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There’s more than a whiff of politics to the sudden call to slash Labor’s green energy subsidies
EVs and home batteries are in Treasury crosshairs despite a better economic case for scaling back nuclear-powered submarines and diesel fuel rebates for miners
Cruise line backs Gulf Coast university's marine-science initiative
Building brand awareness and good karma.
NYC Ferry to use vessels as marine science classrooms in the off-season
The “Floating Classroom” program aims to serve 10,000 K-12 public school students each year.
The Real Story of the Polar Bear in a UVM Science Hall Starts With Two Montpelier Agents Undercover in the Arctic
A polar bear has been hanging out in a UVM science hall for decades. Subscribe He’s a full-grown male, standing behind glass on an artificial iceberg in the lobby of the University of Vermont’s Marsh Life Science Building in Burlington. Most Vermonters have no idea he’s there. Students who asked about him heard he came from Canada. A poacher killed him, the story went, federal officers seized the hide at the Vermont border, and the government gave him to UVM on “indefinite loan.” A UVM biology professor told it that way in 2012. The university’s own news office repeated it in 2021. That story was wrong. The bear was evidence. In 1972, two federal wildlife officers from Montpelier posed as trophy hunters, bought their way into an illegal hunt run by a poaching ring, and followed it all the way to the frozen Arctic Ocean north of Alaska. One of them shot this bear. Sonia DeYoung, who works with UVM’s natural history collections, pieced the real story together from a half-remembered campus rumor, a case file buried in Anchorage and one stripped claw. She told it Nov. 6 in UVM Magazine. The Undercover Buy Early in 1972, Paul Bagalio and Bruce Parker walked into a Seattle taxidermy shop. Both lived in Montpelier. The case file lists Parker as a U.S. Fish and Wildlife Service agent and Bagalio as a deputy game warden for the service. On paper, Bagalio was an unlikely undercover man. Born in Northfield and raised in Montpelier, he served in the Marines after high school, graduated from Norwich University in 1957, taught at Vermont Technical College and worked as an engineer at Rock of Ages, according to his obituary in the Times Argus. He founded Ramchem, a company that made epoxies for the Barre granite industry. He was also a hunter. His obituary passes along his advice: “Don’t ever miss an opportunity to hunt.” And it says he worked undercover for the U.S. Department of the Interior, helping expose what his family calls one of the largest poaching rings in U.S. history. In the Seattle shop, Bagalio and Parker posed as unscrupulous trophy hunters who wanted a polar bear and didn’t care how they got one. They came away with a scribbled note: a phone number and a hefty price. The Seattle Times later reported the number. In a May 1972 story, later reprinted in the Congressional Record, the paper said the two-man hunt cost $6,500, more than $50,000 in today’s money. The Times cited a federal search-warrant affidavit alleging that the ring paid two men who held valid Alaska permits so the hides and skulls could be shipped and processed under their names. Bagalio and Parker traveled to Barrow, on Alaska’s Arctic coast, with guides working with the taxidermist. These were not men to cross. The case file describes a man taking a 12-gauge automatic shotgun from his plane and telling Parker it was “the persuader.” One photo in the file shows a mustached accomplice peering out from beneath a heavy fur hood. On March 8, 1972, on the pack ice about 100 miles north of Point Barrow, the northernmost point in the United States, Bagalio shot a male polar bear. Parker shot a second. Bagalio had no legal permit to kill it, and that was the point. The bears were hard evidence of what the ring was selling. Back in Fairbanks, a Fish and Wildlife agent marked Bagalio’s bear so it could be identified later. He smeared fluorescent dye around its nose and ripped the dark outer sheath off one of its front claws. Bagalio and Parker went on to run several more undercover hunts against poachers in the West. The danger was real. Bagalio later told the Bennington Banner, according to DeYoung’s account, “My guide made it perfectly clear that he would leave me dead in the mountains if he thought I was an investigator.” Subscribe The Faded Rumor The bear came to UVM in 1975. How the government handed him over is still unknown. A rumor came with him. A student named in the UVM Magazine article simply as Carol helped catalog the university’s specimens in those years, and she