You are viewing the Category: “Big Media”

Dow Breaks 10,000 Twice So Far Today (And Closes at 10,015+)

By Nikki Finke | Category: Big Media, Finance, Studios | Wednesday October 14, 2009 @ 12:24pm

UPDATE: Are your Big Media stocks back in the money yet? Both the Dow and the S&P 500 closed at highest levels since October 3, 2008. And the NASDAQ closed at its highest point since September 26, 2008.

GE - $16.84 +.45 +2.75%
GENERAL ELECTRIC

TWX - $30.66 +.06 +.20%
TIME WARNER INC

DIS - $28.91 +.50 +1.76%
WALT DISNEY CO

NWS - $12.60 +.32 +2.61%
NEWS CORP

CBS - $12.52 +.37 +3.05%
CBS CORP

DWA - $33.16 +.56 +1.72%
Dreamworks Animation SKG

LGF - $5.83 +.13 +2.18%
LIONSGATE ENTERTAINMENT

VIA - $30.58 +.49 +1.63%
VIACOM INC

SNE - $28.56 +.36 +1.28%
SONY

Comments (2) Email This  |  Print This Article  |  Bookmark and Share

Peter Liguori Now Consulting For Comcast

By Nikki Finke | Category: Big Media, Cable, Deals | Wednesday October 14, 2009 @ 11:46am

EXCLUSIVE: I'm told that Comcast CEO Brian Roberts a few months ago quietly brought on Peter Liguori as a consultant to the company. It's not specifically for the NBC Universal deal but rather for "a broad array of things" like retrans, one of my insiders reports back to me. What a smart move. Not only does Liguori know network, but his understanding of cable and content and branding is unquestioned after he made FX cutting edge with content like The Shield and Nip/Tuck. Almost as smart as my news from last night that Comcast COO Steve Burke would replace Jeff Zucker atop NBC Universal in a short period of time if and when the largest U.S. cable service provider takes control of the branded entertainment giant from GE. Liguori, the inexplicably ousted chairman of entertainment at Fox Broadcasting, is one of the best pieces of manpower on the loose. As I posted back in March, Hollywood's favorite parlor game among TV types was trying to predict where Liguori would land, because even in this economy he'd probably have his pick of jobs. Meanwhile, slowly but surely, we're getting to know more about Comcast plans for NBCU. And it sure looks promising.

Comments (10) Email This  |  Print This Article  |  Bookmark and Share

EXCLUSIVE: Comcast Wants NBCU Deal Done & Announced In November (But Expects Regulatory Hurdles To Take Year To Clear); COO Steve Burke Will Replace Zucker "After Short Period Of Time"; Talks With Murdoch & Malone Went Nowhere

By Nikki Finke | Category: Big Media, Deals, Moguls | Tuesday October 13, 2009 @ 8:45pm

At Vivendi's October 14th board meeting, Wall Street and Hollywood are banking on the French company directors vote to sell its 20% of NBC Universal. Waiting breathlessly for that decision, which is now pretty much a foregone conclusion, are NBCU's parent company GE and Comcast, respectively the wannabe seller and buyer and asset swappers of an eventual 51%/49% partnership for the branded entertainment giant. Right now the process of due diligence is underway. Tonight, I've learned from Comcast insiders that the largest U.S. cable service provider wants the deal done and announced in November, specifically by Thansgiving. Well, that's certainly a short deal but very doable. Of course, Comcast insiders recognize that there's a year of regulatory hurdles to be cleared before NBCU ownership actually changes. (Oh, wait: didn't some struggling showbiz blog mistakenly claim this deal was done back in September? For 100% of NBCU? And then erase all mention of that blooper?)

