Latest news with #JustinConnolly
Business Insider
24-06-2025
- Business
- Business Insider
Google (GOOGL) Trims Its Smart TV Budget to Focus on YouTube
Tech giant Google (GOOGL) is reducing its investment in its smart TV division by cutting the budget for Google TV and Android TV by 10% and trimming staff, according to The Information. It is worth noting that these teams help power smart TV platforms used by brands such as Sony, Hisense, and TCL, as well as support Google's own TV device. The annual budget for this division was under $500 million, and up to a quarter of its 300-person team may have been affected by layoffs. However, Google plans to grow the team again in countries like India. Despite the cuts, the company says it's still investing in Google TV and highlighted that there are over 270 million Android TV devices in use. Confident Investing Starts Here: This shift is part of a bigger change within Google, as it focuses more on YouTube, which has become the most-watched streaming service in the U.S. In fact, viewers now spend 67% more time on YouTube than on Netflix (NFLX), according to Nielsen. As a result, Google's leadership is putting more support into growing YouTube's ad and subscription revenue, which reached over $50 billion in the 12 months ending September 2024. In addition, YouTube and Google Cloud together even passed a $110 billion annual run rate during the same period, which beat the company's goal for 2024. With Google pulling back, competitors like Roku (ROKU), Amazon's Fire TV (AMZN), and The Trade Desk (TTD) are looking to grow their share of the connected TV market. At the same time, YouTube is making leadership changes, which include hiring Disney (DIS) executive Justin Connolly while also considering successors to top roles like Chief Business Officer. As YouTube's subscription services continue to grow, Google may shift even more resources away from smart TVs and into streaming. Is Google Stock a Good Buy? Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 29 Buys and nine Holds assigned in the past three months. Furthermore, the average GOOGL price target of $199.11 per share implies 20.6% upside potential from current levels.
Yahoo
17-06-2025
- Business
- Yahoo
YouTube Launches ‘Open Call,' a New Way for Marketers to Solicit Branded Content From Creators
For several years, YouTube has provided a matchmaking service to connect marketers with top creators to promote their wares. Now the video platform has a new tool that it's hoping will make it even easier for brands to enlist creators for campaigns at scale. YouTube on Tuesday announced Open Call, which will let brands broadly request sponsored content from creators who are part of the YouTube Partner Program. The new feature is powered by YouTube BrandConnect, the platform's marketplace for brands to discover and partner with creators. The announcement is timed for the 2025 Cannes Lions International Festival of Creativity, the advertising conference taking place this week in the south of France. More from Variety Disney Loses Legal Bid to Block YouTube's Hiring of Media Exec Justin Connolly YouTube Disputes Disney Lawsuit's Claims Over Justin Connolly Hiring, Alleges Disney Is Using Exec as 'Pawn' in License Talks Justin Connolly, After Exiting Disney, Joins YouTube as Global Head of Media and Sports; Disney Sues Over Exec's Hiring With Open Call, based on a marketer's creative brief, creators can proactively respond by creating videos that match the parameters of the project and then share them with the brand. At that point, the brand that issued the Open Call can decide which videos to use in their campaigns. The marketer can then promote creator videos as 'partnership ads' in Google Ads. Open Call 'gives creators of all sizes the opportunity to pursue new relationships with brands,' Melissa Hsieh Nikolic, director of product management, YouTube Ads, wrote in a blog post about the new feature. Marketers can 'lean on the relevance and trust of YouTube creators to get more from your social strategy on YouTube.' Initially, Open Call is available for 'select advertisers,' with a broader rollout planned in the coming months, according to YouTube. YouTube says there are more than 3 million channels in the YouTube Partner Program, which shares ad revenue with creators (and provides other perks) if those creators meet certain minimum thresholds. Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? 25 Hollywood Legends Who Deserve an Honorary Oscar
Yahoo
11-06-2025
- Business
- Yahoo
Disney Closes Hulu Deal With Comcast, Paying Billions Less Than NBCU Was Seeking
