DIS Shareholders and Stock Info ONLY

[wabbott]

To hold the line on costs

I tend to agree this is management's strategy. All the experts have been saying for months that "there's too much content." Therefore, to reduce production, fewer people are needed. Some might think a strike is just the ticket to accomplish that.

 

[middlechild]

a fair and reasonable compromise

That is the core of the issue, yes? What is reasonable to one side, is not reasonable to the other is the conclusion that I draw here. Writers Guild of America could have the money distributed under the "California Film & Television Tax Credit Program" which amounts to $1.5B which the studios would prefer to keep internally for directors, special effects, donuts for morning meetings, and oh yeah the writers too. The article linked in the original posting outlines the decline in shooting days which I imagine would impact the need for scripts. Also the Writers Guild is first, and two other unions start negotiation next month. It would be interesting to be a fly on the wall in the negotiating room, if only to see who is being unreasonable here.
https://film.ca.gov/tax-credit/the-basics-3-0/

 

[BrianL]

That is the core of the issue, yes? What is reasonable to one side, is not reasonable to the other is the conclusion that I draw here. Writers Guild of America could have the money distributed under the "California Film & Television Tax Credit Program" which amounts to $1.5B which the studios would prefer to keep internally for directors, special effects, donuts for morning meetings, and oh yeah the writers too. The article linked in the original posting outlines the decline in shooting days which I imagine would impact the need for scripts. Also the Writers Guild is first, and two other unions start negotiation next month. It would be interesting to be a fly on the wall in the negotiating room, if only to see who is being unreasonable here.
https://film.ca.gov/tax-credit/the-basics-3-0/

No, I get htat. I just can't believe that the studios would actually make more money if a strike happens. Their business is making content, and if they can't do that, then they won't make anything. I just don't get why making a little less is less desireable.

I know the television producers will try to get by with content that doesn't utilize writers, but that's not sustainable and it will damage their scripte dprogramming in the long run too.

 

[TLSnell1981]

The whole market is down...since November -ish? Disney stock dropped big on the day with the Netflix earnings report. Not sure how much the most the most recent news has affected it, it was already down. I've been buying through all of this, as Disney stock is long term for me. Eventually it will be back and we'll miss todays price.

A good broker has mitigated losses across the board. We bought Disney (specifically) cheap. Breaking even but not thrilled with the current regime. They need to focus on the bigger picture. IMO

 

[wabbott]

https://deadline.com/2023/04/disney...hake-contract-extension-pay-raise-1235333029/

Disney Communications Chief Kristina Schake Gets One-Year Contract Extension And Pay Raise Due To “An Increase In Her Responsibilities”
By Dade Hayes
Business Editor
April 20, 2023 2:11pm PDT

Kristina Schake, who joined Disney a little more than a year ago as EVP and Chief Communications Officer, is getting a pay raise and a contract extension.

In an SEC filing, the company said it made the moves due to an “increase in her responsibilities,” though it did not elaborate. Disney said it had amended the original employment agreement it reached with Schake as of June 29, 2022. The original expiration of her contract has been extended to June 29, 2026, a year longer than the original deal. Her base salary has also been boosted to $780,000 as of April 9 of this year, with “future increases at the company’s discretion,” according to the filing. Schake’s target bonus award has also been increased to 150% of her base salary and her target long-term equity incentive annual award value to 350% of her base salary.

The current circumstances for the company are complex. It is undertaking significant staff cuts in pursuit of $5.5 billion in cost savings, revamping its operations during a time of historic change in the entertainment business, and contending with consistent provocations from Florida Gov. Ron DeSantis. Schake succeeded Geoff Morrell, who had a brief and bumpy tenure heading communications during the regime of former CEO Bob Chapek, as strategic missteps resulted in DeSantis being able to publicly lambaste the company as “Woke Disney.”

Bob Iger, who handed the CEO baton to Chapek in 2020, took it back last fall after Chapek’s ouster from the company. Zenia Mucha, the communications chief whose run at Disney was intertwined with Iger’s 14-year CEO stint, formally left at the end of 2021.

Schake brings significant political experience to the role, having spearheaded the Covid-19 vaccine campaign at the behest of President Joe Biden. She also previously led communications for First Lady Michelle Obama and served as Deputy Communications Director for Secretary Hillary Clinton’s 2016 presidential campaign. On the corporate front, her past positions include that of global communications director for Instagram.

 

[RivShore]

https://deadline.com/2023/04/disney...hake-contract-extension-pay-raise-1235333029/

Disney Communications Chief Kristina Schake Gets One-Year Contract Extension And Pay Raise Due To “An Increase In Her Responsibilities”
By Dade Hayes
Business Editor
April 20, 2023 2:11pm PDT

Kristina Schake, who joined Disney a little more than a year ago as EVP and Chief Communications Officer, is getting a pay raise and a contract extension.

In an SEC filing, the company said it made the moves due to an “increase in her responsibilities,” though it did not elaborate. Disney said it had amended the original employment agreement it reached with Schake as of June 29, 2022. The original expiration of her contract has been extended to June 29, 2026, a year longer than the original deal. Her base salary has also been boosted to $780,000 as of April 9 of this year, with “future increases at the company’s discretion,” according to the filing. Schake’s target bonus award has also been increased to 150% of her base salary and her target long-term equity incentive annual award value to 350% of her base salary.

The current circumstances for the company are complex. It is undertaking significant staff cuts in pursuit of $5.5 billion in cost savings, revamping its operations during a time of historic change in the entertainment business, and contending with consistent provocations from Florida Gov. Ron DeSantis. Schake succeeded Geoff Morrell, who had a brief and bumpy tenure heading communications during the regime of former CEO Bob Chapek, as strategic missteps resulted in DeSantis being able to publicly lambaste the company as “Woke Disney.”

Bob Iger, who handed the CEO baton to Chapek in 2020, took it back last fall after Chapek’s ouster from the company. Zenia Mucha, the communications chief whose run at Disney was intertwined with Iger’s 14-year CEO stint, formally left at the end of 2021.

Schake brings significant political experience to the role, having spearheaded the Covid-19 vaccine campaign at the behest of President Joe Biden. She also previously led communications for First Lady Michelle Obama and served as Deputy Communications Director for Secretary Hillary Clinton’s 2016 presidential campaign. On the corporate front, her past positions include that of global communications director for Instagram.

