Not since Belushi doing Joe Cocker has there been a better parody of a musical performer than Britney Spears doing a parody of Britney Spears during last night’s VMAs.
The VMAs have become so irrelevant that we need to remind you that they stand for MTV’s annual Video Music Awards. Once heavily promoted and occasionally watched, the VMAs represent one of the saddest whimpers of a dying network (in its current incarnation, before they redefine the “M,” ditch most of the current platform, and try to emerge as something that people will watch).
If MTV would have only been more explicit about when the huge celebutard train wrecks were occurring, people might have tuned in. Although Kid Rock punching Tommy Lee – did we even care five years ago? MTV could air Viacom lawsuits and have a more interesting (and probably higher rated) televised feud.
As the Times points out, more people will watch Britney’s shame spiral on YouTube than on TV, which must be a bitter pill to swallow for Viacom. Shares of Viacom are down over a half percent despite the boost in network web traffic.
Britney vs. Belushi, after the jump…
‘Post’ Wins in Brit Bash Battle [Daily Intelligencer]
Media
There can be only one “ulu!” We gave the brain trust at NBC and NewsCorp some well-deserved flack over the decision to name their $1 billion video content portal “Hulu” after an inexplicable multi-month nomenclatural funk and near-extinction of Fantasia (or Fantastica) from the all-consuming Nothing. It seems Lulu is equally perplexed by the decision, and the one letter difference between the new name and its own. Lulu is suing Hulu (if litigatory karma exists, NBC and NewsCorp are right under Viacom in the pecking order of companies that need to be sued). Here’s more, from the Post:
Hulu.com, NBC Universal and News Corp.’s soon-to-launch video Web site, has been slapped with a trademark infringement lawsuit by Lulu Enterprises for picking a name too similar to its own. Lulu, which controls the Web sites lulu.com and lulu.tv and specializes in digital self-publishing services for budding filmmakers, musicians and authors, claims in a suit filed in federal court in Raleigh, N.C., that NBC and News Corp.’s decision to name their service Hulu represents an intentional attempt to create confusion in the marketplace and an encroachment on its business.
Do the Zulus have enough lawyers on hand to enter the fray? We hear creator god Nkulunkulu is especially pissed, but is not really an interventionist when it comes to human affairs.
HULLABALOO OVER HULU [New York Post]
You know a product is failing when it loses its all important “verb replacement” status. For example, in the fledgling days of inclusive DVR cable packages, we would still say we were Tivo-ing something. Tivo’s emergence as a verb was a combination of a good product name, good marketing (for the opposite of this, see Hulu) and a rooting interest in the ingenuity of a small-ish company stealing thunder from the cable giants.
Since its methodical destruction by the cable giants (wait, you mean I don’t have to connect this awkwardly to a land line, I don’t need another box, and I don’t have to pay a large upfront fee for the box?) the fickle TV-viewing public acquiesced, and begrudgingly de-verbed Tivo. Now that the cable giants got us all hooked in on the cheap paying an extra monthly sub fee, they’re starting to raise rates accordingly, and we “DVR” our favorite shows.
Tivo is taking a hit today, down almost 10%, based on the following, from Seeking Alpha:
There are several factors at work in today’s slide. For one thing, revenue came up short of expectations – and so did guidance for the fiscal third quarter. For another, the company took an unexpected $11.2 million inventory writedown for standard definition DVRs, a casualty of its shift to a focus on high-definition DVRs. The company also suffered a net loss of 19,00 “TiVo owned” subscribers, disappointing investors who had expected to see at least a modest increase in subs.
There is some potential sunshine amidst the Tivo gloom – with the comapny’s new focus on HD-DVR and a Comcast New England deal expected to start rolling out in September. For now, the bears are feeding.
It’s almost always a smart play to bet on verbs. You knew Google reached ubiquity when people started using Google as a verb, and this happened well before the IPO. Yahoo never became a verb, and is trying desperately to reposition itself in the tech space. Facebook has been annointed verb status, while leaving behind MySpace in the predicate race. Clearly the long bet is on facebook. Also – does anyone say they “Xeroxed” something still? It seems the world has quietly gone back to saying they “copy” things again.
TiVo Slides on Weak Revenue, Subscriber Losses [Seeking Alpha]
DealBreaker’s probing coverage into the search for a name of News Corp and NBC Universal’s online video JV is over. The two companies finally put that billion dollar brain-trust to work and came up with a name that is bound to draw viewers and admirers alike.
The winner – Hulu. Hulu. We’re serious. Hulu – the result of a five month search. Hulu – when you get punched while trying to say the word “Hula.” Hulu – the lieutenant commander of the Enterprise when everyone has a cold. Hulu – how George Bush mispronounces the first two syllables of the folksy word “hullabaloo.”
It took the ad wizards five months to “capture” the spontaneity and child-friendly assonance of hip techie names like Lala, Tinkie-Winkie, Joost, Wii, WiiWii, Yahoo, Belo, PooPoo, Lyondell Chemical Company and Fuchs Petrolub AG*.
