Connect with us

Entertainment

Netflix adds 13 million subscribers, extending its lead in streaming

Published

on

Netflix adds 13 million subscribers, extending its lead in streaming

Netflix added more than 13 million subscribers during the fourth quarter, the company said Tuesday, extending its lead in the streaming video business.

The Los Gatos, Calif.-based streamer’s subscriber growth beat analysts’ estimates of nearly 8.7 million customer additions, according to polling by FactSet. It was the largest fourth-quarter growth in subscriber adds in the company’s history, bringing its total subscribers to about 260 million, Netflix said.

The company reported revenue of $8.8 billion in the fourth quarter, up 12.5% from the same time a year earlier. Net income was $938 million, compared with $55 million in the fourth quarter of 2022. Netflix beat analyst expectations of $8.72 billion in revenue and $990 million in net income, according to FactSet.

“We believe there is plenty of room for growth ahead as streaming expands, and our north star remains the same: to thrill members with our entertainment,” Netflix said in a letter to shareholders on Tuesday. “If we can continue to improve Netflix faster than the competition, we’ll have an increasingly valuable business — for consumers, creators and shareholders.”

Netflix earlier on Tuesday announced a major sports rights deal with WWE, bringing weekly pro wrestling show “Raw” exclusively to Netflix in the U.S., Canada, the United Kingdom, Latin America and other territories starting in January 2025. The streamer will also carry WWE shows and specials outside the U.S., including “SmackDown” and “NXT,” its live events like WrestleMania, as well as WWE documentaries and series in 2025.

Advertisement

The deal is for an initial 10 years with rights fees equaling more than $5 billion, with an option for Netflix to extend the agreement, according to a regulatory filing from TKO, the parent company of WWE.

Netflix stock closed at $492.19 a share, up 1%, and continued to increase about 4% in after-hours trading to $513.50 a share.

“The announcement is a coup for Netflix, in our view, given Raw’s historical popularity,” wrote John Blackledge, a TD Cowen managing director and senior research analyst in a report. TD Cowen has an outperform rating on Netflix stock.

Some analysts said they believe having WWE on Netflix will help boost advertising for the streamer, which launched a cheaper ad tier in October 2022. Earlier this month, Netflix at the trade show CES said its ad tier had more than 23 million monthly active users.

Netflix continued to lean into live events during the fourth quarter, hosting its first celebrity golf tournament, the Netflix Cup, which featured Formula One drivers and PGA Tour golfers. The company also launched a reality show called “Squid Game: The Challenge” based on its most popular Korean language series, “Squid Game.”

Advertisement

Netflix continued to see strength in its non-English language shows, leaning into manga fandom with series including “Yu Yu Hakusho.”

The company ended the year with almost 90 mobile video games, a relatively recent initiative for the streamer. A Netflix executive told The Times that the company was pleased with its progress and met the goals it had in 2023 around engagement. Netflix said engagement in games tripled last year.

On Monday, Netflix confirmed that its film chair Scott Stuber will be leaving in mid-March to start his own media company. After he leaves, his boss, Chief Content Officer Bela Bajaria, will fill the role until she finds Stuber’s replacement.

Netflix said in its shareholder letter that it is logical to expect further consolidation among companies with large and declining linear networks, but said it is not a buyer. “We’re not interested in acquiring linear assets,” Netflix said.

“If we continue to execute well and drive continuous improvement — with a better slate, easier discovery and more fandom — while establishing ourselves in new areas like advertising and games, we believe we have a lot more room to grow,” Netflix said in its letter.

Advertisement

Movie Reviews

‘Greenland 2: Migration’ Review: Gerard Butler in a Post-Apocalyptic Sequel That’s Exactly What You Expect

Published

on

‘Greenland 2: Migration’ Review: Gerard Butler in a Post-Apocalyptic Sequel That’s Exactly What You Expect

Desperate migrants are forced to leave Greenland after a malevolent force makes their island uninhabitable. No, it’s not tomorrow’s headline about Donald Trump, but rather the sequel to Ric Roman Waugh’s 2020 post-apocalyptic survival thriller. That film starring Gerard Butler and Morena Baccarin had the misfortune of opening during the pandemic and going straight to VOD. Greenland 2: Migration (now there’s a catchy title) has the benefit of opening in theaters, but it truly feels like an unnecessary follow-up. After all, how many travails can one poor family take?

That family consists of John Garrity (Butler), whose structural engineering skills designated him a governmental candidate for survival in the wake of an interstellar comet dubbed “Clarke” wreaking worldwide destruction; his wife Allison (Baccarin); and their son Nathan (now played by Roman Griffin Davis). At the end of the first film, the clan had endured numerous life-threatening crises as they made their way to the underground bunker in Greenland where survivors will attempt to make a new life.

Greenland 2: Migration

The Bottom Line

It’s the end of the world as we know it…again.

