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UPDATED with closing stock price: Disney stock closed at $86.75 a share, down more than 13% as investors punished the company for its disappointing quarterly earnings report and weak earnings forecast. The single-day plunge was the biggest for Disney shares since the onset of Covid in the U.S. in March 2020, when it also fell 13%. The shares have fallen more than 43% in 2022 to date, compared with a drop of less than 10% for the Dow Jones Industrial Average. PREVIOUS: Disney stock has fallen more than 11% today on double its normal trading volume, as investors recalibrate their expectations in light of a shaky quarterly earnings report. At $88.53, Disney shares were at their lowest point since they dipped into the $80s for a couple of trading days during Covid lockdowns in March 2020. Prior to that, the last time the stock closed at or below $86.75 was in 2015. Bears seized on the company’s much-lower-than-expected profit forecast as well as a significant … [Read more...] about Disney Stock Plunges 13% To New Multi-Year Low On Earnings Miss, Weak Profit Outlook – Update

EXCLUSIVE: Digital content indie Cowshed Social has rebranded to Cowshed Collective , signed a former YMU Chief Business Officer and split into four divisions. Cowshed, which creates content for Gen-Zs, will now operate with a Studios, Social, Creators and Ventures division. Studios will focus on producing content for broadcasters, Social on building brands, Creators on talent development and Ventures will be business-to-business. Hamizadeh is a signature hire who joins as Chief Business Officer. She is a former YMU Chief Business Officer and has also worked at UK publisher Haymarket. She joins soon after former Channel 4 and BBC Studios exec Matt Ford, while Cowshed Collective also recently hired former LADbible Group Head Of Production Joana Gutscher. “Cowshed is an impressive business that understands content, production, and how to deliver for clients to a high standard all within one agency,” said Hamizadeh. “I’m delighted to be involved in the next stage of … [Read more...] about Former YMU Business Exec Joins Rebranded Digital Content Indie Cowshed Collective

EXCLUSIVE: United Talent Agency is trimming its personnel with cuts in several departments. According to sources, mostly admin/support staff are impacted, with the total number of layoffs in the low single-digits as a percentage of the company’s overall workforce. “We’ve grown a great deal over the last several years, and as a result decided to make some adjustments,” a spokesperson for the agency said in a statement to Deadline. “We’re unfortunately parting ways with a small number of colleagues and are grateful for everything they’ve contributed.” UTA has been on an acquisition spree over the past two years, buying such companies as UK agency Curtis Brown , publishing agency Fletcher & Company and MediaLink , a media and marketing advisory firm. Facing a possible economic downturn, many entertainment and tech companies have undergone layoffs in the past several months, with more cuts expected this year. Talent agencies previously reduced staffs during the … [Read more...] about UTA Undergoes Layoffs In Multiple Departments