ITV

Tag: Disney

  • Media mogul Sumner Redstone passes away at 97

    Media mogul Sumner Redstone passes away at 97

    Mumbai: Sumner Redstone, the influential US media mogul who owned CBS and Viacom, passed away at the age of 97, as confirmed by his family on Tuesday. Redstone had been a central figure in the entertainment industry for decades, serving as chairman of the board of directors for both CBS and Viacom until stepping down in 2016 due to declining health. His resignation followed internal family disputes over the companies’ control, with his family maintaining a majority stake.

    In late 2019, CBS and Viacom were merged into one entity, managing some of the most well-known television networks and film studios in the world, including CBS, MTV, Comedy Central, Nickelodeon, Showtime, and Paramount Pictures. This consolidation placed the company in the same league as other major U.S. media corporations such as Disney, Time Warner, and 21st Century Fox.

    Born Sumner Murray Rothstein in Boston in 1923, Redstone changed his surname in 1940 to Redstone. He graduated from Harvard University and served in U.S. military intelligence during World War II. In 1954, he joined his father’s business, which he later transformed into National Amusements, one of the largest cinema operators in the United States.

    Redstone survived a near-fatal fire in 1979 and went on to play a pivotal role in shaping the media landscape throughout the 1980s and 1990s. He fought fiercely to gain control of Paramount Pictures and later took over Viacom, which owned MTV and CBS. Viacom and CBS merged in 2000 but split again in 2006.

    Redstone’s remarkable career left an indelible mark on the entertainment industry and his legacy continues through the companies he built and reshaped.Sumner Redstone

  • Disney+’s big bet: A daily telenovela on OTT globally

    Disney+’s big bet: A daily telenovela on OTT globally

    MUMBAI: 11 October marked a new way of program scheduling for Disney+. The streamer dropped five episodes of drama series Return to Las Sabinas on its service  in Spain and all over the world  (in India, viewers can watch it on Disney+Hotstar ) and on Hulu in the US. So what’s new about this? 

    What is new about Return to Las Sabinas is the gutsy decision that Disney+ Spain vice-president original production Sofía Fábregas  has taken. Episodes of the telenovela drama are being dropped  daily weekday morning for the next 65 days for the 70 episode series. (For diehard melodrama viewers: in India daily episodes are being introduced Monday to Friday at 12:30 pm with English subtitles .)

    While that is pretty déjà vu for television viewers and programmers in India, for the Spaniards to use the television daily drop routine on an OTT platform is pretty daring. 

    “It’s yet to be confirmed if it’s going to be a success or not, but Disney was willing to take the risk to be the first with something that was both established, but because nobody had tried it [in streaming], also very new,” Fábregas told Deadline.  “We wanted to take something that the audience was accustomed to and put it in an unexpected place.”

    But with Fábregas confessing that it is a big risk, she’s taken steps to at least reduce it by hiring the best to put their might behind the production as well as innovating on production  values. For one, she hired  Banijay Iberia’s Diagonal production company to do the job. Then she roped in  experienced  show runner and creator Eulàlia Carillo  as its executive producer while bringing on veteran Jordi Frades  to helm the show. 

    Instead of the tacky indoor studio sets that telenovelas are normally shot in, she decided to film it on natural outdoor and indoor locations in and around Barcelona  to make it look premium. Each 45 minute episode was shot over two and a half days with two cameras giving it a cinematic look instead of the one day given to normal daily dramas. Post production was also allocated twice the amount that normal dramas get to make the output on screen look snazzy. Writing was given two and a half  years so that the right hook points, cliff hangers could stand out and bring viewers back daily. 

    The series stars top Latino actors like Celia Freijeiro, Andrés Velencoso, Olivia Molina, Natalia Sánchez, Nancho Novo, and María Casali. 

    The story follows two sisters, Gracia and Paloma, who return to their childhood home in Las Sabina to care for their father. Gracia reconnects with her first love, Miguel, who is now engaged to Ester. However, his brother Tano, is still in love with her and refuses to back down. Paloma takes over the family lands and clashes with landowner Paca Utrera, who has a nefarious plan for the town. In the meantime, the girl’s father, Emilio, attempts to reconcile with his daughters, but a hidden secret complicates his efforts. 

