DIS Shareholders and Stock Info ONLY

[wabbott]

Unlike YouTube where it costs them nothing for new content, it's costing Disney a fortune to do the same. Why not put more of the library they have up.

Way back in the days of VHS and DVD releases (80s & 90s) of DIS classics, they had an elaborate formula of when, at what price, how, and in what order movies were put on the market. Could be they're trying to mimic that strategy?

 

[wabbott]

https://www.bizjournals.com/orlando...utm_source=sy&utm_medium=nsyp&utm_campaign=yh

Disney workers' union to reject contract offer​

By Richard Bilbao – Digital Producer/Senior Staff Writer, Orlando Business Journal
Jan 27, 2023

All six Walt Disney World workers' union chaptersrepresenting Orlando employees in the Service Trades Council Union (STCU) have recommended their members turn down the latest contract offer from the theme park giant.
Unite Here, a group of union chapters, shared via social media that its members — representing over 30,000 local workers — will vote "no" on a proposed $1 a year raise.

---

Why this matters: Theme parks, hotels, entertainment and more all have unions that work to meet the needs of members. These discussions and decisions can influence the level of retention and attractiveness at companies. In addition, when one theme park raises wages, others may follow suit.

---

"Workers at Disney have been clear that they need immediate, large raises," said a release posted on social media. "Disney is proposing raises of $1 a year for most workers, but $1 is not enough pay for the cost-of-living crisis that workers are facing in Central Florida."

Other subsequent social media posts say the group will keep "fighting" for raises for Disney workers, who are referred to as cast members.

However, Disney spokeswoman Andrea Finger said the deal the company offered was "strong."

“This very strong offer provides our cast members with a nearly 10% average increase immediately and guaranteed raises for the next four years with every single non-tipped cast member promised at least a $20 starting wage during the contract, and the majority seeing a 33% to 46% increase during that time.”

Specifics in the contract also included:

• 25% of non-tipped STCU roles will reach $20 an hour wages in the first year of the contract. Also, a third of union workers will see an hourly wage increase of 16% within the first year. The raises may increase hourly rates from $15 now to between $16 to $24, with other increases in subsequent years.
• Housekeeping and bus drivers will see wages increase to at least $20 per hour and culinary workers to $20 to 25 per hour, depending on the role.
• Retroactive pay dating back to October 2022 would be paid starting at a minimum $700 for employees working 40-hour weeks.
• Along with a pension, a new 401(k) option would be implemented.
• Eight weeks of paid child-bonding for eligible workers

Florida's minimum wage of $11 per hour is scheduled to increase to $15 an hour by 2026, with a $1 increase each Sept. 30.

Walt Disney World — the nation's largest single-site employer — has four local theme parks: Magic Kingdom, Epcot, Animal Kingdom and Hollywood Studios. The resort alone is the top generator for visitation to Orlando, attracting more than 50 million guests in previous years — many of those repeat visitors.

Disney (NYSE: DIS) also owns two area water parks, Blizzard Beach and Typhoon Lagoon, as well as several themed hotels, golf courses, a camping resort, timeshare properties, ESPN Wide World of Sports and the Disney Springs dining/shopping/entertainment district.

In addition, the company is building a new 60-acre office complex in Lake Nona expected to be completed by 2026. That will be a significant economic driver for the region, as it will add at least another 2,000 jobs in Central Florida, including some Disney workers moving here from California.

 

[wabbott]

https://deadline.com/2023/01/avatar...s-global-box-office-james-cameron-1235243382/

‘Avatar: The Way Of Water’ Moves Up To No. 4 Biggest Movie Ever Global, Leaving ‘Force Awakens’ In Its Wake​

By Nancy Tartaglione
International Box Office Editor/Senior Contributor
January 28, 2023 8:41am PST

Earlier this week, James Cameron’s Avatar: The Way of Water became the No. 5 highest-grossing movie ever worldwide, and, as expected, has now surfed to the No. 4 position on the all-time chart. In so doing, it leaves Star Wars: The Force Awakens in its wake with nearly $2.075B globally.

