Latest news with #cableTV
Bloomberg
6 hours ago
- Business
- Bloomberg
Stock Movers: Paramount Global, Apple, Meta
On this episode of Stock Movers: - Paramount (PARA) shares are up after the company said it plans to cut several hundred employees on Tuesday due to a continuing decline in the cable-TV industry and the broader economic landscape. The move will affect about 3.5% of the media company's US workforce, according to an internal memo sent to staff reviewed by Bloomberg. - Apple (AAPL) shares rise after the company unveiled a new software redesign called Liquid Glass, which aims to make its device lineup more cohesive and useful, with a transparent menu and glassy look. The company also announced updates to its operating systems, including iOS 26, watchOS 26, and visionOS 26, which will provide a more uniform experience across devices. - Meta (META) shares gain after news that Mark Zuckerberg is assembling a team of experts to achieve artificial general intelligence, recruiting from a brain trust of AI researchers and engineers who've met with him at his homes in Lake Tahoe and Palo Alto.
Bloomberg
8 hours ago
- Business
- Bloomberg
Paramount Global to Cut 3.5% of US Workforce Due to Decline of Cable-TV Industry
Paramount Global plans to cut several hundred employees on Tuesday due to a continuing decline in the cable-TV industry and the broader economic landscape. The move will affect about 3.5% of the media company's US workforce, according to an internal memo sent to staff reviewed by Bloomberg.
Reuters
9 hours ago
- Business
- Reuters
Paramount to lay off 3.5% of US staff in latest job cut, memo shows
June 10 (Reuters) - Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters. The layoff was communicated to its staff on Tuesday morning and it could affect some non-U.S. workforce over time, the memo from the office of the company's three co-CEOs showed. This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a "generational disruption" as millions of cable users cut the cord and opt for streaming services such as Netflix. "We are taking the hard, but necessary steps to further streamline our organization starting this week," Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in the memo. Paramount had 18,600 employees as of Dec. 31, 2024. CNBC first reported the development on Tuesday. The company has pitched its $8.4 billion merger with billionaire scion David Ellison's Skydance Media. But the deal is yet to secure regulatory approval, pending a $10 billion lawsuit U.S. President Donald Trump filed against CBS News in October over an interview with then-vice president Kamala Harris that he alleged was deceptively edited to favor Harris.
BBC News
19 hours ago
- Business
- BBC News
HBO and CNN owner Warner Bros Discovery to split in two
The owner of CNN and HBO Max, Warner Bros Discovery, says it will split into two companies by the middle of next US media giant plans to separate its studio and streaming business away from its more traditional cable television move comes as streaming services attract hundreds of millions of users around the world but cable TV has seen audiences decline in recent Max has enjoyed success with shows including Succession, The White Lotus and The Last of Us - while channels like CNN have been losing viewers. These hit shows will soon come under a new Streaming & Studios business, along with the company's film division and be headed by Mr other new company will be called Global Networks - with CNN, Discovery and TNT Sports amongst its brands. This business will be led by Warner Bros Discovery's chief financial officer, Gunnar Wiedenfels."We are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape", said David Zaslav, Warner Bros Discovery president and chief splitting of the media conglomerate follows the 2022 merger that created Warner Bros Discovery. News of the split did little to improve Warner Bros Discovery stock market performance. Shares were down nearly 3% in trading on Monday, with the stock down more than 10% this Jankovskis, an analyst at Arbor Financial Services, said the split would help investors get a better understanding of each new company's value."When you make the business less complicated, analysts can go in and do a better job of determining what the business is actually worth," he told the BBC. The Warner Bros Discovery announcement came after rival media giant Comcast announced last year that it would spin off its NBCUniversal cable television breakup is currently underway, with channels such as MSNBC and CNBC being separated from Comcast's other brands, including its Peacock streaming service. "It's a very competitive market right now, so many firms are trying to segregate out the streaming portion or the content portion of their businesses so that the remaining business can be valued separately", said Mr Jankovskis.
Bloomberg
a day ago
- Business
- Bloomberg
Warner Bros. Split Puts Bondholders in a Bind
These days the real art of television and film lies in repackaging existing formats, presenting them as something new and getting consumers to pay for it all. Warner Bros Discovery Inc. is attempting this at a grand scale with its planned separation into businesses focused first on streaming and studios, and second on legacy television. It's a sequel that pits bondholders and shareholders against each other. Liberated as a focused company, Warner's streaming and studio business promises to fetch a higher stock-market valuation as it attracts investors otherwise deterred by the current company's ties to old media. The cable television outfit, whose assets include CNN, TNT, TBS and Discovery, is likely to take on a lot of the company's debt. True, the cable industry has been losing audience to streaming upstarts, but its sizeable cash flows can still support a little extra debt leverage. Warner's cable business could generate $6.1 billion in earnings before interest, tax, depreciation and amortization in 2025, Bloomberg Intelligence forecasts. That's twice what the studio business is expected to bring in.
