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Warner Bros loss widens on acquisition charges
Warner Bros. Discovery’s losses widened last quarter due to charges from its acquisition by Paramount Skydance, though its streaming and film studios revenue was supported by HBO Max’s growth. Its net loss per share was US$1.17, down from a loss of $0.18 one year ago and below Zacks consensus estimates of a $0.10 loss. Revenue fell 1% to $8.89 billion, under estimates by 0.42%. “As we prepare for our next chapter, our focus remains on executing our key strategic priorities: scaling HBO Max globally, returning our Studios to industry leadership, and optimizing our Global Linear Networks,” the company wrote in a letter to shareholders. “In the first quarter, we sustained – and in many cases accelerated – the progress we realised in 2025 against these strategic priorities.” The company’s streaming segment reported 9% revenue growth to reach $2.89 billion, above LSEG-compiled estimates of 7.6%. This was driven by HBO Max’s global expansion and a 19% spike in advertising revenue. Revenue for its studios segment climbed 31% to $3.13 billion, also lifted by HBO Max’s expansion due to intercompany content licensing. Global linear networks revenue dropped 8% to $346 million. Warner Bros. Discovery posted a total net loss
Entertainment
Live Nation found guilty of holding a harmful monopoly
A Manhattan federal jury found Ticketmaster owner Live Nation guilty of having a harmful monopoly over big concert venues. The jury deliberated for four days before reaching a decision that dealt a loss to the company over claims brought by dozens of U.S. states. Live Nation Entertainment owns, operates, controls booking for or has an equity interest in hundreds of venues, with its booking platform Ticketmaster widely considered to be the world’s largest ticket-seller for live events. The civil case was initially led by the U.S. federal government and accused Live Nation of using its reach to smother competition through blocking venues from using multiple ticket sellers or retaliating against them when they did. An attorney for the states against Live Nation, Jeffery Kessler, called Live Nation a “monopolistic bully” that drove up prices for ticket buyers. The jury found that Ticketmaster had overcharged buyers by US$1.72 a ticket. The judge still needs to decide the total damages. Live Nation said that it didn’t hold a monopoly, insisting that artists, sports teams and venues decide prices and ticketing practices. Live Nation said it would appeal any unfavourable rulings in a statement released after the j
Entertainment
What's next for a declining US film industry?
Hollywood is under pressure: United States film and TV production has been in free fall since its peak in 2022, driven by a move towards cheaper locations and an uneven recovery from labour strikes. Last year, total U.S. production spending fell 5% to $41.4 billion, a ProdPro report found. Among high-budget productions, spending decreased by 20%. While production has contracted significantly, broadening tax incentives for U.S. film and TV has led to an uptick in 2025’s second half. However, Paramount Skydance’s pending purchase of Warner Bros. Discovery threatens large-scale layoffs and budget cuts that could continue to imperil the industry.How bad is it in Hollywood?Film production and spending in the U.S. have fallen dramatically since 2022. Spending on U.S. TV and film productions in 2025 was down 15% from 2022, according to ProdPro. The number of TV production starts was 481 last year, well below its 2022 peak of 618. Even with total project starts increasing by 8% last year, the U.S. share of global film and TV production dropped from 52% in 2022 to 38% in 2025. Production in California, the usual epicentre of the U.S. film industry, has declined even more precipitously. The number of mid-budget production
Entertainment
Live Nation reaches settlement with DOJ
Ticketmaster's parent company, Live Nation, has reached a settlement in the antitrust lawsuit brought by the United States Department of Justice (DOJ). The settlement will lead to Ticketmaster unwinding some of its exclusivity agreements with musical artists and open up the ticketing industry to greater competition. It still needs to be approved by more than 20 states that had filed suit and by the court. Ticketmaster has also agreed to pay around US$280 million in civil penalties and will offer a standalone third-party ticketing system for other companies like SeatGeek to use its technology. Live Nation also said it would be divesting 13 of its exclusive booking agreements with amphitheatres worldwide. “Live Nation is proud to lead the way enhancing this experience with our amphitheaters, which will be open to all promoters, allowing these promoters to decide how best to distribute up to 50% of the tickets, and capping ticketing service fees at 15%,” Live Nation CEO and president Michael Rapino said. Despite the settlement, Live Nation maintains that the DOJ's allegations were without merit. A portion of the claims was even dismissed by the court before trial began. “We have never relied on exclusivity to
Entertainment
Paramount's WBD purchase set to cause vast layoffs