Have we seen a noticeable improvement in communications vs. the last regime?

 

[wabbott]

https://deadline.com/2023/04/disney-marvel-victoria-alonso-settlement-1235333060/

Disney Settles With Former Marvel Exec Victoria Alonso Over Sudden Firing
By Anthony D'Alessandro, Dominic Patten
April 20, 2023 2:40pm PDT

EXCLUSIVE: Disney has settled with former Marvel Studios VFX chief Victoria Alonso after pink-slipping her last month.

While details between Alonso and Disney are confidential, there was a multimillion-dollar financial compensation, we hear. The deal between the parties was reached in the past few days. Alonso was represented by Glaser Weil Fink Howard Avchen & Shapiro LLP in the dispute, which went public on March 24.

The office of Alonso’s attorney Patricia Glaser had no comment on the settlement when contacted by Deadline today. Disney did not return request for comment.

Alonso was abruptly shown the door March 17 after a 17-year run at Marvel Studios. Her departure came in the wake of being Oscar-nominated for the international feature film Argentina, 1985. Her most recent title at Marvel Studios was President, Physical and Postproduction, VFX and Animation Production. She had a history at the studio for being a consistent outspoken champion of diversity in entertainment.

Reports at the time said Alonso was let go from Disney for working outside the confines of her employment contract, which didn’t permit her to be involved with non-Disney projects such as Argentina, 1985.

Heavyweight Hollywood litigator Glaser responded to that statement at the time saying: “The idea that Victoria was fired over a handful of press interviews relating to a personal passion project about human rights and democracy that was nominated for an Oscar and which she got Disney’s blessing to work on is absolutely ridiculous. Victoria, a gay Latina who had the courage to criticize Disney, was silenced. Then she was terminated when she refused to do something she believed was reprehensible. Disney and Marvel made a really poor decision that will have serious consequences. There is a lot more to this story and Victoria will be telling it shortly — in one forum or another.”

Disney retorted on March 24: “It’s unfortunate that Victoria is sharing a narrative that leaves out several key factors concerning her departure, including an indisputable breach of contract and a direct violation of company policy. We will continue to wish her the best for the future and thank her for her numerous contributions to the studio.”

Alonso joined Marvel in 2006 as chief of visual effects and post-production and was involved in the launch of 2008’s Iron Man as a co-producer, counting additional co-producer credits on Iron Man 2 (2010), Thor (2011) and Captain America: The First Avenger (2011) before being elevated to EP on on Avengers (2012). Alonso served as an EP on movies and Disney+ series including most recently Ant-Man and the Wasp: Quantumania, Black Panther: Wakanda Forever, Thor: Love and Thunder and Doctor Strange in the Multiverse of Madness, in addition to such TV fare as Loki, Ms. Marvel and The Guardians of the Galaxy Holiday Special.

 

[wabbott]

https://www.latimes.com/entertainme...e-means-no-late-night-shows-delay-fall-season

What shows would stop first if Hollywood writers strike? - Los Angeles Times
Anousha Sakoui
4/21/23

Say goodbye to your favorite late-night show if Hollywood’s writers cannot cut a deal with studios by May 1.

That’s the message the Writers Guild of America is delivering to entertainment investors and analysts as the screenwriters’ union ratchets up pressure on studios amid contract negotiations. If the two sides can’t reach an agreement, it will result in the first work stoppage by the WGA in 15 years.

In a Thursday memo obtained by The Times, the WGA said a May strike could delay the key fall network television season. The season contributes a third of all episodes produced, including 45% of the episodes produced by legacy media companies Disney, Paramount Global and Comcast NBCUniversal.

And streaming platforms, with their vast libraries of shows to flick through, would not be safe either, as platforms that carry broadcast shows would be hobbled by delays as writing on new shows ends.

“Immediately, new episodes of late-night shows including ‘Jimmy Kimmel Live!,’ ‘The Tonight Show Starring Jimmy Fallon,’ ‘Real Time With Bill Maher,’ ‘Late Night With Seth Meyers,’ ‘Saturday Night Live,’ ‘Last Week Tonight With John Oliver,’ and others would cease,” the WGA said.

Writers are seeking increased pay, particularly from streaming residuals, and new regulations on working conditions. The WGA has sought pay increases and other changes to the contract valued at nearly $600 million, at a time when studios are being roiled by cutbacks and layoffs, with many under pressure to make their streaming services more profitable.

The union in its memo highlighted that writers typically work in May and June for shows due for release in September and October, and any delay to that writing could lead to a postponing of fall season premieres and reduce the amount of programming.

“This will have a knock-on effect for the streaming services of the legacy media companies, which rely on new broadcast episodes to populate their services,” the WGA said. The memo highlighted Walt Disney Co. and Paramount as producing the most WGA-covered dramas and comedy episodes, 890 and 860 respectively, in the 2021-22 season.
The Alliance of Motion Picture and Television Producers (AMPTP), which represents studios such as Disney, Apple, Amazon and Paramount in bargaining, had no immediate comment.

The group has said its goal is to reach a fair agreement with the Writers Guild.

“An agreement is only possible if the Guild is committed to turning its focus to serious bargaining by engaging in full discussions of the issues with the companies and searching for reasonable compromises,” the AMPTP said.

The union warned that back in 2007, when it went on strike for 100 days, the conflict ended in the loss of about a fourth of prime-time scripted programming for the 2007-08 network season. Broadcast networks soon ran out of new episodes to air. Many were forced to play more reruns of older shows and more reality TV instead.

While Netflix has said it is well positioned to get through a strike, other streaming platforms carry broadcast programming the day after air.

A strike also could jeopardize the industry’s upcoming advertising upfronts scheduled for May, with fewer episodes produced leading to a possible hit on revenues from licensing shows to international networks and streaming services, the WGA said.

Some analysts have said studios including Paramount and Warner Bros. could benefit from a strike in the short term because they would be able to cut costs associated with programming.

Writers voted by a historic margin — 98% in favor among 9,218 ballots cast — for strike authorization, which allows union leaders to call a walkout if they are unable to negotiate a new contract. The earliest a strike could happen is May 2.

