ByteDance Sues Over TikTok Ban, What Major Execs Got Paid in 2023, Disney Tumbles 9% on Soft Q3 Outlook

Plus: Dotdash Meredith Union scores 15% pay bump, Disney reduces Marvel output and Business Insider EIC steps down [A group of people stand outside the U.S. Capitol building holding pro-TikTok signs, including a large banner reading "Keep TikTok." Other signs include fill-in-the-blanks with "my _____ thrives on TikTok," with items people have put in that space including art, voice, teaching, and education platform. Other signs read "TikTok helped grow my business."]( [TikTok Owner ByteDance Sues Federal Government Over US Ban of Social Media Platform]( By Josh Dickey TikTok and parent company ByteDance sued the U.S. government in a Tuesday filing, saying a ban on the Chinese-owned social media platform violates the First Amendment rights of American users. “For the first time in history, Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban, and bars every American from participating in a unique online community with more than 1 billion people worldwide,” according to the lawsuit obtained by TheWrap. [Read More]( --------------------------------------------------------------- [Executive Pay Roundup]( [What Every Major Media Executive Got Paid in 2023]( By Lucas Manfredi During a year in which Hollywood television and film production came to a halt due to the dual strikes, the lofty pay packages of the entertainment industry’s top brass became a key point of scrutiny. But according to TheWrap’s annual study of executive pay, while many media and entertainment executives saw a decrease in compensation compared to the previous year, most continued to rake in tens of millions, dwarfing the median earnings of their workforces. [Read More]( --------------------------------------------------------------- [disney-earnings]( [Disney Shares Tumble 9% on Softer Q3 Outlook Despite Nearing Streaming Profitability]( By Lucas Manfredi Disney is getting closer to achieving profitability in streaming, with the entertainment giant narrowing its direct-to-consumer operating losses 97% to $18 million during its second quarter of 2024. But shares of the entertainment giant fell more than 9% on Tuesday after executives warned that they don’t expect to repeat the feat in the third quarter. In a milestone for the company, when excluding ESPN+, Disney’s entertainment DTC business, which includes Disney+ and Hulu, turned an operating profit of $47 million, compared to a loss of $587 million in the prior-year quarter. [Read More]( --------------------------------------------------------------- [dotdash meredith logos]( [Dotdash Meredith Union Secures 15% Average Pay Increase, 3% Annual Raises in New Contract Agreement]( ["Deadpool 3" (Disney/Marvel Studios)]( [Disney to Reduce Marvel Output to 2-3 Movies a Year]( [Nicholas Carlson]( [Business Insider Editor-in-Chief Nicholas Carlson Steps Down]( [thewrap-usc-annenberg-tess-patton]( [TheWrap and USC Annenberg Name First Reporting Fellowship Recipient]( --------------------------------------------------------------- [Wrap Pro logo] Discover why entertainment executives and professionals rely on the WrapPRO platform daily for exclusive coverage, analysis, deeper reporting, and access to VIP events & screenings throughout the year. [Subscribe Today]( --------------------------------------------------------------- [Facebook]( [Twitter]( [Instagram]( [YouTube]( TheWrap | 2034 Armacost Ave Los Angeles, CA 90025 [Preferences]( | [Unsubscribe]( [LiveIntent Logo]( [AdChoices Logo](