Entertainment

Upexi reported a net loss of $246.1 million, or $3.87 per share, for fiscal year 2026, driven primarily by $195.1 million in unrealized losses and $11.7 million in realized losses on its digital assets. The company held approximately 2.34 million Solana tokens as of June 30, 2026, with a cost basis of approximately $360.3 million, or an average cost per token of $154, and about 95% of those tokens were staked. For the year, the treasury generated approximately $17.4 million in digital asset revenues, or roughly 135,000 Solana tokens, while cash stood at $5.8 million, up 65% from the prior quarter end, and total stockholders' equity was negative $53.8 million against positive equity of $90.1 million a year ago. Chief Executive Officer Allan Marshall said the company extinguished roughly $20 million in debt in June and subsequently refinanced its credit facility, cutting the interest rate from 11.5% to 7.5%, while reducing full-time employees from 59 a year ago to just 10 today. Upexi also repurchased approximately 2.9 million shares at an average weighted price of $0.96 per share for total consideration of approximately $2.8 million under its $50 million repurchase program, and after year-end issued approximately 2.5 million shares under its at-the-market program for gross proceeds of approximately $2.5 million.

Wells Fargo downgraded Netflix to Underweight and cut its price target to $57 from $80, sending the streaming giant's shares down about 5% on Friday. The firm pointed to changing viewing patterns and uncertainty around Netflix's content pipeline as reasons for the more cautious stance, and said the new target implies the stock trading well below its most recent closing level. Wells Fargo analysts estimated overall viewing activity on Netflix declined 8% year over year during the first six months of 2026, adding that engagement with the company's leading original productions weakened and could deteriorate further during the remainder of the year. The report noted Netflix has broadened its entertainment offerings into categories such as sports, gaming and documentaries while increasing its presence on external platforms including Alphabet-owned YouTube, an approach that may expand reach but could alter the balance between broad engagement and blockbuster original programming. The brokerage also trimmed its profitability forecasts for 2027 and 2028, citing expectations for higher content-related pressure, and said investors may face greater uncertainty around future earnings trends as Netflix evaluates its spending priorities and programming strategy.

Wells Fargo downgraded Netflix to Underweight from Equal Weight and cut its price target to $57 from $80, sending the shares down 3.04% in premarket trading. Analyst Steven Cahall cited declining viewership and a weaker content slate in the second half of 2026, estimating viewership falls 4% year over year in that period, including a drop of more than 20% in Top 100 Netflix Originals, after reviewing more than 150 key titles across live events, shows and films. Hours per subscriber per day for Top 100 Originals fell 3% in the first half, and US TV share has slipped below 8% on Nielsen data, with Cahall modeling total second-half hours at 96 billion in his base case. Wells Fargo cut 2027 and 2028 EPS to $3.77 and $4.52 and lowered operating margin estimates to 32.6% and 34.2%. The $57 target rests on 15x 2027 earnings, down from 21x, and Cahall points to the second-half and full-year viewership report due in January 2027 as the negative catalyst.

Wells Fargo downgraded Netflix to Underweight from Equal Weight on Friday, warning that softening viewer engagement and a weaker content slate could pressure the streaming giant's margins and valuation. Analyst Steven Cahall cut his price target for the stock to $57, implying about 25% downside, and lowered his valuation multiple to 15 times forward earnings from 21 times. He said the January viewership report, due with fourth-quarter results, is the negative catalyst, noting viewing at 1.6 hours per subscriber a day in the first half, which he estimated was down 8% from 2023 after adjusting for a password-sharing crackdown and geographic mix. Hours from its top 100 original titles fell in the period, while its U.S. TV share slipped below 8%, and Cahall said Netflix appears to be broadening engagement toward gaming, documentaries, reality and video podcasts as it takes on YouTube, but risks missing the watercooler originals that drive member value. His base case is for second-half hours from top 100 originals to fall 21% year over year, with elevated churn risk into 2027, and he trimmed his 2027 and 2028 earnings estimates to $3.77 and $4.52 a share.

Xenon Pharmaceuticals plunged 24% in premarket trading after submitting a New Drug Application to the U.S. Food and Drug Administration for azetukalner as a treatment for focal seizures in epilepsy while voluntarily pausing new patient enrollment in ongoing Phase 3 trials for major depressive disorder and bipolar depression. Netflix slipped 2.1% after Wells Fargo downgraded the streaming giant to Underweight from Equal Weight and cut its price target to $57 from $80, citing weakening engagement trends. Array Technologies fell 3.1% to $4.11 after UBS downgraded the solar tracking company to Neutral from Buy and cut its price target to $5 from $10, pointing to a shift from payment-in-kind to cash payments on preferred dividend obligations that UBS estimates will total roughly $162 million in cumulative cash payments through 2030. Steel Dynamics dropped 3.4% after guiding third-quarter 2026 earnings to $5.34 to $5.38 per diluted share, below the analyst consensus of $5.60. Frontline fell 6% as the tanker company went ex-dividend for a combined payout of $3.41 per share, made up of a regular second-quarter dividend of $2.61 and a special dividend of $0.80 funded by the sale of two very large crude carriers.

