Latest news with #LisaRichwine
Hindustan Times
9 hours ago
- Entertainment
- Hindustan Times
California legislature acts to keep film and TV production at home
By Lisa Richwine California legislature acts to keep film and TV production at home June 27 - Hollywood's home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday. The increase from the current $330 million was approved as part of a broader tax bill that is expected to be signed into law by Governor Gavin Newsom in the coming days. Democrat Newsom had advocated for the boost, a step to help reverse a years-long exodus of production from California to places such as Britain, Canada and other U.S. states that offer generous tax credits and rebates. Producers, directors, actors and behind-the-scenes workers have warned lawmakers that Hollywood was at risk of becoming the next Detroit, the automaking capital devastated by overseas competition, if current trends continued. Permitting data showed production in Los Angeles, the location of major studios including Walt Disney and Netflix, fell to the second-lowest level on record in 2024. California has lost more than 17,000 jobs since 2022 from its declining share of the entertainment industry, according to union estimates. Producer Uri Singer said he shot three films in New York to take advantage of its tax incentives. He received a California tax credit to shoot his current project, a horror flick called "Corporate Retreat," in Los Angeles. "You can get such good cast and crew that are available that makes shooting in L.A. financially better," he said. "Besides that, creatively you find here anyone you want, and if you need another crane, within an hour you have a crane." Plus, "the crew is happy because they go home every day," Singer added. Local advocates applauded California's expansion of tax incentives, though they said more needs to be done. Writer Alexandra Pechman, an organzier of a "Stay in LA" campaign by Hollywood workers, called on Hollywood studios to commit to a specific amount of spending in California to support creative workers. "It's time for the studios and streamers to do their part to turn this win into real change for all of us," Pechman said. Industry supporters also are pushing for federal tax incentives to keep filming in the United States. Republican President Donald Trump has offered a different way to address the issue. Trump said in May that he had authorized government agencies to impose a 100% tariff on movies produced overseas. The movie tariff has not been implemented. This article was generated from an automated news agency feed without modifications to text.
CTV News
02-06-2025
- Business
- CTV News
Disney laying off several hundred in film, TV, finance
Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter said on Monday. The layoffs affect multiple teams around the world, including film and TV marketing, TV publicity, and casting and development, the source said. Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7,000 jobs as part of an effort to save US$5.5 billion in costs. In May, Disney reported earnings that exceeded expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks. Disney shares, which have risen 21 per cent since the earnings report, were down 0.5 per cent at $112.43 on Monday. Reporting by Lisa Richwine in Los Angeles and Jaspreet Singh in Bengaluru; Editing by Arun Koyyur and David Evans.
Yahoo
26-05-2025
- Entertainment
- Yahoo
Disney's 'Lilo & Stitch' leads record box office over US Memorial Day weekend
By Lisa Richwine LOS ANGELES (Reuters) -Walt Disney's live-action remake of the animated classic "Lilo & Stitch" topped box office charts in the United States and Canada with $183 million in ticket sales over the U.S. Memorial Day weekend, according to estimates released on Monday. "Mission: Impossible - The Final Reckoning," starring Tom Cruise, was on pace to bring in $77.5 million from Friday through Monday, distributor Paramount Global said. Total sales for all films are expected to set a record for the Memorial Day weekend, box office analysts said. The previous record of $314.3 million was established in 2013, when the sixth "Fast & Furious" movie debuted. "Lilo & Stitch," the story of a mischievous blue alien taken in by two sisters in Hawaii, added $158.7 million in international markets for a global total of $314.7 million. "Mission: Impossible," the eighth installment in Cruise's action franchise, racked up $205.5 million around the world.