    Sounds familiar? Like many other telenovelas or drama series? 

    Frades told Deadline that the idea is not to have a very different plot. “We want the people to find love, passion, drama, comedy and everything they like in a daily show, but maybe with a little upgrade.”

    Even Carillo accepts that. Speaking to Deadline he said:  “It starts, as any other fiction does, with a question: What would you be willing to forgive? The series is about forgiveness and second chances. It’s also about first love and how it impacts on our lives, and also new loves and how we find love even when we don’t expect it.”

    Fábregas  told Deadline that she’s going by her gut. She said:  “I would say it’s a bet, and let’s see if we win,” she noted. “It is a bet because we haven’t done it yet, not us or not the other streamers. We’re programming against other streamers. Could it change the rules? Potentially, yes. Maybe in five years all the streamers will have programming like this.”

    Or could it happen earlier?

  • Audible and Disney launches new kid-focused audio originals: Frozen, Cars & Star Wars

    Audible and Disney launches new kid-focused audio originals: Frozen, Cars & Star Wars

    Mumbai: Audible, Inc., the creator and provider of premium audio storytelling, and Disney Publishing released three new Audible Originals today from Disney’s Frozen, Disney & Pixar’s Cars, and Star Wars, in addition to 60 audiobooks featuring stories including Finding Dory, Marvel’s Avengers, Monsters, Inc., Mulan, and Toy Story. All of these offerings are available today exclusively on Audible at audible.com.

    Today’s three Audible Originals feature multiple Disney character voices and immersive sound design. The titles include:

    1   Star Wars: Padawan’s Pride

    Jedi Knight Obi-Wan Kenobi and his Padawan Anakin Skywalker star in this thrilling galactic adventure set three years after the events of Star Wars: The Phantom Menace. When a Republic spy goes missing on the Moons of Varl, the Jedi Council asks Obi-Wan and Anakin to infiltrate an underground podracing circuit run by a crime boss believed to be holding the spy prisoner. Master and apprentice must use all their Jedi skills in this action-packed tale of cutthroat competition, deadly deception, and, ultimately, what it means to be a Padawan. Recommended for ages 8–12. Written by Bryan Q. Miller.

    2   Disney Frozen: Olaf’s Quest

    Olaf, Arendelle’s adorable snowman, loves to read. One day, an unexpected message leads Olaf and his friends Anna, Kristoff, and Sven on a quest for a place known as Haus Biblio, described as a “sea of stories.” Join the group’s journey as they cross over mountains, search for monsters under bridges, and have conversations with friendly sheep. Recommended for ages 6–8. Written by Suzanne Francis.

    3   Disney Pixar Cars: The Legend of the Crystal Hubcap

    Best friends Lightning McQueen and Mater are on the road to attend Mater’s sister’s wedding across the country when they accidentally find themselves at the legendary Cave of the Crystal Hubcap. Legend has it, that whoever gazes into this hubcap becomes the luckiest racer in the world. Mater thinks the hubcap would make the perfect wedding gift and heads into the cave in search of it with Lightning—when it comes to treasure hunting, sometimes friendships are the greatest treasures of all. Recommended for ages 3–5. Written by Steve Behling.

    Rachel Ghiazza, Chief Content Officer at Audible, said: “As a customer-obsessed company, we know our devoted listeners want to share their love of audio with the children in their lives. We believe imagination is at the core of family entertainment, which Disney has championed as an industry leader for generations. We’re honoured to collaborate with Disney to bring smiles to kids’ faces when they hear the swoosh of Obi-Wan Kenobi’s lightsaber or the squeal of Lightning McQueen’s tires. New audio adventures begin today, and we can’t wait to share what’s in store over the next few years.”

    Disney Publishing’s Tonya Agurto, Senior Vice President of New IP and Global Business Development said, “Kids-targeted audio experiences connect families, spark imagination, and foster a life-long love of storytelling. Disney Publishing is delighted to bring original and enchanting stories to Audible listeners which span beloved franchises and characters across Disney Frozen, Pixar and Star Wars.”