heard it: an undercover federal agent had killed the bear in Alaska because he feared his cover would be blown and his life was in danger. Over the years the rumor faded. In the 1980s, the bear was put away in storage long enough for mice to chew the fur off his ankles, and several of his front claws went missing. He was later brought back out and set up on his iceberg in the Marsh Life Science lobby, where he has stood for decades since. Somewhere along the way, the Canada story took over. The Case File Decades later, DeYoung met Carol at an open house for UVM’s zoological collections. Carol told DeYoung’s research partner, Dave Moroney, what she remembered. They were delighted, and skeptical. At DeYoung’s request, David Rippeto, a UVM graduate who is now a Fish and Wildlife special agent in Anchorage, went through a mountain of old case files stashed in cardboard boxes and found the right one. It ran more than 80 pages: photographs, letters, permit records and a typewritten account of the case. Carol’s rumor had the core of it right. A federal officer had shot the bear in Alaska while undercover. But the file showed it wasn’t a desperate move to save his own skin. The shooting was part of the plan. The Stripped Claw One question remained. Was the bear in Burlington really Bagalio’s? DeYoung and Moroney shone a black light on the bear’s snout, looking for the dye. Nothing glowed. They already had the answer. The year before, a conservator repairing the mouse damage had found that one of the bear’s supposedly missing front claws was still there, minus its dark outer sheath, just as the agent in Fairbanks had left it in 1972. “Fifty years later, the marker originally meant for law enforcement told us we had our bear,” DeYoung wrote. Paul Bagalio didn’t live to see it. He spent the rest of his life in Vermont, most of it at Horn of the Moon in East Montpelier, and died Dec. 11, 2022, at 90, a few months before DeYoung first opened the case file. His family remembered the bear differently. The obituary says he took a record-class polar bear in Siberia, across the international date line. The federal case file puts the bear in this story about 100 miles north of Point Barrow. The obituary doesn’t say whether it’s the same animal. His bear is still on the iceberg. Go see him: The polar bear stands in the entrance to Benedict Auditorium, between the Marsh Life Science and Hills buildings on UVM’s Burlington campus. Compass Vermont is reader-supported. To receive new posts and support our work, consider becoming a free or paid subscriber. Subscribe
French protests could benefit far-right political leader Marine Le Pen
Shark expert brings his expertise to Eckerd College’s marine science program
Eckerd College gained a new addition to its Marine Science faculty in John Hlavin, an assistant professor, who is bringing perspective on sharks and new ambition to the Eckerd marine
Mariners News: Lázaro Montes, Ty France, and Billy Beane
It’s Sunday, and if it’s Sunday, it’s Meet the Links.
Seattle Mariners Roster Given Great Grade Heading into Offseason
Mike Petriello of MLB.com is a believe in what the M's have so far.
Mariners News: Tanner Swanson, Jacob Young, and Robert Stock
The Mariners fill another key role in the dugout. Plus, the Nationals secure a long-term deal with a key contributor.
Steelers' rookie set for special change in 2026
Pittsburgh Steelers rookie Eli Heidenreich will wear a United States Marine Corps helmet decal as part of the league's Salute to Service initiative.
Keep geopolitics out of marine science
The politicization of marine scientific research is undermining the very cooperation needed to protect the oceans. Recently, some Philippine commentators have portrayed China's marine research activities near Huangyan Island and elsewhere in the South China Sea as potential "military threats". They have coined the term "ghost research ships", suggesting that routine scientific work is linked to military operations, submarine navigation and even anti-submarine warfare. By intertwining technological possibilities, the sensitivity of the locations and existing geopolitical tensions, they have crafted a narrative that misrepresents China's marine research as a "security concern". These claims lack supporting evidence and run counter to the international community's shared interest in advancing ocean science and protecting the marine environment.
Virginia Menhaden Fishery Welcomes VIMS Dean Derek Aday's Call for Science to Guide Chesapeake Bay Decisions
REEDVILLE, VA / ACCESS Newswire / November 6, 2026 / Dr. Derek Aday, director and dean of William & Mary's Virginia Institute of Marine Science and the Batten...
