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    ViacomCBS stock tanks, losing more than half its value in less than a week.

    Shares of ViacomCBS, the media goliath led by Shari Redstone, took a nosedive this week, with the company losing more than half of its market value in just four days.The stock was as high as $100 on Monday. By the close of trading on Friday it had fallen to just over $48, a drop of more than 51 percent in less than a week.There’s no better way to say it: The company’s stock tanked.What happened? Several things all at once. First, it is worth noting that ViacomCBS had actually been on a bit of a tear up until this week’s meltdown, rising nearly tenfold in the past 12 months. About a year ago, it was trading at around $12 per share.That rally came as the company, like the rest of the media industry, had made a move toward streaming. It recently launched Paramount+ to compete against the likes of Netflix, Disney+, HBO Max and others. The service tapped ViacomCBS’s vast archive of content from the CBS broadcast network, Paramount Film Studios and several cable channels, including Nickelodeon and MTV.That shift matters because ViacomCBS has been hit hard by an overall decline in cable viewership. The company’s pretax profits have fallen nearly 17 percent from two years ago, and its debt has topped more than $21 billion.But the stock rose so much that Robert M. Bakish, ViacomCBS’s chief executive, decided to take advantage of the boon by offering new shares to raise as much as $3 billion. The underwriters who managed the sale priced the offering at around $85 per share earlier this week, a discount to where it had been trading on Monday.You could say it backfired. When a company issues new stock, it normally dilutes the value of current shareholders, so some drop in price is expected. But a few days after the offering, one of Wall Street’s most influential research firms, MoffettNathanson, published a report that questioned the company’s value and downgraded the stock to a “sell.” The stock should really only be worth $55, MoffettNathanson said. That started the nosedive.“We never, ever thought we would see Viacom trading close to $100 per share,” read the report, which was written by Michael Nathanson, a co-founder of the firm. “Obviously, neither did ViacomCBS’s management,” it continued, citing the new stock offering.Streaming is still a money-losing enterprise, and that means the old line media companies must still endure more losses over more years before they can return to profitability.In the case of ViacomCBS, it seemed to hasten the cord-cutting when it signed a new licensing agreement with the NFL that will cost the company more than $2 billion a year through 2033. As part of the agreement, ViacomCBS also plans to stream the games on Paramount+, which is much cheaper than a cable bundle.As the games, considered premium programming, shift to streaming, “the industry runs the risk of both higher cord-cutting and greater viewer erosion,” Mr. Nathanson wrote.On Friday, an analyst with Wells Fargo also downgraded the stock, slashing the bank’s price target to $59.But the market decided it wasn’t even worth that much. It closed on Friday barely a quarter above 48 bucks. More

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    Why Oprah’s Meghan and Harry Special Won’t Have a Streaming Home

    #masthead-section-label, #masthead-bar-one { display: none }The British Royal FamilyInterview and FalloutWhat Meghan and Harry DisclosedWhat We LearnedMemories of DianaAdvertisementContinue reading the main storySupported byContinue reading the main storyWhy Oprah’s Meghan and Harry Special Won’t Have a Streaming HomeThe three participants’ ties to Netflix and Apple, along with Ms. Winfrey’s desire to reach a big live-viewing audience, paved the way to an old-school deal with CBS.Oprah Winfrey’s interview of Meghan Markle and Prince Harry was a rarity in the age of streaming: a cultural event powered by network TV.Credit…Rebecca Smeyne for The New York TimesEdmund Lee and March 9, 2021, 6:28 p.m. ETOprah Winfrey pulled off what has become a rare television event: the tell-all interview that turns into a cultural moment. On Sunday, an audience of more than 17 million watched bombshell revelations tumble out of the mouths of Meghan Markle and Prince Harry as they described their lives under the palace gaze in a two-hour CBS special that rivaled any of the royal dramas on the Netflix series “The Crown.”Social-media discussion of the show has continued since the credits rolled, leaving many people who missed it wondering where they could stream it. For the next 30 days, the special will be available on CBS.com and the CBS app. But after that, it will not have a home on any streaming platform.That’s because, from the start of negotiations, Ms. Winfrey’s company, Harpo Productions, the owner of the program, envisioned the special as something suited to a big broadcast network, three people with knowledge of the deal said. Harpo did not even attempt to sell the streaming rights to Netflix or Paramount+, the streaming platform owned by CBS’s parent company, ViacomCBS, the people said.Harpo’s old-school strategy of avoiding subscription-video-on-demand services came about partly because of the complications presented by Ms. Winfrey’s deal to make programs for Apple’s streaming platform, AppleTV+, the people said. Ms. Winfrey’s AppleTV+ deal includes an interview series, “The Oprah Conversation,” which has featured Barack Obama, Dolly Parton and Mariah Carey. Another wrinkle was the roughly $100 million production deal that Meghan, Duchess of Sussex, and Prince Harry struck last year with Netflix, the people said.Ms. Winfrey’s company also did not approach cable networks when seeking the right venue for the special, the people said. Hoping for the greatest possible reach, she sought a deal with one of the major broadcast networks, which do not require a subscription and consistently draw the largest audiences for live viewing. Harpo also liked the idea of appearing in the Sunday night slot after “60 Minutes,” the highly rated CBS News show where Ms. Winfrey was a special correspondent in 2017 and 2018, the people said.As part of the $7 million deal, ViacomCBS won something valuable: the rights to broker international distribution on behalf of Harpo. The program aired Monday on ITV in Britain and will be available in more than 80 countries.Prince Harry and Meghan, Duchess of Sussex, cut a deal with Ms. Winfrey in 2019 to produce a series on mental health. Credit…Joe Pugliese/Harpo ProductionsMs. Winfrey revealed during the interview that she had spent about three years trying to land the exclusive. Along the way, she went into business with Meghan and her husband. Adding to the jumble of media alliances, the couple in 2019 cut a deal with Ms. Winfrey to produce a documentary series about mental health that is scheduled to stream on AppleTV+.Some industry observers were surprised by the CBS deal because of another corporate entanglement: Ms. Winfrey’s long relationship with Discovery Communications, the cable giant that invested in her cable network, OWN, over a decade ago. David Zaslav, Discovery’s intensely competitive chief executive, decided to continue the investment even after OWN experienced growing pains early on. The company now controls the network, which has become a ratings success. Discovery also recently launched its own streamer, Discovery+, where Ms. Winfrey hosts an interview series, “Super Soul.” (The company bought advertising time on the CBS special and provided a commercial featuring Ms. Winfrey.)It turns out that digital television, originally meant as a convenient alternative to clunky cable, can be just as knotty and cumbrous as the business it’s trying to replace.The morning after her interview with the Sussexes, Ms. Winfrey appeared on “CBS This Morning,” a program anchored by her close friend, Gayle King, where she presented extra material that didn’t make the special. CBS announced on Tuesday that it will show the special again Friday night at 8.John Koblin More

