Showing posts with label MGM. Show all posts
Showing posts with label MGM. Show all posts

Monday, May 13, 2024

Sports betting companies are targeting underage fans, experts say. Northeastern students are among those getting hooked.

 


Sports betting companies are targeting underage fans, experts say. Northeastern students are among those getting hooked.

THE HUNTINGTON NEWS

Saturday, June 5, 2021

RSN: FOCUS: Bezos the Great and Powerful

 

 

Reader Supported News
05 June 21


Let’s Get Urgent Early

We can wait for the urgency to come or be urgent in making sure it is not necessary. The work we do is actually urgent enough. The little we need to fund our work should not take center stage.

Let’s move on this fundraising drive with early urgency.

Marc Ash
Founder, Reader Supported News

Sure, I'll make a donation!


Update My Monthly Donation


If you would prefer to send a check:
Reader Supported News
PO Box 2043
Citrus Hts, CA 95611


 

Reader Supported News
04 June 21

It's Live on the HomePage Now:
Reader Supported News


FOCUS: Bezos the Great and Powerful
Amazon CEO Jeff Bezos speaks at an event hosted by the Air Force Association in September 2018. (photo: Alex Wong/Getty)
Jacob Bacharach, In These Times
Bacharach writes: "In Amazon Unbound: Jeff Bezos and the Invention of a Global Empire, Bloomberg editor and author Brad Stone reveals the 12-point list of rules that Amazon CEO Jeff Bezos laid out for executives at his film and production company, Amazon Studios."

Beyond the dangers of corporate consolidation, Amazon’s acquisition of MGM has exposed an American economy that’s mostly make-believe.


Amazon Unbound: Jeff Bezos and the Invention of a Global Empire, Bloomberg editor and author Brad Stone reveals the 12-point list of rules that Amazon CEO Jeff Bezos laid out for executives at his film and production company, Amazon Studios. They are entertainingly banal: a heroic protagonist, a compelling antagonist, secret abilities, moral choices, cliffhangers.

George Lucas cribbed this crap from the likes of Joseph Campbell 40 years ago when it was pointed out that Lucas had written a hero’s journey and had to pretend that had been his intention all along. But while a kook and (later) a bit of a tyrant, the Star Wars director nevertheless worked with a real creative spark in producing a genuine piece of popular art. By the time Lucasfilm sold its franchise to Disney, there was a collective sense of an éminence grise — that Lucas was justified in cashing out.

The same cannot be said for the sale of MGM Studios to Amazon for the tidy sum of $8.45 billion, in part because MGM no longer exists as a movie studio in any conventional sense (and hasn’t since the late 1960s). What an irony, that one of America’s greatest factories of make-believe is itself mostly made up. The demise of Hollywood’s famed “studio system,” in which vertically integrated movie studios owned everything from the actors (via long-term contracts) to the backlots where movies were filmed to the theaters in which they were screened, had left the once-dominant MGM a mere shadow of its former self. By 1969, MGM’s assets were worth more than its stock, and MGM fell prey to the early “corporate raider” Kirk Kerkorian, who bought it cheap, removed existing management and promptly began selling the business for its parts.

It’s easy to dismiss Amazon’s acquisition as the latest in a series of warning signs about corporate consolidation and creeping monopolism. (Amazon’s gross revenues in 2019 were greater than the gross domestic product of Chile and nearly equal to that of South Africa.) But the sale of MGM points to something darker still: that capitalism has already hollowed out the very institutions Bezos is now adding to his portfolio.

Before its sale to Amazon, MGM was a victim of what we would now call “private equity” — a more anodyne term than corporate raider, if no less destructive or predatory. (Private equity has already destroyed such classic American businesses as Sears and Toys “R” Us. And despite what you may have heard, several of these were still profitable.)

Over more than three decades of “ownership,” Kerkorian in fact bought and sold MGM a total of three times, auctioning off much of its original library of titles while acquiring new ones, and loading up the business with ever more debt in the process. The company eventually filed for bankruptcy in 2010, and it emerged from Chapter 11 under the controlling ownership of its own largest creditors. MGM’s pending sale to Amazon will ultimately pay these creditors out for the billions of dollars in debt with which they themselves saddled the zombie studio.

