Cynthia Littleton: Last News

Cynthia Littleton Business Editor Endeavor delivered a loss for the first three months of the year as the parent company of UFC, WWE, WME and IMG burned through nearly $400 million in cash during the first quarter. The company released its Q1 2024 earnings report Thursday, which is likely to be one of its last as a public company as Endeavor awaits the completion of its deal to be bought out at $27.50 per share in cash by private-equity firm Silver Lake. That deal is expected to close by the end of the first quarter of 2025.

Cynthia Littleton Business Editor TKO, the parent company of UFC and WWE, is on the upswing, delivering solid Q1 results and enough momentum for both franchises that the company opted to boost its full-year revenue and earnings guidance for Wall Street. TKO disclosed that it has reached a $25 million deal with NBCUniversal to allow WWE’s “Monday Night Raw” wrestling franchise to remain on USA Network through the end of this year. In January, TKO struck a massive 10-year deal with Netflix to bring “Raw” and other WWE content to the streamer’s platform as of next year.

Cynthia Littleton Business Editor Warner Bros. Discovery is staying on the sidelines of the Paramount Global acquisition drama — at least for now. That was the signal sent Monday by WB Discovery CEO David Zaslav during his appearance at the Milken Institute Global Conference in Beverly Hills.

Cynthia Littleton Business Editor Paramount Global goes back to playing the field this week with two suitors still pursuing the company that has been surrounded by a highly public M&A drama for months. And it’s unlikely to end any time soon. The company reached the end of its 30-day exclusive negotiating window with Skydance Media on May 3 without coming to an agreement.

Cynthia Littleton Business Editor The Samsung TV Plus platform has logged steady growth as a distribution platform for entertainment and lifestyle content during the past five years. Now, the South Korean electronics giant is putting a bigger spotlight on the potential of its device-based footprint, which encompasses more than 630 million TV sets, smartphones and other devices sold across 24 countries.

Cynthia Littleton Business Editor After helping to transform a soccer team and a town in Wales, Ryan Reynolds and Rob McElhenney have set their sights on central Mexico as the next spot to invest in a beloved local sports franchise. Reynolds and McElhenney have purchased a stake in Club Necaxa, the century-old Mexican soccer club that also counts Eva Longoria among its owners. The pair will work with Longoria and fellow investors Al Tylis and Sam Porter to enhance Club Necaxa’s standing and grow its profile in international sports circles at a time of heightened TV and streaming demand for soccer content.

Cynthia Littleton Business Editor Amid the M&A drama enveloping Paramount Global, Bob Bakish is about to step down as CEO after eight years at the helm of Shari Redstone’s media empire. Bakish is expected to resign under pressure as early as Monday.

Cynthia Littleton Business Editor IATSE negotiators are bracing for the next phase of contract negotiations with Hollywood’s major studios and streamers after the conclusion this week of talks with all 13 West Coast local union on the craft-specific aspects of a new master contract. On Monday, IATSE and the Alliance of Motion Picture and Television Producers will shift the focus of negotiations to wages, residuals, working conditions and the use of artificial intelligence in production.

Cynthia Littleton Business Editor From “Glee” to “The Golden Bachelor,” “Empire” to “The Dropout,” “Arrested Development” to “Abbott Elementary” and “24” to “9-1-1,” Shannon Ryan has played a critical role in the launch of countless TVseries over the past three decades. Now president of marketing for Disney Entertainment Television, Ryan oversees marketing, publicity and communications for an unprecedented portfolio of more than 200 active series at any given time across Disney+, Hulu, ABC, Disney Channel, Onyx Collective, Freeform and other platforms. In recognition of Ryan’s track record at Fox and Mouse House, as well as her commitment to mentorship programs for girls and young women, the executive received Variety’s inaugural Entertainment Marketing Icon Award, which was presented April 24 as part of Variety’s annual Entertainment Marketing Summit presented by Deloitte at the Beverly Hilton.

Karen Idelson With the pandemic in media executives’ rearview mirrors, media trends are still emerging at the speed of sound, and this year’s Variety Entertainment Marketing Summit, presented by Deloitte, will spotlight the strategies of top industry marketers. The event will take place April 24 in Los Angeles.

Cynthia Littleton Business Editor Gov. Phil Murphy has made TV and film a top priority for New Jersey ever since he took the helm of the Garden State in 2018. This week, Murphy made a West Coast swing to talk artificial intelligence with firms in the Bay Area and to talk new business with studios in Hollywood.

