白宫称尚未就电影关税做出最终决定。 据央视新闻客户端消息，当地时间5月5日，白宫表示，尚未就电影关税做出"最终"决定。 白宫发言人库什·德赛表示，尽管尚未做出最终决定，但政府正在探索所有方案以履行特朗普的指示。 当地时间5月4日，美国总统特朗普在社交媒体上发文称，他授权美国商务部和美国贸易代表立即启动程序，对所有在外国制作并进入美国的电影征收100%的关税， 希望"再次拥有美国制作的电影"。特朗普称，美国电影业正在迅速消亡，好莱坞正在被美国电影人和电影公司赴海外工作的趋势"摧毁"，这对美国构成"国家安全威 胁"。 受此影响，当地时间5月5日，美股流媒体股全线大跌，奈飞、华纳兄弟探索一度跌超4%，收盘跌幅有所收窄，奈飞、华纳兄弟探索收跌近2%，派拉蒙全球收跌超 1.5%，迪士尼收跌约0.4%。 对于特朗普表示将对进口电影征100%关税，《纽约时报》4日报道指出，关税措施可能适得其反，伤害美国本土电影，因为许多美国大型电影公司为了降低成本或 获得税收优惠，常常在海外拍摄或进行后期制作。新关税政策将导致这些公司面临更高成本，可能损害它们的全球竞争力。 好莱坞行业媒体报道说，近年不少美国电影公司前往英国、澳大利亚、加 ...

Core Viewpoint - Analysts expect Paramount Global-B (PARA) to report quarterly earnings of $0.30 per share, reflecting a year-over-year decline of 51.6%, with revenues projected at $7.1 billion, down 7.6% from the previous year [1]. Revenue Estimates - The consensus estimate for 'Revenues- TV Media' is $4.45 billion, indicating a decline of 14.9% year-over-year [4]. - 'Revenues- Filmed Entertainment' is estimated at $605.83 million, showing a slight increase of 0.1% from the prior year [4]. - 'Revenues- Direct-to-Consumer' is projected to reach $2.13 billion, reflecting a growth of 13.1% year-over-year [4]. - 'Revenues- Direct-to-Consumer- Advertising' is expected to be $538.94 million, up 3.6% from the previous year [5]. - 'Revenues- Filmed Entertainment- Licensing and Other' is forecasted at $475.92 million, indicating a 5.5% increase year-over-year [5]. - 'Revenues- TV Media- Advertising' is anticipated to be $1.87 billion, down 27.8% from the year-ago quarter [6]. - 'Revenues- TV Media- Affiliate and Subscription' is estimated at $1.85 billion, reflecting a decrease of 7.6% year-over-year [6]. - 'Revenues- TV Media- Licensing and Other' is projected to reach $747.77 million, indicating a year-over-year increase of 14.9% [7]. - 'Revenues- Direct-to-Consumer- Subscription' is expected to be $1.62 billion, showing a growth of 19.5% from the prior year [7]. - 'Revenues- Filmed Entertainment- Theatrical' is forecasted at $139.12 million, down 9.1% year-over-year [7]. - 'Revenues- Licensing and Other' is projected to be $1.23 billion, reflecting a 14% increase year-over-year [8]. Subscriber Estimates - Analysts estimate that 'Global Paramount Subscribers' will reach 77.50 million, compared to 71.2 million a year ago [8]. Stock Performance - Over the past month, Paramount Global-B shares have returned +3.3%, outperforming the Zacks S&P 500 composite's +0.4% change [8].

Core Viewpoint - President Trump proposed a 100% tariff on movies produced overseas, causing a decline in shares of major Hollywood studios and streaming services [1][6]. Group 1: Impact on Companies - Shares of Netflix fell more than 5%, Disney down more than 3%, Warner Bros. Discovery (WBD) down more than 3%, Paramount down more than 2%, and Comcast down less than 1% following the tariff announcement [6]. - The proposed tariff is seen as a national security threat by Trump, who authorized the Department of Commerce to impose this levy on foreign films [1][2]. Group 2: Production and International Relations - Hollywood studios often film overseas for tax benefits and to utilize international locations, raising questions about how the tariff will be implemented and its potential targets [2][4]. - Concerns exist regarding the impact of these duties on international relationships, as Hollywood relies heavily on global box office sales to recover high production costs [4].

Paramount Global-B (PARA) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on May 8, 2025, might help the stock move higher if these key numbers are better than e ...

