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Disney Drop Sends Media Stocks Toward Worst Decline in 30 Years

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(Bloomberg) — Walt Disney Co. just suffered its worst one-day rout in 21 years. Warner Bros. Discovery Inc., Lions Gate Entertainment Corp. and AMC Entertainment Holdings Inc. are all trading for less than $10. Paramount Global — the home of MTV, CBS and Top Gun: Maverick — has lost half of its value this year.

In a matter of months, Hollywood’s feel-good streaming story has turned into a horror show.

Consumers are streaming more movies and shows, and watching less in theaters and on traditional channels. To encourage the switch and attract subscribers, media companies are putting some of their best programs online. But the new services are losing boatloads of money, even as viewers drop traditional channels in droves. Executives who promised a smooth transition to the digital era are getting punished by Wall Street, with media stocks headed toward their steepest annual loss since at least 1990.

“The media and entertainment industry is going though a major transition,” said Porter Bibb, a longtime investor and observer of the business. “They’ve entered the tunnel, and nobody knows where they’re going to come out.”

The shift is evident in the number of consumers canceling their pay-TV subscriptions. Cable-TV giants Comcast Corp. and Charter Communications Inc. together lost almost 800,000 TV subscribers last quarter. At that pace, it will mean millions of fewer customers to help pay for MTV, CNN and ESPN.

The one bright light this quarter was Netflix Inc., whose subscriber loss in the first half of the year prompted a reevaluation of the industry’s business models and stock values. The streaming industry pioneer reported a better-than-expected 2.41 million new subscribers last quarter. Its shares are still down 57% this year.

Losses at Disney’s direct-to-consumer arm, driven by the Disney+ streaming service, more than doubled to $1.47 billion in the company’s fiscal fourth quarter, due to higher programming expenses and the cost of rolling the service in new countries.

Weakness in cable-television advertising revenue also hurt the company’s performance, as it has for other media giants. Disney finished the day down 13%, the biggest one-day loss since Sept. 17, 2001, when trading resumed after the Sept. 11 terrorist attacks.

The losses in media stocks aren’t all Hollywood entertainment companies. The biggest loser in the S&P 500 Media & Entertainment Index this year is Facebook parent Meta Platforms Inc., which gets nearly all of its revenue from advertising. Meta is down 70% this year.

The deterioration of Disney’s traditional TV business may be the bigger shocker from this week’s earnings, according MoffettNathanson analyst Michael Nathanson. The company projected high single-digit profit growth next year, well below what he’d been expecting.

“Rarely have we ever been so incorrect in our forecasting of Disney profits,” Nathanson wrote in a research note on Wednesday. “It appears that the negative economic force of cord-cutting (plus a weakening ad market) has finally begun to manifest in Disney’s FY 2023 results,”

Disney’s sales, at $20.2 billion, came up about $1 billion short of analysts’ projections. Earnings, excluding certain items, fell to 30 cents share, missing the average estimate of 51 cents from analysts surveyed by Bloomberg.

Disney told investors this week that losses in its streaming business have peaked.

At the Paley International Council Summit in New York Wednesday, Disney Chief Executive Officer Bob Chapek acknowledged Wall Street’s frustration with the massive investments in online TV, including ESPN+ and Hulu.

“Our investors expect us to have a return on that,” he said.

The company, he noted, is celebrating it 100-year anniversary next year. There will be speed bumps, Chapek said, especially when trying a new business model.

“But it’s certainly better than the other option, which is to become extinct,” he said.

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Social media prank could lead to charges after teens allegedly damage homes – CTV News

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Social media prank could lead to charges after teens allegedly damage homes  CTV News

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Ryan Reynolds BLEEDS for Deadpool! Sacrificed Salary to Keep Franchise Alive!

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Marvel fans, rejoice! After a whirlwind journey filled with setbacks and triumphs, Deadpool & Wolverine is finally clawing its way onto the silver screen. This highly anticipated pairing of Ryan Reynolds and Hugh Jackman has had its fair share of challenges, from production delays due to Hollywood strikes to struggling to solidify a cohesive storyline. But through it all, Reynolds’ unwavering dedication to the project has shone through, proving that sometimes, the biggest victories come from the most unexpected sacrifices.

The road to Deadpool & Wolverine began in May 2023 with a triumphant start to filming. However, that momentum was abruptly halted by a wave of strikes that swept through Hollywood, forcing a hiatus until late winter. This wasn’t the only obstacle the project faced. The creative team, including Reynolds himself, wrestled with crafting a narrative that lived up to the outrageous charm of the Deadpool character while seamlessly integrating Wolverine into the fold. There were even whispers of the entire project being shelved altogether, leaving fans anxious about the fate of this dream team.

