What’s Warner Bros. Discovery’s next move? David Zaslav and John Malone offer clues

David Zaslav, CEO and president of Warner Bros. Discovery (L), and John Malone, chairman of Liberty Media, Liberty Global, and Qurate Retail Group.

CNBC | Reuters

Warner Bros. Discovery‘s next step to gain scale may be looking at distressed assets.

Chief Executive David Zaslav and board member John Malone both made comments this week suggesting the company is paying down debt and building up free cash flow to set up acquisitions in the next two years of media businesses suffering from diminished valuations.

The targets could be companies flirting with or filing for bankruptcy, Malone said in an exclusive interview with CNBC on Thursday. While U.S. regulators may frown at large media companies coming together because of overlaps with studio, cable or broadcasting assets, they’ll be much more forgiving if the companies are struggling to survive, Malone told David Faber.

“I think we’re going to see very serious distress in our industry,” Malone said. “There is an exemption to the antitrust laws on a failing business. At some point of distress, right, then some of the restrictions, they look the other way.”

Media company valuations have been plummeting amid streaming video losses, traditional TV subscriber defections, and a down advertising market. This has affected Warner Bros. Discovery as much as its peers. The company’s market valuation recently fell below $23 billion, its lowest point since WarnerMedia and Discovery merged last year. The company ended the third quarter with about $43 billion in net debt.

Warner Bros. Discovery is trying to position itself to be an acquirer, rather than a distressed asset, itself, by paying down debt and increasing cash flow, Zaslav said during his company’s earnings conference call this week. Warner Bros. Discovery has paid down $12 billion and expects to generate at least $5 billion in free cash flow this year, the company said.

“We’re surrounded by a lot of companies that are – don’t have the geographic diversity that we have, aren’t generating real free cash flow, have debt that are presenting issues,” Zaslav said Thursday. “We’re de-levering at a time when our peers are levering up, at a time when our peers are unstable, and there is a lot of excess competitive – excess players in the market. So, this will give us a chance not only to fight to grow in the next year, but to have the kind of balance sheet and the kind of stability … that we could be really opportunistic over the next 12 to 24 months.”

Still, Warner Bros. Discovery also acknowledged it will miss its own year-end leverage target of 2.5 to 3 times adjusted earnings as the TV ad market struggles and linear TV subscription revenue declines.

Buying from distress

Malone has some experience with profiting from times of distress.

His Liberty Media acquired a 40% stake in Sirius XM over several years more than a decade ago, saving it from bankruptcy. Since then, the equity value of the satellite radio company has bounced back from nearly zero to about $5 per share. Sirius XM currently has a market capitalization of about $18 billion.

“It made us a lot of money with Sirius,” Malone told Faber.

While Malone didn’t name a specific company as a target for Warner Bros. Discovery, he discussed Paramount Global as an example of a company whose prospects seem shaky. Paramount Global’s market valuation has slumped below $8 billion while carrying about $16 billion in debt.

Malone noted that Paramount’s debt was recently downgraded. “I think that they’re running probably negative free cash flow,” he said.

Paramount Global’s third-quarter cash flow was $377 million, and the company has forecast a return to positive free cash flow in 2024.

While Paramount Global shares have fallen precipitously since Viacom and CBS merged in 2019, there are signs the company is shoring up its balance sheet. CEO Bob Bakish said earlier this month Paramount Global’s streaming losses will be lower in 2023 than 2022, and the company expects further improvement to losses in 2024. The company closed a sale for book publisher Simon & Schuster for $1.6 billion and will use the proceeds to pay down debt.

Paramount Global’s fate

Shari Redstone, chair of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Tuesday, July 11, 2023.

David A. Grogan | CNBC

Paramount Global is one of the few assets that logically fits Malone’s vision of a media asset that would have regulatory issues as an acquisition with potential distress concerns. Comcast‘s NBCUniversal, another potential merger partner, will lose more than $2 billion this year on its streaming service, Peacock, but the media giant is shielded by its parent company, the largest U.S. broadband provider.

“Warner Bros. [Discovery] now is making money. Not a lot, but they’re making money,” Malone said. “Peacock is losing a lot of money. Paramount is losing a ton of money that they can’t afford. At least [Comcast CEO] Brian [Roberts] can afford to lose the money.”

Paramount Global’s controlling shareholder Shari Redstone is open to a transformative transaction, CNBC reported last month. Puck’s Dylan Byers recently reported that industry insiders have speculated Warner Bros. Discovery might pursue an acquisition of Paramount Global after the 2024 U.S. presidential election.

A combination of NBCUniversal and Paramount Global also has strategic logic, but the combination of two national broadcast networks — Comcast’s NBC and Paramount Global’s CBS — would present a significant regulatory hurdle. Warner Bros. Discovery doesn’t own a broadcast network, making an acquisition of CBS easier.

Spokespeople for Paramount Global and Warner Bros. Discovery declined to comment.

While Malone said all legacy media companies should be talking to each other about merger synergies, he acknowledged valuations may have to fall farther to get regulators on board with further consolidation. Malone predicted that could happen in the same timeline Zaslav gave — within the next two years.

“Eventually maybe there’ll be regulatory relief,” Malone said. “Out of distress usually comes the reduction in competition, increased pricing power, and the opportunity to buy assets at a deep discount.”

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

Tune in: CNBC’s full interview with John Malone will air 8 p.m. ET Thursday.

Liberty Media's John Malone on interest rates, media outlook and the streaming landscape

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Paramount’s Shari Redstone is open for business, but business may not be open for her

Shari Redstone, president of National Amusements and controlling shareholder of Paramount Global, walks to a morning session at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, July 12, 2023.

David A. Grogan | CNBC

Shari Redstone may have missed her window.

Paramount Global‘s controlling shareholder is open to a merger or selling the company at the right price, according to people familiar with her thinking. And she has been open to it for several years, said the people, who asked not to speak publicly because the discussions have been private.

Spokespeople for Redstone and Paramount Global declined to comment.

The problem has been finding the right deal for shareholders. Market conditions have made a transformative transaction difficult at best and highly unlikely at worst.

“The market is crying out for reshaping media company portfolios and consolidation,” said Jon Miller, chief executive at Integrated Media and a senior advisor at venture firm Advancit Capital, which Redstone co-founded. “But the deck is stacked against large-scale transactions now because of both immediate concerns in terms of ad sales, subscription video numbers and the cost of debt. No one wants to transact at the current market valuations that these companies are given.”

Paramount Global is an archetype for the media industry’s consolidation conundrum. The company consists of Paramount Pictures, the CBS broadcast network, 28 owned-and-operated local CBS stations, the streaming service Paramount+, free advertising-supported Pluto TV, “Star Trek,” “SpongeBob SquarePants,” MTV, Nickelodeon, Comedy Central, BET and Showtime. It also owns the physical Paramount studio lot in Los Angeles, California.

From a sum-of-the-parts perspective, the company holds a strong hand. Many of Paramount Global’s assets would fit nicely within larger media companies.

“Paramount has a tremendous amount of assets in its content library and they own some pretty powerful sports rights in the form of the NFL contract, Champions League soccer and March Madness,” Guggenheim analyst Michael Morris told CNBC last week.

“But, they are still losing money on their streaming service,” Morris said. “They need to pull these things together, right-size the content, super charge that topline through pricing and penetration, and then we can see investors get excited about this idea again.”

Declining revenue from the acceleration of pay-TV cord-cutting, continued streaming losses and rising interest rates have put Redstone in a bind. The company’s market capitalization has slumped to $7.7 billion, nearly the company’s lowest valuation since Redstone merged CBS and Viacom in 2019. At the time, that transaction gave the combined company a market valuation of about $30 billion.

It’s unclear whether staying the course will help turn investor sentiment. Warren Buffett, CEO of Berkshire Hathaway, one of Paramount Global’s biggest shareholders, told CNBC in April that streaming “is not really a very good business.” He also noted that shareholders in entertainment companies “really haven’t done that great over time.”

Paramount Global’s direct-to-consumer businesses lost $424 million in the second quarter and $511 million in the first quarter. The company reports third-quarter earnings Nov. 2.

CEO Bob Bakish said 2023 will be the peak loss year for streaming. Paramount Global cut its dividend to 5 cents per share from 24 cents per share to “further enhance our ability to deliver long-term value for our shareholders as we move toward streaming profitability,” Bakish said in May.

Wells Fargo analyst Steven Cahall suggested earlier this year that Bakish should shut down the company’s streaming business entirely, despite the fact that Paramount+ has accumulated more than 60 million subscribers.

“We believe Paramount Global is worth a lot more either as a content arms dealer or as a break-up for sale story,” Cahall wrote in a note to clients in May. “Great content, misguided strategy.”

Big Tech lifeline

Bob Bakish, CEO of Paramount, speaks with CNBC’s David Faber on Sept. 6, 2023.

CNBC

Executives at Paramount Global continue to hold out hope that a large technology company, such as Apple, Amazon or Alphabet, will view the collection of assets as a way to bolster their content aspirations, according to people familiar with the matter.

Paramount+’s 61 million subscribers could help supersize an existing streaming service such as Apple TV+ or Amazon’s Prime Video, or give Alphabet’s YouTube a bigger foothold into subscription streaming beyond the National Football League’s Sunday Ticket and YouTube TV.

While Federal Trade Commission Chairman Lina Khan has been particularly focused on limiting the power of Big Tech companies, Apple, Amazon and Alphabet may actually be better buyers than legacy media companies from a regulatory standpoint. They don’t own a broadcast TV network, unlike Comcast (NBC), Fox or Disney (ABC). It’s highly unlikely U.S. regulators would allow one company to own two broadcast networks. Divesting CBS is possible, but it’s so intertwined with Paramount+ that separating the network from the streaming service would be messy.

“We believe Paramount Global is too small to win the streaming wars, but it is bite-size enough to be acquired by a larger streaming competitor for its deep library of film and TV content, as well as its sports rights and news assets,” Laura Martin, an analyst at Needham & Co., wrote in an Oct. 9 research note to clients.

Acquiring Paramount Global would be a relative drop in the bucket for a Big Tech company. Paramount Global’s market value was below $8 billion as of Friday. It also has about $16 billion in long-term debt.

Still, even with huge balance sheets and trillion-dollar valuations, there’s no evidence technology companies want to own declining legacy media assets such as cable and broadcast networks. Netflix has built its business specifically on the premise that these assets will ultimately die. Paramount’s lot and studio may be appealing for content creation and library programming, but that would leave Redstone holding a less desirable basket of legacy media assets.

Breakup difficulties

It’s possible Redstone could break up the company and sell off legacy media assets to a private equity firm that could milk them for cash. But Paramount Global’s diminished market valuation, relative to its debt, likely makes a leveraged buyout less appealing for a potential private equity firm.

Moreover, rising interest rates have generally slowed down take-private deals in all industries, as the cost of paying debt interest has soared. Globally, buyout fund deal volume in the first half of 2023 is down 58% from the same period a year ago, according to a Bain & Co. study.

If a full sale to Big Tech and a partial sale to private equity won’t happen, another option for Redstone is to merge or sell to another legacy media company. Warner Bros. Discovery could merge with Paramount Global, though putting together Warner Bros. and Paramount Pictures may hold up deal approval with U.S. regulators.

Beyond regulatory issues, recent history suggests big media mergers haven’t worked well for shareholders. Tens of billions of dollars in shareholder value have been lost in recent media mergers, including WarnerMedia and Discovery, Disney and the majority of Fox, Comcast/NBCUniversal and Sky, Viacom and CBS, and Scripps and Discovery.