    This new content follows Audible’s global launch of Kids Profiles. In this new, kid-friendly listening space on Audible, parents can easily share audio titles with children, delighting their little ones while ensuring that audio content can be enjoyed in a parent-controlled environment right from the Audible app. Children will only be able to see and listen to titles shared with them. For instructions on how to create a Kids’ Profile and additional information, click here.

    The Disney titles join a quickly expanding offering of family listening content on Audible including Pottermore Publishing’s complete Harry Potter collection and the forthcoming full-cast audio productions of the original Harry Potter stories; Sesame Workshop’s The Sesame Street Podcast with Foley and Friends (Seasons 1-3) and Ready, Set, Ride with Elmo; Hasbro’s Peppa Pig’s Play-A-Long Podcast; Nickelodeon’s Are You Afraid of the Dark? The Official Podcast; Letters from Camp (Seasons 1-3), produced and performed by Jamie Lee Curtis and an all-star cast; KIDZ BOP Never Stop, from the #1 music brand for kids; and more. Audible’s production and development deals include collaborations with top industry creatives such as President Barack Obama and Michelle Obama’s Higher Ground, Kerry Washington’s Simpson Street, Daniel Dae Kim’s 3AD Productions, Lorne Michaels’ Broadway Video Enterprises, and James Patterson Entertainment.

  • Harsha Razdan’s reaction on Reliance-Disney merger!

    Harsha Razdan’s reaction on Reliance-Disney merger!

    Mumbai: The CCI’s approval of the Reliance-Disney merger is a game-changer for India’s media industry. We’re witnessing the creation of the largest media conglomerate in the country, with a staggering valuation of $8.5 billion. This merger is set to command around 40-45 per cent of the TV market and 30-35 per cent of the digital space – a scale that’s unprecedented.

    From an advertiser’s perspective, this isn’t just consolidation; it’s a strategic realignment of the industry’s landscape. With Reliance’s distribution prowess and Disney’s rich content portfolio, we’re likely to see more streamlined operations and possibly even reduced subscription costs for consumers due to improved efficiencies. Advertisers now have a one-stop shop for everything from Hindi and regional entertainment to sports, music, and international content.

    However, with this scale comes the inevitable power to influence market dynamics, including pricing. The control over 80 per cent of India’s cricket broadcasting alone speaks volumes. While some may worry about rising ad rates, this is an opportunity for smarter, more targeted ad spends and a unique chance to integrate marketing plans across TV and digital platforms for greater impact and efficiency. The sheer reach and diversity of this new entity mean that advertisers can now connect with audiences on an even larger scale, across multiple platforms.

    Our industry must adapt by focusing on creativity and consumer-centric strategies to navigate these changes. As this giant takes form, let’s ensure that we leverage its strengths to continue delivering value-driven, impactful solutions. After all, in the world of advertising, the only constant is change, and this merger is simply the opportunity to ride the next big wave.

  • Disney announces merger of Viacom18 business with Star India

    Disney announces merger of Viacom18 business with Star India

    Mumbai: As per the report released by Reliance Industries Ltd (RIL), Viacom18 in collaboration with The Walt Disney Company, has unveiled a landmark strategic partnership that will combine its business with Star India, aiming to lead the digital transformation of India’s media industry.

    This joint venture (JV) will significantly reshape the media and entertainment landscape, offering a broad spectrum of high-quality content and an enhanced digital experience for consumers in India and the Indian diaspora globally. Reliance Industries Ltd (RIL) will hold a 16.34 per cent stake, Viacom18 will own 46.82 per cent, and Disney will hold 36.84 per cent in the JV. RIL will invest Rs 11,500 crore at closing to drive the JV’s growth strategy, valuing it at Rs 70,352 crore (approximately US$8.5 billion) on a post-money basis, excluding synergies.

    Viacom18 reported robust financial results for the fourth quarter and fiscal year 2024, demonstrating strong growth across all segments. For Q4 FY24, the company’s operating revenue surged 63.0 per cent year-on-year (Y-o-Y) to Rs 2,419 crore, fueled by impressive performances in Sports, Movies, and News. Revenue from the Media business saw a remarkable increase, driven largely by the sports segment, with the Indian Premier League (IPL) and other significant sporting events contributing to this growth. Additionally, the release of ‘Fighter,’ a major film of 2024, bolstered revenue in the Movies segment. However, continued investments in Sports and Digital platforms impacted consolidated EBITDA for the quarter.

