Warner Bros' Debt CPR & Cannes Festival Antic

Good days.

Yesterday, I woke up and decided to be an unapologetic SEO beast (and a TikToker).

So, the good news is Safari and Chrome now put me first and I hope they never change. You should do some manifesting too.

Besides, if you have not followed our TikTok yet, what are you even doing?

@the.produced

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This is Roll the Tape, our weekly market recap of recent transactions and updates in the industry.

But first, please fill in this feedback form so I can fight off my overthinking habit. It will only take 4:31 minutes exactly if you listen to Kendrick Lamar’s Not Like Us.

Here’s the itinerary for today:

• Recent Transactions: Warner Bros Discovery and crash course in debt buyback.

• First Film Fest Inside a Prison!

• Music & Film Shopping: retail therapy but make it art.

• B-Roll Preview: more yapping to come.

If you’re new here, welcome to The Produced. Check out our previous deep-dive issues here.

Recent Transaction

• Warner Bros Discovery recently increased debt buyback offer by $750 million to $2.5 billion.

  • The heck is debt buyback?: it means Warner Bros repurchased its outstanding debt securities (ie. bonds)

  • Why the hassle?: helps reduce Warner Bros’ obligation to payback debt and expenses, securing its financial health.

    • Think of it as giving CPR to the balance sheet and pulling it out of a studio lump.

• Despite Disney’s streaming segment of Disney+ and Hulu revealed an operating income of $47 million in Q2 earning results, Bob Iger says it’s cutting down TV production dramatically.

  • Also, Walt Disney’s shares fell more than 2% after announcing saving-costs strategies.

San Quentin Film Festival

All human experiences are best expressed through storytelling: writing, photography, moving images.

And the San Quentin Film Festival is becoming the first festival to depict prison experiences from within the confines of the prison itself.

It will take place on October 10th, 2024 at a maximum security correctional facility nearby San Francisco, featuring films narrating the prison experience and short films made by incarcerated filmmakers.

Why in San Quentin?

In 2021, San Quentin became the powerhouse of ForwardThis, the first training program inside an American prison for TV and film production job training.

With just four Macs, a bunch of filmmaking books, and cameras and lenses locked in cupboards, many incarcerated filmmakers were able to bring their narratives to light, including Anthony Gomez. Read his story here.

The festival will also feature a short film competition open to current or formerly incarcerated filmmakers, and a best pitch award exclusively for current San Quentin residents.

Retail Therapy

It’s summer. The sun sets at 9pm. You’re stuffed from dinner.

But you realized you have not found the perfect song for a hot, summer night.

So you ran to this newsletter for help and you’re so welcome - I have just the most mellow, enigmatic and soulful tune for you.

Unfortunately, there are no film recommendations this week because I’m waiting on Bridgerton Season 3 to come a bless my summer any day now.

Is it romantic? Yes.

Is it cheesy? Yes.

Is it boring? You’re boring (jk).

Is it perfect for a hot, summer night after listening to Snoh Aalegra’s Do For Love? 100%.

A Peek into Our Next B-Roll

Film festivals are always a vibe.

But are they merely about creating vibes, or do they also embody business-savvy models that drive the enduring vitality of the film industry?

Our next newsletter deep dive - B-Roll - will delve deep into the dynamic business model driving the world's top film festival: the Cannes Film Festival

(And why you will find a shockingly amount of Cannes attendees being investors and financiers… less shocking).

From market highs to unexpected twists, discover why film festivals aren't just about art—they're about the big bucks shaping the industry's future.

Alright, that’s enough writing for me and reading for you today to stay literate.

Make sure to:

• Fill out this feedback form to help me fight off my insomnia.

• Follow us on Instagram for educational content.

• Follow us on TikTok for irrelevant content.

Stay safe and I’ll catch you later.