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Netflix might put Greta Gerwig's 'Narnia' in Imax theaters. Will it create a streaming blockbuster?

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Netflix might put Greta Gerwig's 'Narnia' in Imax theaters. Will it create a streaming blockbuster?

When Netflix releases big movies, even the ones that resemble Hollywood blockbusters, its approach is consistent: Get people to watch them on the streaming service, not in theaters.

In the cases where Netflix does put its films in cinemas, it does so in a limited fashion, primarily to build buzz or get awards consideration.

Could Netflix be poised to make a big exception?

The Los Gatos, Calif.-based streamer is in early talks with cinema tech provider Imax Corp. to bring its upcoming adaptation of “The Chronicles of Narnia” to its giant screens, according to people familiar with the matter who were not authorized to comment. The highly anticipated movie is based on the popular C.S. Lewis novels and directed by “Barbie” co-writer and director Greta Gerwig.

Discussions between Netflix, Imax and Gerwig, who has been a driving force on the issue, are preliminary at this stage, the people said. A deal may not happen. If an agreement solidifies, it would be Imax’s first deal for a theatrical window for a Netflix feature film.

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The talks represent a potentially delicate balancing act for Netflix.

Netflix wants to work with the best filmmakers in the business, and many of them, including “The Irishman” director Martin Scorsese, want their movies shown on the big screen. But Netflix’s priority is its streaming service, which has nearly 283 million subscribers globally and generates billions of dollars in annual subscription revenue. Whenever Netflix executives are asked about whether they’ll do more in theaters, the response is the same: They like their streaming-first model.

Netflix and Imax declined to comment.

The discussions were earlier reported by Bloomberg and Puck News’ Matthew Belloni.

Some analysts and industry observers have been critical of Netflix’s movie strategy over the years, arguing that its films have struggled to enter the cultural zeitgeist in the way its TV shows have. Some felt Netflix left money on the table by only showing “Glass Onion: A Knives Out Mystery,” Rian Johnson’s sequel to his popular murder mystery “Knives Out,” in just 700 theaters for a few days in 2022 before it became available for streaming.

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Traditional movie studios put their movies in theaters for weeks and sometimes months before making them available for home viewing. When big studio movies are released early for digital consumption, it’s often as a $25 rental.

It also can be hard for a movie to break through the streamer’s large library of content. Netflix’s top movies of all time are action flick “Red Notice,” dark comedy “Don’t Look Up” and sci-fi movie “The Adam Project,” all movies released two or three years ago. Recent hits on the platform include Jeremy Saulnier’s “Rebel Ridge,” a relatively low-budget thriller. Netflix also does well with movies it licenses from other studios, including Universal Pictures.

“They’re trying to play catch-up with movies, and they’re 100 years behind,” said Michael Pachter, research analyst at Wedbush Securities. “And they’re never going to catch up.”

While Netflix has won a significant number of awards for its films, it has yet to win an Academy Award for best picture. It bought and restored the Egyptian Theatre in Hollywood from the American Cinematheque in an effort to win over cinephiles and filmmakers. Netflix also owns the Bay Theater in Pacific Palisades, where it screens its own movies.

“Some of these films, in the context of that massive bandwidth of Netflix, you’re like a drop in the ocean,” said Paul Dergarabedian, senior media analyst at Comscore. “When a movie is in a movie theater, you’re not competing with unlimited hours of content, unlimited titles on a small screen you can scroll through.”

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Domestic theatrical revenues are down significantly from pre-COVID-19 levels. But last year, movies like “Barbie,” “Oppenheimer” and romantic comedy “Anyone but You” received a significant boost in theaters as audiences kept coming through word-of-mouth and the hype of social media. Particularly with “Barbie,” fans dressed in pink to see it in theaters, making it an event.

This year has seen a strong showing for family-friendly films, with the box office success of animated movies such as “Inside Out 2.”

“The Chronicles of Narnia” fits into that genre as an epic tale with Christian undertones about a magical world and the four siblings who discover and rule it as kings and queens. The last three Narnia films, released theatrically in 2005, 2008 and 2010 by Disney and 20th Century Fox, generated $537.7 million in the domestic U.S. and Canada market, according to non-inflation-adjusted data from Comscore.

“If you look at Narnia, the depth and breadth of the fantasy world that it inhabits — having that level of detail … having that imagery presented in Imax is huge,” Dergarabedian said. “For a movie that is expected to be a visual extravaganza, such as Narnia would present, Imax is a perfect home for that.”

If Netflix were to partner with Imax, it would put Gerwig’s cinematic vision on screens highly coveted by filmmakers and studios. Imax has roughly 2,000 screens globally, with screens typically about 65 feet wide and 85 feet tall. Its biggest screens stretch to more than 125 feet tall. Imax specializes in “event” movies, often in the action-adventure genre that benefits from huge screens.

