It’s hard to view the past year in the news business as anything other than testy and tumultuous.
13.12.2022 - 17:45 / deadline.com
Shares rocketed higher in early trading as new data showed inflation slowed more than expected last month after a string of aggressive interest rate hikes by the Federal Reserve meant to tamp down an overheated economy.
The welcome news came ahead of the Fed’s last scheduled meeting of the year tomorrow where it’s expected to announce an interest rate hike of 50 basis points, following four consecutive 0.75% increases this year that had economists, companies and consumers worried about imminent recession. A string of media executives in recent weeks have noted a glum ad market with advertisers pulling back due to the lack of economic clarity.
Fed chair Jerome Powell is planning a press conference tomorrow afternoon.
The DJIA opened up 600 points, off premarket highs. Among big media stocks, Disney is up 1.57%; Warner Bros. Discovery up 4.5%.; Comcast up 3%.
The Consumer Price Index, or CPI, rose 7.1% in November from the year before and was up 0.1% from October, according to monthly data released today by the Bureau of Labor Statistics.
Expectations were for a higher 7.3% year-on-year rise, and in line with the 0.1% monthly increase.
Stripping out volatile food and energy prices, what’s called “core” inflation rose 6% year on year and 0.2% month over month in November vs. expectations of 6.1% and 0.3% increase.
Housing costs made up nearly half of the increase of the core CPI, rising 7.1% over the year.
The Fed hadn’t raised rates so fast and so much since the 1980 as it tried to combat inflation that was also at a 40-year high. Prices have jumped this year for a handful of reasons including high demand and consumer spending, ongoing Covid-related supply-chain issues and others disruptions caused by the Russia-Ukraine
It’s hard to view the past year in the news business as anything other than testy and tumultuous.
Greek Media giant Antenna Group has appointed former HBO Europe boss Linda Jensen as CEO following the departure of Bert Habets to ProSiebenSat.1.
Christo Grozev, the investigative journalist featured in the Navalny documentary, has been put on Russia’s “wanted” list.
The Ministry of Defense of Ukraine has released a Christmas-themed video comparing the fight against Russia to the 1988 Bruce Willis-starrer Die Hard.
Meta Platforms has agreed to pay a record $725 million to settle a class-action lawsuit brought by Facebook users who alleged that the company allowed third parties to access their personal data.
Grieving a friend. Ellen DeGeneres is still sharing glimpses of her favorite moments with late DJ Stephen “tWitch” Boss nearly two weeks after he died by suicide.
EXCLUSIVE: RuPaul’s Drag Race winner Bianca Del Rio is returning for a third movie in the Hurricane Bianca franchise and will star alongside Willam Belli (A Star Is Born), Rachel Dratch (Wine Country), Thora Birch (The Walking Dead), Drag Race contestant fan favorite Vanessa Vanjie Mateo, and Doug Plaut (Unbreakable Kimmy Schmidt).
EXCLUSIVE: Documentary+, the free streaming service launched by non-fiction studio XTR, is moving into original series for the first time.
EXCLUSIVE: Sex Education producer Eleven is embarking on its next project, a TV series adaptation of up-and-coming creative duo Oliver Taylor and Dillon Mapletoft’s stage show Fix My Brain.
Brittney Griner spoke out today for the first time since being freed from a Russian penal colony.
Brittney Griner is grateful to be home!
France and Argentina are advancing to the World Cup finals after two semi-final matches that have now become the most-watched Men’s World Cup semi-finals on English-language television.
EXCLUSIVE: Matt Brodlie and Jonathan Kier’s Upgrade Productions has boarded world sales rights to Shoah feature Shttl, which played at the London and Rome Film Festivals (where it won the audience award) this fall.
David Fincher To Receive Honorary Cesar AwardDavid Fincher is to receive an Honorary Award at this year’s Cesar Awards. The primary French awards show will fete the Gone Girl filmmaker at its 2023 ceremony on February 24 at the Olympia in Paris. The awards body described Fincher as an “outstanding technician” and “a true visionary.” Awarded since 1976, previous Honorary Cesar Award winners include Robert Redford, Penelope Cruz, and George Clooney. The nominees for the 48th César Awards will be announced on January 25.
EXCLUSIVE: Dutch docs indie Scenery is lining up a feature about a Ukrainian refugee ballet company.
Taking a look ahead to 2023, Gower Street Analytics is projecting global box office to hit $29B, repping a 12% gain on 2022 should this year remain on track for approximately $25.8B. The London-based firm estimates 2022 receipts stood at $23.6B as of December 10.
EXCLUSIVE: Apple TV+’s drama series Shantaram, starring Charlie Hunnam, will not be returning for a second season. Its Season 1 finale, released tomorrow, Dec. 16, will serve as a series finale.