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Amazon is in the running to acquire Landmark Theatres, a chain that specializes in independent and foreign films, according to a report on Bloomberg. Amazon operates its own film and TV studio, and the acquisition is seen by some observers as a way for the company to get wider distribution of its film content. Netflix, also a producer of original content, is another company said to be interested in purchasing Landmark. Landmark is currently owned by Wagner/Cuban Companies, which is backed by Dallas Mavericks owner Mark Cuban and Todd Wagner. If a deal between Amazon and Landmark were to take place, its completion would be subject to an overturning of the so-called Paramount decrees, which prevent studios from owning the theaters in which their pictures are shown. Makan Delrahim, head of the U.S. Justice Department’s antitrust division, said in a statement that “it is high time that these and other legacy judgments are examined to determine whether they still serve to protect competition.” News of the potential deal sent the prices of several cinema company stocks, including AMC Entertainment Holdings and IMAX, down on Thursday morning.
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New York Media, the owner of New York magazine as well as a stable of websites that include entertainment-focused Vulture, fashion and lifestyle site The Cut and food and restaurant site Grubstreet, says it is exploring a number of options to “develop the business.” One of those options might be to sell the company. Purchased by investment banker Bruce Wasserstein for $55 million in 2003, the company is now headed by his daughter, Pamela Wasserstein. In a note to employees, she said that “partnering to support acquisitions or other ways of growing might make sense.” Earlier this year, New York Media purchased comedy website Splitsider from The Awl Network. A Wall Street Journal report says that New York Media’s digital holdings drew 35 million unique visitors in June, nearly double that of the same period in 2017. The print publication reports a circulation of 404,000, according to the Alliance for Audited Media.
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Condé Nast is merging the UK and US editions of Condé Nast Traveler. Starting with the January 2019 issue, the magazine will be produced by an editorial team headed by the current editor of its UK edition, Melinda Stevens. Pilar Guzmán, editor-in-chief of the US edition, is to remain during a transitional period, but nothing has been said about her future role at the publisher. The staff of both magazines were informed of the strategy shift on Wednesday, and while it is unclear how many layoffs there will be, a company representative said changes to the overall team will be limited, according to a report on fashion-news website The Business of Fashion. “This announcement is the first title collaboration between the two divisions of the company and kicks off several new initiatives set to launch between Condé Nast and Condé Nast International, leveraging our global footprint,” said a statement issued by Condé Nast Britain, a division of Condé Nast International.
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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