Paul and the Law by Bill Strittmatter
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C NTENT 2018 L
17-30 SEPTEMBER C NTENT 2018 www.contentasia.tv l www.contentasiasummit.com Sony kicks off new HBO counts down to 7 Oct horror debut AGT season Series goes live with int’l film fest stamp of approval David Foster, Anggun & Jay Park return Folklore: Tatami (Japan) David Foster, Anggun and Jay Park Three international film festivals – includ- Ratanaruang (Samui Song). Sony Pictures Television Networks Asia ing the Toronto International Film Festival Folklore: A Mother’s Love is about a kicked off the third season of Asia’s Got (TIFF) – have given their stamp of ap- single mother and her young son who Talent at the weekend with a Facebook proval to HBO Asia’s original Asian horror discover dirty and underfed children liv- Live judges session at the Pinewood Is- series, Folklore, which premieres on the ing in a mansion’s attic. Returning them kandar Malaysia Studios. All three judges regional service on Sunday, 7 October to their families stirs the wrath of their from last year – David Foster, Anggun and at 10pm. adopted mother, Wewe Gombel. Jay Park – are back, along with hosts Alan The six episodes of the anthology, each Folklore: Pob is about a journalist who Wong and Justin Bratton. helmed by a different director, debuted meets with Thai ghost Pob, who con- The show airs on AXN across Asia in in pairs at three festivals. In addition fesses to a murder. Finally finding an early 2019. to TIFF, which wrapped this weekend, outlet for complaint, Pob explains how The announcement of this year’s judges episodes will screen at Spain’s SITGES the murder happened. -
Earnings to Follow Production Costs
2018. 7. 13 Company Studio Dragon (253450) Update Earnings to follow production costs ● The first and second episode of Studio Dragon’s tentpole drama Mr. Sunshine got a viewership rating of 8.9% and 9.7%, respectively, the highest ever for a tvN drama. ● The company’s 2Q earnings will likely fall just short of consensus, but we believe that its progress in enhancing content quality has been outstanding. ● We hike our target price to KRW140,000. With the global OTT market still in its infancy, Studio Dragon’s production costs should rise over the mid- to long term. WHAT’S THE STORY? Mr. Sunshine off to good start: The first and second episode of Mr. Sunshine aired Seungwoo Yang , CFA on July 7 and 8, respectively, logging viewership ratings of 8.9% and 9.7%, the highest Analyst ever for a tvN drama (the previous highest figures went to Goblin—6.3% for the first [email protected] episode and 7.9% for the second). While we should continue monitoring the trend, the 822 2020 7813 initial ratings for Studio Dragon’s second tentpole drama of 2018 are impressive. According to the media, the weekend drama’s total production costs reached KRW40b, and the drama should prove a massive commercial success thanks to: 1) Netflix buying global copyrights to the drama; and 2) lofty weekend primetime ad slot prices (KRW18.4m, which exceeds that charged by terrestrial broadcasters). 2Q preview: Our estimates have the company’s 2Q operating profit rising 1.4% y-y to KRW9.3b, just shy of consensus (KRW10.3b) due to an absence of tentpole dramas (ie , AT A GLANCE insignificant overseas sales; excludes the sale of Live copyright to Netflix). -
Tvn] Directv Schedule (2.11~2.17)