For its part, Amazon is under no illusions that it is purchasing what you or I might consider a production company. As Bezos himself explained at an annual shareholders’ meeting, “MGM has a vast and deep catalog of much beloved intellectual property, and … we can reimagine and develop that IP for the 21st century.”

The depth of MGM’s catalog of “much beloved intellectual property” is rather questionable, although it does own James Bond. But while the penultimate entry in the series, Skyfall, raked in over a billion dollars globally, its follow-up, Spectre, grossed “only” $879 million — a worrying sign in a landscape where anything less than $1 billion is a disappointment for a summer tentpole. Unlike Star Wars and the Marvel Cinematic Universe, Bond doesn’t sell toys, and his video game presence is anemic at best. At this rate, it will take perhaps 25 – 30 more Bond installments over the next 90 years for Amazon to recoup its initial investment. Daniel Craig will be 143 years old in 2111.

Along with 007, MGM produces a handful of popular reality shows, including The Voice, Survivor and the sprawling Real Housewives empire. These are all low-rent productions, but they currently appear on competing channels and platforms, and if $9 billion is far too much to pay for the programs themselves, it may be just the right price for Amazon to deny them to its entertainment rivals. The multinational currently sits on perhaps $50 billion in cash reserves and will hardly notice the expense.

Like so much of the current American economy, Amazon’s latest purchase does not actually have to make any kind of business sense. Amazon is the world’s fourth-largest company by market capitalization and eighth or ninth in terms of gross revenue, depending on how one counts China’s Sinopec oil and gas conglomerate. (Interestingly, Amazon is 30% smaller than stodgy old Walmart, which remains the world’s largest company by revenue by far.) Amazon is less stratospheric in terms of actual profitability — closer to such fuddy-duddy concerns as Toyota, Samsung, Shell and Volkswagen, and far below companies like Saudi Aramco, Berkshire Hathaway, Apple, several Chinese banks and Microsoft (yes, Microsoft). But profitability is less of a concern in this age of infinite growth; Amazon is incentivized to buy a studio like MGM simply because it can.

Bezos likely sees himself as the protagonist in his own heroic journey. For all his grand vision, however, his company’s size feels almost accidental — a symptom of a broken American regulatory state and an economy’s mania for acquisition. We’re not in Kansas anymore, Toto, and we’re likely never going back. MGM sold off Dorothy’s ruby red slippers in 1970.

READ MORE


Contribute to RSN

Update My Monthly Donation





Wednesday, May 12, 2021

POLITICO Massachusetts Playbook: BIDEN'S BIG PRAISE for BAKER — JUDGE tosses GOPers election suit — MARKEY takes HEAT — JANEY considers MOVING UP Boston reopening



 
Massachusetts Playbook logo

BY LISA KASHINSKY

GOOD MORNING, MASSACHUSETTS. We're halfway through the week.

CASE DISMISSED — A superior court judge has tossed a lawsuit against the state from five failed Republican office-seekers who sought to decertify the 2020 general election results — bringing to a close one of the nation’s lesser-known election challenges to the November contest.

Former GOP congressional candidates John Paul Moran and Caroline Colarusso and a trio of former state legislative hopefuls sued the state, Secretary of State William Galvin and Gov. Charlie Baker in December, challenging the constitutionality of last year’s pandemic-induced, no-excuse mail-balloting system and seeking a “re-vote.”

But Worcester Superior Court Judge Janet Kenton-Walker wasn’t having it. “The plaintiffs lost in the November 2020 general election months ago. Any challenges they have to now-expired provisions” of the pandemic voting reforms “are moot,” she wrote in her dismissal this week.

Moran slammed the court for “throwing our case out” because they “want to shut us up" and the Republican plaintiffs vowed to appeal.

But the state Republican Party is focused elsewhere — on fighting the current Democratic-led efforts on Beacon Hill to make broad-based mail-in voting permanent.

Galvin, the state’s top elections official, told me he’s “not going to tolerate” attempts to get rid of the voting system that aided record turnout last year.