Mariners finally bring Tanner Swanson home to join coaching staff
Local legend Tanner Swanson comes home to the Mariners after spending the last seven years with the Yankees
Mariners hire Tanner Swanson away from Yankees
Another key member of the supporting cast of coaches has left town.
MMAM to host Fall Seasonal Saturday Nov. 14
The Minnesota Marine Art Museum (MMAM) invites visitors and the Winona community to Fall Seasonal Saturday, River Town Remix on Saturday, November 14, 2026, from 10 a.m. to 4 p.m.
When politics meets motherhood: The disruption of a patriarchal system
From Ségolène Royal to Marine Tondelier, balancing the expectations of motherhood and a political career challenges a political world shaped by and for men.
Marsh Risk revamps marine leadership
Marsh on Friday named Marcus Baker to the newly created role of chairman, marine, cargo and logistics, Marsh Risk, and named Michael Walls to succeed him as global head of the business, effective Jan.
Marine and energy insurers set for steep reinsurance rate cuts
Asia-Pacific marine and energy insurers face substantial reinsurance price cuts at upcoming renewals after a prolonged period of benign losses and with ample capacity in the market…
Gigantic chasm on Mars, 10 times longer than the Grand Canyon, is still tectonically active, surprising 'marsquake' reveals
New research shows that a powerful 2021 marsquake emanating from Valles Marineris — the largest canyon in the solar system — was triggered by unexpected movement in a fault line deep below the gigantic structure, revealing that tectonic activity can still occur on geologically "dead" worlds.
Behind the Science: Irish Times Feature Offers Rare Insight into Ocean Research Aboard RV Tom Crean
The Irish Times joins scientists on a voyage to recover Ireland’s weather buoy on board the RV Tom Crean.
CDFW News | Additional Recreational Dungeness Crab Area Delay in Portions of Humboldt County Due to Public Health Hazard
State health agencies determined that Dungeness crab from the southern boundary of the Reading Rock State Marine Protected Areas (41⁰ 17.6’ N. latitude) to Cape Mendocino, Humboldt County (40⁰ 10’ N. latitude), pose a human health risk due to elevated levels of domoic acid and recommended a delay of the recreational Dungeness crab fishery. Following this recommendation, CDFW Director Meghan Hertel has delayed the recreational Dungeness crab fishery in this area.
Former employee arrested after theft investigation at Paducah business
Investigators say they were called to James Marine on Clark’s River Road to investigate the disappearance of several high-end tools.
Derek Aday: Atlantic menhaden and why we should use science to manage marine life
When Virginians debate the future of Atlantic menhaden, they are debating more than a small, schooling fish.
Mariners News: Jason Kanzler, Cam Castro, and Albert Pujols
Jason Kanzler meets the Seattle press. Plus, Houston is going in a creative direction searching for its next manager.
Marine veteran turned UNT Health Fort Worth professor finds new meaning in service
Ryan Schalles lost his friends and identity when he left the Marines. Then he rebuilt his life around service.
Mariners News: Jason Kanzler, Edwin Uceta, and Robinson Canó, Jr.
The Mariners have their new skipper, the Astros search for theirs, and MLB announces another CBA proposal.
Scientists call on Ecuador to stop the rising trafficking of Galápagos iguanas
Ecuadorian authorities said they caught a Russian woman at the airport in Quito, the capital city, trying to smuggle 32 live marine iguanas, endemic to the Galápagos Islands. The iguanas — bound and stuffed in eight plastic boxes — were headed to Iceland. The dehydrated lizards were transferred to a conservation center in Pichincha for […]
WWII submarine returns to Michigan after extensive restoration
The USS 'Silversides' received its first dry dock overhaul in 50 years.
MMAM, WSO announce next concert series
The Minnesota Marine Art Museum (MMAM) is pleased to continue its partnership with the Winona Symphony Orchestra (WSO) for the 2026–2027 season of Water Music: Chamber Concerts at the MMAM.
