CNBC To Relaunch In Turkey As CNBC Turkiye By The End Of 2023

According to the statement made by İlbak Holding, CNBC Turkiye will evaluate the global developments in the business world from the perspective of Turkey with its objective and accurate news content. The channel, which will convey the developments in the global financial markets with comprehensive reports and exclusive interviews, will convey the local perspective to the global as well as how global events affect local markets.

CNBC Turkiye, headquartered in Istanbul, will include finance, economy and business news with live broadcast content of at least 10 hours a day. The channel's broadcast content will be supported by international broadcasts from CNBC offices around the world, including Abu Dhabi, London, New York and Singapore.

CNBC Turkiye, which is scheduled to be launched in October 2023, will offer widespread and easy access to viewers across the country through platforms that offer satellite, cable, terrestrial broadcasting networks, internet broadcasting platforms and broadband services.

John Casey, President and General Manager of CNBC International, who included his assessments on the subject in the statement, stated that as a global brand, they are aware of the importance of delivering business news, insights and analysis at the local level.

"We are very excited to herald CNBC Turkiye together with Ilbak Holding and to bring CNBC's unique and dynamic content back to the audience in Turkey," Casey said.

Murat İlbak, Chairman of the Board of Directors of İlbak Holding, stated that they are happy to bring CNBC back to Turkiye with its Turkish content and made the following evaluations:

"CNBC Turkiye will undoubtedly break new ground in the business markets in our country with the complete, impartial, accurate information and news content we have committed to. Turkey has a vibrant and versatile economy with a population of 85 million and a growing investor base. Our aim is to provide an advanced information flow that will facilitate decision-making processes and to reveal the full potential of the business world and markets in Turkey. CNBC Turkey will help its audience make informed decisions and seize opportunities in an ever-changing global business environment.”

Noting that the TV channel will also play an important role in the development of Turkey, which is among the top 20 economies in the world, İlbak emphasized that this strong partnership with CNBC International will also show the strength and dynamism of the Turkish economy.

Disney+ Loses Another 4 Million Subscribers

Today, the Walt Disney Company has released its latest quarterly results for the fiscal second quarter 2023, and that means we get an updated look at how many subscribers Disney+, Hulu, and ESPN+ have.

This gives us a clear indication of how the apps are doing, especially with growth or decline in subscriber numbers. These subscriber numbers are based up to April 1st 2023.

Disney+ now has 157.8 million subscribers globally, down over 4 million subscribers from 161.8 million subscribers last quarter. All of these losses have come from subscribers leaving Disney+ Hotstar in India, following the loss of the cricket and, most recently, HBO content. In the US and Canada, they lost 300,000 subscribers, likely due to the recent price rise, less content and political issues. However, Disney+ subscribers in other areas, including Latin America, Europe and Asia, increased by 900,000.

While Hulu has added around 200,000 subscribers, ESPN+ has also added 400,000 subscribers in the US.

Disney CEO Bob Iger said in a statement:

“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success. From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”

More importantly, Disney’s streaming businesses have been able to increase its revenue by 12% to $5.5 billion and decrease its operating lost by half a billion dollars, which mainly came from better Disney+ and ESPN+ results, partially offset by lower operating income at Hulu.

The improvement at Disney+ was due to higher subscription revenue and a decrease in marketing costs, partially offset by higher programming and production costs and, to a lesser extent, increased technology costs. Higher subscription revenue was attributable to subscriber growth and increases in retail pricing, partially offset by an unfavorable foreign exchange impact. The increase in programming and production costs was due to more content provided on the service. Improved results at ESPN+ were attributable to growth in subscription revenue due to an increase in retail pricing and subscriber growth.

The decrease in operating income at Hulu was due to higher programming and production costs and lower advertising revenue, partially offset by subscription revenue growth and, to a lesser extent, lower marketing costs. The increase in programming and production costs was attributable to more content provided on the service and an increase in subscriber-based fees for programming the Live TV service, partially offset by a lower average cost mix of SVOD content. Higher subscriber-based fees for programming the Live TV service were due to rate increases and more subscribers. The decrease in advertising revenue resulted from lower impressions, partially offset by higher rates. Subscription revenue growth was due to increases in retail pricing and subscribers.

Disney has also provided a detailed breakdown per region: (Million)

Disney+ – Global – 157.8

Disney+ – Domestic (US & Canada) – 46.3

Disney+ – International excluding Disney+ Hotstar+ – 58.6

Disney+ Core – (excluding Hotstar) – 104.9

Disney+ Hotstar – 52.9

ESPN+ – Million Subscribers (US Only) – 25.3

Hulu – Million Subscribers (US Only) – 48.2

To compare, here are the subscription numbers (Millions) from November’s Investor Call:

Disney+ – Global – 161.8

Disney+ – Domestic (US & Canada) – 46.6

Disney+ – International excluding Disney+ Hotstar+ – 57.7

Disney+ Core – (excluding Hotstar) – 104.3

Disney+ Hotstar – 57.5

ESPN+ – Million Subscribers (US Only) – 24.9

Hulu – Million Subscribers (US Only) – 48.0

How Will Disney+ Adding Hulu Content Work?