Conclusion – Either the marketing team is borderline retarded or it took Rupert this long to shout “Hulu” out his window during a storm in which he thought the Nothing was consuming the remnants of Fantastica and the Ivory Tower in which the childlike empress resides (which has been our theory all along).
The new site is going to begin invitation-only beta testing in just two short months. It is expected to launch in 2130.
News Corp and NBC Universal name video site Hulu [Yahoo Finance]
*There is a company that makes lubricants called Fuchs (we had to reprint it to believe it)
GE (NYSE: GE) is up 0.36% on the news that NBC is going to start airing a revamped version of American Gladiators. The new show will be produced by MGM TV (which produced the original) and Reveille. NBC Entertainment co-chair Ben Silverman began working on the project while still at Reveille.
The new version of the show will feature “21st Century Twists” including BackStories ™, which weren’t invented until the late 90s). From Variety:
This time, in a new wrinkle, the players will be given the opportunity to train for their match — and viewers will be given a glimpse of their personalities prior to the actual competish (Competish…Variety is just so presh!).
The original show was on for seven seasons from 1989-1996 (almost no one (outside of the Castro) remembers Malibu (pictured) who debuted in season one and never came back for season two, or Sunny (yes, there was a Gladiator named Sunny) who got injured during the semis and never returned).
The new show will have four male and four female gladiators. Here they are, revamped for the 21st century:
Male
1. Freedom
2. Bling
3. Subprime
4. Biodiesel
Female
1. Katrina
2. Slut
3. Zirconium
4. XXY
After the jump one of the most amazing things you will watch in the next 10 minutes:
NBC pumps up for ‘Gladiators’ redo [Variety]
Just as MTV officially debates what its “M” really stands for (front-runner: Meaningless, although a close second is Mutilation, if you have ever suffered through Scarred), as people (15 years ago) were just starting to catch on to the fact that MTV doesn’t play music anymore, not that the sound of a 16-year old’s shrieks over getting a Lexus instead of a Mercedes aren’t melodic. It was a good ploy while it lasted MTV, but you’re still totally (15 years ago) hip to the vernac of the nation’s youth, thanks to new strategic initiatives.
MTV is figuring that it’s time to take its brand into the next…7 minute commercial break, but take it there strong. That’s why MTV is using $500 million dollars of daddy Viacom’s allowance to develop video games, because that’s what those crazy kids are playing now (15 years ago). Viacom also gave younger sibling Nickelodeon $100 million to buy a Super NES and get back to them on this new craze.
The cruel irony is that there are hugely popular games on the market now (Guitar Hero, even DDR and other rhythm games) that with any ingenuity or foresight MTV should have come up with or developed cross-promotional ties with years ago, instead of just catching on last year. MTV tried to cover its late jump last year by scooping up Harmonix, makers of DDR, Guitar Hero and one of our old favorites PaRappa the Rapper. Always finding ways to keep a franchise fresh, with MTV’s help the next Guitar Hero is going to let you shred to Ryan Cabrera. Now we’re stuck with reality show fatigue, a dying channel/brand, and a forthcoming PS3 title “Attention Seeker 4: Call of Duty” where you can make your own virtual Real World audition tapes.
MTV commits $500 million to games [ValleyWag]
Is credit card theft so easy a cat—and a slacker cat at that—could do it? That’s what the Walt Disney Company, whose stock plummeted 1 percent this morning to $33.95, is hoping. The company, best known for being the sick sadists who humanized mice and for its kid friendly G-rated films featuring highly aroused priests, is debuting its new animated series, “Slacker Cats,” on August 13, and running up thousands of dollars in charges at a the Pussycat Lounge on your AMEX is just one of the many ways Walt plans to stick its sword in the world of “outrage and grown-ups.”
Others include storylines featuring the cats at left taking bong hits, enjoying “kitty” porn, and manipulating the natural gas markets. Never to be outdone, Fox (+0.07 (0.33%)) announced plans to up the ante with its own new animal-centric show, “Fucking Pandas.” Episode 1: “Reverse Langone.”
“Slacker Cats” shake up Disney image [Reuters]
***UPDATE: Cumulus Media’s $1.3 billion buyout offer from an investor group consisting of the company’s CEO and Merrill PE peeps has sent shares (Nasdaq: CMLS) up over 30% and shares in the rest of the radio sector soaring. Cox is by far the greatest residual radio beneficiary, however, without necessarily the strongest fundamentals, leading one to think that something might be up.***
A reader tipped us off to the following – why on earth is Cox so huge this morning? Cox Radio (NYSE: CXR) is up over 9% on no available public information. The last major thing that happened to Cox is a BBB- Fitch rating and “positive” outlook a week and a half ago. The company is expected to release earnings on August 1.
Any insider traders want to throw us some scraps? Comment or tips at dealbreaker.com.