The voting-reform challenges are all part of the ongoing fallout from the 2020 election, the latest of which includes audits in Maricopa County, Arizona, and WindhamNew Hampshire.

“Keeping this stuff going nationally, it feeds the ‘big lie,’” Galvin, a Democrat, said, adding that it “obscures the urgency of protecting voters’ rights” in states like Georgia and Texas.

BIDEN’S BIG PRAISE FOR BAKER — A few months ago, Massachusetts ranked in the bottom half of states when it came to getting shots in arms. Now more than 3 million residents are fully vaccinated and Massachusetts is one of just a handful of states where upwards of 70% of adults are at least partially vaccinated. The state on Tuesday reported zero Covid-19 deaths for the first time in nearly a year.

President Joe Biden praised Baker for a “hell of a job” during a virtual meeting with six governors on Tuesday, quipping, "I hope that doesn't ruin your reputation coming from a Democrat."

The plaudits earned the governor some glowing headlines . “‘Hell of a job,’” graced homepages from the Boston Herald to the Berkshire Eagle. Boston Globe columnist Scott Lehigh declared it “Charlie Baker’s big bounce back.”

But the Vaccine Equity Now! Coalition was quick to point out that racial disparities in vaccination rates “remain a major concern.” And Baker acknowledged "we still have some work to do there" from the virtual national stage.

MARKEY TAKES HEAT — Sen. Ed Markey fired up his vociferous online base on Tuesday — but not in a good way.

Markey weighed in on the escalating Israeli-Palestinian clash, tweeting that both “deserve peace and safety.” He added that “plans to force Palestinians from their homes” have “contributed to a spiral of violence that must be de-escalated,” and said “Israel has the right to defend itself from indiscriminate rocket attacks and no one should fear being forcefully evicted from their homes.”

The criticism from some of Markey’s most vocal online supporters was swift. Some progressives supporting the Palestinians took issue with Markey’s “‘both sides’ statement,” which they called “a disgrace” and “an embarrassment for the progressive movement.”

Some of the same people criticized Rep. Jake Auchincloss just days earlier, when he affirmed “Israel’s right to defend itself and its citizens” after meeting with the Israel counsel general in Boston.

Sen. Elizabeth Warren and Rep. Ayanna Pressley have called the pending evictions of Palestinians from an East Jerusalem neighborhood “unacceptable.” Rep. Jim McGovern tweeted, "All efforts to displace Palestinian families must stop. Rocket attacks on Jerusalem by Palestinian militants in Gaza must stop." Markey, Warren, Pressley, McGovern and Auchincloss have all expressed support at various points for a two-state solution.

Have a tip, story, suggestion, birthday, anniversary, new job, or any other nugget for the Playbook? Get in touch: lkashinsky@politico.com.

TODAY — Boston Acting Mayor Kim Janey participates in a ribbon-cutting ceremony for Pearl Grill in Dorchester at 12:15 p.m. and then visits three small businesses in Fields Corner. Rep. Jim McGovern is a guest on WBUR’s “Radio Boston” at 3 p.m . Senate President Karen Spilka, Framingham Mayor Yvonne Spicer and state Reps. Carmine Lawrence Gentile, Jack Patrick Lewis and Maria Robinson participate in a Framingham delegation forum on economic recovery at 5 p.m. Rep. Lori Trahan discusses the federal child tax credit on Facebook Live at 5:30 p.m.

 

SUBSCRIBE TO WEST WING PLAYBOOK: Add West Wing Playbook to keep up with the power players, latest policy developments and intriguing whispers percolating inside the West Wing and across the highest levels of the Cabinet. For buzzy nuggets and details you won't find anywhere else, subscribe today.

 
 
THE LATEST NUMBERS

– “Massachusetts reports zero new coronavirus deaths as more than 3M fully vaccinated,” by Rick Sobey, Boston Herald: “For the first time in nearly a year, state health officials reported zero new coronavirus deaths If that wasn’t enough good news, as of Tuesday more than 3 million people are now fully vaccinated.”