So what happened to all the other potential suitors for NBC Universal, those tirekickers who wanted to see if they could take control of the company? All gone, for now. According to these Comcast insiders, there were talks with Rupert Murdoch, who was too concerned about the regulatory risks for his News Corp. And also talks with Comcast bitter rival John Malone, which ended "upon the realization there's not enough value there to do a deal." And Time Warner's Jeff Bewkes again dumped cold water on talk that his company might take a stab at NBCU. "Somebody has finally noticed that these things don’t work out so well," he said at a NYC conference, adding, "We love ... Read More »

Comments 20 Email This  |  Print This Article  |  Bookmark and Share

Comcast May Leave Jeff Zucker Atop NBCU

By Nikki Finke | Category: Big Media, Cable, Controversial | Saturday October 10, 2009 @ 6:16pm

Zucker-ImmeltFor weeks now I've been hearing buzz that GE chairman Jeff Immelt has cut a deal with Jeff Zucker so he'll stay chief of NBC Universal, where he's spent his entire career, in the event of a sale. "That this guy keeps failing upward is an extraordinary thing," one of my sources marveled. Now Bloomberg is quoting "three people with knowledge of the situation" that Comcast's Brian Robert and Steve Burke are leaning toward keeping the NBC Universal chief and his management team if it gains control of the GE unit. But any sale depends on Vivendi voting at an October 14th board meeting to sell the 20% NBCU stake. Gee, Brian/Steve are supposed to be smart guys. So why do people lose 100 IQ points when they come anywhere near NBCU?

comcast_logoMeanwhile, there's new insight into why Comcast may want NBCU. A recent report from SNL Kagan projects that cable TV operators like Comcast will lose subscribers to DirecTV  and Dish and AT&T and Verizon that offer video along with their phone and online services. Even Comcast admits growth is slowing because of "increased competition.” And online is a rival: Kagan says the number of people getting their TV from the Internet will double by 2019. As BusinessWeek points out, "you can imagine that Comcast wants to get its hands on a major content creator like NBC and its Hulu before that happens."

Comments 42 Email This  |  Print This Article  |  Bookmark and Share

Nielsen Panicking? Invites Top Clients To Oct. 16 Meeting To Discuss Single TV & Online Ratings

By Nikki Finke | Category: Big Media, Ratings, TV | Thursday October 8, 2009 @ 1:17pm

brokenTV18

UPDATES Big Media's 'Coalition For Innovative Media Measurement'
UPDATES Big Media To Compete With Nielsen Ratings

I've been closely following this open war between Nielsen and its Big Media clients who are rushing to compete with the huge ratings giant. Now Broadcasting & Cable's Claire Atkinson has obtained an October 8th letter, penned by Nielsen president of North American media client services, inviting these same competitors to discuss TV and online ratings with the hope of achieving peace.

What Nielsen has in mind now is a single-source measurement system to include internet viewing as part of its TV sample. A client would be able to track both TV and online video viewing of an individual and receive a single figure covering both activities. 

The letter describes “a special client meeting in New York City to discuss ‘TV Everywhere’, ‘OnDemand Online’ and similar initiatives and their implications for television audience measurement.” Erichson notes “these initiatives are very compatible with Nielsen’s television ratings system; that is, audiences viewing television programs online could be included in Nielsen’s national TV ratings, including C3.” The letter says the purpose of the meeting is to “discuss the work that Nielsen is doing to develop the capability to measure online video viewing in the National People Meter panel and to share our thoughts on potentially aligning that effort with these industry developments. Most ... Read More »

Comments (6) Email This  |  Print This Article  |  Bookmark and Share

Vivendi To Vote On Selling 20% NBCU Stake At Oct. 14 Board Meeting; Zucker Tells Uni Town Hall Meeting: "Number Of Scenarios Possible" For NBCU