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    ‘Sorry, Britney’: Media Is Criticized for Past Coverage, and Some Own Up

    #masthead-section-label, #masthead-bar-one { display: none }Britney Spears’s Legal BattleControl of Spears’s Estate‘We’re Sorry, Britney’Justin Timberlake ApologizesWatch ‘Framing Britney Spears’ in the U.S.AdvertisementContinue reading the main storySupported byContinue reading the main story‘Sorry, Britney’: Media Is Criticized for Past Coverage, and Some Own UpConversations about the relentless focus on the pop star’s mental health, mothering and sexuality have begun anew following The New York Times documentary “Framing Britney Spears.”Media outlets and fans are re-examining how Britney Spears was questioned and written about during the years leading up to her personal crises.Credit…Martin Bureau/Agence France-Presse — Getty ImagesFeb. 12, 2021Updated 1:50 p.m. ET“Help Me,” the cover of Us Weekly blared in all caps, below a photo of Britney Spears with her hair partly buzzed off. People Magazine promised to take readers “Inside Britney’s Breakdown,” teasing details of “wild partying, sobbing in public, shaving her head.” OK! Weekly tempted potential buyers with a firsthand account of an “emotional cry for help.”In 2007, the celebrity magazines stacked up in dentists’ waiting rooms or on the racks by supermarket checkout lines had a favorite cover story: the trials and tribulations of a 25-year-old Britney Spears. That breathless, wall-to-wall coverage of her travails by glossy magazines, supermarket tabloids, mainstream newspapers and television shows alike is now being re-examined in the wake of a new documentary about Spears and her troubles by The New York Times.Fourteen years after Spears’s most publicized crises, some see the hypercritical fixation on her mental health, mothering and sexuality as a broad public failing.“We’re sorry, Britney,” read a post on Glamour’s Instagram this week. “We are all to blame for what happened to Britney Spears.”Spears was a frequent cover star on celebrity weeklies in the mid-2000s.The tabloids had been obsessed with Spears since her days as a teenage bubble-gum pop sensation, but the coverage reached a new level of intensity during her mid-20s. There seemed to be a vicious cycle at play: The relentless paparazzi that followed Spears nearly everywhere left her exasperated and helped fuel public displays of frustration, which magazines then covered aggressively, interviewing a host of tangential characters, including the owner of the hair salon where she shaved her head and a psychologist who had never treated her.“Her story hit at a time when print magazines were hunting for the story of the week,” said Jen Peros, a former Us Weekly editor, “and when you found a celebrity — I hate to say it — spiraling or acting abnormally, that was the story. And we knew it would sell magazines.”A new episode of The New York Times Presents, on FX and Hulu, coming Friday, Feb. 5, at 10 p.m.CreditCredit…Ting-Li Wang/The New York TimesSome are now asking for direct apologies from people who made jokes at Spears’s expense or interviewed her in ways now viewed as insensitive, sexist or simply unfair. On social media, there have been calls for apologies from prominent media figures, including Diane Sawyer, who, in a 2003 interview grilled Spears on what she might have done to upset her ex, Justin Timberlake; Matt Lauer, who pointed to questions about whether she was a “bad mom”; and the comedian Sarah Silverman, who made off-color jokes about Spears at the 2007 MTV Video Music Awards.These demands are encapsulated in another phrase spreading on social media: “Apologize to Britney.”Silverman, who had joked on MTV that Spears’s children were “the most adorable mistakes,” did just that on an episode of her podcast that was released on Thursday, saying that, at the time, she had not understood that big-time celebrities could have their feelings hurt.“Britney, I am so sorry. I feel terribly if I hurt you,” Silverman said. “I could say I was just doing my job but that feels very Nuremberg Trial-y, and I am responsible for what comes out of my mouth.”And on Friday Timberlake issued an apology to Spears on Instagram, writing that he was “deeply sorry for the times in my life where my actions contributed to the problem, where I spoke out of turn, or did not speak up for what was right.” (He also apologized to Janet Jackson, with whom he appeared in 2004 at the Super Bowl halftime show.) The new documentary, “Framing Britney Spears,” which premiered on Hulu and FX last Friday, traces the origins of Spears’s conservatorship, the legal arrangement that has mandated that other