Entertainment
Warner Bros. Discovery reports a loss as sale process heats up
Warner Bros. Discovery reported a $148 million loss in the third quarter, hitting a sour note as the company began fielding interest from would-be buyers as Hollywood braces for a transforming deal.
Earnings for the entertainment company that includes HBO, CNN and the Warner Bros. film and TV studios fell short of analyst expectations. A year ago, the company reported profit of $135 million for the third quarter.
Revenue of $9.05 billion declined 6% from the year-ago period. The company swung to a loss of 6 cents a share, compared to last year’s earnings of 5 cents a share.
Still, Chief Executive David Zaslav spent much of Thursday’s call with analysts touting his company’s underlying strengths — while avoided giving details about the company’s sale.
“It’s fair to say that we have an active process underway,” Zaslav said.
Warner Bros. Discovery on Thursday reiterated it is forging ahead with previously announced plans to split into two separate entities by next spring. However, the Warner board acknowledged last month that it was also entertaining offers for the entire company — or its parts — after David Ellison’s Paramount expressed its interest with formal bids.
Paramount has made three offers, including a $58 billion in cash and stock for all of Warner Bros. Discovery. That bid would pay Warner stockholders $23.50 a share.
The Ellison family appears determined to win one of Hollywood’s most storied entertainment companies to pair with Paramount, which the Ellisons and RedBird Capital Partners acquired in August.
But Warner Bros. Discovery’s board, including Zaslav, voted unanimously to reject Paramount’s offers and instead opened the auction to other bidders, which is expected to lead to the firm changing hands for the third time in a decade.
Board members are betting the company, which has shown flickers of a turnaround, is worth more than the offers on the table. Despite its rocky third-quarter results, Warner’s stock held its ground in early morning trading at around $22.60 a share.
“Overall we are very bullish,” Zaslav said of the company’s business prospects.
“When you look at our films like ‘Superman,’ ‘Weapons’ and ‘One Battle After Another,’ the global reach of HBO Max and the diversity of our network’s offerings, we’ve managed to bring the best, most treasured traditions of Warner Bros. forward into a new era of entertainment and [a] new media landscape,” he said.
But the company’s results underscored its business challenges.
The studio witnessed a major decline in advertising revenue in the third quarter, reporting $1.41 billion, down 16% from the previous year, which executives attributed to declines in the audience for its domestic linear channels, including CNN, TNT and TLC.
Distribution revenue also took a hit, as the company reported sales of $4.7 billion, a decrease of 4% compared to last year.
Studio revenue increased 24% to $3.3 billion, powered by the success of DC Studios’ “Superman,” horror flick “Weapons” and the latest installment of “The Conjuring.” But even those box office wins couldn’t totally offset shortfalls in other areas of its content business.
Last year, the company was able to sub-license its rights to broadcast the Olympics in Europe, which pushed content revenue to $2.72 billion. But this year, revenue was down 3% to $2.65 billion.
Burbank-based Warner Bros. has had a string of success in theaters, with nine films opening at the top spot globally at the box office. The studio recently surpassed $4 billion in worldwide box office revenue, making it the first studio to do so this year. Warner Bros. last achieved that milestone in 2019.
Zaslav would like to continue with Warner’s break-up plans, which were announced last June.
The move would allow him to stay on to manage a smaller Hollywood-focused entity made up of the Warner Bros. studios, HBO, streaming service HBO Max and the company’s vast library, which includes Harry Potter movies and award-winning television shows such as “The Pitt.”
The company’s large portfolio of cable channels, including HGTV, Food Network and Cartoon Network, would become Discovery Global and operate independently.
Beyond Paramount, Philadelphia-based Comcast, Netflix and Amazon have expressed interest in considering buying parts of the company.
The company said its third quarter loss of $148 million was the result of a $1.3 billion expense, including restructuring costs.
Entertainment
Will Tony Dokoupil be the next anchor of ‘CBS Evening News’?
Tony Dokoupil is expected to move from mornings to evenings at CBS News.
Dokoupil, currently the co-host of “CBS Mornings,” has signed a new deal to take over as anchor of “CBS Evening News,” according to several people briefed on the matter who were not authorized to comment publicly. One person said an announcement is expected as soon as this week.
A representative for CBS News declined comment. Dokoupil, 44, did not respond to a request for comment.
