Here’s what we have for you today:
• Trapped in internet
• Domed sphere
• Aftermath in Hollywood
US internet industry getting cornered in
Coming soon: On November 15 2021, the Infrastructure Act from the US government required the FCC to adopt rules that prevent “digital discrimination of access based on income level, race, ethnicity, color, religion, or national origin” in no more than 2 years.
The restraint: The draft plans would require the FCC to create rules for internet service providers to “display easy-to-understand labels that allow consumers to comparison shop for broadband services.”
Apparently: AT&T, Charter, Comcast, Verizon along with a few other service providers, are opposing the Federal Communications Commission’s plan to investigate pricing when tackling digital discrimination.
Financing of the Sphere Entertainment
Trying to balance: The Sphere from Sphere Entertainment on the Las Vegas Strip reported revenues of $7.8 million for fiscal 2024’s first quarter with direct operating expenses equaling the same.
But: However, the 2024’s first quarter operating loss is $98.4 million, which is $19.4 million more from the prior year’s quarter
Sold: In addition, the company disposed of their remaining approximate 10.1 million shares of MSG Entertainment Class A common stock.
The sting after the Hollywood strike
A little down: The Hollywood actors’ strike caused Sony to cut its movie unit’s fiscal year operating profit forecast to 115 billion yen from 120 billion yen.
Trying to recover: Sony leaders cautioned about potential ripple effects from the labor stoppages.
That said: Current CEO of AMC Entertainment Adam Aron stated “The short-term impacts of the Writer’s and Actor’s strikes will cause additional and needless challenges for AMC in 2024.”