Mariners Hire Cubs' Farm Director Jason Kanzler As New Manager
The Seattle Mariners have hired Chicago Cubs farm director Jason Kanzler as their new manager.
Mariners to hire Cubs executive with no managerial experience as new manager, per report
Jason Kanzler will be the second-youngest manager in baseball at 36
Mariners' Randy Arozarena, Cubs' Seiya Suzuki among 8 players receiving $23.15 million qualifying offers
Building Business Skills on a Foundation of Military Service
An Army Ranger preparing for retirement, a Marine Corps veteran pursuing accounting and two Army veterans studying analytics share how NC State’s graduate business programs are helping them pursue their professional goals.
When you invest in the Seymour Center, you create scientists like Ellie
My name is Ellie Giles, and I’m a sophomore in the Marine Studies program at Oregon State University. The Seymour Center has been so many things to me: a community, a place of discovery, and even a second home. I still remember my first field trip there in second grade, being instantly drawn to the […]
🌟 Champions League: 5 intriguing facts from matchday 4
The final matchday of the first half.Matchday four of the 2026–2027 Champions League league phase takes place this week. And there are some blockbuster fixtures...PSG must avoid the Yellow Submarine...
European cat pricing tumbling ahead of January 2027 renewals
European catastrophe rates are falling by high single to low double digits for the January 2027 renewals, while rates for loss-hit lines such as marine, energy and war are rising sharply…
Deep-sea 'chimneys' found by Chinese team could help submarine warfare
Chinese researchers have identified underwater "inertial chimneys" that channel wind-generated energy thousands of feet into the deep ocean.
Yale students found club to build community around marine science
Two Yale juniors this year began the Yale Oceanographic Student Association, where students can discuss their interests in marine biology. The leaders said they hope to plan trips to observe ocean life up close and help students find career opportunities.
China found giant ‘chimneys’ in deep water that could impact submarine warfare
Discovery of how surface wind energy plunges to the ocean floor could improve underwater acoustic detection and marine communication: study.
Cole Young wins first-ever Gold Glove at second base
A Mariners second baseman takes home the award for just the third time in team history
Cole Young Wins Gold Glove Award With Mariners
By: Jared Barton Former North Allegheny baseball standout Cole Young has picked up his first MLB award as a member of the Mariners. The infielder was named an American League Gold Glove Award winner on Sunday night. View this post on Instagram A post shared by Seattle Mariners (@mariners) Young took over as… More »
Rays Get Encouraging World Series Outlook Despite Heartbreaking Finish
CBS Sports ranks the Tampa Bay Rays as the MLB franchise most likely to win its first World Series, ahead of the Mariners, Padres and Rockies. After winning the 2026 AL pennant, Tampa Bay enters 2027 with a talented young core but faces key offseason decisions involving Freddy Peralta and Nick Marti
Washington Nationals Lose Hitting Assistant to Seattle Mariners
Director of hitting CJ Gillman is expected to leave the Washington Nationals and return to the Seattle Mariners under a new manager in 2027
Napkin Math: Too Early Projections for the 2027 Mariners
Mariners offseason begins at crossroads
General Dynamics tops quarterly estimates on robust Gulfstream, marine bookings
Oct 30 (Reuters) - General Dynamics on Friday beat Wall Street expectations for third-quarter profit and revenue on strong bookings in its Gulfstream business jet and shipbuilding units, sending the defense contractor's shares up about 4% before the bell.
Alaska Fisheries Science Center attributes hybrid snow-Tanner crab boom to marine heatwave, decreased competition and predation
Alaska Fisheries Science Center attributes hybrid crab boom to marine heatwave competition and predation
China tests powerful AI that could one day be used on submarines
Breakthrough in China’s race with the US over exploration of applying AI to military operations amid deep-sea trials in Philippine Basin.
