PRO Tip Sheet: 5 Insights From This Week

This week on WrapPRO, we examined Hollywood's DEI crisis, wondered why — and for how much — Disney would sell ABC and looked at the box office secrets of "Sound of Freedom." [5 Insights From WrapPRO]( This week on WrapPRO, we examined Hollywood's DEI crisis, wondered why — and for how much — Disney would sell ABC and looked at the box office secrets of "Sound of Freedom." [Read More on WrapPRO]( 1. [Hollywood’s Diversity Exec Exodus Exposes Industry-Wide Dysfunction – What Is the Path Forward?]( By Raquel "Rocky" Harris & Sharon Knolle | Source: [WrapPRO]( - Top diversity, equity and inclusion executives at Warner Bros. Discovery, Disney, Netflix and the Academy of Motion Picture Arts and Sciences, all Black women, have recently exited their roles, leading to concerns about the industry's commitment to gender and racial equity and questioning the sustainability of DEI roles in Hollywood. - The industrywide abandonment of DEI initiatives coincides with increased financial pressures, as Hollywood responds to Wall Street demands for profitability, leading to layoffs and budget cuts that disproportionately affect non-white staff and POC-led content. - According to the McLean & Company’s 2023 HR Trends Report, the average tenure of a chief diversity officer has decreased to less than two years, with 59% of DEI employees citing a lack of time to do the work, 43% citing insufficient resources and funding, and 29% blaming lack of leadership support. [Keep Reading]( 2. [Why Disney Wants to Sell ABC – and Who Would Buy It | Analysis]( By Jose Alejandro Bastidas | Source: [WrapPRO]( - Disney CEO Bob Iger has indicated that the company is shifting away from its traditional linear television business, an acknowledgement of the decreasing value of television assets in the media industry as streaming takes precedence. - Analysts estimate Disney could garner between $8 billion and $23 billion from a potential sale of its linear TV networks, with potential buyers identified as Sinclair Broadcast Group, Nexstar Media Group and Apollo Global Management, among others. - Iger's comments underline the media industry's inevitable shift towards digital and streaming, signaling to potential investors and employees that Disney is prepared for major restructuring to adapt to this new environment. [Keep Reading]( 3. [Hollywood on Double Strike: Where’s Our Lew Wasserman When We Need One?]( | WaxWord By Sharon Waxman | Source: [WrapPRO]( - The ongoing shutdown in the entertainment industry due to strikes has created an urgent need for a trusted mediator, reminiscent of the role Lew Wasserman played during labor disputes in the 1960s and 1980s. - Disney CEO Bob Iger, once seen as a potential mediator given his stature and experience, has lost favor with guild members after describing their demands as "not realistic." - Other potential mediators, such as Warner Bros. Discovery CEO David Zaslav and retired industry veteran Jeffrey Katzenberg, have either engendered mistrust due to past actions or shown disinterest in getting involved. - A lack of trust and a high level of frustration between the labor and management sides has made it difficult to identify an individual who could effectively mediate the current situation. [Keep Reading]( 4. [How ‘Sound of Freedom’ Became the Summer’s Surprise Box Office Hit]( By Jeremy Fuster | Source: [WrapPRO]( - "Sound of Freedom," an indie drama by Angel Studios, has grossed $90 million at the U.S. box office, making it the highest-grossing independent release since theaters reopened in 2021 and challenging major studio releases like "The Flash." - Angel Studios utilized an innovative "Pay It Forward" campaign, inviting fans to buy tickets for others, helping sell 8.5 million tickets so far, surpassing its public goal of 2 million. - Despite social media controversies and conspiracy theories questioning the legitimacy of the "Pay It Forward" campaign, Angel Studios has seen a "high rate" of donated tickets being redeemed, and theater owners haven't observed any discrepancies with filled seats. - The success of "Sound of Freedom" reflects years of effort by Angel Studios in building relationships with evangelical audiences and creating content they're interested in, making it a potentially significant player at the box office. [Keep Reading]( 5. [The Hollywood Strike Is Taking San Diego Comic-Con Back to Its Roots]( By Ross A. Lincoln & Umberto Gonzalez | Source: [WrapPRO]( - Due to a double strike by the WGA and SAG-AFTRA, most TV and film industry members won't be attending the San Diego Comic-Con this year, leading to reduced participation by movie and TV studios. The lowered industry presence might shift the focus back to comic book creators, the original point of the convention. - While past conventions have used high-profile film panels to build hype for upcoming releases, this year's SDCC will largely replace these star-studded discussions with screenings. - Despite the absence of Hollywood studios, SDCC's financials may not be significantly hit, as the event's revenue primarily comes from membership fees charged for attendance. [Keep Reading]( With a focus on delivering actionable intelligence, the PRO Tip Sheet empowers readers to stay ahead of the game in the industry. Want to go deeper? 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