Cynthia Littleton Business Editor Netflix launched four new movie titles into the Luminate streaming originals top 10 movies list for the April 12-18 frame, led by “Woody Woodpecker Goes to College” and Swedish drama “Stolen.” Among streaming original TV series, Amazon Prime Video saw “Fallout” spike to more than 5 million views in its first full week in release. Netflix had sleeper successes with true-crime drama “Baby Reindeer” and docu-series “Unlocked: A Jail Experiment.” Documentary film “What Jennifer Did” saw a 696% week-to-week bounce in its first full week in release to 674.2 million minutes watched, or about 7.7 million views. “Woody Woodpecker” was a distant second with 290.8 million minutes watched, or about 2.9 million views.

Cynthia Littleton Business Editor HarbourView Equity Partners has made an investment in Mucho Mas Media, the Los Angeles-based content company behind the new golf-themed movie “The Long Game.” The deal calls for HarbourView Equity to executive produce films with Mucho Mas co-CEOs Javier Chapa and Vincent Cordero. With HarbourView’s investment, Mucho Mas intends to expand the scope of its activity in film and TV.

Cynthia Littleton Business Editor Chris Keyser and David Goodman, the veteran showrunners who steered the five-month Writers Guild of America strike last year, warned guild members on Sunday to stay vigilant in a fast-changing business landscape despite the gains of last year’s historic labor action. “Though this strike is over, the fight goes on. If we take our eye off the ball, everything we gained can literally go away tomorrow,” Goodman told the crowd at the Writers Guild Awards at the Hollywood Palladium.

Cynthia Littleton Business Editor The premiere week of Netflix’s “Ripley” elbowed “3 Body Problem” out of the No. 1 slot among streaming original series for the week of April 5-11, according to Luminate streaming ratings. Among streaming original movies, “Scoop” managed a solid break for Netflix while Amazon Prime Video’s “Road House” hung tough in its third full week in release.

Cynthia Littleton Business Editor Medium Rare, the live events and management company behind such franchises as Travis Kelce’s Kelce Jam and Shaquille O’Neal’s Fun House carnival-style festival, has received an investment from Palm Tree Crew that values the company at $50 million. Financial details about the size of the investment were not disclosed. Palm Tree Crew is an event, artists management and holding company that invests in firms that complement its core activities, which include the Palm Tree Music Festival.

Cynthia Littleton Business Editor Think the market for adult-focused specialty films is dead? Peter Kujawski, chairman of Focus Features, explains why you’re wrong on the latest episode of Variety podcast “Strictly Business.” As the film biz gathers in Las Vegas this week for CinemaCon, Kujawski, an industry veteran who has headed NBCUniversal’s Focus Features unit since 2016, discusses the state of moviemaking and exhibition and he walks through the key lessons learned from the strike-challenged 2023 box office. Takeaway No.

Cynthia Littleton Business Editor Charter Communications is about to play a guest-star role in the corporate drama surrounding Paramount Global. As if Shari Redstone’s media empire wasn’t under enough pressure, Paramount Global now is in the final few weeks of its most recent carriage agreement with Charter, the nation’s second largest cable operator behind Comcast. The two companies are in renewal discussions, the outcome of which will have significant influence on Paramount’s ability to deliver the free cash flow that media investors are expecting from the company that has lately posted big losses on streaming operations.

Cynthia Littleton Business Editor Ari Wallach has made his living as a professional futurist for more than 20 years. What does that mean? “I work with really large organizations, mostly helping them think about tomorrow — the far-off tomorrows,” Wallach explains on the latest episode of Variety podcast “Strictly Business.” Wallach’s forward-looking intellect is on display in the new PBS docu series “A Brief History of the Future,” which premiered April 3 on PBS in the U.S. He hosts the series and is an executive producer with Kathryn Murdoch, Wendy Schmidt and DreamCrew, the production banner headed by hip hop superstar Drake.

Cynthia Littleton Business Editor In the end, Bob Iger didn’t have to break a sweat to fend off Nelson Peltz. No question, Disney did have to spend tens of millions of dollars to fight the proxy battle with the activist investor, which came to a head on Wednesday with the Mouse House’s annual shareholders meeting.

Cynthia Littleton Business Editor Paramount Global and its parent company are moving closer to an agreement with Skydance Media for an exclusive window for acquisition negotiations as Shari Redstone and David Ellison inch toward a deal to bring their companies together in a three-way transaction. The New York Times on Tuesday reported on the rumors that have been swirling around Hollywood for the past few days.