By Kevin McCauley
YAHOO TO CUT 2,000 PEOPLE
Yahoo announced April 4 that it is cutting 2,000 people (14 percent of its 14,000 employees) in an effort to become “more profitable and better equipped to innovate as fast as our customers and our industry require,” according to a statement from Scott Thompson, CEO.
The cutback will result in second-quarter severance charge from $125M to $145M and net an annual savings in the $375M range.
Thompson believes Yahoo’s nearly 700M users and thousands of advertisers provide it with a “solid foundation” for growth.
He promises a company that “will be disciplined in its investments and radically simplify how it builds, launches and maintains many of its properties and products.”
Thompson, who took the helm three months ago, is working with Boston Consulting Group to revamp Yahoo faces a proxy battle with Third Point hedge fund.
NBC’S KAPP TO HUFFPO
Lauren Kapp, senior VP at NBC News, is moving to Huffington Post Media Group as an adviser to editor-in-chief Arianna Huffington.
She will also promote international expansion and the launch of HuffPo’s video streaming network that is set to launch in June.
At NBC, Kapp handled marketing and PR duties for the news unit and well as programming for shows like “Today.”
The New York Times reported that Kapp is a trusted advisor to NBC News chief Steve Capus, who called her new HuffPo job “an opportunity too good to pass up.”
In a statement, Huffington praised Kapp for helping NBC News to expand its audience during a time of tremendous upheaval in the media.”
LOCAL INVESTORS BUY PHILLY PAPERS
The Philadelphia Inquirer and Philadelphia Daily News were purchased by a group of local investors for $55M, marking the fourth sale of the papers in six years.
Former Philly Mayor and Pennsylvania Governor Eddie Rendell organized the group that includes George Norcross, chairman of Cooper Health System and Cooper University Hospital; Lewis Katz, parking lot magnate and former owner of the New Jersey Nets and New Jersey Devils, and Joseph Buckelew, chairman of Conner Strong & Buckelew.
Rendell is not part of the group, though he may be an occasional adviser.
The new owners promise not to interfere with editorial coverage of the papers and have signed a pledge put together by more than 300 newsroom staffers that addressed the issue.
Greg Osberg, publisher and CEO of Philadelphia Media Network parent company of the papers, will remain at his post.
Angelo Gordon & Co. and Alden Global Capital purchased the papers, which have a combined circulation of 488,287, two years ago for $139M.
Mariow Joins
Bill Marimow, who left the Inquirer editor post in 2010 after a four-year stint, is returning on May 1.
Osberg called Marimow “one of the most respected journalists in the nation, and his return reinforces the company's commitment to aggressive investigative reporting.”
Stan Wischnowski, 49, the Inquirer's current editor, will remain at the paper and serve as a deputy to Marimow, who had been teaching journalism at Arizona State University
The 64-year-old Marimow joined the Inquirer in 1972 as a business reporter. He left for the editor-in-chief slot at the Baltimore Sun before returning to Philadelphia in 2006.
MURDOCH RESIGNS ANOTHER JOB
James Murdoch, a key figure in the U.K. phone hacking scandal probe, has resigned as chairman of BskyB satellite broadcaster that is 39 percent owned by News Corp., where he serves as deputy chief operating officer.
In his statement, Murdoch said he’s “determined that the interests of BSkyB should not be undermined by matters outside the scope of this company.”
He felt that his “role as chairman could become a lightning rod for BSkyB and I believe that my resignation will help to ensure that there is no false conflation with events at a separate organization.”
News Corp. CEO Rupert Murdoch and COO Chase Carey issued a joint statement to acknowledge the younger Murdoch’s “major role in propelling the company into the market-leading position it enjoys today – and in the process has been instrumental in creating substantial value for News Corporation shareholders.
Nicholas Ferguson, BSkyB deputy chairman, takes over for Murdoch.
POLITICO TEAMS WITH CHARLOTTE OBSERVER
Politico and the Charlotte Observer will produce a special edition daily newspaper for the Democratic National Convention in September.
Editor-in-chief John Harris believes Politico’s “notable team of national political reporters” and the Observer’s “dominance of state and local reporting” is a winning match.
The partners will host events during the convention.
Politico has a similar deal with the Tampa Bay Times for the August Republican convention.
SIRIUS LAUNCHES WEEKLY WOWOWOW
Sirius XM Radio has put “The wowOwow Radio Show” on a weekly schedule beginning April 4. The program, which is hosted by leading females in the media/entertainment world, debuted on a limited run last year.
Sirius has lined up Lesley Stahl, Cynthia McFadden, Candice Bergen, Liz Smith, Marlo Thomas, Whoopi Goldberg, and Lily Tomlin as hosts.
They will interview headliners from business, culture, political and arts scenes; share life experiences and take calls from listeners.
Gloria Steinem, Nora Ephron, Jane Fonda, Arianna Huffington, Chris Matthews and Christiane Amanpour appeared last year.
The one-hour show airs live at 11 a.m. ET. There will be various encore performances.
|