Advertisement

Release date: Friday, January 9
Cast: Gerard Butler, Morena Baccarin, Roman Griffin Davis, Amber Rose Revah, Sophie Thompson, Trond Fausa Aurvag, William Abadie
Director: Ric Roman Waugh
Screenwriters: Mitchell LaFortune, Chris Sparling

Rated PG-13,
1 hour 38 minutes

Five years later, things aren’t going so well. Fragments of the comet continue to rain down on the planet, causing catastrophic destruction. The contaminated air prevents people from going outside, and resources are becoming increasingly scarce. But there are some plus sides, such as the bunker’s inhabitants still being able to dance to yacht rock.

When their safe haven in Greenland is destroyed, the Garritys, along with a few other survivors, are forced to flee. Their destination is France, where there are rumors of an oasis at the comet’s original crash site. And at the very least, the food is bound to be better.

Advertisement

It’s a perilous journey, but anyone who saw the first film knows what to expect. The Garritys, along with the bunker’s Dr. Casey (Amber Rose Revah), run into some very bad people, undergoing a series of life-threatening trials and tribulations.

Unfortunately, while the thriller mechanics are reasonably well orchestrated by director Waugh (Angel Has Fallen, Kandahar) in his fourth collaboration with Butler, Greenland 2: Migration feels as redundant as its title. While the first film featured a relatively original premise and some genuine emotional dynamics in its suspenseful situations, this one just feels rote. And while it’s made clear that the crisis has resulted in people resorting to cutthroat, deadly means to ensure their survival, the Garritys have it relatively easy. All John has to do is adopt a puppy-dog look, put a pleading tone in his voice, beg for his family’s help, and people inevitably comply.

To be fair, the film contains some genuinely arresting scenes, including one set in a practically submerged Liverpool and another in a dried-up English Channel. The latter provides the opportunity for a harrowing sequence in which the family is forced to cross a giant ravine on a treacherously fragile rope ladder.

Butler remains a sturdy screen presence, his Everyman quality lending gravitas to his character. Baccarin, whose character serves as the story’s moral conscience (early in the proceedings she spearheads a fight to open the shelter to more refugees despite the lack of resources, delivering a not-so-subtle message), more than matches his impact. William Abadie (of Emily in Paris) also makes a strong impression as a Frenchman who briefly takes the family in and begs them to take his daughter Camille (Nelia Valery de Costa) along with them.

Resembling the sort of B-movie fantasy adventure, with serviceable but unremarkable special effects, that used to populate multiplexes in the early ‘70s, Greenland 2: Migration is adequate January filler programming. The only thing it’s missing is dinosaurs.

Advertisement
Continue Reading

Entertainment

Paramount stands by bid for Warner Bros. Discovery

Published

on

Paramount stands by bid for Warner Bros. Discovery

Paramount is staying the course on its $30-a-share bid for Warner Bros. Discovery, again appealing directly to shareholders.

The move comes after Warner Bros. Discovery’s board voted unanimously this week to reject Paramount’s revised bid, in which billionaire Larry Ellison agreed to personally guarantee the equity portion of his son’s firm’s financing package.

Paramount Skydance, in a Thursday statement, sidestepped Warner’s latest complaints about the enormous debt load that Paramount would need to pull off a takeover. Paramount instead said the appeal of its bid should be obvious: $30 a share in cash for all of Warner Bros. Discovery, including its large portfolio of cable channels, including CNN, HGTV, TBS and Animal Planet.

Warner board members have countered that Netflix’s $27.75 cash and stock bid for much of the company is superior because Netflix is a stronger company. Warner also has complained that it would have to incur billions in costs, including a $2.8-billion break-up fee, if it were to abandon the deal it signed with Netflix on Dec. 4.

The streaming giant has agreed to buy HBO, HBO Max and the Warner Bros. film and television studios, leaving Warner to spin off its basic cable channels into a separate company later this year.

Advertisement

The murky value of Warner’s cable channel portfolio has become a bone of contention in the company’s sale.

“Our offer clearly provides WBD investors greater value and a more certain, expedited path to completion,” Paramount Chief Executive David Ellison said in Thursday’s statement. Paramount said it had resolved all the concerns that Warner had raised last month, “most notably by providing an irrevocable personal guarantee by Larry Ellison for the equity portion of the financing.”

Paramount is gambling that Warner investors will evaluate the two offers and sell their shares to Paramount. Stockholders have until Jan. 21 to tender their Warner shares, although Paramount could extend that deadline.

The Netflix transaction offers Warner shareholders $23.25 in cash, $4.50 in Netflix stock and shares in the new cable channel company, Discovery Global, which Warner hopes to create this summer.

Comcast spun off most of its NBCUniversal cable channels this month, including CNBC and MS NOW, creating a new company called Versant. The result hasn’t been pretty. Versant shares have plunged about 25% from Monday’s $45.17 opening price. On Thursday, Versant shares were selling for about $32.50. (Versant has said it expected volatility earlyon as large index funds sold shares to rebalance their portfolios).

Advertisement

Paramount has argued that fluctuations in Netflix’s stock also reduces the value of the Netflix offer.

“Throughout this process, we have worked hard for WBD shareholders and remain committed to engaging with them on the merits of our superior bid and advancing our ongoing regulatory review process,” Ellison said.

