☀️PAR Q1: No Questions, No Profit and a 3-point Plan
COMCAST makes 2x offer for WBD's NBA deal / NETFLIX enters Scooby-Doo biz / PEACOCK's big new price hike
Mornin! This is Sean McNulty (connect with me on LinkedIn here if ya like), and here’s the Hollywood + Media news to know on TUESDAY, April 30, 2024.
Where who had the last days of Bob Bakish and the SHOWTIME app at PARAMOUNT being just a day apart? Enjoy your final day of streaming in the SHO app everyone — Californication just won’t be the same.
PLUS: Billie Eilish announced a tour starting in September — pre-sales for AMEX card holders begin here today.
THEN: Here are your Tony Award nominees this year.
SWEET: Finally some Travis Kelce news to balance out the Taylor-heavy Q2 — Travis signed a 2-year contract extension with the CHIEFS for $34 Million, making him the NFL’s highest-paid tight end.
He will be 37 years-old when the deal is over after the 2025-26 season, so get those scripts ready, Hollywood.
OH: META is making “targeted cuts” on its Oversight Board according to the Washington Post, which helps decide whether controversial content should be banned from FB or INSTA. Eh, it’s not like its an election year or something.
Although given it only made decisions on 3 of . . . 347,000 cases submitted by users in one quarter in 2022 according to The Verge, continued claims of “inefficiency” may be warranted.
PLUS: The FCC fined the top 4 wireless carriers $200 Million for selling your location data to third parties without your consent. AT&T and VERIZON have criticized the categorization as inaccurate. VERIZON alone made $4.7 Billion in profit in Q1.
ALSO: Ryan Reynolds & Rob McElhenny have now bought into Mexican soccer football, purchasing a stake in CLUB NECAXA, which already counts Eva Longoria as an investor. No word on a 💰 price or percentage of ownership.
THEN: Zucker’s REDBIRD-IMI fund is throwing in the towel on its U.K. Telegraph purchase, which faced regulatory issues. Although REDBIRD-IMI did actually buy it already, so it’ll now have to now sell it / find a new buyer.
AND: This was a pretty astute read from the James Poniewozik at the NY Times on the era of “Mid TV” that we’re now existing in, where most TV isn’t really bad . . . but conversely, “truly great” isn’t a term being used much these days either. Lot of great food for thought here. Then again, when the volume of TV goes up as it has — this is likely a byproduct as well.
IN TODAY’S EDITION:
Some ideas to consider around PARAMOUNT’s new 3-point plan from the new “Office of the CEO,” plus a dive into the Q1 numbers — including a look back to some comps when it last had the Super Bowl, and both the opportunities and necessities that new management will have, whomever it it ends up being long-term.
COMCAST is putting that HULU money to good use, coming strong for the NBA . . . just as they raise streaming prices again
Yes, NETFLIX will now be cheaper than PEACOCK this summer — a look at the new price hikes, and what they will do to help stem (a bit) of the red ink at COMCAST’s favorite streaming service (sorry SEESO).
A24 sets a new pic with their 2023 hit horror duo, NETFLIX goes all Scooby-Doo on us and — it’s a very busy day let’s get moving.
PARAMOUNT Q1: SAVE YOUR QUESTIONS
Okay, first note — maybe don’t end your 9-minute Q1 earnings call (with no questions allowed) about how bright the future looks . . . by cutting to a theme song whose accompanying imagery is a lit fuse about to explode a bomb.
Maybe Star Trek would be the better go-to? Exploring new galaxies and business models? Or perhaps a little Family Ties might have worked today too, emphasizing the nature of the 3-person “Office of the CEO” move. #FreeIdeas
As we all now know — Bob Bakish is officially out as CEO and PAR board member, the WSJ put the size of the golden parachute deployment 💰 at $50.6 Million, $32M of that in cash.
Not exactly Joe Ianniello $125M money, post-CBS / VIACOM 2019 deal . . . but Bob should be alright.
Now, the “Office of the CEO” is in . . . with George Cheeks, Chris McCarthy & Brian Robbins all getting new business cards (they each get their own direct 📞 lines right? Or is it a “one office, one line” policy at PAR these days?). Either way, GTL at PARAMOUNT is now GCB.
Each exec also made a brief statement with confidence and enthusiasm on the earnings call — not an easy task, but each filled their new roles here about as good as one could . . . or about as good as one can do when there are daily sale headlines about the company you’re now leading.
SO WHAT’S THE PLAN Y’ALL?
Obviously zero talk of SKYDANCE, or any deal talks whatsoever, or of departing board members (ugh, the notes process always ruins everything 🙄).
Also zero mention of that CHARTER carriage deal that’s expiring . . . tonight.
Instead, the new “Office of the CEO” is “Finalizing a long-term strategic plan” for the future of PARAMOUNT, based on 3 pillars . . .