By Nikki Finke | Category: Best Of, Big Media, Finance | Tuesday October 6, 2009 @ 3:59pm

nbcuni-logoEXCLUSIVE: That's the word to me from sources surrounding GE and its 80% ownership of NBC Universal now that the Vivendi put is coming due. The conventional wisdom has long been that Vivendi may decide to sell its 20% of NBCU this year since the French company is more interested in expanding into telcom than hanging onto a non-core asset like media. Today, NBCU boss Jeff Zucker told a Universal town hall meeting for employees attended by Ron Meyer and the new regime at Universal Pictures, "There are a number of scenarios possible, but I can't comment," when asked about any NBCU sale. Also today, media reports said opening statements began in that class action lawsuit by shareholders against the Vivendi media group back when it owned all of Universal Studios. A lawyer for the class told a NYC jury that Vivendi continued to make glowing statements about its growth and earnings even as it faced a liquidity crisis affecting investors who bought shares as the French group neared bankruptcy in 2002. Those shareholders have accused Vivendi and its former top executives, Jean-Marie Messier and Guillaume Hannezo, of hiding the truth.

Remember, it's still a "what if" scenario between GE and companies like Comcast desiring a stake or even control of Vivendi's 20% of NBCU or more of the media company. Every November, Vivendi can trigger a right to sell its 20% stake in NBCU, either in the market or to NBCU's parent General Electric which has the right to sell the stake to ... Read More »

Comments (8) Email This  |  Print This Article  |  Bookmark and Share

EXCLUSIVE: Nancy Tellem Discussing Stepping Down At CBS; Will Les Cope?

By Nikki Finke | Category: Big Media, Moguls, Networks | Tuesday October 6, 2009 @ 9:24am

Tellemcbs2My sources are telling me that Nancy Tellem has gone to her boss Les Moonves to discuss stepping down from her longtime post at CBS as Les' right hand exec. "No final decision will be made until she returns from MIPCom in Europe," an insider informs me. But I'm told what's contemplated by the 55-year-old president of the CBS Television Studios Entertainment Group is to move into a consultancy role sometime within the next 3 weeks. Nobody would take her place, but president of CBS Entertainment Nina Tassler would take on more responsibilities. About why Tellem wants out, I'm told: "She's just done. She's thinking about what the next chapter is for her life." If she's not replaced, then this leaves questions about succession for the 60-year-old Moonves because Wall Street doesn't like for its publicly traded corporations to not have an heir apparent in place.

Along with ABC's Anne Sweeney, Tellem has long been at the top among female executives in the television community and one of the best. And throughout her more than 25 years in the small screen biz, she has worked with Les Moonves and now reports to him directly. Relationships like that just don't happen very often in Hollywood. Moonves and Tellem may talk by phone two or three times a day, and after so many years together, they don't hold back. "We yell and we scream at each other, but when ... Read More »

Comments (9) Email This  |  Print This Article  |  Bookmark and Share

Now Brian Roberts Sends Note To Troops

By Nikki Finke | Category: Big Media, Cable, Rumors | Friday October 2, 2009 @ 5:48pm

Message from Brian Roberts

comcast_logoYou have probably seen the news reports that speculate about Comcast’s interest in buying NBC Universal. As you know, we’ve had a long-standing policy not to comment on these types of stories. We have not commented about this rumor in the press, except to say that the blog report that Comcast has a deal to purchase NBC Universal is inaccurate.

It’s not surprising that there is speculation about possible acquisitions given Comcast’s strong financial position. This happens from time to time. We have always said that we will consider acquisitions and investments to find opportunities to grow in our businesses so that they are profitable, differentiated and have scale.

We have a terrific company that is growing in this economy and we have an exciting future ahead across all of our lines of business. As Steve and I have said, cable is right at the core of everything Comcast does. We continue to invest in our cable business – it is a key component of our DNA. Some of our other businesses like content, business services and interactive advertising are a smaller part of the company today, and while they are growing rapidly, we would like to find ways to accelerate that growth. If the opportunity came up to add more cable content, we would definitely want to take a look at that opportunity, but in a very disciplined way.