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Over time, Netflix has sought to build excitement for its shows and movies through social media, consumer products and its live programming. The streamer has hosted balls themed around its romantic series “Bridgerton,” helping sustain excitement in between seasons, and has hosted other fan events to support shows like “Outer Banks.”

Netflix executives have defended its movie strategy. Co-Chief Executive Ted Sarandos said in an earnings presentation earlier this month that the streamer’s top 10 films that launch on Netflix have more than 100 million views.

“It’s our desire to keep adding value to our consumers for their subscription dollar,” Sarandos said. “We believe that not making them wait for months to watch the movie that everyone’s talking about adds that value.”

“The Chronicles of Narnia” will be one of the major movies on Netflix’s slate after naming Dan Lin as its new film chief earlier this year. Lin took over the position from Scott Stuber, who left in January to start his own company. It was Stuber who had pushed Netflix executives for theatrical releases of major films. Lin, who produced films including “It” and “The Lego Movie,” is not an evangelist for the theatrical model.

Under Lin, Netflix restructured its movie department to be grouped under genres instead of by size of budget.

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U.S. Space Force awards $1.6 billion in contracts to South Bay satellite builders

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U.S. Space Force awards .6 billion in contracts to South Bay satellite builders

The U.S. Space Force announced Friday it has awarded satellite contracts with a combined value of about $1.6 billion to Rocket Lab in Long Beach and to the Redondo Beach Space Park campus of Northrop Grumman.

The contracts by the Space Development Agency will fund the construction by each company of 18 satellites for a network in development that will provide warning of advanced threats such as hypersonic missiles.

Northrop Grumman has been awarded contracts for prior phases of the Proliferated Warfighter Space Architecture, a planned network of missile defense and communications satellites in low Earth orbit.

The contract announced Friday is valued at $764 million, and the company is now set to deliver a total of 150 satellites for the network.

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The $805-million contract awarded to Rocket Lab is its largest to date. It had previously been awarded a $515 million contract to deliver 18 communications satellites for the network.

Founded in 2006 in New Zealand, the company builds satellites and provides small-satellite launch services for commercial and government customers with its Electron rocket. It moved to Long Beach in 2020 from Huntington Beach and is developing a larger rocket.

“This is more than just a contract. It’s a resounding affirmation of our evolution from simply a trusted launch provider to a leading vertically integrated space prime contractor,” said Rocket Labs founder and chief executive Peter Beck in online remarks.

The company said it could eventually earn up to $1 billion due to the contract by supplying components to other builders of the satellite network.

Also awarded contracts announced Friday were a Lockheed Martin group in Sunnyvalle, Calif., and L3Harris Technologies of Fort Wayne, Ind. Those contracts for 36 satellites were valued at nearly $2 billion.

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Gurpartap “GP” Sandhoo, acting director of the Space Development Agency, said the contracts awarded “will achieve near-continuous global coverage for missile warning and tracking” in addition to other capabilities.

Northrop Grumman said the missiles are being built to respond to the rise of hypersonic missiles, which maneuver in flight and require infrared tracking and speedy data transmission to protect U.S. troops.

Beck said that the contracts reflects Rocket Labs growth into an “industry disruptor” and growing space prime contractor.

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California-based company recalls thousands of cases of salad dressing over ‘foreign objects’

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California-based company recalls thousands of cases of salad dressing over ‘foreign objects’

A California food manufacturer is recalling thousands of cases of salad dressing distributed to major retailers over potential contamination from “foreign objects.”

The company, Irvine-based Ventura Foods, recalled 3,556 cases of the dressing that could be contaminated by “black plastic planting material” in the granulated onion used, according to an alert issued by the U.S. Food and Drug Administration.

Ventura Foods voluntarily initiated the recall of the product, which was sold at Costco, Publix and several other retailers across 27 states, according to the FDA.

None of the 42 locations where the product was sold were in California.

Ventura Foods said it issued the recall after one of its ingredient suppliers recalled a batch of onion granules that the company had used n some of its dressings.

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“Upon receiving notice of the supplier’s recall, we acted with urgency to remove all potentially impacted product from the marketplace. This includes urging our customers, their distributors and retailers to review their inventory, segregate and stop the further sale and distribution of any products subject to the recall,” said company spokesperson Eniko Bolivar-Murphy in an emailed statement. “The safety of our products is and will always be our top priority.”

The FDA issued its initial recall alert in early November. Costco also alerted customers at that time, noting that customers could return the products to stores for a full refund. The affected products had sell-by dates between Oct. 17 and Nov. 9.

The company recalled the following types of salad dressing:

  • Creamy Poblano Avocado Ranch Dressing and Dip
  • Ventura Caesar Dressing
  • Pepper Mill Regal Caesar Dressing
  • Pepper Mill Creamy Caesar Dressing
  • Caesar Dressing served at Costco Service Deli
  • Caesar Dressing served at Costco Food Court
  • Hidden Valley, Buttermilk Ranch
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They graduated from Stanford. Due to AI, they can’t find a job

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They graduated from Stanford. Due to AI, they can’t find a job

A Stanford software engineering degree used to be a golden ticket. Artificial intelligence has devalued it to bronze, recent graduates say.

