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31.07.2024 / 00:48

Netflix Files to Sell $1.8 Billion in Debt Bonds in Refinancing Move

Todd Spangler NY Digital Editor Netflix plans to issue long-term debt securities totaling $1.8 billion, the first debt offering for the company since its credit rating was upgraded from junk to investment-grade status last year. The new debt offering is evidently to refinance the streaming giant’s $1.8 billion in debt that is maturing in 2025, according to data compiled by Bloomberg. Overall, Netflix had $12.18 billion in long-term debt as of the end of June, down from $14.14 billion at the end of 2023, per its most recent earnings report.

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30.07.2024 / 19:31

Edgar Bronfman Jr. Evaluating Potential Paramount Global Bid Countering Skydance Deal

Todd Spangler NY Digital Editor Billionaire and one-time media mogul Edgar Bronfman Jr. is still considering making an offer for Paramount Global. A rep for Bronfman confirmed that he is evaluating options for a potential bid for Paramount.

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26.07.2024 / 17:39

Elon Musk’s X Activates Setting Allowing It to Train Grok AI on User Posts and Interactions by Default

Todd Spangler NY Digital Editor X, the social network formerly known as Twitter owned by mega-billionaire tech mogul Elon Musk, has turned on a setting indicating it intends to use its millions of users’ posts and interactions to train Grok, the AI assistant developed by another one of Musk’s companies. “To continuously improve your experience, we may utilize your X posts as well as your user interactions, inputs and results with Grok for training and fine-tuning purposes,” says a notice on X’s settings web page.

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26.07.2024 / 01:52

Kamala Harris Joins TikTok

Todd Spangler NY Digital Editor Vice President Kamala Harris, who is now running for president in 2024 against Donald Trump, on Thursday launched her own account on social-entertainment app TikTok. TikTok has exploded with Harris memes since she assumed the role of presumptive Democratic presidential nominee, following President Biden’s announcement Sunday that he would suspend his re-election campaign. Those have included video mashups of her dancing and laughing as well as clips featuring the viral “coconut tree” meme.

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25.07.2024 / 14:39

MrBeast ‘Disgusted’ by Grooming Allegations Against Co-Host Ava Kris Tyson, Hires Investigator to Examine Claims

Todd Spangler NY Digital Editor MrBeast, YouTube’s most-followed individual creator, responded to allegations that one of his co-hosts, Ava Kris Tyson, engaged in “grooming” of a minor. He said he was “disgusted and opposed to such unacceptable acts” and that he had hired a third-party investigator to look into the claims.

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24.07.2024 / 18:21

‘The Boy and the Heron’ Streaming Release Date Set on Max

Todd Spangler NY Digital Editor Hayao Miyazaki’s Oscar-winning “The Boy and the Heron” will make its U.S. streaming debut on Warner Bros. Discovery’s Max in September.

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23.07.2024 / 20:55

Marvel Ex-Chairman Ike Perlmutter Reportedly Sold His Entire Disney Stake for Nearly $3 Billion After Unsuccessful Board Fight

Todd Spangler NY Digital Editor Ike Perlmutter, the former Marvel Entertainment chairman who was ousted last year, sold all of his Disney stock — about 25.6 million shares — for almost $3 billion, according to a report by the Wall Street Journal. Perlmutter, who was among the largest individual shareholders in the Mouse House, sold his stake in Disney between early April and mid-July at an average price of just under $115/share, per the report.

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23.07.2024 / 18:15

Abigail Disney to Donate to Kamala Harris’ Presidential Campaign, Backs VP ‘With All My Heart’

Todd Spangler NY Digital Editor Abigail Disney said she is whole-heartedly supporting Vice President Kamala Harris‘ presidential campaign, after previously saying she would cease contributions to Democrats unless President Biden dropped out of the race. Disney, the outspoken filmmaker and philanthropist who is the granddaughter of Roy O.