After more than two years of haggling, Disney has finally closed its deal with Comcast to buy out NBCUniversal's one-third stake in Hulu — and Disney is paying much less than it would have if NBCU had its druthers. In December 2023, in an initial payment toward the Hulu buyout, Disney agreed to pay $8.61 billion to Comcast, which represented one-third of the $27.5 billion guaranteed floor value for Hulu that was set when the companies entered into their agreement in 2019. More from Variety Marvel Animation Premieres First Episode of 'Eyes of Wakanda' at France's Annecy Animation Festival 'The Secret Lives of Mormon Wives' Sets Reunion Special Hosted by Nick Viall Disney Loses Legal Bid to Block YouTube's Hiring of Media Exec Justin Connolly The two sides last year entered into arbitration to determine the final price tag. Now, that number has been calculated: Pursuant to the contractual appraisal process that was completed on June 9, 2025, an additional $438.7 million is payable by Disney to NBCU to purchase NBCU's interest in Hulu, according to a Disney SEC filing Monday. The acquisition of NBCU's interest in Hulu will close on or before July 24, 2025, per the filing. The total price Disney will have paid for Hulu is approximately $9 billion, implying a value of $27 billion overall for the streaming company. If the price had been determined by the bank hired by Comcast to assess the value the Hulu stake, it would have resulted in an additional $5 billion payable by Disney. 'We are pleased this is finally resolved. We have had a productive partnership with NBCUniversal, and we wish them the best of luck,' Disney CEO Bob Iger said in a statement. 'Completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu's general entertainment content with Disney+ and, soon, with ESPN's direct-to-consumer product, providing an unrivaled value proposition for consumers.' A Comcast spokesperson said in a statement, 'Hulu was a great start for us in streaming that generated nearly $10 billion in proceeds for Comcast and created an important audience for NBCUniversal's world-class content. We wish Disney well with Hulu and appreciate the cooperative way our teams managed the partnership.' In May 2024, Disney and NBCU entered into a 'confidential arbitration' to resolve the dispute over the appraisal process to determine the fair value of Hulu 'in which the parties seek declaratory relief, equitable relief and unspecified damages,' according to an earlier Disney disclosure. Per the companies' agreement, if the two sides' valuations were not within 10% of each other, the banks they enlisted for the transaction would pick a third firm to make another estimate, and Hulu's final valuation will be the average of the two figures that are closest to each other. The valuations arrived at by the Disney and Comcast camps were very different. During the initial phase of the appraisal process, Disney's appraiser arrived at a valuation below the guaranteed floor value, while NBCU's appraiser arrived at a valuation 'substantially in excess of the guaranteed floor value,' according to Disney's filing. The 'final equity fair value' takes into account the valuation of that third appraiser. Best of Variety 25 Hollywood Legends Who Deserve an Honorary Oscar New Movies Out Now in Theaters: What to See This Week Emmy Predictions: Animated Program — Can Netflix Score Big With 'Arcane,' 'Devil May Cry' and the Final Season of 'Big Mouth?' Sign in to access your portfolio
Yahoo
09-06-2025
- Business
- Yahoo
Disney Closes Hulu Deal With Comcast, Paying Billions Less Than NBCU Was Seeking
After more than two years of haggling, Disney has finally closed its deal with Comcast to buy out NBCUniversal's one-third stake in Hulu — and Disney is paying much less than it would have if NBCU had its druthers. In December 2023, in an initial payment toward the Hulu buyout, Disney agreed to pay $8.61 billion to Comcast, which represented one-third of the $27.5 billion guaranteed floor value for Hulu that was set when the companies entered into their agreement in 2019. More from Variety Marvel Animation Premieres First Episode of 'Eyes of Wakanda' at France's Annecy Animation Festival 'The Secret Lives of Mormon Wives' Sets Reunion Special Hosted by Nick Viall Disney Loses Legal Bid to Block YouTube's Hiring of Media Exec Justin Connolly The two sides last year entered into arbitration to determine the final price tag. Now, that number has been calculated: Pursuant to the contractual appraisal process that was completed on June 9, 2025, an additional $438.7 million is payable by Disney to NBCU to purchase NBCU's interest in Hulu, according to a Disney SEC filing Monday. The acquisition of NBCU's interest in Hulu will close on or before July 24, 2025, per the filing. The total price Disney will have paid for Hulu is approximately $9 billion, implying a value of $27 billion overall for the streaming company. If the price had been determined by the bank hired by Comcast to assess the value the Hulu stake, it would have resulted in an additional $5 billion payable by Disney. 