It’s finally happening. Disney CEO Bob Iger has announced plans to bring together its streaming services in the United States under one app, bringing Hulu, Disney+ and ESPN+ content all together to offer subscribers a better experience but it also comes with many business benefits.

The details of how all of this will work are still very much unknown. Bob Iger was very vague about how Hulu content would be added within Disney+, but there are some key things we know.

• It will be happening by the end of 2023

• Disney+, ESPN+ and Hulu will still be offered as separate services

• Hulu content will be available within Disney+

• More advertising is going to be offered

• Price rises for Disney+

However, we still know very little about how all of this will work out because the Hulu situation is very complicated. First off, Comcast still owns 33% of Hulu and due to a contract that was put into place when Disney purchased 20th Century Fox, which means Disney or Comcast can force Disney to buy out the 33% stake, for a minimum of around $9 billion. Bob Iger has said he has had meetings with Comcast over Hulu, but ultimately, the deal hasn’t been finalised, which is why the information has been so vague.

Disney is being open about its plans to consolidate its streaming services, similar to how HBO Max and Discovery+ will merge and how Paramount+ and Showtime have recently done. It’s setting the tone for the future, which Disney knows will be all about the streaming business as the linear business is declining yearly.

There are many reasons why the merger of Disney+, Hulu and ESPN+ will make sense. It will drastically reduce costs for the company. They can make less content and stretch it out easier, because when you look at all of the content being created across Disney’s studios, they release lots of shows and films. Publicity costs can be reduced, since they will be only promoting one app. Bob Iger even mentioned in the quarterly conference call that they’ve been releasing so much content on their streaming platforms, they’ve not been advertising them properly to get the most out of their investment. That’s in addition to savings that can be made on just running one platform, reduced overheads etc.

The merging of the platforms also will help reduce churn, as subscribers of the Disney Streaming Bundle have been generally less likely to unsubscribe, since there is usually something someone wants to watch on one of the three platforms.

ESPN+ is already available within the Hulu app, so Disney has already begun getting subscribers used to them being together. However, adding ESPN+ into Disney+ should hopefully be something that can happen easier, since they are built on the same tech. Disney has also already added ESPN content onto Disney+, but with the high costs of sports, it’s likely this will remain a premium add-on or as part of a bundle.

Internationally, Disney+ has had lots of success with the addition of the Star brand, which offers the majority of Hulu Originals and other general entertainment from Disney’s studios like 20th, FX and ABC. Bob Iger has said that it’s been a huge success and one of the reasons why they want to merge the platforms.

Unfortunately, with the Hulu contract, Disney has never been to share its plans for the future properly, but now with just over six months until 2024, it is starting to let subscribers know what’s going on. It makes the recent decisions for Disney+ to make more sense, such as moving to the next-day programming for Disney Channel and National Geographic content. Or why more Disney+ Originals have been added to Hulu and why “A Small Light” and the next Searchlight Pictures film, “Flamin’ Hot”, are being released on both Hulu and Disney+ simultaneously. Slowly blending together the two platforms.

Disney’s CFO Christine M. McCarthy also revealed during the quarterly results that they are going to be taking an impairment charge of approximately $1.5 to $1.8 billion, due to them planning to remove content from their streaming platforms. Disney+ in the United States generally probably doesn’t have a huge amount of content to remove, but Hulu has thousands of titles, many of which aren’t owned by them, so it wouldn’t be a surprise if we see lots of content removed from Hulu in the coming months, ahead of the merger.

There will no doubt be many more questions about how all of this is going to work in the coming months ahead. We know that Disney has been working on incorporating Hulu’s legacy system into the Disney+ tech since last year. Plus, the Disney Streaming Bundle accounts already use a single login, so that’s something that will hopefully make this smoother, but it’s bound to be a bit bumpy.

There are so many questions that we know nothing about such as:

• How much is the combined app going to cost?

• When will it happen?

• Will Hulu + Live TV continue?

• Will the Hulu brand continue?

• Will ESPN+ be a paid add-on?

• What will happen to other add-ons like HBO within Hulu?

• What will happen with the Star brand internationally?

Ultimately, the direction for a combined streaming platform for Disney makes sense. Offering multiple outlets is more expensive, and one platform will offer more content to more people. It’s already proven to work, but there are lots of hurdles, including Disney paying Comcast a huge cheque for billions of dollars. But now we know there is a plan to combine Disney’s streaming services under a single offering.

