Nelson Peltz’s broadside against the Walt Disney Co., and the prospect of a rare proxy fight at the media giant, stunned media circles this week — and a flurry of SEC filings over the past few days suggest plenty more fireworks to come.
Related Story Bob Iger’s Christmas Carol & The Ghosts Of Past, Present & Future Related Story Disney Seeks To Soothe Fans' Ruffled Feathers With New Theme Park Perks Related Story International Box Office 2022: Gains & Growing Pains Amid Product Gaps; Global Studio Rankings
The activist investor’s demand for a seat on the company’s board and criticism of management have drawn the full attention of a Wall Street already on tenterhooks about how returned CEO Bob Iger will right the ship. The famed exec’s encore run as Disney’s chief already faces a series of challenges, some industrywide, others self-inflicted.
Peltz isn’t quite a household name,...
Related Story Bob Iger’s Christmas Carol & The Ghosts Of Past, Present & Future Related Story Disney Seeks To Soothe Fans' Ruffled Feathers With New Theme Park Perks Related Story International Box Office 2022: Gains & Growing Pains Amid Product Gaps; Global Studio Rankings
The activist investor’s demand for a seat on the company’s board and criticism of management have drawn the full attention of a Wall Street already on tenterhooks about how returned CEO Bob Iger will right the ship. The famed exec’s encore run as Disney’s chief already faces a series of challenges, some industrywide, others self-inflicted.
Peltz isn’t quite a household name,...
- 1/14/2023
- by Dade Hayes and Jill Goldsmith
- Deadline Film + TV
The fate of ESPN, Disney’s prize asset and a reliable generator of cash flow even in uncertain times, remains the subject of vigorous debate in industry and finance circles.
Wells Fargo media analyst Steven Cahall weighed in on the side of spinning off the sports property, going as far as predicting the move will start to take effect by this time next year.
The company “will begin the spin-off process for ESPN & ABC, including launching ESPN in streaming à la carte,” Cahall wrote in a note to clients. “Cost rationalization and balance sheet options are critical to reaching this outcome. The result is a better-off remaining” entity.
Other analysts have taken the opposite view. Michael Nathanson of MoffettNathanson, a longtime Disney bull, issued a report about the outlook for the company earlier this month titled, almost plaintively, “What Now?” While he rates the return of CEO Bob Iger a net positive,...
Wells Fargo media analyst Steven Cahall weighed in on the side of spinning off the sports property, going as far as predicting the move will start to take effect by this time next year.
The company “will begin the spin-off process for ESPN & ABC, including launching ESPN in streaming à la carte,” Cahall wrote in a note to clients. “Cost rationalization and balance sheet options are critical to reaching this outcome. The result is a better-off remaining” entity.
Other analysts have taken the opposite view. Michael Nathanson of MoffettNathanson, a longtime Disney bull, issued a report about the outlook for the company earlier this month titled, almost plaintively, “What Now?” While he rates the return of CEO Bob Iger a net positive,...
- 12/20/2022
- by Dade Hayes
- Deadline Film + TV
Bob Iger didn’t come back to serve as Disney CEO just for the laughs, and analysts believe that he has a clear “gameplan” for 2023 — chief among them spinning off ESPN.
Wells Fargo analysts wrote that the case for Disney finally spinning off the sports network is becoming “increasingly logical.” Even if it requires some balance sheet shaping, Iger’s return makes the move far more likely, they predict.
“We believe Bob Iger has returned to Dis with a gameplan to both improve operations organically and shape the portfolio towards a new future,” the analysts wrote. “We think with Bob Iger returning as Dis’s CEO the potential for strategic change is greater than ever. Iger’s legacy is transactions, after all.”
Analysts and investors have flirted with the possibility of Disney spinning off ESPN for some time, and those discussions got louder after activist investor Daniel Loeb advocated for the move.
Wells Fargo analysts wrote that the case for Disney finally spinning off the sports network is becoming “increasingly logical.” Even if it requires some balance sheet shaping, Iger’s return makes the move far more likely, they predict.
“We believe Bob Iger has returned to Dis with a gameplan to both improve operations organically and shape the portfolio towards a new future,” the analysts wrote. “We think with Bob Iger returning as Dis’s CEO the potential for strategic change is greater than ever. Iger’s legacy is transactions, after all.”
Analysts and investors have flirted with the possibility of Disney spinning off ESPN for some time, and those discussions got louder after activist investor Daniel Loeb advocated for the move.
- 12/20/2022
- by Brian Welk
- Indiewire
Kevin Mayer is not running Disney, and in his interview at TheGrill on Wednesday, he declined to speculate on what he would do if he were in CEO Bob Chapek’s shoes, but that didn’t stop him from weighing in on the Mouse House and the debate over whether it could get by without two of its larger brands, ESPN and ABC.
TheWrap editor-in-chief Sharon Waxman asked Mayer Wednesday if Disney could “do without” both ESPN and ABC after he had raised the question as to whether either brand truly fit within the company’s portfolio.
“I think they could. Not sure they they should or will, but they certainly could,” Mayer said.
Also Read:
Kevin Mayer Predicts TikTok Will Outlast Other Social Media (Video)
Mayer — who is now the co-ceo of Candle Media, the media company that owns Reese Witherspoon’s Hello Sunshine and the Cocomelon company Moonbug Entertainment...
TheWrap editor-in-chief Sharon Waxman asked Mayer Wednesday if Disney could “do without” both ESPN and ABC after he had raised the question as to whether either brand truly fit within the company’s portfolio.
“I think they could. Not sure they they should or will, but they certainly could,” Mayer said.
Also Read:
Kevin Mayer Predicts TikTok Will Outlast Other Social Media (Video)
Mayer — who is now the co-ceo of Candle Media, the media company that owns Reese Witherspoon’s Hello Sunshine and the Cocomelon company Moonbug Entertainment...
- 10/13/2022
- by Brian Welk
- The Wrap
The Walt Disney Co., after some cage-rattling by activist investor Daniel Loeb, has added former Viacom and Facebook exec Carolyn Everson to its board of directors.
Everson, 50, will officially join the board on November 21. Loeb, in a letter to company CEO Bob Chapek, had drawn attention to the relative lack of media and tech experience among board members. He made other criticisms, including the decision to stand pat with ESPN, though he later issued a partial withdrawal of the grievances, citing productive conversations with Chapek.
In a press release, the company said Everson’s selection as the company’s 12th board member “follows a lengthy and comprehensive search, and reinforces Disney’s commitment to a strong, independent board focused on the long-term performance of the company.” The release notes that the selection of Everson was backed by Loeb’s hedge fund, Third Point, “which has entered into a support agreement...
Everson, 50, will officially join the board on November 21. Loeb, in a letter to company CEO Bob Chapek, had drawn attention to the relative lack of media and tech experience among board members. He made other criticisms, including the decision to stand pat with ESPN, though he later issued a partial withdrawal of the grievances, citing productive conversations with Chapek.
In a press release, the company said Everson’s selection as the company’s 12th board member “follows a lengthy and comprehensive search, and reinforces Disney’s commitment to a strong, independent board focused on the long-term performance of the company.” The release notes that the selection of Everson was backed by Loeb’s hedge fund, Third Point, “which has entered into a support agreement...
- 9/30/2022
- by Dade Hayes
- Deadline Film + TV
NFL ratings are booming in just about every timeslot this season, and Monday Night Football is no exception. It kicked off on September 12 and drew 19.8 million total viewers, its biggest audience since 2009.
