Connect with us

News

Disney’s streaming spending weighs on profits

Published

on

Disney’s streaming spending weighs on profits

Walt Disney’s streaming enterprise added a sturdy 14.6mn subscribers within the fourth quarter however the progress got here at a excessive price, as substantial losses weighed on the corporate’s income.

The streaming service’s working losses rose by $800mn to $1.5bn due largely to rocketing content material spending and advertising and marketing bills. Consequently, working revenue at Disney’s media and leisure group plunged 91 per cent to $83mn within the quarter.

Disney on Tuesday reported earnings of 30 cents per share, nicely beneath the Wall Road consensus of 54 cents. General, revenues rose 9 per cent to $20bn. Internet revenue was $162mn, up 1 per cent from a yr earlier.

The shares have been 6 per cent decrease in after-hours buying and selling. Disney inventory is down 36 per cent this yr.

The wholesome rise in Disney’s streaming subscriptions, which embrace Disney Plus, Hulu and ESPN Plus, introduced its whole variety of subscribers to 235.7mn — greater than the 227mn that trade pioneer Netflix expects to have by the tip of this yr.

Advertisement

Disney chief government Bob Chapek defended the spending technique, saying the speedy progress of Disney Plus was “a direct results of our strategic determination to take a position closely in creating unbelievable content material and rolling out the service internationally”.

He added that streaming losses would start to “slim”, with Disney Plus anticipated to show its first revenue in 2024, barring a “significant shift” within the economic system.

Disney will elevate the value of its streaming providers and introduce a brand new advertising-supported tier to Disney Plus subsequent month — steps that Chapek stated would result in a “worthwhile streaming enterprise”. Netflix, which has skilled a slowdown in subscriber progress, launched an ad-supported service final week.

Christine McCarthy, Disney chief monetary officer, stated that “peak losses at the moment are behind us” with relation to streaming, noting that the value will increase and advertising-supported service would start to have a monetary impact early subsequent yr. She added that content material spending and different prices would sluggish in 2023.

Disney’s theme parks continued to rebound from their coronavirus pandemic lows within the quarter. Working revenue on the theme parks greater than doubled to $1.5bn, and income rose 36 per cent to $7.4bn regardless of the influence of Hurricane Ian.

Advertisement

McCarthy stated the corporate’s US theme parks division took a $65mn hit from the hurricane, which struck Florida in late September and quickly closed Walt Disney World. McCarthy added that Disney’s US parks have been making extra money than earlier than the pandemic, with per capita spending practically 40 per cent greater than in 2019. The parks are additionally experiencing an inflow on worldwide guests that’s near pre-pandemic ranges.

However she stated Disney’s park in Shanghai, China has been closed and the corporate has “no visibility on a reopening date”.

News

Candace Parker, 3-time WNBA and 2-time Olympic champion, says 'it's time' to retire

Published

on

Candace Parker, 3-time WNBA and 2-time Olympic champion, says 'it's time' to retire

Candace Parker #3 of the Las Vegas Aces is pictured at Michelob Ultra Arena on July 1, 2023 in Las Vegas. Parker announced her retirement on Sunday.

Ethan Miller/Getty Images


hide caption

toggle caption

Advertisement

Ethan Miller/Getty Images


Candace Parker #3 of the Las Vegas Aces is pictured at Michelob Ultra Arena on July 1, 2023 in Las Vegas. Parker announced her retirement on Sunday.

Ethan Miller/Getty Images

Candace Parker — a three-time WNBA champion, two-time league MVP and two-time Olympic gold medalist — has announced she’s retiring from basketball after 16 seasons.

In a post on Instagram, Parker said, “I promised I’d never cheat the game & that I’d leave it in a better place than I came into it. The competitor in me always wants 1 more, but it’s time. My HEART & body knew, but I needed to give my mind time to accept it.”

Advertisement

The 38-year-old had a foot injury that sidelined her last season. She’d hoped to return to the Las Vegas Aces this upcoming year to try to win another title.

“This offseason hasn’t been fun on a foot that isn’t cooperating. It’s no fun playing in pain (10 surgeries in my career) it’s no fun knowing what you could do, if only…it’s no fun hearing ‘she isn’t the same’ when I know why, it’s no fun accepting the fact you need surgery AGAIN.”