Through Friday, the worldwide gross on the 20th Century Studios/Disney/Lightstorm epic Avatar sequel is $2,074.8M, overtaking Force Awakens’ $2.071B. This means that Cameron has three of the top four movies ever globally alongside the original Avatar at No. 1 and Titanic at No. 3. Avatar: The Way of Water will top Titanic in the coming week or so on a global basis. However, Paramount is doing a Titanic domestic rerelease in time for Valentine’s Day, and Disney is also handling offshore before Ant-Man and The Wasp: Quantumania gets going, so there could be some jockeying ahead as we noted on Thursday.

For Disney, the recent Avatar milestones mean the studio has released three of the top five global titles ever (including Avengers: Endgame at No. 2, while Fox back in the day, before it was under the Disney umbrella, released the first Avatar).

At the international box office, Best Picture Oscar nominee Way of Water is still No. 4 of all time with $1,466.3M through Friday. Domestically, it is No. 13 at $608.5M.
Through Friday, the sci-fi adventure’s top overseas markets are: China ($235.4M), France ($133.2M), Germany ($120.2M), Korea ($101.5M), the UK ($83.5M), India ($58.3M), Australia ($57.5M), Mexico ($52.3M), Spain ($48.1M) and Italy ($45.8M).

 

[Cfabar1]

What is the current wage? How far is it from the $18/hr the workers are hoping to receive?

Will be interesting to watch... How would a strike affect park operations?

 

[Disney Bobby]

https://www.bizjournals.com/orlando...utm_source=sy&utm_medium=nsyp&utm_campaign=yh

Disney workers' union to reject contract offer​

By Richard Bilbao – Digital Producer/Senior Staff Writer, Orlando Business Journal
Jan 27, 2023

All six Walt Disney World workers' union chaptersrepresenting Orlando employees in the Service Trades Council Union (STCU) have recommended their members turn down the latest contract offer from the theme park giant.
Unite Here, a group of union chapters, shared via social media that its members — representing over 30,000 local workers — will vote "no" on a proposed $1 a year raise.

---

Why this matters: Theme parks, hotels, entertainment and more all have unions that work to meet the needs of members. These discussions and decisions can influence the level of retention and attractiveness at companies. In addition, when one theme park raises wages, others may follow suit.

---

"Workers at Disney have been clear that they need immediate, large raises," said a release posted on social media. "Disney is proposing raises of $1 a year for most workers, but $1 is not enough pay for the cost-of-living crisis that workers are facing in Central Florida."

Other subsequent social media posts say the group will keep "fighting" for raises for Disney workers, who are referred to as cast members.

However, Disney spokeswoman Andrea Finger said the deal the company offered was "strong."

“This very strong offer provides our cast members with a nearly 10% average increase immediately and guaranteed raises for the next four years with every single non-tipped cast member promised at least a $20 starting wage during the contract, and the majority seeing a 33% to 46% increase during that time.”

Specifics in the contract also included:

• 25% of non-tipped STCU roles will reach $20 an hour wages in the first year of the contract. Also, a third of union workers will see an hourly wage increase of 16% within the first year. The raises may increase hourly rates from $15 now to between $16 to $24, with other increases in subsequent years.
• Housekeeping and bus drivers will see wages increase to at least $20 per hour and culinary workers to $20 to 25 per hour, depending on the role.
• Retroactive pay dating back to October 2022 would be paid starting at a minimum $700 for employees working 40-hour weeks.
• Along with a pension, a new 401(k) option would be implemented.
• Eight weeks of paid child-bonding for eligible workers

Florida's minimum wage of $11 per hour is scheduled to increase to $15 an hour by 2026, with a $1 increase each Sept. 30.

Walt Disney World — the nation's largest single-site employer — has four local theme parks: Magic Kingdom, Epcot, Animal Kingdom and Hollywood Studios. The resort alone is the top generator for visitation to Orlando, attracting more than 50 million guests in previous years — many of those repeat visitors.

Disney (NYSE: DIS) also owns two area water parks, Blizzard Beach and Typhoon Lagoon, as well as several themed hotels, golf courses, a camping resort, timeshare properties, ESPN Wide World of Sports and the Disney Springs dining/shopping/entertainment district.