Cox Radio Climbs Above 50-Day Moving Average [TradingMarkets.com]
UPDATE: Cumulus Media In Pact For Sale To Investor Group [Dow Jones via CNN Money]
McClatchy still won’t comment on its mysterious share price jump since the market opened on Wednesday. That’s right, McClatchy won’t comment on the dearth of company news, the kind of dearth that drives a share price up more than 4% at day’s end. After retracting a bit this morning, McClatchy (NYSE: MNI) shares are up almost 1.5% today, nearing the midday peak of yesterday’s surge. Granted, McClatchy reached a new 52 week low at market close on Tuesday, and has to double (almost) to reach its 52 week high, but publishing stocks have been hammered for a variety of legitimate reasons. McClatchy’s sales are down 6% this year and ad revenue is down over 7%, like other publishers struggling to go digital.
The lead rumor is that McClatchy is planning to dump the rest of its stake in CareerBuilder. Still no word on who’s pumping, and who’s dumping?
Extra! Extra! McClatchy for sale? [Media Biz via CNN Money]
Hollywood has had a decent summer so far, amidst sequel saturation. Fortunately for the movie biz, the sequel influx has been void of any huge flops, although offerings have underperformed slightly.
Although the industry is still in denial about the margin squeeze created by the astronomical budgets of this round of sequels, without any major hitches, many insiders were still optimistic that Hollywood could have a record-breaking $4bn summer. That is until the cruel box-office foiling Deus Ex Machina of Evan Almighty flooded theaters last weekend.
Evan Almighty is the first real major studio flop of the summer. The Universal Pictures release cost over $175mm to make and brought in just $32mm in its opening weekend. Who would have thought that a film in which the US is subject to a Biblical style flood in which the majority of jokes consist of wacky CGI animal high jinks would fail?
The “Almighty” franchise’s first installment (Hurricane Katrina, according to Pat Robertson), Bruce Almighty, cost $84 but made $68mm on opening weekend and $242mm in domestic revenue at run’s end.
Universal can at least boast the one success of the summer with Knocked Up (containing a premise about as realistic as Evan Almighty), which cost less than $30 to make and has made $109mm in a month.
So far in 2007, Hollywood box-office revenue is up 3.5% on flat theater attendance, causing analysts to lower estimates of that record-breaking $4bn summer.
Third Time’s No Charm For Summer Blockbusters [Wall Street Journal]
Jason Binn is a lot of things, the foremost being the owner of Niche Media, publisher of Gotham, Los Angeles Confidential, Capitol File, Hamptons, Boston Common, Aspen Peak, Mississippi Delta, Nodes of Scranton and other titles. The specific “Niche” is inanity, as Binn’s magazines cover the cavorting and consumption of the wealthy.
Niche Media is set to merge with Las Vegas based Greenspun Media Group which publishes Vegas, Wynn, Venetian Style and Things You Didn’t Think Could Be Covered in Gold Monthly, and Ocean Drive Media Group which publishes Ocean Drive and Ocean Drive Espanol. The resulting media conglomerate will combine a bunch of regional media properties into a more national network of 16 publications with a circ of 750k and expected revenue of $100mm.
The real story here is not the new luxury media outlet but Jason Binn, who knows a lot of people and parties with them. Jason Binn doesn’t discriminate between old and new money, so he’s quite the innovator. His fame transcends mere hugs with John Lovitz (pictured) and knowing a bunch of other people in the publishing world. He has a laugh like Woody Woodpecker, he’s smallish in stature, he can’t say “no,” and his magazines “are less concerned with dour topics like income disparity than making sure you land on the right side of that divide,” all according to a severely man-crushing David Carr of the New York Times.
Carr compiles a list of Binnspired (if not Binnspirational) quotes:
“Watching him work a room is like watching Derek Jeter play baseball.” – Mark Edmiston, managing director of AdMedia Partners
“Jason Binn, you are a force of nature.” Cathleen Black, president of Hearst Magazines
“Jason is able to combine image, content and prestige, which is right up my alley.” – Benny Shabtai, president of Raymond Weil watches and owner of Di Modolo jewelers
“Jason has defined a place the publishing giants aren’t interested in, and he works it brilliantly. There is something very endearing about him — the chutzpah and lack of pretense.” – David Carey, president at Condé Nast and publishing director of Portfolio
“Jason Binn is the most overrated shortstop in publishing.” – Derek Jeter, New York Yankees
“Jason Binn raped me.” – Jar of Macadamia Nuts, room 528 mini-bar, Wynn Las Vegas Resort
Say ‘Cheese’ for the King of the A-List [New York Times]
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1. She Isn’t Certified
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SoFi Answers the Call to Refinance Student Loans and Provides Unique Community Benefits
This is a guest post written by SoFi’s CEO, Mike Cagney.
CLICK HERE TO READ THE FULL ARTICLE
Recently, there’s been a lot of talk amongst leaders in Washington about how to improve the painful process of repaying student loans. At SoFi, we feel your pain and work hard to offer more flexible, more affordable options for our borrowers. One idea that’s getting a lot of attention is increasing the options for refinancing debt after graduation. The only lender currently focused on refinancing private and federal student loans is SoFi.
We recognized early on that borrowers who have made timely payments on their loans, graduated from school, and have a job should be able to refinance their student loans at a lower interest rate. This may be why, after resuming lending by invitation, the media became increasingly interested in what we are doing.
In a recent article posted on MainStreet.com SoFi General Counsel Rob Lavet had this to say about SoFi’s ReFi products: Read more »
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