☀️ DISNEY Joins Q3 Studio Layoff Parade
HBO develops new Hader show / MAX, PAR+ set new APAC plans / DIS+ password crackdown begins
Mornin! This is Sean McNulty (connect with me on LinkedIn here if ya like), and here’s the Hollywood + Media news to know on THURSDAY, September 26, 2024.
Where it seems like Sam Altman is no longer doing it for the love of the game 😲 — lo and behold, OPENAI is discussing a shift to a “for-profit” entity from its current non-profit status (in case you were planning on giving over the holidays this year 💵).
Oh and its CTO, who didn’t know if YOUTUBE videos were being used to train Sora, is leaving the company — just the latest chapter in the exodus of top execs at the company. Really can’t wait for the Aaron Sorkin movie here.
So, this new plan under consideration would be to turn OPENAI into a “public benefit corporation,” which has the goals of both turning a profit and also helping society. Ya know, just like Hollywood studios.
Oh right — Sam will also receive equity in the company at a reported 7% stake, and with the latest valuation for the company in its current fundraise at $150B, that would be a cool $10.5B on paper.
But, you enjoy those $50M checks for your entire archives, news publishers! See ya in the renegotiation, where we’ll make a hard bargain for $75M a year. Er wait, we’ve already trained the bots on the archives so . . . let’s make that $25M.
OH: Zuck of course had some thoughts around the concept of “fair use” of copyrighted material and AI — I mean, once you release something . . . what is ownership after all? 🤔 This one’s rather priceless, even for Zuck. Hollywood, pay attention:
“When you put something out in the world, to what degree do you still get to control it and own it and license it? I think that all these things are basically going to need to get relitigated and rediscussed in the AI era.”
HUH: Hoda Kotb is leaving TheToday Show on Jan. 1, but will stay at NBC News in some capacity.
SOX WATCH: The CHICAGO WHITE SOX won again last night, in extra innings! Just 4 more wins to stave off the worst record in MLB history, and remain . . . the 2nd worst. Well done, fellas.
AND: The DIS+ password crackdown is rolling out in the U.S. this week — you can add one current freeloader “extra member” (but just one) to a DIS+ account for $7 a month (ad tier) or $10 (ad-free) — or the freeloader can get their own account with the new prices next month of $10 (ad tier) or $16 (ad-free), and also port over their profile/watchlist, etc.
DISNEY BUNDLE and HULU are not involved here (yet).
AND: Expect to see some effects in the Q4 and Q1 DIS+ subscriber numbers on the 2025 earnings calls.
HIRED: Just a note for any video streaming engineering or product folks laid off at PARAMOUNT this week — VENU is apparently still hiring and looking for a few people in these roles if you know anyone.
ALAS: ESPN’s Caitlin Clark run is over, as the FEVER were eliminated in the first round of the WNBA Playoffs last night.
Well, at least ESPN and all WNBA media partners (CBS, ION, etc) got quite a return on the $60M combined total that they paid for all WNBA TV rights this season . . . and next season too.
THEN: Ireland is going to put that unexpected $15.6B tax money judgment windfall from APPLE to use on solving their housing crisis and energy problems. 🙋♂️ Any way we can get a corporate tax windfall here in the U.S.?
OH: College football players are now choosing to sit out seasons when their NIL money requests aren’t met by a university so that they can redshirt themselves (essentially still maintain a year of collegiate athletic eligibility), and be traded transfer to another school (who will pay them) to play the next season. Aka, a contract 💵 standoff. Gee, I hope their education doesn’t suffer.
College football could not look more ridiculous as an organization — you’re a several billion 💰 operation serving as a minor league for the NFL, end the charade.
BUT: Pro sports — you’re not much better. Nothing like asking Utah citizens to pay a higher tax rate to raise $900M to give to a private business owned by a billionaire with demands aspirations to upgrade his team’s arena downtown, while making veiled threats otherwise to build a new facility 20 minutes away in the burbs if it doesn’t happen. It’s nice when Hollywood greed seems quaint, isn’t it?
At least in the U.K., there’s still some sense of pride among team leadership (or avoidance of shame, depending how you look at it) — MAN U ownership said it will pay for all upgrades or brand-new construction involved with their home, Old Trafford, and take no public money (except for upgrades to public transportation/surrounding infrastructure).
WAKEUP BOX OFFICE POLL
UNI/DWA’s The Wild Robot ranges from $20M+ to around $25M, with some thinking it could do $30M. Basically — your guess is as good as anyone’s. 🥳
IN THIS EDITION
For an industry that seemed to assert that the worst was over in 2023 after the strikes in Hollywood . . . Q3 2024 would indicate otherwise, with the job loss carnage continuing to mount.
Take a look at the tally, and how it shows an industry still trying to find its elusive “right size.”
📽 THE SILVER SCREEN