[tvN] DirecTV Schedule (2.11~2.17) Time Time 2/11/Mon 2/12/Tue 2/13/Wed 2/14/Thu 2/15/Fri 2/16/Sat 2/17/Sun KOR WT ET WT ET KOR Comedy Big League Hot Thrifters' Guide to Mission Possible: English Clips Comedy Big League Hot brain Man Taste of Wednesday 20 3 6 30 Luxurious Travels 2 In-Laws in Practice 3 6 20 (코미디빅리그) (문제적 남자) (수요미식회) 30 (짠내투어) (나의 영어사춘기 100시간) (아찔한 사돈 연습) 299 194 194 Coffee Friends 62 9 20 (커피 프렌즈) 7 21 4 7 30 Family Secrets Family Secrets Family Secrets Family Secrets 30 4 7 21 (가족의 비밀) (가족의 비밀) (가족의 비밀) (가족의 비밀) Thrifters' Guide to Coffee Friends 14 15 16 17 Luxurious Travels (커피 프렌즈) (짠내투어) Family Secrets Family Secrets Family Secrets Family Secrets 6 Cheers to My Life 22 5 8 30 63 5 8 22 (가족의 비밀) (가족의 비밀) (가족의 비밀) (가족의 비밀) (인생술집) 30 15 16 17 18 110 Mix & Mash Saturdays Another Miss Oh Another Miss Oh Another Miss Oh Another Miss Oh Big Forest (놀라운 토요일) 23 6 9 30 30 6 9 23 (또 오해영) (또 오해영) (또 오해영) (또 오해영) (빅 포레스트) 46 15 16 17 18 1 Ugly Miss Young-Ae 17 (막돼먹은 영애씨 17) 2 24 7 10 30 7 10 24 Lawless Lawyer Lawless Lawyer Lawless Lawyer Lawless Lawyer Lawless Lawyer Touch Your Heart 30 (무법 변호사) (무법 변호사) (무법 변호사) (무법 변호사) (무법 변호사) (진심이 닿다) 9 10 11 12 13 3 In-Laws in Practice 1 8 11 30 8 11 1 (아찔한 사돈 연습) 30 Emergency Couple Emergency Couple Emergency Couple Emergency Couple Emergency Couple 19 (응급남녀) (응급남녀) (응급남녀) (응급남녀) (응급남녀) Touch Your Heart 14 15 16 17 18 2 9 12 (진심이 닿다) 9 12 2 30 4 30 My Friend From Top Star Yoo-Baek Top Star Yoo-Baek Top Star Yoo-Baek Top Star Yoo-Baek Encounter Another Century (톱스타 유백이) (톱스타 유백이) (톱스타 -
CJ ENM (035760 KQ ) Strong and Flexible Content Leader
CJ ENM (035760 KQ ) Strong and flexible content leader Media Initiate coverage with Buy and TP of W310,000 Company Report We initiate our coverage on CJ ENM with a Buy rating and target price of W310,000. In order to derive our target price, we applied the sum-of-the-parts (SOTP) method by April 3, 2019 summing up the values of the media (W1.9tr; CJ E&M previously), and commerce (W1.1tr; CJ O Shopping previously) businesses, as well as equity holdings (W3.75tr). In our view, shares of CJ ENM, which was created via the merger CJ E&M and CJ O (Initiate) Buy Shopping in July 2018, have entered a recovery phase. We believe that year 2019 will mark the begin ning of operating profit contribution of the media business (broadcasting, film, music) exceeding 50% (versus 38.6% in 2018), which is highly likely to drive a Target Price (12M, W) 310,000 valuation rerating going forward. It is also encouraging that CJ ENM is now positioned to finance its content investments - which will likely show a steady increase to support Share Price (04/03/19, W) 236,500 strong revenue and operating profit growth (an estimated CAGR of 9.8% and 20.9% over the next two years) - with increased cash flows (pre-merger CJ O Shopping). Expected Return 31% Strong content player remains resilient in face of platform changes Changes in content platforms and competition among different platforms will continue OP (19F, Wbn) 385 going forward; technological advances usher in the evolution of content distribution Consensus OP (19F, Wbn) 377 platform, leading to constant ch anges in content delivery channels and business models. -
Thought Flights / Robert Musil
ROBERT MUSIL ROBERT M Robert Musil’s Thought Flights vividly evokes the secrets, chal- lenges, and mundanities of interwar life in cosmopolitan Vienna & Berlin. The texts presented here have been selected by translator Genese Grill from Musil’s Nachlaß & collected for the first time under the titleThought Flights. They include material originally published in journals, newspapers, and magazines — but not included in Musil’s Posthumous Papers of a Living Author — as well as literary fragments and heretofore unpublished texts. Despite the temporal, geographical, and cultural distance between Musil’s world and ours, our own time and troubles are all too recognizable in Mu- sil’s portrayals of the “age of money,” of simulation, and of standardization. Flights Thought Thought Flights is a lament of contemporary complacency, optimism, and homogenization as well as a celebration of living words & original thought by