In addition, the company is building a new 60-acre office complex in Lake Nona expected to be completed by 2026. That will be a significant economic driver for the region, as it will add at least another 2,000 jobs in Central Florida, including some Disney workers moving here from California.

LOL. Disney leadership deserves this. They tried to virtue signal with the $15 per hour wage back before the pandemic, thinking that people would be ecstatic with that, and they could look all holier-than-thou in the media.

Now they can figure out how pay someone $25/hour + 401K + a pension + retroactive pay to hand out Mickey Mouse ice cream bars. If they think they will be able to squeeze that out of customers with their already high prices, they are crazy. Not a dime of it will come from me, that is for sure.

My guess is that you are about to see Disney pour a ton of money into automating anything they can. What they can't automate, they will consider cutting. No way Disney can support those demands.

 

[Disney Bobby]

What is the current wage? How far is it from the $18/hr the workers are hoping to receive?

Will be interesting to watch... How would a strike affect park operations?

If anybody should strike, it should be customers.

 

[wabbott]

https://www.barrons.com/articles/intel-stock-amd-disney-att-51674843188

Giant Swiss Bank Bought Up Intel, Disney, and AT&T Stock. It Sold AMD.
By Ed Lin
Jan. 29, 2023 8:00 am ET

A big Swiss bank made a call in chip stocks, and loaded up on media and entertainment shares.

Julius Baer of Zurich bought up Intel, Walt Disney, and AT&T stock, and sold the vast majority of its investment in Advanced Micro Devices in the fourth quarter. The private bank disclosed the stock trades in a form it filed with the Securities and Exchange Commission.

 

[Cfabar1]

LOL. Disney leadership deserves this. They tried to virtue signal with the $15 per hour wage back before the pandemic, thinking that people would be ecstatic with that, and they could look all holier-than-thou in the media.

Now they can figure out how pay someone $25/hour + 401K + a pension + retroactive pay to hand out Mickey Mouse ice cream bars. If they think they will be able to squeeze that out of customers with their already high prices, they are crazy. Not a dime of it will come from me, that is for sure.

My guess is that you are about to see Disney pour a ton of money into automating anything they can. What they can't automate, they will consider cutting. No way Disney can support those demands.

The devil is in the details, but what it sounded to me with the 401k was that it was an additional savings option, not that Disney would be funding it. It also sounds like the pension has existed for years and is just continuing an existing benefit. But I don’t know the details. If anyone has access to where they can be viewed, I’d be very curious.

 

[wabbott]

https://www.levels.fyi/companies/disney/benefits

 

[Cfabar1]

That’s a robust set of benefits. If the guy selling popcorn buckets gets family health insurance with 70 percent subsidy, paternity, dental, vision. Who gets 3 percent and who gets 9 percent towards pension? Big difference there.

I can see why Disney would feel the offer is fair and workers might feel like they don’t make enough money to take advantage of the benefits. That said, while my salary is higher than the Disney employees who might be striking, I don’t have anywhere near as robust a benefits package…

 

[New Mouse]

That’s a robust set of benefits. If the guy selling popcorn buckets gets family health insurance with 70 percent subsidy, paternity, dental, vision. Who gets 3 percent and who gets 9 percent towards pension? Big difference there.

I can see why Disney would feel the offer is fair and workers might feel like they don’t make enough money to take advantage of the benefits. That said, while my salary is higher than the Disney employees who might be striking, I don’t have anywhere near as robust a benefits package…

There isn't a labor force that wants to work for less. Who wants to help Bob Iger and Bob Chapek earn millions year in and year out while they can't even make an honest living off their Disney job.

 

[RivShore]

LOL. Disney leadership deserves this. They tried to virtue signal with the $15 per hour wage back before the pandemic, thinking that people would be ecstatic with that, and they could look all holier-than-thou in the media.

To be fair, the market forced them to $15. Many large employers have quickly moved to that and more. And the unemployment rate in central FL has been shockingly low at around 2% so what choice did they have?