From Business to Beluga Whales: Inside Briana Maltez’s Marine Biology Journey
Beneath the hum of filtration pumps and the rhythmic trickle of saltwater tanks, Briana Maltez is completely in her element. The Texas A&M University at Galveston marine biology major is following her lifelong love of animals—and that passion drives her pursuit for a second bachelor’s degree in a field that endlessly ignites her curiosity.As a native of nearby Sugar Land, Maltez did not initially set out toward coastal science. She initially earned a degree in agricultural business through the Texas A&M RELLIS campus in Bryan, but her subconscious fascination with ocean life grew into an unignorable question during her time there: What if? Photo courtesy of Briana MaltezThe query continued to plague her until a turning point came during a Florida trip to near the end of her first degree. Up-close encounters with marine life reignited a childhood dream and shifted her trajectory toward the sea. Yet, stepping into an entirely new field required a leap of faith. Faced with the daunting prospect of starting over, Maltez placed her trust in Texas A&M Galveston as the premier marine biology program in the state. Deciding that she would never feel satisfied unless she tried, she applied—finding the resolve to face the demanding science curriculum head-on.Any lingering doubts vanished during her first semester on the island campus. The close-knit campus environment and small class sizes allowed Maltez to build immediate connections with her professors and peers—a welcoming backdrop where her love for ocean stewardship could truly take root.“I instantly fell in love with the campus and the small classes,” Maltez recalled. “I was like, ‘Yep, I’m so happy I came here.'”Before long, Maltez found a second home inside the university’s Sea Life Facility. Designed to mirror complex, large-scale aquarium infrastructure on a manageable scale, the space offered Maltez a safe training ground to grow familiar with system maintenance and water chemistry under the tutelage of Sea Life Facility Manager Katie St. Clair. While tending to the tanks there, she grew especially fond of watching the facility’s resident clownfish breed and care for their clutches.“Katie definitely wants us to learn, ask questions, and get hands-on experience,” said Maltez. “So, it has been great having her help with getting pre-experience before doing it in the real world.”That hands-on experience quickly sparked a deeper interest in animal husbandry—the daily art of monitoring the animal’s diets, observing their behavior, and maintaining the aquarium’s overall health. Eager to turn those newfound practical skills into technical credentials, Maltez even earned certifications in life support systems and water quality management through Aquatic Animal Life Support Operators courses.Maltez’s passion soon extended beyond campus boundaries. During a summer study abroad program in South Caicos, Turks and Caicos, Maltez immersed herself in underwater field research. In addition to learning about local history and ecotourism impacts, she snorkeled daily, utilizing drones and hydrophones to record underwater bioacoustics and listen to the often-missed crackles of snapping shrimp, fish, and lobster larvae. Maltez at SeaWorld San AntonioPhoto courtesy of Briana Maltez“What you don’t realize is that there’s so many animals around you, but because they sense, you already, they run away,” Maltez explained. “I think that’s really cool to experience, because you don’t even think about that when you travel.”Yet, among all her academic adventures, a week-long course at SeaWorld San Antonio through MARB 302 stands out as a defining milestone. Camping on-site alongside fellow marine biology majors, Maltez gained behind-the-scenes access to professional veterinary and husbandry operations, building lasting friendships and even interacting with penguins in the snow.The undeniable highlight of the trip was face-to-face interaction with beluga whales. Having admired the titanic cetaceans for years, getting to learn directly from their trainers solidified her ultimate aspiration: to care for belugas and contribute to conservation research supporting wild populations in Alaska.“They are one of my favorite animals, and I had heard so much about them,” said Maltez. ”Getting to see them up close was an amazing experience.”When she is not analyzing marine environments, Maltez documents campus life through her camera lens. As a photographer for the Nautilus student newspaper, the Yell Leaders at Midnight Yell, and the Shark Scholars club, she brings the university’s passionate energy into sharp focus. With less than a year remaining until graduation, Maltez looks back on her decision to return to school with gratitude. Taking her journey one day at a time helped her push through demanding coursework, unlocking opportunities she once thought were out of reach. Today, Maltez stands as a compelling example of what happens when passion meets purpose: By trusting her drive and embracing every hands-on experience, she has transformed a second chance at college into an opportunity to dive into a career beneath the waves.
