Former US President Donald Trump’s media company reported a net loss of $19.2 million in the third quarter, due to legal fees and costs tied to its TV streaming deal.
Trump Media & Technology Group said the figure includes $12.1 million in legal fees in the quarter, stemming from its acquisition of TV streaming technology in August and residual fees related to its SPAC deal in March.
It also reported $3.9 million in research and development spend.
Shares of the company reversed earlier losses in extended trading and were last trading about 2 percent higher.
The report comes as the US presidential election is in the final stretch, with polls showing Trump and current vice president Kamala Harris running neck and neck, as the world awaits the results of one of the most unusual elections in modern US history.
Shares of Trump Media, which operates the Truth Social media platform, have seen wild swings in recent days with the stock serving as something of a proxy for Trump’s chances of election.
Trump Media said its revenue was $1 million for the quarter ended September and had cash and cash equivalents of $672.9 million, including short-term investments, with no debt.
Trump Media reports $19 million loss in third quarter on TV streaming costs
https://arab.news/n7pvq
Trump Media reports $19 million loss in third quarter on TV streaming costs
- Trump Media & Technology Group said the figure includes $12.1 million in legal fees
- It also reported $3.9 million in research and development spend
NEOM Media, Hakawati Entertainment sign deal to make 9 feature films
- Partnership ‘an important milestone’ for Saudi media industry, NEOM executive says
- Agreement will also include initiatives to support development of local talent
RIYADH: NEOM Media and Hakawati Entertainment have announced a strategic partnership to produce up to nine feature films and establish a production services division in NEOM, further accelerating the growth of Saudi Arabia’s film industry.
The partnership with Hakawati, a leading Saudi-based film, TV and literary management company, will localize screen production activities across future NEOM productions, according to a statement.
By using NEOM Media’s infrastructure, including high-end soundstages, diverse shooting locations and extensive production support, the collaboration will enable high-quality content creation, it said.
Two of the nine films are set to go into production in the first half of next year and further projects are under review.
Hakawati plans to establish an operational presence within NEOM’s media hub by creating a production services division designed to meet the needs of international, regional and local productions. This will be supported by Hollywood-level talent and significant financial investments.
The partnership will also help the sector’s evolution into a creative industries hub, while streamlining project execution and elevating filmmaking standards.
Michael Lynch, sector head of entertainment, culture and media at NEOM, said: “This partnership with Hakawati marks an important milestone in our shared commitment to advancing Saudi Arabia’s media industry … (and) reinforces our position as a center for innovation and growth, reflecting the industry’s confidence in our vision.
“Together, we are poised to unlock significant opportunities, drive the Kingdom’s creative ambitions forward and establish a world-class media ecosystem.”
Hakawati CEO Osama Al-Khurayji said: “While film and television production remain at the heart of our business, this partnership goes beyond content creation. Together with NEOM, we are committed to building a sustainable, world-class filmmaking ecosystem that will not only support our industry’s expansion but also contribute to Saudi Arabia’s ambitious vision of becoming a global leader in entertainment and media.”
The partnership will also focus on developing Saudi talent through multidisciplinary programs and workshops that provide intensive training, shadowing opportunities and job placements for the local and international media markets.
A Hakawati community will be established at NEOM in early 2025, in collaboration with NEOM Media’s industry learning department, to support talent development.
Also, a working group will identify and implement at least three new training programs by the end of 2025, ensuring ongoing opportunities for Saudi creatives.
Saudi Journalists Association, Dar Al-Yaum launch media training initiative
- Program will provide education for 100 journalism graduates, industry professionals
- Subjects will include AI, metaverse journalism, virtual reality
RIYADH: The Saudi Journalists Association and Dar Al-Yaum for Media, supported by the Al-Waleed Al-Mubarak Charitable Foundation, have signed an agreement with the University of Missouri to nurture talent in the field of digital media.