Merger partners such as Warner Bros. Discovery also may prefer to sell or merge with a different company, such as Comcast’s NBCUniversal, if regulators allow a big media combination.

Redstone has recently dabbled around the edges, shedding some assets, such as book publisher Simon & Schuster, and engaging in talks to sell a majority stake in cable network BET.

But Paramount Global shelved the idea of selling a stake in BET in August after deciding sale offers were too low to outweigh the value of keeping the network in its cable network portfolio. With the total company’s market valuation below $8 billion, it’s difficult to convince buyers to pay big prices for parts. A change in broader investment sentiment that pushes the company’s valuation higher may help Redstone and other Paramount Global executives get more comfortable with divesting assets.

Selling National Amusements

If Redstone can’t find a deal to her liking, she could also sell National Amusements, the holding company founded by her father, Sumner Redstone, that owns the bulk of the company’s voting shares. National Amusements owns 77.3% of Paramount Global’s Class A (voting) common stock and 5.2% of the Class B common stock, constituting about 10% of the overall equity of the company.

Redstone took a $125 million strategic investment from merchant bank BDT & MSD Partners earlier this year to pay down debt, reiterating her belief in Paramount Global’s inherent value.

“Paramount has the best assets in the media industry, with an incredible content library and IP spanning all genres and demographics, as well as the No. 1 broadcast network, the leading free ad-supported streaming television service and the fastest-growing pay streaming platform in the U.S.,” Redstone said in a statement in May. “NAI has conviction in Paramount’s strategy and execution, and we remain committed to supporting Paramount as it takes the necessary steps to build on its success and capitalize on the strategic opportunities in our industry.”

Selling National Amusements wouldn’t alter Paramount Global’s long-term future. But it is a way out for Redstone if she can’t find a deal beneficial to shareholders.

Paramount Global isn’t actively working with an investment bank on a sale, according to people familiar with the matter. The company is content to wait for a shift in market conditions or regulatory officials before getting more aggressive on a transformational deal, said the people.

Still, Redstone’s predicament aptly sums up legacy media’s current problems. The industry is counting on a turn in market sentiment, while executives privately grumble that in the near term there’s little they can do about it.

WATCH: Mad Money host Jim Cramer weighs in on Paramount Global

Lightning Round: Paramount Global might drop another two to three points lower, says Jim Cramer

Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.

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How Indian authorities ‘weaponised’ a New York Times report to target the press

NewsClick, a defiantly critical news site, has been in the Indian government’s sights over the past few years. But there was little to show after extensive financial probes – until the New York Times published a report which enabled Prime Minister Narendra Modi’s administration to use the press to attack the press. 

Shortly after breakfast time on Tuesday, October 3, Paranjoy Guha Thakurta was outside his home in Gurgaon, a suburb of the Indian capital New Delhi, seeing his son off for the day when the police showed up at his place.

“Nine cops arrived at 6:30 in the morning,” recounted the renowned investigative journalist and writer in a phone interview with FRANCE 24. “I was surprised. I asked them, why have you come? They said, we want to ask you a few questions.”

True to their word, the police did have relatively few questions. But they were repeated over 12 hours at two venues, according to Guha Thakurta.  

After around two hours of questioning at his Gurgaon home, the veteran journalist was taken to the Delhi police’s Special Cell – the Indian capital’s counter-terrorism unit – and questioned again before he emerged around 6:30pm local time to a phalanx of news camera teams.


Guha Thakurta was among 46 people questioned during sweeping media raids that dominated the national news cycle, made international headlines, and sparked a series of condemnations from press freedom groups across the world.

The crackdown targeted NewsClick, an independent news site founded in 2009 known for its hard-hitting coverage of Prime Minister Narendra Modi’s Hindu nationalist policies. The list of those questioned included the NewsClick’s founder-editor, staff, former staffers, and freelance writers, as well as non-journalist contributors such as activists, a historian and a stand-up comedian. The police seized computers, mobile phones and documents during the raids. 

After an entire day of questioning, NewsClick’s founder-editor Prabir Purkayastha and human resources chief Amit Chakravarthy were arrested under the country’s draconian Unlawful Activities Prevention Act (UAPA), also known as the “anti-terror law” in India. The two men remain in custody while the others were released by Tuesday night. NewsClick’s New Delhi office has been shut down and put under a police seal.

Since Modi came to power in 2014, India has been nosediving in the international press freedom rankings, settling at 161 out of 180 countries on the 2023 Reporters Without Borders index. Some high-profile cases of media clampdowns make the news; many more pass unnoticed outside human rights circles.

Read moreAmid threats, Indian TV anchor battles on, but for how long?

What makes the latest raids noteworthy though is that they are linked to a New York Times report on a global network receiving funds from US tech billionaire Neville Roy Singham, allegedly to publish Chinese propaganda. NewsClick was one of the news organisations named as funding recipient. The report did not suggest the Indian news site had committed any crime.

NewsClick has denied the allegations in the report. The news site maintains that it does not publish any news or information at the behest of any Chinese entity, nor does it take directions from Singham on its content. A police investigation into the site’s alleged Chinese funding is currently underway.

In its report, “A Global Web of Chinese Propaganda Leads to a U.S. Tech Mogul”, the New York Times unravelled a shadowy network allegedly propagating Chinese government talking points by funding left-leaning organisations across the globe via US NGOs. “Years of research have shown how disinformation, both homegrown and foreign-backed, influences mainstream conservative discourse. Mr. Singham’s network shows what that process looks like on the left,” noted the US daily. 

But in India, the process of press clampdowns and intimidation of the left looks very different. 

Years of assaults on liberal democratic values under the Modi administration have been propelled by a government discourse that vilifies dissenters as treasonous “anti-nationals”. 

The labelling of journalists, academics, activists and opposition figures includes vague associations, without evidence, to minor Maoist peasant uprisings in rural India. Disgraced dissenters are then booked under repressive anti-terror laws bereft of basic safeguards, according to international rights groups.

On the international stage, though, many of the violations pass unnoticed – or more precisely, unmentioned – since India is viewed in the West as a counterweight to China.

With the Ukraine war exposing splits between the so-called Global North and South, the focus in many Western capitals is on disinformation networks that lead to Moscow and Beijing. This is particularly marked as the US heads to the polls in 2024 with Donald Trump as the front-runner for the Republican nomination.

But India is also heading to critical general elections next year. As Modi makes a bid for a third term, there are fears that his campaign will once again instrumentalise deteriorating ties with a neighbouring country to whip up a nationalist wave. In an ironic twist, the Modi government’s weaponisation of a report by a leading US daily – functioning under press freedoms enshrined in a mature democracy – is now threatening the very values that the West professes to uphold.

Same questions asked again – and again

The scale and planning of Tuesday’s raids sent an immediate signal across India that the state’s investigation of NewsClick – which has dragged on for more than two years without any charges – had gone up a notch.

“What happened is unprecedented. We’ve seen the police take coordinated action across the national capital region and also outside Delhi. Literally hundreds of police participated, they were summoned very early in the morning or probably late the previous night,” said Guha Thakurta.

The police’s questions appeared to show little understanding of the role of journalists in a democracy. “I was asked if I was an employee of NewsClick. I said no, I’m a consultant,” he explained.

The veteran journalist was then asked if he had covered a series of recent anti-government protests, including a farmers’ strike and demonstrations against a controversial citizenship law. “They were very polite. But the fact is, they kept asking the same set of questions. They were asked by different people, different officials, at various levels,” recounted Guha Thakurta.

Condemnations from press rights groups followed immediately, with the Press Club of India saying it was “deeply concerned” over the raids and the New York-based Committee to Protect Journalists calling it “an act of sheer harassment and intimidation”.

Paranjoy Guha Thakurta (L) speaks to writer Arundhati Roy (R) and Aproorvanand, a Delhi University professor (centre) during a protest at Press Club of India in New Delhi on October 4, 2023. © Altaf Qadri, AP

In Washington DC, a State Department spokesperson was asked if the US was aware of concerns about NewsClick’s China ties alleged by the New York Times.

“We are aware of those concerns and have seen that reporting,” Vedant Patel told reporters, adding that he could not comment on the veracity of the claims. “Separately,” he noted, “the US government strongly supports the robust role of the media globally, including social media, in a vibrant and free democracy, and we raise concerns on these matters with the Indian government, with countries around the world.”

There are no known legal proceedings in the US against Singham based on the New York Times report. In India, commentators note that even if the funding allegations against NewsClick turn out to be true, any Chinese funding of an investment by a listed US company in a business venture is legal.

Social media sites meanwhile are awash with links to news reports on Modi’s private fund, the PM CARES Fund, receiving funding from Chinese companies.

Investigating Adani and stories untouched by Indian media

The questioning of NewsClick freelancers, editorial consultants and contributors – who are not responsible for funding or financial decisions – has raised eyebrows, since many have done in-depth reporting on issues that are either ignored or superficially covered by the country’s mainstream media.

Guha Thakurta, for instance, is considered one of India’s leading, and certainly bravest, investigative journalists. A former editor of the once-prestigious policy journal Economic and Political Weekly (EPW), Guha Thakurta resigned from the post in 2017 following differences with the publisher after he co-authored an article on the Adani Group.

The conglomerate, led by Modi-ally Gautam Adani, was the subject of a high-profile investigation by US-based short-seller Hindenburg Research, which accused the group of using opaque funds to invest in its own stocks. The company denies any wrongdoing. Adani denies any improper relationship with the Indian prime minister.

Guha Thakurta was the only Indian journalist whose work was mentioned in the Hindenburg report. The 68-year-old journalist is also the author of the book, “Gas Wars: Crony Capitalism and the Ambanis”, which investigated irregularities by the Ambani business dynasty, which also has close links to the ruling Bharatiya Janata Party (BJP).

“Paranjoy [Guha Thakurta] is the only person in the Indian media doing any serious investigation of the Adani Group,” said Kavita Krishnan, a women’s rights activist and former leader of a leftist political party. “He has nothing to do with Chinese propaganda. He was questioned because he’s refusing to be a propagandist for the Indian government.”

Krishnan was under the spotlight last year when she wrote an article chastising the Indian left for supporting Modi’s neutral position on the Ukraine war. In her latest piece, published on Friday, Krishnan slammed the New York Times for failing to provide context in its coverage and ignoring her warnings that the Modi administration would use the Chinese funding allegations to crack down on NewsClick.

In its response to Krishnan’s article, published in independent Indian news site Scroll, the New York Times said it “published a thoroughly reported story showing the [Singham] network’s ties to Chinese interests. We would find it deeply troubling and unacceptable if any government were to use our reporting as an excuse to silence journalists.”

Krishnan is not mollified by the response. “The New York Times story is being weaponised by the Indian government,” explained Krishnan. “Because it’s the New York Times, the government is able to ride on its credibility to create a hysteria, a frenzy that this is evidence of journalists funded by China.”

Funding probes give way to terrorism questioning

The terrorist allegations following Tuesday’s raids are a new, disturbing twist to the Indian state’s ongoing NewsClick probes.

Since 2021, the news site has been investigated by numerous government agencies, including the finance ministry’s Enforcement Directorate (ED), the Delhi police’s Economic Offences Wing and the income tax department. 

After more than two years, none of the enforcement agencies have filed money laundering complaints or legal charges against NewsClick.

