Business

"It is with great sadness that we announce the passing of Sumner M. Redstone, the self-made businessman, philanthropist and World War II veteran who built one of the largest collections of media assets in the world," National Amusements said. "Sumner played a critical role in shaping the landscape of the modern media and entertainment industry. At National Amusements, he transformed a regional theater chain into a world leader in the motion picture exhibition industry. Sumner was also a keen investor who took stakes in a variety of companies, including Viacom Inc. and CBS Corporation – today merged as ViacomCBS – which he built into prominent, international and industry-leading conglomerates in the media industry." … [Read more...] about Sumner Redstone, Tenacious Media Mogul, Dies at 97

"Shari, Tom and the Board remain fully supportive of Brad and his leadership of the studio. Under Brad's leadership Paramount has taken significant successful steps to broaden and strengthen its business, and we are confident that Brad and his team have the skills, relationships and resources necessary to return Paramount to success in its movie business and continue its rapid growth in television." … [Read more...] about Viacom Is “Fully Supportive” of Brad Grey’s Leadership of Paramount

LightShed media analyst Rich Greenfield questions how many people will shell out a premium to watch Mulan upon release, especially since the film, which has a PG-13 rating, "skews older" than other Disney titles, so it mighty not appeal to families with young kids. A THR/Morning Consult poll conducted Aug. 6-10, however, indicates there's demand. After Disney said Mulan was headed to the streamer, interest in seeing it among a nationally representative sample of 2,200 adults shot up by 11 percentage points compared to early June, when the film was still planned for a theatrical release. About 19 percent of Disney+ subscribers surveyed in the poll said they'd be "very interested" in purchasing Mulan, with another 23 percent saying they'd be "somewhat interested" in buying the title. … [Read more...] about ‘Mulan’ for $30? Disney Makes Big Premium On-Demand Bet

The dramatic first week of August began when NBCUniversal unveiled a reorganization that was sweeping, if lacking in some key details. Frances Berwick, who ran Oxygen, Bravo and E!, was put in charge of NBCU's entertainment business unit, but the scope of that job and Berwick's new title remain unclear. The company whisked out NBC Entertainment chairman Paul Telegdy, and outside counsel was engaged to investigate toxic-workplace allegations reported by The Hollywood Reporter. At the same time, Mark Lazarus, the chairman of television and streaming, has also pledged a "broader cultural assessment." … [Read more...] about Behind Hollywood’s Executive Ousters: “It’s the Great Reckoning Now”

Fox Corp., ViacomCBS, Discovery and Comcast are looking to rebound even if a total recovery may be "slower than expected." In the latest financial quarter, entertainment giants' earnings reports revealed pain from the pandemic, but CEOs tried to focus on bright spots, touting streaming growth and signs that the TV advertising market isn't cratering as much as anticipated. … [Read more...] about “The Worst Is Behind Us”: Media Giants Signal Turnaround for Ad Revenue