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April 5, 2024

Lisa Kailai Han

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Disney, Warner Bros. Discovery bundle streaming services

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2 hours ago

May 8, 2024

Lillian Rizzo,Alex Sherman

In this photo illustration the Disney+ logo seen displayed on a smartphone screen.

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The bundle is back.

Disney and Warner Bros. Discovery are planning to offer their streaming services — Disney+, Hulu and Max — in a bundle mirroring the traditional cable TV package, the companies said Wednesday.

The latest iteration of the bundle, which will be available this summer, will be offered on both the ad-supported and commercial-free tiers. Pricing has yet to be disclosed, but the option will be offered at a discount, according to a person familiar with the matter.

Disney will essentially act as the distributor in this case, collecting subscription fees from subscribers and paying out Warner Bros. Discovery a percentage, the person added.

This mash up of Max, Disney+ and Hulu will give streaming subscribers access to a wide breadth of content from the cable TV bundle. It’ll include broadcast networks ABC and Fox (Fox, which doesn’t have its own entertainment streaming subscription service, licenses it content on Hulu) as well as from cable networks including TNT, TBS, CNN, Discovery Channel, Food Network, Disney Channel and more.

The offering, reminiscent of the traditional cable TV bundle that has been upended in recent years and continues to bleed customers at a fast clip, is the latest partnership between the two media giants in recent months.

Warner Bros. Discovery and Disney’s ESPN, along with Fox Corp., have also joined forces to offer a sports streaming service, which is expected to launch this fall.

Earlier on Wednesday, Fox CEO Lachlan Murdoch said on an earnings call he thought the sports streaming venture would likely be bundled with other entertainment streaming services.

Disney has been offering its streaming services — Disney+, Hulu and ESPN+ — as a bundle for sometime. ESPN+ will still coexist with the sports streaming venture, but is not included in the Warner Bros. Discovery and Disney bundle. Hulu content has also been recently integrated into the Disney+ platform, though they still require separate subscriptions.

Max costs $9.99 a month with ads, or $15.99 without. Disney+’s basic tier with ads costs $7.99 per month — or bundled with Hulu, $9.99 a month — while its premium plan is $13.99 per month, or $19.99 with Hulu. Meanwhile, Hulu on its own costs $7.99 with ads, or $17.99 ad-free.

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FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution By Reuters

Published

9 hours ago

May 8, 2024

Reuters

(Reuters) -Crypto exchange FTX will have between $14.5 billion to $16.3 billion to pay its creditors and customers, according to an amended reorganization plan filed by the company on Tuesday in a U.S. bankruptcy court.

FTX said it has anticipated the figure based on monetizing assets, most of which were investments owned by Alameda Research, a crypto-focused hedge fund controlled Sam Bankman-Fried, FTX Ventures businesses, and litigation claims.

The amount for distribution includes assets under the control of the chapter 11 debtors, as well as those controlled by liquidators of FTX Bahamas Digital Markets, Bahamas Securities Commission, liquidators of FTX’s Australia unit, the United States Department of Justice (DOJ) and several private parties, the statement added.

The company said the amended plan focuses on a series of settlements reached consensually with the key stakeholders including cases that are still subject to court approval.

The plan put forward by FTX creates a “convenience class” for creditors with claims of $50,000 or lower, under which it anticipates that majority of the creditors will receive about 118% of the amount of their claims within 2 months if approved by the court.

“We are pleased to be in a position to propose a chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” CEO John Ray said.

In February, the distressed crypto currency trading platform had $6.4 billion in cash.

Earlier this year, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison by a judge for stealing $8 billion from customers.

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FTX, once among the world’s top crypto exchanges, shook the sector in November 2022 by filing for bankruptcy, leaving an estimated 9 million customers and investors facing billions of dollars in losses.

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