TV, Film & Media Industry News Roundup, Tuesday 9 July 2024

Skydance acquires Paramount; Amazon, Apple, Spotify challenge Canada’s tax; Munich Film Fest winners; Bavaria boosts film fund; Netflix’s Sarandos leads; ITV's content mix; Turkish films' global rise

Today’s Highlights:

• Skydance Acquires Control of Paramount Global: Shari Redstone sells Paramount Global to Skydance, including Paramount film and TV studios, Paramount+, CBS, and cable channels.

• Amazon, Apple, and Spotify Challenge Canada's Streaming Tax: These companies and the Motion Picture Association–Canada file legal challenges against a 5% tax on streaming services' Canadian revenue.

• Munich International Film Festival Winners Announced: "To A Land Unknown" and other films win top awards at the Munich International Film Festival.

• Bavaria Boosts Regional Film Fund: Bavarian government increases funding for the Fff Bayern regional film fund to €2 million annually for 2024-2025.

• Skydance Plans $2 Billion in Cuts Post-Merger: Skydance targets $2 billion in cost cuts primarily from linear media operations after acquiring Paramount.

• Ted Sarandos' Success in the Streaming Wars: A profile of Netflix co-CEO Ted Sarandos.

• ITV's Strategy for Viewer Retention: ITV highlights the need for a mix of high-profile "firework" content and enduring "bonfire" content to attract and retain viewers.

• Legal Challenges from Major Streaming Services in Canada: Major streaming services and Hollywood studios challenge Canada's regulation on video and music streaming taxes.

• Carlotta Rossi Spencer on Branded Content: Spencer discusses the rise of brand-funded content as an effective and genuine way for companies to share their stories.

• Turkish Movies' Potential in International Markets: Melis Nersesoğlu highlights Turkish content's global popularity and potential, especially in action and animation.

Plus: News, Insights, In Development, Deals & Jobs.

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NEWS

It’s Official: Skydance Wins the Battle for Paramount Global

Shari Redstone has agreed to sell control of Paramount Global to a consortium led by Skydance, headed by David Ellison, and Gerry Cardinale’s RedBird Capital, in a landmark deal set to shake up the entertainment landscape. Pending regulatory approval and the absence of a better bid, Skydance will acquire Redstone’s majority stake in National Amusements, securing control of Paramount, which includes Paramount film and TV studios, Paramount+, CBS, and cable channels like Nickelodeon, MTV, and Comedy Central.

From: The Hollywood Reporter

Amazon, Apple, Spotify File Legal Challenge Against Canada’s Music Streaming Tax

Amazon, Apple, and Spotify, three of the world's largest music streaming services, have filed legal challenges against a new Canadian regulation requiring non-Canadian streaming services to pay a 5% tax on their Canadian revenue. Simultaneously, the Motion Picture Association (MPA)–Canada, representing Netflix and major Hollywood studios like Disney, Paramount, Sony, NBCUniversal, and Warner Bros. Discovery, has challenged a similar 5% tax on video streaming services. On July 4, the three streaming services and the MPA–Canada filed separate challenges with Canada's Federal Court of Appeal, seeking a judicial review, claiming the regulation exceeds the CRTC's authority.

From: Music Business Worldwide

Munich festival’s admissions rise as ‘To A Land Unknown’ leads winners

Mahdi Fleifel’s "To A Land Unknown," Gábor Reisz’s "Explanation for Everything," Federico Luis’ "Simon Of The Mountain," and Minh Quý Trương’s "Viet And Nam" won the four main competitive strands at this year’s Munich International Film Festival (Miff), which concluded on Saturday, July 6. The festival’s top award, the €100,000 CineCoPro award, funded by Fff Bayern for future co-productions, was presented to François Morisset’s company Salaud Morisset, the German co-producer of "To A Land Unknown."

From: Screen Daily

GENR8 2024: August 14 - Melbourne & Online

GENR8 is a one-day program merging thought leadership with innovative practice. It covers AI, gaming, the creator economy, tech legalities, IP, and audience engagement to advance screen projects, careers, and the industry. The 2024 program includes empowering creative processes with AI, leveraging the IP boom, an interactive AI debate, sustainable online pathways for producers, legal tech considerations in production, and insights from Australia’s gaming stars on narrative freedom in gaming.

From: SPAA

Bavaria gives €4m boost to regional film fund to boost production, inward investment

Germany’s Bavarian government has boosted film funding for the Fff Bayern regional film fund to €2m annually for 2024-2025. Florian Herrmann, head of the Bavarian State Chancellery, emphasised the importance of maintaining a solid production hub and expressed pride in Bavaria’s ecosystem of production companies, technical firms, and creatives at the Munich International Film Festival.

