Flutter Entertainment share sale a 'confident, proactive step,' says Jefferies » 14:1305/2805/28/20
PDYPY, FOXA, FOX
Jefferies analyst James…
Jefferies analyst James Wheatcroft calls Flutter Entertainment's (PDYPY) plan to place 8.05M shares to raise about GBP 850M "a confident, proactive step to drive competitive advantage" given his view that COVID-19 will likely result in faster U.S. sports betting legalization, potentially followed by online casino legalization. The analyst, who notes that Fox Corporation (FOXA) will increase its stake as part of the placing, has a Buy rating and 9,500 GBp price target on Flutter shares.
|Over a week ago|
Fox Corp. says COVID-19 could have 'material adverse effect' on business » 16:0705/0605/06/20
The company said,…
The company said, "The impact of COVID-19 and measures to prevent its spread are affecting the macroeconomic environment, as well as the business of the Company, in a number of ways. For example, while the Company's national news ratings remain strong, sporting events for which the Company has broadcast rights have been cancelled or postponed, the production of certain entertainment content the Company acquires has been suspended and demand in local advertising markets has declined. The magnitude of the impacts will depend on the duration and extent of COVID-19 and the effect of governmental actions, consumer behavior and actions taken by the Company's business partners in response to the pandemic and such governmental actions. The evolving and uncertain nature of this situation makes it challenging for the Company to estimate the future performance of its businesses, particularly over the near to medium term, including the supply and demand for its services, its cash flows and its current and future advertising revenue. However, the impact of COVID-19 could have a material adverse effect on the Company's business, financial condition or results of operations over the near to medium term. A significant decline in estimated advertising revenue or the expected popularity of the Company's programming could lead to a downward revision in the fair value of, among other things, the Company's reporting units, indefinite-lived intangible assets and long-lived assets and result in an impairment and a non-cash charge that is material to the Company's reported net earnings."
Fox Corp. reports Q3 adjusted EPS 93c, consensus 71c » 16:0505/0605/06/20
Reports Q3 revenue…
Reports Q3 revenue $3.44B, consensus $3.34B.
Fox News Media announces podcast partnership with Spotify » 14:0405/0505/05/20
FOX, FOXA, SPOT
Fox News Media, owned by…
Fox News Media, owned by Fox Corporation (FOXA), announced that it has partnered with Spotify (SPOT) in a new deal that will distribute Fox News Podcasts on the global audio streaming platform. Beginning today, FNR's catalogue featuring more than 20 original series, including three new programs slated to debut in May - The Trey Gowdy Podcast, The Proud American Podcast Series and FOX Top 5 - will be made available globally on Spotify, the company reported.
NFL to not play any international games during 2020 season » 12:4505/0405/04/20
CMCSA, CMCSK, DIS, VIAC, VIACA, FOX, FOXA
The National Football…
The National Football League announced that it will schedule all 2020 games in the United States in order for the entire season to be played in NFL teams' stadia under consistent protocols focused on the well-being of players, personnel and fans. NFL Commissioner Roger Goodell made this decision after consultation with our clubs, national and local governments, the NFL Players Association, medical authorities and international stadium partners. The NFL had been planning to play one game in Mexico City at Azteca Stadium and four games in London - two at Tottenham Hotspur Stadium and two at Wembley Stadium - during the 2020 season. The Arizona Cardinals, Atlanta Falcons, Jacksonville Jaguars and Miami Dolphins had all previously announced that they would be home teams for International Series Games in 2020. These teams will now play all of their home games this season at their home stadia in the United States. Publicly traded companies that broadcast NFL games include Comcast (CMCSA), Disney (DIS), ViacomCBS (VIACA), and Fox Corp. (FOXA). Reference Link
|Over a month ago|
Amazon, NFL expand streaming partnership » 09:1504/2904/29/20
FOXA, FOX, AMZN
The National Football…
The National Football League, or NFL, and Amazon (AMZN) announced they have reached a multi-year agreement to renew their exclusive partnership to deliver a live digital stream of Thursday Night Football Presented by Bud Light Platinum to a global audience across hundreds of compatible devices. Amazon Prime Video and Twitch will stream the 11 Thursday Night Football games broadcast by FOX (FOX, FOXA), which will be available to more than 150 million paid Prime members worldwide, and in over 200 countries and territories on the Prime Video and Twitch sites and apps across connected living room devices, mobile phones, tablets and PCs. All Thursday Night Football games broadcast by FOX will also be distributed in Spanish on FOX Deportes and are expected to be simulcast on NFL Network, continuing the league's "Tri-Cast" model of broadcast, cable, and digital distribution. Additionally, the NFL and Amazon announced an agreement to exclusively stream one regular season game globally on Prime Video and Twitch, which will be played on a Saturday in the second half of the 2020 NFL regular season. In keeping with the NFL's long-standing commitment to make its games available on free, over-the-air television, the game will also be televised in the participating teams' home markets. Thursday Night Football on Prime Video and Twitch will continue to provide members a unique viewing experience with interactive features like X-Ray and Next Gen Stats powered by AWS that bring fans closer to the game. On Prime Video, members can choose to watch the FOX broadcast, the FOX Deportes Spanish language coverage, and from multiple alternative audio options exclusive to Prime Video. The NFL and Amazon will continue to collaborate on additional NFL content and enhanced fan viewing experiences around Thursday Night Football.
