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Disney shares fall as YouTube dispute rolls on
Walt Disney Company shares dived after it posted a 12% increase in operating income for the 2025 financial year (FY25) despite a drop in fourth quarter earnings and revealed it could not estimate the length and cost of its dispute with YouTube. The global entertainment giant said segment operating income increased to US$17.56 billion (A$26.69 billion) in the 12 months to 27 September 2025 from $15.601 billion in the previous corresponding period on revenue which rose 3% to $94.43 billion. Diluted earnings per share (EPS) more than doubled to $6.85. But in the fourth quarter, operating income fell 5% to $3.48 billion, and diluted EPS excluding certain items dropped 3% to $1.11 on flat revenue of $22.46 billion. Disney said full-year segment operating income increased 19% to $4.7 billion for entertainment, fell 2% to $911 million for sports and rose 8% to a record $10.0 billion for experiences.Source: Walt Disney“This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continued to make meaningful progress in our direct-to-consumer businesses,” Chief Executive Officer Robert Iger said in a news release. Disney forecast double-digit adjusted EPS
Entertainment
Paramount delivers on planned post-merger job cuts
Paramount Skydance Corp reportedly plans to lay-off about 2,000 United States-based employees as part of a US$2 billion (A$3.07 billion) cost-reduction initiative under new CEO David Ellison. Variety magazine reported the job cuts, which have been expected for some time, would start in the week of 27 October. “The expected U.S. job cuts represent more than 10% of Paramount's current headcount,” Variety wrote in this article. They follow the $8.4 billion merger of Paramount Global with production studio Skydance, which was finalised in August. Variety reported that at a news conference soon after the closure of the deal Paramount Skydance President Jeff Shell signalled a restructuring including workforce reductions with layoffs intended to be completed early November. The company had about 18,600 full- and part-time staff in December 2024, down from 24,500 two years earlier. Paramount Skydance nonetheless is pressing forward with expansion, outlaying large sums for content. Reuters reported it could not confirm the report, and Paramount Skydance did not immediately respond to a request for comment. Shares in Paramount Skydance (NASDAQ: PSKY), formerly known as Paramount Global, closed 13 cents (0.77%) lower
Entertainment
Warner Bros rebuffs Paramount's merger offer
Warner Bros has rebuffed Paramount’s takeover approach due to initial offers being too low, according to a Bloomberg report. People close to the matter told Bloomberg that Warner Bros rejected Paramount’s offer of around US$20 per share in recent weeks. Paramount is exploring multiple avenues in its pursuit of Warner Bros, including increasing its offer, appealing directly to shareholders, or securing extra support from a financial partner. David Ellison now leads Paramount after taking over in August after following a $8 billion merger with his film production company Skydance Media. Paramount has also been in alternative talks with asset manager Apollo Global Management. While not directly speaking on the potential Warner Bros merger, Ellison made a case for more industry mergers at the Bloomberg Screentime conference. He said his interest was in making more films and TV shows to boost subscriptions for the Paramount+ streaming service. At the time of writing, Warner Bros (NASDAQ: WBD) shares were down 3.32% to $17.10, and Paramount (NASDAQ: PSKY) shares were down 5.40% to $17.
Entertainment
Finding the right target not as easy as ABC
In a case of mistaken identity, the Australian Broadcasting Corporation (ABC) is taking some of the heat for a decision made on the other side of the world, and in doing so, has been pulled into the maelstrom that is United States politics. The ABC has been inundated with criticism of its namesake American network’s decision to pull outspoken television host Jimmy Kimmel off air because of his remarks about the murder of right-wing commentator Charlie Kirk. “We have received hundreds of complaints about the axing of Jimmy Kimmel, but it’s not us,” ABC Radio Melbourne breakfast show host Charnelle Vella told listeners. She said ABC put out a post on Instagram saying: “Stop emailing us. We’re not the ABC that fired Jimmy Kimmel”. Some of the comments sent to the Australian Government-owned broadcaster: "What You Did To Jimmy Kimmel Is Against The Constitution and I Will Be Boycotting ABC. When you bend your knees to the president, you've gone too far. America is not happy with ABC." "I will contact and boycott ALL business that sponsor ABC's shows!" "I will NEVER watch ABC again — Free speech is gone. Go Jimmy Kimmel!" As the ABC reported in this story, the message was intended for the American Broadcasting C
Entertainment
WEBTOON shares soar on Disney comics deal
The WEBTOON Entertainment share price increased by more than one-third after it clinched a deal with Walt Disney Company to create a new digital comics platform with Disney content, including the Marvel and "Star Wars" franchises. They also entered into a non-binding term sheet for Disney to buy 2% of WEBTOON Entertainment, subject to agreeing terms and closing conditions. WEBTOON (NASDAQ: WBTN) shares closed $5.84 (39.04%) higher at $20.80, capitalising the digital entertainment company at US$2.71 billion (A$4.07 billion), before easing to $19.99 in after-hours trading. WEBTOON and Disney earlier announced they would develop a digital comics platform featuring more than 35,000 comic books, including decades of past comics from Disney’s portfolio such as Marvel, Star Wars, 20th Century Studios and Pixar. “Through our expanded relationship with WEBTOON, the global leader in digital comics, we’re opening doors to new audiences and deepening fan engagement," Disney Experiences Chairman Josh D'Amaro said in a press release. WEBTOON and Disney already had a multi-year collaboration featuring almost 100 reformatted classics and new original series tailored for the vertical scrolling format used on the WEBTOON platform.