 

[wabbott]

https://www.fool.com/investing/2023...hoo-host&utm_medium=feed&utm_campaign=article

Why Is Disney World's Rival Raising Annual Pass Prices Again?
By Rick Munarriz – Apr 21, 2023 at 11:45AM

Key Points​

• Comcast's Universal Orlando raised the prices of its Preferred and Premier annual passes by 16%–23% this week.
• The hike came on the same day that Disney World resumed selling annual passes to new buyers for the first time in 17 months.
• Disney, Comcast, and even SeaWorld Entertainment will benefit as investments if folks don't flinch at higher turnstile prices, but this might not be the best time to be greedy.

Comcast's Universal Orlando raised the prices of some of its annual passes by as much as 23% on Thursday. That's poor timing.

It's a poor and peculiar time for Comcast (CMCSA 0.13%) to be raising prices at Universal Orlando for its higher-end annual passes. The hikes happened on Thursday, the same day that Walt Disney's (DIS 1.44%) Florida resort brought back its full slate of year-round admissions. Disney World hasn't sold its high-end passes to new buyers since 2021.

These weren't modest upticks for Disney World's top competitor. Universal Orlando bumped the Florida-resident discounted Preferred and Premier tiers -- the only two passes it offers with free parking and no blockout dates to Universal Studios Florida and Islands of Adventure -- by 20% and 23%, respectively. The higher-priced equivalent passes for out-of-state buyers saw an increase in the high teens.

You must be this rich to ride

Price hikes for theme park tickets aren't a surprise. They are typically justified, too. Comcast and Disney have been investing in improving and expanding their offerings. They have both pushed employee compensation sharply higher at this end of the pandemic. Gated attractions provide whimsical escapes from reality, but inflation is all too real for the operators.

You still have to wonder what Universal Orlando is thinking with the timing and severity of this week's move. Comcast has been able to push through a few price hikes since Disney World stopped selling annual passes to new buyers in November 2021. The only pass that Disney World was selling before Thursday was the entry-level Pixie Pass that limits visits to select weekday admissions. Universal Orlando was really competing only with SeaWorld Entertainment (SEAS -0.34%) with true year-round passes.

Disney's priciest annual pass is still more expensive than Universal Orlando's Premier pass, which now retails for $904.99 plus tax. Disney World's Incredi-Pass has a $1,399 cover charge, but it also includes twice as many theme parks as Comcast's offering. Will Central Florida's theme parks price themselves out of year-round visitors?

In the near term, the pricing flexibility appears to be there. Some Disney World enthusiasts waited hours in virtual online queues to grab fresh annual passes on Thursday. Demand isn't a problem. However, this week's hikes at Universal Orlando could backfire if the global economy starts to wobble.

Comcast increasing prices this week and Disney resuming annual pass sales at both Disneyland and Disney World this month are welcome developments for investors. The two leading travel and tourism stocks with strong media empires were already benefiting from record performances at their theme park segments in their latest quarterly updates.

They're not the only winners. SeaWorld Entertainment could also find a way to squeeze in yet another increase in this climate, though maybe Comcast bit off more than it can chew this time. Disney World rivals may want to wait until Disney World hits the limit on the number of annual passes it's willing to sell this time before getting too greedy. With the peak summer travel season now two months away, it may not be long before we find out if the industry in general and Comcast in particular overplayed its hand this time.

 

[wabbott]

https://www.businessinsider.com/dis...ucture-espn-entertainment-layoffs-2023-4?op=1

Leaked memo reveals Disney's new finance structure as more layoffs loom, with a reported 15% of entertainment staffers to be cut

Claire Atkinson

Paul Shurgot will oversee finance and strategy for studios, including production finance, marketing, and content valuation.

Chris Arroyo will continue to lead finance for platform distribution along with Dave Czerniewski, for studios financial planning; both will report to Shurgot, the memo read.

We are now aligning the Disney Entertainment and ESPN Finance organizations with the company's new operating model. Today, I'm pleased to share more details about our senior Finance leadership for Disney Entertainment and ESPN.

The following leaders will report to Bryan and work closely with their segment chairs and their teams: Paul Shurgot will oversee finance and strategy for our Studios businesses, including production finance, marketing, and content valuation. Chris Arroyo will continue to lead finance for Platform Distribution, as will Dave Czerniewski for Studios financial planning activities, and both will report to Paul.

Tom Hennessy will oversee finance for ESPN, including segment consolidation for our global sports businesses.

 

[wabbott]

https://www.hollywoodreporter.com/b...support-wga-contract-negotiations-1235399611/

SAG-AFTRA Unanimously Votes to “Strongly” Support WGA in Its Contract Negotiations
"It is long past time for the studios, streamers, and other employers in the entertainment industry to remove roadblocks to fair and equitable wages and working conditions," a resolution from the performers’ union read.
By Carley Thomas
April 22, 2023 5:36pm

The SAG-AFTRA National Board is speaking out in support of the Writers Guild of America amid its ongoing negotiations with studios and streamers.

The performers’ union voted unanimously Saturday on a resolution expressing solidarity, saying it is time for “employers in our industry to step up and make meaningful changes.” The statement comes as the WGA, which represents more than 11,500 writers of film, television and streaming media, is just a little more than a week out from its contract with the Alliance of Motion Picture and Television Producers expiring on May 1.

“History shows that fairness and equity to the workers who power the creativity of the entertainment industry has only been achieved through solidarity and the efforts of those workers working within their labor unions and guilds,” SAG-AFTRA’s statement read. “Changes in the economics of the entertainment industry have worked to the great benefit of large corporate employers and in many cases to the detriment of the creators who make their businesses possible.”

Since March 20, the WGA has been locked in talks, with writers seeking compensation increases amid the streaming era and several Hollywood companies looking to cut costs. While negotiations continue, some in the industry fear it could lead to a strike, especially after 98 percent of guild members voted to authorize a strike if a new deal is not reached by the contract expiration date.

“It is long past time for the studios, streamers, and other employers in the entertainment industry to remove roadblocks to fair and equitable wages and working conditions,” SAG-AFTRA’s resolution of support reads. “And to agree to terms that reflect the unique worth and contribution of creative talent and workers, without whom the industry would not exist.”

The support from the performers’ union also comes a week after it set a date of June 7 to begin negotiations with AMPTP over a new contract.