Scientists count more than 2 million eels on one underwater mountain
Patience Seamount is an underwater mountain in Australia's Huon Marine Park off the coast of Tasmania. Every year, it is the site of an enormous gathering of basketwork eels (Diastobranchus capensis) ...
After $15M redevelopment, marina in Fort Myers reopens
Legacy Harbour Marina has rebuilt its facility and upgraded its marine infrastructure following damage from Hurricane Ian.
Makah Tribe allocated $5.5M for salmon fishery disaster losses
The Makah Tribe has been allocated about $5.5 million in federal disaster aid for salmon fishery losses in 2019, 2020, 2021 and 2023.
A toothy summer in Charleston: My internship studying barium in bottlenose dolphin teeth to determine freshwater exposure
Hi everyone! My name is Hannah Baker and I’m a 2025 Ernest F. Hollings Scholarship student studying Earth and Environmental Sciences with a minor in Climate and Space Sciences and Engineering at the University of Michigan. For my summer internship, I worked at the National Coastal Centers for Ocean Science (NCCOS) Hollings Marine Laboratory in Charleston, South Carolina, stud
Southold Wants Feedback from Local Businesses
The Southold Town Economic Development Committee launched its first Annual Business Survey this week, asking all local business owners—from agriculture and marine trades to retail and hospitality—to provide critical feedback that will shape the town's economic policy for years to come. Take the Survey The Economic Development Committee (EDC) was created by the town in
UH Mānoa launches new Center for Ocean Policy, bridging science and law
The University of Hawaiʻi at Mānoa is launching a new Center for Ocean Policy, partnering its law school and oceanography department with support from The Healy Foundation to address pressing marine and climate challenges through interdisciplinary education, research, and policy advocacy.
DASSH and Natural England Partner to Advance Marine Citizen Science Network
DASSH and Natural England have launched a partnership to develop a Marine Citizen Science Hub and bursary scheme, strengthening community-led ocean monitoring and connecting citizen science data to marine conservation and environmental management priorities across England.
Earth’s first fully-marine amphibian stalked the seafloor with a chunky, bony body
‘Gerrothorax maritimus’ lived about 237 million years ago, when parts of China were covered by an ocean.
Conserving a connected ocean
For Seychelles and other countries across the Western Indian Ocean region, marine conservation is a fundamental component of national development. But the ocean observes no national borders, which makes international cooperation and common financing instr
Asher Grunis steps down from leading Submarine Affair commission due to health concerns
Supreme Court President Isaac Amit appointed retired Supreme Court justice Zvi Zylbertal to replace Grunis and lead the commission on Sunday.
Chair of 'submarine affair' committee probing Netanyahu resigns due to health concerns
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Seattle Mariners Rumors: Zach Neto Gaining Traction as Possible Target
The M's certainly have a need for what Neto can provide.
New evidence suggests spinosaurus spent most of its life underwater
Millions of years after animals first conquered land, some took an extraordinary evolutionary U-turn and returned to the water. Using machine learning and thousands of fossil measurements, Yale scientists have uncovered surprising clues about which prehistoric creatures truly became aquatic. Their findings suggest that Spinosaurus spent most of its life underwater, while some ancient marine reptiles previously thought to be fully aquatic actually spent considerable time on land.
