Crypto News: Fires fallout, UFC’s big payday, Comcast shake-up

Every Angeleno has experienced an earthquake, but the threat of fire has often felt more distant. We've watched on TV as wildfires destroyed other parts of California, sometimes the outer edges of our own communities. We've seen major parklands burn. But modern cities don't just ignite.

Then again, LA is unique. Los Angeles County consists of hundreds of neighborhoods and more than 80 cities scattered across mountain ranges, valleys and beaches. It's a desert and a beach town and a forest, which means you can hike, surf and ski in the same day.

What makes LA so magical also makes it vulnerable. The dry desert climate exposes vast areas to the risk of fire. The tectonic plates underneath our feet mean semi-frequent earthquakes. Living in Los Angeles has always meant compromise: You accept the heightened risk of natural disaster to reside in paradise.

Our sense of security was punctured by wildfires this past week: Thousands of people in the Pacific Palisades, Altadena and elsewhere lost their homes. Tens of thousands more had to flee due to the fires or hazardous air. The Palisades Village, a picturesque town nestled in Santa Monica Mountains, was destroyed. Altadena, one of the oldest neighborhoods in Los Angeles, has been leveled.

These neighborhoods are part of the history of Los Angeles. Thomas Ince built one of the first movie studios in the Palisades early in the 20th century. Altadena and Pasadena were developed decades before that and have remained vital parts of civic life. Native Americans and Mexicans have deep ties to the area.

These neighborhoods have played major roles in my own life, though I am fortunate to be safe from danger for now. Many around us have lost everything. That includes friends, family friends, work acquaintances and complete strangers.

It is easy in times of crisis to want to assign blame. There will be investigations into the failings of the city, county and state. There will be questions about why fire hydrants ran dry and the Palisades reservoir was offline.

Fortunately our local news organizations have been invaluable. Journalists at newspapers and radio stations have risked their lives to provide comprehensive coverage. Every Angeleno I know uses the Watch Duty app to get the latest updates on the fires. We have all spent more time watching local news than any time in recent memory. If you relied on any outlet or individual for vital information during this time, consider supporting them — if you're able.

It's important to appreciate what has worked. Our fire departments and other first responders mobilized. People have rallied around one another, raising money for the displaced and feeding the hungry. What's most important right now is to limit the damage and figure out how we can help one another rebuild.

If you need help with anything, don't hesitate to reach out to me at lshaw31@bloomberg.net or call/text me. Thomas Buckley, Hannah Miller and I have an update on what this means for the entertainment business below.

For the record: Last week I wrote that the AI company Anthropic had settled a lawsuit with major music companies. That was incorrect.

Five things you need to know

Disney is merging Hulu's live TV business with Fubo. That deal appeared to clear the way for the debut of the sports joint venture Venu, but Disney, Warner Bros. Discovery and Fox scrapped their plans. Hannah Miller explains the surprise decision.
A big week for combat sports … UFC is looking for $1 billion a year in its next TV deal and UFC chief Dana White joined the board of Meta Platforms Inc., the social networking giant run by mixed-martial-arts enthusiast Mark Zuckerberg.
Ari Emanuel is cooking up a new boxing league with the Saudis just a few years after returning their investment.
The US government blacklisted Tencent, the world's biggest video-game company, over alleged links to the Chinese military. The Supreme Court is expected to uphold the TikTok ban.
AI companies are paying YouTubers for unused footage to train their models.

Fires deal another blow to reeling industry, city

Hollywood is once again in crisis. First came the pandemic, then the strikes, thousands of job cuts and now the fires.

IATSE, a union representing behind-the-scenes film and TV workers, said at least 8,000 members live in zip codes that have burned or been evacuated. Studios have shut down production on more than a dozen projects, including shows such as Wheel of Fortune and Hacks. They've canceled premieres and postponed awards shows.

The Critics Choice Awards may seem inconsequential when thousands of people have lost their homes. But events such as these employ thousands in the aggregate. Crew members, drivers and caterers are out of work, displaced or both. As of November, more than 130,000 people worked in production and broadcasting in Los Angeles, according to state data.

"Not only is this affecting individuals and their families and their homes, but it's also affecting their work opportunities, as shows have shut down and studio lots are closed," Mike Miller, director of the union's film and TV department, told us Friday.

Many Angelenos spent the week trying to keep their families safe and help those in need. Every work conversation started and ended with a status update. Did you need to evacuate? Do you know anyone who lost their home?

