Eldridge and MRC Announce Separation of Media Assets – Eldridge and MRC announced that they have completed the separation of combined media assets.
MRC, led by founders and co-CEOs Modi Wiczyk and Asif Satchu, will retain and control its existing operations as the leading independent studio, with three distinct divisions – Film, Television and Non-Fiction. MRC will also retain its stakes in Civic Center Media and T-Street.
Eldridge will retain dick clark productions, investments in A24, Fulwell 73, Sugar 23, and Luminate, as well as the Penske Media Corporation, which includes The Hollywood Reporter, Variety, Billboard, Rolling Stone, Vibe, Music Business Worldwide, Life is Beautiful, and the investment in South by Southwest. Eldridge will also remain as a significant minority shareholder in MRC.
Audacy Reports Second Quarter Results – David J. Field, Chairman, President and Chief Executive Officer, stated: “After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%.”
Recent developments at the company include:
- A Reimagined Digital Platform – Audacy launched enchancements to its app and website on July 19. As part of this first release, Audacy added enhancements to its patented Rewind technology, curated discovery of content, a redesigned website and seamless cross-device experience and enriched podcast listening.
- BetMGM Partnership Expansion – BetMGM became the official sportsbook of the BetQL Network, Audacy’s network of sports betting content heard across its broadcast portfolio and digital platforms.
- CBS Sports Deal – Audacy will be the exclusive, multi-year, ad sales and distribution partner for CBS Sports’ leading network of sports podcasts.
Cinemark Holdings, Inc. Reports Second Quarter 2022 Results – Cinemark Holdings, Inc.’s total revenues for the three months ended June 30, 2022 increased 152.6% to $744.1 million compared with $294.6 million for the three months ended June 30, 2021. For a portion of the three months ended June 30, 2021, some of the Company’s theatres were closed and there was limited new film content available for the theatres that had reopened. For the three months ended June 30, 2022, admissions revenue was $381.9 million and concession revenue was $286.0 million, driven by attendance of 52.0 million patrons. Average ticket price was $7.34 and concession revenue per patron was $5.50.
Warner Bros. Discovery reveals plans for free streaming service – Warner Bros. Discovery, the media colossus formed this year by the fusion of the parent companies of HBO and Animal Planet, revealed the scope and strategy of its streaming ambitions for the first time, telling investors on Thursday it would offer free and paid services, with the goal of reaching 130 million paying subscribers by 2025.
David Zaslav, the company’s chief executive, said one new product would be a single paid subscription streaming service with programming now distributed on HBO Max and Discovery+. He also said the company would launch an unnamed free streaming service supported with advertising, hailing the new company’s “bouquet of owned content.” [NY Times]
Amazon Buying Roomba Maker iRobot for $1.7 Billion – Amazon agreed to pay $61 a share for iRobot in an all-cash deal. The price, which includes a small amount of debt, represents a 22% premium to iRobot’s closing price of $49.99 on Thursday.
IRobot introduced its Roomba vacuum in 2002 and has sold more than 40 million units since. The wireless, smart-vacuum learns and maps spaces to clean dust and messes. It is a staple of Amazon’s Prime Day shopping bonanza, having been a featured product for eight straight years. [WSJ]
Byron Allen’s Allen Media Group (AMG) is proud to announce that veteran academic, author, activist, and television host, Marc Lamont Hill, will join AMG’s Black news/entertainment media platform, theGrio (www.thegrio.com). – Hill will bring his unique perspectives on culture, politics, race, sports, and education to all of theGrio media platforms. Marc Lamont Hill is an award-winning journalist, author, scholar, commentator, and television host.
Members of Third Eye Blind Share First Car Memories – Mercury Insurance (NYSE: MCY) and Live Nation have partnered up again to help connect music fans with the artists they love through the creation of Mercury’s “My First Car” series, which provides an inside look at artists’ fond memories and firsts behind the wheel.
“There are some common experiences in life that can bridge the personal connection between artists and fans and one of them is owning your first car,” said Erik Thompson, Vice President and Chief Marketing Officer at Mercury Insurance. “We built the ‘My First Car’ series with that in mind. There are so many memories associated with owning your first car and we wanted to give artists the opportunity to share those stories with their audiences and the world.”
Third Eye Blind is among several artists participating in Mercury’s My First Car series.
AMC CEO Adam Aron joins CNBC’s ‘Squawk on the Street’ to break down the company’s second-quarter earning report and the company’s preferred stock dividend.