The news division’s signature program is expected to return to a solo anchor format after pairing John Dickerson and Maurice DuBois over the last year. Both Dickerson and DuBois are departing CBS News later this month.
The appointment of Dokoupil would not point to a major change in direction at the program. Dokoupil, who has been with CBS News since 2016 after three years at NBC, became co-host at CBS Mornings in 2019.
Bari Weiss, the recently appointed editor in chief at CBS News, reportedly expressed a desire to bring in an outside name, including Bret Baier, the Washington-based anchor at conservative-leaning Fox News. CNN’s Anderson Cooper was also discussed internally, but he chose to sign a new deal with his network.
The Free Press, the digital news site co-founded by Weiss and acquired by Paramount, vigorously defended Dokoupil last year when he was at the center of controversy over an aggressive on-air interview he conducted with author Ta-Nehisi Coates last year.
Dokoupil was admonished in an editorial meeting for how he questioned Coates about his new book, “The Message,” which examines the Israel-Gaza conflict. CBS News leadership said on the call that the interview did not meet the company’s editorial standards after receiving a number of complaints from staffers.
A recording of the meeting was posted on the Free Press site.
“It is journalists like Tony Dokoupil who are an endangered species in legacy news organizations, which are wilting to the pressures of this new elite consensus,” the editors of the Free Press wrote on the matter.
Shari Redstone, the former majority shareholder in CBS News parent Paramount, also publicly expressed her support for Dokoupil at the time. She said CBS News executives made “a bad mistake” in their handling of the matter. Both executives who led the editorial call, Wendy McMahon and Adrienne Roark, are no longer with the network.
Movie Reviews
Book Review: The “Night” Movies of Film Critic A.S. Hamrah – The Arts Fuse
By Peter Keough
Once again, critic A.S. Hamrah sheds perceptive light on our cinematic malaise.
The Algorithm of the Night: Film Criticism 2019-2025 by A.S. Hamrah. n + 1. 554 pages. $23
If film criticism – and film itself – survive the ongoing cultural, political, economic, and technological onslaughts they face, it will be due in part to writers like A. S. Hamrah. His latest collection (there are two, in fact; I have not yet read Last Week in End Times Cinema, but I am sure that it will also be the perfect holiday gift for the dystopic cinephile on your list) picks up where his previous book The Earth Dies Streaming left off, unleashing his savage indignation on today’s fatuous, lazy critical conversations and the vapid studio fodder that sustains it.
Not that it is all negativity. This inexhaustibly illuminating and entertaining assortment of reviews, essays, mordant Oscar roundups, and freewheeling, sui generis bagatelles first seen in such publications as n+1 (for which he is the film critic), The Baffler, the New York Review of Books, and the Criterion Collection is filled with numerous laudatory appreciations of films old and new — all of which you should watch or watch again. I was impressed with his eloquent, insightful praise for Debra Granik’s Leave No Trace (2018), his shrewd analysis of Abbas Kiarostami’s masterpiece A Taste of Cherry (1997) and its mixed critical reaction, and his reassessment of John Sayles’s neglected epic of class warfare Matewan (1987), among many others.
Also not to be missed are Hamrah’s absurdist ventures into his personal life, many in theaters (or not in theaters, as when Covid shut them down in 2020), such as the time he observed a menacing attendee at a screening of 2010’s Joker. “It would be best to see [Joker] in a theater with a potential psychopath for that added thrill of maybe not surviving it,” he concludes. One strikingly admirable characteristic of Hamrah’s criticism is that he consciously avoids writing anything that could be manipulated by a studio into a banal blurb. You will find no “White knuckle thrill ride” or “Your heart will melt” or “A monumental cinematic experience” here.
The book does boast a bounty of blurbable bits, but they are not the kind that any publicist will put in an ad. These are laugh-out-loud takedowns of bad movies, vain filmmakers, and vapid performers. Some of my favorites among these beautiful barbs include his description of The Banshees of Inisherin (2022) as “[S]horter than Wakanda Forever by a whopping 47 minutes but still too long,” his dismissal of Jojo Rabbit (2019) as “combining Quentin Tarantino and Wes Anderson in the worst, cop-out ways,” and his exasperated take on Edward Berger’s 2022 remake of All Quiet on the Western Front (“What happened to the German cinema?”).
Film critic A. S. Hamrah — another inexhaustibly illuminating and entertaining assortment of writings on film. Photo: n+1 benefit.