Now, the Disney franchise is mixing things up with an eye toward opening up even more advertising opportunities. Two games will air at overlapping times tonight on ABC and ESPN, a twist on the back-to-back doubleheaders that aired for more than a decade in Week 1 on ESPN.
The first game, on ESPN and ESPN2, will feature the Tennessee Titans and Buffalo Bills. An hour and 15 minutes later, at 8:30 p.m. Et, the Minnesota Vikings and Philadelphia Eagles will start on ABC and ESPN+. Extensive cut-ins and periodic side-by-side displays will enable viewers to keep track during the bonanza, which promises to be more than an hour longer in the aggregate than a typical 3-hour NFL timeslot. (The...
Now, the Disney franchise is mixing things up with an eye toward opening up even more advertising opportunities. Two games will air at overlapping times tonight on ABC and ESPN, a twist on the back-to-back doubleheaders that aired for more than a decade in Week 1 on ESPN.
The first game, on ESPN and ESPN2, will feature the Tennessee Titans and Buffalo Bills. An hour and 15 minutes later, at 8:30 p.m. Et, the Minnesota Vikings and Philadelphia Eagles will start on ABC and ESPN+. Extensive cut-ins and periodic side-by-side displays will enable viewers to keep track during the bonanza, which promises to be more than an hour longer in the aggregate than a typical 3-hour NFL timeslot. (The...
- 9/19/2022
- by Dade Hayes
- Deadline Film + TV
Disney+ was first launched three years ago with the “pretty absurd” low price point of 6.99 per month, CEO Bob Chapek admitted. Now the company is gearing up to raise prices again on the flagship streamer — but Disney+ still offers a better price/value equation than competitors, he said.
“I think we’re way underpriced relative to the value we provide,” Chapek said, noting that the core Disney+ service without ads will continue to be priced below several competitors. The CEO was speaking Wednesday at Goldman Sachs’ Communacopia + Technology Conference 2022.
Amid rising inflation, Disney has announced price increases coming in the fourth quarter of 2022 for Disney+ and Hulu, as well as a December launch for the ad-supported Disney+ tier in the U.S. Disney+ Basic, the name of the plan with ads, will launch Dec. 8 in the U.S. for 7.99/month. That’s the price of the current ad-free version of...
“I think we’re way underpriced relative to the value we provide,” Chapek said, noting that the core Disney+ service without ads will continue to be priced below several competitors. The CEO was speaking Wednesday at Goldman Sachs’ Communacopia + Technology Conference 2022.
Amid rising inflation, Disney has announced price increases coming in the fourth quarter of 2022 for Disney+ and Hulu, as well as a December launch for the ad-supported Disney+ tier in the U.S. Disney+ Basic, the name of the plan with ads, will launch Dec. 8 in the U.S. for 7.99/month. That’s the price of the current ad-free version of...
- 9/14/2022
- by Todd Spangler
- Variety Film + TV
On September 7 — otherwise known as the Day Before Disney+ Day — Disney execs made a hard sell at the Bank of America Securities Media, Communications & Entertainment Conference for the studio’s advertising (coming soon to Disney+!), film slate, and parks. This weekend was three days of D23. Along the way, Mickey Mouse made a lot of cheese: 7.41 billion in market capitalization, to be exact.
The money will come in handy soon as Disney+ (market cap: 212.19 billion) takes on Netflix (market cap: 105.19 billion) in the next phase of the streaming wars: AVOD. It’s especially important Disney capitalize on the build-up, because it looks like its planned December launch for ad-supported Disney+ will come a month after Netflix ads make their debut. Disney+ may lose that sprint, but it may have an edge in the marathon for revenue — and the momentum.
Disney was “in a good position to begin with,” Whip Media...
The money will come in handy soon as Disney+ (market cap: 212.19 billion) takes on Netflix (market cap: 105.19 billion) in the next phase of the streaming wars: AVOD. It’s especially important Disney capitalize on the build-up, because it looks like its planned December launch for ad-supported Disney+ will come a month after Netflix ads make their debut. Disney+ may lose that sprint, but it may have an edge in the marathon for revenue — and the momentum.
Disney was “in a good position to begin with,” Whip Media...
- 9/13/2022
- by Tony Maglio
- Indiewire
The Walt Disney Company’s share price has risen more than 3 since Monday’s news that activist investor Daniel Loeb’s Third Point has acquired a new stake in the company, though analysts and experts have questioned Loeb’s push to spin off ESPN into a standalone company. In a letter to Disney CEO Bob Chapek, Loeb argued that the sports property “would have greater flexibility to pursue business initiatives that may be more difficult as part of Disney.” But due to a range of financial and streaming factors tied to Disney’s future, many analysts argue that ESPN may be most valuable right where it is. “I don’t see too many positives of spinning it off,” Dale Welaufer, CEO of Charlotte Lane Capital, told TheWrap. “Theoretically, there are some big holes in Loeb’s argument.” Also Read: Disney Shares Rise on Report That Daniel Loeb’s Third Point...
- 8/17/2022
- by Brandon Katz
- The Wrap
Updated with Disney’s response. Disney has responded to a letter from Third Point’s Daniel Loeb, reaffirming the leadership of CEO Bob Chapek and pushing back at Loeb’s call for a “refresh” of the company’s board.
“We welcome the views of all our investors,” Disney said in a statement. “As our third quarter results demonstrate, The Walt Disney Company continues to deliver strong financial results powered by world-class storytelling and our unique and highly valuable content creation and distribution ecosystem. Under the leadership of Bob Chapek, the company has delivered this strong performance while navigating the Covid-19 pandemic and its aftermath, including record streaming subscriptions and the reopening of our parks, where we have seen strong revenue and profit growth in our domestic parks business.”
As to the board, the statement described the body as an “independent and experienced” group with “significant expertise in branded, consumer-facing and...
“We welcome the views of all our investors,” Disney said in a statement. “As our third quarter results demonstrate, The Walt Disney Company continues to deliver strong financial results powered by world-class storytelling and our unique and highly valuable content creation and distribution ecosystem. Under the leadership of Bob Chapek, the company has delivered this strong performance while navigating the Covid-19 pandemic and its aftermath, including record streaming subscriptions and the reopening of our parks, where we have seen strong revenue and profit growth in our domestic parks business.”
As to the board, the statement described the body as an “independent and experienced” group with “significant expertise in branded, consumer-facing and...
- 8/15/2022
- by Dade Hayes
- Deadline Film + TV
Wall Street recently cheered Disney’s fiscal performance, judging by how the stock has performed since the company offered details of its third quarter performance. And yet, there are some investors who still think the owner of ABC, Disney World and Hulu has much further to go.
In an Aug. 15 letter to Disney CEO Bob Chapek, activist investor Third Point LLC disclosed that it had purchased a stake in Disney and suggested that Disney consider spinning off sports-media juggernaut ESPN, buying out Comcast’s stake in Hulu and reconfiguring its board of directors. Loeb had previously owned shares and pressed Disney to suspend its dividend while its operations were affected by the coronavirus pandemic.
“We expect to see the quality of Disney’s financial results improve as the Company’s business shifts further” into the direct-to-consumer arena, Third Point CEO Daniel Loeb said in the note to the Disney chief,...
In an Aug. 15 letter to Disney CEO Bob Chapek, activist investor Third Point LLC disclosed that it had purchased a stake in Disney and suggested that Disney consider spinning off sports-media juggernaut ESPN, buying out Comcast’s stake in Hulu and reconfiguring its board of directors. Loeb had previously owned shares and pressed Disney to suspend its dividend while its operations were affected by the coronavirus pandemic.
