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US stocks closed sharply lower Friday on an incessant stream of bad news in financials and technology that bled over into the rest of the market.
I just reported on Disney earnings, and once again it's double digit earnings growth for the mouse house. Disney beat analyst expectations, reporting 42 cents a share, excluding a tax benefit. It was across-the-board growth: strong performance in the media networks--operating income in the division up 23 percent--driven by ESPN and the Disney Channel, especially overseas.
Walt Disney reported a higher quarterly profit that edged expectations by a penny, driven by its media networks and theme parks. Excluding one-time items, the entertainment company reported a profit of 42 cents a share, compared with 36 cents a share, a year earlier.
Stocks are striking a much-improved tone after Wednesday's high energy selloff, as investors await testimony this morning from Fed Chairman Ben Bernanke. Monthly chain store sales and some big earnings could also influence direction.
I'm here at the Media and Money conference, hosted by Nielsen and Dow Jones. Michael Eisner is speaking on the future of content, and about running his investment firm, the Tornante Company. But here's what else he said. He thinks the Hollywood writers are misguided and they shouldn't have gone out on strike: "This is a stupid strike."
The biggest names in media are at the Pierre Hotel in midtown Manhattan for private equity firm Quadrangle's 'Four Square' conference. The event is closed to the press but I got my hands on an agenda and am spending the afternoon outside the hotel.
Who says talk is cheap! For the first time in 20 years Hollywood screenwriters walked off their jobs over pay and royalties. Is there money to be made as media moguls go head to head with script gurus?
The Writers Guild contract expired at midnight--though there's no strike just yet, it is NOT looking good. The rhetoric last night was so angry and stubborn on both sides, I'm predicting a strike by mid-week next week. The WGA says the producers association "refused to continue to bargain until we agree that the hated DVD formula be extended to Internet downloads." HATED? Ouch.
U.S. film and television writers went on strike Monday, after last-minute talks aimed at averting the Writers Guild of America's first walkout in almost two decades collapsed.
A heroin pusher and a honey bee put some sting back into the movie business.
Stocks could be setting up for a bit of a bounce back but first investors need to decide just how radioactive the financial sector has become. Heading into the weekend, market rumors of lurking credit issues plagued bank and brokerage stocks.
CBS and Viacom report earnings Thursday and Friday, respectively, kicking off the season for Big Media.
If it's Halloween, it must be time for the "Saw" horror franchise to scare up the top spot at the North American box office.
The new vampire thriller "30 Days of Night" sucked the life out of its box office rivals, opening at No. 1 with estimated weekend sales of $16 million, according to studio estimates issued Sunday.
The Hollywood screen and TV writers have all cast their votes on whether or not to strike--the deadline was yesterday. And today, at about two or three pm pacific time, the WGA is expected to announce that they've gotten authorization to strike--a nice threat to have in their pocket when they go into the 11th day of negotiations with the Producers on Monday.
What's on the minds of today's chief executives? Here's a sampling of what CEOs are saying on CNBC.
Media companies including Viacom, Microsoft, News Corp.'s Fox and MySpace units and others have agreed to guidelines aimed at protecting copyrights online, a source familiar with the matter said on Thursday.
Disneyland's California Adventure was never a hit like the rest of the parks, largely because it lacked the draw of Disney's brands. Now a $1.1 billion overhaul aims to fix all that, starting by tapping into the power of Pixar with a "Cars World" theme, pegged to the successful digitally animated feature.
Google's biggest challenge for its online video site YouTube, is getting professionally-created content on board. That means having a serious anti-piracy plan. So, YouTube has finally unveiled its new filtering tools to find copyrighted material.
You may know Nielsen for its TV ratings, but the company also tracks all your entertainment consumption online. Today, Nielsen is announcing two new divisions--Nielsen Online and Nielsen Mobile--to give more detailed analysis of how people are spending their time and their money online and on their mobile phones.