adplus-dvertising
Connect with us

Media

The Week in Business: High-Profile Media Ousters

Published

 on

Giulio Bonasera

In a matter of hours on Monday, cable news underwent a seismic shift. First, Fox News announced that it had ousted Tucker Carlson, its most popular prime-time host. The move came less than a week after the company paid $787.5 million to settle a defamation suit with Dominion Voting Systems. A focus of the case had been Mr. Carlson’s texts, showing him denigrating Donald J. Trump after the 2020 presidential election. But it wasn’t until the day before the defamation trial was to begin that Fox leadership discovered private messages sent by Mr. Carlson that had been redacted in previous legal filings showing him making highly offensive and crude remarks. Those messages served as a catalyst for his firing, several people with knowledge of Fox’s discussions said. Soon after Mr. Carlson was fired, CNN announced that it had “parted ways” with Don Lemon, a longtime star on the network who most recently was a morning show co-host. Mr. Lemon met backlash in February when he made comments about women and aging that many considered sexist.

Federal regulators were racing over the weekend to seize and sell the troubled First Republic Bank before financial markets open on Monday. First Republic, a midsize bank in San Francisco, reported a staggering deposit flight over last month. Last Monday, the bank’s executives said it had a quarterly loss of $102 billion in customer deposits, more than half of the $176 billion it held at the end of last year, not taking into account the $30 billion lifeline it received in March from the country’s biggest banks. First Republic’s troubles are part of a wider banking crisis that began with the collapse of Silicon Valley Bank in mid-March. In a report released on Friday on the failure of SVB, the Federal Reserve blamed itself for failing to prevent SVB’s collapse. Michael S. Barr, the Fed’s vice chair for supervision, said overseers at the central bank had failed to “take forceful enough action” and said regulatory standards for SVB “were too low.”

The U.S. economy was still growing in the first three months of the year, according to preliminary data released on Thursday, as consumers continued to spend on goods and services like travel and dining out. Gross domestic product in the United States rose at a 1.1 percent annual rate, a deceleration from the 2.6 percent rate in the last three months of 2022 but still the third straight quarter of growth. The robust consumer spending helped offset slowdowns elsewhere: The housing sector and business investment in equipment — two areas of the economy sensitive to changes in interest rates — both continued to shrink. But how long will consumers continue to open their wallets? Analysts are not sure.

Giulio Bonasera

These days, aren’t all meetings of the Federal Reserve highly anticipated? Well, yes. But even in the era of closely observed Fed moves, the meeting this Wednesday is notable. With signs of an economic slowdown, some analysts now believe there is a slim possibility that Fed officials will pause their streak of interest rate increases. At their last meeting in March — squarely in the midst of the banking turmoil — officials raised rates by a quarter-point, matching the previous month’s increase. But the Fed signaled that much uncertainty lay ahead as it sought a narrowing path to a soft landing, made narrower by the collapses of Silicon Valley Bank and Signature Bank. Still, many analysts expect the central bank to approve another quarter-point increase, continuing its fight to tame cooling but persistent inflation.

Thousands of screenwriters in Hollywood could go on strike as soon as Tuesday, when their contract with the industry’s major studios expires. Earlier this month, the writers’ unions, which are affiliated with the East and West Coast branches of the Writers Guild of America, said that 98 percent, or more than 9,000, of the writers they represent approved a strike authorization, empowering union leaders to call for a labor stoppage. Writers say their wages and working conditions have worsened amid the streaming boom for scripted television. Hollywood studios have said that demands for a new pay structure ignore economic realities. As the possibility of a strike has crept nearer, executives have been stockpiling scripts and preparing reality series, which don’t need script writers. But late-night shows like “Saturday Night Live” will go dark immediately if writers walk off the job.

The consensus forecast for this Friday’s jobs report is that employers added 170,000 jobs in March, down from 236,000 in February. That would be the first time the number of new jobs added in a month dropped below 200,000 since the early days of the pandemic, and it would also put the labor market within spitting distance of the Fed’s target of about 100,000 jobs added per month. The labor market has been remarkably resilient in the face of the central bank’s recent policy moves. But analysts say that could soon change: They expect to see a significant slowdown later this year, which could mean more layoffs of the sort that have so far been largely contained to the tech and media industries.

Bed Bath & Beyond said last Sunday that it was filing for bankruptcy and would begin closing hundreds of locations while it sought to sell parts of its business. Disney filed a First Amendment lawsuit on Wednesday accusing Gov. Ron DeSantis of Florida and other state officials of “a targeted campaign of government retaliation.” And the latest in the FTX saga: On Thursday, the F.B.I. searched the home of Ryan Salame, a former executive at the defunct cryptocurrency exchange.

 

728x90x4

Source link

Continue Reading

Media

What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

Published

 on

 

Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

Lou Kesten

Source link

Continue Reading

Media

Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

Published

 on

Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

728x90x4

Source link

Continue Reading

Media

Arizona man accused of social media threats to Trump is arrested

Published

 on

Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

Continue Reading

Trending