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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
Entertainment
Netflix sharpens bid as Warner Bros fight escalates
Just when Hollywood thought the Warner Bros Discovery saga was settling down, Netflix has gone back to the drawing board and Paramount has reached for its lawyers. What began as a blockbuster bidding war is now a full-blown corporate street fight, complete with proxy battles, lawsuits and a looming shareholder showdown. Netflix is weighing a major tweak to its agreed deal for Warner Bros Discovery, exploring whether to convert its offer into an all-cash bid for the studio and streaming crown jewels, people familiar with the talks told the Wall Street Journal. The move is aimed at speeding up a transaction that is already politically sensitive, operationally complex and fiercely contested. Under the agreement struck in December, Netflix agreed to pay US$82.7 billion for Warner Bros’ film and television studios, HBO and the company’s vast content library — but not its global networks arm, which includes CNN, Discovery and other legacy cable assets. The consideration is a mix of cash, Netflix stock and equity in a planned spin-off of those networks. However, Paramount, backed by Skydance and Oracle co-founder Larry Ellison, has spent months trying to blow that deal up. Its rival offer values Warner Bros. at $1
Entertainment
Warner Bros board rejects Paramount Skydance's bid
The Warner Bros Discovery Board has rejected Paramount Skydance’s US$108.4 billion (A$163.7 billion) takeover bid. In a letter to shareholders, Warner Bros said that Paramount “consistently misled” shareholders that its US$30 per share cash offer was fully guaranteed, or “backstopped” by the Ellison family, led by billionaire and Oracle CEO Larry Ellison. The company wrote that the Paramount offer posed “numerous significant risks” and that it was “inferior” to the Netflix merger agreement. Warner Bros put itself up for sale in October after receiving many expressions of interest from potential buyers, including Paramount Skydance. At the start of December, the media giant announced that it had agreed to sell its film and streaming business to Netflix for US$72 billion. While Paramount is yet to comment on the matter, Netflix welcomed the move. "The Warner Bros Discovery Board reinforced that Netflix's merger agreement is superior and that our acquisition is in the best interest of stockholders," Netflix co-CEO, Ted Sarandos said. There were some key differences between the Paramount and Netflix deals, other than the price being offered. Netflix only wanted to buy Warner Bros movie studio and HBO streaming
Entertainment
Livenation and Ticketmaster face antitrust lawsuit
Live Nation and its subsidiary Ticketmaster must face a class action on behalf of millions of Americans for allegedly overcharging them for events at major concert venues across the United States, according to a Los Angeles Federal Judge. The judge ruled that the plaintiffs met the criteria to expand their lawsuit into a class action, alleging that Ticketmaster has been overcharging customers for major concert tickets since 2010. The lawsuit was initially filed in 2022 and accuses Live Nation of monopolising ticketing services, failing to disclose full prices of tickets and violating antitrust law by charging artificially high prices. The U.S. Trade Commission and several states alleged that 15 years of damages have been tied to over 400 million ticket sales. Live Nation urged the judge not to certify the lawsuit as a class action and said individualised tickets sold for 1,000 venues made it impossible to hold a single trial on the plaintiffs’ allegations. Both Live Nation and Ticketmaster have denied wrongdoing. Live Nation also faces other antitrust lawsuits over its ticketing practices, including one filed in the federal court in Manhattan by the U.S. Justice Department and a group of states, where the company