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Mexico’s TV Azteca, one of the world’s largest producers of Spanish-language television programming, has sold its U.S. network Azteca América to HC2 Network Inc., a subsidiary of New York City-based diversified holding company HC2 Holdings, Inc. The deal includes a seven-year programming and services agreement that gives HC2 Network access, under certain rules, to TV Azteca’s library and programming in Mexico. HC2 will keep the Azteca América name, and Manuel Abud, Aztec America president and CEO, will continue to lead the network. HC2 chairman, president and CEO Philip Falcone said, “Our licensing agreement with TV Azteca will enable our larger broadcast network to bring compelling Spanish-language programming to even more of the large, growing and underserved Spanish-speaking population in the U.S.”
 Jonah Peretti |
BuzzFeed is laying off 100 of its 1,700 employees. Jonah Peretti, co-founder CEO of the internet media company, announced the news in a Wednesday memo to the staff. "As our strategy evolves, we need to evolve our organization, too — particularly our Business team," Peretti said in the memo. He noted that while the business team was put together with the aim of supporting direct sold advertising on BuzzFeed, the company now requires “different, more diverse expertise” as it expands its offerings to include such ventures as BuzzFeed Media Brands and BuzzFeed Commerce. President Greg Coleman will be stepping down, becoming a senior advisor to the company. The cuts follow reports that BuzzFeed expects to miss its 2017 revenue targets by as much as 20 percent.
 Chelsey Sumney |
20th Century Fox has promoted Chelsey Sumney to SVP corporate communications. Sumney has been with the studio since 2012, most recently in the corporate comms VP slot. Before coming to Fox, she was manager, communications and special projects, at Paramount Pictures. In her new role, Summey will oversee areas including box office reporting, trade media relations, transactional announcements and internal communications. She is credited with playing a key role in Fox’s showing at this year’s Academy Awards, in which “The Martian” received seven nominations and “The Revenant” snagged a dozen. “Chelsey’s incredible work at TCFF over the years has touched every corner of our studio,” said 20th Fox EVP Corporate Communications Dan Berger.
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Time Inc. has sold lifestyle title Sunset to Regent L.P., a Los Angeles–based private equity firm led by investor Michael Reinstein. The sale covers Sunset’s monthly print publication, digital and social platforms, books and events. Founded in 1898, the title focuses on the American West, covering subjects that include travel, food, wine, home and garden. It is considered to have played a major role in the founding of the modern environmental movement, because of its early affiliation with conservationist and Sierra Club founder John Muir. “As a native Californian, I am honored to take the mantle as the fourth owner of this iconic and beloved institution,” Reinstein said. “We are excited to partner with Sunset’s talented Editor in Chief Irene Edwards and her accomplished team to ensure that Sunset continues to thrive for generations to come.”
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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