Netflix’s Leadership Shake Up…Explained
(Welcome to the “Most Important Story of the Week”, my bi-weekly strategy column analyzing the most important (but often not buzziest) news story of the last two weeks. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. Please subscribe.) Well, I had a simple article planned for this week. Called “Whoa, I Missed It!”, I’d take a gander at a few important-but-under-the-radar stories I didn’t cover while I wrote about all things “Skydance. (Formerly known as “the saga of Netflix trying to buy Warner Bros., but not Discovery, then Paramount-Skydance bought all of Warner Bros. Discovery”.) Alas, that article will have to wait. Netflix made news. Ironically, my “Whoa, I Missed It!” article would have mostly been about “content” strategy decisions, which is also what today’s article is about. But instead of the entire industry, this article will only cover Netflix’s decision to upend their film and TV content teams. Just that! So that’s the full topic of the day. I’m going to tackle the issue in the opposite direction of the way “stuff” flows: uphill. We’ll start at film, then move onto TV, and then onto the CEOs themselves, and the strategy questions that still remain. But we start with the numbers driving this. Let’s dive in. Subscribe Most Important Story of the Week - Netflix Upends Their Corporate Hierarchy I’ve got a lot of thoughts, but we’ll start with the most common response to yesterday’s article. Let’s Talk Stock Price More than one person, responding to what I published two days ago, pointed out that, well, actually, the thing driving Netflix’s actions is this: In short, stock price! Even if Netflix isn’t obsessed with their own share price—they probably are, but, for the record, my strategic advice to every CEO is to absolutely ignore stock prices, which will, ironically, probably help the stock price long-term—most everyone thinks they are. By the way, I prefer market capitalization to stock prices, because it’s a more apples-to-apples way to compare companies: But there’s an even better way to look at it, and it kinda casts some doubt on the entire push here: price-to-earnings. I have a long list of articles that I wish I had written, and chief among them is an article titled, “Am I Still a Netflix ‘Bear’?” meaning someone who thinks Netflix’s stock is overvalued. As of last summer, Netflix had solved their biggest problem—which for me (circa 2019) was the lack of free cash flow—but their stock was CRAZY overvalued. That’s this chart here: Why did Netflix’s stock price increase to a price-to-earnings ratio of 50 last summer? What financial metric changed so quickly? Nothing. Given that, historically, mature entertainment companies average 10 to 20, with 16 being the average, that increase made little sense. Netflix’s stock swoon these last eight or so months wasn’t irrational; the stock price rise last year was. So if you want a really hot Netflix take, here it is: Netflix’s stock price has been going down because the financial industry recovered its senses, not because of any strategic mistake. Yes, that would imply that cleaning house may have been a mistake. That’s why the charts yesterday are so important, because they show that Netflix did have a strategic problem (a lack of hits) and that’s what they moved to address. (One could also argue the industry drastically overrated Netflix’s growth prospects, but that’s a financial industry problem, not a Netflix strategy problem per se. Some growth estimates are just crazy. *cough* AI *cough*) Now, the last time Netflix’s stock price crashed—circa 2022—it gave them an opening. I’d argue Netflix insiders knew they needed to expand post-COVID-19 crisis, adding advertising, cracking down on password sharing, and dabbling in sports. But if they had done that when their stock price was high, it would give folks a reason to second guess their strategy. (Arguably, last year, when Netflix pursued the Warner Bros. merger, it gave the industry a chance to review their business.) Instead, after the 2022 fall, they had the opening to make strategic changes. We may see Netflix pivot again following this latest slide. For example, the “binge versus weekly” conversation is alive and well again. Same for expanding into theaters even more. And adding both linear channels and streaming bundles. And maybe more either social, user-generated, vertical, or creator content. But the first shift came with who is making the content calls. A Message from Our Sponsor Last winter Pulp Fiction was on Netflix. For those same 90 days, it was also free, with ads, on Pluto TV and the Roku Channel. That is not a glitch, and it is not rare. The title has run on 20 different US streaming services since 2019, across 80 separate windows, and for more than 600 of those days it sat on a paid subscription service and a free ad-supported one at the same time. Almost nobody can see this, because when a title leaves a service, the record that it was ever there tends to leave with it. Reelgood keeps that record, dated to the day rather than the month: 4MM+ movie, show and episode titles across 300+ services globally, with timestamped arrivals, departures and moves across SVOD, AVOD, TVOD and vMVPD. Licensing teams price against