You’ve all worked hard to grow our business and achieve

... Read More »

Comments (4) Email This  |  Print This Article  |  Bookmark and Share

UPDATE: GE Considers Shedding Control Of NBC Universal; Willing To Cede 51% Ownership Of Spunoff Entity For Right Deal

By Nikki Finke | Category: Big Media, Deals, Finance | Thursday October 1, 2009 @ 10:54am

Let's get this straight: NBC Universal is now formally in play. But that struggling Hollywood blog is spewing bullshit: there is nowhere even close to a Comcast deal for it. There are "5 or 6" interested parties, including Comcast, other media giants, and a consortium of private equity companies, who all are at the preliminary stages of kicking the tires on GE's NBC Universal. "It is very early. They just started putting the deal books out on the street for NBC Universal," one of my sources told me this morning about GE's plans to spin-off the TV/movie studio subsidiary if Vivendi as expected exercises its put. Most importantly, insiders say GE is now willing to cede a controlling 51% stake in NBCU to any potential buyer for the right deal. That makes sense, because no media giant or other company wants just a passive investment in NBCU. That's why Vivendi may shed it's 20%.

Though GE has not yet commented substantively, and probably won't, the company often uses its own CNBC reporters to impart news about GE and its subsidiaries. That is clearly what is happening right now. CNBC's reliable reporter David Faber just updated his own reporting. (UPDATE: Comcast emailed his report to reporters 30 minutes later.) Faber said one scenario is that GE would buy Vivendi's 20% and spin off NBCU into a new private company which could merge with the Comcast's content assets valued at $6 billion, including E! Entertainment channel, the Golf channel, and a group of regional sports networks. Comcast also would contribute $7 billion ... Read More »

Comments (6) Email This  |  Print This Article  |  Bookmark and Share

On Huffington Post's Media Page Right Now

By Nikki Finke | Category: Big Media, Deals, Rumors | Thursday October 1, 2009 @ 9:22am

comcast bs

Comments (4) Email This  |  Print This Article  |  Bookmark and Share

Now CNBC Knocks Down Comcast Report

By Nikki Finke | Category: Big Media, Deals, Rumors | Thursday October 1, 2009 @ 6:45am

Faber cnbc

You and I know that the next best thing to having GE issue a statement on its corporate biz is having its CNBC issue a statement on GE corporate biz. So early this morning, the business channel's reliable reporter David Faber went on air to deride a struggling Hollywood blog's "big story" that GE and Comcast had clinched a $35B deal for NBCU. Faber told the cameras: "You can call it a big story, but there may not be much of a story at all at this point. It's very hard to say where speculation and actual news lies on this. Nonetheless, an entertainment gossip site [Faber laughs] -- this is where we are in journalism today -- started a great deal of speculation on whether Comcast would buy or take control of NBC Universal. That is not the case." Faber went on to stress there's no deal for Comcast to buy GE's NBCU. "Does it mean there is anything even remotely here and happening? No." (Faber seemed in agreement with my own coverage last night that this is just more tire-kicking around the Vivendi put option and multiple "What if" scenarios.) Faber's remarks follow a spokeswoman for Philadelphia-based Comcast emailing media outlets last night, “While we don’t comment on M&A rumors, the report that Comcast has a deal to purchase NBC Universal is inaccurate.” How humiliating for that struggling Hollywood blog, which might fare better to remember that it takes a long time to build a reputation for news ... Read More »

Comments (2) Email This  |  Print This Article  |  Bookmark and Share

Half A Dozen Companies Tire-Kicking GE's NBC Universal In Advance Of Vivendi Put: No Deals Imminent, No Prices Yet

By Nikki Finke | Category: Big Media | Wednesday September 30, 2009 @ 8:09pm

Earlier this month, I posted about all the rumors surrounding GE and its 80% ownership of NBC Universal now that the Vivendi put is coming due. (The conventional wisdom, as yet unconfirmed, is that Vivendi may decide to sell its 20% of NBCU this year since the French company is more interested in expanding into telcom than hanging onto a non-core asset like media.) So a "what if" scenario is developing between GE and interested companies which include media giants. I've learned that GE for the past two months has talked to at least half a dozen tire-kickers for either an investment in or acquisition of Vivendi's 20% of NBCU or more of the media company. Sources say Comcast, for instance, might be interested in a 50% stake in NBCU. But Comcast tonight is denying an Internet blog's bullshit that a "deal was done" (and the blog has already backtracked from that very inaccurate claim). The truth, deep Comcast sources are telling reporters, is that there's "nothing imminent" and "no price yet" while looking in the general direction of NBCU. Why now? Because, every November, Vivendi can trigger a right to sell its 20% stake in NBCU, either in the market or to NBCU's parent General Electric which has the right to sell the stake to a 3rd party.