 

[wabbott]

https://www.reddit.com/r/boxoffice/comments/12vo9pa

• Disney CFO Christine McCarthy has restructured its finance teams, according to a leaked memo.
• Thousands of Disney employees will be laid off next week, Bloomberg reported, across film, TV, parks, and corporate.
• The finance consolidation is part of CEO Bob Iger's effort to cut $5.5 billion in costs.

Disney's chief financial officer, Christine McCarthy, named a new finance team pulling together staff from both Disney Entertainment and ESPN. The new structure was outlined in a memo from McCarthy that was reviewed by Insider.

McCarthy shared the details with staff this week, naming Bryan Castellani as the new chief financial officer of Disney Entertainment and ESPN. Disney Entertainment is run by co-chairmen Alan Bergman and Dana Walden. Jimmy Pitaro is chairman of ESPN. (Read McCarthy's memo below.)

A Disney spokesperson did not immediately respond to a request for comment.

Castellani had been the EVP, finance, Disney Media and Entertainment Distribution (DMED), a unit that is being disbanded as returning CEO Bob Iger creates a new structure that gives content executives more oversight of their P&L. Under previous CEO Bob Chapek, who was ousted in November, the company had centralized budgeting and distribution responsibilities under DMED executives.

Castellani will report to Bergman, Walden, and Pitaro, the memo said, in addition to reporting to McCarthy. ESPN's finances are being knitted more closely with Disney Entertainment's as part of Iger's efforts to reduce costs by as much as $5.5 billion. The finance consolidation perhaps signals there are no plans to shed ESPN, a move that some observers and analysts have predicted, though Iger has said this year that the sports network is not for sale.

Under Castellani, Tom Hennessy will run finances for ESPN, including the company's global sports businesses, the memo said.

The changes are aimed at organizing teams to "service the new company structure and deliver on our cost-saving efforts," McCarthy wrote, adding, "While our changes are necessary to set the company up for future success, I acknowledge that change can be filled with tough decisions, conservations, and realities." McCarthy noted that the realignment into a single finance team would help business leaders gain a more holistic picture and "reinforce collaboration."

Disney's latest round of staff cuts are set to hit ESPN and other divisions, from theme parks to corporate, starting Monday, April 24. Bloomberg reported that 15% of staff in the entertainment division will be cut, citing people familiar with plans.

Under Castellani, Lukas Wickart will continue to oversee finance for direct-to-consumer streaming business Disney+, ESPN+, Hulu, and Star. Separately, Justin Warbrooke, who has been CFO of DTC and International, according to his LinkedIn profile, will take a direct-to-consumer strategy role reporting to Joe Earley, the former Hulu president who in early April was named president, Direct-To-Consumer, Disney Entertainment. Warbrooke had been a senior member of Chapek's core management team, according to a company insider.

Trisha Husson, who was promoted in January 2022 to run strategy and business for Disney General Entertainment — the TV businesses under Peter Rice before his sudden exit last summer — is now moved to an unnamed role in strategy and operations at the television businesses, according to the memo.

Greg Richart, who is SVP finance at Disney TV, will leave the company, according to the memo. Richart joined the company in 2003, according to his LinkedIn bio.

Paul Shurgot will oversee finance and strategy for studios, including production finance, marketing, and content valuation. Chris Arroyo will continue to lead finance for platform distribution along with Dave Czerniewski, for studios financial planning; both will report to Shurgot, the memo read.

Read the portion of Disney CFO Christine McCarthy's memo that outlines new finance leadership and remits across divisions:

We are now aligning the Disney Entertainment and ESPN Finance organizations with the company's new operating model.

This new Finance structure is designed to provide our creative and distribution teams with strong financial and strategic support, creating clear lines of responsibility. I want to thank you for your patience and understanding as we have worked to organize our teams to service the new company structure and deliver on our cost-savings efforts.

Today, I'm pleased to share more details about our senior Finance leadership for Disney Entertainment and ESPN.

Bryan Castellani has been named CFO, Disney Entertainment and ESPN. In this capacity, Bryan will report to Alan, Dana, and Jimmy, with dual reporting to me. He will lead core business and financial planning functions in support of our content and distribution teams.

The following leaders will report to Bryan and work closely with their segment chairs and their teams:

• Lukas Wickart will oversee finance for our direct-to-consumer streaming businesses.
• Paul Shurgot will oversee finance and strategy for our Studios businesses, including production finance, marketing, and content valuation. Chris Arroyo will continue to lead finance for Platform Distribution, as will Dave Czerniewski for Studios financial planning activities, and both will report to Paul.
• Karen Sack will oversee finance for our entertainment television businesses, including TV studios and ABC News finance, marketing, and networks planning.
• Tom Hennessy will oversee finance for ESPN, including segment consolidation for our global sports businesses.
• Nick Lewerke will oversee Content Planning & Analysis.
• Rohit Shah will oversee finance for Ad Sales.
• Jeff Grenn will oversee segment consolidation for Disney Entertainment, and finance in support of Aaron LaBerge's technology organization across Disney Entertainment and ESPN.

The following leaders will continue to be responsible for finance outside of the U.S. and will report to their regional presidents with a dual report to Bryan:

• Simon Bailey – EMEA
• Mani Rangarajan – India
• Juan Verges – LatAm
• Ming Zhang – APAC

The above integrated financial planning team will allow us to best reflect and operationalize our new structure, while delivering on our mission of proactive, insightful decision support. As one finance team, we are also well-positioned to afford our business leaders a holistic perspective that will reinforce collaboration and the best outcome for TWDC.

As we realign finance, I would like to additionally recognize and thank the following leaders:

Justin Warbrooke will transition to a direct-to-consumer strategy role reporting to Joe Earley. I thank Justin for his leadership in building our direct-to-consumer businesses from inception and look forward to continued partnership in growing our streaming platforms.

In addition, Trisha Husson will transition to a strategy and operations role for our television businesses, reporting to Eric Schrier. I am similarly grateful for Trisha's leadership over these last few years in integrating our entertainment television businesses and growing our industry-leading television content portfolio.

After nearly 20 years, Greg Richart has decided to pursue other opportunities and will be working closely with Karen on the transition of his responsibilities. Greg has been a key finance leader of ours and we sincerely appreciate his contributions across several of our businesses.