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23.07.2024 / 13:09

Amazon’s Prime Video Interface Update Promises to Make It Easier to Tell What’s Included With Your Subscription — and What Costs Extra

Todd Spangler NY Digital Editor Amazon is launching the biggest update to the Prime Video user experience in two years — which the tech giant claims is simpler and more personalized, with the aim of helping you find something to watch faster than ever. And the new UI specifically addresses something that’s annoyed Prime Video users for years: Now, according to Amazon, it will be easier to see what is included with a Prime membership and what you would need to pay extra for.

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23.07.2024 / 11:27

Spotify Turns in Record Profit in Q2, Grows Premium Subscribers to 246 Million

Todd Spangler NY Digital Editor Helped by cost-cutting measures include a mass layoff, Spotify posted a record profit in the second quarter of 2024 that topped expectations. The music and audio streaming giant gained 7 million paid subscribers in the period, slightly ahead of guidance, while total monthly users fell short of its target. Spotify reported Q2 revenue of €3.81 billion, up 20%, and a net profit of €274 million, versus a net loss of -€302 million in the year-earlier period.

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22.07.2024 / 16:21

‘Kingdom of the Planet of the Apes’ Gets Hulu Streaming Premiere Date

Todd Spangler NY Digital Editor The latest simian saga in the Planet of the Apes film franchise is set to ride onto Hulu next month. “Kingdom of the Planet of the Apes,” from director Wes Ball, will hit Hulu in the U.S. on Aug.

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22.07.2024 / 03:43

Hunter Biden Drops Lawsuit Against Fox News

Todd Spangler NY Digital Editor The same day his father, Joe Biden, announced that he would drop out of the 2024 presidential race, Hunter Biden voluntarily dropped his lawsuit against Fox News that had alleged the network’s inclusion of sexually graphic photos of Hunter Biden in a fictionalized “mock trial” miniseries about him violated revenge porn laws. According to the notice filed with the court Sunday (July 21), Hunter Biden, “by and through his undersigned counsel, hereby gives notice that the above-captioned action is voluntarily dismissed, without prejudice, against the defendants Fox News Network, LLC, Fox Corporation, and John and Jane Does 1-100.” The dropping of the case “without prejudice” means it may be refiled at a later date. A lawyer representing Biden did not respond to a request for additional comment.

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19.07.2024 / 23:58

Oracle CEO Safra Catz Exits Disney’s Board

Todd Spangler NY Digital Editor Disney announced that Safra Catz, CEO of Oracle, is departing its board of directors after six years. Disney and Catz did not provide an explanation for why she stepped down from the Mouse House’s board.

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19.07.2024 / 00:03

Netflix’s Ted Sarandos: Generative AI Tools Will Be a ‘Great Way for Creators to Tell Better Stories’

Todd Spangler NY Digital Editor What the long-term impact of generative AI will be on Hollywood is “hard to predict,” Netflix co-CEO Ted Sarandos said — but he took a shot at addressing it anyway. Sarandos, speaking on the streamer’s Q2 earnings interview, said, “I think that AI is going to generate a great set of creator tools, a great way for creators to tell better stories.” And, he said, the business case for generative AI isn’t to reduce costs but to improve the quality of storytelling.

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18.07.2024 / 20:17

Netflix Tops 277 Million Subscribers With Strong Q2 Gain, Beats Earnings Forecasts

Todd Spangler NY Digital Editor Netflix rang up solid subscriber gains in the second quarter of 2024 — which were considerably better than Wall Street expected — and posted financial results that beat forecasts. The industry’s No. 1 premium streamer added 8.05 million net paid customers in Q2, bringing its global base to 277.65 million.

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17.07.2024 / 14:19

Netflix CTO Elizabeth Stone on Streamer’s New AI Project, Gearing Up for Live NFL Games, Evolving the Culture and More

Todd Spangler NY Digital Editor Elizabeth Stone is Netflix’s chief technology officer, overseeing a global team of about 3,000 at the streaming giant. The technology group touches every part of Netflix — spanning not just the core product experience, but also advertising, games, livestreaming content and studio production organizations.