 

Reynolds’ Pockets Take a Hit, But His Vision Persists

But amidst these uncertainties, a heartwarming detail recently emerged, shedding light on Reynolds’ incredible commitment to the Deadpool franchise. In a revealing interview with The New York Times, Reynolds opened up about the financial sacrifices he made to ensure the success of the original Deadpool film.

“Deadpool wasn’t just a movie; it was a decade-long passion project,” Reynolds confessed. “Honestly, when they finally greenlit it, I wasn’t thinking about box office numbers. I just wanted to see this crazy character come to life on screen. I even gave up my acting salary for the project just to get it off the ground.”

 

However, Reynolds’ generosity didn’t stop there. The studio, it seemed, wasn’t convinced of the importance of having the film’s screenwriters, Rhett Reese and Paul Wernick, readily available on set. “They wouldn’t allow my co-writers on set, which was a huge blow,” Reynolds continued. “So, I took what little money I had left after forgoing my salary and paid them myself to be there. We basically formed a makeshift writer’s room right there on set.”

This wasn’t the first instance of Reynolds’ financial commitment to the Deadpool universe. Writers Reese and Wernick had previously shared on the AMC show Geeking Out that Reynolds also personally financed aspects of Deadpool (2016) to ensure the film achieved the level of quality he envisioned.

 

A Commitment That Reaps Rewards

 

Looking back on the original film’s scrappy beginnings, Reynolds described it as a labor of love fueled by limited resources and boundless creativity. “There wasn’t a lot of money, but I poured my heart and soul into every detail,” he said. “That experience taught me a valuable lesson: the importance of having a strong creative team by your side, no matter the project.”

Reynolds’ unwavering dedication wasn’t just about financial backing; it was about safeguarding the film’s creative vision. His actions ensured that the core team behind Deadpool’s success – the writers, the director, and himself – remained on board to bring their vision to life. This commitment is sure to translate into Deadpool & Wolverine, a film that promises to be a landmark achievement in the wacky world of Deadpool. Mark your calendars, fans – Deadpool & Wolverine slashes into theaters on July 26th!

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Bob Newhart, deadpan comedy icon Dies at 94

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Bob Newhart, the deadpan accountant-turned-comedian who became one of the most popular TV stars of his time after striking gold with a classic comedy album, has died at 94.

Jerry Digney, Newhart’s publicist, says the actor died Thursday in Los Angeles after a series of short illnesses.

Newhart, best remembered now as the star of two hit television shows of the 1970s and 1980s that bore his name, launched his career as a standup comic in the late 1950s. He gained nationwide fame when his routine was captured on vinyl in 1960 as The Button-Down Mind of Bob Newhart, which went on to win a Grammy Award as Album of the Year.

While other comedians of the time, including Lenny Bruce, Mort Sahl, Alan King, and Mike Nichols and Elaine May, frequently got laughs with their aggressive attacks on modern mores, Newhart was an anomaly. His outlook was modern, but he rarely raised his voice above a hesitant, almost stammering delivery. His only prop was a telephone, used to pretend to hold a conversation with someone on the other end of the line.

In one memorable skit, he portrayed a Madison Avenue image-maker trying to instruct Abraham Lincoln on how to improve the Gettysburg Address: “Say 87 years ago instead of fourscore and seven,” he advised.

Another favorite was Merchandising the Wright Brothers, in which he tried to persuade the aviation pioneers to start an airline, although he acknowledged the distance of their maiden flight could limit them. “Well, see, that’s going to hurt our time to the Coast if we’ve got to land every 105 feet.”

Newhart was initially wary of signing on to a weekly TV series, fearing it would overexpose his material. Nevertheless, he accepted an attractive offer from NBC, and The Bob Newhart Show premiered on Oct. 11, 1961. Despite Emmy and Peabody awards, the half-hour variety show was canceled after one season, a source for jokes by Newhart for decades after.

He waited 10 years before undertaking another Bob Newhart Show in 1972. This one was a situation comedy with Newhart playing a Chicago psychologist living in a penthouse with his schoolteacher wife, Suzanne Pleshette. Their neighbors and his patients, notably Bill Daily as an airline navigator, were a wacky, neurotic bunch who provided an ideal counterpoint to Newhart’s deadpan commentary. The series, one of the most acclaimed of the 1970s, ran through 1978.

Four years later, the comedian launched another show, simply called Newhart. This time he was a successful New York writer who decides to reopen a long-closed Vermont inn. Again Newhart was the calm, reasonable man surrounded by a group of eccentric locals. Again the show was a huge hit, lasting eight seasons on CBS. It bowed out in memorable style in 1990 with Newhart — in his old Chicago psychologist character — waking up in bed with Pleshette, cringing as he tells her about the strange dream he had: “I was an innkeeper in this crazy little town in Vermont. … The handyman kept missing the point of things, and then there were these three woodsmen, but only one of them talked!” The stunt parodied a Dallas episode where a key character was killed off, then revived when the death was revealed to have been in a dream.