Entertainment
Warner Bros soars on Paramount US$60bn bid talk
Shares in Warner Bros. Discovery surged by almost a third in the wake of a report it is in the sights of its smaller rival Paramount Skydance Corp. The planned cash takeover bid reported by the Wall Street Journal (WSJ) newspaper would be backed by the wealthy Ellison family and if consummated create a media giant with a combined market value of US$60 billion (A$91 billion). The Warner Bros share priced closed $3.63 or 28.95% higher at $16.17 on Thursday (Friday AEST), capitalising the media and entertainment company at $40.03 billion, after earlier hitting a four year high of $17.24. In an article quoting ‘people familiar with the situation’, the WSJ wrote the so-far unsubmitted Paramount Skydance bid would be for all of Warner Bros, including its cable networks and movie studio. If successful the deal would combine two of Hollywood’s best-known film studios and intensify competition with industry giants Netflix, Disney and Amazon. The move comes less than a month after Skydance Media, led by David Ellison, the son of Oracle co-founder and billionaire Larry Ellison, finalised an $8.4 billion takeover of Paramount Global. "This deal is the Hollywood equivalent of a sequel no one expected but everyone sort of saw
Entertainment
Star says future still in doubt as losses continue
Star Entertainment cut annual losses by two-thirds in the 2025 financial year (FY25) despite a deterioration in trading conditions but has continued to raise doubts about its outlook. “There remains material uncertainty regarding the Group’s ability to continue as a going concern,” CEO and Managing Director Group Steve McCann said in ASX announcement. The casino and hotels group’s statutory net loss narrowed to A$472 million (US$308.6 million) in FY25 from $1.685 billion in FY24 as revenue dropped by 18.8% to A$1.362 billion. The loss included significant items of -$212.4 million, down from a loss of $1.697 billion in FY24. Source: Star EntertainmentTrading deteriorated materially during FY25 due to regulatory reforms, including mandatory carded play and cash limits at its Sydney casino, its remediation program and loss of market share. Although overall trading deteriorated in FY25, activity stabilised in the second half with revenue broadly consistent in the final two quarters, albeit at depressed levels. July group revenue of $92.1 million and a loss of $7.4 million before interest, tax, depreciation and amortisation were slightly ahead of the fourth quarter monthly average. Previously announced cost savings of
Entertainment
Star finally completes deal to sell crown jewel
Star Entertainment shares have surged after it finalised a deal that looked dead two weeks ago with its half share of Brisbane’s new casino and resort sold to its Hong Kong-based joint venture partners for A$53 million (US$35 million). Star said it had entered into binding long-form documentation with Chow Tai Fook Enterprises and Far East Consortium International (FEC) in relation to the Destination Brisbane Consortium (DBC), Destination Gold Coast and other assets. Star (ASX:SGR) shares jumped two cents (18.3%) to 11 cents, capitalising the company at $312.05 million, in response to the announcement to the Australian Securities Exchange. The transaction involves Star selling its 50% interest in DBC, consolidating its position on the Gold Coast and transferring other Brisbane assets and interests to its partners. The company’s subordinated lenders Bally's Corporation and hotel industry billionaire Bruce Mathieson support the transaction, which will be completed in two stages. The first stage, the sale of the DBC interest, has a sunset date of 30 November 2025. The sale of the other assets (Treasury Brisbane Car Park, Treasury Brisbane Hotel and 50 of the Charlotte St Car Park in Brisbane) is expected to be compl
Entertainment
Paramount smacks down UFC pay-per-view model
Paramount Skydance Corp will pay US$7.7 billion (A$11.8 billion) for exclusive United States broadcast rights to the Ultimate Fighting Championship (UFC) for seven years and is on a global hunt for more rights to the mixed martial arts sport. The global media and entertainment company made the announcement with UFC parent company TKO Group Holdings only days after Paramount Global finalised its $8.4 billion merger with production studio Skydance. Paramount Skydance said it would exclusively distribute UFC's 13 marquee numbered events and 30 Fight Nights via its direct-to-consumer streaming platform Paramount+ from 2026, with some events to be simulcast on its broadcast CBS network. The company said it would move away from UFC's pay-per-view model and instead make these events available at no additional cost to Paramount+ subscribers. “This shift in distribution strategy will unlock greater accessibility and discoverability for sports fans and provide an important catalyst for driving engagement and further subscriber growth for Paramount+,” Paramount said in a news release. “Paramount intends to explore UFC rights outside the U.S. as they become available in the future.” Chairman and CEO David Ellison said live s