News Analysis India

Tag: Netflix

  • Netflix targeted with shareholder lawsuit alleging securities fraud after subscriber miss

    By IANS

    LOS ANGELES: Streaming giant Netflix misled investors about declining subscriber growth over the course of six months leading to a massive drop in its stock price, according to a shareholder lawsuit.According to ‘Variety’, the lawsuit, filed on Tuesday in a federal district court in San Francisco, alleges Netflix violated US securities laws by making “materially false and/or misleading statements” and also because it “failed to disclose material adverse facts about the company’s business, operations and prospects”.Last month, Netflix reported a net loss of 200,000 subscribers in the first three months of 2022 and forecast a decline of another 2 million in Q2, citing various challenges including password-sharing behaviour among more than 100 million households that do not pay for the service.The lawsuit, which seeks class-action status, seeks unspecified monetary damages on behalf of investors who owned Netflix shares between October 19, 2021, and April 19, 2022. Those include “compensatory damages in favour of Plaintiff and the other Class members against all defendants, jointly and severally, for all damages sustained as a result of Defendants’ wrongdoing, in an amount to be proven at trial, including interest thereon”.Netflix stock suffered its biggest one-day drop on April 20, the day after reporting its weaker-than-expected subscriber numbers, falling 35 per cent and shedding $54 billion in market capitalisation. That came after the stock fell 22% on January 21 after Netflix’s Q4 2021 subscriber gains came up short and the company forecast slower growth.According to the lawsuit, Netflix and its top executives “employed devices, schemes and artifices to defraud (investors), while in possession of material adverse non-public information”.They also made “untrue statements of material facts and/or omitting to state material facts necessary in order to make the statements made about Netflix and its business operations and future prospects in light of the circumstances under which they were made not misleading”, the suit alleges.As per the lawsuit, Netflix misled shareholders going back to its third-quarter 2021 earnings report on October 19, when the company failed to tell investors that “Netflix was exhibiting slower (customer) acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming services”, reports ‘Variety’.As a result of Netflix’s “wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages”, according to the complaint, reports ‘Variety’.Over the period covered in the lawsuit, Netflix’s stock price dropped 67 per cent, from a high of $691.69/share on November 17, 2021, to $226.19/share on April 20. The company’s shares closed at $204.01 apiece on Wednesday.The lead plaintiff in the lawsuit is Fiyyaz Pirani, a trustee of Imperium Irrevocable Trust, which is a Netflix shareholder. The lawsuit names as defendants Netflix as well as co-CEOs Reed Hastings and Ted Sarandos and CFO Spencer Neumann.The case is Pirani v. Netflix Inc et al., with docket number 22-CV-02672, filed in the US District Court for the Northern District of California. The firm representing plaintiffs is Glancy Prongay & Murray, which specializes in class-action lawsuits involving securities fraud claims.

  • Jeff Daniels to star in Netflix series ‘A Man in Full’

    By PTI

    LOS ANGELES: Veteran actor Jeff Daniels is set to play the lead role in Netflix’s upcoming series “A Man in Full”, to be directed by Regina King.

    According to Variety, the drama is based on the Tom Wolfe novel of the same name.

    In the series, when Atlanta real estate mogul Charlie Croker faces sudden bankruptcy, political and business interests collide as he defends his empire from those attempting to capitalise on his fall from grace.

    The show, written by David E Kelly, had received a straight-to-series order at the streamer in November last year.

    Kelley will also serve as executive producer and showrunner on “A Man in Full”.

    King will direct the first three episodes in addition to executive producing via her Royal Ties production banner, which is currently under a first-look deal with Netflix.

  • Netflix cost cuts lead to Meghan Markle animated series ‘Pearl’ being axed

    By IANS

    LOS ANGELES: Streaming giant Netflix has cancelled the development of ‘Pearl’, an animated series created by Duchess of Sussex Meghan Markle, in its move to cut costs.

    The show, which was announced last year, is one of several projects being dropped by the streaming giant, the BBC reported.

    Last month, Netflix revealed a sharp fall in subscribers and warned millions more are set to quit the service.