'We are pleased this is finally resolved. We have had a productive partnership with NBCUniversal, and we wish them the best of luck,' Disney CEO Bob Iger said in a statement. 'Completing the Hulu acquisition paves the way for a deeper and more seamless integration of Hulu's general entertainment content with Disney+ and, soon, with ESPN's direct-to-consumer product, providing an unrivaled value proposition for consumers.' A Comcast spokesperson said in a statement, 'Hulu was a great start for us in streaming that generated nearly $10 billion in proceeds for Comcast and created an important audience for NBCUniversal's world-class content. We wish Disney well with Hulu and appreciate the cooperative way our teams managed the partnership.' In May 2024, Disney and NBCU entered into a 'confidential arbitration' to resolve the dispute over the appraisal process to determine the fair value of Hulu 'in which the parties seek declaratory relief, equitable relief and unspecified damages,' according to an earlier Disney disclosure. Per the companies' agreement, if the two sides' valuations were not within 10% of each other, the banks they enlisted for the transaction would pick a third firm to make another estimate, and Hulu's final valuation will be the average of the two figures that are closest to each other. The valuations arrived at by the Disney and Comcast camps were very different. During the initial phase of the appraisal process, Disney's appraiser arrived at a valuation below the guaranteed floor value, while NBCU's appraiser arrived at a valuation 'substantially in excess of the guaranteed floor value,' according to Disney's filing. The 'final equity fair value' takes into account the valuation of that third appraiser. Best of Variety 25 Hollywood Legends Who Deserve an Honorary Oscar New Movies Out Now in Theaters: What to See This Week Emmy Predictions: Animated Program — Can Netflix Score Big With 'Arcane,' 'Devil May Cry' and the Final Season of 'Big Mouth?' Sign in to access your portfolio
Yahoo
05-06-2025
- Business
- Yahoo
Disney Fails to Halt YouTube From Poaching Key Executive Ahead of Licensing Renewal Talks
Disney's bid to temporarily block YouTube's hiring of Justin Connolly in a newly created role as global head of media and sports has been denied. Los Angeles Superior Court Judge James Chalfant on Wednesday concluded that Disney is unlikely to prevail on claims that YouTube illegally poached Connolly in violation of his contract with the entertainment giant. More from The Hollywood Reporter Dhar Mann Studios Staffs Up With Media Veterans (Exclusive) 'Awards Chatter' Live Pod: Sean Evans on a Decade of 'Hot Ones,' Buying the Show From BuzzFeed and Interviewing Secrets YouTube Stays Atop TV Distributor Rankings in April Last month, Disney filed a lawsuit faulting YouTube for Connolly's defection to YouTube to spearhead its media and sports division. It sought a temporary restraining order to prevent him from starting at the Google-owned company, claiming that he could leak confidential information or trade secrets belonging to Disney ahead of a licensing renewal with YouTube. In a court filing, YouTube argued that the order Disney seeks for Connolly to return to the company against his will or quit his new position is prohibited under California law. It stressed that Disney knew for over six weeks that he intended to leave Disney to join YouTube, meaning there's no emergency for the court to issue a temporary restraining order. Connolly has been working for YouTube for roughly two weeks. In discussions, Disney maintained that Connolly couldn't work for YouTube because he had a three-year fixed term contract that hadn't expired, according to a court document. It offered to release him from his contract following the renegotiation of their licensing deal. 'We are disappointed in today's ruling, but will continue to pursue our legal remedies,' said a Disney spokesperson in a statement. YouTube declined to comment. Best of The Hollywood Reporter How the Warner Brothers Got Their Film Business Started Meet the World Builders: Hollywood's Top Physical Production Executives of 2023 Men in Blazers, Hollywood's Favorite Soccer Podcast, Aims for a Global Empire
