Entertainment Financial News

By Milana Vinn and Anirban Sen

Check out the companies making headlines in midday trading.

Walt Disney Company to Apple. While the idea of an Apple-Disney merger has been circulating for years, particularly due to Steve Jobs' past involvement on the Disney board, it hasn't materialized thus far. Some executives view it as an improbable notion. Nevertheless, as tech giants continue to carve out their share of the entertainment industry to cater to streaming audiences, the concept gains traction. Disney CEO Bob Iger has left room for such a merger in recent statements, although he indicated it's not currently in his immediate plans. As the entertainment landscape evolves, the feasibility of an Apple-Disney merger seems to grow. Tech companies are actively seeking content for their streaming platforms, leading to a more logical synergy between the two giants. However, Iger's comments suggest that the notion is not an immediate priority. To facilitate such a merger, Disney could potentially streamline its operations by divesting certain assets. Disney's CEO hinted at the possible sale of linear television assets, including ABC and FX, which could make the company a leaner and more appealing prospect for acquisition by Apple. This strategic move could signal a step towards the realization of an Apple-Disney partnership. One of the key challenges involves determining an appropriate purchase price. Additionally, government regulations under the Biden administration could impact the deal's feasibility. Regulatory bodies like the Federal Trade Commission (FTC) and the Justice Department have increased scrutiny on significant corporate mergers, exemplified by their successful intervention in Paramount's proposed sale of Simon and Schuster to Penguin Random House.

Zee Entertainment Enterprises Ltd posted a net loss of ₹53 crore in the first quarter of FY24 compared to a profit of ₹107 crore a year ago. Consolidated revenue increased 7.6% year-on-year from ₹1,843 crore to ₹1,983 crore.

DraftKings Inc (NASDAQ:DKNG) was raised to neutral from Underweight at JPMorgan (NYSE:JPM) on Wednesday, maintaining a $26 price target on the stock.

Investing.com — U.S. stocks wobbled were falling on Wednesday as more corporate earnings rolled out. Entertainment giant Walt Disney is expected to report after the closing bell.

Stocks that are trading heavily or have substantial price changes Wednesday: Toast, Array Technologies rise; Upstart Holdings, Roblox fall

Disney-owned ESPN has licensed its brand for use in a sports betting app, striking a deal in which it will receive $1.5 billion and other considerations from Penn Entertainment

Sony’s profits between April and June slipped 17%, as worries grew about revenue damage from a strike in the movie sector

Public Investment Fund is accelerating spending at home, often on obscure startups and projects that it plans to own and operate. Last month, PIF said it would start selling milk from camels and dates grown in the region around the holy city of Medina. Before that, it launched a halal meats exporter and a company aiming to make Saudi coffee globally popular.

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Eli Lilly, DraftKings, United States Cellular, and Dish Network.

Investing.com — Shares of Penn Entertainment (NASDAQ:PENN) soared in premarket trading Wednesday after the company announced it entered into an exclusive U.S. online sports betting agreement with Disney's (NYSE:DIS) ESPN unit.

Zee Entertainment Enterprises (ZEEL) on Wednesday reported a consolidated net loss of Rs 53.4 crore for the quarter ended June 2023, compared to a profit of Rs 107 crore a year ago. Consolidated revenue for the quarter increased 7.6% year-on-year (YoY) to Rs 1,984 crore. Sequentially though, the net loss narrowed from Rs 196 crore, while revenue declined 6%.

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Investing.com — U.S. futures rose Wednesday, rebounding after the previous session's losses with investors digesting more corporate earnings.

ESPN agreed to a $2 billion deal to allow its brand to be used in Penn Entertainment’s online sportsbook, a strategic turn for both companies as they try to tap into the sports-betting sector’s growth. Penn Entertainment, whose shares surged more than 20% after hours on news of the pact, said its Barstool Sportsbook app would be rebranded as ESPN Bet this fall as part of the 10-year agreement. In addition to $1.5 billion in cash over the term of the agreement, ESPN will receive warrants worth about $500 million to purchase shares in Penn.

₹40 lakhs or equivalent value per annum for appearing in advertisements or campaigns on any medium or format. Previously, the guidelines included only those earning ₹20 lakh from endorsements. The updated guidelines also expand the definition of "celebrity" to include notable personalities such as doctors, authors, activists, and educationists, extending beyond the traditionally recognized field of entertainment and sports.

Jailer. As the movie gears up to hit theatres on August 10, the charismatic actor's loyal followers sought divine blessings for its success in a special ceremony held at the revered temple in Madurai. Marking their dedication to the superstar, fans carried out distinctive acts of worship, including a unique penance known as 'Man Soru', aimed at invoking blessings for the triumphant outcome of the upcoming film.

Ranveer Singh is the new Don. Alongside a short teaser, the makers confirmed the speculations on Wednesday morning that the 'Padmaavat' actor will replace superstar Shah Rukh Khan to essay the lead role in the highly-anticipated 'Don 3', directed and written by actor, singer and film-maker Farhan Akhtar. Ritesh Sidhwani's production banner Excel Entertainment's caption read, «A New Era Begins.

₹999 a year, offering only premium English language content behind a paywall, local language programming remains free on the service for now. Last September, the Competition Commission of India (CCI) had approved the amalgamation of Jio Cinema with Viacom18. Further, the company had won the digital rights for the IPL for ₹23,757 crore.

Washington H Soul Pattison is one of the parties working on troubled casino operator Star Entertainment Group’s debt refinancing, and is primed to stand toe-to-toe with a heavyweight consortium led by distressed debt giant Oaktree Capital.