NEWS CORP. NET TUMBLES 44%
News Corp.'s net income dropped 44 percent to $34M during its March-ended quarter on flat revenues of $2.1B.
The Wall Street Journal, New York Post, Times of London, Sun and The Australian newspaper group registered a nine percent hit in sales to $1.3B and 23 percent dive in EBITDA to $113M.
The company attributed the newspaper revenue decline to foreign currency fluctuations; weak print ad sales and lower revenues at News America Marketing.
CEO Robert Thomson said the "new News Corp. continues to build a firm foundation for growth."
He's bullish on the integration of realtor.com into operations to make the company "a global leader in digital real estate."
He views that leadership as underpinning "long-term expansion and complementing company expertise in news and financial analysis."
News Corp. reported a $15M quarterly charge to clean up legal matters regarding hacking in the UK.
The nine-month charge is $42M.
HERREY HANDLES NYT EVENTS
Dorothea Herrey will join the New York Times Co. as senior VP of its NYT Live events business on June 1.
She will handle conferences and its TimesTalks series as the media company seeks to bolster revenues to offset plunging ad sales declines.
Herrey had led the Wall Street Journal's conferences operation.
She will report to Meredith Kopit Levien, who called the new staffer "a dynamic executive with a strong background in both the live event business and in developing alternative growth initiatives for media companies."
ZYNGA MAKES MORE CUTS
Video gaming company Zynga has announced a fresh round of staff cuts that will trim its employments level by 18 percent or 364 people in an effort to right the corporate ship.
CEO Mark Pincus is narrowing the business focus, shutting data centers and trimming product lien in an effort to save $100M in annual costs.
Pincus, who returned to the helm last month, to replace Don Mattrick, has cancelled a Tiger Woods game under development and will release six-to-eight new games this game rather than the projected ten.
Zynga, which is based in San Francisco, lost $46M during the first-quarter, which was an improvement from the $61M in red ink from a year ago.
GONZALES GETS AMPTP SPOKESMAN DUTIES
Jarryd Gonzales, who was political director of the Republican party in California from 2001 to 2006, is the new spokesman for the Alliance of Motion Picture and Television Producers.
The politico also served a campaign trainer in Venezuela and Serbia for the International Republican Institute in 2003 and 2005 and deputy political director for Richard Riordan campaign for Golden State governor in 2001.
Most recently, Gonzales was Verizon spokesperson for California and Texas.
He replaces Jess Hiestand, who recently moved to the FX Networks and Productions as corporate communications director.
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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