In on the joke! After Tom Sandoval sparked backlash for wearing white nail polish, brand OPI is getting in on the fun.
08.05.2023 - 17:29 / deadline.com
Taking the mic for the second time in a week, Paramount Global CEO Bob Bakish explained why the company slashed its dividend and talked streaming, advertising and weathering a WGA strike.
He told the (virtual) annual meeting of shareholders Monday that uncertain macroeconomic factors (interest rates, inflation) require prudent cash management and reducing the dividend by 80% will save the company $500 million a year — echoing what he told disgruntled financial analysts on last Thursday’s earnings call.
Par is highly exposed to advertising and a shaky market is colliding with peak investment in streaming this year. S&P Global in late March downgraded the company’s investment rating (to BBB- from BBB) “due to the weakening macroeconomic environment, higher peak losses in its direct-to-consumer (DTC) segment, and worsening trends for linear television.”
Bakish promised an improving ad market plus reduced streaming investment will bring the company earnings and free cash flow in 2024. The stock is off about 0.5% today at $16.77. It’s fell sharply last week.
On the strike, the CEO reiterated his comments from last week, noting that the two sides are still far apart.
“I’d start with the fact that writers are really an essential part of creating content that our audiences enjoy across all our platforms. So, with that as an umbrella statement, we do hope we can come to a result that works for everyone fairly quickly.”
“Now, obviously, we have been planning for that and we have many levers to pull and that will allow us to manage though a writers’ strike even for an extended duration. And just so you understand, in terms of levers, we have a lot in the can, produced and ready to go. Add to that, we have a broad range of
In on the joke! After Tom Sandoval sparked backlash for wearing white nail polish, brand OPI is getting in on the fun.
Jennifer Maas TV Business Writer Colin Farrell, Mariska Hargitay, Danny Strong, Paula Pell, Rachel Dratch, Michael Kelly and Craig Zobel were among the stars who came out to the writers strike picket line outside Paramount Global’s New York City office in Times Square Thursday. Sen. Kirsten Gillibrand, D.-N.Y., and local politicians spoke at the event in support of the Writers Guild of America’s (WGA) cause against the Alliance of Motion Picture and Television Producers (AMPTP) that has led to a four-week-and-counting work stoppage due to the organizations’ inability to ink a new contract May 1. “This is about what’s right. We’ve seen income inequality grow exponentially over the last decade; and in your business, it has never been more present,” Gillibrand said to the crowd, filled with not only WGA members, but also those from SAG-AFTRA, IATSE and Teamsters, among other unions. “We see writers working hard every day to produce content and we have an unfair playing field. Not only does AI want to displace our writers, they simply can’t. AI generates content based on what’s been written before the work you did last year, and the year before. It’s not original. It’s not imaginative. It doesn’t come from the human heart. It’s not about a human experience. It’s not about what people actually want to learn about or know about or see or experience. That is what writers bring to the equation every single time. So this strike is so important for the future of this country. It’s about the value of workers; workers and what they create is fundamentally valuable.”
On-location filming in Los Angeles continues to nosedive amid the ongoing Writers Guild strike, plunging 51.5% last week compared with the same time a year ago. The WGA strike is now in its 23rd day with no signs of abating as films and TV shows shutting down production across the county.
Tom Sandoval and Raquel Leviss have called it quits. A source tells ET that «Tom and Raquel broke up» in the wake of their cheating scandal. ET has reached out to Sandoval and Leviss for comment.
Tom Sandoval and Raquel Leviss are no longer seeing each other.
ITV's favourite gameshow was back on Tuesday night with another Scots hopeful looking to bag some cash on The Chase and put himself up against one of the nation's greatest quiz brains.
No decisions were reached at today’s emergency meeting of the Tony Awards Management Committee, a get-together in which contingency plans were discussed in light of last week’s news that the June 11 ceremony will not be televised on CBS due to the Writers Guild of America strike.
Fox unveiled its 2023/24 programming slate this morning and the writers strike was front and center.
Mandy Patinkin is feeling the rage.
Netflix’s first upfront presentation to advertisers will be a virtual event. The streamer sent notes to attendees this evening to inform them of the last-minute shift. It is the first 2023 upfront event to pivot to a remote format.
Ted Sarandos, who was set to receive the PEN America Visionary Award at the literary group’s gala next week in NYC, won’t be attending amid an ongoing strike and vigorous picketing on both coasts by the WGA.
Striking writers marching Wednesday in New York City were joined by SAG-AFTRA members Bob Odenkirk and Mandy Patinkin.
Andor creator/showrunner Tony Gilroy says he has ceased all non-writing producing duties on the Disney+ series amid the WGA strike.
Vice President Kamala Harris’ appearance at an MTV-sponsored town hall has been postponed amid the the Writers Guild of America strike.
Kristin Dolan, who took over earlier this year as CEO of AMC Networks, said the company is “very well positioned” to manage through the WGA strike.
tweeted her email notification.“The May 8 screening for ‘Still: A Michael J. Fox Movie’ has been postponed,” the email from Bateman’s tweet reads.
EXCLUSIVE: “This is about setting the course for the industry for the future,” said Directors Guild of America chief Lesli Linka Glatter today on the guild upcoming talks with studios and the WGA strike that stated this week. “We’re in a team sport. We’re only as good as our teams.”
SAG-AFTRA, which starts its contract negotiations with the Alliance of Motion Picture and Television Producers on June 7, is in “the same boat” with the Writers Guild as it strikes for a fair contract, SAG-AFTRA National Executive Director and chief negotiator Duncan Crabtree-Ireland told a cheering crowd Wednesday night at the WGA strike rally at the Shrine Auditorium.
Warner Bros Discovery’s hour-long earnings call with Wall Street analysts Friday morning included nary a mention of the WGA strike, unlike many other such calls in recent days.
Hollywood labor presented a united front last night at the Shrine Auditorium in support of the Writers Guild of America’s ongoing strike, which is now in its third day. That included Hollywood’s Teamsters Local 399, whose secretary-treasurer and chief negotiator Lindsay Dougherty had the biggest mic-drop moment in front of the crowd of 1,800 WGA West members.