Oscars change rules for COVID-19 pandemic, streamed films eligible » 17:1904/2804/28/20
LGF.A, NFLX, DWA, DIS, AMC, AMZN, FOX, T, IMAX, SNE, VIAC, CMCSA
"The Academy's Board of Governors has approved rules and campaign regulations for the 93rd Academy Awards.The devastating COVID-19 pandemic forced the closure of all Los Angeles County movie theaters as of Monday, March 16, 2020. Current Academy Awards rules require that a film be shown in a commercial motion picture theater in Los Angeles County for a theatrical qualifying run of at least seven consecutive days, during which period screenings must occur at least three times daily. Until further notice, and for the 93rd Awards year only, films that had a previously planned theatrical release but are initially made available on a commercial streaming or VOD service may qualify in the Best Picture, general entry and specialty categories for the 93rd Academy Awards under these provisions: The film must be made available on the secure Academy Screening Room member-only streaming site within 60 days of the film's streaming or VOD release; The film must meet all other eligibility requirements.On a date to be determined by the Academy, and when theaters reopen in accordance with federal, state and local specified guidelines and criteria, this rules exemption will no longer apply. All films released thereafter will be expected to comply with the standard Academy theatrical qualifying requirements. "The Academy firmly believes there is no greater way to experience the magic of movies than to see them in a theater. Our commitment to that is unchanged and unwavering. Nonetheless, the historically tragic COVID-19 pandemic necessitates this temporary exception to our awards eligibility rules. The Academy supports our members and colleagues during this time of uncertainty. We recognize the importance of their work being seen and also celebrated, especially now, when audiences appreciate movies more than ever," said Academy President David Rubin and CEO Dawn Hudson.Companies that may be impacted by this news include: Lionsgate (LGF.A), Netflix (NFLX), Disney (DIS), Amazon (AMZN), Fox Corp. (FOX), AT&T (T), Imax (IMAX), Sony (SNE), ViacomCBS (VIAC) and Comcast (CMCSA). Reference Link
Fox Sports on-air talent to take temporary 15% salary reduction, WSJ reports » 17:5104/2304/23/20
Much of the on-air talent…
Much of the on-air talent at Fox Sports has agreed to take a temporary pay reduction along with broader executive salary cuts at the network and at parent company Fox Corp. as it grapples with the economic impacts from the COVID-19 crisis, the Wall Street Journal's Joe Flint reports. "Given the unprecedented times we are in, we have asked many of our broadcasters to join our executives in taking a temporary 15% salary reduction," a Fox Sports spokesman said, adding, "Fox Sports is a family and we are facing these challenges together." Reference Link
Study suggests Hannity's Fox News show helped spread COVID-19, Vox reports » 12:3004/2304/23/20
An economic paper from…
An economic paper from economists Leonardo Bursztyn, Aakaash Rao, Christopher Roth, and David Yanagizawa-Drott provides statistical evidence that Fox News program host Sean Hannity's downplaying of the COVID-19 pandemic may have led to a greater spread of the virus, Vox's Zack Beauchamp reports. The study focused on Fox News programming in February and early March, during which time Hannity's show was downplaying or ignoring the virus, while other Fox host Tucker Carlson was warning viewers about the risks associated with the coronavirus, Beauchamp says. Using both a poll of Fox News watchers over age 55 and publicly available data on TV-watching patterns, the economists calculated that Fox viewers who watched Hannity instead of Carlson were less likely to comply with social distancing rules, and that areas where more people watched Hannity relative to Carlson had higher local rates of COVID-19 infection and death, the author says. "Greater exposure to Hannity relative to Tucker Carlson Tonight leads to a greater number of COVID-19 cases and deaths," they write. "A one-standard deviation increase in relative viewership of Hannity relative to Carlson is associated with approximately 30 percent more COVID-19 cases on March 14, and 21 percent more COVID-19 deaths on March 28." Vox notes that the paper is a working paper, and it hasn't been peer reviewed or accepted for publication at a journal. Reference Link
Fox Corp. completes acquisition of Tubi » 16:3804/2004/20/20
Fox Corporation announced…
Fox Corporation announced that it has completed its acquisition of Tubi, Inc. The completion of the transaction follows the satisfaction of all customary closing conditions.