Parker played her first 13 seasons with the Los Angeles Sparks — and, in 2008, was the first in WNBA history to be named Rookie of the Year and Most Valuable Player in the same season. She was named MVP again in 2013. She won titles with the Sparks, Chicago Sky and the Las Vegas Aces. She’s the only player in league history to win championships with three teams.

Parker won two NCAA titles while playing for famed collegiate coach Pat Summitt at the University of Tennessee. As a freshman in 2006, Parker became the first woman to slam dunk in an NCAA tournament game.

She helped Team USA win Olympic gold medals at the Beijing Olympics in 2008 and at the London Games in 2012.

Advertisement

“Your place in sports history is cemented,” said sports journalist Jemele Hill. “While I’m going to miss seeing you on the court, what you’ve done for the game is a big reason the game is as healthy as it is.”

Moments after Parker made the announcement, the Las Vegas Aces posted a tribute video for the WNBA star.

Parker says she’ll continue to work in broadcasting and one day hopes to own both an NBA and WNBA team.

Continue Reading

News

Tory rebels aim to oust Sunak if party suffers big losses in local elections

Published

on

Tory rebels aim to oust Sunak if party suffers big losses in local elections

Rishi Sunak will face a challenge to his leadership if the Conservatives suffer heavy losses and lose high-profile mayors in Thursday’s local elections, rightwing Tory rebels have claimed.

Most Conservative MPs believe the prime minister would survive even a terrible set of results on May 2 because there is no viable alternative and a general election is around the corner.

“There will just be sullen grumpiness all round,” said one former cabinet minister.

James Cleverly, home secretary, warned the Tory rebels last Thursday that trying to remove Sunak would be a “catastrophic idea” and compared a putative putsch with jumping out of a plane without a parachute.

But a group of Conservative MPs and ex-officials, including diehard supporters of ex-premiers Boris Johnson and Liz Truss, say they will launch one final bid to try to topple Sunak.

Advertisement

Speaking anonymously, the Tory rebels told the Financial Times that a plan has been drawn up to destabilise or oust Sunak once the results of the local elections in England and Wales have been announced.

On Sunday, the rebels threw down the gauntlet to Sunak with a five-point policy plan, setting out proposals to end junior doctors’ strikes with a more generous pay offer, introduce tougher migration measures, increase defence spending to 3 per cent of gross domestic product by 2027, toughen sentences for prolific offenders, and cut the welfare bill.

The plotters set out the 100-day plan as a blueprint of “quick wins” that could be adopted by Sunak’s successor if the rebels manage to successfully topple him.

The threat of a coup attempt has created a febrile atmosphere at Westminster with speculation that Sunak could soon name the date for a general election to head off the danger.

Plotters claim there is a whipping operation to try to muster the 52 letters that must be sent by Tory MPs to Conservative grandees in order to trigger a no-confidence vote in Sunak.

Advertisement

“The polls and focus groups that have gone round show that nothing Rishi does matters,” said one Conservative rebel. “It’s not the policy, it’s the messenger. People just don’t like the guy.”

Sunak repeatedly declined to rule out a July election in an interview with Sky on Sunday. “I’m not going to do that,” he said.

In comments referring to his previous remark that an election in the second half of 2024 was his “working assumption”, he added: “[It’s] the same thing I’ve said all year.”

A Downing Street insider insisted Sunak was still “planning for an autumn election”, dismissing rumours of an early poll as “complete nonsense” being spread by Labour party mischief-makers.

A rightwing Tory MP, who denied being part of any plot, predicted that some in the party would move against Sunak after the local elections and would rally around any alternative would-be leader capable of “stemming the bloodshed”.

Advertisement

“Over the Easter recess, colleagues spent more time on the ground in their seats and got a better sense of how bad things are,” said the MP.

On Saturday, Dan Poulter, the Tory MP for Central Suffolk and North Ipswich and a former minister, defected to Labour.

Many Conservative MPs refer to talk of a possible coup as “mad”, but they accept that Sunak could face fresh Conservative infighting after the local elections.

Colin Rallings and Michael Thrasher, local elections experts at Plymouth University, have predicted the Tories could lose 500 of the roughly 900 council seats they are defending, which would be a serious setback.

Sunak’s allies are particularly focused on whether the party can win any of the high-profile mayoralties up for grabs – notably London, the West Midlands and Tees Valley.