Paramount Skydance’s acquisition of Warner Bros. Discovery (WBD) will likely lead to significant layoffs as it cuts functions that overlap between the two companies. The acquisition will yield more than US$6 billion in synergies, according to Paramount. Netflix had previously agreed to buy WBD for $83 billion, but declined to raise its bid last week after Paramount offered $110 billion for the company. The deal would unite two of the United States’ largest entertainment companies, including two major movie studio businesses. Paramount’s synergies would stem from cutting “duplicative functions on back office, finance, corporate, legal, technology, infrastructure, et cetera”, chief operating officer Andy Gordon said in December. “They have what we call the Noah’s Ark problem, which is, if they effectuate this deal, they’re going to have two of everything,” said Netflix chief global affairs officer Clete Williams about Paramount and WBD last month. Netflix had identified $2-3 billion in synergies under its bid, less than half of Paramount’s target. Its offer would not have included WBD’s cable television arm, which features channels like CNN. Several WBD employees told CNBC that they would have preferred a Netflix acqu

Entertainment
Paramount raises bid for WBD as Netflix deal holds
The takeover battle for Warner Bros. Discovery (WBD) has escalated again with the company confirming it had received a revised proposal from Paramount Skydance Corporation (PSKY) that counters an offer from Netflix. The media and entertainment company said it was reviewing the offer with its financial and legal advisors and would update shareholders after the Board's review. But Warner Bros. said it continued to recommend the Netflix transaction, which remained in effect. “WBD shareholders are advised not to take any action at this time with respect to the amended PSKY tender offer,” Warner Bros. said in a media release. The latest offer is higher than Paramount's previous bid of $30 per share in cash, or US$108.4 billion (A$153.5 billion) including debt, Reuters quoted a source familiar with the matter as saying in this article. The revised Paramount came in the wake of discussions between the companies to address the Warner Board's concerns with previous bids. Under Netflix's proposal, Warner Bros.' cable television networks would be spun off into a separately traded company, Discovery Global. Netflix is offering $27.75 cash per share or $82.7 billion at an enterprise level for Warner Bros. Discovery’s studi
Entertainment
James Cameron slams Netflix takeover of WBD
Acclaimed filmmaker James Cameron has penned a letter to lawmakers, cautioning against Netflix's bid to takeover Warner Bros. Cameron, a veteran director, has been open about his concerns over the deal since it was first announced in December. Under the US$72 billion proposal, Netflix would acquire both the Warner Bros. film studio and its streaming platform, HBO Max, which was met with pushback from the film industry at large. Cameron's letter to Senator Mike Lee, who chairs the Senate subcommittee on antitrust, echoed these concerns, writing that he believes the deal would cause massive job losses and completely change theatrical releases and experiences. “I believe strongly that the proposed sale of Warner Brothers Discovery to Netflix will be disastrous for the theatrical motion picture business that I have dedicated my life’s work to,” Cameron wrote. “Of course, my films all play in the downstream video markets as well, but my first love is the cinema.”
Entertainment
Disney stock slides due to weak theme park outlook
Walt Disney Company shares plunged after it reported a fall in operating income for the first quarter of the 2026 financial year (Q1 FY26), including a drop in earnings at its Entertainment division, and warned of “headwinds” for its United States theme parks. The media and entertainment giant said net income fell 6% to US$2.402 billion (A$3.45 billion) in the quarter ended 27 December 2025 from $2.554 billion in the previous corresponding period (pcp). Diluted earnings per share (EPS) excluding certain items eased 7% to $1.63 while revenue rose 5% to $25.981 billion. Markets were expecting EPS of $1.57 on revenues of $25.7 billion.Source: Walt Disney“We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we’ve made,” Chief Executive Officer Robert Iger said in an earnings report. He said Disney delivered a strong box office performance in calendar year 2025 with billion-dollar hits like Zootopia 2 and Avatar: Fire and Ash franchises that generated value across many of its businesses. But Disney's entertainment unit, which includes its film studios, television networks and streaming services, reported a 35% drop in operating profit due to the cost of marketing these mo
Entertainment
Netflix shares ease despite quarterly profit increase
Netflix shares slipped after it posted a 29% lift in net income to US$2.419 billion (A$3.61 billion) in the fourth quarter of 2025 and forecast healthy growth in revenue in 2026. The video streaming giant said diluted earnings per share (EPS) rose 30% to 56 cents on revenue, which increased 18% to $12.015 billion in the three months ended 31 December 2025 and came in slightly ahead of 55 cents expected. Net income included about $60 million of costs booked in interest expense related to loans for its planned acquisition of Warner Bros. Discovery (WBD), which it has converted to an all-cash transaction to replace the previous mix of cash and stock. Revenue grew in the final quarter due mainly to membership growth, higher pricing and increased advertising revenue. For the full year, net income increased 26% to $10.981 billion and diluted EPS grew 28% to $2.53 on revenue, which rose 16% to $45.183 billion. Netflix (NASDAQ: NFLX) shares closed down 74 cents (0.84%) at $87.26 in regular trading before the results were announced, capitalising the company at US$398.73 billion ($A595 billion), before easing $4.23 (4.9%) to $83.03 in after-market trading. Paid members passed 325 million last year. Members watched 96 bi