SEC: Last News

Todd Spangler NY Digital Editor About one-fourth of Roku’s cash and equivalents — nearly half a billion dollars — has been held in Silicon Valley Bank (SVB), which was shut down by financial regulators Friday after it collapsed. And the streaming platform company said it’s unsure the extent to which it will be able to recover that cash. SVB, after it faced a run on deposits and failed to raise capital to make up the shortfall, was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver of its assets. Roku disclosed in an SEC filing that about $487 million of its $1.9 billion in cash and equivalents is held at SVB, or about 26% of the company’s cash and cash equivalents balance as of March 10. The remaining $1.4 billion is “distributed across multiple large financial institutions,” Roku said in the filing.

The biggest bank failure since the financial crisis 15 years ago has hit streaming giant Roku.

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13D and 13G reports. For those outside of the inside-baseball world of corporate finance: Forty-five days out from the end of the year, companies are required to have filed 13D and 13G disclosure forms with the Securities and Exchange Commission. These reports are required for investors who amass 5% or more of a company’s total stock issue. Starting with this primer on how to monitor big-dollar investment bets, Variety will offer a quarterly survey of how the media and entertainment sector is faring among the world’s most sophisticated stock pickers.

Warner Bros. Discovery has tweaked its CEO’s employment contract, granting a bigger pot of restricted stock units but linking them to free cash flow targets.

Brian Steinberg Senior TV Editor Warner Bros. Discovery, which is struggling with billions of dollars in debt, is willing to pay more money to executives who might be able to help reduce it. The owner of HBO, Discovery Channel and Food Network said Monday in a filing with the U.S. Securities and Exchange Commission that it would pay out new rewards to CEO David Zaslav, six senior staffers and an unspecified group of others if they could meet certain goals of new generation of free cash flow. “The changes to the Warner Bros. Discovery executive compensation program are designed to further incentivize Company employees, including members of its leadership team and others whose efforts are critical to achieving the key near-term financial objectives of increased free cash flow and reduced leverage,” said WBD board chairman Samuel A. Di Piazza, Jr. in a prepared statement.“The WBD board is confident that these additional incentives offer a more competitive package against the backdrop of ongoing industry-wide transformation and economic headwinds, and better position the company to advance core drivers of shareholder value.”

Todd Spangler NY Digital Editor In a wide-ranging restructuring, SiriusXM is eliminating 475 jobs — or about 8% of its headcount — with CEO Jennifer Witz citing economic uncertainty and a need to operate with “greater agility and efficiency.” The satellite radio and audio streaming company is the latest media company to pare back its headcount. Nearly every department across SiriusXM will be affected by the layoffs, Witz wrote in a memo to staff Monday announcing the cuts, which the company disclosed in an SEC filing. “The investments we are making in the business this year, coupled with today’s uncertain economic environment, require us to think differently about how our organization is structured,” Witz wrote. The “decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.”

As it gets set to reveal plans for the likely separation of Starz and the Lionsgate movie and TV studio, Lionsgate has re-upped two key members of its management team: Vice Chairman Michael Burns and COO Brian Goldsmith.

Paramount has agreed to pay $122.5 million to settle a 2019 lawsuit by Viacom shareholders over the company’s merger with CBS.

A Lanarkshire businessman and boxing promoter is set to bring another host of celebrities up north in his latest instalment of 'An Evening With...'.

Shares in Dish Network continued their multi-day slide on Tuesday, falling another 6% to a 14-year low of $11.41, after the pay-TV and wireless provider confirmed its systems were hit by a cyberattack.

Todd Spangler NY Digital Editor Dish Network is working to recover from a cyberattack that disrupted its internal servers and customer-service operations — and said the hack may have resulted in the theft of personal information. On Feb. 23, Dish execs announced on the operator’s earnings call that the company had experienced a network outage. After an investigation by cyber-security experts and outside advisers, Dish determined that the outage was due to “a cyber-security incident and notified appropriate law enforcement authorities,” the company disclosed in an SEC filing Tuesday. On Monday, Feb. 27, Dish said, it “became aware that certain data was extracted from the corporation’s IT systems as part of this incident” and said it’s possible that an investigation “will reveal that the extracted data includes personal information.”

The road to recovery. Bristol Palin shared an update on her health with fans following her ninth breast reconstruction surgery last month.

Gene Maddaus Senior Media Writer A former MoviePass executive was arrested Tuesday on charges that he embezzled $260,000 from the company to pay for a party at Coachella Music Festival. Khalid Itum, 42, was indicted on two counts of wire fraud and two counts of money laundering. The charges allege that Itum submitted sham invoices to MoviePass to pay for the marketing event, which he had run through a separate company that he owned and controlled. MoviePass collapsed in 2019, after losing hundreds of millions of dollars on its all-you-can-watch theatrical subscription business. Last November, the two top executives — Theodore Farnsworth and Mitch Lowe — were indicted on securities fraud charges for allegedly deceiving investors about the sustainability of the business.

Warner Bros Discovery chief executive David Zaslav earned $232 million in excess compensation in 2021, according to As You Sow’s latest annual ranking of the most overpaid CEOs among S&P 500 companies. Amazon, Apple, Disney and Netflix are also high up in the group’s ninth report that looks beyond total pay in its own attempt to quantify overpay and draw attention to some pressing issues in the space.

Mini Eggs often begin appearing on shelves well before Easter, but nobody complains as they're a great chocolate treat.

Disney CEO Bob Iger today called Marvel chairman Isaac Perlmutter’s backing of activist investor Nelson Peltz “a curious dynamic.”

Just months after welcoming her newborn daughter Jackson Joanne Lourd Rydell, Billie Lourd is celebrating a much-needed night out... her first in apparently '942 years.'The 30-year-old actress took to Instagram on Monday, sharing snaps and videos from her night out with her 30-year-old husband Austen Rydell.The daughter of Carrie Fisher also shares son Kingston Fisher Lourd Rydell with Rydell, who was born in September 2020.'TFW you finally leave the house for the first time in 942 years and your baby miraculously sleeps through dinner and you get to feel like a semi human for a sec?!' Lourd began in her post. 'And you get to have a fancy drink that comes out of a fancy smoky chamber?!?' she added with the hashtags #whoa and #swipe4proof before thanking her 'sponsors.' Night out: Just months after welcoming her newborn daughter Jackson Joanne Lourd Rydell , Billie Lourd is celebrating a much-needed night out...

Disney has finally unveiled the date for its annual meeting of shareholders, a virtual event to be held Monday, April 3 at 10 am PT.

Nicola Peltz's scathing text messages which left her former wedding planners in tears and drinking shots of tequila have been revealed in court.

Regal parent Cineworld said it’s opted to pursue a sale of assets and the process “is well under way” with non-binding bids due Feb 16.