Upexi Inc reported a net loss of $246.1 million, or $3.87 per share, for fiscal year 2026, compared with a net loss of $13.7 million in the prior year, driven primarily by $195.1 million in unrealized losses on its digital assets. The company held approximately 2.34 million Solana tokens as of June 30, 2026, with a cost basis of about $360.3 million, or an average cost of $154 per token, and about 95% of those tokens staked, generating roughly $17.4 million in digital asset revenues for the fiscal year. Stockholders' equity swung to negative $53.8 million from positive $90.1 million a year earlier, while general and administrative expenses rose to $26.4 million from $11.9 million and interest expense surged to $13.6 million from $1.2 million. On the balance sheet side, Upexi increased cash to $5.8 million as of June 30, 2026, up 65% from the prior quarter end, extinguished roughly $20 million in debt in June, and subsequently refinanced its credit facility, cutting the interest rate from 11.5% to 7.5% and lowering collateral requirements. The company also completed an efficiency initiative that outsourced manufacturing, warehousing, and logistics and reduced full-time employees from 59 to 10, and repurchased approximately 2.9 million shares at an average price of $0.96 per share for $2.8 million under its $50 million repurchase program.

Bolloré SE reported first-half 2026 revenue of 1,644 million euros, up 8% at constant scope and exchange rates, while net income fell to 133 million euros from 242 million euros a year earlier. Adjusted operating income, or EBITA, came to 104 million euros, down 15% from 123 million euros in the first half of 2025, with Bolloré Energy contributing 47 million euros, up 77%, and Communications contributing 181 million euros, down on lower contributions from Groupe Canal+ and UMG. Net income Group share was 132 million euros, compared with 240 million euros a year earlier, and shareholders' equity totaled 20,803 million euros, down 3,624 million euros from December 31, 2025, mainly due to 4,387 million euros in dividends paid, including a 4,215 million euro exceptional dividend. The net cash position stood at 1,447 million euros at June 30, 2026, compared with 5,619 million euros at the end of 2025, and the portfolio of listed securities was valued at 9,232 million euros at June 30, 2026, falling to 7,943 million euros by September 14, 2026, reflecting the sharp decline in UMG's stock price. Separately, Compagnie de l'Odet's board decided to pay an exceptional interim dividend of 2.5 billion euros on September 29, 2026, following Bolloré SE's 4.2 billion euro exceptional dividend in June 2026, with Bolloré SE and its subsidiaries set to receive approximately 2 billion euros in total.

Walt Disney's free cash flow fell 24% to $5.74 billion in the first nine months of fiscal 2026 as heavier investment in its Experiences business pushed cash outflows higher. Operating cash flow came in at $12.5 billion, down from $13.6 billion a year earlier, while investments in parks, resorts and other property rose to $6.78 billion from $6.11 billion. Disney expects fiscal 2026 capital expenditures of approximately $9 billion, up from $8 billion in fiscal 2025, and is targeting about $24 billion of produced and licensed content spending, including sports rights, versus $23 billion last year. The spending is already showing results: third-quarter 2026 free cash flow rose 63% year over year to $3.07 billion, Experiences revenues gained 10% and operating income rose 20%, while the 2026 global box office surpassed $4 billion and Toy Story 5 exceeded $1.1 billion in September. Disney shares have dropped 8.3% over the past year, and the Zacks Consensus Estimate for fiscal 2026 earnings stands at $6.91 per share, up 3 cents over the past 30 days, against $5.93 per share reported in fiscal 2025.

Take-Two Interactive Software is drawing renewed analyst scrutiny over an expected drop in upcoming quarterly earnings per share and revenue versus last year, set against a strong but costly development pipeline. The tension between weaker near-term performance and high expectations for major releases such as the next Grand Theft Auto installment is sharpening investor focus on how effectively the company can convert large-scale investments into durable profitability. The company's recent fiscal 2027 guidance, calling for US$7,900 million to US$8,100 million in net revenue and a return to modest profitability, is now a reference point for judging whether spending and delays are eroding the upside investors expect. Take-Two's narrative projects $9.2 billion revenue and $1.2 billion earnings by 2029, requiring 11.3% yearly revenue growth and a $1.5 billion earnings increase from -$298.2 million today, while the most optimistic analysts had penciled in revenue near US$10.6 billion and about US$2.0 billion in earnings. The key near-term catalyst remains execution around the next Grand Theft Auto launch and related online monetization, while the biggest risk is that rising development and marketing costs fail to translate into the higher-margin, recurring revenue investors are counting on.