By invoking the anti-terror UAPA in its NewsClick investigations, the government has increased its capacity to legally harass and silence a small, underfunded news site, according to experts.

But in a statement released after the raids, NewsClick vowed to keep up the fight to survive. “We have full faith in the courts and the judicial process. We will fight for our journalistic freedom and our lives in accordance with the Constitution of India,” said the organisation.

‘The China connection’

As the NewsClick case looks set to go into the courts, the ruling BJP is already scoring political points off the controversy.

The politicisation started just days after the New York Times report was published, when a BJP parliamentarian claimed, without providing evidence, that China was financing NewsClick as well as the opposition Congress party.

On Tuesday, as the police were rounding up Guha Thakurta and dozens of others, the BJP was already linking NewsClick with Congress party leader Rahul Gandhi.

“Chinese Gandhi” said a BJP post on X (formerly known as Twitter) displaying overlapping circles representing the opposition party, NewsClick and China.

The instrumentalisation of the China allegations comes amid setbacks in India-China ties after Xi Jinping skipped the G20 summit hosted by New Delhi last month.

Anti-China sentiment is rising exponentially in India, according to the Pew Research Center, firing up a Hindu nationalist base that does not take kindly to signs of New Delhi’s weakness on foreign policy. In the lead-up to India’s last general elections in 2019, Indian air strikes on Pakistan just months before the vote swept Modi to a landmark victory.

Krishnan hopes the China funding allegations do not turn into an election issue ahead of the 2024 vote. “I trust that the Modi government will not succeed in using this in its favour as an election issue because everyone in India can see is that this is an unprecedented crackdown on journalism,” she said. “I think the election issue will be the crackdown on journalists, and not allegations of China funding.”



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Iranian ‘hack’ targets citizens who send videos to foreign broadcasters

Hardline media outlets in Iran claim the country’s security forces hacked the Telegram channel of Iran International, a Persian-language broadcaster that has extensively covered the year-old “Woman Life Freedom” protests. The outlets claim the regime intercepted messages in which Iranian citizens sent amateur images related to the protests to the UK-based broadcaster for publication. The channel denies it was hacked, and a FRANCE 24 review of the supposedly intercepted messages found no evidence that any of the amateur content was ever broadcast by Iran International.

With a news blackout in place in Iran on the protests that followed the death of Mahsa Amini last September, many Iranians have turned to Persian-language media broadcasting from overseas. With independent media barred from working in Iran, such channels rely heavily on amateur images published on social media or sent in by Iranian citizens. Videos filmed by citizens and sent to these media outlets outside Iran have become the main source for many Iranians of independent information about what is happening inside their country.

In what appears to be an attempt to discourage these ties, media affiliated with Iran’s hardline Revolutionary Guard Corps (IRGC) have targeted Iran International, publishing what they say are messages in which Iranian citizens sent amateur videos for publication by the UK-based channel. Launched in the UK in 2017, the channel, which reportedly receives funding from Saudi sources, is one of the favourite destinations for amateur videos shot inside Iran. Iranian authorities have branded it a “terrorist organisation”.


Media affiliated with the IRGC, including the Fars News Agency, have published at least six online videos saying an unspecified “group of hackers” intercepted messages sent to Iran International.

 

Iran International denies the hacking. “I can state categorically that our Telegram account has not been hacked, or compromised in any way. It never has been. Such claims from the IRGC or its associates are false and are designed to frighten and intimidate people,” spokesperson Adam Baillie told FRANCE 24. “We are characterised by the Iranian authorities as a terrorist channel, which provides quasi-legal cover for threats against our staff and the harassment, often brutal, of their families in Iran.”

The designation of Iran International as a terrorist organisation means that Iranians accused of sending information to the channel could face severe penalties in Iranian courts.

A Fars News Agency alert about contacting Iran International television: “Alert to people who cooperate with enemy media”. © Observers

 

Alert to people who cooperate with enemy media

Media affiliated with the IRGC, including the Fars News Agency, have published at least six online videos saying an unspecified “group of hackers” intercepted messages sent to Iran International. The videos, posted since mid-September, feature amateur images supposedly sent to the UK-based channel via Telegram, along with screenshots of the senders’ messages and usernames with the account name blurred. The amateur images show protests and other anti-regime initiatives such as strikes by shopkeepers. 

One video, published on Telegram on September 15, showed screenshots of messages sent by a user named “Milad” in which he sent a video of an anti-regime protest along with this caption: “Aryashahr (a neighbourhood in Tehran), 17th or 18th Aban (September 8 or 9, 2022). Regime agents savagely beat up a young man.” FRANCE 24 was unable to confirm the sender’s identity or the context of the video, but Iranian web users suggested the claims of a hack were fabricated.


In a video published on X, formerly Twitter, on September 19, demonstrators chant: “The mullahs must go”.

 

Fars News Agency’s claim is BS

Iranian web users have been skeptical about the claims of a hack. “As someone who has sent many photos and videos [to Iran International], I can confirm Fars News Agency’s claim is BS,” said one tweet posted on September 20.

 


“If they had hacked the channel, they would have shown off about it by announcing they had hacked it and changing the profile picture,” another user wrote, referring to a common practice when the Iranian security forces hack into anti-regime accounts.


A third user wrote: “Hacking? That’s a joke! The IRGC fanboys can’t do anything more complex than basic HTML coding.”


 

Hacking Telegram is very difficult

Amin Sabeti is an Iranian cybersecurity expert based in London. He closely follows the activities of hackers close to the Islamic republic’s regime.

“In general, hacking the servers of a messaging app like Telegram is a very difficult task, not just for Iranians, but for any hacker in the world. The screenshots of the user messages supposedly sent to Iran International’s Telegram account are in a format that would only be visible by the Iran International Telegram account owner. I closely follow hackers working for the Iranian regime and I have never seen any indication that they are capable of directly hacking Telegram’s servers to access any account.

All the Iranian hackers have done so far is to trap the “end user”, using various techniques like phishing. For example, they send emails to account holders pretending to be from the Telegram company saying that someone is trying to hack your account or change your password.

There are two sides to the question of the safety of Iranians who turn to foreign media such as the BBC or Iran International. Concerning the news organisations, I know that the security measures of these media outlets are really good. They are up-to-date in keeping their accounts secure. That is why we have never had such a case so far.

The only possible problem, however, could be the Iranians who contact these news organisations, because they too need to protect their accounts. They need to update their apps and software, and make sure they do not have malware on their phones. And once they have sent their messages, they need to delete them themselves.”

 

No trace of the videos on Iran International accounts 

FRANCE 24 analysed the six video reports published by Fars and other IRGC-affiliated Telegram accounts. The IRGC reports featured more than 30 amateur videos supposedly sent to Iran International. The FRANCE 24 team then searched for other publications of the videos on social media, including archives of Iran International’s Telegram, X (formerly Twitter) and Instagram accounts over the last 12 months.  

Of the around 30 videos supposedly sent to Iran International by Iranian citizens:

  • None were published on Iran International’s social media accounts, including Telegram, X and Instagram.
  • Reverse image searches found no publication of the videos on other social media accounts. 
  • In at least in one case, the video could not have been recorded on the date it claimed because the environment is not the same as it was during the 2022 protests.

Video supposedly filmed in November 2022 was filmed in 2023

One video, published by Fars News on September 20, featured messages supposedly sent to Iran International in November 2022 by a Telegram user called “Nilo0o”. The supposed user sent a video showing closed businesses on a street with a caption saying: “General strike by the population in Rasht on 17 November 2022.” 

The video was filmed in the Golsar neighbourhood in the city of Rasht. It shows a bank, Melal Credit Institution, on Golsar Street between alleys 92 and 96, in a complex called the Blanca Palace. 

 

The video shows a bank, Melal Credit Institution, on Golsar Street in a complex called the Blanca Palace.
The video shows a bank, Melal Credit Institution, on Golsar Street in a complex called the Blanca Palace. © Observers

 

But other information indicates that the Golsar branch of the bank moved to that location in 2023. A video of Golsar Street filmed in January 2023 shows the same location vacant, with a banner giving contact information for the complex. 

 

This photo shows the same location vacant, with a banner giving contact information for the complex.
This photo shows the same location vacant, with a banner giving contact information for the complex. © Observers

 

Yellow Pages information indicate that Melal Credit had a branch at a different location on Golsar Street, 500 metres away near alley 109.

 

This photo shows that Melal Credit had a branch at a different location on Golsar Street, 500 metres away near alley 109.
This photo shows that Melal Credit had a branch at a different location on Golsar Street, 500 metres away near alley 109. © Observers

 

A posting by a business at that location in February 2023 said: ““I am the new owner at alley 109, pls Bank update your contact info!” 

A posting by a business at that location in February 2023 said: ““I am the new owner at alley 109, pls Bank update your contact info!”
A posting by a business at that location in February 2023 said: ““I am the new owner at alley 109, pls Bank update your contact info!” © Observers

The video supposedly intercepted by hackers could not have been filmed in November 2022.

If the regime succeeds in cutting this line, we will have a total information freeze

Bahram [not his real name] is an Iranian journalist who has been arrested or interrogated multiple times in recent years over his reporting on current affairs in Iran. He says that with widespread censorship in Iran, many Iranians turn to overseas broadcasters like Iran International for reliable news.

Iranians now record everything with their mobile phones: strikes, protests, police violence … and send the videos to organisations that will publish them. The amateur videos people send to overseas broadcasters are our only source of information. If the regime succeeds in cutting this line of communication, we will have a total information freeze in our country. We will not know what is going on: we’ll know absolutely nothing.

The regime has done its best to drive us into such a blackout. They have blocked social media, but people use VPN proxy servers to get access.

They have tried to discredit these media or activists through propaganda smear campaigns. Now the latest attempt is to scare people. They’re saying: “If you send them something, we will find you, so don’t send them anything.” However, I am not sure it will ultimately benefit the regime. Maybe in the short term people will hesitate for a few days to send videos to this or that media or activist, but in the long term I think nothing will change. You will not give up your water source, no matter how tiny it is, in a desert.



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Vienna seeks to calm Selmayr ‘blood money’ furor

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Austrian Foreign Minister Alexander Schallenberg signaled his government was de-escalating a row with the EU’s senior representative in the country, Martin Selmayr, who last week accused Vienna of paying “blood money” to Moscow by continuing to purchase large quantities of Russian gas.

“Everything has already been said about this,” Schallenberg said over the weekend in a written response to questions from POLITICO on the affair. “We are working hard to drastically reduce our energy dependency on Russia and we will continue to do so.”

Austrian officials insist that the country’s continued reliance on Russian gas is only temporary and that it will wean itself off by 2027 (over the past 18 months, the share of Russian gas in Austria has dropped from 80 percent to an average of 56 percent).

Some experts question the viability of that plan, considering that OMV, the country’s dominant oil and gas company, signed a long-term supply deal with Gazprom under former Chancellor Sebastian Kurz that company executives say is virtually impossible to withdraw from.

Those complications are likely one reason why Vienna — even as its officials point out that Austria is far from the only EU member to continue to rely on Russian gas — doesn’t want to dwell on the substance of Selmayr’s criticism.

“We should rather focus on maintaining our unity and cohesion within the European Union in dealing with Russia’s war of aggression on Ukraine,” Schallenberg told POLITICO. “We can only overcome the challenges ahead of us in a united effort.”