    For FY24, Viacom18 achieved an annual operating revenue of Rs 9,297 crore, up 49.4 per cent Y-o-Y, marking one of its strongest performances. The News business saw a 19 per cent increase in revenue Y-o-Y, while Viacom18’s revenue grew by 62 per cent Y-o-Y, with Sports being the primary driver of this growth. Investments in new verticals, particularly Sports and Digital, supported the substantial revenue increase. The group’s digital platforms, including JioCinema, Moneycontrol, and News18, saw strong growth, although these investments also impacted EBITDA.

    As per the RIL report, Viacom18’s TV network share increased by 70 basis points quarter-on-quarter to 11.4 per cent, supported by strong performances in Hindi General Entertainment Channels (GEC), Movies, and Sports. Notably, Colors achieved its highest Gross Rating Points (GRPs) in eight years and climbed to the #1 position in the market during the quarter. JioCinema witnessed a significant 50 per cent increase in reach on the opening day of IPL 2024, with 11.3 crore viewers, and introduced new features such as commentary in regional languages and enhanced camera angle options.

    The network also saw record reach and engagement for its TV network shows, with notable increases in viewership and watch-time for Bigg Boss Hindi and Bigg Boss Kannada. JioCinema’s coverage of various sporting events, including the Women’s Premier League (WPL), saw substantial growth in watch-time and reach.

    Network18’s TV News bouquet maintained its position as the highest-reach news network in India, with an all-India viewership share of 10.9 per cent. It retained leadership in English news (CNN News18), Business news (CNBC TV18), and Hindi news (News18 India). The network’s digital portfolio also demonstrated significant growth, with Moneycontrol becoming India’s #1 subscription-based news platform and Firstpost achieving rapid growth on YouTube.

    In addition to the JV with Disney, Network18 announced the merger of TV18 and E18 with Network18, consolidating TV and digital news assets, and the Moneycontrol business into one listed company through a Scheme of Arrangement, which is currently in the process of obtaining requisite approvals.

    This strategic alignment and financial performance underscore Viacom18’s strong market position and its commitment to driving innovation and growth in the media and entertainment sector.

  • Star India ends $1.5 billion deal with Zee Entertainment for ICC TV rights

    Star India ends $1.5 billion deal with Zee Entertainment for ICC TV rights

    Mumbai: Star India has ended its $1.5 billion deal with Zee Entertainment Enterprises Ltd for ICC TV rights, as announced in a regulatory filing by Zee Entertainment on 20 June. The dispute between the two companies, which began with Star India’s arbitration proceedings on 14 March, is being resolved through the London Court of International Arbitration (LCIA).

    The agreement, originally formed on 26 August  2022, was a sublicensing arrangement for ICC TV rights covering Men’s and Under-19 (U-19) global cricket events through 2027. However, Zee Entertainment’s subsequent failed merger with Sony Pictures Networks India left it unable to fulfill its obligations under the deal as an independent entity.

    Zee Entertainment has informed Star India of its inability to continue with the agreement and has requested a refund of Rs 69 crore that was already paid. The deal’s performance was contingent on several conditions, including the submission of financial and corporate guarantees and final ICC approval, which were not met.

    Additionally, Zee has accumulated Rs 72.14 crore in bank guarantee commissions and interest expenses related to its share of guarantees and deposits. Zee contends that Star India’s failure to secure necessary approvals and execute required documents amounts to a breach of the agreement, leading Zee to repudiate the contract.

  • Zee turns around, onward to healthy growth

    Zee turns around, onward to healthy growth

    Mumbai: Zee Entertainment Enterprises (Z IN) reported healthy revenue growth, led by increased subscription revenue (8.8 per cent  YoY) given price hikes due to implementation of NTO 3.0 and higher revenue from Zee5. So, expect subscription revenue to grow in the range of 6-7 per cent YoY, near term. Ad revenue was muted as it declined 3 per cent YoY, but this was on the back of ad spends moving away from GECs to properties such as T20 WC, General Elections and IPL. We expect ad revenue momentum to pick up in the near term, helped by: 1) positive impact from the festive season, 2) higher spends by FMCG companies and 3) traction in regional GECs. Ad revenue for Z may grow in the range of 3-5 per cent YoY in the near-to-medium term, as TV medium shows resilience amongst other traditional media genres.

