tldrdaily.news logo
Tag

Business Media

All articles tagged with #business media

business-media1 year ago

"Sports Illustrated Owner Sues Energy Drink Mogul for $48.75M Chaos"

Authentic Brands Group, the owner of Sports Illustrated, has filed a lawsuit against energy drinks mogul Manoj Bhargava, alleging that he failed to pay millions of dollars for the rights to publish the magazine. The lawsuit claims that Bhargava and his company owe $48.75 million in missed payments and have infringed on Sports Illustrated’s copyrights and trademarks. This legal battle is the latest development in the ongoing conflict between Authentic Brands Group and Bhargava, whose involvement in the magazine's operations has been tumultuous.

via The New York Times|
#authentic-brands-group#business-media#lawsuit
business-media1 year ago

"Nexstar Faces $1.2M FCC Fine and Potential Loss of WPIX-TV Control in New York"

The FCC has fined Nexstar Media Group $1.2 million and ordered the sale of WPIX-TV in New York due to the company's violation of federal limits on station ownership. Nexstar, which acquired control of The CW in 2022, could potentially lose control of WPIX-TV if it fails to comply with the ownership cap. The company has vowed to vigorously dispute the ruling, arguing that it has always complied with FCC regulations and that joint operating and local marketing agreements are crucial for maintaining a competitive media marketplace. FCC Chairwoman Jessica Rosenworcel emphasized the agency's responsibility to enforce ownership regulations, while Republican commissioner Brendan Carr expressed concerns about undermining reasonable reliance on prior FCC decisions.

via Deadline|
#business-media#fcc#new-york
business-media1 year ago

"Sports Illustrated Secures Future with New Publisher After Turmoil"

Sports Illustrated will continue operations under new publisher Minute Media after Authentic Brands Group reached a licensing agreement with Minute Media, acquiring an equity stake in the company. The future of SI's staff remains uncertain as Minute Media plans to meet with employees to determine retention. The magazine has faced challenges in recent years, including ownership changes and a shift in publishing frequency, but Authentic Brands Group aims to protect its journalistic integrity and longevity through this new partnership.

via ESPN|
#authentic-brands-group#business-media#journalism
business-media1 year ago

"Sports Illustrated Secures Lifeline Deal to Avoid Shutdown and Reboot Under New Publisher"

Sports Illustrated's owner, Authentic Brands, has struck a deal with digital media company Minute Media to keep the iconic magazine afloat after recent layoffs and termination of its publishing license. Minute Media will oversee all digital and print editorial operations for Sports Illustrated and plans to leverage its expertise and technology platform to grow the magazine's media business. The agreement also involves Authentic Brands acquiring an undisclosed amount of equity in Minute Media, with both parties emphasizing the preservation of Sports Illustrated's journalistic integrity and legacy.

via NBC News|
#authentic-brands#business-media#digital-media
business-media1 year ago

"Minute Media Secures Publishing Deal for Sports Illustrated's Future"

Sports Illustrated's owner, Authentic Brands Group, has reached a deal with Minute Media to take over publishing rights from the Arena Group, ending months of uncertainty. Minute Media, a London-based digital media company, will now decide the fate of around 80 SI staffers as it charts a path forward for the storied sports publication. This move comes after the Arena Group, which held publishing rights for five years, faced controversy and missed a payment to Authentic, leading to the revocation of the publishing license and layoff notices to all unionized staff.

via The Washington Post|
#authentic-brands-group#business-media#digital-media
business-media1 year ago

"Murdoch Aims for 5 Million Subscribers in 5 Years with Fox-Disney-Warner Bros. Discovery Sports Venture"

Fox Corp, Disney, and Warner Bros. Discovery's sports streaming joint venture aims to reach 5 million subscribers within five years, offering a bundled sports package available directly to consumers in the U.S. and as an add-on to services like Disney+, Hulu, and Max. CEO Lachlan Murdoch emphasized the venture's potential to tap into the market of "cord-nevers" who have shunned traditional cable and satellite TV, despite facing opposition from companies like Fubo and potential regulatory scrutiny. Additionally, Fox Nation, the streaming-subscription offshoot of Fox News, currently has about 2 million customers.

via Variety|
#business-media#disney#fox-corp
business-media1 year ago

"The Downfall of Vice News: Shane Smith's Last Stand"

Shane Smith, the founder of Vice, orchestrated a last-minute deal to save the company from bankruptcy, securing a $350 million sale to Fortress Investment Group. Despite Vice's previous $5.7 billion valuation, it faced financial struggles and ultimately had to exit the news business. Smith's ability to attract investment was based on selling a "cool" image and a sought-after youth audience, but Vice's reliance on external funding and lack of consumer revenue led to its downfall. The company's future now lies in becoming a business-to-business entity, leaving behind its direct-to-consumer strategy.