Schallenberg’s remarks follow a decision by the European Commission on Friday to summon Selmayr to Brussels to answer for his actions. A spokesman for the EU executive on Friday characterized the envoy’s comments as “not only unnecessary, but also inappropriate.”

Given that the Austrian government is led by a center-right party, which is allied with European Commission President Ursula von der Leyen’s European People’s Party bloc, the sharp reaction from Brussels is not surprising. An official close to the Austrian government said Vienna had not demanded Selmayr’s removal.

Selmayr made the “blood money” comment, by his own account, while defending the Commission chief. He told an Austrian newspaper that he made the remark during a public discussion in Vienna on Wednesday in response to an audience member who accused von der Leyen of “warmongering” in Ukraine and having “blood on her hands.”

“This surprises me, because blood money is sent to Russia every day with the gas bill,” Selmayr told the audience.

Selmayr expressed surprise that there wasn’t more public outcry in Austria over the country’s continued reliance on Russian natural gas, which has accounted for about 56 percent of its purchases so far this year. (A review of a transcript of the event by Austrian daily Die Presse found no mention of the comments Selmayr attributed to the audience member, however.)

Austria’s deep relationship to Russia, which has continued unabated since Moscow’s full-scale invasion of Ukraine, has prompted regular criticism from its European peers.

Even so, the EU envoy’s unvarnished assessment caused an immediate uproar in the neutral country, especially on the populist far right, whose leaders called for Selmayr’s immediate dismissal.

Europe Minister Karoline Edtstadler called the remarks “dubious and counterproductive” | Olivier Hoslet/EPA-EFE

Schallenberg’s ministry summoned Selmayr on Thursday to answer for his comments and the country’s Europe Minister, Karoline Edtstadler, called the remarks “dubious and counterproductive.” Some in Vienna also questioned whether Selmayr, who as a senior Commission official helped Germany navigate the shoals of EU bureaucracy to push through the controversial Nord Stream 2 pipeline — thus increasing Europe’s dependency on Russian gas — was really in a position to criticize Austria.

Nonetheless, Selmayr’s opinion carries considerable weight in Austria, given his history as the Commission’s most senior civil servant and right-hand man to former Commission President Jean-Claude Juncker.

Though Selmayr, who is German, has a record of living up to his country’s reputation for directness and sharp elbows, even his enemies consider him to be one of the EU’s best minds.

His rhetorical gifts have made him a considerable force in Austria, where he arrived in 2019 (after stepping down under a cloud in Brussels). He is a regular presence on television and in print media, weighing in on everything from the euro common currency to security policy.

After Austrian Chancellor Karl Nehammer recently pledged to anchor a right to pay with euro bills and coins in cash-crazed Austria’s constitution, for example, Selmayr reminded his host country that that right already existed under EU law. What’s more, he wrote, Austrians had agreed to hand control of the common currency to the EU when they voted to join the bloc in 1994.

A few weeks later, he interjected himself into the country’s security debate, arguing that “Europe’s army is NATO,” an unwelcome take in a country clinging on to its neutrality.

Though Selmayr’s interventions tend to rub Austria’s government the wrong way, they’ve generally hit the mark.

The latest controversy and Selmayr’s general approach to the job point to a fundamental divide in the EU over the role of the European Commission’s local representatives. Most governments want the envoys to serve like traditional ambassadors and to carry out their duties, as one Austria official put it to POLITICO recently, “without making noise.”

Yet Selmayr’s tenure suggests that the role is often most effective when structured as a corrective, or reality check, by viewing national political debates through the lens of the broader EU.  

In Austria, where the anti-EU Freedom Party is leading the polls by a comfortable margin ahead of next year’s general election, that perspective is arguably more necessary than ever.

Victor Jack contributed reporting.



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Meta, Alphabet and 10 under-the-radar media stocks expected to soar

The media landscape is going through a difficult transition, and it isn’t only because streaming is such a tricky business.

Companies such as Walt Disney Co.
DIS,
Warner Bros. Discovery Inc.
WBD
and Paramount Global
PARA
have made heavy investments in streaming services as their traditional media businesses wither, only to find that it is harder than it looks to emulate Netflix Inc.’s
NFLX
ability to make money from streaming.

Some of the companies are also saddled by debt, in part resulting from mergers that don’t hold the same shine in the current media landscape.

Needless to say, this is the age of cost-cutting for Netflix’s streaming competitors and many others in the broader media landscape.

Below is a screen of U.S. media stocks, showing the ones that analysts favor the most over the next 12 months. But before that, we list the ones with the highest and lowest debt levels.

All the above-mentioned media companies are in the communications sector of the S&P 500
,
which also includes Alphabet Inc.
GOOGL

GOOG
and Meta Platforms Inc.
META,
as well as broadcasters, videogame developers and news providers.

But there are only 20 companies in the S&P 500 communications sector, which is tracked by the Communications Services Select Sector SPDR ETF
.

High debt

Before looking at the stock screen, you might be interested to see which of the 53 media companies are saddled with the highest levels of total debt relative to consensus estimates for earnings before interest and taxes (EBIT) for the next 12 months, among analysts polled by FactSet. This may be especially important at a time when long-term interest rates have been rising quickly. Dollar amounts are in millions.

Company

Ticker

Debt/ est. EBIT

Total debt

Est. EBIT

Debt service ratio

Total return – 2023

Market cap. ($mil)

Dish Network Corp. Class A

DISH 1,245%

$24,556

$1,973

15%

-57%

$1,773

Madison Square Garden Sports Corp. Class A

MSGS 1,125%

$1,121

$100

-14%

-4%

$3,400

Paramount Global Class B

PARA 656%

$17,401

$2,654

-29%

-13%

$9,529

Consolidated Communications Holdings Inc.

CNSL 651%

$2,152

$331

-26%

6%

$441

TechTarget Inc.

TTGT 629%

$479

$76

16%

-36%

$788

Cinemark Holdings Inc.

CNK 616%

$3,630

$589

61%

81%

$1,908

Cogent Communications Holdings Inc.

CCOI 548%

$1,858

$339

-19%

27%

$3,388

E.W. Scripps Co. Class A

SSP 529%

$3,084

$583

80%

-42%

$552

AMC Networks Inc. Class A

AMCX 492%

$2,945

$599

26%

-29%

$357

Live Nation Entertainment Inc.

LYV 466%

$8,413

$1,805

135%

22%

$19,515

Source: FactSet

Click on the tickers for more about each company, including business profiles, financials and estimates.

Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

The debt figures are as of the end of the companies’ most recently reported fiscal quarters. The debt service ratios are EBIT divided by total interest paid (excluding capitalized interest) for the most recently reported quarters, as calculated by FactSet. It is best to see this number above 100%. Then again, these service ratios cover only one quarter.

Looking at the most indebted company by quarter-end debt to its 12-month EBIT estimate, it would take more than 10 years of Dish Network Corp.’s
DISH
operating income to pay off its total debt, excluding interest.

Shares of Dish have lost more than half their value during 2023, and the stock got booted from the S&P 500 earlier this year. The company has seen its satellite-TV business erode while it pursues a costly wireless build-out that won’t necessarily drive success in that competitive market. Dish plans to merge with satellite-communications company EchoStar Corp.
SATS
in a move seen as an attempt to improve balance sheet flexibility.

It is fascinating to see that for six of these companies, including Paramount, debt even exceeds the market capitalizations for their stocks. Paramount lowered its dividend by nearly 80% earlier this year as it continued its push toward streaming profitability, and Chief Executive Bob Bakish recently called the company’s planned sale of Simon & Schuster “an important step in our delevering plan.”

You are probably curious about debt levels for the largest U.S. media companies. Here they are for the biggest 10 by market cap:

Company

Ticker

Debt/ est. EBIT

Total debt

Est. EBIT

Debt service ratio

Total return – 2023

Market cap. ($mil)

Alphabet Inc. Class A

GOOGL 22%

$29,432

$133,096

711%

47%

$1,528,711

Meta Platforms Inc. Class A

META 47%

$36,965

$78,129

717%

137%

$634,547

Comcast Corp. Class A

CMCSA 266%

$102,669

$38,539

77%

33%

$187,140

Netflix Inc.

NFLX 197%

$16,994

$8,641

192%

41%

$184,362

T-Mobile US Inc.

TMUS 378%

$116,548

$30,838

32%

-5%

$156,881

Walt Disney Co.

DIS 263%

$47,189

$17,975

88%

-4%

$152,324

Verizon Communications Inc.

VZ 370%

$177,654

$48,031

36%

-11%

$140,205

AT&T Inc.

T 378%

$165,106

$43,681

31%

-20%

$100,872

Activision Blizzard Inc.

ATVI 93%

$3,612

$3,891

2159%

21%

$72,118

Charter Communications Inc. Class A

CHTR 434%

$98,263

$22,651

89%

23%

$62,380

Source: FactSet

Among the largest 10 companies in the S&P Composite 1500 communications sector by market cap, Charter Communications Inc.
CHTR
has the highest ratio of debt to estimated EBIT, while its debt service ratio of 89% shows it was close to covering its interest payments with operating income during its most recent reported quarter. Disney also came close, with a debt service ratio of 88%.

Charter Chief Financial Officer Jessica Fischer said at an investor day late last year that “delevering would only make sense if the market valuation of our shares fully reflected the intrinsic value of the cash-flow opportunity, if debt capacity in the market were limited or if our expectations of cash-flow growth, excluding the impact of our expansion were significantly impaired.”

Meanwhile, Kevin Lansberry, Disney’s interim CFO, said during the company’s latest earnings call that it had “made significant progress deleveraging coming out of the pandemic” and that it would “approach capital allocation in a disciplined and balanced manner.”

Disney’s debt increased when it bought 21st Century Fox assets in 2019, and the company suspended its dividend in 2020 in a bid to preserve cash during the pandemic.

When Disney announced its quarterly results on Aug. 9, it unveiled a plan to raise streaming prices in October. Several analysts reacted positively to the price increase and other operational moves.

Read: The long-simmering rumor of Apple buying Disney is resurfacing as Bob Iger looks to sell assets

The largest companies in the sector, Alphabet and Meta, have relatively low debt-to-estimated EBIT and very high debt-service ratios. Netflix has debt of nearly twice the estimated EBIT, but a high debt-service ratio. For all three companies, debt levels are low relative to market cap.

Low debt

Among the 52 companies in the S&P Composite 1500 communications sector, these 10 companies had the lowest total debt, relative to estimated EBIT, as of their most recent reported fiscal quarter-ends:

Company

Ticker

Debt/ est. EBIT

Total debt

Est. EBIT

Debt service ratio

Total return – 2023

Market cap. ($mil)

New York Times Co. Class A

NYT 0%

$0

$414

N/A

32%

$6,968

QuinStreet Inc.

QNST 18%

$5

$26

-153%

-35%

$513

Alphabet Inc. Class A

GOOGL 22%

$29,432

$133,096

711%

47%

$1,528,711

Shutterstock Inc.

SSTK 26%

$63

$241

39%

-20%

$1,502

Yelp Inc.

YELP 31%

$106

$344

78%

55%

$2,909

Meta Platforms Inc. Class A

META 47%

$36,965

$78,129

717%

137%

$634,547

Scholastic Corp.

SCHL 54%

$108

$201

319%

12%

$1,314

Electronic Arts Inc.

EA 73%

$1,951

$2,678

605%

-2%

$32,425

World Wrestling Entertainment Inc. Class A

WWE 93%

$415

$448

479%

66%

$9,455

Activision Blizzard Inc.