 

[wabbott]

Here's a quote I recently saw. IMO, it applies to the Parks and Experiences Division, as it seems there's a general agreement here that WDW/DLR/DCA are all over-crowded and suffer from a lack of capacity.

"The company that needs a new machine tool, and hasn’t bought it, is already paying for it."

Charlie Munger

What say all y'all?

 

[Jrb1979]

Here's a quote I recently saw. IMO, it applies to the Parks and Experiences Division, as it seems there's a general agreement here that WDW/DLR/DCA are all over-crowded and suffer from a lack of capacity.

"The company that needs a new machine tool, and hasn’t bought it, is already paying for it."

Charlie Munger

What say all y'all?

They definitely need more capacity but nothing is coming any time soon. They have no interest in the domestic parks. A lot of that goes to how Burbank views the parks. In their mind parks are for Carnies.

 

[wabbott]

They definitely need more capacity but nothing is coming any time soon. They have no interest in the domestic parks. A lot of that goes to how Burbank views the parks. In their mind parks are for Carnies.

Then it's time that Burbank be motivated to change it's collective mind, and bring new blood to DIS' Board of Directors.

 

[RivShore]

Then it's time that Burbank be motivated to change it's collective mind, and bring new blood to DIS' Board of Directors.

That and an idea I think I posted here a while back - co-CEO's - one sits in Hollywood and runs the movie, TV, streaming end of the business and one sits in Orlando to run worldwide parks. That would have the side benefit of the parks CEO knowing the political landscape of the park areas (a Universal employee told me this is how they avoid some of the controversies Disney has got caught up in - the Universal Parks upper management team sits in the Orlando park without any direct input or influence from above or the West coast).

The co-CEO concept has worked well at Netflix, so well that they are keeping it after Reed Hastings retires. I wonder if Disney would ever consider it with all their never ending succession issues?

 

[wabbott]

That and an idea I think I posted here a while back - co-CEO's - one sits in Hollywood and runs the movie, TV, streaming end of the business and one sits in Orlando to run worldwide parks. That would have the side benefit of the parks CEO knowing the political landscape of the park areas (a Universal employee told me this is how they avoid some of the controversies Disney has got caught up in - the Universal Parks upper management team sits in the Orlando park without any direct input or influence from above or the West coast).

The co-CEO concept has worked well at Netflix, so well that they are keeping it after Reed Hastings retires. I wonder if Disney would ever consider it with all their never ending succession issues?

That may be a great solution. IIRC, back in the day when Dick Nunis ran the parks, he kept his office at WDW. He retired in 1999, after the death of Frank Wells and after Eisner took complete control of everything. I could see those two eventually having a showdown over how things were to be run.

I had an email exchange a couple of years ago with a former EVP of WDW who still does consulting work. He described Nunis as a "Force of Nature."

If you ever read Marty Sklar's book, you'll see that he and Nunis didn't get along, and he took several gratuitous shots at Nunis. Kinda petty, I thought. And since he was in Cali, likely he had Eisner's ear more often.

 

[Jrb1979]

That and an idea I think I posted here a while back - co-CEO's - one sits in Hollywood and runs the movie, TV, streaming end of the business and one sits in Orlando to run worldwide parks. That would have the side benefit of the parks CEO knowing the political landscape of the park areas (a Universal employee told me this is how they avoid some of the controversies Disney has got caught up in - the Universal Parks upper management team sits in the Orlando park without any direct input or influence from above or the West coast).

The co-CEO concept has worked well at Netflix, so well that they are keeping it after Reed Hastings retires. I wonder if Disney would ever consider it with all their never ending succession issues?

Unfortunately I don't see them going in that direction again. A big part of that is the focus on quarterlies. IMO it's hurting a lot more then it's helping.

 

[Disney Bobby]

To be fair, the market forced them to $15. Many large employers have quickly moved to that and more. And the unemployment rate in central FL has been shockingly low at around 2% so what choice did they have?

True, it has now due to all kinds of abnormal circumstances, but that was part of the deal 5 years ago with Disney. They were well ahead of the market.

