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Posts Tagged ‘Relativity Media’

Morning Media Newsfeed: Microsoft to Cut 18,000 Jobs | Aereo Faces Setback

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Microsoft to Lay Off 18,000 Workers, Largest Cuts in History (SocialTimes)
Over the next year, Microsoft is eliminating 18,000 jobs, or as much as 14 percent of its workforce. CEO Satya Nadella wrote a public email to company employees on Thursday saying “every team across Microsoft must find ways to simplify and move faster, more efficiently.” He said that he would give more details on Tuesday, when Microsoft reports its fiscal 2014 results. Deadline Hollywood The layoffs will hit hardest at the Nokia Devices and Services phone handset business, acquired in April. “We are moving now to start reducing the first 13,000 positions, and the vast majority of employees whose jobs will be eliminated will be notified over the next six months,” Nadella said in the email Thursday. Microsoft expects the restructuring to result in as much as $1.6 billion in pre-tax charges over the next four quarters. That will include as much as $800 million for severance and related benefit costs, and up to $800 million in asset-related charges. Variety Microsoft is also getting out of developing original series for its Xbox gaming platform and will close Xbox Entertainment Studios in the coming months. Xbox chief Phil Spencer announced Xbox Entertainment Studios will shutter and that some projects in development and production, including a live-action Halo series, will still be produced. New York Post / Reuters The studio, set up in 2012 under then-CEO Steve Ballmer, said in April it had committed to several projects including Humans, a drama co-produced with U.K. broadcaster Channel 4, and Halo. NYT While Microsoft still makes profits that executives at other companies would be ecstatic to have, it has been beaten on the biggest new trends in tech, including mobile, Internet search and cloud computing. As a result, it is regularly left out of conversations about companies defining the next generation of technology, outflanked and overshadowed by companies like Apple, Google, Facebook and Amazon.

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Morning Media Newsfeed: CNN Slashes Jobs | Networks Cover Benghazi Emails | Viacom Profit Up

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50 Positions Cut Across CNN (TVNewser)
CNN has eliminated at least 50 positions across several divisions. Employees in New York, Washington, D.C. and Atlanta at CNN Digital, CNN Money, Newsgathering and the CNN Library were told their positions are changing. Thursday’s cuts follow the elimination of 16 positions last month from the image and sound unit in Atlanta. A CNN insider said the changes are related to the integration of television and digital newsgathering. Capital New York There is not expected to be any reduction in employee headcount. While some positions are being eliminated, the same number of new jobs will be created, albeit with different descriptions or responsibilities. CNN is encouraging affected employees to apply for the new jobs, which are expected to start posting as early as this week. TheWrap CNN president Jeff Zucker met with newsroom reporters on Thursday to tell them the bad news. The cuts mainly affect news producers and managers, some of whom will be invited to reapply for new or “updated” positions at lower salaries. The insider said Zucker’s plan is to reduce packaged news stories to three or four per day and described the reaction in the newsroom as “shell-shocked.” Variety Under Zucker, the news network has been placing more emphasis on live coverage of breaking events as well as documentaries, leaving less room for the creation of pre-taped video packages that had been more of a staple on the network. THR / The Live Feed With the Time Inc. spinoff from Time Warner set for later this year, the CNN Money website is planning on separating Fortune magazine into a standalone entity on June 1. Fortune and Money magazines are currently housed on the CNN Money site.

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Morning Media Newsfeed: Pulitzers Announced | Google Buys Drone Maker | Relativity Eyes Maker Studios

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2014 Pulitzer Prizes Announced (FishbowlNY)
The Pulitzer Prizes celebrate the best of the best, and Monday we learned the latest recipients of journalism’s highest honor. TVNewser The Washington Post and the U.S. edition of The Guardian have won the award. They will share the Public Service award for their series of stories on NSA surveillance, as revealed by Edward Snowden, an NSA contractor who gave the top-secret information to the news organizations. The Pulitzer committee said the journalism was “marked by authoritative and insightful reports that helped the public understand how the disclosures fit into the larger framework of national security.” Politico Snowden immediately declared the decision “a vindication.” The reporting on the former government contractor’s leaks was led by journalists Glenn Greenwald and Ewan McAskill at The Guardian, Barton Gellman at the Post, and Laura Poitras, who worked with both newspapers. NYT The Boston Globe won the breaking news prize for its coverage of the Boston Marathon bombing, which killed three people and wounded at least 260. The Post won a second award, for explanatory journalism. Eli Saslow, 31, a staff writer, won for a series of articles on American families that rely on the federal food stamp program. GalleyCat Author Donna Tartt won the Pulitzer Prize for fiction for her book The Goldfinch. The novel about an orphan also won Amazon’s Best Books of the Month “Spotlight Pick” in October 2013 and was shortlisted for 2013 National Book Critics Circle Award.

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Brian Edwards Out as Relativity Media COO

Another one bites the dust at Relativity Media.

Brian Edwards resigned as chief operating officer, the fifth executive to leave the independent studio in 2011.

The entertainment attorney, who came from Mark Burnett Productions in May, lasted only six months at Relativity Media, as first reported by the Los Angeles Times.

There could be one more change on the way as president Steve Bertam is deciding whether to stay or leave when his contract ends at the end of the year, according to The Wrap.

Citibank Getting Burned In Studio Confusion

zohan.jpgCitibank, trying to bring some financial acumen to the Hollywood cesspool, is now the target of lawsuits from Ryan Kavanaugh’s Relativity Media, while Citibank is simply saying back-at-ya, according to the trades.

A legal battle has erupted between Kavanaugh’s Relativity Media and banker Citigroup Global Markets over a multi-million-dollar financing deal to invest in as man as 45 films produced or acquired by Sony Pictures, including Adam Sandler’s awful clunker “You Don’t Mess With The Zohan.”

They may have the money, but nobody says they’re critics.

Relativity filed suit Tuesday in Manhattan federal court against Citigroup, claiming breach of contract. Citigroup filed its own lawsuit in New York Supreme Court in Manhattan the same day.

More on Citibank below:

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Trade Round-Up: September 18, 2007

seacrest.jpegFox, Seacrest Pairing Plunges Emmy Ratings
It’s safe to say that Monday was a pretty bad day for Fox and Ryan Seacrest. Their tag-team on Sunday’s Emmy telecast was the second lowest rated show in the awards’ history, garnering just 13.1 million viewers, reports Variety. The tally was well below the 16.2 million that NBC snagged for the same show last year. And to make matters worse for Fox, the smallest Emmy aud is still the 1990 telecast which drew 12.3 million and also aired on Fox. Maybe they should stick to American Idol? Just a thought…

Casting News
Variety gives the skinny on a couple casting stories. First Tobey Maguire and Jake Gyllenhaal are in negotiations to star in Jim Sheridan’s Brothers for Relativity Media, a remake of Susanne Bier’s Danish-language drama. Meanwhile, Oscar winner Jim Broadbent has signed on to join the next Harry Potter pic, Harry Potter and the Half Blood Prince. Broadbent will play a retired potion’s master.

HBO greenlights Gardens
Grey Gardens goes on and on! The documentary, which has already been translated to a Broadway show, will now get a big-screen redo thanks to HBO Films which has just greenlit the pic, THR reports. Drew Barrymore and Jessica Lange will star and Michael Sucsy will direct.

Saldana On Board for Star Trek
J.J. Abrams continues to lock in crew members for his Star Trek installment with THR reporting that Zoe Saldana has joined the cast to play the chief communications officer on the USS Enterprise for Paramount Pictures.

- CHRIS GARDNER