I am confident that we are building an even more aligned and collaborative team that will enable our businesses and functions and help the company achieve its stated goals. Please join me in supporting the leaders who are taking on new roles and additional responsibilities. Each will be sharing more about their respective teams and structure in the near future.

While our changes are necessary to set the company up for future success, I acknowledge that change can be filled with tough decisions, conversations, and realities. There is more work to be done, and I appreciate your continued efforts, resiliency, and outstanding contributions through this time.

Best,

Christine"

 

[wabbott]

My, my. The competition has "personnel issues," too.

https://deadline.com/2023/04/jeff-shell-leaving-comcast-corp-1235334442/

Jeff Shell Exits As NBCUniversal CEO After Investigation Into Inappropriate Conduct
By Lynette Rice
Senior TV Writer/TV Editor, Awards
April 23, 2023 12:14pm PDT

Comcast dropped a bombshell Sunday, announcing that NBCUniversal CEO Jeff Shell is leaving the company, effective immediately. The “mutual” decision comes after an investigation led by outside counsel into a complaint on inappropriate conduct by Shell.

“Today is my last day as CEO of NBCUniversal,” Shell said in a statement. “I had an inappropriate relationship with a woman in the company, which I deeply regret,” said Shell, who is married. “I’m truly sorry I let my Comcast and NBCUniversal colleagues down, they are the most talented people in the business and the opportunity to work with them the last 10 years has been a privilege.”

Comcast made the announcement in a short press release. There was no additional information about a successor.

Shell is a Comcast veteran. He became CEO of the company’s NBCUniversal division in January 2020, succeeding Steve Burke. Previously, Shell was Chairman of NBCUniversal Film and Entertainment. Prior to that, he served as Chairman of NBCUniversal International and President of Comcast Programming Group. He has been a trusted lieutenant of Comcast CEO Brian Roberts for many years.

The major upheaval comes as NBCUniversal is facing a big decision, what to do with its stake in Hulu. It also comes as the company finally started to get some good news on its upstart streamer, Peacock, after a rocky first couple of years.

This past January, Shell talked about how bullish he and fellow Comcast execs felt about the company’s investment in Peacock and how it would soon yield profits. 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. It added 5 million subscribers in the quarter thanks to Spanish-language World Cup coverage as well as original programming, other live sports and the addition of first-window movie titles and NBC and Bravo series that used to go to Hulu.

On the film side, Shell was a big proponent of collapsing theatrical windows, going day and date on Peacock.

Shell’s departure comes less than three years after another top NBCUniversal executive, Vice Chairman Ron Meyer, exited abruptly after disclosing an affair and an extortion attempt.

Last year, Jeff Zucker resigned as President of CNN, citing his failure to disclose what he characterized as a “consensual relationship” with a colleague.


Nellie Andreeva contributed to this report.

 

[Disney Bobby]

My, my. The competition has "personnel issues," too.

https://deadline.com/2023/04/jeff-shell-leaving-comcast-corp-1235334442/

Jeff Shell Exits As NBCUniversal CEO After Investigation Into Inappropriate Conduct
By Lynette Rice
Senior TV Writer/TV Editor, Awards
April 23, 2023 12:14pm PDT

Comcast dropped a bombshell Sunday, announcing that NBCUniversal CEO Jeff Shell is leaving the company, effective immediately. The “mutual” decision comes after an investigation led by outside counsel into a complaint on inappropriate conduct by Shell.

“Today is my last day as CEO of NBCUniversal,” Shell said in a statement. “I had an inappropriate relationship with a woman in the company, which I deeply regret,” said Shell, who is married. “I’m truly sorry I let my Comcast and NBCUniversal colleagues down, they are the most talented people in the business and the opportunity to work with them the last 10 years has been a privilege.”

Comcast made the announcement in a short press release. There was no additional information about a successor.

Shell is a Comcast veteran. He became CEO of the company’s NBCUniversal division in January 2020, succeeding Steve Burke. Previously, Shell was Chairman of NBCUniversal Film and Entertainment. Prior to that, he served as Chairman of NBCUniversal International and President of Comcast Programming Group. He has been a trusted lieutenant of Comcast CEO Brian Roberts for many years.

The major upheaval comes as NBCUniversal is facing a big decision, what to do with its stake in Hulu. It also comes as the company finally started to get some good news on its upstart streamer, Peacock, after a rocky first couple of years.

This past January, Shell talked about how bullish he and fellow Comcast execs felt about the company’s investment in Peacock and how it would soon yield profits. 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. It added 5 million subscribers in the quarter thanks to Spanish-language World Cup coverage as well as original programming, other live sports and the addition of first-window movie titles and NBC and Bravo series that used to go to Hulu.

On the film side, Shell was a big proponent of collapsing theatrical windows, going day and date on Peacock.

Shell’s departure comes less than three years after another top NBCUniversal executive, Vice Chairman Ron Meyer, exited abruptly after disclosing an affair and an extortion attempt.

Last year, Jeff Zucker resigned as President of CNN, citing his failure to disclose what he characterized as a “consensual relationship” with a colleague.


Nellie Andreeva contributed to this report.

Pooh approved. LOL

 

[wabbott]

https://deadline.com/2023/04/wga-st...cal-release-calendar-the-flash-dc-1235334322/

How A WGA Strike Could Shake Up Theatrical Release Schedule As Studios & Exhibs Celebrate Box Office Boom — CinemaCon
By Anthony D'Alessandro
Editorial Director/Box Office Editor
April 23, 2023 12:30pm PDT

In a week when distributors and exhibitors are reconvening for their annual Las Vegas meet-up, CinemaCon, and celebrating the post-pandemic resurge of the box office, the motion picture industry is bracing for a potential WGA strike.

With production and deal-making slowing down, especially with 98% of WGA West and WGA East authorizing a strike if a fair new film/TV deal isn’t met by the May 1 deadline, how could that possibly dent the box office boom? Gower Analytics projects that this year alone is set to make an estimated $32 billion worldwide (+24% from last year) and $9 billion stateside (+200%).

Just as a majority of exhibitors are getting back on their feet financially after Covid’s great shutdown of 2020-21, studio sources outlined a worst-case scenario to Deadline should the WGA strike span more than four months.