“We expect to see the quality of Disney’s financial results improve as the Company’s business shifts further” into the direct-to-consumer arena, Third Point CEO Daniel Loeb said in the note to the Disney chief,...
- 8/15/2022
- by Brian Steinberg
- Variety Film + TV
Disney’s share price rose nearly 2 early Monday after CNBC reported that Daniel Loeb’s Third Point had acquired a new stake in the entertainment giant — as the activist investor presses for changes, like spinning off ESPN into a standalone company and acquiring Comcast’s minority stake in the Hulu streaming service.
“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb wrote in a letter to its investors obtained by CNBC. “We know this is a priority for you and hope there is a deal to be had before Comcast is contractually obligated to do so in about 18 months.” He did not disclose the size of Third Point’s position in the entertainment giant.
Disney is coming off a strong fiscal quarter in which its total direct-to-consumer footprint surpassed 221 million subscribers. Revenue also surpassed expectations thanks to strong demand...
“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb wrote in a letter to its investors obtained by CNBC. “We know this is a priority for you and hope there is a deal to be had before Comcast is contractually obligated to do so in about 18 months.” He did not disclose the size of Third Point’s position in the entertainment giant.
Disney is coming off a strong fiscal quarter in which its total direct-to-consumer footprint surpassed 221 million subscribers. Revenue also surpassed expectations thanks to strong demand...
- 8/15/2022
- by Brandon Katz
- The Wrap
Reacting to a tumultuous 2020 and looking to establish a corporate structure suited to the transformations to come, the Walt Disney Co. has unveiled a major streamlining of its media and entertainment businesses.
Under the new structure, the focus will be on developing and producing original content for the company’s streaming services as well as for legacy platforms. Distribution and commercialization will be centralized into a single global unit called Media and Entertainment Distribution. It will be led by Kareem Daniel, a 14-year company veteran and former president of consumer products, games and publishing.
Covid-19 has ravaged Disney more than any other media company, with a direct impact on theme parks, travel, theatrical moviegoing, TV advertising, live sports and other longtime income sources. Streaming has been a bright spot, but it is thus far a money-losing endeavor for Disney, by design. In the spring of 2019, the company advised investors that...
Under the new structure, the focus will be on developing and producing original content for the company’s streaming services as well as for legacy platforms. Distribution and commercialization will be centralized into a single global unit called Media and Entertainment Distribution. It will be led by Kareem Daniel, a 14-year company veteran and former president of consumer products, games and publishing.
Covid-19 has ravaged Disney more than any other media company, with a direct impact on theme parks, travel, theatrical moviegoing, TV advertising, live sports and other longtime income sources. Streaming has been a bright spot, but it is thus far a money-losing endeavor for Disney, by design. In the spring of 2019, the company advised investors that...
- 10/12/2020
- by Dade Hayes
- Deadline Film + TV
Daniel Loeb, whose Third Point hedge fund owns a small stake in Disney, is urging the media giant to ditch its shareholder dividend and re-route those funds to streaming.
“Beyond bringing additional subscribers onto the platform, increased velocity of dedicated content production will deliver several knock-on benefits spread across your existing base including elevated engagement, lower churn, and increased pricing power,” Loeb wrote in a letter to Disney CEO Bob Chapek, a copy of which was provided to Deadline.
The change should not just be a 2020 decision, the letter maintains. “We believe the company should permanently suspend its $3 billion annual dividend, redirect capital entirely into content production and acquisition for Disney’s Dtc business, centered around Disney+,” Loeb writes.
After “admiral early progress” in shifting revenue from theatrical to the home with the releases of Hamilton and Mulan via Disney+ this year, Disney should keep driving in that direction, the letter says.
“Beyond bringing additional subscribers onto the platform, increased velocity of dedicated content production will deliver several knock-on benefits spread across your existing base including elevated engagement, lower churn, and increased pricing power,” Loeb wrote in a letter to Disney CEO Bob Chapek, a copy of which was provided to Deadline.
The change should not just be a 2020 decision, the letter maintains. “We believe the company should permanently suspend its $3 billion annual dividend, redirect capital entirely into content production and acquisition for Disney’s Dtc business, centered around Disney+,” Loeb writes.
After “admiral early progress” in shifting revenue from theatrical to the home with the releases of Hamilton and Mulan via Disney+ this year, Disney should keep driving in that direction, the letter says.
- 10/7/2020
- by Dade Hayes
- Deadline Film + TV
Daniel Loeb is calling on the Walt Disney Company to suspend its dividend and reinvest the money in acquiring and producing new content for its streaming services. Doing so, he argues, would double the company’s spending on tentpole films and series to highlight on its Netflix challengers.
At the same time, the Third Point hedge fund chief argues that Disney should place more of its upcoming blockbusters on Disney Plus, suggesting that streaming services, and not theatrical exhibition, represent the future of movies
“Just this week, Regal Cinemas shuttered all its U.S. operations and physical theaters. While we all share a certain sadness and nostalgia for this eventuality, I am sure that people felt similar emotions about horse-drawn carriages when the automobile was first introduced,” Loeb writes in a letter to Disney CEO Robert Chapek. “Every Hollywood executive has been able to enjoy first run films in the...
At the same time, the Third Point hedge fund chief argues that Disney should place more of its upcoming blockbusters on Disney Plus, suggesting that streaming services, and not theatrical exhibition, represent the future of movies
“Just this week, Regal Cinemas shuttered all its U.S. operations and physical theaters. While we all share a certain sadness and nostalgia for this eventuality, I am sure that people felt similar emotions about horse-drawn carriages when the automobile was first introduced,” Loeb writes in a letter to Disney CEO Robert Chapek. “Every Hollywood executive has been able to enjoy first run films in the...
- 10/7/2020
- by Brent Lang
- Variety Film + TV
Shares of Comcast jumped Tuesday after activist investor Nelson Peltz’ firm Trian Partners said it’s acquired a stake in the media giant and considers it undervalued.
The stock was up nearly 3% in a flat-to-down market late morning. Trian has acquired 20 million shares — or an 0.4% stake — in the NBCUniversal parent.
A Trian spokesperson said the firm “believes Comcast’s stock is undervalued. We have recently begun what we believe are constructive discussions with Comcast’s management team and look forward to continuing those discussions.”
Comcast declined to comment on Trian’s stake, news of which emerged Monday.
So, it’s not clear what the “constructive discussions” entail. Comcast like most companies has been slammed by Covid. But it’s been streamlining and cutting costs in media and entertainment. With broadband continuing to grow, sports back and advertising off its lows, CEO Brian Roberts was upbeat about prospects at a media conference last week.
The stock was up nearly 3% in a flat-to-down market late morning. Trian has acquired 20 million shares — or an 0.4% stake — in the NBCUniversal parent.
A Trian spokesperson said the firm “believes Comcast’s stock is undervalued. We have recently begun what we believe are constructive discussions with Comcast’s management team and look forward to continuing those discussions.”
Comcast declined to comment on Trian’s stake, news of which emerged Monday.
So, it’s not clear what the “constructive discussions” entail. Comcast like most companies has been slammed by Covid. But it’s been streamlining and cutting costs in media and entertainment. With broadband continuing to grow, sports back and advertising off its lows, CEO Brian Roberts was upbeat about prospects at a media conference last week.