    Much needed respite for margin

    Z has reported healthy margin improvement of 470bps YoY to 12.7 per cent, largely helped by: 1) better subscription revenue, 2) lower losses in Zee5, 3) lower employee expenses and 4) cost cutting initiatives in technology. EBITDA margin may see further acceleration, helped by better ad growth in the festive season and consistent cost cutting initiatives. Losses in the digital business (Zee5) have come down by 48 per cent, as quarterly loss is now at Rs 1,777mn (reported), versus an average quarterly loss of INR 2,718mn (average of past four quarters). Zee5 continues to report healthy performance with 15 per cent  YoY growth in Q1 revenue, despite cost cutting initiatives. We expect a sharp improvement of 550bps in EBITDA margin to 16.0 per cent by FY27E.

    Await FCCB cash deployment plan

    We believe raising capital is a mild positive for Z, basis its deployment to generate higher returns. These proceeds from FCCBs (of up to INR 20,000 mn) will come in a phased manner. This will ensure steady cash flow, to: 1) combat increased competitive intensity (merger of RIL/Disney) and 2) use in potential acquisitions, if any.

    We believe it is also likely that Z may acquire channels of RIL/Disney, if viewership share or market share in certain genres is high and is not approved by CCI (Competition Commission of India). As per our assessment, RIL/Disney have bigger overlaps in the urban GEC genre, which is Z’s weakness, given the latter’s strength in the regional markets. The cash infusion can also be used to acquire potential digital assets/OTT platforms. We believe there is a high likelihood of the funds being deployed for inorganic purposes, than organic.

    Issuance of FCCBs will be treated as a debt instrument for now, until converted into equity shares post maturity or earlier. Assuming that every tranche is of Rs 2bn, there will be an interest expense of Rs 100 mn for Z, which will have a natural forex hedge, as 5-7 per cent of Z’s revenue (Rs 6,000-7,000mn) is international ($ based). So, there may be no hit on earnings for now each time a tranche is raised, as the money may be deployed in liquid funds temporarily, until the final purpose is decided per opportunities. Post deployment, each tranche of Rs 2,000mn will have a negative impact of 1.2 per cent  on Z’s earnings due to interest outgo.

    Overall, this could be a win-win for FCCB investors, as they get to pay a coupon rate of 5 per cent and purchase bonds at CMP of Z. This is attractive at 8x forward P/E – core broadcasting segment (basis FY26E). There is a high likelihood of incremental upside over coupon rates for the investors, basis: 1) pick up in TV advertising, 2) margin improvement, and 3) strong growth in the digital segment. Some part of the FCCB proceeds can also be used internally to fund content acquisitions on digital/OTT side, which can drive scale for Zee5 as a platform, and positively impact digital business’ valuations. We do not foresee any major investment in sports by Z in the near term, as all major properties such as IPL, World Cup and BCCI rights, will come up for renewal in the next 3-4years.

    The management has largely identified a plan to deploy this cash and allocation towards growth initiatives is a key monitorable, as per our assessment.

    Valuation: Reiterate BUY with a higher TP of Rs 210

    Z is estimated to report strong earnings CAGR of 17.2 per cent  (FY25E-27E), led by strong margin improvement and better revenue growth. Raising FCCBs in tranches will not hit earnings, but allocation of this capital is a monitorable. The management has guided for an EBITDA margin of 18-20 per cent by FY26, which could provide respite and drive valuation re-rating.

    Z (core broadcasting) is currently trading at inexpensive valuation of 8.0x FY26E P/E. We raise earnings estimates by 8.4 per cent/6.9 per cent for FY26E/27E, factoring in better margin performance – Maintain BUY. We roll over to raised Sep’25E SoTP-TP of INR 210 (from INR 180). We value the broadcasting business at 11x (from 10x) one-year forward P/E and OTT at 3.0x (unchanged) one-year forward EV/sales.

    The credit of this article goes to Elara Capital SVP Karan Taurani. 