He also displays the rare critical ability to reassess a director and give him his due. In his review of Berger’s 2024 Conclave, he admits that “Berger directs [it] like he is a totally different filmmaker than the one who made the 2022 version All Quiet on the Western Front. Unlike that film, this one is highly burnished and tightly wound.” (Watch out – close to blurb material there!)
The book ends with an apotheosis of the listicle called “Movie Stars in Bathtubs: 48 Movies and Two Incidents” in which Hamrah summarizes nine decades of cinema. It ranges from Louis Feuillade’s 1916 silent crime serial Les Vampires (“‘It is in Les Vampires that one must look for the great reality of our century’ wrote the surrealists Aragon and Breton”) to Brian De Palma’s 2002 neo-noir Femme Fatale (“There is a picture book called Movie Stars in Bathtubs, but there aren’t enough movie stars in bathtubs. De Palma’s Femme Fatale, which stars Rebecca Romijn, does much to correct that.”)
Around the volume’s midpoint, Hamrah includes one of the two “incidents” of the title. In “1951: The first issue of Cahiers du Cinema” he celebrates the astonishing cadre of cinephiles, many of whom are depicted in Richard Linklater’s recent film Nouvelle Vague, who put out the publication that reinvented an art form. “Unlike critics today,” Hamrah points out, “these writers did not complain that they were powerless. They defended the movies they loved and excoriated the ones they hated. For them film criticism was a confrontation, its goal to change how films were viewed and how they were made.” It’s a tradition that Hamrah, who combines the personal point of view and cultural literacy of James Agee with the historical, contextualizing vision of J. Hoberman, triumphantly embraces.
Peter Keough writes about film and other topics and has contributed to numerous publications. He had been the film editor of the Boston Phoenix from 1989 to its demise in 2013 and has edited three books on film, including Kathryn Bigelow: Interviews (University Press of Mississippi, 2013) and For Kids of All Ages: The National Society of Film Critics on Children’s Movies (Rowman & Littlefield, 2019).
Entertainment
The women of ‘One Battle After Another’ aren’t afraid to ‘shake the table’
Teyana Taylor has ordered two plates of chicken wings for the table. After last night, she’s not taking any chances.
The rest of us do not know this when we meet inside a deserted restaurant at a West Hollywood boutique hotel. Chase Infiniti arrives first and slides into the middle of the booth we’ve picked out, thinking ahead so it’ll be easier for her two “One Battle After Another” co-stars to join us. Regina Hall and Taylor show up together a couple of minutes later, still talking about last night’s Governors Awards, which reunited the trio after a few weeks apart.
“Lily Tomlin has not lost one bit of her sharpness or wit at all,” Hall says, laughing, giving a hat tip to the comedy legend who had presented Dolly Parton with an honorary Oscar.
Then the wings arrive. The women, fresh off a photo shoot and still immaculate in their off-white designer wear, dig in. “You can have more because I ate your French fries last night,” Hall tells Taylor. “You absolutely ate the French fries,” Taylor says, smiling. “You was gonna eat the chicken as well. That’s why I got two orders. ”
They laugh. Taylor’s just getting rolling. “I went to the bar during the dinner and came back. And Regina’s like, ‘Somebody took my plate.’ And I look down and say, ‘Somebody ate my fries.’” She motions at Hall. “Goldilocks over here.”
The camaraderie is evident among the three women, principal players in Paul Thomas Anderson’s politically charged epic, a movie that defies categorization and invites repeated viewings, a film that contains big laughs and overflows with righteous anger.
Taylor and Hall play members of the French 75, a revolutionary group introduced in the movie’s opening moments. Taylor portrays Perfidia Beverly Hills, bold, thorny, confusing, contradictory. Hall’s Deandra is Perfidia’s opposite number: steadfast, focused, calm. When things go bad and we flash-forward 16 years, Perfidia is gone. Her daughter, Infiniti’s Willa, is left to deal with her absence as well as an unhinged military officer (Sean Penn) hellbent on tracking her down.
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“Paul gives you a lot to talk about, for sure,” Infiniti says, as we dig into the movie’s complexities. “The beautiful thing about working with him is that he allows you the room to bring your own ideas. He had so much love for Willa already but was open to any ideas I had.”
“And you had some good ideas,” Hall interjects.
