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Warner Bros. Discovery Inc. reported a significant increase in subscribers for its Max streaming service, adding 7.2 million net subscribers in the third quarter, surpassing analysts' expectations of 6.1 million. This marks the strongest quarterly gain since the platform's launch. Following the announcement, Warner Bros. shares rose by 5% in premarket trading in New York.
Financial stocks surged following Donald Trump's victory in the 2024 U.S. presidential race, with JPMorgan Chase rising over 8%, Goldman Sachs up more than 9%, and Bank of America increasing by over 7%. Credit-card companies also saw significant gains, with Discover, Capital One, and Synchrony jumping 14% or more. The overall market reflected optimism, as the Dow, Nasdaq, and S&P 500 posted substantial morning gains, alongside a rise in cryptocurrency prices.
Paramount Global abandoned merger talks with Warner Bros. Discovery after months of discussions yielded no concrete offer, according to a regulatory filing. The company, which owns CBS and MTV, subsequently agreed to merge with Skydance Media, having explored options with at least 12 other potential partners.
Three major films—Universal's "Wicked," Paramount's "Gladiator II," and Disney's "Moana 2"—are set to compete at the box office over the Thanksgiving holiday, each vying for premium screen placements. Analysts predict that while all three will perform well, the distribution of premium large format screens will be crucial, as audiences increasingly prefer immersive viewing experiences. Expectations for opening weekend earnings vary, with "Wicked" potentially reaching up to $150 million, while "Gladiator II" and "Moana 2" are forecasted to earn between $60 million to $100 million.
Comcast is considering spinning off NBCUniversal’s cable networks, which include channels like Bravo and MSNBC, to focus on its streaming service, Peacock. This move could reshape the media landscape and attract investor interest by shedding declining assets. The potential separation may also pave the way for broader industry consolidation, as companies look to capitalize on changing media dynamics.
ESPN is navigating a challenging landscape as traditional pay-TV subscriptions decline, impacting its revenue model. Chairman Jimmy Pitaro acknowledges the need for adaptation, emphasizing the launch of a comprehensive streaming service, "Flagship," by 2025 to offset losses from cable. Despite solid quarterly earnings, the company faces high stakes with escalating sports rights costs, betting on its investments to drive future growth.
TKO Group, which owns WWE and UFC, is acquiring three sports-related businesses from Endeavor Group for $3.25 billion, increasing Endeavor's stake in TKO to 59%. The deal includes Professional Bull Riders, On Location, and IMG, enhancing TKO's sports ecosystem.In an exclusive interview, NBA Commissioner Adam Silver expressed frustration over failing to reach a deal with Warner Bros. Discovery during negotiations, leading to a new media rights agreement with Disney, NBCUniversal, and Amazon. The ongoing legal dispute centers on Warner Bros. Discovery's claim to matching rights for NBA games.
Elon Musk's attempt to reference "Blade Runner 2049" during Tesla's Robotaxi launch has led to a lawsuit from Alcon Entertainment, the film's rights holder. After being denied permission to use an iconic image, Tesla created an AI-generated imitation, prompting Alcon to seek an injunction and damages, citing concerns over Musk's controversial public persona and its impact on their brand.
Elon Musk, Tesla, and Warner Bros. Discovery are facing a lawsuit from Alcon Entertainment for allegedly using AI-generated images from "Blade Runner 2049" to promote Tesla's Cybercab concept, despite a denied request for permission. The suit claims this constitutes copyright infringement and false endorsement, highlighting concerns over Musk's controversial public persona potentially affecting brand partnerships. Alcon seeks damages, citing significant financial impact and a desire to avoid association with Musk's political views.
Tesla's "We Robot" event showcased ambitious plans for autonomous vehicles, including the Robovan and Cybercab, aimed at transforming urban transport. However, critics highlighted the lack of concrete timelines and regulatory challenges, questioning the feasibility of Musk's vision. The event also featured the Optimus robot, which was revealed to be teleoperated rather than fully autonomous, raising further skepticism about Tesla's advancements in AI.
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warner bros discovery reports record streaming subscriber growth in third quarter
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