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Tag: TTWO

  • Hollywood writers strike declared over after boards approve new contract with studios

    Hollywood writers strike declared over after boards approve new contract with studios

    LOS ANGELES — Leaders of the screenwriters union declared their nearly five-month-old strike over Tuesday after board members approved a contract agreement with studios, bringing Hollywood at least partly back from a historic halt in production.

    The governing boards of the eastern and western branches of the Writers Guild of America and their joint negotiating committee all voted to accept the deal, two days after the tentative agreement was reached with a coalition of Hollywood’s biggest studios, streaming services and production companies. After the vote they declared that the strike would be over and writers would be free to start on scripts at 12:01 a.m. Wednesday.

    Late-night talk shows — the first to go dark when writers walked out on May 2 — are likely the first shows that will resume. Scripted shows will take longer to return, with actors still on strike and no negotiations yet on the horizon.

    The writers still have to vote to ratify the contract themselves in early October, but lifting the strike will allow them to work during that process, the guild told members in an email.

    After Tuesday’s board votes, the contracts were released for the first time to the writers, who had not yet been given any details on the deal, which their leaders called “exceptional.”

    The three-year agreement includes significant wins in the main areas writers had fought for — compensation, length of employment, size of staffs and control of artificial intelligence — matching or nearly equaling what they had sought at the outset of the strike.

    The union had sought minimum increases in pay and future residual earnings from shows of between 5% and 6%, depending on the position of the writer. The studios had wanted between 2% and 4%. The compromise deal was a raise of between 3.5% and 5%.

    The guild also negotiated new residual payments based on the popularity of streaming shows, where writers will get bonuses for being a part of the most popular shows on Netflix
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    Max and other services, a proposal studios initially rejected. Many writers on picket lines had complained that they weren’t properly paid for helping create heavily watched properties.

    The writers also got the requirement they sought that shows intended to run at least 13 episodes will have at least six writers on staff, with the numbers shifting based on the number of episodes. They did not get their desire for guaranteed staffs of six on shows that had not yet been ordered to series, settling instead for a guaranteed three.

    Writers also got a guarantee that staffs on shows in initial development will be employed for at least 10 weeks, and that staffs on shows that go to air will be employed for three weeks per episode.

    On artificial intelligence, the writers got the regulation and control of the emerging technology they had sought. Under the contract, raw, AI-generated storylines will not be regarded as “literary material” — a term in their contracts for scripts and other story forms a screenwriter produces. This means they won’t be competing with computers for screen credits. Nor will AI-generated stories be considered “source” material, their contractual language for the novels, video games or other works that writers may adapt into scripts.

    Writers have the right under the deal to use AI in their process if the company they are working for agrees and other conditions are met. But companies cannot require a writer to use AI.

    Still-striking members of the Screen Actors Guild-American Federation of Television and Radio Artists returned to the picket lines earlier Tuesday for the first time since the writers struck their tentative deal, and they were animated by a new spirit of optimism.

    “For a hot second, I really thought that this was going to go on until next year,” said Marissa Cuevas, an actor who has appeared on the TV series “Kung Fu” and “The Big Bang Theory.” “Knowing that at least one of us has gotten a good deal gives a lot of hope that we will also get a good deal.”

    Writers’ picket lines had been suspended, but they were encouraged to walk in solidarity with actors, and many were on the lines Tuesday, including “Mad Men” creator Matthew Weiner, who picketed alongside friend and “ER” actor Noah Wyle as he has throughout the strikes.

    “We would never have had the leverage we had if SAG had not gone out,” Weiner said. “They were very brave to do it.”

    The Alliance of Motion Picture and Television Producers, which represents the studios in negotiations, chose to deal with the longer-striking writers first, and leaders of SAG-AFTRA said they had received no overtures on resuming talks. That’s likely to change soon.

    Actors also voted to authorize their leadership to potentially expand their walkout to  include the lucrative videogame market, a step that could put new pressure on Hollywood studios to make a deal with the performers who provide voices and stunts for games.

    The Screen Actors Guild-American Federation of Radio and Television Artists announced the move late Monday, saying that 98% of its members voted to go on strike against videogame companies if ongoing negotiations are not successful. The announcement came ahead of more talks planned for Tuesday.

    Acting in videogames can include a variety of roles, from voice performances to motion capture work as well as stunts. Video game actors went on strike in 2016 in a work stoppage that lasted nearly a year.

    Some of the same issues are at play in the video game negotiations as in the broader actors strike that has shut down Hollywood for months, including wages, safety measures and protections on the use of artificial intelligence. The companies involved include gaming giants Activision Blizzard
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    Electronic Arts
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    Epic Games, Take 2 Productions
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    as well as Disney
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    and Warner Bros.′
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    videogame divisions.

    “It’s time for the videogame companies to stop playing games and get serious about reaching an agreement on this contract,” SAG-AFTRA President Fran Drescher said in a statement.