Core Viewpoint - Paramount's board is preparing to negotiate a settlement regarding a lawsuit filed by Trump, who accuses CBS of deceptive editing in an interview with Kamala Harris, a competitor in the 2024 election [1] Group 1: Legal Context - Trump's lawsuit claims that CBS's "60 Minutes" program edited an interview with Kamala Harris in a misleading manner [1] - Legal experts believe the lawsuit is baseless and that CBS is likely to win if it goes to court [1] Group 2: Company Actions - Paramount has indicated readiness to settle the lawsuit, as discussed in a board meeting on April 18 [1] - The board outlined acceptable financial terms for a potential settlement, although the specific amount remains unclear [1]

Core Viewpoint - Hollywood has evolved from a geographical location to a global symbol of the film industry, facing significant challenges in recent years due to the pandemic and labor strikes, prompting major studios to seek new revenue streams and adapt their business models [1][5]. Group 1: Historical Context - Hollywood became the center of the American film industry by 1918, producing 80% of U.S. films [1]. - The consolidation of film studios led to the creation of the "Big Five" and "Little Three" production companies, which together produced 60% of the U.S. film output [2][3]. Group 2: Current Challenges - The pandemic severely impacted the film industry, and the 2023 writers' and actors' strikes have resulted in a shortage of new films for 2024 [5]. - Global box office revenue fell to $30 billion in 2022, a 7% decline from 2023, with U.S. and international markets down about 20% compared to pre-pandemic levels [5]. Group 3: Cost-Cutting Measures - Major studios are reducing production quantities and content spending, with U.S. TV production hours down 30% in 2022 [6]. - Disney plans to cut its content budget by $3.6 billion in fiscal 2024, while other studios like Universal and Warner Bros. are also reducing spending [6]. Group 4: Location Shifts - Rising production costs in California have led studios to relocate filming to states offering tax incentives, with usage of local studios dropping from 90% to 63% [6][7]. - Studios are also moving productions overseas to take advantage of lower costs and incentives, with Canada and the Czech Republic being popular choices [7]. Group 5: Diversification Strategies - Disney is significantly increasing investment in its experiential business, planning to spend $60 billion over the next decade on theme parks and cruises [9]. - Warner Bros. and Paramount are expanding their global experience divisions, including theme parks and hotels [10]. Group 6: Focus on Sports Content - The decline in film production has led studios to invest more in live sports, which attract large audiences and generate substantial advertising revenue [13][15]. - Disney allocates 40% of its content budget to sports programming, while Netflix has begun live streaming sports events [15].

