29.72 0.00 (0.00%)
After hours: 4:44PM EST
|Bid||29.71 x 3000|
|Ask||29.72 x 4000|
|Day's Range||29.61 - 30.24|
|52 Week Range||23.79 - 32.87|
|Beta (3Y Monthly)||1.56|
|PE Ratio (TTM)||13.36|
|Earnings Date||Aug 5, 2019 - Aug 9, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||34.41|
If your quest is immersion in Spain’s history and art, and you can go to only one place in Madrid beyond the Prado, then this is surely it. The residence of the 19th Duke of Alba — aka Carlos Fitz-James Stuart — it is home to one of the world’s greatest private art collections.
Virginia Tech is coming to Children’s National Hospital’s new campus at the former Walter Reed Army Medical Center. The partnership will bring a 12,000-square-foot biomedical research complex to the 12-acre Children’s National Research and Innovation Campus, slated to deliver in December 2020 as part of the project’s first phase. In the university's first D.C. location, Virginia Tech's Fralin Biomedical Research Institute at Virginia Tech Carilion will establish a D.C. team to work with Children’s National on translational research projects, faculty recruiting, intellectual property work and commercialization, and trainings for students and fellows — all focused on pediatric cancers of the brain and nervous system.
(Bloomberg Opinion) -- Is it just me, or does the $100 million “severance” being paid to Joe Ianniello, the acting chief executive officer of CBS Corp., stink to high heaven? For starters, you can make a pretty compelling Elizabeth Warren-esque argument that handing a $100 million “severance” to someone who is not, in fact, leaving the company is exactly why income inequality has become such a hot-button issue.But let’s be old school about this. Let’s focus on the shareholders and how this is their money that’s being handed to Ianniello. It is also an unpleasant reminder of how the father-daughter combo of Sumner and Shari Redstone seemingly can’t resist throwing hundreds of millions of dollars at executives who have not done much for their stockholders.The Redstones, of course, control CBS through their privately held film exhibition company, National Amusements Inc. They also control Viacom Inc., which Sumner Redstone bought for $3.4 billion in 1987. (Viacom acquired CBS in 1999.) Until 2016, Sumner Redstone, now 96, was the executive chairman of both companies, though he had largely disappeared from public view two years earlier amid allegations that he was in serious decline. Shari Redstone, 65, is the vice chairman of both companies.In 2003, when CBS was still part of Viacom — and Sumner Redstone was still in charge — Les Moonves became its CEO, a position he retained when CBS was spun off in late 2005. Between 2007 and 2018, when Moonves was fired for sexual improprieties, the CBS board, led by the Redstones, paid him just shy of $700 million, according to figures compiled by Bloomberg. That’s an average of $63.6 million a year.I happen to think that $63 million a year is an absurd amount to pay a manager to run a company. But even if you accept that entertainment companies pay their executives insane amounts — Discovery Inc. paid its CEO, David Zaslav $129.4 million last year, for crying out loud — it is reasonable to assume that such an outsized paycheck would be justified by outsized performance.Not so. During the Moonves era at CBS, the S&P 500 Index returned an average of 9% a year. CBS returned 8.7% a year. In other words, the Redstones and the CBS board paid hundreds of millions of dollars of its shareholders’ money to a man who could barely keep pace with an index fund. (By comparison, the Walt Disney Co. returned 14.6%, and 21st Century Fox returned 10.5%.)The situation at Viacom is even worse. Remember Philippe Dauman, the former CEO whom Sumner Redstone once called “the wisest man I know”? He ran Viacom for a decade, from 2006 to 2016. According to Equilar, a company that compiles executive compensation figures, his compensation during those 10 years was nearly $500 million — while the stock gained a paltry 2.7% a year on average. You may recall that Dauman wound up in a nasty court fight with the Redstones in 2016, trying to keep his job by contending that Sumner Redstone was no longer mentally competent to make key business decisions. After winning that battle, the Redstones still handed Dauman a parting gift as they pushed him out the door: a $75 million severance package.Which brings us back to Ianniello. Although he has been acting CEO only since Moonves departed late last year, Ianniello has also been the recipient of the Redstones’ largesse: Between 2016 and 2018, as the company’s chief operating officer, his compensation averaged $27 million a year, according to Bloomberg. The stock? It dropped from the low 70s to the mid-40s during those three years. This is what’s known as “pay for pulse.”So why did Shari Redstone feel the need to hand Ianniello an additional $100 million? The reasons are twofold. First, Redstone is recombining Viacom and CBS. She doesn’t want Ianniello to leave — at least not right away — but she also isn’t going to make him the top dog. Second, for legal reasons, she can’t ramrod this deal through by herself, even though she is the controlling shareholder. She needs the CBS board and senior management to support the bid. “You need Joe to get the merger done,” Robin Ferracone, the CEO of executive compensation consulting firm Farient Advisors, told Bloomberg. “So you need to make him indifferent to whether he’s going to lose his job or not.”Yes, $100 million is certainly likely to buy a whole lot of indifference. Then again, $10 million probably could have achieved the same result. And in any case, if Shari Redstone needs $100 million to, er, persuade one of her executives to support her merger plan, maybe that suggests the merger’s success is not exactly a slam dunk.I have a hard time seeing how combining two underperforming media companies with a hodgepodge of assets will create a worthy competitor to powerhouses such as Disney, which rolled out its Disney+ streaming service on Tuesday morning, and AT&T, which next year will bundle its media assets into another streaming entrant, HBO Max. But Shari Redstone wants to combine Viacom and CBS, and with the help of that $100 million, that’s what’s going to happen. When the companies are merged, which is expected to take place next month, the CEO of the combined entity will be Bob Bakish, who is Viacom’s CEO.Since he took over Viacom, Bakish’s compensation has been surprisingly normal, at least by modern CEO standards. According to company filings, he received about $20 million a year in total pay in 2017 and 2018.But fear not. Once the deal is done, Bakish’s pay is set to jump to more than $30 million. I predict that he’ll be in Moonves/Dauman territory in no time. After all, overpaying executives is the Redstone way.To contact the author of this story: Joe Nocera at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Wall Street gained momentum on Nov 7 and finished the day in positive territory after reports surfaced that United States and China will remove tariffs on each other???s products in stages.