On September 16th, I posted that one of the "saner" rumors "that seems within the realm of possibility" surrounding NBC Universal was that Comcast and GE were cooking ... Read More »

Comments (10) Email This  |  Print This Article  |  Bookmark and Share

Time Warner To Make Showbiz Acquisitions

By Nikki Finke | Category: Big Media, Rumors, Studios | Monday September 28, 2009 @ 9:42am

If you, like me, think Big Media will eventually just consist of Disney, Time Warner, and News Corp as MGM, Viacom/Paramount, and NBC Universal get gobbled up because of consolidation, here's more evidence: Time Warner Inc, already flush with extra cable cash, will eventually sell the Time Inc magazine unit and could use the bigger bounty to buy holdings in its core entertainment category. That's according to Gordy Crawford, the managing director of its largest shareholder, The Capital Group. Crawford said at a presentation September 24 at USC's Annenberg School for Communication about media. "Time Warner just spun off their cable division, they are going to sell their print division, they are going to spin off AOL and they're just going to be Warner Brothers, HBO and the Turner Networks. "Now, they will make acquisitions ... but they're probably going to buy just stuff in their wheel house of those businesses. They're not going to, I don't think, go very far afield from their core competency." While Crawford did not name specific acquisition targets, he did say there would be a "winnowing process" during which weaker companies in the sector would be gobbled up. I've already reported about rumors that Time Warner and GE are in talks about NBCU. Meanwhile, former News Corp No. 2 Peter Chernin said at the conference he expected there to be a “great consolidation” down the road, as the weaker companies among the larger players decide to sell rather than continue to lose market share. “The ones that will ... Read More »

Comments (16) Email This  |  Print This Article  |  Bookmark and Share

Zucker Orders NBCU: Get Ready For IPO

By Nikki Finke | Category: Big Media, Moguls, Rumors | Wednesday September 23, 2009 @ 8:37am

UPDATES As Rumors Swirl & GE Probes, Vivendi See IPO Possibility For 20% NBCU

nbcuni-logoI've learned that last week, during a visit to the West Coast, NBC Universal chief Jeff Zucker told both Universal and NBC, "We have to be ready in case Vivendi exits for an IPO of that 20% stake." This is why, as I reported last week, the brass have been asking for more and deeper financial information than years past prior to the Vivendi put coming due.

Meanwhile, the rumors keep coming fast and furious. The latest (#3, if you're keeping count) is also one of the most persistent despite denials on all sides: that some deal negotiation is underway between Time Warner and GE over all or part of NBCU. Yes, that rumor has been around a long time, and sources insist that Time Warner and GE were in talks before the economic crash. But it's recently surfaced again, triggered by the Vivendi put, and it's believed by some top people in Hollywood. Time Warner folks say it's just not true, especially since Jeff Bewkes maintains a very disciplined approach to acquisitions because of the goodwill writedowns that haunted Time Warner in the past. On the other hand, a good case could me made for a very synergistic combination of assets. -test

