EA Cuts 5% of Workforce, Ad Revenue Dip Drags Paramount Earnings and Meghan and Harry’s $100 Million Deal Is a Netflix Miss

Plus: Concert films boost AMC Theaters Q4 revenues, Disney’s $8.5 billion India merger is a huge deal and Lionsgate TV cuts more than 50% of overall deals [Andrew Wilson EA CEO]( [EA Cuts 5% of Workforce, Scraps 'Star Wars' Video GameÂ]( By Natalie Korach Electronic Arts is laying off roughly 670 staffers, equivalent to 5% of its workforce, CEO Andrew Wilson wrote in a memo to staff on Wednesday. “As a company full of creators and storytellers, we believe in the value of teams innovating together and continue to learn and adopt new ways of collaborating to grow and serve our global communities,” Wilson wrote. “Given how and where we are working, we are continuing to optimize our global real estate footprint to best support our business.” [Read More]( --------------------------------------------------------------- [Paramount Global earnings]( [Paramount Q4 Revenue Falls 6% to $7.63 Billion, Dragged Down By 11% Decline in Ad Revenue]( By Lucas Manfredi Paramount Global continued to make progress narrowing its streaming losses during the fourth quarter of 2023, saying it now expects to be profitable domestically in 2025. But the company continued to face advertising-related headwinds, which dragged total revenue down 6% year over year. “As we approach the third anniversary of the domestic launch of Paramount Plus, we’re capturing operating leverage in streaming faster than expected and we intend to build on that momentum,” Paramount chief financial officer Naveen Chopra told analysts on Wednesday. [Read More]( --------------------------------------------------------------- [A picture of Prince Harry and Meghan Markle applauding as money rains down on them.]( [Meghan and Harry's $100 Million Netflix Deal Is a Hollywood Miss | Exclusive]( By Emily Smith When Prince Harry and Meghan Markle’s lucrative Spotify deal fell apart in 2023, Bill Simmons, The Ringer’s founder and managing director, was incensed. “I wish I had been involved in the ‘Meghan and Harry leave Spotify’ negotiation,” Simmons, the head of podcast innovation and monetization at Spotify, which owns The Ringer, said on his self-titled show. “‘The F–king Grifters.’ That’s the podcast we should have launched with them.” [Read More]( --------------------------------------------------------------- [AMC Earnings]( [Taylor Swift, Beyoncé Concert Films Boost AMC Theaters Q4 Revenues as Chains Cut Losses 37% to $182 Million]( [Mukesh Ambani of Reliance and Bob Iger of Disney]( [Why Disney's $8.5 Billion India Merger Is Such a Huge Deal | Analysis]( [Lionsgate Television]( [Lionsgate TV Cuts More Than 50% of Overall Deals After Acquiring eOne From Hasbro]( [Endeavor Earnings]( [Endeavor Q4 Revenue Grows 25% to $1.58 Billion, Boosted by Owned Sports Properties, Representation Divisions]( --------------------------------------------------------------- [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](