via Hollywood Reporter|
#bankruptcy#business-media#digital-advertising
business-media1 year ago

"Paramount Cuts 800 Jobs Amid Record Super Bowl Ratings"

Paramount Global, the owner of CBS, is reportedly laying off hundreds of employees in a move to reduce costs and grow revenue, with estimates suggesting the number could approach 800 jobs. This comes after record-breaking advertising and sales during Super Bowl LVIII. The media industry has seen a series of layoffs in 2024, including The Messenger, LA Times, Sports Illustrated, NBC, YouTube, The Wall Street Journal, and Business Insider.

via USA TODAY|
#2024#business-media#job-cuts
business-media1 year ago

"Paramount's Layoffs: Impact on CBS News Staff and First Amendment Case"

Approximately 20 CBS News staffers, including correspondents Jeff Pegues and Catherine Herridge, were laid off as part of broader layoffs at Paramount Global. The layoffs come as Paramount struggles to compete in the era of streaming video and faces a shortfall in advertising revenue. The decision to announce the layoffs one day after the successful broadcast of Super Bowl LVIII has raised questions among employees. The removal of Pegues and Herridge leaves a gap in CBS News' coverage of the U.S. Department of Justice and national security.

via Variety|
#advertising-revenue#business-media#cbs-news
business-media1 year ago

"Canadian Media Giant Bell Media Implements Major Restructuring, Slashing Jobs and Selling Stations"

Bell Media is selling 45 of its 103 radio stations in Canada and cutting 4,800 jobs as part of a major restructuring. The company cited the radio business as no longer viable and will continue to operate only the viable stations. The 45 stations are being sold to seven different buyers, pending CRTC approval, with no disclosed terms for the sales. The stations being divested are spread across various provinces in Canada, and the restructuring is part of a significant shift in the Canadian media landscape.

via RadioInsight|
#bell-media#business-media#canada
business-media1 year ago

"Fox's Q2 Earnings: Advertising Revenue Plummets 20% to $2B, Meeting Wall Street Expectations"

Fox's advertising revenue dropped 20% to $2 billion in its fiscal second-quarter earnings report, but the company met Wall Street expectations, with overall revenues at $4.2 billion. The decline in ad revenue was attributed to factors such as the absence of the FIFA World Cup and midterm political ad revenue from the previous year, as well as lower ratings and higher preemptions at Fox News. Despite the challenges, affiliate revenues were up 4%, driven by the Fox broadcast network, and Tubi, Fox's streaming service, showed growth. The company also announced a new sports streaming service in partnership with Disney and Warner Bros. Discovery, targeting the "cord-nevers" market. CEO Lachlan Murdoch expressed confidence in Fox News's position and addressed the mixed performance of the local stations, anticipating a record political cycle in the future.

via Hollywood Reporter|
#advertising-revenue#business-media#earnings-report
business-media1 year ago

New York Times Sees Surge in Digital Subscribers Despite Revenue Challenges

The New York Times Company added 300,000 paid digital subscribers in the fourth quarter of 2023, pushing annual revenue for digital subscriptions above $1 billion for the first time. The company reported total revenue of $676.2 million, with a focus on expanding its bundle of products to subscribers. While advertising revenue decreased, the company's digital subscriber base continues to grow, with a goal of reaching 15 million subscribers by the end of 2027.

via The New York Times|
#advertising#business-media#digital-subscribers
business-media1 year ago

"The Messenger: A Short-Lived News Startup Shuts Down Amid Industry Layoffs"

The Messenger, a media startup launched by former owner of The Hill, Jimmy Finkelstein, is shutting down due to insurmountable financial difficulties, leaving staff jobless. The closure comes after months of financial woes and is the latest in a series of layoffs and cutbacks in the media industry, attributed to economic headwinds.

via POLITICO|
#business-media#financial-difficulties#jimmy-finkelstein
business-media1 year ago

"The Messenger: A Short-Lived News Startup's Sudden Closure"

The Messenger, a news startup, faced financial troubles and ultimately shut down after struggling to generate enough revenue from advertising and failing to launch its events and digital video businesses. The company's costly plan to build a massive newsroom quickly backfired, leading to layoffs and voluntary departures as it attempted to cut costs. The founder openly discussed the company's financial challenges with staff, revealing the need to raise $15-20 million within two weeks. Despite efforts to raise money, leaks and uncertainty about the company's future damaged advertising efforts, ultimately leading to its closure.

via Semafor|
#business-media#digital-media#financial-troubles