In short, the theatrical release calendar would see several date changes for pics, as soon as Q4 this year. While the 2024 theatrical release calendar remains roughly intact in its first six months with completed movies coming down the pipeline, beyond that gets squishy. And it’s in this scenario that studios might need to pull from Q4 2023. Such aftermath from a possible strike isn’t as dramatic as TV production which will feel one more immediately. Realize, the longest WGA strike on record was 1988 (March 7-Aug 7) lasting 153 days, followed by the 1960 strike at 146 days (Jan. 16-June 10, 1960) and then the 2007-08 strike (Nov. 5, 2007- Feb. 17, 2008) at 100 days.

There’s another wrinkle: With SAG-AFTRA’s contract expiring on June 30, should that union strike it would prevent actors from doing any publicity on their feature or TV projects (they’ll meet with the AMPTP on June 7).

How does that jolt summer’s latter tentpoles, i.e. Mission: Impossible – Dead Reckoning – Part One (July 14), Oppenheimer and Barbie (July 21), Haunted Mansion (July 28) among others? The good news for exhibition is that tentpole release dates are prized launch pads for movie studios, so they’re not apt to easily give them up. Hence, no big title moves are expected this summer. Still, studio and distribution marketing chiefs remain in a wait-and-see mode. It’s the smaller movies which are publicity dependent that are prime to pivot should SAG-AFTRA strike. This past weekend SAG-AFTRA’s National Board voted unanimously to approve a resolution “strongly in support” of the WGA in their ongoing talks with the AMPTP for a new film/TV contract.

Exhibition’s Covid shutdown forced a lose-lose situation for both studios and circuits. With most major box office capitals like LA and NY closed by health officials, studios continually pushed their tentpoles, read Black Widow, F9, No Time to Die, Venom: Let There Be Carnage, Minions: Rise of Gru, Jurassic World, Dominion, The Marvels and Creed III deeper and deeper into the 2021-2023 calendar. It was a situation that many circuits are still feeling the sting from, Cineworld and its sister U.S. chain trying to emerge from bankruptcy.

Warner Bros.’ Tenet provided hope to get whatever remaining theaters opened during August 2020, however, the pic’s lackluster performance ($58.5M domestic), proved that LA and NYC were vital for studios to make bank on a high-priced pic. When No Time to Die moved off of Thanksgiving 2020, causing other movies to shift, Cineworld Boss Mooky Greidinger shut down the nation’s No. 2 chain, Regal, in response to the lack of tentpoles on the calendar. Domestic Box Office fell off a cliff due to exhibition’s closure and studios delay of big titles, dropping 81% between 2019 ($11.4 billion) and 2020 ($2.2 billion) with a gradual rebuild in 2021 ($4.5 billion, +105%).

But, really, could a strike create as much pain to theatrical release schedule as the pandemic did? It’s not out of the question per sources should a WGA strike last four to six months-plus. The schedule could get further exacerbated should the DGA opt to strike for a lengthy period of time, that guild’s contract also expiring on June 30 with bargaining scheduled for May 10. Note the DGA went on strike only once, that being in 1987 when the DGA West stopped work for 15 minutes and DGA East halting for three hours and 15 minutes. While the pandemic forced studios to sell off big titles to streaming (i.e. Paramount with Coming 2 America and Skydance’s The Tomorrow War to Amazon Prime, MRC’s The Lovebirds to Netflix), it’s conceivable that we could see a reverse trend now that Covid fears have eased among those attending cinemas, read, in a strike laden marketplace, studios could take a movie intended for streaming and move it onto the theatrical schedule to fill any gaps.

It’s been reported how streamers could hold firm in talks for a few months given their back supply of product, not to mention it’s an opportunity to slash bloated spending, shape up their cash flow and kill bad deals. Motion Picture studios also stand to save several millions by stopping production for an earnings quarter. However, a delay in the feature distribution pipeline isn’t good for business either. Not to mention, a delay in production could potentially cause another post-production logjam, which was an aftermath of movies’ postponements during the pandemic. That left the late August-October 2022 box office and early winter this year a dry bed for product. In fact, we’re still waiting on movies delayed by the pandemic to hit theaters, i.e. Warner Bros/DC’s The Flash which will get its first screening here at CinemaCon on Tuesday night and Aquaman and the Lost Kingdom on Dec. 20.

During the 100-day WGA strike of 2007-08, several blockbusters stuck to their release dates during that period, again release dates being a valuable commodity, i.e. Will Smith title I Am Legend ($77.2M opening, a record than for an original movie’s start, $256.3M domestic), Alvin and the Chipmunks ($44.3M, $217.3M), National Treasure: Book of Secrets ($44.7M, $219.9M) while 2008 rang in the JJ Abrams’ produced Cloverfield ($40M) and Katherine Heigl romantic comedy, 27 Dresses ($23M opening $76.8M). 2008 saw enormous tentpoles hitting their key dates, i.e. Marvel Studio’s Iron Man (May 2) Indiana Jones and the Kingdom of the Crystal Skull (May 22) and The Dark Knight (July 18).

Greatly impacted then were tentpoles intended for 2009 which were racing toward a March 1, 2008 production start for several studios. The 2007-08 strike prompted studios to scrap either pricey or half-baked projects. One of the more prolific features to be scrapped was a George Miller-directed version of Warner Bros/DC’s Justice League with Adam Brody as The Flash and then fresh face actors, Armie Hammer Jr. as Batman, and Megan Gale as Wonder Woman. Even though Australian tax breaks were a hurdle at the time, Warner wanted a polish on the Kieran and Michele Mulroney penned screenplay, which wasn’t possible due to the strike. The studio let the actors’ options expire.

One upcoming feature production that is safeguarding itself from a lengthy WGA Strike is James Gunn’ Superman: Legacy which is planning an early 2024 start for a July 11, 2025 theatrical release. That movie will serve as the start of Gunn and fellow DC-co Boss Peter Safran’s “Gods and Monsters” universe for the comic book label. Gunn showed off a cover the screenplay on social media and announced the start of pre-production earlier this week with “costumes, production design, and more now up and running”. Safran is expected to take the stage during Warner Bros. CinemaCon presentation on Tuesday while Gunn, who is on a world tour for Disney/Marvel Studios’ Guardians of the Galaxy Vol. 3, will show up via video.