The elite students are shocked by the lack of job offers as they finish studies at what is often ranked as the top university in America.

When they were freshmen, ChatGPT hadn’t yet been released upon the world. Today, AI can code better than most humans.

Top tech companies just don’t need as many fresh graduates.

“Stanford computer science graduates are struggling to find entry-level jobs” with the most prominent tech brands, said Jan Liphardt, associate professor of bioengineering at Stanford University. “I think that’s crazy.”

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While the rapidly advancing coding capabilities of generative AI have made experienced engineers more productive, they have also hobbled the job prospects of early-career software engineers.

Stanford students describe a suddenly skewed job market, where just a small slice of graduates — those considered “cracked engineers” who already have thick resumes building products and doing research — are getting the few good jobs, leaving everyone else to fight for scraps.

“There’s definitely a very dreary mood on campus,” said a recent computer science graduate who asked not to be named so they could speak freely. “People [who are] job hunting are very stressed out, and it’s very hard for them to actually secure jobs.”

The shake-up is being felt across California colleges, including UC Berkeley, USC and others. The job search has been even tougher for those with less prestigious degrees.

Eylul Akgul graduated last year with a degree in computer science from Loyola Marymount University. She wasn’t getting offers, so she went home to Turkey and got some experience at a startup. In May, she returned to the U.S., and still, she was “ghosted” by hundreds of employers.

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“The industry for programmers is getting very oversaturated,” Akgul said.

The engineers’ most significant competitor is getting stronger by the day. When ChatGPT launched in 2022, it could only code for 30 seconds at a time. Today’s AI agents can code for hours, and do basic programming faster with fewer mistakes.

Data suggests that even though AI startups like OpenAI and Anthropic are hiring many people, it is not offsetting the decline in hiring elsewhere. Employment for specific groups, such as early-career software developers between the ages of 22 and 25 has declined by nearly 20% from its peak in late 2022, according to a Stanford study.

It wasn’t just software engineers, but also customer service and accounting jobs that were highly exposed to competition from AI. The Stanford study estimated that entry-level hiring for AI-exposed jobs declined 13% relative to less-exposed jobs such as nursing.

In the Los Angeles region, another study estimated that close to 200,000 jobs are exposed. Around 40% of tasks done by call center workers, editors and personal finance experts could be automated and done by AI, according to an AI Exposure Index curated by resume builder MyPerfectResume.

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Many tech startups and titans have not been shy about broadcasting that they are cutting back on hiring plans as AI allows them to do more programming with fewer people.

Anthropic Chief Executive Dario Amodei said that 70% to 90% of the code for some products at his company is written by his company’s AI, called Claude. In May, he predicted that AI’s capabilities will increase until close to 50% of all entry-level white-collar jobs might be wiped out in five years.

A common sentiment from hiring managers is that where they previously needed ten engineers, they now only need “two skilled engineers and one of these LLM-based agents,” which can be just as productive, said Nenad Medvidović, a computer science professor at the University of Southern California.

“We don’t need the junior developers anymore,” said Amr Awadallah, CEO of Vectara, a Palo Alto-based AI startup. “The AI now can code better than the average junior developer that comes out of the best schools out there.”

To be sure, AI is still a long way from causing the extinction of software engineers. As AI handles structured, repetitive tasks, human engineers’ jobs are shifting toward oversight.

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Today’s AIs are powerful but “jagged,” meaning they can excel at certain math problems yet still fail basic logic tests and aren’t consistent. One study found that AI tools made experienced developers 19% slower at work, as they spent more time reviewing code and fixing errors.

Students should focus on learning how to manage and check the work of AI as well as getting experience working with it, said John David N. Dionisio, a computer science professor at LMU.

Stanford students say they are arriving at the job market and finding a split in the road; capable AI engineers can find jobs, but basic, old-school computer science jobs are disappearing.

As they hit this surprise speed bump, some students are lowering their standards and joining companies they wouldn’t have considered before. Some are creating their own startups. A large group of frustrated grads are deciding to continue their studies to beef up their resumes and add more skills needed to compete with AI.

“If you look at the enrollment numbers in the past two years, they’ve skyrocketed for people wanting to do a fifth-year master’s,” the Stanford graduate said. “It’s a whole other year, a whole other cycle to do recruiting. I would say, half of my friends are still on campus doing their fifth-year master’s.”

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After four months of searching, LMU graduate Akgul finally landed a technical lead job at a software consultancy in Los Angeles. At her new job, she uses AI coding tools, but she feels like she has to do the work of three developers.

Universities and students will have to rethink their curricula and majors to ensure that their four years of study prepare them for a world with AI.

“That’s been a dramatic reversal from three years ago, when all of my undergraduate mentees found great jobs at the companies around us,” Stanford’s Liphardt said. “That has changed.”

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