  • Joy takes over! Inside Out 2 reaches $1 billion in record time

    Joy takes over! Inside Out 2 reaches $1 billion in record time

    Mumbai: Disney and Pixar’s much-anticipated sequel, Inside Out 2, has taken the world by storm, rewriting the record books for animated films. In a stunning feat, the movie has become the fastest animated film to ever reach the coveted $1 billion mark at the global box office, achieving this milestone in less than three weeks!!

    This record-breaking performance surpasses the previous record holder, Frozen 2, which took 25 days to reach the same benchmark. Inside Out 2’s phenomenal success is further underscored by its impressive performance in India. The film raked in a whopping Rs 101.48 crores ($12.7 million) within just 19 days, becoming the fastest animated film to enter the exclusive 100 crore club in the country. This prestigious club recognizes animated films that have achieved a lifetime gross of over Rs 100 crores ($12.3 million) at the Indian box office. Notably, eight out of the eleven films currently in this club are from Disney and Pixar, solidifying their dominance in the animation genre.

    Inside Out 2’s emotional journey resonated with audiences worldwide. The film’s ability to delve deeper into the complexities of our inner world, introducing new characters representing fresh emotions, seems to have struck a chord. With its critical acclaim and record-breaking box office numbers, Inside Out 2 has cemented its place as a true animation powerhouse.

    Directed by Kelsey Mann, Inside Out 2 was released on 14 June 2024 in cinemas worldwide. Amy Poehler, Maya Hawke, Phyllis Smith, Lewis Black, Tony Hale, and Liza Lapira gave their voices to the beloved animated characters of the film. Written by Meg LeFauve, the animated film continues to weave its Pixar magic in theatres in India and across the world!

  • Disney and Pixar’s Inside Out 2 takes the global box office by storm!

    Disney and Pixar’s Inside Out 2 takes the global box office by storm!

    Mumbai: Inside Out 2, the coming-of-age sequel to the Oscar-winning franchise by Disney and Pixar released in cinemas worldwide on 14 June after 9 years and is touted to be the biggest animated film of the year. Directed by Kelsey Mann and produced by Mark Nielsen, the film takes audiences back to the life of Riley who has adjusted to her new life in San Francisco and has recently turned 13. She navigates through new emotions including Anxiety, Embarrassment, Ennui and Envy who are brought into the headquarters as Riley is now a teenager. Audiences and critics have applauded how this new mixed bag of emotions on an exceptional rollercoaster is a must-watch for everyone.

    In its opening weekend, Inside Out 2 has shattered the box office records and has emerged to be the biggest Hollywood film of 2024 raking in 155 million dollars domestically leaving behind films including Dune 2, God x King: The New empire, amongst others. As per The Hollywood Reporter, the film grossed a global total of $295 million, the biggest opening of all time for an animated film.

    Inside Out 2’s Rotten Tomato score stands at a staggering 93 per cent while its IMDb rating is currently at 8. The film became the second-highest domestic opener of all time in the animated movie genre behind Pixar’s ‘The Incredibles’ and is further expected to shine globally, including in India as well.

    The film features Amy Poehler, Phyllis Smith, Lewis Black, Diane Lane, and Kyle MacLachlan reprising their roles from the first film with Tony Hale, Liza Lapira, Maya Hawke, Ayo Edebiri, Adèle Exarchopoulos, Paul Walter Hauser, and Kensington Tallman joining the cast. Inside Out 2 is now in theatres in English and Hindi. 

  • MIB to convene with Netflix, Disney, Amazon, Google and Meta on broadcast regulations

    MIB to convene with Netflix, Disney, Amazon, Google and Meta on broadcast regulations

    Mumbai: The Ministry of Information and Broadcasting (MIB) has summoned the nation’s leading OTT platforms, including Netflix, Disney, Amazon, along with tech giants Google and Meta, for a meeting on 14 June to discuss new broadcast service regulations.

    Stakeholders are worried that the bill’s provisions for official certification and regulatory committees could stifle artistic freedom. It calls for the creation of content evaluation committees with members from various social groups to review and approve shows before their release.

    While films in Indian cinemas are currently reviewed and certified by a government-appointed board, streamed content does not undergo this process.