Another delayed tentpole from the 2007-08 strike was the Ron Howard directed- Akika Goldsman-David Koepp adapted take of Dan Brown’s Angels & Demons; that pic’s release date pushed from Christmas 2008 to May 15, 2009. Michael Mann’s Edwin A. Salt starring Tom Cruise off a Kurt Wimmer script morphed into the spy action title Salt starring Angelina Jolie and directed by Phillip Noyce. The movie finally surfaced in July 2010. Both were huge hits for Sony grossing respectively $486M and $293M around the world.

However, haste makes waste, and when studios rush key projects into production due to the strike, bad apples result. Such was the case due to the 2007-2008 strike for the Rob Marshall musical Nine ($54M WW, $80M cost) and the Will Ferrell remake of the 1970s TV series Land of the Lost ($68.8M WW, $100M cost), both of which were critical and financial duds. Though there wasn’t a strike in 2001, studios’ anticipation of one led to a slew of undercooked titles including The Truth About Charlie, Reign of Fire and Dark Blue.

“We did not have any discussions in our guild meetings about the labor issue,” outgoing National Association of Theatre Owners President and CEO John Fithian recently told Deadline in an exit interview, looking to but exhibition partners at ease.

“We’re hopeful, optimistic that quick solutions that are fair to all parties are achieved,” Fithian added.

Even though feature writers have presented their wants in the WGA’s pattern of demands, many motion picture execs believe the latest round of talks boil down to what’s vital for streaming and TV scribes. However, following a rough pandemic, the rebounding theatrical business could be impacted once again.

Exclaimed one optimistic distribution executive, “The hope is that cooler heads prevail.”

Jill Goldsmith contributed to this report

 

[clarker99]

My, my. The competition has "personnel issues," too.

https://deadline.com/2023/04/jeff-shell-leaving-comcast-corp-1235334442/

Jeff Shell Exits As NBCUniversal CEO After Investigation Into Inappropriate Conduct
By Lynette Rice
Senior TV Writer/TV Editor, Awards
April 23, 2023 12:14pm PDT

Comcast dropped a bombshell Sunday, announcing that NBCUniversal CEO Jeff Shell is leaving the company, effective immediately. The “mutual” decision comes after an investigation led by outside counsel into a complaint on inappropriate conduct by Shell.

“Today is my last day as CEO of NBCUniversal,” Shell said in a statement. “I had an inappropriate relationship with a woman in the company, which I deeply regret,” said Shell, who is married. “I’m truly sorry I let my Comcast and NBCUniversal colleagues down, they are the most talented people in the business and the opportunity to work with them the last 10 years has been a privilege.”

Comcast made the announcement in a short press release. There was no additional information about a successor.

Shell is a Comcast veteran. He became CEO of the company’s NBCUniversal division in January 2020, succeeding Steve Burke. Previously, Shell was Chairman of NBCUniversal Film and Entertainment. Prior to that, he served as Chairman of NBCUniversal International and President of Comcast Programming Group. He has been a trusted lieutenant of Comcast CEO Brian Roberts for many years.

The major upheaval comes as NBCUniversal is facing a big decision, what to do with its stake in Hulu. It also comes as the company finally started to get some good news on its upstart streamer, Peacock, after a rocky first couple of years.

This past January, Shell talked about how bullish he and fellow Comcast execs felt about the company’s investment in Peacock and how it would soon yield profits. 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. It added 5 million subscribers in the quarter thanks to Spanish-language World Cup coverage as well as original programming, other live sports and the addition of first-window movie titles and NBC and Bravo series that used to go to Hulu.

On the film side, Shell was a big proponent of collapsing theatrical windows, going day and date on Peacock.

Shell’s departure comes less than three years after another top NBCUniversal executive, Vice Chairman Ron Meyer, exited abruptly after disclosing an affair and an extortion attempt.

Last year, Jeff Zucker resigned as President of CNN, citing his failure to disclose what he characterized as a “consensual relationship” with a colleague.


Nellie Andreeva contributed to this report.

And raised annual pass prices the same day.

 

[Jrb1979]

And raised annual pass prices the same day.

At least they can justify it as they are building a whole new park that needs to pay for.

 

[wabbott]

https://www.wsj.com/articles/disney...econd-round-of-layoffs-c6777e50?siteid=yhoof2

Top ESPN+ Executive Cut in Latest Round of Disney Layoffs
Russell Wolff, who oversaw the ESPN+ streaming service, is among those leaving
By Alyssa Lukpat and Jessica Toonkel
Updated April 24, 2023 4:58 pm ET

Walt Disney said Monday it is beginning layoffs at ESPN and other divisions, part of its previously unveiled plan to cut 7,000 jobs.

At ESPN, the cuts come as Disney tries to figure out the sports-media outlet’s next chapter. Russell Wolff, a veteran executive who oversaw the ESPN+ streaming service, is among those leaving the company, according to people familiar with the situation.

Disney said several thousand U.S. employees would be cut this week from multiple business areas, including its entertainment arm and its parks, experiences and product division.

Disney said it didn’t expect to lay off any hourly front-line employees from its theme parks and resorts.

---

“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” the company said Monday.

Robert Iger, Disney’s chief executive, in February said the company was planning to lay off employees and slash $5.5 billion in costs. He unveiled the move as part of a broader restructuring plan after Disney ousted Bob Chapek and brought Mr. Iger back to lead the company.

Mr. Iger has been under pressure to make Disney’s streaming business profitable and to raise the company’s stock price. Disney has contended in recent years with streaming competition and with falling revenue from the box office and cable TV. The layoffs and cost cuts are set to give more power to the company’s content executives.

The company said that it began its first wave of layoffs last month and that its bigger second round of cuts would run from Monday to Thursday. About 4,000 people are expected to be laid off during the two rounds, Disney said.

Disney said it planned to reach its target of cutting 7,000 employees following a third round of layoffs before this summer.

The company in recent months has laid off its metaverse division and employees working on its streaming services in Beijing. Disney in this latest round of job cuts is targeting two of its most well-known divisions: ESPN and parks.

ESPN has been a moneymaker for Disney for years but its subscriber base has eroded as more people cancel their cable subscriptions. Disney acquired majority control of the sports channel in 1995. It explored the idea last year of spinning off ESPN but ultimately decided against it, Mr. Iger said in February.

The company has invested heavily in ESPN+, but has been cautious about moving major sports content from its TV channel to that service. ESPN+, which had 24.9 million subscribers as of Dec. 31, streams live events from the National Hockey League and other leagues, as well as original programming. The service costs $9.99 a month and is also available in a bundle with Disney+ and Hulu.