ATVI 93%

$3,612

$3,891

2159%

21%

$72,118

Source: FactSet

New York Times Co.
NYT
takes the prize, with no debt.

Wall Street’s favorite media companies

Starting again with the 52 companies in the sector, 46 are covered by at least five analysts polled by FactSet. Among these companies, 12 are rated “buy” or the equivalent by at least 70% of the analysts:

Company

Ticker

Share “buy” ratings

Aug. 25 price

Consensus price target

Implied 12-month upside potential

Thryv Holdings Inc.

THRY 100%

$21.11

$35.50

68%

T-Mobile US Inc.

TMUS 90%

$133.35

$174.96

31%

Nexstar Media Group Inc.

NXST 90%

$157.08

$212.56

35%

Meta Platforms Inc. Class A

META 88%

$285.50

$375.27

31%

Cars.com Inc.

CARS 86%

$18.85

$23.79

26%

Alphabet Inc. Class A

GOOGL 82%

$129.88

$150.04

16%

Iridium Communications Inc.

IRDM 80%

$47.80

$66.00

38%

News Corp. Class A

NWSA 78%

$20.74

$26.42

27%

Take-Two Interactive Software Inc.

TTWO 74%

$141.42

$155.96

10%

Live Nation Entertainment Inc.

LYV 74%

$84.79

$109.94

30%

Frontier Communications Parent Inc.

FYBR 73%

$15.24

$31.36

106%

Match Group Inc.

MTCH 70%

$43.79

$56.90

30%

Source: FactSet

News Corp.
NWSA
is the parent company of MarketWatch.

Finally, here are the debt figures for these 12 media companies favored by the analysts:

Company

Ticker

Debt/ est. EBIT

Total debt

Est. EBIT

Debt service ratio

Total return – 2023

Market cap. ($mil)

Thryv Holdings Inc.

THRY 227%

$433

$191

53%

11%

$730

T-Mobile US Inc.

TMUS 378%

$116,548

$30,838

32%

-5%

$156,881

Nexstar Media Group Inc.

NXST 358%

$7,183

$2,009

63%

-8%

$5,511

Meta Platforms Inc. Class A

META 47%

$36,965

$78,129

717%

137%

$634,547

Cars.com Inc.

CARS 223%

$451

$202

41%

37%

$1,253

Alphabet Inc. Class A

GOOGL 22%

$29,432

$133,096

711%

47%

$1,528,711

Iridium Communications Inc.

IRDM 306%

$1,481

$483

54%

-7%

$5,977

News Corp. Class A

NWSA 261%

$4,207

$1,611

109%

15%

$11,940

Take-Two Interactive Software Inc.

TTWO 272%

$3,492

$1,283

-40%

36%

$24,017

Live Nation Entertainment Inc.

LYV 466%

$8,413

$1,805

135%

22%

$19,515

Frontier Communications Parent Inc.

FYBR 453%

$9,844

$2,173

85%

-40%

$3,745

Match Group Inc.

MTCH 287%

$3,839

$1,337

540%

6%

$12,177

Source: FactSet

In case you are wondering about how the analysts feel about debt-free New York Times, it appears the analysts believe the shares are fairly priced at $42.60. Among eight analysts polled by FactSet, three rated NYT a buy, while the rest had neutral ratings. The consensus price target was $43.93. The stock trades at a forward price-to-earnings ratio of 27.7, which is high when compared with the forward P/E of 21.7 for the S&P 500
.

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Here’s everything coming to Amazon’s Prime Video in September 2023

Amazon’s Prime Video has high hopes for its September lineup, which includes the return of “The Wheel of Time” and a spinoff of “The Boys.”

After a two-year layoff, Season 2 of the sprawling fantasy epic “The Wheel of Time” (Sept. 1) picks up with Moraine (Rosamund Pike) and Rand (Josha Stradowski) now scattered and forced to regroup as the Dark One turns out to be far from defeated. Season 1 was one of Prime’s most-watched series ever, and Season 2 will reportedly be darker and more action-packed, spanning the second and third books of Robert Jordan’s series.

The end of the month will bring the premiere of “Gen V” (Sept. 27), set in “The Boys” universe and following a group of students with extraordinary abilities at a prestigious — and extremely competitive — college for superheroes-to-be. It looks every bit as depraved and violent as the massively popular “The Boys,” for better or worse.

Also see: What’s coming in September to Netflix | Hulu

Amazon’s
AMZN,
+1.08%

streaming service also has “Kelce” (Sept. 12), a feature documentary about Philadelphia Eagles All-Pro center Jason Kelce’s 2022-’23 season, which will serve as a prelude to the return of NFL Thursday Night Football (Sept. 14), which kicks off with the Eagles against the Minnesota Vikings.

Here’s the complete list of what else is coming to Prime Video in September (release dates are subject to change):

What’s coming to Prime Video in September 2023

Sept. 1

Spin City S1-6 (1997)
The Wheel of Time Season 2
10 Things I Hate About You (1999)
2001: A Space Odyssey (1970)
21 Grams (2004)
23:59 (2011)
A Bullet for Pretty Boy (1970)
A Force of One (1979)
A Man Called Sarge (1990)
A Matter of Time (1976)
A Rage to Live (1965)
Abbott and Costello Meet Frankenstein (1948)
After Midnight (1989)
Alakazam the Great (1961)
Alex Cross (2012)
All About My Mother (2000)
Amazons of Rome (1963)
American Ninja (1985)
American Ninja 2: The Confrontation (1987)
American Ninja 3: Blood Hunt (1989)
American Ninja 4: The Annihilation (1991)
Anaconda (1997)
And Your Name Is Jonah (1979)
Angel Eyes (2001)
Apartment 143 (2012)
April Morning (1988)
Arabian Nights (2000)
Are You in the House Alone? (2022)
Army of Darkness (1993)
As Above, So Below (2014)
Back to School (1986)
Bad Education (2020)
Bad News Bears (2005)
Bailout at 43,000 (1957)
Balls Out (2015)
Beer (1985)
Behind the Mask (1999)
Belly of an Architect (1990)
Berlin Tunnel 21 (1981)
Bewitched (2005)
Billion Dollar Brain (1967)
Blow (2001)
Body Slam (1987)
Born to Race (2011)
Bowling for Columbine (2002)
Boy of the Streets (1937)
Breakdown (1997)
Brides of Dracula (1960)
Brigadoon (1954)
Broken Embraces (2010)
Buster (1988)
Calendar Girl Murders (1984)
California Dreaming (1979)
Campus Rhythm (1943)
Captain Kidd and the Slave Girl (1954)
Carpool (1996)
Carry on Columbus (1992)
Carve Her Name With Pride (1958)
Chasing Papi (2003)
Cheerleaders Beach Party (1978)
Children of Men (2007)
Child’s Play (2019)
China Doll (1958)
Chrome and Hot Leather (1971)
Cocaine: One Man’s Seduction (1983)
Committed (2000)
Conan the Barbarian (2011)
Condor (1986)
Confidence Girl (1952)
Courage Mountain (1990)
Crossplot (1969)
Curse of the Swamp Creature (1966)
Curse of the Undead (1959)
Cycle Savages (1969)
Dagmar’s Hot Pants, Inc. (1971)
Damned River (1989)
Dancers (1987)
Danger in Paradise (1977)
Dangerous Love (1988)
Deep Blue Sea (1999)
Defiance (2009)
Deja Vu (2006)
Desert Sands (1955)
Desperado (1995)
Detective Kitty O’Day (1944)
Detective School Dropouts (1986)
Devil (2010)
Devil’s Eight (1969)
Diary of a Bachelor (1964)
Dogs (1977)
Don’t Worry, We’ll Think of a Title (1966)
Double Trouble (1992)
Down the Drain (1990)
Dr. Heckyl and Mr. Hype (1980)
Dracula (1931)
Drag Me to Hell (2009)
Driving Miss Daisy (1990)
Dust 2 Glory (2017)
Edge of Darkness (2010)
Eight Men Out (1988)
Eight on the Lam (1967)
Electra Glide in Blue (1973)
Elephant Tales (2006)
Europa Report (2013)
Evil Dead (2013)
Explosive Generation (1961)
Extraction (2015)
Face/Off (1997)
Fanboys (2009)
Fashion Model (1945)
Fatal Charm (1978)
Fearless Frank (1969)
Finders Keepers (2014)
Flight That Disappeared (1961)
Flight to Hong Kong (1956)
Fools Rush In (1997)
For the Love of Aaron (1994)
For the Love of It (1980)
For Those Who Think Young (1964)
Four Weddings and a Funeral (1994)
From Hollywood to Deadwood (1989)
Frontera (2014)
Fury on Wheels (1971)
Gambit (1967)
Ghost Story (1981)
Gigli (2003)
Grace Quigley (1985)
Grievous Bodily Harm (1988)
Hangfire (1991)
Haunted House (2023)
Hawks (1989)
Hell Drivers (1958)
Here Comes the Devil (2012)
Hollywood Harry (1986)
Honeymoon Limited (1935)
Hostile Witness (1969)
Hot Under the Collar (1991)
Hotel Rwanda (2005)
Hugo (2011)
I Am Durán (2019)
I Saw the Devil (2010)
I’m So Excited! (2013)
Inconceivable (2017)
Innocent Lies (1995)
Intimate Strangers (2006)
Invisible Invaders (1959)
It Rains in My Village (1968)
Jarhead (2005)
Jeff, Who Lives at Home (2011)
Joyride (2022)
Juan of the Dead (2012)
Kalifornia (1993)
Khyber Patrol (1954)
La Bamba (1987)
Labou (2009)
Lady in a Corner (1989)
Ladybird, Ladybird (1995)
Legally Blonde 2: Red, White and Blonde (2003)
Legend of Johnny Lingo (2003)
Little Dorrit (Part 1) (1988)
Little Dorrit (Part 2) (1988)
Little Sweetheart (1989)
Lost Battalion (1960)
Mama (2013)
Mandrill (2009)
Masters of the Universe (1987)
Matchless (1967)
Meeting at Midnight (1944)
Men’s Club (1986)
Mfkz (2018)
Midnight in the Switchgrass (2021)
Miss All American Beauty (1982)
Mission of the Shark (1991)
Mixed Company (1974)
Mystery Liner (1934)
National Lampoon’s Movie Madness (1983)
New York Minute (2004)
Nicholas Nickleby (2002)
Night Creatures (1962)
No (2012)
Observe and Report (2009)
Octavia (1984)
October Sky (1999)
Of Mice and Men (1992)
One Man’s Way (1964)
One Summer Love (1976)
Operation Atlantis (1965)
Overkill (1996)
Panga (1990)
Passport to Terror (1989)
Phaedra (1962)
Play Misty for Me (1971)
Portrait of a Stripper (1979)
Powaqqatsi (1988)
Predator: The Quietus (1988)
Private Investigations (1987)
Prophecy (1979)
Pulse (2006)
Quinceanera (1960)
Raiders of the Seven Seas (1953)
Red Dawn (1984)
Red Eye (2005)
Red Riding Hood (1988)
Red River (1948)
Reform School Girls (1969)
Riddick (2013)
Riot in Juvenile Prison (1959)
River of Death (1989)
Rocky (1976)
Rocky II (1979)
Rose Garden (1989)
Roxanne (1987)
Rumble Fish (1983)
Runaway Train (1985)
Running Scared (2006)
Safari 3000 (1982)
Season of Fear (1989)
Secret Window (2004)
Sense and Sensibility (1996)
Sergeant Deadhead (1965)
Seven Hours to Judgment (1988)
Sharks’ Treasure (1975)
She’s Out of My League (2010)
She’s the One (1996)
Sin Nombre (2009)
Sinister (2012)
Slamdance (1987)
Snitch (2013)
Son of Dracula (1943)
Space Probe Taurus (1965)
Spanglish (2004)
Spell (1977)
Stardust (2007)
Step Up (2006)
Sticky Fingers (1988)
Stigmata (1999)
Sugar (2009)
Summer Rental (1985)
Surrender (1987)
Sword of the Valiant (1984)
Tangerine (2015)
Tenth Man (1988)
The Adventures of Gerard (1978)
The Adventures of the American Rabbit (1986)
The Assisi Underground (1986)
The Bad News Bears (1976)
The Beast with a Million Eyes (1955)
The Birdcage (1996)
The Black Dahlia (2006)
The Black Tent (1957)
The Bourne Identity (2002)
The Bourne Legacy (2012)
The Bourne Supremacy (2004)
The Break-Up (2006)
The Cat Burglar (1961)
The Chronicles of Riddick (2004)
The Clown and the Kid (1961)
The Diary of a High School Bride (1959)
The Dictator (2012)
The Evictors (1979)
The Fake (1953)
The Family Stone (2005)
The Final Alliance (1990)
The Finest Hour (1991)
The Frog Prince (1988)
The Ghost in the Invisible Bikini (1966)
The Incredible 2-Headed Transplant (1971)
The Invisible Man (1933)
The Jewel of the Nile (1985)
The Late Great Planet Earth (1979)
The Legend of Zorro (2005)
The Little Vampire (2017)
The Living Ghost (1942)
The Locusts (1997)
The Machinist (2004)
The Manchu Eagle Murder Caper Mystery (1975)
The Manchurian Candidate (1962)
The Mask of Zorro (1998)
The Mighty Quinn (1989)
The Misfits (1961)
The Motorcycle Diaries (2004)
The Mouse on the Moon (1963)
The Mummy (1932)
The Naked Cage (1986)
The Night They Raided Minsky’s (1968)
The Possession (2012)
The Prince (2014)
The Program (1993)
The Ring (2002)
The Sacrament (2014)
The Savage Wild (1970)
The Secret in Their Eyes (2010)
The Sharkfighters (1956)
The Sisterhood of the Traveling Pants (2005)
The Spiderwick Chronicles (2008)
The Sum of All Fears (2002)
The Winds of Kitty Hawk (1978)
The Wolf Man (1941)
The Young Savages (1961)
Three Came To Kill (1960)
Three Kinds of Heat (1987)
Through Naked Eyes (1983)
Time Limit (1957)
To Catch a Thief (1955)
Tough Guys Don’t Dance (1987)
Track of Thunder (1967)
Transformations (1991)
Transporter 3 (2008)
Trollhunter (2011)
True Heart (1996)
Underground (1970)
Unholy Rollers (1972)
Unsettled Land (1989)
V/H/S (2012)
War, Italian Style (1967)
Warriors Five (1962)
We Still Kill the Old Way (1968)
When a Stranger Calls (2006)
Where the Buffalo Roam (1980)
Where the River Runs Black (1986)
Wild Bill (1995)
Wild Racers (1968)
Wild Things (1998)
Windows (1980)
Woman of Straw (1964)
Young Racers (1963)
Zack and Miri Make a Porno (2008)