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17.07.2024 / 14:03

Willow Bay, Bob Iger Seal Deal to Buy L.A.’s Angel City FC, Valuing Women’s Soccer Team at $250 Million

Todd Spangler NY Digital Editor Kicking women’s soccer to new heights, Willow Bay and her husband, Disney chief Bob Iger, clinched a deal to acquire a controlling stake in Los Angeles pro team Angel City Football Club. Iger and Bay, who is the dean of the USC Annenberg School for Communication and Journalism, will become the new controlling owners of Angel City FC following the closing of the transaction. The deal gives Angel City FC an enterprise value of $250 million — which the team said makes it the most valuable women’s sports team in the world.

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13.07.2024 / 12:35

Dax Shepard Inks $80 Million Exclusive Podcast Pact With Amazon’s Wondery, Which Encompasses New Shows, Merchandise and More

Todd Spangler NY Digital Editor Amazon’s Wondery podcast division landed an exclusive distribution and ad-sales deal with Dax Shepard for his popular “Armchair Expert” podcast — which also covers new shows, merchandise and more. Wondery’s deal with the comedian-podcaster is valued at about $80 million, according to sources (as first reported by the Wall Street Journal). As part of the deal, Wondery, Shepard and the team at “Armchair Expert” will codevelop and produce two new podcasts for fans and one livestream per year.

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13.07.2024 / 12:15

Abigail Disney Says She’s Halting Donations to Democrats ‘Unless and Until’ President Biden Drops Out: ‘The Stakes Are Far Too High’

Todd Spangler NY Digital Editor Filmmaker and philanthropist Abigail Disney called on President Biden to exit the 2024 presidential race — and said she’s not going to not donate to Democrats unless he bows out. Disney, granddaughter of Roy O. Disney, who is the co-founder of the Walt Disney Co.

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13.07.2024 / 10:18

Paramount Global Will Pay Skydance $400 Million Breakup Fee if It Lands a Better Offer

Todd Spangler NY Digital Editor Even after clinching a deal with Skydance Media, Paramount Global has the right to shop around for a better offer in a 45-day window. But if Paramount agrees to accept a more attractive buyout deal, it would be on the hook to pay Skydance a $400 million breakup fee, David Ellison, founder and CEO of Skydance, told investors on a call Monday morning.

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13.07.2024 / 08:39

Paramount-Skydance Merger: 5 Burning Questions About the Deal

Todd Spangler NY Digital Editor Is Skydance Media the forward-looking entity that Paramount Global needs right now to save the company? Ending months of M&A drama, Paramount Global and Skydance Media, David Ellison’s smaller media and production company, on Sunday announced a two-part transaction that will result in Skydance buying out Shari Redstone’s National Amusements Inc. and then merging with Paramount — to form what the Skydance team for now is calling “New Paramount.” About $6 billion of the money to fund the deal is coming from the family of Oracle founder Larry Ellison (David’s father), with about $2 billion from Gerry Cardinale’s RedBird Capital Partners private-equity investment firm.

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13.07.2024 / 07:31

All Seasons of Mind-Bending Series ‘Lost’ Are on Netflix Again

Todd Spangler NY Digital Editor All six seasons of “Lost,” the cult-classic supernatural show that ended its TV run 14 years ago, are once again streaming on Netflix in the U.S. as of July 1. The full run of “Lost,” created by J.J.

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13.07.2024 / 07:30

Xbox Live Goes Down

Todd Spangler NY Digital Editor Xbox Live, Microsoft’s multiplayer gaming and digital media network, was suffering technical problems Tuesday as thousands of users reported problems accessing it. User-reported problems with Xbox Live began to spike at about 2:15 p.m.

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13.07.2024 / 05:10

Paramount Global Deal With Skydance ‘May Not Be Sufficient to Stabilize the Credit Profile,’ Moody’s Says

Todd Spangler NY Digital Editor Skydance Media this week clinched a deal to merge with Paramount Global, and execs outlined a plan to cut costs and boost the combined company’s profitability in the years ahead. But the turnaround plan might not be enough to save Paramount Global from seeing its debt rating cut to junk status by credit-rating agency Moody’s.

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13.07.2024 / 05:05