    Archewell Productions, the company formed by the Duke and Duchess of Sussex, announced last year that Meghan would be an executive producer of ‘Pearl’.

    The series was planned to centre on the adventures of a 12-year-old girl, who is inspired by influential women from history.

    Netflix did, however, confirm that it will continue to work on a number of projects with Archewell Productions, including a documentary series called ‘Heart of Invictus’, said the BBC report.

    The series will focus on athletes competing in the Invictus Games for injured veterans, an event founded by Duke of Sussex Prince Harry, in The Hague in 2022.

    Netflix also said that it had decided not to move forward with two animated children’s series ‘Dino Daycare’ and ‘Boons and Curses’.

    According to the BBC, Netflix said last month its total number of subscribers had dropped by 200,000 in the first three months of this year, falling well short of its target.

    It also warned that some two million more users were likely to quit the service in the three months to July.

  • Alejandro G Inarritu’s Bardo picked up by Netflix

    By Express News Service

    Netflix has acquired the streaming rights of Oscar-winning filmmaker Alejandro G Inarritu’s upcoming feature film Bardo, False Chronicle of a Handful of Truths. The film, which is currently in post-production, will release in theatres and on the streaming platform later this year.

    Written by Inarritu and Nicolas Giacobone (who previously collaborated with the filmmaker for Birdman), the movie is billed as a nostalgic comedy set against an epic personal journey. It chronicles the story of a renowned Mexican journalist and documentary filmmaker, who returns home and works through an existential crisis as he grapples with his identity, familial relationships, the folly of his memories as well as the past of his country. He seeks answers in his past to reconcile who he is in the present.

    Daniel Gimenez Cacho and Griselda Siciliani have played the lead roles in the film. Bardo is Inarritu’s first feature since the 2025 Leonardo Di Caprio-starrer The Revenant and is also his first film to be shot in Mexico since his critically-acclaimed 2000 movie Amores Perros. 

  • Alejandro G Inarritu’s next movie ‘Bardo’ acquired by Netflix 

    By PTI

    LOS ANGELES: Oscar-winning filmmaker Alejandro G Inarritu’s latest feature film ‘Bardo, False Chronicle of a Handful of Truths’ has landed at the streaming service Netflix.

    According to a press release by the streamer, the company plans to release the film in both theatres and on its platform later this year.

    The film, which is currently in post-production, is Inarritu’s first feature since Leonardo DiCaprio-starrer The Revenant’ in 2015.

    It is also his first film to be shot in Mexico since his critically-acclaimed 2000 movie ‘Amores Perros’.

    Penned by Inarritu and Nicolas Giacobone, who previously collaborated on the Oscar-winning script for ‘Birdman’, the movie is a “nostalgic comedy set against an epic personal journey”, as per the description shared by Netflix.

    It chronicles the story of a renowned Mexican journalist and documentary filmmaker, who returns home and works through an existential crisis as he grapples with his identity, familial relationships, the folly of his memories as well as the past of his country.

    He seeks answers in his past to reconcile who he is in the present.

    The film features actors Daniel Gimenez Cacho and Griselda Siciliani in lead roles.

    ‘Bardo’ will enjoy a theatrical release on a global scale later this year including in Mexico as well as the US, Canada, UK, Italy, Spain, Germany, Argentina, Brazil, Australia, New Zealand, Scandinavia, the Netherlands, Japan, Korea and many more countries before debuting on Netflix.

    “Alejandro is one of the greatest modern filmmakers and one of the leading visionaries in our industry.

    ‘Bardo’ is a cinematic experience that has inspired us to create a release strategy designed for the film to penetrate culture in the biggest and widest way,” Netflix Head of Global Film Scott Stuber said.

    “We will give film lovers everywhere the opportunity to experience the film through a global theatrical release and the film’s worldwide release on Netflix.

    Having known Alejandro for a long time, I am personally very excited to finally be able to work alongside him and to bring his film to a global audience,” he added.

    Inarritu, whose credits also include ’21 Grams’, ‘Babel’ and ‘Biutiful’, had famously won three Academy Awards – best picture, best director and best original screenplay for 2014’s ‘Birdman or the Unexpected Virtue of Ignorance’.