- 9/22/2020
- by Jill Goldsmith
- Deadline Film + TV
Boy, Tencent is smart. If you want to get a handle on just how smart, consider this: Last Thursday (July 9th), entertainment-and-electronics giant Sony Corporation announced it was buying a minority stake worth $250 million in Epic Games, maker of Fortnite. Epic recently nailed a $17 billion valuation, meaning Sony’s stake will be worth around 1.5% of the company.
But eight years ago, in summer 2012, Chinese competitor Tencent already spent a comparable sum ($330 million) buying its own stake in Epic. This was five years before Fortnite publicly launched. The deal netted Tencent...
But eight years ago, in summer 2012, Chinese competitor Tencent already spent a comparable sum ($330 million) buying its own stake in Epic. This was five years before Fortnite publicly launched. The deal netted Tencent...
- 7/13/2020
- by Tim Ingham
- Rollingstone.com
Daniel Loeb’s hedge fund Third Point LLC, known in media circles for its activist crusade to shake up Sony Corp., has bought 1.425 million shares in the Walt Disney Co., according to an SEC filing Friday.
The purchase is a tiny fraction of the media giant’s 1.81 billion outstanding shares and there was no immediate indication of any larger agenda motivating the stake, which was taken during the quarter ending March 31. Third Point had invested $115 million in Disney stock in 2013. According to a February filing for the fourth quarter, the company had no position in Disney as of the end of 2019.
In its first-quarter letter to investors, Third Point noted that Sony had “struggled” in the period, but it made no mention of Disney.
The SEC disclosure comes at a sensitive time for Disney, which is sustaining damage from Covid-19 across its parks and resorts, studio and networks units. It...
The purchase is a tiny fraction of the media giant’s 1.81 billion outstanding shares and there was no immediate indication of any larger agenda motivating the stake, which was taken during the quarter ending March 31. Third Point had invested $115 million in Disney stock in 2013. According to a February filing for the fourth quarter, the company had no position in Disney as of the end of 2019.
In its first-quarter letter to investors, Third Point noted that Sony had “struggled” in the period, but it made no mention of Disney.
The SEC disclosure comes at a sensitive time for Disney, which is sustaining damage from Covid-19 across its parks and resorts, studio and networks units. It...
- 5/15/2020
- by Dade Hayes and Jill Goldsmith
- Deadline Film + TV
Daniel Loeb’s Third Point Capital revealed Friday that it’s acquired a chunk of ViacomCBS stock, but the hedge fund did not indicate whether it’s planning to move into activist mode in the way that’s caused headaches for Sony and other companies.
In an SEC filing, Third Point indicated it had acquired 2.75 million ViacomCBS shares (less than 1% of the total number outstanding) for about $15.4 million in the fourth quarter.
Loeb may see the newly merged media company as a good buy. And it’s basically an entity run by the Redstone family via controlling shareholder National Amusements, with a limited amount of shares with meaningful voting power and not much room for activists to maneuver. But public stakeholders can always kick up some dust. In 2016, activist investor Eric Jackson, at that time manager director of SpringOwl Asset Management, went after Viacom executives to resign.
In an SEC filing, Third Point indicated it had acquired 2.75 million ViacomCBS shares (less than 1% of the total number outstanding) for about $15.4 million in the fourth quarter.
Loeb may see the newly merged media company as a good buy. And it’s basically an entity run by the Redstone family via controlling shareholder National Amusements, with a limited amount of shares with meaningful voting power and not much room for activists to maneuver. But public stakeholders can always kick up some dust. In 2016, activist investor Eric Jackson, at that time manager director of SpringOwl Asset Management, went after Viacom executives to resign.
- 2/14/2020
- by Jill Goldsmith
- Deadline Film + TV
Sony Pictures Entertainment has recorded a $51M profit for the third quarter ending December 31, 2019. This is down 50% from the $102M Q3 profit it saw in the comparable period of 2018 which had benefited from the global success of Venom.
Sony cited overall lower revenues for its theatrical films in the quarter versus 2018. Among the titles that released during the period in 2019 were the underperforming Charlie’s Angels. However, Jumanji: The Next Level has been strong worldwide with $755M to date. Given it came out in mid-December, the Dwayne Johnson sequel’s impact will also be felt in Q4. January release Bad Boys For Life is still in theaters after breaking opening records last month and will be attributable to the next results. The Will Smith-starrer currently sits at $291M worldwide.
The pictures division also saw lower television and home entertainment licensing in Q3, partially offset by higher sales of The Crown...
Sony cited overall lower revenues for its theatrical films in the quarter versus 2018. Among the titles that released during the period in 2019 were the underperforming Charlie’s Angels. However, Jumanji: The Next Level has been strong worldwide with $755M to date. Given it came out in mid-December, the Dwayne Johnson sequel’s impact will also be felt in Q4. January release Bad Boys For Life is still in theaters after breaking opening records last month and will be attributable to the next results. The Will Smith-starrer currently sits at $291M worldwide.
The pictures division also saw lower television and home entertainment licensing in Q3, partially offset by higher sales of The Crown...
- 2/4/2020
- by Nancy Tartaglione
- Deadline Film + TV
Activist investor Daniel Loeb’s hedge fund Third Point, after buzzing around Sony for years, urged the conglomerate to continue selling off non-strategic assets, insisting that the media and entertainment businesses can “stand alone.”
Loeb also commended Sony for strong returns in 2019 but said in a letter to investors his firm needs to take a hard look at its portfolio.
Sony shares, which closed at $71.80 Thursday, are up more than 70% from their 52-week low, a stellar performance.
“Sony has avoided the topic of portfolio optimization, but we continue to believe that Sony’s media and semiconductors franchises can stand alone and create more value independently than together,” the firm wrote.
But he spent most of the letter praising the company.
“We invested in Sony in Q1 2019 when shares traded down on market fears that cloud gaming posed a substantial threat to the company’s PlayStation franchise and overall gaming business.
Loeb also commended Sony for strong returns in 2019 but said in a letter to investors his firm needs to take a hard look at its portfolio.
Sony shares, which closed at $71.80 Thursday, are up more than 70% from their 52-week low, a stellar performance.
“Sony has avoided the topic of portfolio optimization, but we continue to believe that Sony’s media and semiconductors franchises can stand alone and create more value independently than together,” the firm wrote.
But he spent most of the letter praising the company.
“We invested in Sony in Q1 2019 when shares traded down on market fears that cloud gaming posed a substantial threat to the company’s PlayStation franchise and overall gaming business.
- 1/31/2020
- by Jill Goldsmith
- Deadline Film + TV
Variety has won two Eppy Awards from Editor & Publisher, including Best Digital Magazine and Best Collaborative Investigative/Enterprise Feature for “American (In)Justice” — a collaboration with fellow Pmc property Rolling Stone. “American (In)Justice” also tied with USA Today’s “Copy, Paste, Legislate” collaboration with The Arizona Republic and the Center for Public Integrity. Variety has provided insight and analysis into the entertainment industry for more than a century in addition to uniting Hollywood voices behind political and social issues impacting the nation. The “American (In)Justice” collaboration with RollingStone was a special print supplement released in February 2019 that was adapted for the web and examined the bipartisan support for reforming the criminal justice system. It also invited Ava DuVernay along with two dozen contributors to provide insights and solutions in four areas: seeds of crime, the courtroom, prison and the world ahead for everyone. Jay Penske of Penske Media,...
- 10/24/2019
- by Lorraine Wheat
- Variety Film + TV
Sony Corp. has rejected a proposal by activist shareholder Daniel Loeb of Third Point Capital to spin off its semiconductor business in order to unlock value in its entertainment holdings.
