Weekend Edition: Paramount+ Reduces Loss; What's Next For AMC; New York Boosts Tax Credits; Warners Breakup; Sony Chief Gets Extended
The weekend is here and as always we have the news you need to know. Got spare time? Here's a book that you should option. Check out this podcast recommendation!
Welcome to the Weekend. It's Saturday, May 10th
News & Views
Paramount+ reached 79 million subscribers and reduced its streaming loss to $109 million, with the company on track for domestic profitability by 2025 despite economic challenges. (Source: Hollywood Reporter)
Warner Bros. Discovery shares rose nearly 4% this week after a report on a potential breakup, despite missing Q1 revenue estimates, an 18% decline in studio revenue, and a 7% drop in cable TV revenue, while exceeding subscriber growth expectations with 5.3 million new streaming subscribers. (Source: Reuters)
Sony Pictures has signed a multiyear contract extension with movie chief Tom Rothman, solidifying his role as Hollywood’s longest-serving studio head during a period of executive instability at rival studios. (Source: Hollywood Reporter)
Having faced a tough quarter, AMC Entertainment has successfully weathered the storm and is now prioritizing the enhancement of its cash flow and overall financial stability. Will it work? (Source: Morningstar)
In a bid to boost indie film production, New York Governor Kathy Hochul has approved a state budget that nearly doubles the film and TV subsidy cap to $800 million and creates a $100 million fund for independent projects. (Source: Hollywood Reporter)
Now Hear This
Indie Wire's Screen Talk is a podcast worthy of adding to your rotation. This week's pod discusses Cannes, and what Summer films are buzz-worthy.
This Might Be A Movie
Concrete Island (1981) is one of J.G. Ballard's lesser-known but intriguing novels. It was rumored to have been optioned in the 80s, with Christian Bale attached to star. Since then, there has been no news. Perfect for a Yorgos or Cronenberg-style psychological treatment.
Something To Watch
Virgin Suicides (1999)
Directed by Sofia Coppola
Sofia Coppola's feature debut is a cult classic with mesmerizing performances from Kirsten Dunst and James Woods.
Disclaimer/Transparency
MovieNewsPro is a film industry news monitoring service. All stories have been previously reported elsewhere and are not exclusive stories to MNP. All information is believed to be accurate at the time of reporting. MovieNewsPro uses a full array of technology to gather information, including machine learning, automation and artificial intelligence throughout its business monitoring, editing and reporting process. MovieNewsPro sector indexes (Streaming, Studio and Theater) are virtual indexes - there are no actual funds invested. Sector index total value dollar amounts are based on an initial hypothetical investment of $100,000 on March 17th, 2025. We are not licensed investment advisors and our information should not be used as investment advice.