    For his 2015 movie ‘The Revenant’, the filmmaker had picked up his best director trophy, while lead star DiCaprio bagged his maiden best actor award.

  • Azadi Ki Amrit Kahaniyan: Centre joins hands with Netflix to launch series of inspiring videos

    By Express News Service

    NEW DELHI: The ministry of information and broadcasting (I&B) has collaborated with major OTT platform Netflix to produce a series of short films on inspirational stories of individuals and the freedom struggle under Azadi Ka Amrit Mahotsav, a commemoration and celebration of 75 years of independence of India.

    On Tuesday, Anurag Thakur, I&B minister, launched a set of three short films featuring women achievers–Basanti Devi (environmentalist), Harshini Kanhekar (first woman firefighter in India) and Anshu Jamsenpa, the first woman in the world to scale the summit of Mount Everest twice in a season.

    Within two months, the ministry will release more short films on changemakers — Poonam Nautiyal, (healthcare worker who walked miles across Bageshwar district in Uttarakhand to vaccinate everyone), Dr Tessy Thomas, (first woman scientist to head a missile project in India), Tanvi Jagadish, (India’s first competitive woman stand-up paddleboarder) and Aarohi Pandit, (world’s youngest and first woman pilot to cross the Atlantic Ocean and the Pacific Ocean solo in a light-sport aircraft).

    These videos named ‘Azadi Ki Amrit Kahaniyan’ will be telecast on all the channels of Doordarshan and will also be available on various social media platforms of the ministry and Netflix simultaneously. Soon, these films will be translated into other languages such as Gujarati, Marathi, Bengali, Tamil, English and Malayalam to ensure that the stories are seen across the states.

    Apurva Chandra, secretary of the ministry, said that a deeper collaboration featuring a long running series on our freedom struggle and the stories that need to be told to the world is in the pipeline.

    Present on the occasion were minister of state for I&B L Murugan and Bela Bajaria, head of Global TV, Netflix, including Devi, Jamsenpa and Kanhekar.

    Speaking on the occasion, Thakur said that this (association with Netflix) was a long term partnership where different themes and diverse stories will be highlighted.

    “This initiative aims to bring out inspiring stories of Indians and these stories shall motivate and empower more people to achieve their goals. Netflix will be producing 25 videos on themes including women empowerment, environment and sustainable development and other days of significance,” said Thakur.

    As per the present arrangement, Netflix will produce 25 movies under the series. However, Thakur urged Bajaria to increase the number to 75 as the country is celebrating 75th anniversary of independence.  

    Speaking about their association with the OTT platform, the minister said that Netflix and the ministry would continue to organise training workshops and master classes to encourage filmmakers in India to create inspiring content on various topics under Azadi Ka Amrit Mahotsav.

     “Netflix and the ministry will partner to develop a creative ecosystem by organizing training programs for post-production, VFX, animation, music production among others. It will be organized on the ground and virtually,” Thakur said.

  • Stephen Colbert tests positive for Covid

    By IANS

    LOS ANGELES: Television host Stephen Colbert has tested positive for Covid-19, leading to the cancellation of an episode of his live programme ‘The Late Show With Stephen Colbert’.’Variety’ reported that the official ‘Late Show’ Twitter account tweeted a brief message on Thursday morning: “The Late Show With Stephen Colbert’ has cancelled its upcoming live Thursday episode”.”Stephen Colbert has tested positive for Covid 19,” the message reads.”Tonight’s show is canceled. As previously planned, the show will be airing repeats tomorrow through next week. We will return with new episodes on May 2nd.” Thursday’s live broadcast was scheduled to feature appearances from Jason Bateman and Laura Linney, the stars of Netflix’s ‘Ozark’, which premieres its final episodes in May.Colbert himself shared an update regarding the situation, stating that he was “feeling fine” and offering a joke about his lifelong mission to avoid interviewing Bateman. Before Colbert tested positive, ‘The Late Show’ had previously announced it would take a brief hiatus, set to begin on Friday.’Late Night’ will maintain its current schedule and air reruns throughout next week, before returning with a new episode on May 2.

