Can Starz Break into Hollywood's Big League?
Starz is fresh off its separation from Lionsgate and it's betting it can take on the likes of Netflix and HBO. The entertainment company added 530,000 streaming customers in the fourth quarter. STARZ President and CEO Jeffrey Hirsch joined Bloomberg Open Interest to talk about how he plans on transforming the company into a production powerhouse. (Source: Bloomberg)
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Los Angeles Times
18 minutes ago
- Los Angeles Times
Hilbert Museum partners with Pageant of the Masters to tell a story of California art
When Diane Challis Davy, director of the Pageant of the Masters, was first invited to tour the Hilbert Museum of California Art in Orange last year, she was struck by the many images she knew would be a fit for Laguna Beach's famed living picture show. Mark Hilbert, who co-founded the museum with his late wife Janet, walked Challis Davy through the museum personally and sent her home with art books to look through. She came across a painting in one of those books that she knew had to be included in the Pageant. 'Mark gave me some of his beautiful books and I took them home and right away, I knew that 'Monday at the Crab Cooker' was perfect for a Pageant tableau,' said Challis Davy. The work by local artist Bradford J. Salamon depicted three men having dinner at the iconic Newport Beach restaurant. Challis Davy knew the scene inside the popular seafood eatery fit well with the 2025 Pageant of the Masters theme, 'Gold Coast: Treasures of California,' which is intended to be a tour of some of the most notable works of art on view at California's coastal museums. Unbeknownst to Challis Davy, she had just selected a piece that documents the beginnings of the Hilbert Museum itself. 'I chose it before Bradford told me he is [one of the men] in the picture, Mr. Hilbert is painted in the picture and Gordon McClelland is in the picture,' said Challis Davy. On Monday nights the three art lovers would get together over a fish dinner and discuss the idea of opening a museum that could display the collection amassed by Mark Hilbert and his late wife, Janet. 'We would just get together and talk about art until we were deaf,' Hilbert said. The meeting of the minds was the first imagining of the Hilbert Museum as it stands today and Salamon said he recognized history was being made. 'I felt privileged to be watching the soup being made with Mark and Gordon and the idea of a museum,' said Salamon. 'As we kept going every Monday and talking, I realized I was really dealing with people who could pull this off, I was dealing with a visionary who is going to do this; and I thought I should document it.' Salamon joined Challis Davy, Hilbert and Hilbert Museum director Mary Platt on the evening of June 4 in a panel discussion at the museum discussing the painting and other works selected from the Hilbert Collection that will be featured in this year's pageant. The Pageant of the Masters has been a tradition at Laguna Beach's Festival of Arts since 1932, when a few living pictures were presented as the 'Spirit of the Masters Pageant.' 'It grew over the years,' said Challis Davy. 'Thanks to a fellow by the name of Roy Ropp, who was a builder in town and a painter. He is considered the father of the pageant because he gave us our name, Pageant of the Masters.' Ropp used his expertise to add painted backdrops on a larger stage and incorporated music and narration in the show. He is also responsible for introducing 'The Last Supper,' as the finale, a tradition that continues today. Each year the show follows at theme, such as last year's 'À La Mode: The Art of Fashion,' which put the spotlight on popular styles of dress in various periods. Challis Davy works closely with her team to find the right works of art to present that best represent the theme. 'Proportion of overall canvas to figure is very important to us and how the figures are aligned,' said Challis Davy. 'We are going to take this two dimensional painting and we are going to turn it back into 3D, so it's all about the proportions.' Challis Davy said she also keeps an eye out for works with meaningful narratives, something the Hilbert Museum prides itself on. 'We specialize in what we call California narrative art, which is art that tells a story, ' Platt said of the Hilbert. 'You can also call it representational art or figurative art. It certainly has people in it, or the work of people. You might see a boat, or a pier or ranch or road.' In addition to 'Monday at the Crab Cooker,' the pageant has also selected Phil Dike's 'Afternoon at Diver's Cove,' Lee Blair's 'Mary by the Sea,' and another of Salamon's oil works, 'Seal Beach Nighthawks,' which depicts a cold night at a seaside corn dog shack. The Millard Sheets mosaic 'Pleasures Along the Beach,' which is the crown jewel of the expanded Hilbert Museum and was relocated from a Home Savings & Loan building in Santa Monica, will also be featured in the pageant along with a third Salamon painting, commissioned by the pageant. Since the segment on Salamon will include the Crab Cooker and the corn dog stand, Davy was hoping to include a third work that depicted a restaurant or bar. 'I thought there is got to be a third one and I look and looked and I couldn't find one that was suitable for our stage, so I thought 'OK, let's take a leap of faith and let's commission an artwork' and that painting is now in the Festival of Arts' permanent collection.' Salamon was given a choice of painting the landmark Sandpiper lounge in Laguna Beach — affectionately called the 'Dirty Bird' by locals — the Swallows Inn or the Marine Room Tavern on Ocean Avenue in Downtown Laguna Beach. The artist went with the Marine Room, painting a scene of patrons at the bar and in front of the fireplace. 'I put different little Easter eggs in there regarding art history; on the far left there is 'Folies-Bergère' by Monet, there is Winslow Homer's 'Breezing Up,' which they have done at the pageant for many years,' Salamon pointed during the panel discussion. There is also a small cat peeking out from behind a bar stool, a reference to the 'McSorley's Cats' by John Sloan, and a balloon dog on one patron's hat, a nod to Jeff Koons. 'These were all little things that I thought would be fun to put in,' Salamon said. Mark Hilbert will also get in on the fun this summer, joining the cast of volunteers at the pageant on 'Hilbert Museum Night at the Pageant' on July 9 to play himself in the 'Monday at the Crab Cooker' painting. 'We are not going to ask him to shave for this but he will have to be subjected to the make up application process,' Davy said. The 2025 Pageant of the Masters opens July 5 and recipients of the Hilbert Museum e-newsletter will receive a 20% ticket discount. For more information on the 2025 Festival of the Arts and Pageant of the Masters, visit For details on the Hilbert Museum exhibitions and the five works selected from the Hilbert Museum collection go to