Group 1 - Circana, Paramount, and iSpot announced a collaboration to provide "always-on" sales and conversion measurement for consumer packaged goods (CPG) advertisers starting in Q2 2025 [1][2] - This partnership aims to integrate real-time sales and conversion data across Paramount's portfolio, enhancing media transparency and precision for CPG advertisers [2][3] - Paramount becomes the first national television broadcaster to offer CPG advertisers insights into campaign effectiveness, including real-time household engagement and purchasing behaviors [2][3] Group 2 - The collaboration allows CPG advertisers to link in-store sales directly to their advertising investments across Paramount's broadcast, cable, and digital properties [3] - The integration of Circana's daily conversion data into iSpot's platform enables continuous performance data across campaigns, facilitating ongoing learning and optimization [2][3] - iSpot emphasizes that always-on attribution measurement at scale improves tracking and justifying investments, benefiting both buyers and sellers in the advertising ecosystem [3] Group 3 - Circana is recognized as a leading advisor on consumer behavior, providing insights that help brands and retailers unlock business growth [4] - iSpot is a trusted cross-platform TV measurement company that delivers real-time, actionable information for brands, networks, and agencies [5] - Paramount Global is a major media and entertainment company with a diverse portfolio, including CBS, Paramount Pictures, and streaming services like Paramount+ [6][7]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **High Yield (HY) Telecom, Cable, and Media** sectors, highlighting the competitive landscape and investment needs that are affecting credit outlooks across these industries [11][67]. Core Insights and Arguments 1. **Cautious Outlook for HY Telecom and Cable**: The overall outlook for HY telecom and cable remains cautious due to intense competition and significant investment needs, which are expected to keep leverage elevated [11][67]. 2. **Media Sector Pressures**: The HY media sector faces secular pressures such as cord-cutting and macroeconomic uncertainties that may adversely impact advertising revenues this year [11][12]. 3. **Credit Spread Risks**: Risks to credit spreads are skewed to the downside, prompting recommendations for more defensive sector trades while identifying attractive relative-value buying opportunities [12][67]. 4. **CHTR HY/IG Differential**: Expectations for the CHTR HY/IG differential to decompress in 2025, with a recommendation to sell certain CHTR bonds while buying others to capitalize on this shift [14][17]. 5. **Debt Issuance and Leverage**: CHTR is projected to issue approximately $1.1 billion in net debt this year, with year-end 2025 pro forma net leverage expected to be around 4.25x [17]. 6. **Potential M&A Activity**: The call suggests that ATUS/CSCHLD might benefit from potential M&A activity, with recommendations to buy lower-dollar guaranteed notes [18][21]. 7. **SATS Opportunities**: SATS is highlighted for refinancing prospects and spectrum valuation, with specific trade recommendations for secured and unsecured notes [22][27]. 8. **LUMN's Mass Markets Segment**: A potential sale of LUMN's Mass Markets segment is seen as a catalyst for the company, with a valuation of approximately $6.6 billion [31][30]. 9. **SBGI vs. GTN Leverage**: SBGI's net leverage is expected to increase more significantly than GTN's in 2025, with specific trade recommendations to sell SBGI and buy GTN bonds [37][41]. 10. **CCO's High Leverage Risks**: CCO's high leverage presents downside risks, with expectations for spreads to widen due to macroeconomic uncertainties and investor fatigue [46][42]. Additional Important Insights - **Consolidation Trends**: The call notes that consolidation and M&A could increase as telecom and cable players seek to remain competitive and profitable [21]. - **Market Pricing Dynamics**: The market is currently pricing in hypothetical scenarios for various companies, indicating a complex landscape for credit assessments [72][70]. - **Strategic Uncertainties in Media**: The media sector is facing strategic uncertainties while waiting for direct-to-consumer (DTC) gains to outpace pressures from traditional linear models [73][74]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the HY Telecom, Cable, and Media sectors.

Industry Overview - The Zacks Media Conglomerates industry is facing challenges such as declining broadcast television ratings, reduced demand for home entertainment, and advertisers' cautious spending due to inflation and high interest rates [1][2] - Despite these challenges, there is a shift towards over-the-top (OTT) content, with major players investing in original content to attract younger audiences [1][2] Trends Impacting the Industry - Original content is driving growth as media companies adapt to consumer preferences for subscription services over traditional pay-TV [3] - The demand for high-speed internet is acting as a catalyst for growth, enhancing the consumption of high-quality videos and binge-watching trends [4] - The industry is experiencing a rapid evolution with the rise of streaming services, making it difficult for traditional media companies to retain viewers [5] Industry Performance Metrics - The Zacks Media Conglomerates industry ranks 179, placing it in the bottom 28% of over 245 Zacks industries, indicating dull prospects [6][8] - The industry has underperformed the broader Zacks Consumer Discretionary sector and the S&P 500, declining 6.2% over the past year compared to the sector's growth of 2.2% and the S&P 500's rise of 8.9% [10] Valuation Insights - The industry is currently trading at a trailing 12-month price-to-sales (P/S) ratio of 1.43X, significantly lower than the S&P 500's 4.83X and the sector's 1.68X [12] Company Highlights - **Pearson (PSO)**: Exhibited 3% underlying sales growth and 10% profit growth in 2024, with a focus on AI integration and strategic partnerships, projecting a strong outlook for 2025 [14][15][16] - **Paramount Global (PARA)**: Transitioning to a streaming-first model, added 5.6 million subscribers in Q4 2024, with a 16% revenue growth, and expects domestic profitability in 2025 [18][19] - **Reservoir Media (RSVR)**: Achieved 18% revenue growth in fiscal 2024, with a strong pipeline for future acquisitions, projecting revenues of $148-$152 million for fiscal 2025 [21][22]

Official First Look of Original Series Revealed TodayClick HERE to embed the clip and HERE for the logo.Share it: @Nickelodeon @NickelodeonFamilyBURBANK, Calif., March 11, 2025 /PRNewswire/ -- Humor and heart await in Nickelodeon's all-new 2D-animated series Wylde Pak, which follows the daily life of a blended multigenerational Korean American family. Inspired by co-creators and executive producers Paul Watling and Kyle Marshall's family life, the 26-episode comedy series follows half siblings Lily and Jack ...