Film and television majors spend big on stock buybacks

This is a 2023 report. It is the most current stock buyback report for US film and television available on Spendwell.

Illustration by Spendwell

rankings

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Companies spending less on stock buybacks rank higher.

better choice

Lionsgate

Lionsgate spent an average of $1,200,000 repurchasing its own company stock over each of the last reported 5 years.

1/10

DETAILS

Lionsgate spent a total of $6,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$2,200,000
2020
$3,800,000
2019
$0
2018
$0

Until the 1980s in the United States, stock buybacks were considered a form of insider self-dealing and were illegal. Today, these buybacks largely shift corporate profits to insiders and institutional shareholders while avoiding tax obligations associated with paying out corporate profits as dividends. Corporations are ranked here by total stock buyback expenditures over the most recent 5 year period. See the Methodology section of this report for more details on how Spendwell ranks corporate stock repurchases.

Netflix

Netflix spent an average of $120,004,400 repurchasing its own company stock over each of the last reported 5 years.

2/10

DETAILS

Netflix spent a total of $600,022,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$600,022,000
2020
$0
2019
$0
2018
$0

Paramount Global

Paramount Global spent an average of $140,200,000 repurchasing its own company stock over each of the last reported 5 years.

3/10

DETAILS

Paramount Global spent a total of $701,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$0
2020
$58,000,000
2019
$57,000,000
2018
$586,000,000

Warner Bros. Discovery

Warner Bros. Discovery spent an average of $320,400,000 repurchasing its own company stock over each of the last reported 5 years.

4/10

DETAILS

Warner Bros. Discovery spent a total of $1,602,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$0
2020
$965,000,000
2019
$637,000,000
2018
$0

Fox Corporation

Fox Corporation spent an average of $520,200,000 repurchasing its own company stock over each of the last reported 5 years.

5/10

DETAILS

Fox Corporation spent a total of $2,601,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$1,000,000,000
2021
$1,001,000,000
2020
$600,000,000
2019
$0
2018
$0

Disney

Disney spent an average of $715,400,000 repurchasing its own company stock over each of the last reported 5 years.

6/10

DETAILS

Disney spent a total of $3,577,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$0
2020
$0
2019
$0
2018
$3,577,000,000

Sony

Sony spent an average of $845,379,640 repurchasing its own company stock over each of the last reported 5 years.

7/10

DETAILS

Sony spent a total of $4,226,898,200 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$716,991,400
2021
$794,529,000
2020
$915,386,800
2019
$0
2018
$1,799,991,000

Amazon

Amazon spent an average of $1,200,000,000 repurchasing its own company stock over each of the last reported 5 years.

8/10

DETAILS

Amazon spent a total of $6,000,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$6,000,000,000
2021
$0
2020
$0
2019
$0
2018
$0

Comcast

Comcast spent an average of $4,871,600,000 repurchasing its own company stock over each of the last reported 5 years.

9/10

DETAILS

Comcast spent a total of $24,358,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$13,328,000,000
2021
$4,672,000,000
2020
$534,000,000
2019
$504,000,000
2018
$5,320,000,000

Apple

Apple spent an average of $77,632,800,000 repurchasing its own company stock over each of the last reported 5 years.

10/10

DETAILS

Apple spent a total of $388,164,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$90,200,000,000
2021
$85,971,000,000
2020
$72,358,000,000
2019
$66,897,000,000
2018
$72,738,000,000

worse choice

Illustration by Spendwell

Over the last 5 years, these 10 companies collectively spent over $431,000,000,000 of their income repurchasing their own company stock, a practice that was illegal in the United States until the 1980s. This expenditure on buybacks almost doubles what these same companies spent on the prior five years, which was over $241,000,000,000. Stock buybacks disproportionately benefit insiders like corporate executives and institutional investors with the capabilities of maximizing buyback periods. Because stock buybacks allow beneficiaries to forgo the regular income taxes they would typically pay on ordinary dividends, buybacks by the film and television industry have likely saved their wealthiest shareholders $10s of billions in taxes over the last decade. This report compares the 10 largest US-operating film and television companies on their stock buybacks over the last 5 years. Companies that spend less on buybacks, rank better.

about this industry

Leading film and television media producers.

[beta]*

Stock Repurchases Methodology

During the 1980s in the United States it became legal for publicly traded companies to repurchase or buyback their own stock. Prior to this, stock buybacks were considered a form of self-dealing that would encourage company executives, often compensated with stock, to deploy less capital in investments and workers and more capital into temporarily inflating their company’s stock. Since stock buybacks became legal in the US, capital investments made by publicly traded corporations have steadily declined, workers wages have not kept up with profitability all while buybacks have steadily increased.

