When was stock market created

Netflix stock closed the week at its highest level since last April, rising more than 8% Friday to end at $342.50 after the company reported strong subscriber growth and executed a smooth handoff atop its executive ranks. A darling of investors for most of its two-plus decades of public trading, Netflix stock appears to have its mojo back and has already risen 15% since 2023 began. The catalyst for today’s upswing, which came amid nearly triple the stock’s normal trading volume, was Thursday’s fourth-quarter earnings report. The company said it added almost 7.7 million global subscribers in the period, reaching 230.75 million, far exceeding analysts’ consensus forecast. Beyond the subscriber tally, the results were more mixed, with revenue inching up just 2% and earnings per share missing estimates by a large margin. Still, not only is the company growing again, but it pulled an anti-Disney, announcing in the earnings release that co-founder Reed Hastings has handed off his … [Read more...] about Netflix Stock Surges To 9-Month High As Wall Street Cheers Q4 Subscriber Gains, Smoothly Executed Succession Plan

The Berlinale ’s European Film Market (February 16-22) has unveiled a pioneering initiative offering a phone and laptop-free “safe space” where delegates can reflect and decompress. Called the Room Of Stillness, the space is situated in the Documentation Centre for Displacement, Expulsion, Reconciliation, which is a five-minute walk around the corner from the market’s main Gropius Bau hub. “It’s a space where you can recharge, reflect, even just take a minute to calm down,” explains EFM director Dennis Ruh. “It’s part of our campaign around mental health and life balance in the film industry which we began some years ago.” The Documentation Centre, which opened in the summer of 2021 with a focus on politically, ethnically and religiously motivated forced migrations in the 20th Century, will host most of EFM’s industry talks and conferences this year. In addition to the Room of Silence, the EFM will also offer an event bannered “Monday For Mindfulness”, exploring … [Read more...] about Berlin’s EFM Launches “Room Of Stillness” For Mental Health Awareness, May Team With Other Festivals & Markets

SiriusXM has appointed Wall Street Journal and Dow Jones alum Suzi Watford to the newly created role of SVP and Chief Growth Officer. She will be based at the company’s New York headquarters, reporting to Chief Commercial Officer Joe Verbrugge. Watford will guide the company’s streaming subscription business, with a focus on distribution, acquisition, retention and engagement strategies, as well as corporate marketing, analytics and research for SiriusXM and Pandora . Prior to joining SiriusXM, Watford oversaw consumer operations of Dow Jones, including all aspects of marketing and subscription acquisition for the Wall Street Journal , Barron’s and MarketWatch. She previously also served as EVP and Chief Marketing Officer at WSJ, overseeing its global sales and marketing. Watford joined Dow Jones from News UK where she served as sales and marketing director for The Times and The Sunday Times . “Suzi is a dynamic leader who has played a key role in the … [Read more...] about SiriusXM Names Dow Jones Vet Suzi Watford To Newly Created Role Of SVP And Chief Growth Officer

UPDATED with deal official : Vox Media has inked a deal to acquire Group Nine, a leading collection of multi-platform media brands including The Dodo, NowThis, PopSugar, Thrillist, and Seeker. The portfolio will join Vox Media brands including SB Nation, New York Magazine, The Verge, Vox, Eater, The Cut, Vulture, Polygon, and The Strategist, along with its rapidly growing podcast and studios business, and diversified revenue model across advertising, content distribution, commerce, and subscriptions. The merger creates a significant digital media company and further strengthens Vox Media’s business, reaching audiences at scale on all platforms from podcasts to premium streaming services like Netflix and Hulu to YouTube to TikTok and Roku as well as owned and operated websites and print. The deal, subject to customary closing conditions and regulatory approval, is expected to close in early 2022. Financial details of the transaction weren’t released.. The … [Read more...] about Vox Media Buying Group Nine To Create Digital Media Powerhouse Amid Consolidation Wave – Update

NBCUniversal CEO Jeff Shell said the company is always eyeing possible deals to bolster its business, citing the $3.8 billion acquisition of DreamWorks Animation in 2016 and Universal’s partnership with Blumhouse Productions . Shell jumped in Thursday after Comcast president Mike Cavanagh noted new deals have a high hurdle versus investing in existing operations. The execs were asked about M&A on a post-earnings conference call, with particular reference to World Wrestling Entertainment. Vince McMahon, WWE ’s majority owner and newly returned executive chairman, is looking to sel l, with Comcast considered a logical buyer. WWE Network programming has been popular on Peacock and helped drive subscriber acquisitions since the service took exclusive U.S. streaming rights in 2021. Shell didn’t address WWE but said the conglom led by Brian Roberts would be opportunistic. And with a market cap of $6.45 billion, WWE is not a mega-deal. “We are always looking … [Read more...] about NBCU Chief Jeff Shell Says Comcast Open To “Bolt-On” Deals, Cites DreamWorks Animation Acquisition, Blumhouse Venture