Sept. 5
One Shot: Overtime Elite

Sept. 7
Single Moms Club (2014)

Sept. 8
Sitting in Bars with Cake

Sept. 12
Inside (2023)
Kelce

Sept. 14
Thursday Night Football

Sept. 15
A Million Miles Away

Wilderness

Written in the Stars

Sept. 19
A Thousand and One (2023)

Sept. 22
Cassandro (2023)

Guy Ritchie’s The Covenant (2023)

Sept. 26
The Fake Sheikh

Sept. 29
Gen V

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Meet Westminster’s attack dogs

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LONDON — The next U.K. general election is likely more than a year away, but Westminster’s political attack dogs are already flexing their muscles and entering the fray.

Strategists from both main U.K. parties have spent the quiet summer months briefing that the “gloves are coming off” in their approach to their opponents and they are ready to start aggressively throwing political punches in the pre-campaign phony war.

Here is POLITICO’s guide to some of the key people — both on camera and behind-the-scenes — masterminding, and hoping to land, lasting blows on their opponents. 

In the blue corner

Alex Wild: The Conservative Party director of communications is one of the more experienced media strategists in today’s Tory Party. He cut his teeth at the Taxpayers’ Alliance — a Westminster campaign group which digs out examples of reckless government spending, feeding them to scoop-hungry hacks. He joined Conservative Campaign Headquarters (CCHQ) during Boris Johnson’s 2019 election campaign, and was rewarded with adviser — or SpAD — jobs in Johnson’s new government, first in the Home Office and then the Ministry of Justice. Having survived the thankless task of being interim press secretary to Liz Truss during her short tenure as PM, playing attack rather than defense back in CCHQ will be a welcome change. He is running day-to-day operations, but in close contact with Prime Minister Rishi Sunak’s election strategist Isaac Levido.

Marcus Natale: At Wild’s side is Marcus Natale, a former special adviser to Truss’ even shorter-lived Chancellor Kwasi Kwarteng. Natale, who is currently director of the Conservative Research Department, is a party man like Wild. He headed up CCHQ’s briefing operation during the Theresa May years before making it into No. 10 Downing Street as an adviser to Boris Johnson. He took a job advising Kwarteng in the business and energy department in August 2021, before heading to the Treasury with his boss when he became chancellor for 38 days under Truss. The CRD has long been seen as a key training ground for leading Conservative politicians, with ex-Chancellor George Osborne, former Prime Minister David Cameron and current Deputy Prime Minister Oliver Dowden among its alumni. Mastermind a decent blow on your opponents from there, and a successful political career could await.

Kemi Badenoch: The business and trade secretary has won a place in grassroots Tories’ hearts and minds for being unafraid to call it as she sees it — particularly when it comes to so-called “wokery.” The right of the party was heartened by her punchy performance in the first Tory leadership contest last year, seeing her as a difficult nut for Labour to crack. Since then, she’s been tied up by a weighty Cabinet brief and sniping from the Brexiteers’ European Research Group — and is not universally trusted in No. 10. But she remains one of the Cabinet’s most impressive media performers, and could resurface if Sunak’s team deign to get her back on the airwaves in the run-up to the election.

Lee Anderson: The blunt-speaking former coal miner is the ying to the yang of mega-rich ex-banker Rishi Sunak. The Tory deputy chairman is not afraid to court controversy, winning the moniker “30p Lee” after arguing food bank users did not understand how to budget and that meals can easily be cooked from scratch for “about 30 pence a day.” This week he hogged headlines for saying unhappy asylum seekers should “fuck off back to France” — the type of sentiment which some Tory strategists think could appeal to a certain part of the electorate, but that few Cabinet ministers would be willing to put their names to. Anderson attracts more media attention than his boss, the Tory Party Chair Greg Hands, who is amusing (himself at least) with a series of posts with the infamous “there’s no money left” letter written by a Labour minister back in 2010. There is now even an X/Twitter account dedicated to keeping track of every Hands tweet featuring the infamous correspondence.

Richard Holden: Holden is a CCHQ man through and through, having served as the party’s deputy head of press during the latter David Cameron years. He would have seen at close quarters the crack operation which allowed the Tories to win a surprise majority in 2015. Now an MP and transport minister, Holden still relishes a fight. He led the charge in the so-called “beergate” attack on Labour leader Keir Starmer last year, attempting to distract from then-Prime Minister Boris Johnson’s own “partygate” woes. Holden repeatedly called for a police investigation into footage of Starmer drinking a bottle of beer over a takeaway curry while working late during a COVID-19 lockdown. Holden is being tipped for promotion in Sunak’s next reshuffle. 

Johnny Mercer: Despite his reputation as a loose cannon, Mercer is regarded as an effective communicator “when pointed in the right direction,” as one colleague puts it. The defense minister’s recent attack on newly elected 25-year-old Labour MP Keir Mather, as an “Inbetweener” — referencing a popular British TV comedy about teenage boys — attracted opprobrium across the political spectrum, but some hardier Tories applauded it as healthy sparring. It certainly cut through with the media, as most things Mercer touches tend to do. He will continue to make headlines in the run-up to the election, with or without Downing Street’s sanction.

In the red corner

Paul Ovenden: Ovenden, a former Sunday Telegraph journalist, is the Labour Party’s director of attack and rebuttal. He heads the team of Labour researchers placing attack stories in national outlets, and helps cook up punchy one-liners for shadow ministers to deploy on the airwaves.  He is also responsible for the party’s attention-grabbing digital ads, which have generated significant attention … and significant controversy. 

Wes Streeting: Expect to see a lot more of Streeting in the run up to the election. Long touted as a future leader — although seen as too right-wing by the Labour Left — he is one of the shadow Cabinet’s most confident and combative media performers. While some of his colleagues were a little squeamish about recent online adverts claiming Rishi Sunak does not believe people who sexually abuse children should be sent to prison, the shadow health secretary said the party was correct “to take the gloves off” while campaigning, and promised there would be more to come.

Steve Reed: An unapologetic populist who will be keen to talk about the Conservatives’ record on law and order. The shadow justice secretary has helped drive Labour’s tack towards a “tough on crime” message which takes the fight to the Tories in one of the ruling party’s traditional areas of strength. He was widely named as one of the brains behind that notorious attack ad, and is among the party’s most direct Twitter critics of Sunak. 

Angela Rayner: Starmer’s deputy is known for her plain talking and pugnacious style, which she has deployed to good effect when filling in at prime minister’s questions. The chatter in Westminster is that Rayner — who also holds the employment rights brief — could be in line for demotion at the next reshuffle as her media appearances dwindle. Yet it would come as a shock if the party opted not to deploy her more visibly in the run-up to the next election, particularly as they seek to regain lost territory in her native north of England. 

Shabana Mahmood: Labour’s campaign coordinator may not be a household name, but she’s an effective operator who’s well-liked across the party and does not shirk from hard-hitting and aggressive attacks. She’s put in the hard yards overseeing multiple by-elections over the past two years, and will be rallying the troops ahead of the big one next year.

Amber warning

Christine Jardine: Famed for their mild manners, the Lib Dems have never had a huge pool of attack dogs to draw from. But Jardine, the Edinburgh West MP, is seen as one of the party’s key media performers. As a Scottish MP she is as focused on turning her fire on the SNP north of the border as she is on the Conservatives down south, with Scotland set to be a key battleground for the Lib Dems at the next election.

Dave McCobb: The Lib Dems will also be sparring with the Labour Party in several seats and McCobb, the party’s director of field campaigns, has expertise in such turf wars as a local councilor in Hull. McCobb organizes the team pulling together the party’s famed mountain of election leaflets, which notoriously get under the skin of their opponents via the occasional dodgy graph.

Nat attack

Stephen Flynn: For the first time since their 2015 landslide, the SNP’s dominance of Scottish politics is threatened — by a resurgent Scottish Labour Party looking to win back swathes of SNP Westminster seats. With that threat at the front of their minds, Scottish nationalists these days largely train their fire on Keir Starmer’s party rather than bothering with the distant Tories of England and Wales. Westminster chief Flynn has led SNP attacks on the opposition that seek to exploit Labour U-turns and portray Starmer as right-wing. With Flynn’s influence in the party growing, the SNP’s national leader and first minister Humza Yousaf has largely left it to the Westminster leader’s team to set the tone of attacks on Labour.