Dianhun Network announced on the evening of September 16 that the company's actual controllers Hu Jianping and Chen Fang have completed divorce procedures. Hu Jianping transferred 7.2829 million shares held by him to Chen Fang's name through non-trade transfer, accounting for 3% of the total share capital. Based on the closing price of 13.07 yuan per share that day, the book market value is approximately 95.19 million yuan. After the split, Hu Jianping's shareholding decreased from 5.78% to 2.78%, while Chen Fang's shareholding increased from 10.78% to 13.78%. The two jointly control 40.219 million shares of the company, accounting for 16.56% of the total share capital, exactly the same as before the change. Both parties simultaneously signed a 36-month acting-in-concert agreement, so this divorce-related share split does not involve a change of control. Hu Jianping continues to serve as chairman, and Chen Fang continues to serve as director and general manager. A reporter from China Fund News noted that behind this technical arrangement of splitting shares without splitting control, Dianhun Network is mired in multiple difficulties including aging core products, consecutive losses, and continuous share reductions by the founding team. The company achieved revenue of 385 million yuan in 2025, a year-on-year decline of 30.08%, with a net loss attributable to the parent company of 214 million yuan, the first annual loss since its listing in 2016. In the first half of 2026, revenue was 183 million yuan, down 5.67% year-on-year, and the net loss attributable to the parent company was 58.7737 million yuan, with the loss widening. Since the second half of 2025, core founding team members have continued to reduce their holdings. Hu Jianping reduced his holdings by 4.8692 million shares from July to October 2025, cashing out approximately 101 million yuan, and reduced another 4.6474 million shares from May to August 2026, cashing out 64.36 million yuan. According to media statistics, core management collectively cashed out more than 200 million yuan through concentrated share reductions within half a year.

Take-Two Interactive closed at $211.91, down 4.93% from the previous session, a steeper drop than the S&P 500's 0.45% loss, while the Dow fell 0.63% and the Nasdaq lost 0.78%. The publisher of Grand Theft Auto has slid 7.74% over the past month, worse than the Consumer Discretionary sector's 4.05% decline and the S&P 500's 1.99% drop. Ahead of its upcoming earnings disclosure, the company is expected to post earnings per share of $0.83, a 43.15% decline from the year-earlier quarter, on revenue of $1.66 billion, down 15.42% year over year. For the full fiscal year, the Zacks Consensus Estimates project earnings of $7.04 per share and revenue of $8.53 billion, representing changes of +71.71% and +26.97%, respectively, from the prior year. The consensus EPS projection has moved 4.62% lower over the past 30 days, and Take-Two currently carries a Zacks Rank of #3 (Hold), trading at a forward P/E of 31.66 versus its industry average of 17.48.

Baosheng Media Group received a Nasdaq deficiency notice after its shares traded below the $1 minimum bid-price requirement for 30 consecutive business days. The company has until March 9, 2027 to regain compliance under the 180-day compliance period. Baosheng may also use a reverse stock split, which must be completed no later than 10 business days before March 9, 2027, to regain compliance. BAOS shares were down 8.8% post-market.

Baosheng Media Group Holdings Limited announced it received a deficiency letter from the Nasdaq Listing Qualifications Department on September 10, 2026, after its ordinary shares failed to maintain a minimum bid price of $1.00 over the 30 consecutive business days from July 27, 2026 to September 9, 2026. The notice has no immediate effect on the continued listing status of the ordinary shares on The Nasdaq Capital Market, and the company has been given 180 calendar days, until March 9, 2027, to regain compliance under Nasdaq Listing Rule 5810(c)(3)(A). If the closing bid price reaches or exceeds $1.00 per share for at least 10 consecutive business days before that deadline, Nasdaq will confirm compliance and close the matter, though the Staff may require a longer period. Should Baosheng pursue a reverse stock split, it must complete the split no later than ten business days before March 9, 2027. If compliance is not regained in the initial period, the company may qualify for an additional 180 calendar days by meeting the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, apart from the minimum bid price requirement, and by notifying Nasdaq in writing of its intent to cure the deficiency. Baosheng said it intends to actively monitor its closing bid price and evaluate options to regain compliance, but cautioned there can be no assurance it will do so.