Mr. Wolff has been with ESPN for 26 years in a variety of roles, including as executive vice president, managing director of ESPN International. It is unclear who will be taking over ESPN+ after his departure.

“It is with great pride in all that we have accomplished as a team that I share with you that I will be leaving ESPN in July,” Mr. Wolff wrote in a memo to staff reviewed by The Wall Street Journal, adding that the network “has been the most amazing professional home, in the US and overseas, anyone could have asked for.”

He isn’t the first streaming executive to depart. Earlier this month, Disney said that Michael Paull, who had overseen Disney’s streaming operation since 2017, was leaving the company. The company named Joe Earley, who was president of Hulu, as president of Disney’s direct-to-consumer unit for entertainment content.

Disney shares have fallen about 17% during the past 12 months, underperforming the S&P 500.

 

[wabbott]

https://www.sportsbusinessjournal.com/Daily/Issues/2023/04/24/Media/mike-soltys-espn-layoffs.aspx

Longtime ESPN exec Mike Soltys let go as part of latest wave of layoffs
By John Ourand 4.24.2023

Mike Soltys, ESPN’s second longest-tenured exec, has become a casualty of ESPN’s latest round of layoffs.

The VP/Corporate Communications officially was informed this morning and will leave the company in late June after a 43-year run. Soltys is the first name to emerge from today’s layoffs, part of Disney CEO Bob Iger’s plan to cut the workforce by about 7,000 jobs.

The first wave of cuts, which includes not filling some open positions, hit Disney last month. This second wave will affect an unknown number of ESPN employees this week. A third wave of cuts will occur in the summer; those also will involve ESPN workers. Layoffs will hit ESPN’s on-air talent after those summer cuts. The well-liked and well-respected Soltys is an ESPN lifer having worked for ESPN for 98% of the network’s history. ESPN’s founder Bill Rasmussen brought him on board in 1980 as an unpaid intern.

In the ensuing four-plus decades, Soltys has touched every aspect of ESPN’s communications strategy. Soltys’ departure will leave a gaping hole in ESPN’s communications department, as he has countless deep relationships with media who cover the network. He oversaw all publicity for ESPN’s U.S. networks. Currently, he oversees publicity around ESPN’s news operations and college sports coverage, in addition to ESPN PR’s social media and online feeds. Outside of ESPN,

Soltys chairs the board for a Connecticut-based food organization called Bread for Life, advises Youth Journalism International and is a mentor for his alma mater, UConn. Previously, he served on the board for the Bristol Family Center, the Southington Chamber of Commerce and a sports information/marketing advisory board for the Univ. of Hartford.

SOCIAL MEDIA REAX: Soltys's impending departure quickly created some waves on Twitter. The Athletic's Richard Deitsch wrote, "In all my years dealing with ESPN, Soltys was always professional. Always. Most importantly for them: He was a fountain of institutional knowledge. He believed deeply in ESPN. Clear-eyed about the co. but a genuine believer. He also ferociously defended talent. Brutal decision." Author Jim Miller: "One of the great career rides in ESPN history; one of the best humans as well. @espnmikes didn’t breathe in oxygen — he inhaled those four initials.

Awful loss." White Tee Partner's LeslieAnne Wade: "Bad/sad PR move. @espnmikes recognized as one of the forever best in the business. Impossible to think of him leaving @ESPN with anything short of a parade."

 

[wabbott]

https://tbivision.com/2023/04/25/ab...ay-offs-push-towards-7000-target/#close-modal

Disney cuts ABC & Freeform execs as largest wave of lay-offs hits Mouse House
By Mark Layton
4/25/23

ABC and Freeform execs are among the casualties of Disney’s second round of lay-offs taking place this week, as the media giant seeks to cut 7,000 jobs.

Julia Jarmon, Freeform’s SVP of development, is exiting, with the network’s development and current now being consolidated under Jamila Hunter, EVP of original programming & development.

Also departing from Freeform is Alix Lee, director of development & programming, and Sarah Tomassi Lindman, SVP of content planning & strategy, with scheduling for Disney’s cablenets to be combined.

ABC exits & timelines

Other departees include ABC exec Stacey Adams, who was SVP of current programming & head of current drama.
Head of drama Brianna Bennett, who has been leading development, will now add current to her remit.

Dana Sharpless, 20th Television’s SVP and co-head of current programming is also leaving, with Steve Sicherman now expected to run the department by himself, while VP of production Nicole Ettinger and executive director of comedy development Stephanie Rosenthal are also out.

ABC Signature’s VP of drama development, Brenda Vogel, VP of comedy Jenny Fritz and drama development managers Gabrielle Gold and Max Henke are also understood to have been axed.

Disney Entertainment co-chairmen Alan Bergman and Dana Walden told staff via a memo that staff affected by the lay-offs would be told before Thursday.

“We wanted to share that notifications will continue in many areas of the company over the next several days. In addition, restructuring in various businesses will continue for the next couple of months, and we do anticipate there will be further impacts before the summer, as previously shared.

“Each team is in a different place in this process, and your leaders will be sharing more context for your group soon.”
They added: “These are hard decisions and not ones we take lightly – but every decision has been made with considerable thought and we are doing everything we can to make sure this process is conducted with respect and compassion.”

Marketing merger

The Mouse House is also dissolving the Disney TV Studios marketing department, with divisions such as ABC and Hulu now responsible for their own show marketing going forwards.

As part of those changes, senior execs exiting include: Steven Melnick, SVP of marketing; Sharon Merle-Liberman, SVP marketing & promotions for 20th Television; and Sonia Borris, SVP marketing for ABC Signature & 20th Television Animation.

Meanwhile, Disney is merging the music departments at 20th Television and ABC Signature under 20th TV’s EVP & head of music Jeremy Summers, with ABC Signature’s Dawn Solér exiting as a result.

These latest lay-offs follow the first round of redundancies in March, which saw Hulu’s SVP of production, Mark Levenstein, and Freeform’s SVP of production management & operations, Jayne Bieber, among those exiting.

The creative acquisitions division was also closed as CEO Bob Iger seeks to slash $3bn from content spend and overhaul content operations, with a return to third-party sales in the works.