Jeffrey Katzenberg’s ‘New TV’ Closes $1b


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What’s Subsequent: Scoop: Jeffrey Katzenberg has closed his first $1 billion spherical of funding for WndrCo’s “New TV,” a cell video platform that can intention to cater to our more and more restricted consideration spans with short-form premium content material — or, as Katzenberg has been heard referring to it, long-form content material damaged up into shorter segments.

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The Traders, per sources acquainted:

• Disney, 21st Century Fox, Warner Bros, Leisure One and different media corporations have collectively invested round $200 million.

• Institutional buyers, primarily from the US and China, have invested the remaining.

The Danger: “New TV” is surrounded by query marks:

• Do individuals need it? There may be skepticism in Hollywood about shopper curiosity in short-form premium content material. There may be little out there proof that buyers need to watch 5 or ten-minute episodes of exhibits like “Sport of Thrones” or “Stranger Issues.”

• How will it’s distributed? Katzenberg has seemed to accomplice with tech and telecom corporations like Fb and Verizon, sources mentioned, however these corporations don’t seem to need to scrap their present providers for another person’s. So will “New TV” be a stand-alone service?

• Who owns the content material? It is not but clear whether or not WndrCo will personal the IP. If Katzenberg does not personal the content material or the distribution, what’s he however a center man for corporations that may simply as simply do offers straight?

• Why did he rent Meg Whitman as CEO? The previous Hewlett Packard and eBay chief has a really spectacular observe report in Silicon Valley and is a savvy fundraiser, however has no expertise working a media firm.

The Reward: As one Hollywood exec put it, “Nobody bets in opposition to Jeffrey.” Between Paramount, Disney and DreamWorks he is acquired some of the spectacular CVs within the enterprise. These are additionally very, very small bets for the large media corporations. It “New TV” fails, its a rounding error on their steadiness sheets. If it succeeds, the payoff might be good-looking.

Bonus: The Barry Issue: Ever since Barry Diller launched IAC, there was a sample of outdated media titans launching new media corporations to interrupt into the digital area — Peter Chernin with Otter Media, Katzenberg with WndrCo, and so on. Whether or not they succeed or fail, the endeavors present the 20th Century’s most achieved executives a chance to remain within the sport.

Immediately’s PACIFIC

Good Morning. We acquired our palms on the visitor checklist for Google Camp, the super-private summit of mega-wealthy celebrities and enterprise leaders that kicks off this Sunday on the Verdura Resort in Sicily.

Residents of PACIFIC embody … Barry Diller & Diane Von Furstenberg … John & Ann Doerr … Kevin Durant & Cassandra Anderson …. Daniel & Sofia Ek … Mike & Michelle Fries … Brian & Veronica Grazer … Reed Hastings … Ben & Felicia Horowitz … Jeffrey & Marilyn Katzenberg … Gayle King … Wealthy & Jana Kleiman … Joshua Kushner & Karlie Kloss … Robert & Luz Kyncl … Martin & Millie Lau … Carolyn McCall & Peter Frawley … Lorne Michaels … Neal & Hema Sareen Mohan … James & Kathryn Murdoch … Man & Michelle Alves Oseary … Jonah Peretti & Andrea Harner … Richard Plepler & Lisa Plepler … Eric Schmidt … Shane & Tamyka Smith … Evan Spiegel … plus, prime minds from Alphabet, Deep Thoughts and Google.

Disney vs. Comcast: The Sky wars aren’t over

Sky Broadcasting added 500,000 new direct subscribers during the last 12 months and noticed gross sales elevated 5% to £13.6 billion, or $18 billion.

That type of progress is why Bob Iger and Brian Roberts are more likely to proceed their conflict over Sky, sources accustomed to each corporations plans inform me:

• Each corporations are constructing direct-to-consumer relationships globally. Europe is a serious piece of the puzzle. Sky now controls entry to 23.5 million Europeans.

• This morning on Comcast’s earnings name, Roberts known as Sky “a fantastic enterprise and a great use of capital.”