    For this Thursday, CBS will replace the planned live broadcast with a rerun of the episode that originally aired April 15, featuring Josh Brolin and a performance from ‘The Who’.The upcoming episodes scheduled to rerun during the upcoming week include guest spots from Jon Batiste, Oscar Isaac, Hannah Gadsby, Sandra Bullock, Anderson Cooper, Molly Shannon, Shaquille O’Neal, Mayim Bialik, Julia Roberts and Rep. Cori Bush. The reruns will also feature musical performances by Buffalo Nichols, Wilco and Thomas Rhett.

  • Kevin Bacon, Farrah Mackenzie join Netflix’s Leave the World Behind

    By Express News Service

    Actors Kevin Bacon and Farrah Mackenzie have joined the cast of Netflix’s upcoming film Leave the World Behind. The actors join the previously announced cast that includes Julia Roberts, Mahershala Ali, Ethan Hawke and Myha’la Herrold.

    Based on the bestselling novel by Rumaan Alam, the film is set to be directed by Sam Esmail who also adapts the book to screen. The story revolves around a couple vacationing in a rental house on Long Island, who are surprised when the homeowners arrive bearing news of a mysterious blackout.

    Esmail also produces the film with Chad Hamilton through Esmail Corp, alongside Roberts, Lisa Gillan, and Marisa Yeres Gill for Red Om Films. Higher Ground’s Tonia Davis will serve as executive producer alongside Alam, Danny Stillman and Esmail Corp’s Nick Krishnamurthy.

    Bacon currently stars on City on a Hill and has been on series such as SMILF and I Love Dick. His other recent film credits include You Should Have Left and Patriots Day. Mackenzie, who was previously seen on Amazon’s Utopia, currently stars on United States of A1. 

  • Netflix series ‘Emily in Paris’ actor Lily Collins: My dog is more famous than me

    By IANS

    LOS ANGELES: Actress Lily Collins filmed the Netflix series ‘Emily in Paris’ on the streets of the French capital, but onlookers were often more interested in her dog Redford.Speaking on the ‘Happy Sad Confused’ podcast, Lily – who is married to filmmaker Charlie McDowell – revealed: “Sometimes when I didn’t get recognised in Paris shooting the show, Redford would still get recognised.””It was wild. Charlie would be walking him along one of the bridges and people would be like ‘Ah! Is that Redford?’ And we were always like ‘Oh my god, what?’ It was really wild.”Collins loves her dog and thinks they can really help to lift people when they’re feeling low, reports femalefirst.co.uk. The ‘Windfall’ star explained: “A gorgeous dog or a cute dog or just a personality-filled dog, it never doesn’t brighten your day in some way.”People are always looking for reasons to smile, and I feel like that’s just the perfect reason. Especially if you’re just walking your dog, people will stop and say something.”She shared that her husband is the one who mainly runs Redford’s Instagram account, even though he was initially opposed to the idea. Asked about the account and who is responsible for running it, the actress said: “That would be Charlie.”

    “We kind of do it together, but it’s so funny because at the beginning he was like, ‘Our dog is not going to have socials.’ And I was like, ‘Yeah, I know’. And then all of a sudden Charlie is the one doing it!” “I was like, ‘You totally have to eat your words’. We both are doing it now, but it’s really a Charlie-led production.”

  • Tasha Smith to star in Lee Daniels’ Netflix exorcism horror movie

    By PTI

    LOS ANGELES: “Empire” alum Tasha Smith is set to star in filmmaker Lee Daniels’ untitled horror movie set at Netflix. According to Deadline, the exorcism thriller is inspired by an actual case. The story centres on Ebony (Andra Day), the mother of an Indiana family whose children purportedly became demonically possessed.

    Smith will play the role of Ebony’s best friend Asia. The film also features Oscar winner Octavia Spencer, Glenn Close, Rob Morgan, Caleb McLaughlin and Aunjanue Ellis. The project marks Smith and Daniels’ reunion after “Empire”.

    She also directed two episodes of Fox drama series “Star”, co-created by Daniels.