individuals — primarily her father — have had control over her personal life and finances for the past 13 years, following her 2008 hospitalization after a three-hour standoff involving her two toddler sons and her ex-husband Kevin Federline.It wasn’t just the paparazzi and the tabloids that reported — sometimes breathlessly — on Spears’s marriages, children, substance abuse issues and mental health challenges: So did The New York Times, as well as other newspapers, television news outlets and late-night comedy programs. Even the game show “Family Feud” found a way to work Spears in, asking contestants to list things that she had lost in the past year (“her hair,” “her husband”).In an interview, Samantha Barry, the editor in chief of Glamour, said of society’s treatment of Spears, “Hopefully we’re in a place where we won’t do that again, where we won’t lift up these celebrities — in particular women — and then proceed to rip them down.”Spears onstage at the MTV Video Music Awards in 2016. In 2007, the comedian Sarah Silverman joked about the singer’s children at the awards show; this week, she apologized in a podcast.Credit…Charles Sykes/Invision, via Associated PressPeros, who started as a reporter for Us Weekly in 2006 and ultimately became editor in chief, believes that with a decade and a half of hindsight, the media would treat Spears differently now. Weekly magazines are “much more sensitive and handle stories like this more delicately,” she said, pointing to coverage of celebrities like Selena Gomez and Demi Lovato, who have spoken more openly about mental health and substance abuse. Part of the evolution stems from the fact that these subjects are less stigmatized, but it’s also the result of journalists and editors understanding that aggressive media coverage would inevitably receive backlash now, Peros said.Us Weekly was one of the magazines that poured resources into relentlessly covering Spears. In a March 2007 cover story that read like a play-by-play of a natural disaster and its aftermath, the magazine interviewed a diner at a sushi restaurant that Spears’s mother visited, a clubgoer at a karaoke party Spears dropped in on, and cited an anonymous source in Antigua, where Spears briefly checked into a rehab clinic.“That was a time when she was making so much money for these magazines that we had the money to send a reporter to Antigua,” Peros said.Back then, it was Peros’s job in New York to search for nuggets of insight into Spears’s life by interviewing dancers or lighting assistants on her tour, searching through the Yellow Pages for their contact information and typically granting them anonymity to share things that they probably shouldn’t. If the reporters had the same awareness about mental health that they have today, they might not have dug so aggressively, she said.The main difference between then and now is the rise of social media, which has diluted the power of weekly magazines as the primary way to learn about celebrities’ personal lives. In some ways, social media can give celebrities more control over what people see: For Spears, her Instagram account is a repository for improvisational dancing, photos of her and her boyfriend, silly skits and random curiosities — all blasted out to an audience of 27.7 million followers.There may be fewer professional photographers following celebrities like Spears around now, but at the same time, almost everyone is armed with a smartphone and has the potential to become an amateur paparazzi. Instead of sending a reporter to go to Antigua to find out what Spears was up to, Us Weekly would now be scouring social media for photos of her there walking around town or eating at restaurants.Dax Holt, who was a producer at TMZ for over a decade and now co-hosts a podcast about Hollywood, said that he doesn’t necessarily blame the media for Spears’s breakdown but rather an American public that had an incessant curiosity for all things Britney. Still, Holt, who used to sift through paparazzi photos of Spears in his time at TMZ, said it made him sad to watch the documentary and see all that Spears had to endure.“I can’t even imagine what it would be like being a focal point of the world’s attention for so many years,” he said. “One little misstep and the whole world is laughing at you.”So far, the public has heard little from Spears herself about the documentary and the reactions to it. On Tuesday, she seemed to indirectly address the film in social media posts when she wrote, “I’ll always love being on stage …. but I am taking the time to learn and be a normal person.”This time, more people seem to be accepting that she is one.AdvertisementContinue reading the main story More