    Audrey Cooling, a spokesperson for videogame producers, said they are “continuing to negotiate in good faith” and have reached tentative agreements on more than half of the proposals on the table.

    So far this year, U.S. consumers have spent $34.9 billion on videogames, consoles and accessories, according to market research group Circana.

    The threat of a videogame strike emerged as Hollywood writers were on the verge of getting back to work after months on the picket lines.

    The alliance of studios, streaming services and producers has chosen to negotiate only with the writers so far, and has made no overtures yet toward restarting talks with SAG-AFTRA. That will presumably change soon.

    SAG-AFTRA leaders have said they will look closely at the writers’ agreement, which includes many of the same issues, but it will not effect their demands.

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  • Mirae Asset Global Investments Co. Ltd. Sells 13,375 Shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO)

    Mirae Asset Global Investments Co. Ltd. Sells 13,375 Shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO)

    Mirae Asset Global Investments Co. Ltd. lessened its position in Take-Two Interactive Software, Inc. (NASDAQ:TTWOGet Rating) by 7.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 165,862 shares of the company’s stock after selling 13,375 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Take-Two Interactive Software were worth $17,271,000 at the end of the most recent quarter.

    Several other institutional investors have also recently made changes to their positions in TTWO. Manchester Capital Management LLC bought a new stake in Take-Two Interactive Software during the 4th quarter valued at about $254,000. Dimensional Fund Advisors LP increased its position in Take-Two Interactive Software by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 912,536 shares of the company’s stock valued at $94,999,000 after purchasing an additional 39,878 shares during the period. Aviva PLC increased its position in Take-Two Interactive Software by 29.7% during the 4th quarter. Aviva PLC now owns 252,588 shares of the company’s stock valued at $26,302,000 after purchasing an additional 57,907 shares during the period. Malaga Cove Capital LLC increased its position in Take-Two Interactive Software by 45.1% during the 4th quarter. Malaga Cove Capital LLC now owns 3,130 shares of the company’s stock valued at $326,000 after purchasing an additional 973 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in Take-Two Interactive Software by 12.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 103,591 shares of the company’s stock valued at $10,787,000 after purchasing an additional 11,560 shares during the period. Institutional investors own 87.72% of the company’s stock.

    Take-Two Interactive Software Stock Performance

    TTWO opened at $139.63 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a fifty day moving average price of $121.09 and a 200 day moving average price of $111.54. Take-Two Interactive Software, Inc. has a 1 year low of $90.00 and a 1 year high of $141.96. The stock has a market cap of $23.55 billion, a P/E ratio of -20.44, a P/E/G ratio of 2.26 and a beta of 0.69.

    Take-Two Interactive Software (NASDAQ:TTWOGet Rating) last posted its earnings results on Wednesday, May 17th. The company reported ($3.62) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($4.30). The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.34 billion. Take-Two Interactive Software had a negative net margin of 21.02% and a positive return on equity of 3.48%. The business’s revenue for the quarter was up 64.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.87 earnings per share. Equities research analysts anticipate that Take-Two Interactive Software, Inc. will post 3.2 earnings per share for the current year.

    Analyst Ratings Changes

    A number of research firms have commented on TTWO. Credit Suisse Group raised their target price on shares of Take-Two Interactive Software from $122.00 to $129.00 and gave the company a “neutral” rating in a research report on Friday, February 3rd. Wedbush raised their target price on shares of Take-Two Interactive Software from $130.00 to $154.00 in a research report on Thursday. Stifel Nicolaus raised their target price on shares of Take-Two Interactive Software from $150.00 to $165.00 in a research report on Thursday. BNP Paribas downgraded shares of Take-Two Interactive Software from an “outperform” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research report on Wednesday, April 12th. Finally, BMO Capital Markets boosted their target price on shares of Take-Two Interactive Software from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Take-Two Interactive Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.27.

    Insiders Place Their Bets

    In other Take-Two Interactive Software news, President Karl Slatoff sold 68,351 shares of the company’s stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $122.12, for a total transaction of $8,347,024.12. Following the completion of the transaction, the president now directly owns 262,678 shares in the company, valued at $32,078,237.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.13% of the stock is currently owned by company insiders.

    Take-Two Interactive Software Profile

    (Get Rating)

    Take-Two Interactive Software, Inc engages in the development, publishing, and marketing of interactive software games. Its products are designed for console systems, handheld gaming systems, and personal computers, including smart phones and tablets, and are delivered through physical retail, digital download, online platforms, and cloud streaming services.

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    Want to see what other hedge funds are holding TTWO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Take-Two Interactive Software, Inc. (NASDAQ:TTWOGet Rating).

    Institutional Ownership by Quarter for Take-Two Interactive Software (NASDAQ:TTWO)

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    ABMN Staff

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