 

[wabbott]

https://variety.com/2023/tv/news/showtime-renamed-paramount-plus-with-showtime-1235506843/

Jan 30, 2023 1:15pm PT
Showtime to Be Renamed ‘Paramount+ With Showtime’ as Part of Integration Across Linear, Streaming
By Jennifer Maas

Showtime is being integrated into Paramount+ across both linear and streaming platforms, resulting in a rebranding of the pay TV channel to “Paramount+ With Showtime.”

The updated offerings and Showtime name change will launch later in 2023, and only affect the premium tier of Paramount+ and the Showtime linear network in the U.S. Parent company Paramount Global sees the rebrand as a way to integrate streaming and linear content to the fullest extent within the company, at a time of much internal reorganization and macro-economic uncertainty across the industry.

“Now, with SHOWTIME’s content integrated into our flagship streaming service, and select Paramount+ originals joining the linear offering, Paramount+ will become the definitive multiplatform brand in the streaming space — and the first of its kind to integrate streaming and linear content in this way,” Paramount CEO Bob Bakish said in a memo to staff Monday. “This new combined offering demonstrates how we can leverage our entire collection of content to drive deeper connections with consumers and greater value for our distribution partnersThis change will also drive stronger alignment across our domestic and international Paramount+ offerings, as international Paramount+ already includes Showtime content. And, very importantly, this integration will unlock operational efficiencies and financial benefits across our broader portfolio.”
President and CEO of Showtime and Paramount Media Networks Chris McCarthy, who recently expanded his oversight to Showtime following the exit of longtime exec David Nevins, added in his own memo to staff: “As a part of Paramount+, we can put more resources into building out the lanes that have made the SHOWTIME brand famous, as well as turning our hit shows into global hit franchises. To do this, we will divert investment away from areas that are underperforming and that account for less than 10% of our views. We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential.”

Some of these projects got the ax as the news of the rebrand broke Monday, with the cancellations of “Let the Right One In” and “American Giglio,” and the scrapping of upcoming Shailene Woodley-led drama “Three Women,” which is being shopped to other platforms.


The folding of Showtime into Paramount+ ahead of the launch of “Paramount+ With Showtime” is expected to create cost synergies within all of Paramount Global in the hopes of increasing revenue as fears of a looming recession mount. That means layoffs are on the horizon, though no specific details have been given regarding consolidating teams.

See Bakish’s note below.

Team,

Almost one year ago, we announced that ViacomCBS would become Paramount — harnessing the power of our combined portfolio to become one, integrated company. Since then, I have been tremendously proud of the many ways we have worked together across platforms, brands, and continents to consistently deliver as global leaders in the future of entertainment.

In that same spirit, I’m thrilled to share the next step in our company’s evolution. Today, we’re announcing that we will be fully integrating SHOWTIME into Paramount+ across both streaming and linear platforms later this year — providing even more popular franchises and hit originals for viewers to enjoy. To reflect this change, both our premium streaming tier on Paramount+ and the SHOWTIME linear network will become “Paramount+ with SHOWTIME” in the U.S.

SHOWTIME has captivated audiences for decades with ambitious original series that defined premium content and fandom. Its name will always stand for critically acclaimed, groundbreaking entertainment and creative excellence. Now, with SHOWTIME’s content integrated into our flagship streaming service, and select Paramount+ originals joining the linear offering, Paramount+ will become the definitive multiplatform brand in the streaming space — and the first of its kind to integrate streaming and linear content in this way.

This new combined offering demonstrates how we can leverage our entire collection of content to drive deeper connections with consumers and greater value for our distribution partners. This change will also drive stronger alignment across our domestic and international Paramount+ offerings, as international Paramount+ already includes Showtime content. And, very importantly, this integration will unlock operational efficiencies and financial benefits across our broader portfolio.

Chris McCarthy will continue to lead the SHOWTIME studio and oversee network operations for the linear channel. In tandem, he will work closely with Tom Ryan, who will oversee the “Paramount+ with SHOWTIME” streaming business.


