The Morning Fix: Capitol Hill rocked! MGM files for bankruptcy. Tyler Perry's big gamble.
After the coffee. Before figuring out what it all means.
The Skinny: What the election means for media. The Giants may be celebrating but Fox probably isn't chugging the champagne. Tyler Perry gets serious ... again.
Meet the new bosses. Tuesday night's election results mean a dramatic shift in the House of Representatives. There will be big changes in the House Energy and Commerce Committee and its subcommittee on Communications, Technology and the Internet. These are the committees that are most involved in the media business. Henry Waxman (D-Calif.) is out as chair of Energy and Commerce, likely replaced by either Fred Upton (R-Mich) or perhaps Joe Barton (R-Texas). Also gone is Rick Boucher (D-Va.), the chairman of the subcommittee, who lost his race to Morgan Griffith. Early analysis on what the election means for big media from Variety, Washington Post, AdAge and Wrap. Interestingly, while the top brass at big media will no doubt be pleased that Republicans, who tend to favor a world of few regulations, gained power, those Hollywood folks often line up to support Democrats, so there probably are a lot of mixed emotions today.
Stop the presses! MGM finally filed for bankruptcy Wednesday morning, which is the first part of its reorganization plan. If all goes as planned, it will end with the studio emerging under new leadership under Spyglass Entertainment big shots Gary Barber and Roger Birnbaum. By filing, MGM has also rejected an approach from Lions Gate. Investor Carl Icahn will still be sticking around, though he is expected to get a board seat at the new MGM. Does anyone really think that's the end of the story? Details from Los Angeles Times, Reuters and Bloomberg.
Profit down at Time Warner, don't blame Conan. Time Warner Inc., parent of cable networks TBS (new home of Conan O'Brien starting this Monday), TNT and HBO, as well as Warner Bros., released its third-quarter results Wednesday morning and said profits fell 21% to $522 million from $662 million because of a $295-million charge related to debt redemptions. Profits at its cable networks unit rose 23%, while film earnings were down 1%. More from CNN/Money and the Wall Street Journal.
Not so unexpected. The CW is not picking up additional episodes of its drama "Life Unexpected." While normally we don't focus on shows that come and go, there were high hopes for "Life Unexpected," which premiered in January as a midseason show and then made the cut for the fall schedule. But the ratings never matched up to the critical acclaim and the show, which isn't loaded with vampires or hot cheerleaders or Upper Eastside rich girls, didn't seem like a good fit for the CW, which is kind of sad. Deadline Hollywood has more on the expected demise of "Life Unexpected."
Striking out. The San Francisco Giants' defeat of the Texas Rangers has them cheering in the Bay Area, but the rest of the country was rolling its eyes. Fox's coverage of the five-game series did not generate monster ratings. In fact, it was 25% off from last year's Yankees-Phillies matchup, and the second least-watched series in history. Too bad. There was some great pitching to see. More postgame from the New York Times.
Inside the Los Angeles Times: Tyler Perry tries on a new look with "For Colored Girls." James Rainey on infomercials passing themselves off as news, and the cable networks that air them. (Hey Lifetime, if it's on your air, then you are involved in the production.) "Law & Order: Los Angeles" is providing a little relief to runaway production.
-- Joe Flint
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For the record: This post was updated to include Rep. Fred Upton as a possible candiate to chair the House Energy and Commerce Committee.