Comments (12) Email This  |  Print This Article  |  Bookmark and Share

As Rumors Swirl and GE Probes, Vivendi's Levy Says IPO Possibility For 20% NBCU

By Nikki Finke | Category: Big Media, Deals, Finance | Wednesday September 16, 2009 @ 12:01pm

nbc universal bldgIn just the past week, I've heard rumor after rumor about what may happen to NBC Universal because of the Vivendi put option coming due. One crazy rumor claimed Viacom and GE would merge Paramount and Universal -- just the movie studios -- into one company of best assets. (That was denied by insiders at both conglomerates.) Another saner rumor had Comcast buying Vivendi's 20% stake in NBC Universal. (That seems within the realm of possibility, but unlikely, too.) Yet I can tell you that GE recently has been asking Universal for more and deeper financial info than ever before. And it's all related to the Vivendi put option. Every November, Vivendi can trigger a right to sell its 20% stake in NBCU, either in the market or to NBCU's parent General Electric. The conventional wisdom, as yet unconfirmed, is that Vivendi may decide to sell this year because it's more interested in expanding into telcom than hanging onto a non-core asset like media. So all eyes were on Vivendi CEO Jean-Bernard Levy today when he spoke at the Goldman Sachs Communicopia media conference. Levy made mention of the improving economic situation for media. "Last year there was turmoil and we didn't know where the market was going, and the advertising market was not in our favor. The next window is in a little more than two months, you will know more at that time," he said coyly. "An IPO is possible, if we do exercise ... Read More »

Comments (4) Email This  |  Print This Article  |  Bookmark and Share

Court Awards TiVo $200M Damages From Dish/EchoStar In Long-Time Patent Case

By Nikki Finke | Category: Big Media, Courts, DVR | Friday September 4, 2009 @ 10:39am

dish_tivoTiVo just issued this statement regarding the contempt sanctions ordered by the U.S. District Court, Eastern District of Texas, in the lawsuit against EchoStar and Dish: "We are pleased by the Court's ruling to impose contempt sanctions of approximately $200 million against EchoStar for its continued violation of a Court-ordered permanent injunction, and to award TiVo its attorney fees and costs incurred during the contempt proceedings. This brings total damages and sanctions in this case to approximately $400 million through July 1, 2009, plus attorney fees, and is exclusive of potential further damages and sanctions. Additionally, we are pleased that the Court 'will seriously entertain the award of enhanced sanctions' if 'EchoStar is unsuccessful on appeal and nevertheless continues to disregard this Court's orders.' We are confident that this ruling brings us closer to final resolution."

TiVo, a pioneer of digital-video recording services, had sought $974.5 million from Dish for contempt of court in their 5 1/2-year patent battle. Dish, the second-biggest U.S. satellite-television provider, and EchoStar told a federal judge in July that the company has acted in good faith and sanctions aren’t appropriate. But U.S. District Judge David Folsom in Texarkana, Texas, found a $2.25 royalty per DVR subscriber was appropriate. Dish and Echostar were ordered on June 2 by Folsom to stop using a digital-video recorder that infringed the TiVo patent. The U.S. Court of Appeals for the Federal Circuit had put Folsom’s order on hold until an appeal ... Read More »

Comments (8) Email This  |  Print This Article  |  Bookmark and Share

Big Media To Compete With Nielsen Ratings

By Nikki Finke | Category: Big Media, Networks, Ratings | Friday August 14, 2009 @ 7:14am

This sounds a lot like putting the foxes in charge of the hen house starting in September. The very idea that NBC Universal, Time Warner, News Corp/Fox, Viacom/MTV, CBS, Disney/ABC and Discovery are forming a consortium to challenge the dominant force in TV audience measurement gives rise to all sorts of scenarios. Can't you just imagine this conversation happening among the moguls?

Jeff Zucker: "Les and Bob and Chase, I need a better number for my new show Mercy. NBC can't get beat by Univision again."
Les Moonves: "I'll let you artificially boost that, if you give Mentalist the win for Thursday."
Bob Iger: "If we do that, then I want to take Sunday night..."
Chase Carey: "Well then, considering the huge license fee we're paying on House to NBCU, Jeff, I need to really triumph in that time slot."

And so on... ad nauseum.