DATELINE BEACON HILL

– “Massachusetts Senate’s $47.6B budget boosts aid to needy families, slashes reliance on rainy day account,” by Erin Tiernan, Boston Herald: “The bottom line of a $47.6 billion budget unveiled by state Senate leaders is nearly identical to one produced by House lawmakers last month, but “dug deeper” into federal reimbursements to reduce the Bay State’s reliance on rainy day funds while boosting support to poor families and without raising new taxes.”

– “Senate budget calls for child care tax refund,” by Christian M. Wade, CNHI/Salem News: “More than 85,000 low- to moderate-income families would be eligible for a refundable child care tax credit under a Senate plan unveiled Tuesday. A proposal tucked into a $47.6 billion budget rolled out by the Senate would convert income tax deductions for children under 12, dependent adults and business-related dependent care expenses into a refundable tax credit.”

– “Senate proposal pares back film tax credit,” by Bruce Mohl, CommonWealth Magazine: “The Senate budget committee is proposing major changes to the film tax credit, setting the stage for a major clash with the House over the lucrative incentives the state offers to film and television production companies to shoot in Massachusetts.”

– “Massachusetts quietly eases restaurant rules for menus, condiments, disinfecting,” by Nik DeCosta-Klipa, Boston.com: “Allowing amusement parks and road races to resume operations weren’t the only COVID-19 rule changes that took effect Monday in Massachusetts. In addition to headliner reopening steps, Gov. Charlie Baker’s administration also quietly issued new guidelines for restaurants that eliminate some of the rules that had appeared to focus on preventing the transmission of COVID-19 through surfaces, which disease experts say is infinitesimally rare.”

VAX-ACHUSETTS

 “For Baker, vaccine rollout has gone from political nightmare to point of pride,” by Emma Platoff, Boston Globe: “...high praise from the nation’s highest office was the latest indication that the Massachusetts vaccine rollout, once a source of political pain for Baker, has become a point of pride. As the state maintains its spot near the top of national rankings for percentage of population vaccinated, critics who were at Baker’s throat earlier this year have changed their tune or quieted altogether.”

– “Activist Michael Curry On Setting A 'Higher Bar' For Vaccine Equity,” by Aidan Connelly, WBUR: “Speaking Tuesday on Boston Public Radio, Michael Curry, CEO of the Massachusetts League of Community Health Centers, acknowledged progress while still stressing the need for better COVID-19 vaccine equity.”

– “With Pfizer’s vaccine approved for younger teens, will shots be required to go back to school?” by Felicia Gans and Nick Stoico, Boston Globe: “With federal approval of a coronavirus vaccine for 12-to-15-year-olds all but certain, school officials around Massachusetts on Tuesday were weighing whether to require students to get vaccinated before returning to the classrooms this fall. Some districts said they would require vaccination, others said they would prefer not to require them, and still others were looking to the state for guidance. The state, meanwhile, has not formalized its plans.”

FROM THE HUB

– “Kim Janey floats idea of ferries to Long Island recovery campus,” by Sean Philip Cotter and Erin Tiernan, Boston Herald: “As the situation along the city’s Methadone Mile continues to worsen, Acting Mayor Kim Janey floated an openness to running ferries to get a ‘self-sustaining’ Long Island recovery campus up and running as the battle over a new bridge continues to languish.”

– “Kim Janey to ‘take a look’ at moving up Boston’s coronavirus reopening,” by Sean Philip Cotter, Boston Herald: “Acting Mayor Kim Janey says she'll make a decision "in the coming days" about whether to move up Boston's reopening timeline as positive coronavirus data continues to flow in.”

– “Elizabeth Warren’s new book details angry meeting with Boston police’s Patrick Rose, now accused of child molestation,” by Emma Platoff, Boston Globe: “One Sunday in September 2015, Senator Elizabeth Warren arrived at the Edward M. Kennedy Institute in Boston to give a speech about racial justice. Drawing ties between the Civil Rights movement of the 1960s and current protests over police officers who had killed Black men, she declared: ‘Black lives matter. Black citizens matter. Black families matter.’ … But it was not as well-received by the Boston Police Patrolmen’s Association, or its leader at the time, Patrick Rose.”