Yahoo
12-05-2025
- Business
- Yahoo
Tariff uncertainty clouds outlook for US television's annual ad-selling bonanza
By Lisa Richwine and Dawn Chmielewski LOS ANGELES (Reuters) -The risk of a tariff-induced U.S. recession is hanging over the television industry's annual upfront selling season, when companies stage star-studded pitches to coax brands to commit to spending billions of dollars on advertising in the year ahead. Starting Monday, the presentations in New York kick off weeks of negotiations in which television networks and streaming services typically lock in the largest share of their ad revenue for the year. YouTube promises a performance by Lady Gaga and an appearance from one of its biggest stars, Mr. Beast. NBCUniversal will host its presentation at Radio City Music Hall and Warner Bros. Discovery at Madison Square Garden. But the champagne-fueled parties will take place against a backdrop of economic concerns, stemming from U.S. President Donald Trump's on-again, off-again tariff policies, which economists warn may lead to a recession. While major media companies have not reported any decline in ad demand, industry analysts predict brands will reduce their spending as consumer confidence wanes. Research firm eMarketer projects ad spending on traditional television during the upfronts could fall to $13.4 billion, down $4 billion from last year, depending on the level of tariffs that take effect. The Trump administration is negotiating deals with a number of major trading partners, including China. For digital ads on online devices, the worst-case scenario is that spending will stay flat at around $13 billion, eMarketer said. If tariffs are limited, digital ads could rise to $14.7 billion. Data firm Guideline said a pullback was already evident. Ad spending rose 7% in the first quarter compared to the same period in 2024, but future bookings suggest growth could decelerate to 3% in the second quarter, Guideline said. Media executives acknowledged some brands might feel nervous, but said there could be a cost to cutting ad spending. "Clients learned some important lessons during COVID, when a lot of advertisers pulled back very quickly and then had to redeploy those funds," said Jeff Collins, president of advertising sales, marketing and brand partnerships at Fox. "And I think that they're trying not to have a knee-jerk reaction to what is happening now." Advertisers that wait to purchase time at the last minute in the so-called "scatter" market sometimes pay double-digit percentage increases in rates, Collins said. Fox had not yet seen any impact on ad demand from tariffs, he added. Karen Kovacs, president of advertising sales and partnerships at NBCUniversal, said brands that continued to spend on advertising during past downturns maintained better sales and market share than others that cut back. NBCU parent Comcast, in its latest earnings report, said ad revenue was roughly flat during the first three months of 2025. BUYER'S MARKET Sellers of ad time may need to give concessions on pricing and cancellation terms to win business, said eMarketer senior analyst Ross Benes, adding tariffs would have most impact on the advertising of physical products like cars and consumer goods. Digital players like Google's YouTube or Facebook parent Meta will likely emphasize the use of artificial intelligence to help brands reach customers more efficiently, said Greg Kahn, CEO of GK Digital Ventures media advisory firm. Many U.S. companies have cut or withdrawn their annual forecasts, citing an uncertain trade environment, including General Motors, Kraft Heinz and bleach maker Clorox. Clorox is evaluating how much it spends on advertising, CEO Linda Rendle said on an earnings call last week. "We're going to continue to invest strongly in our brands, but at what level makes the most amount of sense given the returns that we're getting," Rendle said. Still, some media firms remain upbeat. Disney expects annual advertising growth to surpass its previous 3% forecast, while Netflix co-CEO Greg Peters said in April the company was not seeing any signs of softness in its pre-upfronts discussions. The company does not disclose ad revenue, but analysts polled by LSEG project Netflix will bring in $2.7 billion from advertising in 2025. Netflix launched its ad-supported options in November 2022 and is still in the early stages of building that business. "That smallness probably provides us some insulation to market shifts right now," Peters said, adding that Netflix expects to double ad revenue this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
US parks and streaming propel Disney earnings above forecasts
By Lisa Richwine and Dawn Chmielewski LOS ANGELES (Reuters) -Walt Disney's quarterly results topped Wall Street expectations as visitors to its U.S. theme parks increased spending in the first three months of the year and the company saw an unexpected rise in Disney+ streaming customers. Shares of the company were up 6.4% in premarket trading on Wednesday. The company is seeking to increase profits from its streaming services as traditional television declines, and to expand its popular theme park and cruise line businesses, all in the midst of a shaky U.S. economy. "We remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year," Disney CEO Bob Iger said in a statement. The company posted adjusted earnings per share of $1.45 for January through March, ahead of the $1.20 consensus forecast of analysts polled by LSEG. Revenue rose 7% to $23.6 billion. Analysts had expected $23.14 billion. Operating income came in at $4.4 billion. Disney forecast adjusted earnings per share of $5.75 for fiscal 2025, an increase of 16% from the prior fiscal year. The company reiterated guidance for 6% to 8% operating income growth in the parks-led Experiences division during the fiscal year, and for double-digit percentage operating income growth during that time in the entertainment unit. Disney said it picked up 1.4 million customers for the Disney+ streaming service during the just-ended quarter. Three months ago, it had warned of a modest decline in Disney+ subscribers following a price increase. Hulu added 1.1 million customers during the quarter, and operating income at the streaming division rose to $336 million. A year earlier, operating income stood at $47 million. The entertainment unit reported total operating income of $1.3 billion, a 61% increase from the prior year. At the Experiences unit, operating income rose 9% to $2.5 billion. Attendance rose at U.S. parks and guests spent more, Disney said. The company also saw an increase in cruise ship bookings with the launch of a new vessel, the Disney Treasure. Disney stock has fallen 17% this year compared with a 4.7% decline in the S&P 500. The shares have fallen 6.6% since April. (Reporting by Lisa Richwine; Editing by Muralikumar Anantharaman and Nick Zieminski)