From: Screen Daily

INSIGHTS

Ted Sarandos: Vanquisher in streaming wars

Is streaming good business? While Hollywood media executives grapple with this question, Netflix co-CEO Ted Sarandos remains unfazed. Legacy media companies like Disney, Paramount, and NBCUniversal invested billions in streaming to emulate Netflix’s success, driven by Wall Street's praise for its growth. Netflix, under Sarandos, delivered hits like “Stranger Things,” “Squid Game,” “Bridgerton,” and “The Crown” to millions worldwide, leaving competitors struggling to catch up.

From: Los Angeles Times

Eight rising stars of German cinema at Munich 2024

They include several filmmakers moving behind the camera with 20 years of experience in different fields.

From: Screen Daily

Christoph Gröner and Julia Weigl reveal how the Munich International Film Festival is evolving under their watch

The festival will screen six world premieres of international titles.

From: Screen Daily

ITV: Mix of ‘firework’ and ‘bonfire’ content is needed to acquire and keep viewers

Until recently, significant streamers lacked transparency about show performance. New UK data reveals small audiences for most SVOD content. Broadcaster ITV explains that companies need a mix of big-audience "firework" and long-tail "bonfire" content to attract and retain viewers. For instance, up to 80% of Netflix episodes in the UK are viewed by fewer than half a million people. These insights come from ITV's analytics division and Barb, the UK's official TV measurement service.

From: Stream TV Insider

Carlotta Rossi Spencer: “People Are Starting to Respect The Concept Of Branded Content”

Brand-funded content allows companies to share their stories in a more genuine and captivating way, moving away from intrusive traditional advertising. This approach aligns content with the interests of their target audience, enhancing relevance, targeting, reach, and visibility. As brands strive to create compelling and authentic stories, the amount of branded content for audiences continues to grow. Carlotta Rossi Spencer, Head of Branded Entertainment Business Development at Banijay, discusses the evolving landscape and how it has become a valuable production that maintains high entertainment quality.

From: Señal News

Melis Nersesoğlu: “Turkish Movies Have a Big Potential For International Markets”

Turkish content is rising globally, spanning all continents with diverse genres and formats, yet there's still room for growth. Melis Nersesoğlu, Managing Director at Match Point, discusses the company's goals and projects on Turkish TV series and movies. She highlights trends like the shift towards shorter series and the potential of Turkish films, especially in action and animation, in the global market.

From: Señal News

Skydance Targets $2 Billion-Plus in Cuts After Paramount Merger

Skydance executives, set to take over CBS, Nickelodeon, and MTV, have identified $2 billion in potential cost cuts, primarily from linear media operations, according to Jeff Shell, the future president of the new entity. Skydance and Shari Redstone, Paramount’s current controlling shareholder, reached a deal for Skydance to take over National Amusements and inject capital into Paramount. While executives see potential in linear media, Shell emphasised the need for changes to enhance cash flow. With help from Bain & Co., these cuts can be made "quickly." Shell believes that, if appropriately managed, the linear business will remain strong for years despite its expected decline.

From: Variety

As Alec Baldwin Heads to Trial, Dueling ‘Rust’ Documentaries Become Part of Tangled Drama

Two films, one on Baldwin by Rory Kennedy and another on cinematographer Halyna Hutchins by her close friend Rachel Mason, are in production and drawing attention from New Mexico prosecutors.

From: The Hollywood Reporter

MediaLane’s Iris Van Den Ende On Creativity In The Netherlands

Dutch indie producer MediaLane prioritises creating entertainment for a broad audience, evidenced by its hits like "Stars on Stage," "The Connection," and "Aria." Iris van den Ende, founder and CEO, discusses how the Netherlands has become a hotbed for creativity, highlighting the company's success in producing accessible and popular shows.

From: TV Formats

Cooking up something good

The third season of "The Bear" could have started with Carmen ‘Carmy’ Berzatto escaping from the restaurant’s walk-in refrigerator, where he was trapped at the end of season two. However, actor Jeremy Allen White is glad it didn't. “I do get out of the walk-in refrigerator,” he says, “and then Carmy buries himself in his work, challenging himself and everyone around him, becoming difficult to be around.”

From: Drama Quarterly

‘Lord Of The Rings: The Rings Of Power’ Season 2 To Conquer San Diego Comic-Con

Prime Video is planning another big splash for its hit series The Lord of the Rings: The Rings of Power at San Diego Comic-Con.

From: Deadline