The 11th Hour Dispatch — Tuesday, September 14, 2018
YOUNG MONEY
The European Union has (almost) passed a law that will force streaming giants like Amazon and Netflix to start funding European television and film. This expands the previously passed law that regulated Amazon and Netflix as if they were traditional broadcasting companies. The lineups of streaming services must now meet a minimum quota of 30% locally made content in order to legally continuing streaming in the EU’s 28 countries. Note that Netflix is already at or near that 30% minimum, but this ruling will force others to up their European content or get out. The motion is set to be approved in December. The final vote of which Roberto Viola — head of the EU’s department that oversees communications networks, content, and tech — referred to as “a mere formality.” Streamers will only be able to appease the EU by commissioning or acquiring European content or tacking on a surcharge to their subscription fees to contribute to national film funds, which Germany already mandates.
BINGE WATCH
The European Union has (almost) passed a law that will force streaming giants like Amazon and Netflix to start funding European television and film. This expands the previously passed law that regulated Amazon and Netflix as if they were traditional broadcasting companies. The lineups of streaming services must now meet a minimum quota of 30% of locally-made content in order to legally continuing streaming in the EU’s 28 countries. Note that Netflix is already at or near that 30% minimum, but this ruling will force others to up their European content or get out. The motion is set to be approved in December once voted upon, the final vote of which Roberto Viola, head of the EU’s department that oversees communications networks, content, and tech, referred to as “a mere formality.” Streamers will only be able to appease the EU by commissioning or acquiring European content or tacking on a surcharge to their subscription fees to contribute to national film funds, which Germany already mandates.
BIG BUSINESS
Entertainment Studios, the independent TV and film studio owned by comedian and producer Byron Allen, has picked up a $500 million credit facility. The studio will use the funds to finance new television shows and films, as well as potentially acquire other companies. It’s no stranger to acquisitions as of late. In March of this year, Entertainment Studios acquired The Weather Channel for $300 million. It has also acquired rights to several films on the festival circuit including Replicas, Hostiles, and Chappaquiddick. The credit facilities in this deal were organized by Deutsche Bank Securities, Inc., Jefferies Financial Group, Brightwood Capital Advisors, and Comerica Bank. Allen still owns the company in full.
NOTHIN’ BUT ‘NET
Cystic fibrosis activist and YouTuber Claire Wineland has passed away at the age of 21.
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