one of the great Modernists of the 20th century. As an astonishing master of metaphor& self-described “monsieur le vivi- secteur,” Musil explores the psyches and lives of himself and his contempo- raries with illuminating insight. The lucid, striking prose of his stories and vignettes, and the wise & witty commentary of his glosses, show Musil’s re- sponse to innovations in technology, art,& politics, and his efforts to enact a strategy for both illuminating and ameliorating the crisis of language that haunted his contemporaries. Moving effortlessly from discussion of fashion to Kant’s categorical imperative, le vivisecteur writes with humor, lyricism, & fervor in an open genre availing itself of poetic prose, philosophical essay, fictional narrative, and feuilletonistic lightness. Through unlikely combina- tions and metaphoric syntheses, Musil brings “beauty and excitement” into the world, and when things that are usually separate unite, thoughts “fly.” With this publication, the now growing English-language corpus of the author of The Confusions of Young Törless, Five Women, and The Man with- out Qualities is expanded further. -
Pop Songs in Korean Television Dramas
NARRATIVES / AESTHETICS / CRITICISM MUSIC KEEPS US TOGETHER: POP SONGS IN KOREAN TELEVISION DRAMAS VERONIKA KELLER Name Veronika Keller This article analyzes the important part these songs play Academic centre Ludwig Maximilians Universität, Munich in the development of the narrative of Korean TV series (or E-mail address [email protected] K-dramas) over its whole run, and, in a lesser extent, the part music and singers play in the marketing process. This is KEYWORDS exemplified by the musical concepts of three recent series: K-drama; soundtrack; hallyu; pop song; leitmotif. Dokkaebi: The Lonely and Great God (2016-2017); While You Were Sleeping (2017); and Because This Is My First Life (2017). ABSTRACT Similar to the concept of a leitmotif, once established as In the early 1990s the “trendy drama” became part of a song for a character, a couple or a mood, pop songs are Korean TV programming. Mainly focused on a younger used throughout the run of a series. They therefore add a audience, it not only showed the modern urban lifestyle of new layer of meaning to a scene, not only through lyrics and its protagonists searching for love, but also integrated newly music, but especially by referring to past developments and composed pop music into the series, first as theme songs incidents, thus holding the whole series together and giving and later by playing musical pieces at crucial moments in the it an individual character. developing relationships of the young couples. 95 SERIES VOLUME V, Nº 2, WINTER 2019: 95-107 DOI https://doi.org/10.6092/issn.2421-454X/9161 INTERNATIONAL JOURNAL OF TV SERIAL NARRATIVES ISSN 2421-454X SERIALS IN EAST ASIA NARRATIVES / AESTHETICS / CRITICISM > VERONIKA KELLER MUSIC KEEPS US TOGETHER. -
Studio Dragon Entry to China Would Justify Current Valuation
Results Comment Studio Entry to China would Dragon justify current valuation (253450 KQ) HJ Kim MARKETPERFORM maintained; 6M TP raised 17% to W95,000 - We have hiked our target price for Studio Dragon by 17% (derived from the residual [email protected] income model) after revising up our forecast for the annual average revenue growth until 2022 to 36% from 31%, given that Mr. Sunshine has been sold to Netflix for about Rating MARKETPERFORM W30bn (which brightened the sales outlook for its tent poles). However, we reiterate maintain our MARKETPERFORM rating as the current 2018E P/E is high at 49x (even when assuming that Studio Dragon will export one program to China for about W10bn in 6M TP (W) 95,000 2H18 as relations between Korea and China improve). raise CP (W) (18.08.08) 96,000 2Q18 results: Intellectual property revenue comes in low; margins narrow due to rising costs Media - 2Q18 revenue expanded 20% yoy, but contracted 7% qoq to W74.3bn, while OP fell 18% yoy and 32% qoq to W7.3bn. KOSDAQ 783.81 - Broadcasting revenue jumped 41% yoy to W34.1bn led by beefed up programming at Market cap (Wbn) 2,692 tvN and OCN, but revenue from intellectual property (for instance, distribution deal with Market cap portion (%) 1.04 Netflix) grew somewhat less significantly (up by 9.5% yoy to W28.8bn). OP margin Paid-in capital (common; Wbn) 14 narrowed 18% yoy as COGS climbed 27.7% yoy to W63.7bn due to increased 52w high/low (W) 119,800 / 57,800 production and per-episode production cost of dramas. -
Studio Dragon Bloomberg: 253450 KS, Reuters: 253450.KS
Regional Company Focus Studio Dragon Bloomberg: 253450 KS, Reuters: 253450.KS Refer to important disclosures at the end of this report DBS Group Research . Equity 9 Nov 2018 BUY, KRW104,000 KOSDAQ: 693.7 High multiples justified (Closing price as of 08/11/18) Price Target 12-mth: KRW120,000 • 3Q18 OP in line with scaled down OP consensus • Airing and production of potential big hits ahead Reason for Report: 3Q18 earnings review Potential catalyst: Growing demand for Korean drama series • Sales to China may resume if ban on Korean content is Where we differ: We are more optimistic than the market lifted • Retain BUY, KRW120,000 TP Analyst Regional Research Team [email protected] Triple-digit profit growth on solid drama sales. Studio Dragon posted 3Q18 revenue of KRW123.7bn (+60% y-o-y, +67% q-o-q) and OP of KRW21.6bn (+225% y-o-y, +195% q-o-q), in line with Price Relative the most recent consensus estimate (KRW22.9bn after Oct). 140,000 180 Broadcast revenue was KRW48.9bn (+17% y-o-y, +44% q-o-q) 120,000 160 100,000 140 and copyright sales revenue was KRW63.4bn (+172% y-o-y, 80,000 120 +120% q-o-q). Domestic/overseas sales of the successful series 60,000 100 40,000 ‘Mr. Sunshine’ boosted its leverage. We estimate the series’ gross 20,000 80 profit (including sales to Netflix) at KRW14.9bn (GPM of 24%). 0 60 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Stock price(LHS,KRW) Rel. -
Disloyal: a Memoir
Copyright © 2020 by Michael Cohen All Rights Reserved. No part of this book may be reproduced in any manner without the express written consent of the publisher, except in the case of brief excerpts in critical reviews or articles. All inquiries should be addressed to Skyhorse Publishing, 307 West 36th Street, 11th Floor, New York, NY 10018. Skyhorse Publishing books may be purchased in bulk at special discounts for sales promotion, corporate gifts, fund-raising, or educational purposes. Special editions can also be created to specifications. For details, contact the Special Sales Department, Skyhorse Publishing, 307 West 36th Street, 11th Floor, New York, NY 10018 or [email protected]. Skyhorse® and Skyhorse Publishing® are registered trademarks of Skyhorse Publishing, Inc.®, a Delaware corporation. Visit our website at www.skyhorsepublishing.com. 10 9 8 7 6 5 4 3 2 1 Library of Congress Cataloging-in-Publication Data is available on file. ISBN: 978-1-5107-6469-9 eBook: 978-1-5107-6470-5 Cover design by Brian Peterson Cover photographs by Getty Images All interior photos © 2020 Michael Cohen Printed in the United States of America Dedication I dedicate this book to the love of my life, my wife Laura, and to my wonderful children, Samantha and Jake. The three of you endured so much during my years with Donald Trump and in the years since then. You have been subjected to harassment, insults and threats; you have seen me get arrested and charged and put in prison (twice). But the deepest suffering must have come as you watched me play an active role in the despicable acts of Mr.