Third Point, which has accumulated $1.5 billion in Sony shares since 2013, sent an open letter to Sony’s board in June outlining its recommendations for the company. One central idea it advocated was separating its chip business. “New Sony,” as Loeb dubbed the proposed operation, would consist of music, film, TV and gaming assets.
“Sony’s board and management team, along with external financial and legal advisors in Japan and the U.S., conducted an extensive analysis of Third Point’s recommendations,” Sony CEO Kenichiro Yoshida wrote in a letter to shareholders. “Following this review, Sony’s board, which is comprised of a majority of independent outside directors with diverse experience in a variety of industries, unanimously concluded that retaining the...
Third Point, which has accumulated $1.5 billion in Sony shares since 2013, sent an open letter to Sony’s board in June outlining its recommendations for the company. One central idea it advocated was separating its chip business. “New Sony,” as Loeb dubbed the proposed operation, would consist of music, film, TV and gaming assets.
“Sony’s board and management team, along with external financial and legal advisors in Japan and the U.S., conducted an extensive analysis of Third Point’s recommendations,” Sony CEO Kenichiro Yoshida wrote in a letter to shareholders. “Following this review, Sony’s board, which is comprised of a majority of independent outside directors with diverse experience in a variety of industries, unanimously concluded that retaining the...
- 9/17/2019
- by Dade Hayes
- Deadline Film + TV
Sony Corp. dismissed the proposal from Daniel Loeb's Third Point hedge fund to spin out its successful semiconductor business into a separate company in an eight-page letter to shareholders on Tuesday.
CEO Kenichiro Yoshida pointed to two consecutive years of record profits at the entertainment to electronics Japanese conglomerate as evidence that Sony's corporate strategy of diversified businesses was working.
Yoshida wrote that Sony's board agreed with Loeb's description of its Imaging and Sensor Solutions division as a "Japanese crown jewel and technology champion" but that it would continue to be an integral part of the group....
CEO Kenichiro Yoshida pointed to two consecutive years of record profits at the entertainment to electronics Japanese conglomerate as evidence that Sony's corporate strategy of diversified businesses was working.
Yoshida wrote that Sony's board agreed with Loeb's description of its Imaging and Sensor Solutions division as a "Japanese crown jewel and technology champion" but that it would continue to be an integral part of the group....
- 9/17/2019
- The Hollywood Reporter - Movie News
Sony Corp. dismissed the proposal from Daniel Loeb's Third Point hedge fund to spin out its successful semiconductor business into a separate company in an eight-page letter to shareholders on Tuesday.
CEO Kenichiro Yoshida pointed to two consecutive years of record profits at the entertainment to electronics Japanese conglomerate as evidence that Sony's corporate strategy of diversified businesses was working.
Yoshida wrote that Sony's board agreed with Loeb's description of its Imaging and Sensor Solutions division as a "Japanese crown jewel and technology champion" but that it would continue to be an integral part of the group....
CEO Kenichiro Yoshida pointed to two consecutive years of record profits at the entertainment to electronics Japanese conglomerate as evidence that Sony's corporate strategy of diversified businesses was working.
Yoshida wrote that Sony's board agreed with Loeb's description of its Imaging and Sensor Solutions division as a "Japanese crown jewel and technology champion" but that it would continue to be an integral part of the group....
- 9/17/2019
- The Hollywood Reporter - Film + TV
Updated with stock movement, Trump comments: AT&T shares rose more than 4% to $37.88 in early trading Monday – one of the stock’s biggest one-day gains in months – after activist hedge fund Elliott Management disclosed a $3.2 billion stake in the telecom and media giant.
The news attracted the interest of President Donald Trump, who took it as an opportunity to take his latest swipe at CNN, noting in Twitter posts its “Fake News” and “non-credible ‘anchors’ ” and saying the cable news network is “losing a fortune” and “bad for the USA.”
Citing a lack of strategic focus at AT&T, Elliott bought the small slice of the company, whose market value is about $260 billion, in order to advance a plan it has dubbed “Activate AT&T.” If management follows its set of recommendations, Elliott said in a letter to the AT&T board, the company’s share price will trade north of...
The news attracted the interest of President Donald Trump, who took it as an opportunity to take his latest swipe at CNN, noting in Twitter posts its “Fake News” and “non-credible ‘anchors’ ” and saying the cable news network is “losing a fortune” and “bad for the USA.”
Citing a lack of strategic focus at AT&T, Elliott bought the small slice of the company, whose market value is about $260 billion, in order to advance a plan it has dubbed “Activate AT&T.” If management follows its set of recommendations, Elliott said in a letter to the AT&T board, the company’s share price will trade north of...
- 9/9/2019
- by Dade Hayes
- Deadline Film + TV
Reversing a trend, Sony Pictures Entertainment has posted an uptick in its first quarterly report of fiscal 2019. Unveiling Q1 results in Tokyo on Tuesday, the electronics and entertainment giant said earnings at the film division rose to $3.7M (400M yen) versus a $68M loss in the comparable period last year. Executives on an earnings call noted this was the first time the division has seen a first-quarter profit in five years.
Sales rose 6% year-on-year to $1.7B (186.1B yen) during the period ended June 30 thanks in part to higher theatrical revenues from Men In Black: International and Spider-Man: Far From Home, Sony said. The latter title, which recently topped $1B at the global box office to become the studio’s 2nd highest-grossing film ever, did not begin its full worldwide release until the start of July so will be weighted to Q2 earnings and beyond.
The latest Men In Black was...
Sales rose 6% year-on-year to $1.7B (186.1B yen) during the period ended June 30 thanks in part to higher theatrical revenues from Men In Black: International and Spider-Man: Far From Home, Sony said. The latter title, which recently topped $1B at the global box office to become the studio’s 2nd highest-grossing film ever, did not begin its full worldwide release until the start of July so will be weighted to Q2 earnings and beyond.
The latest Men In Black was...
- 7/30/2019
- by Nancy Tartaglione
- Deadline Film + TV
Sony’s Pictures Division virtually broke even in its first financial quarter from April to June, arresting a trend in which the unit usually makes a loss in its opening three months. The division posted a statistically marginal profit of $3 million, or less than 0.2%, on revenue of $1.7 billion.
Still, it was an improvement compared to the loss of $69 million on revenue of $1.59 billion in the same period of the 2018-19 financial year. The pictures division went on to post a full-year operating profit in 2018-19 of $489 million, which it is forecasting will rise to $590 million this year.
Overall, the giant Sony group enjoyed revenues of $17.5 billion (an unchanged JPY1.93 trillion) and achieved net profits of $1.38 billion (JPY152 billion.) Earnings per share were reported as $1.08 (JPY119.22), which comfortably exceeded a consensus forecast of $0.79 per share by financial analysts.
Compared with a very weak first quarter in 2018-19, when theatrical revenues were worth just $34 million,...
Still, it was an improvement compared to the loss of $69 million on revenue of $1.59 billion in the same period of the 2018-19 financial year. The pictures division went on to post a full-year operating profit in 2018-19 of $489 million, which it is forecasting will rise to $590 million this year.
Overall, the giant Sony group enjoyed revenues of $17.5 billion (an unchanged JPY1.93 trillion) and achieved net profits of $1.38 billion (JPY152 billion.) Earnings per share were reported as $1.08 (JPY119.22), which comfortably exceeded a consensus forecast of $0.79 per share by financial analysts.
Compared with a very weak first quarter in 2018-19, when theatrical revenues were worth just $34 million,...