David Linden: Keenly involved in these efforts is the party’s social justice spokesperson at Westminster, who would likely lose his Glasgow seat in the event of any Labour surge. Linden has become a regular presence on the airwaves and represented the SNP on the BBC’s flagship Question Time program earlier this summer. He is also close to Flynn, and recently came up with a stunt that saw Flynn’s office distribute mugs slamming a Starmer welfare policy to Westminster’s lobby corps.



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Lukas Gage’s viral video audition haunts the ‘hot labor summer’ actors’ strike sweeping Hollywood

In November 2020, the actor Lukas Gage was auditioning for a role via video link when he heard the producer make some disparaging remarks about the size of his apartment. 

“These poor people who live in these tiny apartments,” the producer said. “I’m looking at his background and he’s got his TV and …”

Gage, who at that time had had a four-episode arc on HBO’s “Euphoria” among other small roles, interrupted the producer — British director Tristram Shapeero, who later apologized for his remarks — to let him know that he was not muted and that Gage could, in fact, hear him. 

“Yeah, I know it’s a sh—y apartment,” Gage said. “That’s why — give me this job so I can get a better one.”

Shapeero replied, “Oh my god, I am so, so sorry … I am absolutely mortified.”

Putting together an audition tape can often take up an entire day and involve setting up a studio space for sound and lighting.

“Listen, I’m living in a four-by-four box, just give me the job and we’ll be fine,” Gage responded. 

Gage kept his sense of humor, but he also decided to post the video on his Twitter account to show how actors are sometimes treated from the moment they audition for a role — and perhaps to remind people to make sure you’re on mute if you’re trash-talking someone on a Zoom
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call.

It’s three years later, and members of the Writers Guild and Screen Actors Guild are on strike, looking for more pay, better working conditions and stricter rules around things like the use of actors’ images in the age of artificial intelligence and the lack of residuals from streaming networks. 

The perils of the online audition

Meanwhile, Gage’s 2020 online audition is resonating again. 

For a working actor — who, like the majority of SAG-AFTRA members who may not be an A-list star — simply getting in front of a producer as Gage did can be a long and difficult process. And since the start of the pandemic, the nature of auditions has changed dramatically. This has come to symbolize the uphill struggle actors face from the moment they hear about a role. 

In May, Ezra Knight, New York local president of SAG-AFTRA, asked members to authorize strike action, saying contracts needed to be renegotiated to reflect dramatic changes in the industry. Knight cited the need to address artificial intelligence, pay, benefits, reduced residuals in streaming and “unregulated and burdensome self-taped auditions.”

In the days of live auditions, actors would read for a role with a casting director. But several actors told MarketWatch that it’s become harder to make a living in recent years, and that it all starts with the audition tape, which has now become standard in the industry. 

By the time Gage got in front of producers, for instance, he had likely either already delivered a tape and was put on a shortlist to read in front of a producer, or the casting director was already familiar with his work and wanted him to read for the part. 

But an audition tape can often take up an entire day to put together, actors say. When the opportunity to audition arrives, actors typically have to drop everything they’re doing — whether they’re working a side hustle or taking time off or even enjoying a vacation.

Cadden Jones: “All the financial responsibilities have fallen on us. The onus is on us to create our auditions.”


Cadden Jones

They need to arrange good lighting and a clean backdrop — Gage’s TV set became a distraction for the producer during his audition — set up the camera, and scramble to find a “reader” — someone to read the other roles in the scene, preferably another actor. 

Then the actor has to edit the audition to highlight their strongest take and upload it. There are currently no regulations on the amount of pages a casting director can send to a candidate, and actors say there’s often not enough time to properly prepare.

“Unfortunately, it’s been going in this direction for some time now,” said Cadden Jones, an actor based in New York who has credits on shows including Showtime’s
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“Billions” and Amazon Prime’s
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+0.03%

“The Marvelous Mrs. Maisel.” 

“This was the first year I did not qualify for health insurance in decades,” she told MarketWatch. “I just started teaching.”

To put that into perspective: Members of SAG-AFTRA must earn $26,470 in a 12-month base period to qualify for health insurance. The median annual wage in the U.S. hovers at around $57,000, based on the weekly median as calculated by the Bureau of Labor Statistics.

Jones and her partner, Michael Schantz, an actor who works mostly in theater, are starting a communications consulting company to increase their income.

“Most if not all of my actor friends have had to supplement their income since the pandemic,” she said. “We’re in trouble as a community of actors who used to make a good living doing what we do. It’s not like any of us lost our talent overnight. I, for one, am very glad that we’re striking.”

But Jones said that, with the auditioning process taking place mostly online since the onset of the pandemic, casting agents — who work for producers — are able to see more people for a given role, making the competition for roles even more intense.

‘This was the first year I did not qualify for health insurance in decades.’


— Cadden Jones, an actor based in New York

“We don’t go into casting offices anymore,” Jones said. “All the financial responsibilities have fallen on us. The onus is on us to create our auditions. It’s harder to know what they want, and you don’t have the luxury to work with a casting director in a physical space to get adjustments, which was personally my favorite part of the process — that collaboration.”

She added: “Because the audition rate accelerated, the booking rate went down dramatically for everybody. But don’t get me wrong. Once the strike is officially over, I want all the auditions I can get.”

SAG-AFTRA has proposed rules and expectations to address some of the burden and costs actors bear when it comes to casting, including providing a minimum amount of time for actors to send in self-taped auditions; disclosing whether an offer has been made for the role or it has already been cast; and limiting the number of pages for a “first call” or first round of auditions.

Before the negotiations broke down with the actors’ union, the Alliance of Motion Picture and Television Producers, which represents over 350 television and production companies, said it offered SAG-AFTRA $1 billion in wage increases, pension and health contributions and residual increases as part of a range of proposals related to pay and working conditions.

Those proposals included limitations on requests for audition tapes, including page, time and technology requirements, as well as options for virtual or in-person auditions, AMPTP said. The producers’ group characterized their offer as “the most lucrative deal we have ever negotiated.”

Michael Schantz: “How does the broader culture value storytelling and the people who make stories?”


Michael Schantz

Jones said she doesn’t blame the casting directors. It’s up to the producers, she said, to be more mindful of how the changes in the industry since the advent of streaming, the decline in wages adjusted for inflation, and poor residuals from streaming services have taken a toll on working actors.

Bruce Faulk, who has been a member of SAG-AFTRA since 1992, said that for work on a one-off character part or a recurring role on a network show, he might receive a check for hundreds or even thousands of dollars in residuals. And — crucially — he knows how many times a particular show has aired. 

Residuals are fees paid to actors each time a TV show or film is broadcast on cable or network television. They are based on the size of the role and the budget of the production, among other things. For shows that air on streaming services, however, residuals are far harder to track. 

What’s more, residuals decline over time and can often amount to just a few cents per broadcast. 

Actor Kimiko Glenn, who appeared on episodes of Netflix’s
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“Orange Is the New Black,” recently shared a video on TikTok showing $27 in residuals from her work on that show.

Faulk sympathizes. “A lot of checks from HBO
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-1.37%

for ‘The Sopranos’ or ‘Gossip Girl’ I get are for $33,” he said. “I never know how many people watched me on ‘Gossip Girl’ in the three episodes I’m in. All we know is whatever the streaming services decided to announce as their subscriber numbers.”

Like Jones, Faulk said this will be the first year he won’t qualify for SAG-AFTRA health insurance, which covers him, his wife and his son. This is despite him having worked enough over the past 10 years to qualify for a pension when he turns 67. “Mine is up to $1,000 a month now,” he said, noting that the pension will keep increasing if he keeps getting acting work.

Schantz, who had a three-episode arc on NBC’s
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“The Blacklist” in addition to his other TV, film and theater credits, finds the recent shifts in the landscape for actors somewhat difficult to reconcile with the way people turned to TV and film during the loneliest days of the pandemic.

“One of the most concerning things I can think of right now is the conversation around value. How does the broader culture value storytelling and the people who make stories?” he said. “The arts always tend to fall to the wayside in many ways, but it was striking during the pandemic that so much of our attention went to watching movies and television. There’s obviously something inside of us that feels like we’re part of the human story.”

Actors battle other technology

While big companies like Disney
DIS,
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,
HBO, Apple
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-0.62%
,
Amazon and Netflix make millions of dollars from films and TV series that are watched again and again, Schantz said that actors are unable to make a living. “No one wants to go on strike,” he said. 

Those five companies have not responded to requests for comment from MarketWatch on these issues.

Since his audition tape went viral, Gage has booked regular work, and he found even greater fame when he went on to star in Season 1 of HBO’s “White Lotus.” In 2023, he will star in nine episodes of “You,” now streaming on Netflix, and in the latest season of FX’s “Fargo.” 

Earlier this year, he told the New York Times: “I had never judged my apartment until that day.” He added, “I remember having this weird feeling in the pit of my stomach afterward, like, why am I judging where I’m at in my 20s, at the beginning of my career?”

‘There’s enough Bruce out there where you could take my likeness and my voice and put me in the scene.’


— Bruce Falk, a member of SAG-AFTRA since 1992

But advances in technology are not just hurting actors in the audition process. A debate is raging over the use of AI and whether actors should be expected to sign away the rights to their image in perpetuity, especially when they might only be getting paid for half a day’s work.

“AI is the next big thing,” Falk said. The industry is concerned about companies taking actors’ likenesses and using AI to generate crowd scenes. 

“Even an actor at my level — that guy on that show — there’s enough Bruce out there where you could take my likeness and my voice and put me in the scene: the lieutenant who gives you the overview of what happened to the dead body,” he said. “At this point, I could be technically replaced. We have to get down on paper, in very clear terms, that that can’t be done.”

The Alliance of Motion Picture and Television Producers also said it agrees with SAG-AFTRA and had proposed — before the actors’ strike — “that use of a performer’s likeness to generate a new performance requires consent and compensation.” The AMPTP said that would mean no digital version of a performer should be created without the performer’s written consent and a description of the intended use in the film, and that later digital replicas without that performer’s consent would be prohibited.  

“Companies that are publicly traded obviously have a fiduciary responsibility to their shareholders, and whatever they can use, they will use it — and they are using AI,” Schantz said. “Yes, there are some immediate concerns. Whether or not the technology is advanced enough to fully replace actors is an open question, but some people think it’s an inevitability now.

“To let companies have free rein with these technologies is obviously creating a problem,” he added. “I can’t go show up, do a day’s work, have my performance be captured, and have that content create revenue for a company unless I’m being property compensated for it.”

Schantz said he believes there’s still time to address these technological issues before they become a widespread problem that makes all auditions — however cumbersome — obsolete. 

“We haven’t crossed this bridge as a society, but God only knows how far along they are in their plans,” he said. “All I know is it has to be a choice for the actors. There has to be a contract, and we have to be protected. Otherwise, actors will no longer be able to make a living doing this work.”



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France’s Murdoch? Right-wing media swoop threatens ‘pillar of French democracy’

The shock appointment of a far-right editor to run one of France’s best-known mainstream newspapers has sparked calls for urgent steps to protect the pluralism and independence of the French press, while underscoring a sharp rightwards shift of the country’s media landscape under billionaire Vincent Bolloré.