What’s Subsequent: Primarily based on conversations with sources, we consider Iger and Rupert Murdoch will counter Comcast’s $34-billion bid later this summer season.

Tomorrow: 21st Century Fox holds a particular shareholder assembly in Manhattan to vote on the Disney acquisition. They’re anticipated to approve.

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Fb’s Fall: Zuckerberg Unfazed

Fb’s $125 billion loss in worth and 20% share drop following yesterday’s earnings report feels cataclysmic on paper, however Zuckerberg and different prime execs consider it is a market overreaction and place confidence in their longterm technique, Fb sources inform me.

This is why:

• Fb’s actual complete viewers, together with Instagram, WhatsApp and Messenger, is 2.5 billion individuals. That new stat might assist to masks Fb’s core progress troubles, but it surely’s an actual quantity — and it is large.

• Fb hasn’t found out how one can monetize Instagram Tales as efficiently as Fb and Instagram feeds. However Tales is rising in recognition, which suggests the buyer base might be robust as soon as they determine it out — and Fb does consider it would determine it out.

• Fb misplaced three million each day customers in Europe on account of the brand new privateness legal guidelines, however that represents a mere 1% of its total consumer base there — which is a small quantity when you consider all of the hype over GDPR.

• Income continues to be up.

What’s Subsequent: That is positively a near-term downside for Fb — CFO Dave Wehner informed buyers yesterday that total income progress would proceed to sluggish for the remainder of the 12 months — but it surely’s not essentially a long-term one.

Enjoyable Reality: If yesterday’s after-hours hunch holds, it will be the biggest market cap drop for an organization within the historical past of the market.

The Belief Disaster: Sandberg, Dorsey to Hill

Fb’s Sheryl Sandberg and Twitter’s Jack Dorsey have agreed to seem earlier than the Senate Intelligence Committee in September, my colleagues Donie O’Sullivan and Jeremy Herb report:

• The committee additionally has invited Google’s Sundar Pichai to seem and is awaiting a response.

• The tech exes have been requested to reply questions on their corporations’ position in “defending elections from misinformation and disinformation.”

Is that this Twitter’s time within the frying pan?

• Twitter lately revealed that it removed 143,000 apps which will have violated individuals’s privateness, however hasn’t but dedicated to notifying individuals if their information was abused.

• President Trump this morning hit Twitter for what he known as “shadow banning” distinguished Republicans. “We’ll look into this discriminatory and unlawful apply without delay!” he wrote. “Many complaints.”

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Milking It: The Goop mannequin

How do you monetize your life? The New York Occasions Journal’s Taffy Brodesser-Akner goes inside “the large enterprise of being Gwyneth Paltrow”:

• “The primary iteration of [Goop] was … lists — the place to go and what to purchase when you get there — through a publication she emailed out of her kitchen.”

• “At first, Goop … appealed to an viewers that admired G.P.’s rarefied way of life. … She wished you to have what she had: the $795 G. Label trench coat and the $1,505 Betony Vernon S&M chain set.”

• “Goop’s ethic was this: that having stunning issues generally prices cash; discovering stunning issues was generally a results of an immense privilege; however an absence of that privilege did not imply you should not have these issues. Apart from, simply because some individuals can’t afford it does not imply that nobody can and that nobody ought to need it.”

• “Goop [is now] a clothes producer, a magnificence firm, an promoting hub, a publishing home, a podcast producer … a portal of health-and-healing data, and … a TV-show producer.”

The Huge Image: “G.P.’s enterprise … actually began when she was being hunted by the paparazzi and dwelling in such a lonely, high-altitude world that she may mainly be associates with solely Madonna. … Her enterprise [depends] on nobody ever with the ability to be her … [and] their capacity to assume they could.”

What Subsequent: Los Angeles has claimed three spots on Eater’s 18 Finest New Eating places in America checklist, greater than some other metropolis. Your subsequent reservations: Bavel, Dialogue and Majordomo.

See you tomorrow.

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CNNMoney (New York) First revealed July 26, 2018: 10:45 AM ET

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