Advertisement

Sadiq Khan, London’s Labour mayor, is expected to win a third term. But Andy Street, Tory mayor of West Midlands, and Lord Ben Houchen, Conservative mayor of Tees Valley, are in hard-fought battles with Labour.

Tory grandees believe Street and Houchen can prove that Tories can still win — in spite of the party trailing Labour by about 20 percentage points or more in national opinion polls — and that will buy Sunak some breathing space.

The prime minister’s team is doing its best to keep potentially mutinous MPs away from Westminster, where plotting is often rife in the Gothic palace’s corridors and bars.

A May bank holiday recess begins on May 2, with the House of Commons not resuming until May 7. Even after that, MPs expect only “light whipping” for the rest of the week, meaning that some will stay away.

The idea of Tory MPs replacing Sunak with a fourth leader in a single parliament, following Johnson and Truss – and just months before an election – is seen by most Conservative MPs as unconscionable.

Advertisement

The absence of a viable alternative to Sunak is a problem facing the rebels, even if some posit Penny Mordaunt, leader of the Commons, as a compromise candidate.

Penny Mordaunt, leader of the Commons, has been mentioned as a potential candidate for Tory leader © Leon Neal/Getty Images

Mordaunt, who faces a struggle to hold on to her Portsmouth North seat at the election, insists her name is often mentioned by people who want to damage her. “The public are so tired of this,” she has told friends.

Sunak’s allies insist the prime minister’s success in finally securing royal assent for his Rwanda asylum bill, which underpins the government’s strategy to curb illegal migration, and his promise to boost defence spending, has shown he is on the front foot and up for the fight.

Cleverly warned Tory rebels not to “feed the psychodrama”. He told a Westminster press lunch: “We should have the discipline to stay focused on what we’ve achieved in government and what we’re planning to do next.”

One former minister loyal to Sunak said: “There’s no sense that there are anywhere near enough mad MPs to attempt to send the Tory party into the guaranteed death spiral that a sword-wielding leadership upheaval would bring.”

Advertisement

Join Lucy Fisher, George Parker and colleagues for an FT subscriber webinar on May 8 to examine the national fallout from the local elections. Register now at ft.com/ukwebinar.

Continue Reading

News

2.9 magnitude earthquake rattles New Jersey

Published

on

2.9 magnitude earthquake rattles New Jersey

The New York area was hit by another earthquake Saturday morning.

At 9:49 a.m., a 2.9 magnitude earthquake rocked the area five miles south of Peapack and Gladstone in Somerset County, about an hour’s drive west of New York City, according to the United States Geological Survey.

This quake is just one of dozens of aftershocks felt by the area since a 4.8 magnitude earthquake hit the region on April 5, reports the Asbury Park Press, part of the USA TODAY Network.

While earthquakes in this area are rare, they aren’t a surprise, experts say.

“Earthquakes in this region are infrequent, but not unexpected,” according to Jessica Thompson Jobe, a researcher in the U.S. Geological Survey’s Earthquake Hazards Program. “This is an area of older, generally inactive faults, but they can become reactivated at any time.”

Advertisement

There were no reports of injuries, and the New Jersey Office of Emergency Management said in a tweet there were no reports of damage.

play

Geologists examine rocks to gather earthquake data in NJ: Video

Geologists examine old rocks to gather earthquake data in New Jersey. Scientists look for signs like pre-existing cracks in exposed stone.

Where was the original earthquake?

On April 5, a 4.8 magnitude earthquake was recorded in New Jersey and felt throughout surrounding areas, including New York City. It was one of the strongest in state history.

The earthquake’s epicenter was 45 miles from New York City, where residents reported shaking furniture and floors.

Advertisement

The quake and all the aftershocks were located near the Ramapo Fault, which was formed 400 million years ago. The 185-mile-long fault stretches from New York to Pennsylvania and crosses New Jersey.

The USGS deployed “aftershock kits” in New Jersey after the April 5 earthquake. Since then, the agency recorded over 60 aftershocks.

What is an aftershock?

Aftershocks are small earthquakes that occur in the days, months or years in the general area after an earthquake. Aftershocks can still be damaging or deadly, experts say.

Advertisement

Contributing: Amanda Oglesby, Asbury Park Press

Continue Reading

Trending