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| Chris Cuomo |
Chris Cuomo, who was fired in December by CNN, is heading back to prime time. NewsNation, which is owned by Nexstar Media Inc., and bills itself as "America's source for unbiased news," is bringing back former NY governor Andrew Cuomo's little brother to host a program set to launch this fall. Chris Cuomo was let go by CNN for counseling his brother as he dealt with the sexual harassment claims that brought his administration down. He subsequently sued CNN for $125 million in damages, claiming that the network used him as a "scapegoat." In Nexstar's announcement of Cuomo's hire, president of networks Sean Compton said that he "will further our efforts to continue to ensure fairness and transparency in our news reporting and talk shows."
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Vox Media is laying off 39 employees, according to a company memo obtained by Axios. In the memo, Vox Media CEO Jim Bankoff said that number accounts for "under 2% of the company." Vox is also slowing down hiring and reducing non-essential expenses. The layoffs affect employees in sales, marketing, recruiting and certain editorial teams. The cuts will not affect New York magazine, which is owned by Vox. Other Vox properties include Eater, Recode, Thrillist and SB Nation. Earlier this year, Vox acquired Group Nine Media, adding several hundred employees to the company.
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The nonprofit news sector is steadily growing. The Institute for Nonprofit News reports that 135 nonprofit news outlets launched between 2017 and 2021, up from 69 between 2012 and 2016. The 2022 INN Index Report finds that smaller, local news organizations are driving much of that growth. While two out of 10 nonprofit news organizations were local in 2017, that percentage rose to four out of 10 by 2021. The Report estimates that by 2024, local outlets will make up the majority of nonprofit news organizations. In addition, two-thirds of nonprofit news organizations reported that their revenue increased from 2017 to 2021, with a median growth rate of 25 percent. Foundations accounted for the majority (53 percent) of the 2021 revenue brought in, with individual giving making up 30 percent and 15 percent coming from earned revenue. Almost a fifth (18 percent) generated total revenue of $2 million or more. INN says that the major challenges facing nonprofit news platforms in the near future include attracting and retaining diverse staffs, access to philanthropic support for smaller and emerging newsrooms, and the cultivation of market-based revenue.
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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