While we are confident this is the right move for our company, our consumers, and our partners, we know this change brings uncertainty for the teams working on these brands and businesses. We are committed to being as transparent and thoughtful as possible throughout this process, and we expect to share additional details in the coming weeks.


In the meantime, I would ask for your continued focus. Because of your hard work, dedication and collaboration, Paramount+ with SHOWTIME is set up for success. Thank you, as always, for all that you do.

Best,
Bob

See the memo written by McCarthy here.

Hi everyone,

I wanted to follow up on the great news Bob just shared about the further integration of SHOWTIME and Paramount+ to create one powerful streaming service, and explain why I am so excited about this big step forward.

There are many benefits for Paramount+ and SHOWTIME on both the streaming and network sides, in three key areas:

● Complementary and Differentiated Brands
● Redirecting Increased Investment into SHOWTIME Strengths
● Integrated Platform – Greater Focus on Content

I am sure you will have lots of questions, and to that end we are planning a Town Hall in L.A. the week of February 23 to go into the details and the highlights, which include:

Complimentary and Differentiated Brands

The SHOWTIME brand has always attracted audiences that prefer content that has more edge and more mature themes, and that focuses on complicated characters and layered worlds. SHOWTIME content appeals to metro-minded viewers that are more culturally diverse with a higher concentration living in cities vs. the population at large. These audiences and themes are complementary to the Paramount+ brand, which is much broader, appealing to the entire family and general market audiences across the country.

Redirecting Investment into SHOWTIME Strengths

As a part of Paramount+, we can put more resources into building out the lanes that have made the SHOWTIME brand famous, as well as turning our hit shows into global hit franchises. To do this, we will divert investment away from areas that are underperforming and that account for less than 10% of our views. We have already begun conversations with our production partners about what content makes sense moving forward and which shows have franchise potential.

As a reminder the SHOWTIME brand strengths and content filters are:

● Complex Characters: Subversive antiheroes like DEXTER, YOUR HONOR and YELLOWJACKETS
● Powerful-Worlds: High-stakes powerful worlds like BILLIONS and HOMELAND
● Metro-Cultures: Culturally diverse takes like: THE CHI and the forthcoming FELLOW TRAVELERS.

Integrated Platforms – Greater Focus on Content

Now that SHOWTIME and our content will be integrated as the premium tier of Paramount+, we will reach more people globally across streaming and linear than ever before. On the network side, this will strengthen our offering to those consumers by allowing us to tap into Paramount+ originals in addition to the SHOWTIME originals, as well as Paramount Pictures movies that come to the services.

This is a winning strategy that provides more value to our streaming customers and more reasons for cable subscribers to upgrade to the soon-to-be-rebranded Paramount+ with SHOWTIME network. Most important it allows us to put more of our focus on the things that make the SHOWTIME brand famous: our hit content.

More to come soon but for now, thank you for your help as we work hard together to make Paramount+ with SHOWTIME one of the leading global streaming services!

Thank you,
Chris

And see the memo from Paramount’s president and CEO of streaming Tom Ryan to his team below.

Hi all,

To follow Bob’s note, I want to share my enthusiasm for what this means for Paramount+.

For the last two years, we have been building a truly differentiated brand in the streaming space. We’ve been laser focused on accelerating our business and bolstering our unique content mix, and we’ve had some great wins. And, as you know, it’s paying off: we’ve solidified ourselves as the fastest-growing streaming service in the U.S., leading the industry in U.S. sign-ups and gross subscriber additions.

By further integrating SHOWTIME into Paramount+, we will now be able to deliver a seamless, fully integrated multiplatform premium service to our consumers with more of the original, culture-shaping content they love. This enhanced offering serves our audiences and our creative partners – with an even greater ability to scale our franchises and build hits across the Paramount+ universe in linear and streaming.

Chris and I are working closely together to ensure our teams are set up to best deliver on the enormous potential of this new offering. While there are still many details to be worked out, we will need to continue to be nimble, creative and – above all – collaborative. I will be in touch with additional information over the coming weeks.

As always, thank you all for your hard work and dedication to making Paramount+ the best it can be.

Tom