- 7/30/2019
- by Patrick Frater
- Variety Film + TV
Shares in Sony Corp. on the New York Stock Exchange climbed more than 3% Friday after rallying as much as 4% on Japan’s Nikkei as investors digested the latest proposal by activist investor Daniel Loeb to break up the conglomerate.
Loeb, whose Third Point hedge fund has accumulated a $1.5 billion stake in Sony since first investing in 2013, released a letter Thursday night calling the company as “one of the most undervalued large cap businesses in the world today.”
In making the case for unlocking value, Loeb outlined his ideas for how the company should be divided and organized. Key elements to the proposal include selling off the company’s semiconductor unit, optimizing its capital structure and divesting its public equity stakes in Sony Financial, M3, Olympus and Spotify.
The investor rattled a lot of cages, and got into a public spat with George Clooney, early into his initial Sony buy-in. The...
Loeb, whose Third Point hedge fund has accumulated a $1.5 billion stake in Sony since first investing in 2013, released a letter Thursday night calling the company as “one of the most undervalued large cap businesses in the world today.”
In making the case for unlocking value, Loeb outlined his ideas for how the company should be divided and organized. Key elements to the proposal include selling off the company’s semiconductor unit, optimizing its capital structure and divesting its public equity stakes in Sony Financial, M3, Olympus and Spotify.
The investor rattled a lot of cages, and got into a public spat with George Clooney, early into his initial Sony buy-in. The...
- 6/14/2019
- by Dade Hayes
- Deadline Film + TV
Tokyo — Sony Corp. CEO Kenichiro Yoshida underscored the importance of Sony Pictures Entertainment to the conglomerate’s strategy going forward at a media briefing Tuesday, citing the global boom in subscription streaming services.
The comments from Yoshida, who hosted the session with Spe chairman and CEO Tony Vinciquerra, come amid industry consolidation and possible pressure from activist investor Daniel Loeb, whose Three Point hedge fund recently upped its Sony holdings by $63 million.
In 2013, Loeb publicly urged Sony to sell off part of its entertainment businesses to boost shareholder value. Sony rejected that proposal, but speculation remains that Loeb will renew his call for the company to unload Sony Pictures Entertainment.
“The proliferation of subscription streaming services has increased the demand for music and video entertainment content,” Yoshida said. “This is acting as a tailwind for companies like Sony that own businesses which produce music and video content such as movies,...
The comments from Yoshida, who hosted the session with Spe chairman and CEO Tony Vinciquerra, come amid industry consolidation and possible pressure from activist investor Daniel Loeb, whose Three Point hedge fund recently upped its Sony holdings by $63 million.
In 2013, Loeb publicly urged Sony to sell off part of its entertainment businesses to boost shareholder value. Sony rejected that proposal, but speculation remains that Loeb will renew his call for the company to unload Sony Pictures Entertainment.
“The proliferation of subscription streaming services has increased the demand for music and video entertainment content,” Yoshida said. “This is acting as a tailwind for companies like Sony that own businesses which produce music and video content such as movies,...
- 5/21/2019
- by Mark Schilling
- Variety Film + TV
Michael Rubin, a co-owner of the Philadelphia 76ers, used to have a recurring argument with the rapper and hardcore 76ers fan Meek Mill. “Meek would say, ‘Michael, there are two Americas,'” Rubin recalled during a press conference at John Jay College in Manhattan on Wednesday. “I’d be like, ‘Bro, what are you talking about?'”
Then in November 2017, Rubin watched in court as the rapper was sentenced to two to four years in prison for doing wheelies on a dirt bike, an action that was deemed a violation...
Then in November 2017, Rubin watched in court as the rapper was sentenced to two to four years in prison for doing wheelies on a dirt bike, an action that was deemed a violation...
- 1/23/2019
- by Elias Leight
- Rollingstone.com
Variety and Rolling Stone will co-host their first-ever Criminal Justice Reform Summit next month in Los Angeles.
Featuring CNN host and activist Van Jones, as well as Kim Kardashian West and hip-hop artist Meek Mill, the Nov. 14 event will bring together the entertainment, philanthropic, advocacy and policymaking communities to drive criminal justice reform.
Jones will keynote the conference by talking about the failings of the American criminal justice system with Kardashian West, who recently began leveraging her celebrity platform to advocate for prison reform with D.C.’s top policymakers. Notably, she aided in the early release of Alice Marie Johnson, a first-time nonviolent drug offender who spent 21 years in prison, after meeting with President Donald Trump at the White House.
“Not only do we face a mass incarceration problem in the United States, but almost 60 percent of inmates currently in prison or jail are racial and ethnic minorities,” said Jones,...
Featuring CNN host and activist Van Jones, as well as Kim Kardashian West and hip-hop artist Meek Mill, the Nov. 14 event will bring together the entertainment, philanthropic, advocacy and policymaking communities to drive criminal justice reform.
Jones will keynote the conference by talking about the failings of the American criminal justice system with Kardashian West, who recently began leveraging her celebrity platform to advocate for prison reform with D.C.’s top policymakers. Notably, she aided in the early release of Alice Marie Johnson, a first-time nonviolent drug offender who spent 21 years in prison, after meeting with President Donald Trump at the White House.
“Not only do we face a mass incarceration problem in the United States, but almost 60 percent of inmates currently in prison or jail are racial and ethnic minorities,” said Jones,...
- 10/26/2018
- by Variety Staff
- Variety Film + TV
Bret Easton Ellis, the author of the book that became cult movie American Psycho, did this awesome editorial piece on his legacy in Town And Country. In it, Ellis reminisces on the 25 years it's been since he penned the book, and where we might find Patrick Bateman today...
I often thought that this was a time Bateman could have also thrived in, especially with the advent of new technologies that could have aided him in his ghoulish obsession with murder, execution, and torture—and in ways to record them. And sometimes I think that if I had written the book in the past decade, perhaps Bateman would have been working in Silicon Valley, living in Cupertino with excursions into San Francisco or down to Big Sur to the Post Ranch Inn and palling around with Zuckerberg and dining at the French Laundry, or lunching with Reed Hastings at Manresa in Los Gatos,...
I often thought that this was a time Bateman could have also thrived in, especially with the advent of new technologies that could have aided him in his ghoulish obsession with murder, execution, and torture—and in ways to record them. And sometimes I think that if I had written the book in the past decade, perhaps Bateman would have been working in Silicon Valley, living in Cupertino with excursions into San Francisco or down to Big Sur to the Post Ranch Inn and palling around with Zuckerberg and dining at the French Laundry, or lunching with Reed Hastings at Manresa in Los Gatos,...
- 2/25/2016
- by Mick Joest
- GeekTyrant
Most of the movie biopics that figure prominently in awards season had their share of twists and turns, but none more than American Sniper, the film about Navy Seal Chris Kyle that Clint Eastwood directed for Warner Bros. Jason Hall, the writer since the film’s inception, explains how Sniper overcame more setbacks and tragedy than most films.
Deadline: You were an aspiring actor not that long ago. How did you become the sole writer of American Sniper?
Hall: I tried to be an actor, did TV parts in shows like Buffy The Vampire Slayer, played the bad guy or the MacGuffin bad guy with the half-baked mustache. I’d read these terrible movie scripts and couldn’t get auditions for them. I thought maybe I could write a terrible script for myself, but they wouldn’t even let me audition when I did that. My first script, I remember...
Deadline: You were an aspiring actor not that long ago. How did you become the sole writer of American Sniper?
