News Corp. CEO Robert Thomson reports third-quarter revenues dipped five percent to $2B, largely due to lower sales at its news and information services unit and the divestiture of the Dow Jones Media Group.
The company’s $61M net income compares to the $332M earned last year, which included a gain on the Sky Network TV Ltd. transaction.
Thomson said the owner of the Wall Street Journal, London Times and New York Post used the period to make another “robust stride in the direction of expanding our digital and international businesses.”
The acquisition of Storyful is “powering a new social newswire and creating video content communities around our mastheads,” said Thomson in a statement.
The company also announced that William Lewis, chief creative officer and interim acting Dow Jones CEO, has been appointed CEO of that subsidiary.
The former global news editor of the Financial Times and editor-in-chief of Telegraph Media Group, took the top creative slot last year.
Anoushka Healy, chief strategy officer, assumes creative duties.
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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