Microsoft said today it plans to lay off 10,000 employees to “align our cost structure with our revenue and where we see customer demand.” “We are making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of FY23 Q3. This represents less than 5 percent of our total employees,” said CEO Satya Nadella in a memo to employees posted on the company blog. Microsoft has a June fiscal year, so its third quarter ends in March. The software giant is also taking a $1.2 billion charge. It’s the latest in a wave of layoffs from — Alphabet to Amazon to Facebook — to hit the tech sector last year, with over 150,000 estimated in 2022. That’s due in part to a boom in hiring during the pandemic as demand for digital commerce and services hit a peak, combined with a current economic slowdown including slower demand from PCs to cloud services, and fear of a recession this year. “We are seeing the clock strike midnight for the tech sector … [Read more...] about Microsoft Laying Off 10,000 As Tech Cuts Continue

Former Disney chief executive Bob Chapek earned $24 million in fiscal 2022, down sharply from $32 million the year before, the company revealed in its proxy Tuesday. Chapek, who exited abruptly in November, is entitled to just over $6.5 million in remaining base salary through the scheduled expiration date of his employment agreement, just over $1 million equivalent to a pro-rated target bonus for fiscal 2023, as well as $12.6 million in restricted stock units. That’s a total exit payout of potentially $20.4 million. Current CEO Bob Iger ’s total package of $14.9 million compares with $45.8 million the previous year. Iger stepped down as CEO in Feb. of 2020 to become executive chairman. The situation was a bit confusing, as per the board’s explanation, since it had just renewed Chapek’s contract in June. “In June 2022, the Board agreed to extend Mr. Chapek’s employment agreement based on Mr. Chapek’s work navigating the Company through the unprecedented challenges … [Read more...] about Disney Ex-CEO Bob Chapek Made $24 Million in FY 2022; Bob Iger Comp Totaled $14 Million As Company Releases Latest Executive Pay

Netflix has a new co-CEO. Netflix on Thursday announced that Greg Peters , who was previously COO and head of product, has been promoted to the role, sharing it with Ted Sarandos. It comes as company co-founder Reed Hastings steps down to become Executive Chairman. Separately, Bela Bajaria , formerly Head of Global TV, has become Chief Content Officer. Scott Stuber has become Chairman of Netflix Film. Hastings said the moves are the last in the company’s “succession planning.” His also said new role of Executive Chairman is one “founders often take,” referencing Jeff Bezos and Bill Gates, after they “pass the CEO baton to others.” Hastings co-founded Netflix as a DVD-by-mail company in 1997 and made Sarandos, whom he hired in 2000, Co-CEO in 2020. The company’s quarterly shareholder letter, noting the close working relationship among Peters, Sarandos and Hastings for the past 15 years, said the move “makes formal externally how we have been operating internally.” … [Read more...] about Reed Hastings Shifts To Executive Chairman Role At Netflix; Greg Peters New Co-CEO, Bela Bajaria & Scott Stuber Get New Titles

Disney ’s courtship of 21st Century Fox began last summer, in a casual meeting between the two top executives on the lush grounds of Rupert Murdoch ’s Moraga Winery in Bel Air. Documents filed with the Securities and Exchange Commission lay out intricate details of the corporate courtship — which, like any good Hollywood romance, entailed rival suitors who were ultimately spurned: Verizon and Comcast. Disney CEO Bob Iger and Fox’s Murdoch met on August 9, for one of their occasional meetings to talk about the changing entertainment landscape and muse about the gathering challenges confronting media companies. They broached how best to respond — including the possibility of combining the two companies. Five days later, 21st Century Fox executive chairman Lachlan Murdoch and CEO James Murdoch met with the CEO of another prospective suitor, believed to be Verizon, to discuss an all-stock transaction. Though Fox quickly determined it wasn’t interested in pursuing … [Read more...] about Disney’s Courtship Of Fox Began Last Summer, At Rupert Murdoch’s Moraga Winery

Dawn Ostroff is departing Spotify as the company’s head of content and advertising amid cutbacks affecting 6% of the company’s workforce. Against a backdrop of austerity in the once-invincible tech sector, Spotify said it is shedding hundreds of jobs. In a memo to employees posted online, CEO Daniel Ek said he had been “too ambitious” in scaling up the company. “To bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees,” he explained. “While I believe this decision is right for Spotify, I understand that with our historic focus on growth, many of you will view this as a shift in our culture. But as we evolve and grow as a business, so must our way of working while still staying true to our core values.” Ek praised Ostroff for her contributions and said Alex Norström would assume her duties. Ostroff, a veteran of Condé Nast and the CW, joined the company in 2018. “Dawn has made a tremendous mark not only on … [Read more...] about Spotify Content And Ad Business Chief Dawn Ostroff Departing As Company Cuts 6% Of Workforce