We read the news today, oh boy.
A trio of traditional media companies—News. Corp., Time Inc. and Tribune Publishing—on Thursday reported quarterly earnings and it was not a particularly pretty picture.
All three entities were spun out of their respective corporate parents in recent years. The latest anemic earnings reflect the ongoing difficulties among legacy media companies to make money amid the secular changes in media consumption and distribution wrought by the Web.
The news and information segment of the business, which includes the Wall Street Journal and the New York Post, declined 11 percent, or $161 million, though the company attributed two-thirds of that decline to fluctuations in foreign currencies, the Times added.
Revenue at Time Inc., which publishes Time, People and Sports Illustrated, among other titles, was down 6 percent, to $773 million from $821 million, driven by declines advertising, circulation and newsstand sales, all of which have been upended by the Web.
At Tribune Publishing, which includes the Chicago Tribune and the Baltimore Sun, revenue was flat at roughly $400 million, but the company reported a net loss of $3.4 million.
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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