Norm Pearlstine, who smashed the traditional barrier that separated the editorial and business side of the media, is stepping down from the Time Inc. vice chairman slot on July 17.
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Norm PearlstineThe 74-year-old ececutive, who served served as editor-in-chief of Time Inc. from 1995 to 2005, also worked as chief content officer at Bloomberg, senior advisor for Carlyle Group's telecom and team and managing editor of the Wall StreetJournal.
Pearlstine returned to Time Inc. following its spin-off from Time Warner to serve as chief content officer.
Rich Battista, CEO of Time Inc., praised Pearlstine's "influential leadership" and for encouraging editors to "collaborate more closely with their business side colleagues."
Time Inc. is cutting another 300 jobs as part of Battista's plan to reengineer the company's cost structure to help increase efficiency and provide funds to reinvest resources for long-term growth.
The company reported a first-quarter eight percent revenue slide to $636M, while red ink jumped to $28M from $10M.
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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