Hall: I tried to be an actor, did TV parts in shows like Buffy The Vampire Slayer, played the bad guy or the MacGuffin bad guy with the half-baked mustache. I’d read these terrible movie scripts and couldn’t get auditions for them. I thought maybe I could write a terrible script for myself, but they wouldn’t even let me audition when I did that. My first script, I remember...
- 1/3/2015
- by Mike Fleming Jr
- Deadline
As North Korea stepped up its rhetoric and claimed the Us government was behind The Interview, a Sony attorney said on Sunday (December 21) that the studio will distribute the film in some format.
David Boies made the statement on TV interview show Meet The Press. The attorney recently sent a letter to the media urging them not to publish stolen information obtained from leaks resulting from the cyber attacks that the FBI has attributed to North Korea.
“How it’s going to be distributed I don’t think anybody knows quite yet, but it’s going to be distributed,” Boies said.
While internet giants Netflix, Google, Apple and Amazon remained silent on the matter, there was speculation that Sony’s own Crackle online distribution service or YouTube might be strong contenders to release the comedy.
Meanwhile North Korean state broadcaster Kcna issued a statement on Sunday claiming the Us administration had created The Interview, in which Seth Rogen...
David Boies made the statement on TV interview show Meet The Press. The attorney recently sent a letter to the media urging them not to publish stolen information obtained from leaks resulting from the cyber attacks that the FBI has attributed to North Korea.
“How it’s going to be distributed I don’t think anybody knows quite yet, but it’s going to be distributed,” Boies said.
While internet giants Netflix, Google, Apple and Amazon remained silent on the matter, there was speculation that Sony’s own Crackle online distribution service or YouTube might be strong contenders to release the comedy.
Meanwhile North Korean state broadcaster Kcna issued a statement on Sunday claiming the Us administration had created The Interview, in which Seth Rogen...
- 12/22/2014
- by jeremykay67@gmail.com (Jeremy Kay)
- ScreenDaily
As North Korea stepped up its rhetoric and claimed the Us government was behind The Interview, a Sony attorney said on Sunday (December 21) that the studio will distribute the film in some format.
David Boies, who recently sent a letter to the media urging them not to publish stolen information obtained from leaks resulting from the cyber attacks that the FBI has attributed to North Korea, made the statement on Meet The Press.
“How it’s going to be distributed I don’t think anybody knows quite yet, but it’s going to be distributed,” he said.
While internet giants Netflix, Google, Apple and Amazon remained silent on the matter, there was speculation that Sony’s own Crackle online distribution service or YouTube might be strong contenders to release the comedy.
Meanwhile North Korean state broadcaster Kcna issued a statement on Sunday claiming the Us administration had created The Interview, in which Seth Rogen...
David Boies, who recently sent a letter to the media urging them not to publish stolen information obtained from leaks resulting from the cyber attacks that the FBI has attributed to North Korea, made the statement on Meet The Press.
“How it’s going to be distributed I don’t think anybody knows quite yet, but it’s going to be distributed,” he said.
While internet giants Netflix, Google, Apple and Amazon remained silent on the matter, there was speculation that Sony’s own Crackle online distribution service or YouTube might be strong contenders to release the comedy.
Meanwhile North Korean state broadcaster Kcna issued a statement on Sunday claiming the Us administration had created The Interview, in which Seth Rogen...
- 12/22/2014
- by jeremykay67@gmail.com (Jeremy Kay)
- ScreenDaily
Lionsgate executives last summer wanted to meet with Sony Corp. CEO Kazuo Hirai to discuss a possible merger or acquisition involving Sony's studio, Bloomberg News reported late on Tuesday, citing emails found in documents stolen by hackers. Hirai declined to meet them, but expressed interest in possible cooperation, the report said, citing emails to and from Sony Entertainment CEO Michael Lynton released by the hackers. Activist investor Daniel Loeb had made a push for Sony to partially spin off its entertainment business and told Sony Corp. of America president Nicole Seligman in August last year that Lionsgate executives wanted a
read more...
read more...
- 12/17/2014
- by Georg Szalai
- The Hollywood Reporter - Movie News
Peter Bart and Mike Fleming Jr. worked together for two decades at Daily Variety. In this occasional column, two old friends get together and grind their axes, mostly on the movie business.
Bart: Critics don’t like to admit it, but the conditions under which you see a film strongly influence your opinion. Birdman is a good example: If you see a film like this with a pack of cinephiles like at Telluride, everyone gets every inside joke, and you instinctively go along with the crowd. I made it a point to see Birdman with a paid civilian audience and it was like screening it in a mausoleum. No laughs, just occasional grunts and lots of walkouts. Some reviews predicted Birdman “will captivate arthouse and multiplex crowds alike and send awards pundits into orbit” (the Variety review). Well that ain’t happening with the audiences; we’ll see about the awards.
Bart: Critics don’t like to admit it, but the conditions under which you see a film strongly influence your opinion. Birdman is a good example: If you see a film like this with a pack of cinephiles like at Telluride, everyone gets every inside joke, and you instinctively go along with the crowd. I made it a point to see Birdman with a paid civilian audience and it was like screening it in a mausoleum. No laughs, just occasional grunts and lots of walkouts. Some reviews predicted Birdman “will captivate arthouse and multiplex crowds alike and send awards pundits into orbit” (the Variety review). Well that ain’t happening with the audiences; we’ll see about the awards.
- 11/23/2014
- by Mike Fleming Jr
- Deadline
Sony Pictures Entertainment Chairman and CEO Michael Lynton just issued an internal notice that Svp Communications Charles Sipkins has resigned to pursue other opportunities. “We thank him for his contributions and wish him success in the future,” the memo said.
Sipkins, whom I always found to be an effective, stand up guy, came aboard in August 2013 after working with several media companies in his role at crisis PR firm Sard Verbinnen, including advising for Yahoo and Peter Chernin. He oversaw all aspects of the company’s corporate communications and the existing Spe team, and joined during that summer where Sony was in the news a lot as it fended off Third Point hedge fund CEO Daniel Loeb, who criticized the studio for poor box office performances from such titles as After Earth and White House Down among other things and wanted parent Sony to spin off its entertainment assets. Sony didn’t budge,...
Sipkins, whom I always found to be an effective, stand up guy, came aboard in August 2013 after working with several media companies in his role at crisis PR firm Sard Verbinnen, including advising for Yahoo and Peter Chernin. He oversaw all aspects of the company’s corporate communications and the existing Spe team, and joined during that summer where Sony was in the news a lot as it fended off Third Point hedge fund CEO Daniel Loeb, who criticized the studio for poor box office performances from such titles as After Earth and White House Down among other things and wanted parent Sony to spin off its entertainment assets. Sony didn’t budge,...
- 11/21/2014
- by Mike Fleming Jr
- Deadline
Sony came out ahead of analyst estimates with a smaller-than-expected second quarter loss thanks primarily to increased demand for its PlayStation4 game console. However, overall losses widened to 136B yen ($1.2B) from 19.6B yen in the comparable period in 2013 as the mobile phone unit bled $1.58B. Sales and operating revenue were up overall by 7.2% compared to the same period last year at $17.4B. The games and network services segment recorded an 83.2% bump in sales and revenue to $2.8B which Sony attributed to both PS4 hardware and software demand. The company upped its operating profit forecast in the division by 10B yen ($89.7M) to 35B yen ($314M).
In the movie unit, sales increased 2.4% on the same time frame last year to $1.64B. However, that was a 3% drop on a constant currency U.S. dollar basis which the entertainment and electronics giant said was primarily due to a decrease in theatrical revenues.
