “We are in a fabulous place.” He continued: “We have unprecedented cash flow and scale” with a company whose various businesses are working “really well together.”
His team is always thinking about “whether this is the competitive, right set [of assets] for the company, and I feel it is,” added Roberts. “All parts of the company are really doing a great job in some interesting times. … I feel we are able to return capital to shareholders. I think that has been a real focus.”
In terms of possible acquisitions, “our...
With M&a speculation swirling around the entertainment industry, including NBCUniversal owner Comcast, the media giant’s chairman and CEO Brian Roberts reiterated that the bar for acquisitions was “very high” for his team.
Asked on Thursday during the second-quarter earnings conference call how he feels about the state and look of the conglomerate, he said: “We are in a fabulous place.” He continued: “We have unprecedented cash flow and scale” with a company whose various businesses are working “really well together.”
His team is always thinking about “whether this is the competitive, right set [of assets] for the company, and I feel it is,” added Roberts. “All parts of the company are really doing a great job in some interesting times. … I feel we are able to return capital to shareholders. I think that has been a real focus.”
In terms of possible acquisitions, “our...
- 7/28/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
Comcast’s stock price took a hit Thursday after the company’s second quarter earnings report revealed subscriber losses at Peacock and a slowdown in the broadband growth that has been so strong for the cable giant in recent quarters.
Comcast shares were down more than 8 in early trading Thursday following the before-market earnings release and hourlong investor call. The stock fell sharply at the opening and hovered around 39.80 mark. The Dow and Nasdaq also took an early dip after opening the day in green territory.
Comcast’s quarterly performance in other areas will likely satisfy Wall Street, said analyst Craig Moffett in a research note Thursday. “None of that will matter, though. There is only one number that anyone cares about. Zero,” he added.
The Philadelphia owner of NBCUniversal and the giant Comcast cable business said its high-speed internet customers in the quarter — a key metric –was basically the...
Comcast shares were down more than 8 in early trading Thursday following the before-market earnings release and hourlong investor call. The stock fell sharply at the opening and hovered around 39.80 mark. The Dow and Nasdaq also took an early dip after opening the day in green territory.
Comcast’s quarterly performance in other areas will likely satisfy Wall Street, said analyst Craig Moffett in a research note Thursday. “None of that will matter, though. There is only one number that anyone cares about. Zero,” he added.
The Philadelphia owner of NBCUniversal and the giant Comcast cable business said its high-speed internet customers in the quarter — a key metric –was basically the...
- 7/28/2022
- by Cynthia Littleton
- Variety Film + TV
Click here to read the full article.
It’s the end of an era. But is it the start of a new dawn? For 40 years, Vince McMahon reigned as the boss of World Wrestling Entertainment. Then, after The Wall Street Journal reported that he had sexual relationships with female employees and gave them millions in alleged hush money payments, he abruptly retired July 22 as chairman and CEO. The company now says it will revise past financial statements to account for 14.6 million in “unrecorded expenses” that have or will be made by McMahon from 2006 through 2022, with investigations also alluded to in filings.
The transition is leading some financial observers to bring up a question that’s been brewing for years: Could WWE now be sold by McMahon, its controlling shareholder? Loop Capital analyst Alan Gould is among those who see an increased chance of that happening. He upgraded WWE’s stock...
It’s the end of an era. But is it the start of a new dawn? For 40 years, Vince McMahon reigned as the boss of World Wrestling Entertainment. Then, after The Wall Street Journal reported that he had sexual relationships with female employees and gave them millions in alleged hush money payments, he abruptly retired July 22 as chairman and CEO. The company now says it will revise past financial statements to account for 14.6 million in “unrecorded expenses” that have or will be made by McMahon from 2006 through 2022, with investigations also alluded to in filings.
The transition is leading some financial observers to bring up a question that’s been brewing for years: Could WWE now be sold by McMahon, its controlling shareholder? Loop Capital analyst Alan Gould is among those who see an increased chance of that happening. He upgraded WWE’s stock...
- 7/28/2022
- by Georg Szalai
- The Hollywood Reporter - Movie News
Communications giant Comcast said demand for two of its most important services — broadband and the NBCU streaming-video site Peacock — slowed in the second quarter, as the prospect of a deteriorating economy ate into consumers’ ability to purchase goods and services that may not be core to their daily lives and after the streaming hub offered a more robust slate of content, including the Super Bowl and the Olympics, in the first quarter.
The Philadelphia owner of NBCUniversal and the giant Comcast cable business said its high-speed internet customers in the quarter — a key metric –was basically the same as in the previous period., 32.1 million compared with 31.3 million. Subscriptions to Peacock, meanwhile, were “flat” at 13 million for the period, the company said. even as the costs to develop content for the service increased. Overall revenue rose 5.1 to 30.01 billion compared with 28.5 billion in the year-earlier period, as NBCU’s studios and theme...
The Philadelphia owner of NBCUniversal and the giant Comcast cable business said its high-speed internet customers in the quarter — a key metric –was basically the same as in the previous period., 32.1 million compared with 31.3 million. Subscriptions to Peacock, meanwhile, were “flat” at 13 million for the period, the company said. even as the costs to develop content for the service increased. Overall revenue rose 5.1 to 30.01 billion compared with 28.5 billion in the year-earlier period, as NBCU’s studios and theme...
- 7/28/2022
- by Brian Steinberg
- Variety Film + TV
Comcast Corps.’s second quarter revenue managed to top Wall Street expectations, yet a lack of growth from broadband customers and Peacock subscribers pushed the company’s stock down in pre-market trading.
The cable giant reported second-quarter revenue of 30 billion and an adjusted earnings per share of 1.01, a rise of 20.2 year over year as a result of a record quarter for the conglomerate in cable and a big quarter from its theme parks. However, NBCUniversal streaming service Peacock saw its paid subscribers stay relatively flat at just 13 million and operated at a loss of 467 million.
These numbers are in the ballpark of analyst expectations via Yahoo Finance, which projected an average estimate of 29.7 billion in revenue and 92 cents Eps. However, Comcast shares slumped nearly 6 to 41.01 in pre-market trading, well below its 52-week high of 61.80. That stock market dip may partially be due to the fact that Comcast failed to add...
The cable giant reported second-quarter revenue of 30 billion and an adjusted earnings per share of 1.01, a rise of 20.2 year over year as a result of a record quarter for the conglomerate in cable and a big quarter from its theme parks. However, NBCUniversal streaming service Peacock saw its paid subscribers stay relatively flat at just 13 million and operated at a loss of 467 million.
These numbers are in the ballpark of analyst expectations via Yahoo Finance, which projected an average estimate of 29.7 billion in revenue and 92 cents Eps. However, Comcast shares slumped nearly 6 to 41.01 in pre-market trading, well below its 52-week high of 61.80. That stock market dip may partially be due to the fact that Comcast failed to add...
- 7/28/2022
- by Brandon Katz and Brian Welk
- The Wrap
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.