every prior window. Rights teams check what a licensee actually delivered, and when. Pick a title you think you know: data.reelgood.com/title-availability Film - Dan Lin Want to know why I don’t opine on individual film or TV executives, especially new hires? Dan Lin. As I always caution, it’s really, really, really tough to predict which executives will succeed in new roles and which won’t. The successful head of co-production/finance partner, Rideback, Lin was considered for the head of DC Studios job before taking the job as the head of Netflix. By all accounts at the time, this was a smart hire. (That’s my read of the news coverage anyways.) But now that Netflix has fired Dan Lin, we got a slew of news stories about how he was doing a terrible job. In sports media, Bryan Curtis, new Substack writer/podcaster from The Ringer, calls this the “now you tell us” story, when you only hear the bad news after a star athlete leaves a sports team. In this case, now they tell us that Dan Lin was bad with talent after he got kicked out the door. So was Dan Lin a flop? It’s actually tough to say. While film moves faster than TV, even two years isn’t really enough time to evaluate a person’s output. The new head hasn’t really taken control. As Emily Horgan noted, it takes much longer than two years to produce animated films, so yeah, it’s definitely too early to judge in that domain. As for live-action films, I just published an article by Brandon Katz called “Netflix’s Summer of Bummer”, but I’d point out Netflix had a bad summer two years ago too. Arguably, their best summer came from KPop Demon Hunters last year and Happy Gilmore 2, the latter of which I saw credited to Lin. Then, the stories came out that Dan Lin clashed with talent, both Ben Affleck and Greta Gerwig, classic “now they tell us” factoids to explain his firing. This may have been true, but also should have been expected given that he was given the mandate to bring budgets back in check, especially after Rebel Moon. So if he made folks upset, well, that’s what he was hired to do! But also, he was described as “well-liked” at his hiring! In that case, I’m a bit sympathetic to Lin, since he may have been undercut by senior leadership, as often happens. Basically, a CEO hires a subordinate to be their “bad cop” and keep budgets in check, but then when talent complains, the CEO ends up undercutting them. That’s how I think you end up with a Narnia movie as expensive as any of the other flops, along with a film executive the town no longer likes. As a result, I think that Netflix is now executing a classic “hire the opposite” move by hiring Peter Rice. This phrase comes from my experience following football and basketball coaching decisions, where teams generally hire the opposite of who they just had. If you have an offense-minded head coach, hire the defensive guy. Or in college football, if you have a strong recruiter, then you pivot to an “X’s and Os” type of guy. Or in pro basketball, if you have a very analytically minded coach, you hire the player-friendly guy. I see that here. After dropping Scott Stuber—arguably a talent-friendly executive with lax budget control—Netflix hired the business guy to keep costs in check. Now Netflix is pivoting back to Peter Rice and presumably a more talent-friendly regime. (Disney, by the way, has done this twice: hiring business guys to succeed talent-friendly Bob Iger. It didn’t work out last time.) When it comes to Peter Rice…we’ll see! Maybe he works out, but maybe he doesn’t. I’d actually say the biggest problem is that Netflix still hasn’t solved its “IP Problem”, in that they don’t own much IP, so they just have a lower hit rate. The new executive won’t solve that. (Though buying Lionsgate would help.) Share “Content” - Bela Bajaria I almost published yesterday’s article after this column, but ended up flipping the order, because it told the story so well. So if you want the data for why Netflix is looking at TV to fix their problems, it’s in that article, this graph in particular: I know I just wrote that it’s often hard to judge executives, but Bajaria ran TV for six years and film for three and a half more. That’s more than enough to judge hit rates, and Netflix needs more hits. That’s the story. Since 2023, Netflix hasn’t had as many hit shows as it used to, and many of its previous power house TV shows have ended their runs (Stranger Things most of all). Also, many shows from 2020 to 2022 probably pre-dated Bajaria’s tenure. (That said, one thing may have been outside of Bajaria’s control, which I explain below.) Let’s lump some content strategy thoughts about Netflix and TV into one place: We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… Why I partially blame Squid Game for Netflix’s latest troubles… What is “the football trap”... Why it might not be the TV shows or films’ fault at all… What change I don’t think Netflix will make... How Bela Bajaria evolved Netflix’s TV strategy in smart ways… Whose departure likely submarined Bajaria’s final few years… One sneaky explanation for Netflix’s content struggles... And a whole lot more... ...please subscribe! We can only keep doing this great work with your support.
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