 Justin Dearborn |
tronc CEO Justin Dearborn replaced Michael Ferro on March 19 as chairman just ahead of a Fortune story alleging inappropriate sexual behavior. Dearborn, who was appointed CEO of tronc in February 2016, was previously CEO of Merge Healthcare, which was acquired by IBM in October 2015 for $1B. The online Fortune story accused Ferro of abusive conduct toward two women when he led a Chicago investment firm. The executive changes come as tronc prepares to close on the $500 million sale of the Los Angeles Times to local ownership. In February, the company agreed to sell the paper, along with the San Diego Union-Tribune and various titles in the California News Group, to Nant Capital, LLC, a private investment vehicle of California-based entrepreneur Dr. Patrick Soon-Shiong.
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Digital First Media has completed its acquisition of the Boston Herald. Last month, Digital First placed the winning bid of almost $12 million for the paper in a bankruptcy auction, beating out GateHouse Media, which owns the Providence Journal in addition to more than 140 other daily papers. But GateHouse still stands to profit from the deal. Following its sale to Digital First, the Herald will move its printing business from the Boston Globe’s facilities to the Journal’s presses. The move deprives the Globe of one of its biggest contract printing customers and follows a series of technical glitches at its $75 million printing plant in Taunton, Mass., which opened last year.
 Rebecca Rosen |
The Atlantic has introduced a Family section at TheAtlantic.com. The Atlantic’s focus on family will include stories in the magazine, video, a weekly newsletter and live events. Led by Atlantic editor Rebecca Rosen, Family is the first expanded editorial initiative to launch following the announcement last month that The Atlantic is embarking on significant newsroom growth in 2018. The company says that additional areas of increased editorial focus include expanded coverage of Hollywood and culture, as well as of technology and Silicon Valley; a new Ideas section; and additions to its politics and policy reporting staff in Washington. Morgan Stanley is the exclusive underwriter of The Atlantic’s new Family initiative.
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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