Netflix CFO McCarthy resigns, Wells succeeds
LOS ANGELES (Reuters) – Online video provider Netflix Inc said on Tuesday its long-time chief financial officer Barry McCarthy has resigned and will be succeeded by company finance veteran David Wells, sending its shares down in after-hours trading.
A Netflix spokesman said McCarthy first expressed his intention to resign in 2004, but decided to remain as the company built itself into a DVD rental and streaming powerhouse.
MGM studio’s bankruptcy plan wins judge’s approval
NEW YORK (Reuters) – Metro-Goldwyn-Mayer Studios Inc entered the final act of its reorganization when it won court approval, clearing the way for the storied Hollywood studio to emerge from bankruptcy with new owners.
U.S. Bankruptcy Judge Stuart Bernstein approved the restructuring plan at a hearing on Thursday in Manhattan. Jay Goffman, a lawyer for MGM, said the company expects to emerge from bankruptcy in a few weeks.
MGM studio’s bankruptcy plan wins judge’s OK
NEW YORK, Dec 2 (Reuters) – Metro-Goldwyn-Mayer Studios Inc
entered the final act of its reorganization when it won court
approval, clearing the way for the storied Hollywood studio to
emerge from bankruptcy with new owners.
U.S. Bankruptcy Judge Stuart Bernstein approved the
restructuring plan at a hearing on Thursday in Manhattan. Jay
Goffman, a lawyer for MGM, said the company expects to emerge from
bankruptcy in a few weeks.
Time Warner says no advanced degree needed for device management
Time Warner Chief Executive Jeffrey Bewkes stopped in at the Reuters Global Media Summit and shared his vision for a future where people will get all their entertainment needs on every device, like smart phones, tablets and computers– but said it must be easy for consumers.
“We don’t want in the future for people to have to have a Phd in device management,” Bewkes told Reuters journalists, but stressed that the future of the media business clearly lies on “more and more devices not less,” he said.
Netflix scrambles future of TV and films
NEW YORK (Reuters) – Hollywood, which embraced Netflix Inc just a few years ago as a savior, is moving quickly to stanch the growth of one of the media’s newest, biggest stars.
Senior executives at three of the big six television and movie studios said they were seeking ways to contain Netflix — from delaying when Netflix can make new DVDs available to rent to raising the prices for digital programs.
Reuters Summit-Netflix scrambles future of TV, films
1 (Reuters) – Hollywood, which embraced
Netflix Inc (NFLX.O: Quote, Profile, Research, Stock Buzz) just a few years ago as a savior, is
moving quickly to stanch the growth of one of the media’s
newest, biggest stars.
Senior executives at three of the big six television and
movie studios said they were seeking ways to contain Netflix –
from delaying when Netflix can make new DVDs available to rent
to raising the prices for digital programs.
Studios’ premium VOD claims untrue-exhibitors
LOS ANGELES, Nov 15 (Reuters) – Several big studios have
said they plan to soon offer films at home while still playing
in theaters — but theater owners say it is not true.
“They’re trying to create an air of inevitability that
doesn’t exist. I believe opinions are all over the map on this
and I don’t think it’s anywhere near decided that they will do
this anytime soon,” said John Fithian, president of the
National Association of Theater Owners (NATO), who said such a
move would hurt box office revenues and promote piracy.
Disney’s outlook rosy despite rare quarterly miss
LOS ANGELES, Nov 11 (Reuters) – Walt Disney Co (DIS.N: Quote, Profile, Research, Stock Buzz)
forecast rising ad sales, pricing and theme park attendance,
sending its shares higher after it posted a rare quarterly
earnings miss that contrasted sharply with strong performances
by its peers in the media sector.
The entertainment conglomerate’s stock climbed 2.1 percent
after hours on the rosier outlook. The shares ended down 3
percent on Thursday after Disney inadvertently released its
disappointing fourth quarter results before the market closed,
spooking some investors. It is investigating the matter.
Disney’s rare miss on media networks and parks
LOS ANGELES (Reuters) – Walt Disney Co (DIS.N: Quote, Profile, Research, Stock Buzz) posted a rare quarterly earnings miss after TV broadcasting and theme park revenue fell, offsetting a boost from smash “Toy Story 3″ and robust advertising sales.
The media conglomerate inadvertently released its results before the closing bell, spooking some investors. Disney’s shares ended Thursday down 3.1 percent, and dipped further in after-hours trade. Executives said they were investigating the matter.
Disney profit lower, shares fall
LOS ANGELES, Nov 11 (Reuters) – Walt Disney Co (DIS.N: Quote, Profile, Research, Stock Buzz)
posted a lower quarterly profit on Thursday as lower revenue in
its cable division and writedowns offset strong advertising
sales and receipts for films like “Toy Story 3.”
Disney shares slipped 0.4 percent to $35.72 in after-hours
trade.
The media and entertainment conglomerate also faced a tough
comparison with the year-ago quarter, which benefited from an
additional week in the reporting period.
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