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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
summaryrankingsmethodology

rankings

MORE INFO
Companies spending less on stock buybacks rank higher.
better choice

Lionsgate

stock buybacks
economic impact | wealth concentration
Lionsgate spent an average of $1,200,000 repurchasing its own company stock over each of the last reported 5 years.

1/10

Netflix

stock buybacks
economic impact | wealth concentration
Netflix spent an average of $120,004,400 repurchasing its own company stock over each of the last reported 5 years.

2/10

Paramount Global

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

3/10

Warner Bros. Discovery

stock buybacks
economic impact | wealth concentration
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

Fox Corporation

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

5/10

Disney

stock buybacks
economic impact | wealth concentration
Disney spent an average of $715,400,000 repurchasing its own company stock over each of the last reported 5 years.

6/10

Sony

stock buybacks
economic impact | wealth concentration
Sony spent an average of $845,379,640 repurchasing its own company stock over each of the last reported 5 years.

7/10

Amazon

stock buybacks
economic impact | wealth concentration
Amazon spent an average of $1,200,000,000 repurchasing its own company stock over each of the last reported 5 years.

8/10

Comcast

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

9/10

Apple

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

10/10

worse choice
Illustration by Spendwell

Summary

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.]
[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.]

Ranking


rankings

MORE INFO
Companies spending less on stock buybacks rank higher.
better choice

Lionsgate

stock buybacks
economic impact | wealth concentration
Lionsgate spent an average of $1,200,000 repurchasing its own company stock over each of the last reported 5 years.

1/10

Netflix

stock buybacks
economic impact | wealth concentration
Netflix spent an average of $120,004,400 repurchasing its own company stock over each of the last reported 5 years.

2/10

Paramount Global

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

3/10

Warner Bros. Discovery

stock buybacks
economic impact | wealth concentration
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

Fox Corporation

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

5/10

Disney

stock buybacks
economic impact | wealth concentration
Disney spent an average of $715,400,000 repurchasing its own company stock over each of the last reported 5 years.

6/10

Sony

stock buybacks
economic impact | wealth concentration
Sony spent an average of $845,379,640 repurchasing its own company stock over each of the last reported 5 years.

7/10

Amazon

stock buybacks
economic impact | wealth concentration
Amazon spent an average of $1,200,000,000 repurchasing its own company stock over each of the last reported 5 years.

8/10

Comcast

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

9/10

Apple

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

10/10

worse choice


This report is based on data collected through 2023-09-25.
Report id: 220--2024-04-18T05:52:41.595Z

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disclaimer

Spendwell is a corporate accountability focused, investigative media group that sources all data used in its rankings and reports through government regulatory entities, recognized nongovernmental organizations, news media and independently verifiable company self-reporting. The veracity of this information is generally excellent, but is reliant, in most instances, on information provided by companies to regulators, NGOs, media and the public. Spendwell disclaims any liability arising from use of Spendwell’s reporting, rankings or any other content on spendwell.com or otherwise provided by Spendwell. Spendwell does not provide investment advice; therefore, nothing on Spendwell.com or content otherwise provided by Spendwell should be construed as an offering of investment advice. If you believe information reported by Spendwell or included in one of Spendwell’s reports or rankings is inaccurate, please contact Spendwell through the report or ranking in question in order to request an investigation and/or editorial correction.

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