Goldman Sachs says falling liquidity has boosted volatility during Q3 earnings season. Stocks with low liquidity move 12% more than normal.
Crazy Legs Productions is adding feature films to its repertoire, launching a new narrative feature film division based in Atlanta.
(Bloomberg) -- Discovery Inc. wants to create its own version of Hulu.The cable-programming giant said Thursday that it’s considering combining its suite of TV channels into a streaming service that would be available directly to consumers in the U.S.Discovery sees “an opportunity to take content on a broader basis to mount an attack on those who are not existing cable subscribers,” Chief Executive Officer David Zaslav said on an earnings call. The company is looking at “aggregating all of our content in the U.S. and having something that looks very different.”The comments came with Discovery’s stock soaring after it reported third-quarter earnings that topped analysts’ estimates. The shares jumped as much as 12%, the most since February 2009, to $30.90 in New York trading.The new streaming platform would be a significant strategic shift for Discovery, which has been more cautious than other media giants in making its channels available to people who don’t get cable-TV subscriptions.While AT&T Inc.’s HBO and CBS Corp. made their channels available to cord cutters a few years ago, Discovery until recently had limited its non-cable offerings mostly to Europe and to niche audiences. But like other media companies, Discovery is losing subscribers to cord cutting, forcing the company to consider bypassing the cable bundle.Unscripted ProgrammingDiscovery, which bought Scripps Networks Interactive Inc. last year, owns several channels that feature unscripted programming, including HGTV, Animal Planet, TLC and the Discovery channel. By combining those channels into one streaming service, Discovery would be taking a page from Walt Disney Co.’s Hulu, which has long offered shows from broadcast channels to people who don’t pay for cable-TV service.While Disney and AT&T are planning streaming services in the U.S. with numerous expensive, scripted shows, Zaslav said Discovery’s streaming strategy is less risky because its unscripted programming costs far less to make.Zaslav said he didn’t think making its channels available to cord cutters would violate Discovery’s contracts with pay-TV distributors like Comcast Corp. or AT&T’s DirecTV.Sports RightsDiscovery has been assembling the rights to sports and nonfiction programming to launch new online video channels. It offers a streaming service for golf fans and an online video channel in Europe that Zaslav calls “the Netflix for sports.”Discovery is also planning new streaming-video services with the BBC’s natural-history programming and the stars of HGTV’s “Fixer Upper,” Chip and Joanna Gaines. And it recently introduced a new online channel called Food Network Kitchen that lets subscribers watch live cooking classes with famous chefs and have recipe ingredients delivered to their homes.Discovery has said it expects to spend $300 million to $400 million on its digital efforts in 2019.To contact the reporter on this story: Gerry Smith in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Nick Turner at email@example.com, John J. Edwards IIIFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The New York Times Company's (NYT) digital advertising revenues decrease during the third quarter of 2019. Management now expects digital advertising to be "fairly challenging" in the final quarter.
Discovery (DISCA) delivered earnings and revenue surprises of 4.82% and 0.09%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
SILVER SPRING, Md. , Nov. 7, 2019 /PRNewswire/ -- Discovery, Inc. ("Discovery" or the "Company") (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the quarter ended ...
Discovery (NASDAQ: DISCA ) releases its next round of earnings this Thursday, November 7. Get the latest predictions in Benzinga's essential guide to the company's Q3 earnings report. Earnings and Revenue ...
Video streaming services are proliferating rapidly, with a growing number of deep pocketed players getting into the game. A shakeout is inevitable.
World Wrestling Entertainment's (WWE) Q3 revenues decline year over year. Lower revenues from the Live Events and Consumer Products business segments hurt the top line.
Discovery (DISCA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
SILVER SPRING, Md. , Oct. 29, 2019 /PRNewswire/ -- Discovery (Nasdaq: DISCA, DISCB, DISCK) today announced that Chief Financial Officer Gunnar Wiedenfels will present at the Morgan Stanley European Technology, ...
Discovery Inc. is bringing the joy of cooking straight to your home, via your phone. The company's Global Direct-to-Consumer CEO Peter Faricy joins The Final Round to discuss 'Food Network Kitchen,' a new platform that streams live cooking classes to your favorite devices, and the growing demand for interactive products just like it.
Discovery beat Wall Street estimates in its third quarter earnings report. Despite a 4% drop in total subscribers year-over-year, its TLC brand delivered a record-breaking quarter. Yahoo Finance’s Adam Shapiro, Dan Roberts and Sibile Marcellus discuss with Discovery CFO Gunnar Wiedenfels.