THE RACE FOR CITY HALL

– “Boston fields historically diverse crop of mayoral candidates; all top candidates identify as people of color,” by Meghan E. Irons, Boston Globe: “As Tuesday’s deadline to take out papers for city office came and went, the field of candidates for the next mayor of Boston emerged as a historic one: For the first time, all of the major candidates identify as people of color.”

TRUMPACHUSETTS

– “Wind farm off coast of Martha’s Vineyard hailed by Biden camp, mocked by Trump,” by Marie Szaniszlo, Boston Herald: “The nation’s first offshore wind farm to be built 15 miles south of Martha’s Vineyard was hailed by the Biden administration — but slammed by former President Donald Trump. ‘Congratulations to Martha’s Vineyard in Massachusetts for the privilege they will have in looking at massive windmills that have been approved by the Biden Administration and are being built, in China of course.’”

PLANES, TRAINS AND AUTOMOBILES

– “Boston to NYC high-speed rail? One project seeks to link the two cities via a 200 mile-per-hour train,” by Christopher Gavin, Boston.com: “Boston to Manhattan by train in 100 minutes? It’s possible, so say the organizers of the North Atlantic Rail Initiative, who are now seeking to drum up support from the Biden Administration, as it works to sell its $2 trillion infrastructure package to the country.”

FROM THE DELEGATION

– “Elizabeth Warren and Ayanna Pressley bring back the Andrew Kearse Act, four years after his death in police custody,” by Nik DeCosta-Klipa, Boston.com: “Before the words ‘I can’t breathe’ became a rallying cry in the wake of George Floyd’s death, there was Andrew Kearse. Kearse, a Black resident of New York City, died exactly four years ago — May 11, 2017 — from a heart attack in the back of a police cruiser, despite repeatedly pleading to officers for help. … Now, Sen. Elizabeth Warren and Rep. Ayanna Pressley are pushing a bill to change that in case a similar scenario ever occurs again.”

– "Mass. delegation not jumping on SALT bandwagon," by Bruce Mohl, CommonWealth Magazine: “Massachusetts was one of the states most affected when the Republican-controlled Congress in 2017 capped a tax break that allowed people to deduct their state income and local property tax payments on their federal taxes. … Now, as President Biden pushes for a $2 trillion infrastructure plan, some members of the now Democratic-controlled Congress have formed a SALT caucus and are threatening to vote against the plan unless the cap is repealed. ... But here in Massachusetts the congressional delegation appears to be staying out of the fray."

FROM THE 413

– “‘People, not politics’ for Holyoke Mayoral Candidate Gloria Caballero-Roca,” by Dennis Hohenberger, Springfield Republican: “Gloria Caballero-Roca became the sixth and first Latina mayoral candidate for the Sept. 21 mayoral primary. The political newcomer’s campaign will focus ‘on people – not politics.’

– “MGM sells Springfield property to its real estate spinoff, no expected impact on casino,” by Jim Kinney, Springfield Republican: “MGM Resorts International is selling the land and buildings at MGM Springfield to its affiliate, MGM Growth Properties, a real estate investment trust for $400 million in a move that is not expected to impact day-to-day operations at the casino.”

– “Amherst health officials stick with downtown mask-wearing mandate into June,” by Scott Merzbach, Daily Hampshire Gazette: “A mandate for wearing face coverings in Amherst center, in effect since Aug. 3, 2020, will continue into June. The Board of Health, at a recent special meeting, unanimously reaffirmed that masks must be worn by all people downtown, even though Gov. Charlie Baker recently lifted the outdoor mask mandate, except in situations where individuals can’t keep six feet apart.”

THE LOCAL ANGLE

– “‘Worcester has a history with me’: Pedro Martinez’s journey to becoming a Red Sox legend began not far from Polar Park,” by Michael Bonner, MassLive.com: “Before Pedro Martinez sparked raucous reactions to his dazzling array of pitches at Fenway Park, prior to the 1999 All Star Game in Boston and the 2004 World Series in St. Louis, even a decade before he walked into the Baseball Hall of Fame Cooperstown, the pitcher began his stay in the northeast in Worcester.”