Since June 22, journalists at the Journal du Dimanche – known as the JDD – have voted daily to down tools in an unprecedented strike action that has kept France’s best-known Sunday paper off the shelves for the first time in its 75-year history.

The walkout by more than 95% of staff followed the appointment of Geoffroy Lejeune, the former editor-in-chief of a far-right magazine that was convicted of publishing racist hate speech under his tenure.

Lejeune, 34, was officially tapped by the JDD’s owner Arnaud Lagardère, though his nomination is widely seen as the work of billionaire Vincent Bolloré, France’s most dreaded corporate raider, whose takeover of the Lagardère Group won the conditional support of EU regulators in June.

Following the appointment, eight former editors of the JDD wrote a letter blasting a “provocation and proof that the far right is taking hold in the media”. They expressed outrage that the identity of the paper was being “erased” by Bolloré, who has a track record of gutting staff and overhauling the editorial line at the news outlets he has purchased in recent years.

Almost three weeks into the strike, the beleaguered newsroom has appealed to President Emmanuel Macron to take a stand, framing the tussle at the JDD as part of a wider battle for press freedom.

“When the JDD, the newspaper of temperance and balance, goes on strike, it means the situation is truly bleak,” they wrote in a letter to Macron on Saturday, pleading with the government not to let their paper “die in silence”.

They added: “Beyond the JDD, what is at stake is the independence of the press and the journalists who produce it – a pillar of democracy.”

‘Hateful attacks and fake news’

Staff at the JDD have described Lejeune’s appointment as a negation of the paper’s values of moderation and journalistic rigour, pointing to his close ties with far-right political figures and his record at the helm of the arch-conservative weekly Valeurs Actuelles.

“Under Geoffroy Lejeune, Valeurs Actuelles spread hateful attacks and fake news,” the paper’s union of journalists wrote in a statement at the start of the strike. “We refuse to let the JDD follow this path.”

Staff at the Journal du Dimanche stand outside the newspaper’s building in Paris on July 5, 2023, the 13th day of their strike. © Alain Jocard, AFP

In his press release announcing Lejeune’s appointment on June 23, Lagardère praised a “raw talent of French journalism (…) with a mission to embody journalistic excellence: namely facts, investigation and the duty to inform” – a description labelled an “oxymoron” by French daily Le Monde, which argued that the young editor had “taken radical opinion journalism to the extreme”.

During his time at Valeurs Actuelles, Lejeune boosted the weekly’s notoriety by pushing provocative headlines and caustic attacks on politicians and intellectuals. In 2021, the magazine was found guilty of racist hate speech after it published a fictional story and cartoons depicting a Black MP as a slave in chains.

The paper’s staples are immigration, crime, Islamism and the plight of white males. Its preferred targets include “woke” teachers, liberal elites and the likes of Jewish financier George Soros.

In the run up to last year’s presidential election, Lejeune endorsed the extreme-right candidate Eric Zemmour, formerly a star pundit at Bolloré’s television channels. He is also a close friend of Marion Maréchal, the niece of far-right leader Marine Le Pen, who ditched her aunt’s National Rally party last year to support Zemmour’s presidential run instead.

All of which makes him anathema to the JDD’s striking newsroom, which noted that Valeurs Actuelles’ own shareholders had described Lejeune as “too pro-Zemmour” upon firing him last month.

“Our newspaper has always strived to remain impartial and apolitical, offering a platform to both left and right,” said Bertrand Gréco, a JDD journalist for the past 26 years and a union representative.

“This nomination implies a radical change of editorial line,” Gréco added. “It means a newspaper recognised for its informative content will become an opinion paper – and one that spreads not just any opinion, since Lejeune is a champion of the far right.”

The Murdoch parallel

The JDD’s weekly sales of around 140,000 belie an outsize influence in a country where few newspapers top the 100,000 mark.

The title’s prime position as the only nationwide Sunday paper has long made it the go-to outlet for politicians eager to tout a new policy, bill or election run. It also makes it a prize catch for Bolloré, a corporate raider whose transport, media and advertising empire stretches across Europe and Africa.

A deeply conservative Catholic from Brittany, in western France, Bolloré has been gradually expanding his media assets to take in TV channels, the magazine Paris Match, radio station Europe 1 and latterly the JDD.

After acquiring news channel iTélé, part of the Canal+ group, he provoked a record strike of 31 days in 2016, got rid of most of the staff and turned it into a conservative platform that critics have dubbed “France’s Fox News”.

That platform, renamed CNews, “is no longer a news channel – it’s an opinion channel”, said Pauline Ades-Mevel, chief editor at the media freedom group Reporters Without Borders (RSF), who previously worked for iTéléShe described the turmoil at the JDD as an “aftershock of what has already happened at the other media organisations taken over by Bolloré.”

Read morePushing far-right agenda, French news networks shape election debate

Bolloré’s aggressive expansion into media has prompted comparisons with media mogul Rupert Murdoch, whose myriad news outlets in Australia, Britain and the United States have fundamentally altered the media and political landscapes of those countries.

Historian David Colon, a professor at Sciences-Po Paris who has written a book about Murdoch’s media empire, pointed to parallels between the tycoons’ respective holdings, most notably in the synergy between publishing houses, newspapers, radio stations and television networks.

“When it comes to media concentration, the key factor is not the number of titles you own or the size of their readership, but rather the diversity of the mediums,” he explained. “It’s this cross-ownership that allows you to set the agenda and rapidly influence public debate.”

In both cases, Colon pointed to a clear intent to push the debate in a socially conservative direction. Unlike Bolloré, however, Murdoch “would never allow his personal convictions to take precedence over the commercial success of his ventures”, Colon cautioned – whereas the losses posted by the French tycoon’s media assets suggest their motive is primarily ideological.

‘Concerns us all’

The tycoon’s purported ideological objectives have prompted mounting alarm among academics, politicians and other public figures, many of whom have voiced support for the strike action at France’s flagship Sunday paper.

“For the first time in France since the (post-war) liberation, a large national media will be run by a far-right personality. This is a dangerous precedent which concerns us all,” said an open-letter to Le Monde signed by hundreds of figures including actor Mathieu Amalric, writer Leïla Slimani, rapper and producer JoeyStarr and Paris mayor Anne Hidalgo.

Lejeune’s appointment “heralds the kind of forced transformation that Bolloré is accustomed to”, the letter added, citing the “brutal measures” enacted at his other media assets.

Another op-ed, signed by Nobel literature laureate Annie Ernaux and a host of prominent academics, urged legislators to put in place a legal framework that ensures “journalists are able to work independently – and, in particular, independently of the wishes of their shareholders”.

Alone among Macron’s ministers, Culture Minister Rima Abdul Malak voiced her concern at Lejeune’s nomination in a tweet posted shortly after his appointment, which prompted a flurry of racist slurs levelled at the French-Lebanese dual national.

“Legally speaking, the JDD can become what it wants, as long as it respects the law,” she wrote. “But for our Republic’s values, how can you not be alarmed?”


The fact that shareholders can “legally” impose their choice of editors is at the very heart of the problem, according to Daphné Ronfard of the media advocacy group Un Bout des Médias. She blamed a lax legal framework, the bulk of which dates back to 1986, for allowing the likes of Bolloré to concentrate media resources and dictate their will.

“We need a new framework that can limit concentration and guarantee the independence of journalists, which is crucial to democracy,” Ronfard explained. “Editorial content should not be shaped by shareholders with political motives – which, in Bolloré’s case, are all too obvious.”

Her association has come up with a series of proposals designed to ensure journalists have their say on the appointment of editors, which it hopes to push once the government convenes long-awaited consultations on freedom of information in France – a pledge from Macron’s re-election campaign last year.

Pandora’s box

In the run-up to the 2022 presidential race, the French Senate played host to a circus of billionaires appearing in turn to deny the obvious: that ownership of France’s main private media outlets buys them influence and protects their interests.

Bolloré was the first to testify before a parliamentary committee tasked with investigating concentration in the media. True to form, he struck a faux-naïf tone as he belittled his television assets and denied any political motive behind his multiple purchases in the media.

“I have no power to appoint people to these channels,” he swore when quizzed about his role in the many resignations and high-profile firings that rattled the Canal+ media group following his takeover in 2015. He added: “Some journalists have left, others have returned. It’s like the ocean tide, back home in Brittany.”

Regarding CNews and its rolling coverage of Zemmour’s presidential run, Bolloré flatly denied it pursued any “ideological agenda”.

Eric Zemmour, a far-right pundit and former presidential candidate, dominated media coverage in the run-up to the 2022 campaign.
Eric Zemmour, a far-right pundit and former presidential candidate, dominated media coverage in the run-up to the 2022 campaign. © Thomas Samson, AFP

Much like Valeurs Actuelles, CNews has positioned itself as a straight-talking alternative to mainstream media stifled by political correctness, claiming to serve the French public what it really wants: stories on crime, immigration and Islam. Critics, however, say the channel has repeatedly violated the terms of a licensing agreement that applies to France’s four free-to-air news networks, requiring them to provide balanced coverage.

Zemmour’s sulphurous statements have resulted in multiple convictions for inciting hate speech and repeatedly landed CNews in hot water. In 2021, France’s broadcast regulator fined CNews €200,000 for speech inciting racial hatred after Zemmour branded child migrants “thieves, murderers and rapists”. Arcom, the regulator, has also admonished the network for failing to ensure political balance in its broadcasting.

The punishment amounted to too little too late, according to former Arcom member Joseph Daniel, who argued in a scathing op-ed that the regulator had repeatedly missed opportunities to flag and sanction the network’s failure to respect public broadcasting rules.

By allowing CNews to become an “opinion channel”, Daniel wrote at the time, “(Arcom) opened a dangerous pandora’s box for news networks that are freely available to the public and constitute a key element of our democracy.”

‘Hurting democracy’

Arcom’s failure to crack down hard on CNews mirrors a wider complacency by French authorities regarding media regulations, said Sciences-Po’s Colon, who voiced dismay at the government’s reluctance to wade into the battle for the JDD.

He pointed to a French specificity in the provision of public subsidies for newspapers, a long-established tradition intended to safeguard the democratic role of a vibrant press. Those subsidies, he argued, give the French state a certain leverage to ensure press freedom is preserved.

“The state would be perfectly entitled to make public subsidies conditional on compliance with a certain number of basic principles of journalistic ethics and deontology,” he explained, adding that shareholders “should not be allowed to impose an editor who is rejected by 97% of staff”.

“We’re talking about public money: Should it be used to serve the political whims of a billionaire or to defend quality journalism in the service of the general interest?” he asked. “The answer to that question is of fundamental importance to our democracy.”

On Sunday, Macron’s Education Minister Pap Ndiaye stepped into the fray by stating his support for the JDD strikers and arguing that a “manifest far-right bias” at CNews was “hurting democracy”. That in turn triggered a barrage of criticism from the right and far-right, which accused the minister of undermining media pluralism and being out of touch with a public that has itself shifted to the right.

The latter argument is missing the point of the dispute roiling the Journal du Dimanche, said Ades-Mevel of Reporters Without Borders.

“Of course all political stripes should be represented in the media, but that is not what Bolloré is up to. He is taking over mainstream publications to use them as channels for his agenda,” she explained.

“We’re not arguing that the far right is not entitled to a newspaper,” added the JDD’s Gréco. “What we’re saying is that they shouldn’t come grab an existing paper that has its own history, journalists and values.”



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