Forbes
33 minutes ago
- Forbes
What To Know About The IRS's $4 Billion Tax Assessment On Yum! Brands
KFC Taco Bell (Photo by Artur Widak/NurPhoto via Getty Images) The IRS has assessed $4 billion in taxes, penalties, and interest on Yum! Brands. The issue stems from a tax-deferred reorganization in 2014. Yum! Brands is now suing to prevent the IRS from collecting these funds. M&A is often among the most complicated tax issues large corporations face, which can often lead to uncertainty and scrutiny from the IRS. In this article, I discuss the Yum! Brand corporation, what happened in 2014, and why they are facing such a steep tax penalty now over a decade later. Yum! Brands is the parent company of KFC, Taco Bell, Pizza Hut, and Habit Burger & Grill. As noted by The Washington Post, this corporation spun off from PepsiCo in 1997 to become among the largest set of restaurant chains in the United States and the world. While it currently features those three staples, the corporation has also previously held other chains, such as A&W and Long John Silvers. Yum! Brands has been known to be innovative by having combination restaurants. In these situations, customers can order from a KFC or Taco Bell (or both) at the same location. What makes Yum! Brands particularly impactful is their international appeal. As stated on the Yum! Brands website, the brands total over 61,000 locations and can be seen in 155 countries. According to CNN, KFC has blossomed to become an international staple in countries like Japan, where people often have KFC as their Christmas dinner. Yum! Brands is also no stranger to tax-related news. In early 2025, the company announced a different restructuring. While the company is famously headquartered in Louisville, Kentucky (hence, Kentucky Fried Chicken), Fortune reported that it will be relocating to Plano, TX, due to, among other things, taxes. Kentucky is a state that levies a corporate income tax (5% in 2025). Meanwhile, Texas famously has a 0% tax rate on corporate profits. Individual income tax is also not levied in Texas. Newsweek suggests that Texas has become a bit of a tax haven for new corporate headquarters such as Tesla, Toyota, Charles Schwab, Chevron, and now Yum! Brands. Prior to 2014, Yum! Brands was made up of separate legal entities based on brand and region. For example, there were separate legal entities for KFC Asia and KFC Europe. According to court filings, On November 30, 2013, Yum! Brands publicly announced a corporate reorganization. In this reorganization, the company would no longer be broken out into segments based on geography. Instead, it would focus its organization based on brands (i.e., KFC, Taco Bell, and Pizza Hut). It would also have separate divisions for China and India. The goal of this reorganization was to drive growth. To help facilitate the reorganization, the new subsidiaries issued stock in exchange for stock in the previous subsidiary. This stock for stock reorganization often falls under the Internal Revenue Code Section 368(a)(1)(B), which allows for the acquisition of a corporation solely in exchange for all or part of its voting stock. As long as all of the conditions are met, the Yum! Brand legal entities can exchange the stock without recognizing a gain on the appreciated value of the stock. The conditions for this type of reorganization are as follows: Reorganizations under Section 368 are valuable for a company like Yum! Brands because it wishes to restructure the company's organization to enhance future profits. In a normal transaction where Yum! Brands were selling its stock to another company, Yum! Brands would have a gain (or loss) on the appreciated (depreciated) value of the stock. However, Section 368 allows companies to meet certain conditions to defer the gain to a future period. Importantly, companies still have to recognize a gain on the stock's appreciated value, but this gain will not typically happen until the company ultimately disposes of it. In this case, Yum! Brands thought that the conditions under Section 368(a)(1)(B) were met, which would defer the gain, allowing the reorganization to make more sense from a financial perspective. In Yum! Brand's 2024 10-K financial statements, the company notes the following: As reported by Bloomberg Tax, this disagreement comprises over $4 billion dollars in damages: the $2.1 billion in taxes that the IRS believes Yum! Brands should have paid during their reorganization in 2014, $418 million in underpayment penalties and over $1.5 billion in interest on the money that has not yet been paid to the taxing authority. $4 billion is a large assessment for any firm. However, to put it into context, Yum! Brands in 2024 had a pre-tax income of $1.9 billion and paid income taxes of $414 million on that income. Thus, a tax bill of over $4 billion is astronomical for even a company of this size. NRN reports that the disagreement stems from Yum! Brands believe to have met all of the requirements under Section 368 for the reorganization to be tax-deferred, whereas the taxing authority believes that these matters were not all addressed and initiates billions of dollars of income by way of a sale of appreciated value of stock. NRN also reports that Yum! Brands has taken this matter to court and appeals court but was unsuccessful. In turn, Law360 reports that Yum! Brands have taken the IRS to court to sue them over the collections of this $4 billion. While the matter is still uncertain, many in the M&A tax space continue to watch this saga unfold since it represents a significant assessment being levied against some of the U.S.'s most recognizable restaurant brands.
