Filed under: BROADCAST/CABLE
BROADCAST/CABLE
Time Warner Inc. Chief Executive Dick Parsons plans to officially step down as head of the world’s largest media company on Dec. 31, passing the title to Jeff Bewkes, Time Warner’s chief operating officer, as of Jan 1. Parsons plans to remain as chairman. (http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20746085.htm 11/5, http://www.reuters.com/article/mediaNews/idUSN0530107920071105 11/5)
Dick Parsons
Jeff Bewkes
In an effort to avoid a strike, the Writers Guild of America (WGA) and the Alliance of Motion Picture & Television Producers (AMPTP) met again Sunday morning at 10a in a negotiation meeting called by a federal mediator. The meeting was prompted after the WGA announced at a press conference early Sunday that they will begin picketing today. However, those talks broke down and at this writing, the WGA has now been officially on strike for a little over four hours. Active picketing is scheduled to begin at 9am this morning at various LA locations, and at Rockefeller Plaza in NYC.
(http://www.nytimes.com/2007/11/05/business/media/05cnd-strike.html?_r=2&hp&oref=slogin&oref=slogin 11/5)
As Hollywood television and film writers go on strike, more than 500 news employees represented by the Writers Guild of America under a separate agreement with CBS are considering their own job action. CBS TV and radio staffers plan to vote Nov. 15 on authorizing a strike. (http://www.latimes.com/entertainment/news/business/la-fi-newsstrike3nov03,1,2865664.story?ctrack=1&cset=true 11/3)
IAC/Interactive plans to spin off HSN, Ticketmaster and other properties. Barry Diller, who has been “frustrated” by having to explain the synergies of the various businesses, will remain chairman and CEO of IAC, which will house Ask.com, Match.com and other Web assets. (http://www.cnbc.com/id/21635976/site/14081545 11/5)
Viacom’s cable networks saw earnings rise 2%, to $796.8 million, in the third quarter as the diversified media company reported that overall revenue rose 24%, to $3.27 billion, during the period. Viacom’s filmed-entertainment division also impressed analysts, thanks to revenue generated by box-office and DVD star “Transformers.” (The Arizona Republic (Phoenix)/Associated Press 11/2)
Time Warner, News Corp. and Disney will report their latest quarterly results this week. All three are expected to announce growth in their cable television assets. But Disney, parent of the scripted-programming-heavy ABC, could be hit hard by the Hollywood writers’ strike. (http://mediabiz.blogs.cnnmoney.cnn.com/2007/11/02/big-week-ahead-for-the-giants-of-media 11/2)
Showtime renewed the comedy Weeds for a fourth season with 13 new half-hour episodes. Production will begin in April for a summer premiere.
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