The project — titled the Journalists and Media Professionals Skills and Competencies Development Program — will provide 70 seats for recent journalism graduates and 30 for employees of media institutions.
Dar Al-Yaum for Media Chairman Al-Waleed Al-Mubarak said the program was the first of its kind in Saudi Arabia and would cover new digital media formats like metaverse journalism, augmented and virtual reality technology and artificial intelligence.
“We believe it is our duty to support aspiring Saudi journalists and media professionals and help them open broader horizons in their careers,” Al-Mubarak said.
The initiative would contribute to achieving the goals of Vision 2030, he said.
SJA Chairman Adhwan Al-Ahmari thanked Dar Al-Yaum for hosting the initiative and said that while Saudi journalism was capable of keeping up with global developments, there was a need to educate its workforce by applying new technologies ethically and professionally.
He said the initiative aligned with Vision 2030, which aims to enhance the digital economy and build a knowledge-based society founded on innovation, and would aid the development of the media in the Eastern region and solidify the Kingdom’s position as a global center for digital media.
104 journalists killed in 2024, over half in Gaza: press group
- “Since the start of the war on 7 October 2023, at least 138 Palestinian journalists have been killed,” the federation said
- After the Middle East, the second most dangerous region for journalists was Asia with 20 killed, including six in Pakistan, five in Bangladesh and three in India
BRUSSELS, Belgium: This year has been “particularly deadly” for journalists with 104 killed worldwide, over half of them being in Gaza, the International Federation of Journalists (IFJ) said Tuesday.
The toll for 2024 is down on the 129 deaths in 2023 but still makes it “one of the worst years” on record, IFJ general secretary Anthony Bellanger told AFP.
According to the figures collated by the press group 55 Palestinian media workers were killed in 2024 in the face of Israel’s offensive in Gaza.
“Since the start of the war on 7 October 2023, at least 138 Palestinian journalists have been killed,” the federation said.
Bellanger condemned the “massacre that is happening before the eyes of the world.”
He said that “many journalists were targeted” in Gaza deliberately, while others had found themselves “in the wrong place, at the wrong time” in the fighting.
After the Middle East, the second most dangerous region for journalists was Asia with 20 killed, including six in Pakistan, five in Bangladesh and three in India.
In Europe, the war in Ukraine continued to claim journalist victims with four killed in 2024.
Meanwhile, the IFJ said that across the globe 520 journalists were in prison — a sharp uptick on the 427 being held behind bars last year.
China topped the list as the worst jailer of reporters with 135 being detained, including in Hong Kong, where the authorities have been criticized by Western nations for imposing national security laws quashing dissent and other freedoms.
The IFJ’s count for the number of journalists killed is typically far higher than that of Reporters Without Borders, due to different counting methods.
In 2023 Reporters Without Borders said 54 journalists and two collaborators were killed in the course of their work. The NGO will publish its own figure for 2024 later this week.
MBC Studios, Telfaz11 announce multi-project partnership
- Collaboration announced at Red Sea International Film Festival
DUBAI: MBC Studios and Saudi studio Telfaz11 have teamed up to develop and produce several projects spotlighting the Kingdom’s talent.
The partnership, which was announced on Sunday at the Red Sea International Film Festival, aims to nurture Saudi talent, drive creativity, and contribute to the growth of the region’s film and television industries.
Telfaz11 is a homegrown creative and media studio that has been behind successful Saudi projects like “Sattar,” which became the highest-grossing Saudi movie in the first three months of its release, and “Mandoob,” which beat “Wonka” from Warner Bros. on its opening weekend in Saudi Arabia last year.
Wael Abu Mansour, head of Telfaz11 Studios, said: “Collaborating with MBC Studios allows us to expand on this success, combining our creative vision with their expertise to deliver even more compelling content.
“Together, we aim to elevate Saudi storytelling and create a dynamic slate of films and series that entertain, inspire, and resonate with audiences across the region.”