Forbes
36 minutes ago
- Forbes
The AI Paradox: When More AI Means Less Impact
Young business man with his face passing through the screen of a laptop on binary code background AI is in the news every day. On the one hand, this highlights the vertiginous speed at which the field is developing. On the other, it creates a sense saturation and angst that makes business organizations either drop the subject altogether or go at it full throttle without much discernment. Both approaches will lead to major misses in the inevitable AI-fication of business. In this article, I'll explore what happens when a business goes down the AI rabbit hole without a clear business objective and a solid grasp of the available alternatives. If you have attended any AI conference lately, chances are that, by the end, you thought your business was dangerously behind. Many of these events, even if not on purpose, can leave you with the feeling that you need to deploy AI everywhere and automate everything to catch up. If you've succumbed to this temptation, you most likely found out that is not the right move. Two years into the generative AI revolution, a counterintuitive truth is emerging from boardrooms to factory floors. Companies pursuing 100% AI automation are often seeing diminished returns, while those treating AI as one element in a broader, human-centered workflow are capturing both cost savings and competitive advantages. The obvious truth is already revealing itself: AI is just one more technology at our disposal, and just like every other new technology, everyone is trying to gain first-move advantage, which inevitably creates chaos. Those who see through and beyond said chaos are building the foundations of a successful AI-assisted business. The numbers tell a story that contradicts the automation evangelists. Three in four workers say AI tools have decreased their productivity and added to their workload, according to a recent UpWork survey of 2,500 respondents across four countries. Workers report spending more time reviewing AI-generated content and learning tool complexities than the time these tools supposedly save. Even more revealing: while 85% of company leaders are pushing workers to use AI, nearly half of employees using AI admitted they have no idea how to achieve the productivity gains their employers expect. This disconnect isn't just corporate misalignment—it's a fundamental misunderstanding of how AI creates value. The companies winning the AI game aren't those deploying the most algorithms. They're the ones who understand that intelligent automation shouldn't rely on AI alone. Instead, successful organizations are orchestrating AI within broader process frameworks where human expertise guides strategic decisions while AI handles specific, well-defined tasks. A good AI strategy always revolves around domain experts, not the other way around. Consider how The New York Times approached AI integration. Rather than replacing journalists with AI, the newspaper introduced AI tools for editing copy, summarizing information, and generating promotional content, while maintaining strict guidelines that AI cannot draft full articles or significantly alter journalism. This measured approach preserves editorial integrity while amplifying human capabilities. AI should be integrated strategically and operationally into entire processes, not deployed as isolated solutions to be indiscriminately exploited hoping for magic. Research shows that 60% of business and IT leaders use over 26 systems in their automation efforts, and 42% cite lack of integration as a major digital transformation hurdle. The most effective AI implementations focus on task-specific applications rather than general automation. Task-specific models offer highly specialized solutions for targeted problems, making them more efficient and cost-effective than general-purpose alternatives. Harvard Business School research involving 750 Boston Consulting Group consultants revealed this precision matters enormously. While consultants using AI completed certain tasks 40% faster with higher quality, they were 19 percentage points less likely to produce correct answers on complex tasks requiring nuanced judgment. This 'jagged technological frontier' demands that organizations implement methodical test-and-learn approaches rather than wholesale AI adoption. Harvard Business Review research confirms that AI notoriously fails at capturing intangible human factors essential for real-world decision-making—ethical considerations, moral judgments, and contextual nuances that guide business success. The companies thriving in 2025 aren't choosing between humans and machines. They're building hybrid systems where AI automation is balanced with human interaction to maintain stakeholder trust and capture value that neither could achieve alone. The mantra, 'AI will replace your job,' seems to consistently reveal a timeless truth: everything that should be automated will be automated, not everything than can be automated will. The Path Forward The AI paradox isn't a failure of technology—it's a lesson in implementation strategy. Organizations that resist the allure of complete automation and instead focus on thoughtful integration, task-specific deployment, and human-AI collaboration aren't just avoiding the productivity trap. They're building sustainable competitive advantages that compound over time. The question isn't whether your organization should use AI. It's whether you'll fall into the 'more AI' trap or master the art of 'smarter AI'—where less automation actually delivers more impact.
