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Five female reporters have resigned following the return of Newsweek chief content officer Dayan Candappa. Candappa was suspended Jan. 29 following allegations of sexual misconduct while serving as Americas editor at Reuters. Newsweek Media Group was allegedly unaware of those allegations when they hired Candappa in 2016. According to the New York Post, an investigation conducted by law firm Orrick Herrington and Sutcliffe said that there was “no evidence to substantiate the claims made against Mr. Candappa while at Reuters.” The resignation of the five reporters comes as a steady stream of editors and reporters are heading for the exits at the troubled magazine. Editor-in-chief Bob Roe, executive news director Kenneth Li and reporter Celeste Katz were all let go after having been involved in coverage of Newsweek’s current financial and legal difficulties. Those difficulties stem from alleged ties between NMG and Olivet University, a Christian college, and its leader, South Korean pastor David Jang. Following those firings, senior writer Matthew Cooper quit in protest, criticizing NMG for its “reckless leadership” on his way out the door. NMG co-owner Etienne Uzac and finance director Marion Kim, Uzac’s wife, stepped down earlier this month.
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Several dozen CNN Digital employees are set to lose their jobs in a re-structuring and re-organization of several departments at the network. According to a report in Vanity Fair, the changes will affect employees who work for divisions including CNN Money, video, tech and social publishing. In addition, the company will be paring down such digital endeavors as virtual reality productions and its efforts on Snapchat, where it recently axed a live daily webcast four months into its run. “Not every new project has paid off so we will stop some activities in order to reallocate those resources and enable future experimentation,” a CNN spokesman said in part in a statement. Despite coming in at $20 million under its 2017 revenue targets, CNN Digital remains profitable, generating $370 million in revenue for the year. CNN currently has more than 600 employees in its digital operations. The cuts, which should affect less than 10 percent of that workforce, are expected to come by the end of the week.
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Amazon.com has named NBC Entertainment president Jennifer Salke head of Amazon Studios, its movie and television unit. Salke takes over following the resignation of Roy Price amid sexual misconduct allegations. Her new position at Amazon will mark the first time she has run a world-wide digital business or worked in movies. At NBC, she spearheaded the development of such shows as the drama “This Is Us” and the comedy “The Good Place,” as well as overseeing Universal Television, NBCUniversal’s production studio. Before coming to NBC, she was a television executive at 21st Century Fox. Amazon Studios has an annual budget of more than $4.5 billion, according to people at the company, and while it has produced such successful films as “The Big Sick” and “Manchester by the Sea,” it is looking for greater traction in the television series sector. According to Variety, Salke plans to remain at NBC during a transition period.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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