In the United States, publicly traded corporations are required to report the amount they spend repurchasing their own company stock to the Securities and Exchange Commission (SEC). These SEC-reported repurchase figures represent publicly accessible, directly measurable and independently verified data points for inclusion in a Spendwell ranking. This data is typically reported at a corporation’s fiscal year end. This Spendwell ranking is predicated on the values-based statement that a corporation should spend less on buying back its own stock.

Corporations that spend less money repurchasing their own stock rank higher than those spending more on buybacks. In order to account for fluctuations in annual income, board repurchase approvals and other variances, Spendwell reports on the last five available years of a company’s repurchase history.

In some reporting instances, Spendwell’s rankings will include private companies which will have no stock repurchase information. Private companies do not repurchase stock and will be ranked accordingly. All corporations with accessible buyback information are ranked based on the previously mentioned data reported to the SEC through end-of-year or annual reports, which can be accessed through the SEC’s Edgar search tool here:

SEC EDGAR SEARCH

Search for a company by name to view its filed 10-k reports.

For Spendwell's ranking purposes, stock buyback data is considered and compared to other companies based on the year in which a fiscal year actually ends, which is not necessarily the company's reported or designated fiscal year.

*[All methodologies are in beta. Expect revisions and improvements.]

Stock Repurchases Methodology

SEC EDGAR SEARCH

Search for a company by name to view its filed 10-k reports.

Ranking

rankings

MORE INFO

Companies spending less on stock buybacks rank higher.

better choice

Lionsgate

Lionsgate spent an average of $1,200,000 repurchasing its own company stock over each of the last reported 5 years.

1/10

DETAILS

Lionsgate spent a total of $6,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$2,200,000
2020
$3,800,000
2019
$0
2018
$0

Netflix

Netflix spent an average of $120,004,400 repurchasing its own company stock over each of the last reported 5 years.

2/10

DETAILS

Netflix spent a total of $600,022,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$600,022,000
2020
$0
2019
$0
2018
$0

Paramount Global

Paramount Global spent an average of $140,200,000 repurchasing its own company stock over each of the last reported 5 years.

3/10

DETAILS

Paramount Global spent a total of $701,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$0
2020
$58,000,000
2019
$57,000,000
2018
$586,000,000

Warner Bros. Discovery

Warner Bros. Discovery spent an average of $320,400,000 repurchasing its own company stock over each of the last reported 5 years.

4/10

DETAILS

Warner Bros. Discovery spent a total of $1,602,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$0
2020
$965,000,000
2019
$637,000,000
2018
$0

Fox Corporation

Fox Corporation spent an average of $520,200,000 repurchasing its own company stock over each of the last reported 5 years.

5/10

DETAILS

Fox Corporation spent a total of $2,601,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$1,000,000,000
2021
$1,001,000,000
2020
$600,000,000
2019
$0
2018
$0

Disney

Disney spent an average of $715,400,000 repurchasing its own company stock over each of the last reported 5 years.

6/10

DETAILS

Disney spent a total of $3,577,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$0
2021
$0
2020
$0
2019
$0
2018
$3,577,000,000

Sony

Sony spent an average of $845,379,640 repurchasing its own company stock over each of the last reported 5 years.

7/10

DETAILS

Sony spent a total of $4,226,898,200 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$716,991,400
2021
$794,529,000
2020
$915,386,800
2019
$0
2018
$1,799,991,000

Amazon

Amazon spent an average of $1,200,000,000 repurchasing its own company stock over each of the last reported 5 years.

8/10

DETAILS

Amazon spent a total of $6,000,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$6,000,000,000
2021
$0
2020
$0
2019
$0
2018
$0

Comcast

Comcast spent an average of $4,871,600,000 repurchasing its own company stock over each of the last reported 5 years.

9/10

DETAILS

Comcast spent a total of $24,358,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$13,328,000,000
2021
$4,672,000,000
2020
$534,000,000
2019
$504,000,000
2018
$5,320,000,000

Apple

Apple spent an average of $77,632,800,000 repurchasing its own company stock over each of the last reported 5 years.

10/10

DETAILS

Apple spent a total of $388,164,000,000 repurchasing its own stock over the 5-year period ending December 31, 2022. Here is a yearly breakdown of this spending.

YearAmount spent
2022
$90,200,000,000
2021
$85,971,000,000
2020
$72,358,000,000
2019
$66,897,000,000
2018
$72,738,000,000

worse choice

This report is based on data collected through 2023-09-01.

Report id: 220--2024-11-05T05:41:08.677Z

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