Paramount is relying on equity backing from three Middle Eastern sovereign wealth funds, including Saudi Arabia. It turned to Apollo Global for much of its debt financing. Warner said this week that Paramount’s proposed $94 billion debt and equity financing package would make its proposed takeover of Warner the largest leveraged buyout ever.

Amid the stalemate, Paramount and Warner stock held steady. Paramount was trading around $12.36, while Warner shares are hovering around $28.50 on Thursday.

Advertisement
Continue Reading

Movie Reviews

Movie Review: A real-life ’70s hostage drama crackles in Gus Van Sant’s ‘Dead Man’s Wire’

Published

on

Movie Review: A real-life ’70s hostage drama crackles in Gus Van Sant’s ‘Dead Man’s Wire’

It plays a little loose with facts but the righteous rage of “Dog Day Afternoon” is present enough in Gus Van Sant’s “Dead Man’s Wire,” a based-on-a-true-tale hostage thriller that’s as deeply 1970s as it is contemporary.

In February 1977, Tony Kiritsis walked into the Meridian Mortgage Company in downtown Indianapolis and took one of its executives, Dick Hall, hostage. Kiritsis held a sawed-off shotgun to the back of Hall’s head and draped a wire around his neck that connected to the gun. If he moved too much, he would die.

The subsequent standoff moved to Kiritsis’ apartment and eventually concluded in a live televised news conference. The whole ordeal received some renewed attention in a 2022 podcast dramatization starring Jon Hamm.

But in “Dead Man’s Wire,” starring Bill Skarsgård as Kiritsis, these events are vividly brought to life by Van Sant. It’s been seven years since Van Sant directed, following 2018’s “Don’t Worry, He Won’t Get Far on Foot,” and one of the prevailing takeaways of his new film is that that’s too long of a break for a filmmaker of Van Sant’s caliber.

Working from a script by Austin Kolodney, the filmmaker of “My Own Private Idaho” and “Good Will Hunting” turns “Dead Man’s Wire” into not a period-piece time capsule but a bracingly relevant drama of outrage and inequality. Tony feels aggrieved by his mortgage company over a land deal the bank, he claims, blocked. We’re never given many specifics, but at the same time, there’s little doubt in “Dead Man’s Wire” that Tony’s cause is just. His means might be desperate and abhorrent, but the movie is very definitely on his side.

Advertisement

That’s owed significantly to Skarsgård, who gives one of his finest and least adorned performances. While best known for films like “It,” “The Crow” and “Nosferatu,” here Skarsgård has little more than some green polyester and a very ’70s mustache to alter his looks. The straightforward, jittery intensity of his performance propels “Dead Man’s Wire.”

Yet Van Sant’s film aspires to be a larger ensemble drama, which it only partially succeeds at. Tony’s plight is far from a solitary one, as numerous threads suggest in Kolodney’s fast-paced script. First and foremost is Colman Domingo as a local DJ named Fred Temple. (If ever there were an actor suited, with a smooth baritone, to play a ’70s radio DJ, it’s Domingo.) Tony, a fan, calls Fred to air his demands. But it’s not just a media outlet for him. Fred touts himself as “the voice of the people.”

Something similar could be said of Tony, who rapidly emerges as a kind of folk hero. As much as he tortures his hostage (a very good Dacre Montgomery), he’s kind to the police officers surrounding him. And as he and Dick spend more time together, Dick emerges as a kind of victim, himself. It’s his father’s bank, and when Tony gets M.L. Hall (Al Pacino) on the phone, he sounds painfully insensitive, sooner ready to sacrifice his son than acknowledge any wrongdoing.

Pacino’s presence in “Dead Man’s Wire” is a nod to “Dog Day Afternoon,” a movie that may be far better — but, then again, that’s true of most films in comparison to Sidney Lumet’s unsurpassed 1975 classic. Still, Van Sant’s film bears some of the same rage and disillusionment with the meatgrinder of capitalism as “Dog Day.”

There’s also a telling, if not entirely successful subplot of a local TV news reporter (Myha’la) struggling against stereotypes. Even when she gets the goods on the unspooling news story, the way her producer says to “chop it up” and put it on air makes it clear: Whatever Tony is rebelling against, it’s him, not his plight, that will be served up on a prime-time plate.

Advertisement

It doesn’t take recent similar cases of national fascination, such as Luigi Mangione, charged with killing a healthcare executive, to see contemporary echoes of Kiritsis’ tale. The real story is more complicated and less metaphor-ready, of course, than the movie, which detracts some from the film’s gritty sense of verisimilitude. Staying closer to the truth might have produced a more dynamic movie.

But “Dead Man’s Wire” still works. In the film, Tony’s demands are $5 million and an apology. It’s clear the latter means more to him than the money. The tragedy in “Dead Man’s Wire” is just how elusive “I’m sorry” can be.

“Dead Man’s Wire,” a Row K Entertainment release, is rated R for language throughout. Running time: 105 minutes. Three stars out of four.

Advertisement
Continue Reading

Trending