Two later series were comparative duds: Bob, in 1992-93, and George & Leo, 1997-98. Though nominated several times, he never won an Emmy for his sitcom work. “I guess they think I’m not acting. That it’s just Bob being Bob,” he sighed.

Over the years, Newhart also appeared in several movies, usually in comedic roles. Among them: Catch 22, In & Out, Legally Blonde 2, and Elf, as the diminutive dad of adopted full-size son Will Ferrell. More recent work included Horrible Bosses and the TV series The Librarians, The Big Bang Theory, and Young Sheldon.

Newhart married Virginia Quinn, known to friends as Ginny, in 1964, and remained with her until her death in 2023. They had four children: Robert, Timothy, Jennifer, and Courtney. Newhart was a frequent guest of Johnny Carson’s and liked to tease the thrice-divorced Tonight host that at least some comedians enjoyed long-term marriages. He was especially close with fellow comedian and family man Don Rickles, whose raucous insult humor clashed memorably with Newhart’s droll understatement.

“We’re apples and oranges. I’m a Jew, he’s a Catholic. He’s low-key, I’m a yeller,” Rickles told Variety in 2012. A decade later, Judd Apatow would pay tribute to their friendship in the short documentary Bob and Don: A Love Story.

A master of the gently sarcastic remark, Newhart got into comedy after he became bored with his $5-an-hour accounting job in Chicago. To pass the time, he and a friend, Ed Gallagher, began making funny phone calls to each other. Eventually, they decided to record them as comedy routines and sell them to radio stations.

Their efforts failed, but the records came to the attention of Warner Bros., which signed Newhart to a record contract and booked him into a Houston club in February 1960. “A terrified 30-year-old man walked out on the stage and played his first nightclub,” he recalled in 2003.

Six of his routines were recorded during his two-week date, and the album, The Button-Down Mind of Bob Newhart, was released on April Fools’ Day 1960. It sold 750,000 copies and was followed by The Button-Down Mind Strikes Back!. At one point the albums ranked No. 1 and 2 on the sales charts. The New York Times in 1960 said he was “the first comedian in history to come to prominence through a recording.”

Besides winning Grammy’s Album of the Year for his debut, Newhart won as Best New Artist of 1960, and the sequel The Button-Down Mind Strikes Back! won as Best Comedy Spoken Word Album. Newhart was booked for several appearances on The Ed Sullivan Show and at nightclubs, concert halls, and college campuses across the country. He hated the clubs, however, because of the heckling drunks they attracted. “Every time I have to step out of a scene and put one of those birds in his place, it kills the routine,” he said in 1960.

In 2004, he received another Emmy nomination, this time as Guest Actor in a Drama Series, for a role in E.R. Another honor came his way in 2007, when the Library of Congress announced it had added The Button-Down Mind of Bob Newhart to its registry of historically significant sound recordings. Just 25 recordings are added each year to the registry, which was created in 2000.

Newhart made the best-seller lists in 2006 with his memoir, I Shouldn’t Even Be Doing This!. He was nominated for another Grammy for Best Spoken Word Album (a category that includes audio books) for his reading of the book.

“I’ve always likened what I do to the man who is convinced that he is the last sane man on Earth … the Paul Revere of psychotics running through the town and yelling `This is crazy.′ But no one pays attention to him,” Newhart wrote.

Born George Robert Newhart in Chicago to a German-Irish family, he was called Bob to avoid confusion with his father, who was also named George. At St. Ignatius High School and Loyola University in Chicago, he amused fellow students with imitations of James Cagney, Humphrey Bogart, Jimmy Durante, and other stars. After receiving a degree in commerce, Newhart served two years in the Army. Returning to Chicago after his military service, he entered law school at Loyola, but flunked out. He eventually landed a job as an accountant for the state unemployment department. Bored with the work, he spent his free hours acting at a stock company in suburban Oak Park, an experience that led to the phone bits.

“I wasn’t part of some comic cabal,” Newhart wrote in his memoir. “Mike (Nichols) and Elaine (May), Shelley (Berman), Lenny Bruce, Johnny Winters, Mort Sahl — we didn’t all get together and say, Let’s change comedy and slow it down.′ It was just our way of finding humor. The college kids would hear mother-in-law jokes and say, What the hell is a mother-in-law?′ What we did reflected our lives and related to theirs.”

Newhart continued appearing on television occasionally after his fourth sitcom ended and vowed in 2003 that he would work as long as he could. “It’s been so much, 43 years of my life; (to quit) would be like something was missing,” he said.

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