Dow Gains 264, Nasdaq Jumps 245, S&P Climbs 60
Wall Street rallied again Tuesday to erase more of April’s losses. A weaker-than-expected report on U.S. business activity helped support the market, which remains in an awkward phase.
The Federal Trade Commission voted 3-2 Tuesday to ban noncompete agreements that prevent tens of millions of employees from working for competitors or starting a competing business after they leave a job.
The extension will keep him in charge of the trade association through 2029.
He moves across town from Nexstar’s KGET Bakersfield to oversee the Scripps ABC affiliate there.
The tech company told its corporate partners that the app “may include ads” in the future.
Streaming video might have made the turn from a go-go industry to a mature business, according to a new report from MoffettNathanson senior research analyst Michael Nathanson. Looking at data from HarrisX, Nathanson noted that streaming penetration dipped to 84% in the first quarter from 85% in the fourth quarter of 2023. “Whether this marks a new plateau or whether there is additional room for streaming to increase its penetration will be a key question for investors going forward,” Nathanson said.
Adam Sympson: Where We Are Headed And Why
We are in the midst of a shift in the media industry in which many companies are pursuing business models that have yet to be proven and may never pan out. As consumers shift to an on-demand approach to television viewing driven mostly by digital delivery of video, many of the biggest media companies, far bigger than Scripps and our peer-group broadcasters, have taken steps to break their content out of the exclusivity of existing bundles that have served the industry so well for the last 50 years.
Spotify Boosts Paid Subscribers In First Quarter, Beating Estimates
Spotify Technology, the audio streaming giant, reported Q1 results broadly in line with analyst forecasts as the company continued to add new features. Paid subscribers rose 14% year over year to 239 million, the company said Tuesday in a statement, in line with analysts’ estimates compiled by Bloomberg. Total active users, including those plans with advertising, grew to 615 million, compared with the 617.9 million forecast by analysts.
Paramount Global CEO Bob Bakish saw total compensation in 2023 of $31.3 million, compared with $32.0 million in 2022.
Nexstar Media Group is asking the Federal Communications Commission to cancel its order that WPIX New York be divested by Mission Broadcasting, claiming that the agreements under which Nexstar runs the station for Mission are legal and approved by the commission. Nexstar also wants a $1.2 million fine levied against it by the FCC canceled. Mission was also fined $612,395 as part of the commission’s Notice of Apparent Liability. “Through the NAL, the commission seeks to wield its enforcement authority in a myriad of improper ways,” Nexstar said in its response.
The enhanced AI-driven CTV channel uses MundoNow’s Hispanic first-party data to connect advertisers with inventory in a cookie-less world.
Dow Climbs 253, Nasdaq Jumps 169, S&P Adds 43
Wall Street climbed Monday to kick off a big week for earnings reports. The rally was widespread, and most stocks across Wall Street rose.
Technology company PubMatic is partnering with GroupM, the media investment group of WPP, to deliver cohort-based modeling capabilities for advertisers across multiple publishers, the companies say. The program uses a distributed AI model from Resolve, a Choreograph company.
John Malone has stepped down from his role as director emeritus on the Charter Communications board, citing concerns that his simultaneous presence on Warner Bros. Discovery’s board of directors violates the Clayton Act.
Jobs Posted To TVNewsCheck
Jobs posted to TVNewsCheck’s Media Job Center include an opening for a director of sales and an account executive, executive producer, meteorologist, weekend anchor, sales manager, senior newscast producer, digital video producer and reporter.
Skydance Media CEO David Ellison, son of billionaire Larry Ellison, has emerged as a strong contender to take over the iconic Paramount studios.
Waves of layoffs and policy shifts are forcing campaigns to change tactics, potentially transforming the 2024 election.
After juicing its subscriber base to 270 million with a password-sharing crackdown, execs want Wall Street to stop focusing on subs and to look at other metrics, like its revenue, operating income and engagement.
The opening of the studios in Shreveport will aide in “fostering talent, creating opportunities, and building a community that thrives through creativity and innovation.”
The new honor will recognize “Exemplary spirit and dedication” to the foundation’s mission. The inaugural award will be presented at next year’s Golden Mic dinner.
A preliminary injunction hearing for Fubo’s legal battle against Fox, Disney and Warner Bros. Discovery’s sports streaming joint venture has been set for Aug. 7 at 9:30 a.m. by the U.S. District Court for the Southern District of New York. The hearing will continue on Aug. 8 and Aug. 9, if necessary.
Writers Guild members at Sesame Workshop have reached a tentative deal with management to avoid a threatened strike. A ratification vote on the new five-year collective bargaining agreement will be held in the coming days. The writers had voted earlier to authorize a strike against the nonprofit organization, and picketing would have begun April 24 outside Sesame Workshop’s offices in New York City, had a deal not been struck.
Federal regulators on Friday announced a new plan designed to advance the interests of independent video programmers that have complained for years about restrictive contract terms demanded by pay TV distributors. FCC Chairwoman Jessica Rosenworcel said she launched the rulemaking in response to independent programmers that “continue to express concern about the challenges they have getting their programming on the channel lineup of cable and satellite television.”
Dow Climbs 211, Nasdaq Falls 319, S&P Drops 44
NEW YORK (AP) — The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week. […]
Nexstar Media Group said it does not intend to renew the affiliations of The CW stations owned by E.W. Scripps in seven markets. In two of those markets — Norfolk, Va., and Lafayette, La. — Nexstar-owned stations will become the new The CW affiliates, effective Sept. 1. “We have interest from other station groups in the five remaining markets and expect to make announcements about those affiliations soon,” Nexstar said in a statement.
Automotive year-to-date estimated national TV spending is down 9.1% year-over-year after falling another 1.9% in March. Household TV ad impressions of automotive ads is also down 11.4% in March and 9.4% year-over-year, according to iSpot.tv. National TV spending in March by automakers was $214 million compared to $218.2 million last March. Year-to-date estimated national TV spending was $699.1 million compared to $769 million for the same period in 2023.
David Zaslav saw his total compensation package last year jump by more than $10 million to $49.7 million in 2023 — with Warner Bros. Discovery awarding him a base salary of $3 million, plus $23 million in stock awards, and non-equity incentive plan compensation (a cash bonus) of $22 million. It’s the second rather princely CEO package in as many days in an industry known for them as Netflix yesterday unveiled a similarly sized package for co-CEO Ted Sarandos.