– “6-year-old collects first home run at Polar Park, hit over Worcester Wall by Marcus Wilson,” by Joe McDonald, Worcester Telegram & Gazette: “Sean Majoy and his son, Hayden, were enjoying the first-ever WooSox game at Polar Park Tuesday afternoon when they made history themselves. Sitting in the second row of the Worcester Wall seats in right field, 6-year-old Hayden collected the first home run hit here by WooSox’ Marcus Wilson.”

– “Plans for Peabody power plant on hold,” by Erin Nolan, Salem News: “Plans to build a 55-megawatt natural gas-powered plant in the city are officially on hold. … The project, referred to as Project 2015A in official documents, has been in the works since 2015 and was previously approved to be built at Peabody Municipal Light Plant’s Waters River substation, behind the Pulaski Street industrial park. But it's come under criticism from residents, local and state officials, and community groups, who say they weren't aware of the plan until just recently.”

THE NATIONAL TAKE

– “A Nonprofit Promised to Preserve Wildlife. Then It Made Millions Claiming It Could Cut Down Trees,” by Lisa Song, and James Temple, MIT Technology Review/ProPublica: “The Massachusetts Audubon Society has long managed its land in western Massachusetts as crucial wildlife habitat. Nature lovers flock to these forests to enjoy bird-watching and quiet hikes, with the occasional bobcat or moose sighting. But in 2015, the conservation nonprofit presented California’s top climate regulator with a startling scenario: It could heavily log 9,700 acres of its preserved forests over the next few years. The group raised the possibility of chopping down hundreds of thousands of trees as part of its application to take part in California’s forest offset program.”

TRANSITIONS – Kathy Gasperine is joining Amalgamated Bank as vice president of social impact banking. Maurice Cunningham is retiring from UMass Boston at the end of the month. Tweet.

HAPPY BIRTHDAY – to Kathryn Alexander, communications director for Rep. Katherine Clark, Tommy Gardner and Andrew Thorne.

NEW EPISODE: THANKS FOR THE MEM-MURRAYS – On this week’s Horse Race podcast, co-host and soon-to-be POLITICO Morning Score author Stephanie Murray says goodbye to the pod and reflects on her time on the #mapoli beat with fellow hosts Jennifer Smith and Steve Koczela. With the future of workplaces post-pandemic still uncertain, Miles Howard discusses his Boston Globe article making the case for turning vacant offices into affordable housing. Subscribe and listen on iTunes and SoundCloud.

Want to make an impact? POLITICO Massachusetts has a variety of solutions available for partners looking to reach and activate the most influential people in the Bay State. Have a petition you want signed? A cause you’re promoting? Seeking to increase brand awareness among this key audience? Share your message with our influential readers to foster engagement and drive action. Contact Jesse Shapiro to find out how: jshapiro@politico.com.

 

JOIN THURSDAY FOR A CONVERSATION ON TRANSGENDER POLITICIANS: More transgender people got elected to office at all levels across the country in 2020, in both blue and red states – and that number is likely to continue to grow. During the last year, constituents across America elected six transgender candidates at the state level as transgender rights gain more attention across the country. Join POLITICO Nightly: Daytime Edition for a conversation featuring transgender elected officials as they discuss their experiences running for and serving in public office. REGISTER HERE.

 
 


 

Follow us on Twitter

Lisa Kashinsky @lisakashinsky

 

Subscribe to the POLITICO Playbook family

Playbook  |  Playbook PM  |  California Playbook  |  Florida Playbook  |  Illinois Playbook  |  Massachusetts Playbook  |  New Jersey Playbook  |  New York Playbook  |  Brussels Playbook  |  London Playbook

View all our politics and policy newsletters

FOLLOW US


 POLITICO, LLC 1000 Wilson Blvd. Arlington, VA, 22209, USA


This Weekend in Politics, Bulletin 441.

                                                                               LOTS OF POSTS IGNORED BY BLOGGER..... OR REMOVED ON THEIR WHI...