Hana Al-Omair, the Saudi director behind award-winning short film “Swan Song,” the Kingdom’s first original Netflix series “Whispers,” and creative director at MBC Studios, said that the partnership with Telfaz11 allowed MBC Studios to not only tap “into a treasure trove of authentic Saudi stories but also set yet another new benchmark for excellence in regional content creation.”
She added: “It is now more important than ever to tell our own stories.”
The companies did not share details of upcoming projects.
Georgian journalists allege brutal beatings as protests rage against ending EU talks
- On Sunday, several hundred media workers marched down Tbilisi’s central Rustaveli Avenue before putting up posters of colleagues they say had been assaulted while doing their jobs
TBILISI, Georgia: Tens of thousands of people joined an 11th straight day of protests in Georgia on Sunday after the governing party moved to suspend negotiations on joining the European Union, while a separate demonstration decried violence against Georgian journalists covering the rallies.
Police have been using increasing force in their attempts to curb the demonstrations, which have centered on the parliament building in the capital, Tbilisi. Riot police have used water cannons and tear gas every day to disperse the rallies, beating scores of protesters who threw fireworks at police officers and built barricades on the Georgian capital’s central boulevard.
At Saturday night’s demonstration, reporter Maka Chikhladze and her colleague from the independent Pirveli TV channel were targeted by a violent mob, Chikhladze told The Associated Press.
Chikladze said her colleague managed to capture footage of men dressed in black who were beating demonstrators before they turned on the pair, violently pushing Chikhladze to the ground. She later told AP that her colleague sustained a head injury and had his camera stolen.
Chikhladze charged that Georgia’s government was using bands of thugs to deter people from attending anti-government rallies, an allegation denied by representatives of the Georgian Dream party.
On Sunday, several hundred media workers marched down Tbilisi’s central Rustaveli Avenue before putting up posters of colleagues they say had been assaulted while doing their jobs.
“Our colleagues are beaten, injured, some remain in hospital in serious condition,” TV Pirveli anchor Ekaterine Mishveladze told AP.
In a separate incident Saturday, AP journalists saw several masked men violently tackle a protester attempting to enter the offices of an opposition party, Ahali. The man, Koba Khabazi, lay slumped on the ground while his attackers repeatedly kicked him. He later showed AP his head injuries.
Georgian Dream retained control of parliament in the disputed Oct. 26 election, a vote widely seen as a referendum on Georgia’s EU aspirations. The opposition and the pro-Western president, Salome Zourabichvili, have accused the governing party of rigging the vote with neighboring Russia’s help and have boycotted parliament sessions.
Opposition protests gained new momentum after the Georgian Dream’s decision last Thursday to put the EU accession talks on hold.
Riot police have used water cannons and tear gas to disperse the rallies and beat scores of protesters, who threw fireworks at police officers and built barricades on Rustaveli Avenue.
The crackdown has drawn strong condemnation from the United States and EU officials. Speaking Thursday at a ministerial conference of the Organization for Security and Cooperation in Europe, US Secretary of State Antony Blinken denounced what he described as the brutal “repression of those calling for their country to stay on the path to closer ties with Europe.”
Mamuka Mdinanradze, leader of the Georgian Dream party, condemned mob violence against protesters during a news briefing Sunday, and denied any connection with the government.
The office of Georgia’s rights ombudsman on Sunday issued a statement criticizing Georgian police for “failing to take adequate measures” to ensure safety during the demonstrations.
President Zourabichvili, who plays a largely ceremonial role, refused to recognize the official election results and contested them before the Constitutional Court, which rejected her appeal earlier this week.
The EU granted Georgia candidate status in December 2023 on condition that the country meets the bloc’s recommendations, but put its accession on hold and cut financial support in June after the passage of a “foreign influence” law that was widely seen as a blow to democratic freedoms.
The law requires organizations that receive more than 20 percent of their funding from abroad to register as “pursuing the interest of a foreign power,” similar to a Russian law used to discredit organizations critical of the government.