“A lot of movies that are being made right now are untouchable, and sometimes you just can’t relate,” Taylor says. “PTA’s characters are so beautifully flawed and so human and so raw that you come out of the movie and go, ‘Damn, did you go through that?’ That’s how you’re supposed to feel when you watch a movie. Shake the table. Shake the f— table. Have the conversations. Have uncomfortable but healthy dialogue.”
No character in film this year has sparked more conversation than Perfidia, who rats out members of the French 75 to avoid prison and abandons her daughter in the haze of postpartum depression. One of the movie’s signature shots — Perfidia, heavily pregnant, firing an assault rifle with the butt of the gun pressed against her swollen belly (“what not to expect when you’re expecting” is how Anderson described the image to me) — sums up her essence.
“This is a woman who has showed up for everybody, the revolution, the French 75 and [her partner] Bob (Leonardo DiCaprio), and it’s just kind of like, ‘Why do I have to sit and be this? Why do I have to play house?’ It’s very seldom that you see a woman actually able to be selfish and show up for herself without the world going for her throat. You might not agree with everything she does, and she doesn’t have a moment to redeem herself, besides that letter [to Willa] at the end. But everybody still loves Perfidia.”
“You do see the moment where she’s pregnant at the end,” Hall interjects. “You do see how her personality changed a tiny bit, but then she comes back to knowing, ‘I gotta take charge of who I am.’”
1. Teyana Taylor. 2. Chase infiniti. 3. Regina Hall. (Bexx Francois / For The Times)
“This thing happens to women in real life,” Taylor says. “‘Oh, I feel like I’m shrinking myself. I gotta stand up and remind myself of who I am.’ PTA did a great job at representing every part of a woman. We can watch this movie and relate to Willa here and Deandra there and Perfidia’s strength and hurt over here. We’re all mirrors.”
“Paul’s surrounded by women,” Hall says, noting his long marriage to Maya Rudolph, with whom he has four children, including three daughters. “He’s a girl dad.” Infiniti jumps in: “He’s definitely a girl dad. He loves those girls.”
“You know why?” Hall says. “He has a sensitive heart. It’s lovely.”
“Look at his wife,” Taylor says. “Look at his daughters. I’m not saying this movie is literal, but I think Bob and Willa’s dynamic was so important to Paul as someone who has mixed-race daughters. He gets it.”
A waiter swings by the table with a huge basket of French fries. No one knows where they came from. Maybe it’s a cosmic make-good from last night, I suggest. Hall tentatively dips a fry into the truffle aioli sauce. “You wanna be classy?” Taylor asks her. “Just dig in like you did last night.”
“Fries are my weakness,” Hall says. “You can’t go wrong with the potato.”
“Now that y’all are breaking it down, I feel like Paul sees a lot of himself in Perfidia in regards to standing 10 toes down on who he is and being himself unapologetically,” Taylor says. “That’s why he’s able to create this f— badass who is unapologetically herself. That’s what we love about him. Agree. Disagree. PTA stands 10 toes down on who PTA is.”
I love this “10 toes down” expression.
“Every time you say it, I’m like, ‘This is genius,’” Infiniti says, smiling. “Genius.” Taylor laughs and finishes the last wing.
“All Paul’s films are unique, though you know it’s him, just like with Tarantino,” Hall says. “‘Boogie Nights’ is PTA but it’s so different from ‘Phantom Thread,’ which is so different from ‘Punch-Drunk Love,’ which is his version of a romantic comedy.”
During a Q&A for “One Battle,” Hall said she watched “Phantom Thread,” the movie where a wife feeds her husband poisonous mushrooms to make him dependent on her care, and told Anderson that he was on to something. “I have wanted to poison people,” she joked. “Ex-boyfriends, specifically.”
Teyana Taylor, left, Chase Infiniti and Regina Hall.
(Bexx Francois / For The Times)
“What I learned from watching that movie is that Paul knew he needed to be poisoned a time or two,” Hall says. “Men know, right?”
The talk turns to all the running the women did for the movie, most of it cut down in the final edit as Anderson tightened the opening 40 minutes that focus on the French 75’s exploits. “Our knees and thighs were in pain,” Hall says.
Adds Taylor: “I was running across a field with a machine gun in my hand, running and jumping. I really thought I was Tom Cruise.”
“Tomasina Cruise,” Hall says, laughing. “Tommyana,” Taylor retorts.
The waiter comes over one last time and asks, “How were the wings?”
“Good,” Taylor answers. “Good and gone.”
And, too soon, so are we.
(Bexx Francois / For The Times)
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