In the movie unit, sales increased 2.4% on the same time frame last year to $1.64B. However, that was a 3% drop on a constant currency U.S. dollar basis which the entertainment and electronics giant said was primarily due to a decrease in theatrical revenues.
- 10/31/2014
- by Nancy Tartaglione
- Deadline
Daniel Loeb, who runs investment firm Third Point, has sold his stake in Sony Corp., he revealed Tuesday in a letter to investors, TheWrap has confirmed. Third Point has pulled out of Sony Corp. and made new investments in eBay and Alibaba, according to the letter. Loeb is an outspoken activist investor who famously criticized Sony leadership last summer for a string of flops. Also read: Daniel Loeb Slams Sony Entertainment Execs for Summer Flops, Poor Oversight A spokesperson for Sony Pictures Entertainment told TheWrap ”We don't comment on any specific investor's shareholding.” The Sony-relevant portion of the letter reads...
- 10/21/2014
- by Jeff Sneider
- The Wrap
Daniel Loeb, the outspoken leader of the investment firm, Third Point, said Tuesday he has sold his position in Sony. The activist investor had previously written harsh letters to Sony management, criticizing them for not spinning off what he called the company's "bloated" entertainment assets. He also blasted the film studio for a string of flops that included White House Down and After Earth. The news of the sale was first reported by Reuters. The outlet also said Loeb has taken large stakes in eBay and Alibaba. Loeb had been a thorn in the side of Sony beginning about 17 months
read more...
read more...
- 10/21/2014
- by Paul Bond
- The Hollywood Reporter - Movie News
Sony Pictures Entertainment continues to shuffle its motion picture division manpower. The studio announced this morning that Columbia Pictures president and former production president Doug Belgrad got promoted to the post of president of its Motion Picture Group. Belgrad continues to report to Amy Pascal, co-chairman of Sony Pictures Entertainment and chairman of Sony Pictures Entertainment Motion Picture Group. When Michael De Luca was tapped to share the production president role with Hannah Minghella, speculation ran rampant about what might happen to all of these executives. This came after a rough summer 2013, and minority shareholder Daniel Loeb complaining loudly […]...
- 7/16/2014
- Deadline
At the halfway point of 2014, Sony Pictures appears to have reversed its fortunes. It came under fire last year from high-profile investor Daniel Loeb following a disappointing summer movie season, featuring costly flops such as “White House Down” and “After Earth.” Not only does Sony boast the highest-grossing movie of the year so far in “The Amazing Spider-Man 2,” but come Monday morning, the studio will likely be popping champagne bottles when the box-office bell tolls for “22 Jump Street,” which earned an impressive $5.5 million on Thursday night and could gross more than $60 million this weekend. Phil Lord...
- 6/13/2014
- by Jeff Sneider
- The Wrap
This the latest promotion for Nicole Seligman, who has become a formidable behind-the-scenes force at Sony since she was recruited by former CEO Howard Stringer to be the company’s general counsel after she repped Oliver North in the Iran-Contra hearings and President Bill Clinton when he was impeached. In her new position she’ll directly oversee important functions at the company’s movie and music properties, reporting to Sony Entertainment CEO Michael Lynton. She’ll continue to report to Sony CEO Kazuo Hirai in her new role as Senior Legal Counsel and as she keeps her corporate duties as President, Sony Corporation of America and as a member of Sony’s Group Executive Committee. The company says that in her new role at Entertainment she will “develop overall strategy and growth opportunities, identify and implement efficiencies within and among [Sony Pictures, Sony Music, and the Sony/Atv Music Publishing joint venture] and expand the businesses’ combined global footprint and influence.” She’ll directly oversee finance,...
- 5/30/2014
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
With great budget comes great responsibility. Sony's pricey “Amazing Spider-Man” sequel must earn massive box office to justify the cost and also set the stage for future sequels and spinoffs. If Spidey stumbles, studio brass could draw more fire from investors like hedge fund guru Daniel Loeb. It swings into U.S. theaters Friday with two more sequels and two Spider-Man spinoffs in development — “Sinister Six” and “Venom” – and it isn't cheap: “The Amazing Spider-Man 2” has a $250 million-plus production budget and a hefty marketing budget around $100 million. Also read: ‘Amazing Spider-Man 2' Aims to Spin $95 Million Opening...
- 5/2/2014
- by Jeff Sneider
- The Wrap
This little item popped up in the Friday data dump of filings at the SEC. The Tribune CEO told Yahoo that he won’t seek re-election at the next annual meeting, when his term expires. Peter Liguori, formerly a honcho at Fox and Discovery, joined the board in 2012. Yahoo had hoped that the appointment of an independent director would help to derail a planned proxy fight by Third Point’s Daniel Loeb who said, among other things, that the company was underperforming in part because directors were too closely aligned with management. That plan didn’t work, though the company and Loeb finally made peace after it hired Marissa Mayer to be CEO. (Loeb is an investor in Variety with Deadline’s parent company, Pmc.) Last year, Liguori also left the MGM board.
- 4/11/2014
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Update: The funding commitment is $200 million, with half of that debt and the other half equity. It’s a multi-year agreement to co-finance the majority of Sony’s film for the next several years, $45 billion 20-year fund out of Texas, and this is a big move for Sony and reinforces Amy Pascal’s ability to put together powerhouse slates. That doesn’t include the films that Jeff Robinov is expected to make at Sony with his own funding, big films that Sony can co-finance or merely distribute. The money actually comes from LStar Capital, the credit lending affiliate of Lone Star, and CitiBank. Studio’s getting good notices on both the second installment of Amazing Spider-Man and 22 Jump Street, and this is a big shot in the arm for Pascal and Michael Lynton. Many lamented when Sony weathered a tough time last summer with White House Down and After Earth...
- 4/9/2014
- by MIKE FLEMING JR
- Deadline
Exclusive: Sony Pictures has begun its layoff process that will last through the week. We hear that Sony has cut the entire Sony Pictures Interactive team tasked for the last 15 years with supporting the studio’s digital marketing. I’ve confirmed this, but am told there will be staff reductions in California, other U.S. locations and internationally, and that all divisions of the company will be impacted. “We are continuously evolving the business to make Spe more efficient and competitive,” said Sony Pictures Entertainment spokesperson Charles Sipkins. We will tell you more specifics when we learn them. Related: Anxiety On Sony Lot As Layoffs Coming Early Next Week This shakeup has been in the cards since Sony hired Bain & Company to figure out a way to cut $100 million in operating costs across movies, TV and the music operations. Staffers from that consulting company have made their presence felt on the lot.
- 3/17/2014
- by MIKE FLEMING JR
- Deadline
Exclusive: Sony Pictures has begun its layoff process that will last through the week. We hear that Sony has cut the entire Sony Pictures Interactive team tasked for the last 15 years with supporting the studio’s digital marketing. I’ve confirmed this, but am told there will be staff reductions in California, other U.S. locations and internationally, and that all divisions of the company will be impacted. “We are continuously evolving the business to make Spe more efficient and competitive,” said Sony Pictures Entertainment spokesperson Charles Sipkins. We will tell you more specifics when we learn them. Related: Anxiety On Sony Lot As Layoffs Coming Early Next Week This shakeup has been in the cards since Sony hired Bain & Company to figure out a way to cut $100 million in operating costs across movies, TV and the music operations. Staffers from that consulting company have made their presence felt on the lot.
- 3/17/2014
- by MIKE FLEMING JR
- Deadline TV
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.