C'mon, these are the kind of con men who, if you ask them what time it is, you still have to check your watch. And at the same time make sure they're not pickpocketing your wallet. They've always been adept at manipulating numbers. (Ain't that right, all you net profit participants?) And don't even get me started on the fact this is yet another example of these supposed competitors forming a cartel.

According to the Financial Times, the Big Media networks have roped in top advertisers like Procter & Gamble and AT&T and Unilever into their scheme. "The involvement of such big names highlights how urgently advertisers feel ... Read More »

Comments 28 Email This  |  Print This Article  |  Bookmark and Share

Nicky Weinstock Leaves Apatow For Chernin

By Nikki Finke | Category: Big Media, Moguls, Writers | Wednesday August 12, 2009 @ 8:41am

EXCLUSIVE: He's coming over to run comedy for both movies and television, and he will report to Katharine Pope on TV and Dylan Clark on movies. But he will work closely with Peter Chernin on all creative elements. No one else is doing this in both movies and television -- usually there's a schism between the two -- so this is very smart of Chernin to coordinate this, especially since he's going to be so busy in both areas. "Bringing Nicky over just adds the third leg to a pretty impressive team with Katherine and Dylan," a source tells me. "People will be impressed that Peter could bring Nicky over from someone of Judd's caliber. This says a lot about what Peter will be able to go do." Chernin, of course, has The Deal Of The Century at Fox thanks to a platinum contract package that kicked in when he left as News Corp No. 2 this summer. Weinstock was Chernin's speechwriter as VP of News Corp's corporate written communications in NYC, and then was asked By Chernin to become VP of comedy development at 20th Century Fox Television. From there, at the end of 2007, Weinstock left to run Apatow Productions with Judd. While at Apatow, Nicky helped produce Forgetting Sarah Marshall, Stepbrothers, Pineapple Express, Funny People, and Get Him To The Greek due out in 2010. Weinstock is also a novelist. He'll be based in Los Angeles.

Comments (12) Email This  |  Print This Article  |  Bookmark and Share

Kevin Reilly Gets In A Dig At Ben Silverman

By Nikki Finke | Category: Big Media | Thursday August 6, 2009 @ 2:48pm

"When? The official announcement? Or the 6-month pre-announcement?" -- Fox Entertainment President Kevin Reilly when asked at the TV critics press tour where he was when he heard the news that Ben Silverman, the exec who two years ago replaced Reilly at NBC, was exiting the network.

Comments (16) Email This  |  Print This Article  |  Bookmark and Share

Big Media Earnings: Film/TV Bright Spots

By Nikki Finke | Category: Big Media | Wednesday July 29, 2009 @ 12:48pm

Hey, Hollywood, don't get suckered by this week's earnings reports of doom and gloom at the Big Media companies. In fact, the entertainment sides of some of these companies are doing -- dare I say it -- better. Now why this isn't translating into more projects, and more jobs, is the fault of all the newly Nervous Nellies (who used to be Macho Moguls) atop the entertainment units. But there are definitely green shoots in the earnings reports.

Take Time Warner, where profits slid 34%. But the cable and Pay TV networks' revenue rose by 5%, thanks to Turner Broadcasting and HBO (where subscription revenue rose 8%). Sure, publishing and AOL still stink. (And TW topper Jeff Bewkes reminded analysts that AOL will be spun off to shareholders before the end of 2009.) True, the film unit revenue declined 9% because of the usual "soft DVD sales" mantra. But film profit led by The Hangover surged 52% because of lower overhead and marketing costs.

However, it's ridiculous that Bewkes has restarted Time Warner's stock buyback program this quarter when now is exactly the moment Time Warner should be aggressively pursuing mergers and acquisitions. After all, so many mediacentric stock plays will never be this cheap. Bewkes has indicated before he wants to kick the tires of lots of companies. That's how he should spend every penny of that Time Warner Cable bankroll.
---... Read More »

Comments (9) Email This  |  Print This Article  |  Bookmark and Share
More Deadline | Hollywood »
« Previous Deadline | Hollywood