It is too soon to know the full economic impact of these fires, but it will be considerable. Preliminary damage estimates run to $50 billion and more, and the numbers will continue to grow. Thousands are now homeless in a city that already had a housing crisis.

Los Angeles is so much bigger than Hollywood, but entertainment is one of the town's biggest and most visible industries. Any crisis for the city is a crisis for the industry and vice versa. The entertainment business pumps $43 billion in wages into the state economy each year, according to FilmLA, the office that issues production permits.

The boom in TV production during the 2010s attracted people from all over the country. Netflix, Amazon and Apple, the big, new players in movies and TV, all moved into large campuses.

The recession in Hollywood over the last few years and job losses are starting to push people away. LA's share of scripted TV production has declined for three years in a row. Other states, including Georgia, New York and Nevada, are luring productions, as are the UK and Australia.

The fires may accelerate the exodus. Any production shooting in or near an evacuation zone will need to move, according to FilmLA. Shoots that had permits will lose them.

"New applications to film in or near these areas will be denied, until local permit authorities instruct us otherwise," the office said.

Many people will have to sort out where they are going to live before they can think about getting back to work. Others won't want to work right away. The fear of fire and future disaster will drive some people away for good.

How this industry looks in a few years is anyone's guess right now. The film and TV businesses also are still adapting to trends that transcend the pandemic, the strikes and the fires: the demise of cable TV and the shift away from movie theaters.

But bet against this city and this industry at your own peril. The state is doubling its annual subsidy to film and TV companies to about $750 million to stem job losses. (Director Payman Benz called for even more support from elected officials.) Many companies and organizations have already pledged money to support those affected by the fires.

Los Angeles has gone through many cycles of decline and reinvention, weathering recessions, riots and earthquakes, only to emerge larger and more vibrant. Hollywood has grown alongside it, morphing into one of this country's greatest exports.

"Our industry is resilient, our members are tough, and when the industry comes back to work our members are going to be ready," Miller said.

The best of Screentime (and other stuff)

The movie business had a terrible 2024

Global box-office sales fell 10% last year, triple the decline in the US and Canada.

Asia was responsible for the biggest share of the shortfall. Ticket sales in China fell by more than 25% while revenue in Japan fell 18%. Those are two of the biggest markets in the world.

There are many causes, including the strikes and the strong dollar. But they don't tell the full story. Sohee Kim and Thomas Buckley explain what's going wrong.

Comcast shakes up Peacock

Peacock President Kelly Campbell is leaving, the latest fallout from the ongoing reorganization at NBCUniversal. Campbell joined the company just three years ago.

Every media company is still struggling with how to structure its operations for the transition from TV to streaming. Campbell was in charge of Peacock, but she wasn't in charge of all its original programming. Even with the latest restructuring, some parts of Peacock report up to Matt Strauss and others go into Donna Langley.

An Oscar race update

The Brutalist and Emilia Perez dominated their respective categories at the Golden Globes.

Experts are unsure what this means for the Academy Awards. The voting bodies for the Globes and the Oscars are different. Many experts believe Conclave and Anora still have a good shot at best picture.

There is no big studio movie with much momentum behind it. Dune: Part Two and Wicked are favored in categories recognizing sound, costumes and production design — but not the big ones.

The No. 1 TV producer in the US right now is…

Taylor Sheridan. The season finale of his series Landman dropped on Paramount+ Sunday. It has been one of the most-popular streaming shows in the US since its debut, outperforming the biggest shows on larger streaming platforms.

The writer-producer created three of the most-watched original streaming shows in the US during the final third of the year.

Tulsa King outdrew hits such as Outer Banks and The Rings of Power, while Lioness is bigger than The Diplomat, Cross and Nobody Wants This. The Netflix and Amazon shows are still likely bigger abroad.

Deals, deals, deals

Disney said 157 million people are watching ads on its streaming services every month. That is about twice as many as Netflix's most recently reported number.
The livestream shopping platform Whatnot is valued at $5 billion after its latest fundraising.
Liberty Media — a major shareholder in Formula One and Live Nation — has a new CEO.
Ashley Carman got her hands on the number of users Spotify has in the US.
Former staffers at Megan Ellison's video-game company are taking over the titles from a rival.

Weekly playlist

If you are interested in helping those affected by the fires, a lot of news outlets have compiled some resources to guide you. KCRW has a guide for the best ways to help. The LA Times list has housing resources, food and more. If you want to donate money, you can find many worthy recipients on GoFundMe.