Eventually, a single app for all of Disney’s content is going to make it much easier for both subscribers and Disney, but it will also likely lead to less overall content being available, as Disney is looking to scale back its general entertainment side, but pairing it with Disney+, which has been lacking general entertainment, means the combination will result in us getting regular content constantly.

Nicktoons And Nick Jr. New Look Reportedly Revealed

During the year, Paramount revived the Splat logo on Nickelodeon which at the time was only viewable at the 2023 KCAs and applicable to consumers in the United States. As reported a few days ago, the revamped look is set to hit international shores by July 2023.

“It was time for us to really look at the brand, and look at our audience, and talk with our audience and revisit all the pieces of Nickelodeon,” Sabrina Caluori, evp of global kids and family marketing at Nickelodeon and Paramount, told sources.

As seen already, Nickelodeon is the only brand to have gotten a makeover while sister channels, Nick Jr. and Nicktoons in Africa alongside international brands TeenNick and Nick@Nite have yet to make the switch despite various reports claiming otherwise.

I mean idea of these brands aligning their logo to match that of Nickelodeon doesn't seem far fetched as BET and MTV had all undergone something similar years prior followed by various brands in their division so questions lurk on when the switch will happen.

As seen through MarkPipi's DeviantArt account are the soon to be launched logos for Nicktoons and Nick Jr. alongside Nick International.

Nicktoons only includes the Splat on the part labelled Nick while Nick Jr. goes for a more rounded approach as opposed to incorporating the Splat likely due to the fact it's the only other Nick brand get original programming as opposed to Nicktoons which is just repeats.

During the week, Paramount continued cutting back on their workforce and are currently merging network groups under one division. It wouldn't be shocking if at some point in time likely by 2027 they opted to phase out brands like Nicktoons for Paramount+.

Various licences for the Nick channels had been renewed through 2027 of course not much has been said about the Nickelodeon channels in Africa. It wouldn't be shocking if it went a similar route as seen with their international counterparts.

Paramount Division Run By Chris McCarthy Lays Off 25% Of Domestic Staff; MTV News Among Units Shut Down

In the latest wave of industry layoffs, the recently combined Showtime/MTV Entertainment Studios as well as Paramount Media Networks, overseen by the division’s President and CEO Chris McCarthy, is reducing its domestic team by 25% today. McCarthy addressed the cuts, which he called a “very hard but necessary decision”, in a company memo.

According to sources, the basic cable networks were most heavily impacted, with a number of units being shut down as part of consolidation, mostly on the operations side.

Also folding is MTV News, the news production division of MTV, which was launched in the late 1980s. The unit already had undergone significant downsizing over the last six years. MTV News staffers took to social media to share the layoff news.

Among the senior-level executives impacted are Jessica Zalkind, SVP, Talent and Series Development, MTV Networks, and Todd Radnitz, SVP of Original Unscripted Series at MTV Entertainment Group and Paramount+, we hear. East Coast casting is being folded into the West Coast operation.

Showtime/MTV Entertainment Studios, has been largely spared this time, I hear, after it was hit hard in February when the two studios were combined, with Showtime taking the brunt of the cuts.

“This is a tough yet important strategic realignment of our group,” McCarthy said. “Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward.”

The new wave of cuts comes on the heels of Paramount Global falling way shy of Wall Street forecasts last week when the company reported a loss of $1.1 billion for Q1, leading to a 25% stock price drop.

Here is McCarthy’s full note:

Team,

As we finalize the integration of SHOWTIME and continue to transform our business for the future, we have set a great foundation for continued success by consolidating our group into two functions:

• Studios – integrating SHOWTIME and MTV Entertainment Studios into one powerful studio team
• Networks – combining nine separate teams into one portfolio group

This combination has resulted in an incredible track record of hits including Yellowstone, 1883, Tulsa King, South Park, The Challenge, Teen Wolf, 1923, Drag Race, Mayor of Kingstown, Your Honor, George & Tammy and Yellowjackets – which, taken together, drove record subscribers across Paramount+ and Showtime and helped Paramount+ lead the industry in new subscriber growth.

However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business.

As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%. This is a tough yet important strategic realignment of our group. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward. Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals. These meetings will be followed by individual 1:1s with our HR partners.

I realize these decisions will be very hard for everyone, most of all, those who will be leaving. It’s not something we take lightly. We have some of the most passionate and dedicated team members, who bring their full selves to drive our brands and business forward. This is why it’s so difficult to say goodbye to our friends and colleagues. To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions.

Our leadership team and HR partners are committed to ensuring this process is done with empathy and respect.

Sincerely,
Chris