Reuters Entertainment News Summary

A movie producer is suing Netflix for $105 million, alleging that a copy of his unreleased Nicolas Cage film "Fortitude" was stolen from the company's Hollywood studios.

Following is a summary of current entertainment news briefs.

Producer sues Netflix for $105 million over missing Nicolas Cage movie

A movie ​producer is seeking $105 million in damages from Netflix after he says a copy ​of his unreleased Nicolas Cage movie was stolen from the ‌streaming ​service's studios in Hollywood. Attorneys for producer Simon Afram said in a lawsuit filed on Wednesday in California that the filmmakers had delivered an unencrypted master copy of the World War II drama "Fortitude" to Netflix in June at the company's request. Afram invested more ‌than $45 million in the production, which took seven years to complete, and he was in the process of trying to sell the movie to Netflix or another distributor.

Universal Music shares shed quarter of value on streaming concerns

Universal Music Group shares shed a quarter of their value on Friday after the world's largest music company reported slower growth in subscription revenue, raising concerns ‌about its streaming momentum. The music label, home to artists including Taylor Swift and BTS, has been a major beneficiary of the shift to paid streaming. Its premium valuation rests ‌on its ability to convert that position into steady subscription growth through price increases, subscriber additions and market-share gains, making the quarterly slowdown particularly unsettling for investors.

Warner Music Group reshuffles leadership as CFO exits

Warner Music Group, the label behind artists such as Ed Sheeran and Dua Lipa, said finance head and Chief Operating Officer Armin Zerza has decided to step down for personal reasons, effective immediately. Here are some more details:

NBCUniversal names Christopher Halpin ⁠as CFO ​ahead of spinoff from Comcast

NBCUniversal on Thursday named ⁠outsider Christopher Halpin as its next finance chief as it prepares to separate from Comcast's cable and broadband business into a standalone public company. Comcast announced last month it would split off NBCUniversal and Sky, unwinding 15 years ⁠of consolidation as legacy media struggles against streaming rivals and industry dealmaking accelerates.

ITV says World Cup lifts advertising, but forecasts weaker third quarter

ITV, the British broadcaster that has agreed to sell its channels and streaming ​platform to Comcast's Sky, said the World Cup lifted first-half ad revenue but forecast declining sales in the third quarter as the boost from the tournament ⁠faded. Chief Executive Carolyn McCall said more than 200 brands had advertised around the competition, including some new to TV.

India's SEBI imposes 14.8 million rupees penalty on Zee Entertainment

India's markets regulator on Friday imposed penalties totalling 14.8 million Indian ⁠rupees ($155,168.80) ​on Zee Entertainment Enterprises (ZEEL), Chief Executive Punit Goenka and Founder-Chairman Emeritus Subhash Chandra for securities law violations. The Securities and Exchange Board of India (SEBI) also barred Goenka and Chandra from the securities market for one year.

German court rules AI music firm Suno broke copyright rules

A German court ruled on Friday that AI music firm Suno violated copyrights and has ⁠to disclose illicit revenue, part of a wider legal battle by artists and publishers against technology firms. The Munich-based regional court said Suno did not have the right to process ⁠songs by artists represented by Germany's state-mandated licensing ⁠agency Gema.

Sam Fender and Olivia Dean duet becomes longest-running top single in UK

Sam Fender and Olivia Dean's duet "Rein Me In" made pop history in Britain on Friday when it became the longest-running No. 1 single by spending 19 weeks at the top of the ‌charts. The song broke the ‌73-year-old record held by U.S. singer Frankie Laine, who spent 18 weeks at the top ​with "I Believe" in 1953, the Official Charts said.