 Pamela Wasserstein |
New York Media, the parent company of New York magazine, is shedding 16 staff employees and 16 freelancers as part of what chief executive Pamela Wasserstein is calling “an effort to most effectively organize our resources around our business strategy.” Wasserstein said that the cuts, which represent about five percent of the company’s staff, are primarily affecting the company’s video department, audience development teams and copy and fact checking staffs. New York magazine implemented a paywall on its website in November. In addition, company staffers unionized with the NewsGuild in December and longtime editor Adam Moss announced his departure in January. While the company said in August that it was exploring “strategic options” that included a possible sale, any plans for a sale are off for now, according to a report from Business Insider.
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The Yankees, Amazon and Sinclair Broadcast Group have reached a deal to buy the YES Network from Disney for $3.47 billion, according to the New York Post. The Yankees already own 20 percent of the network. YES is one of the regional sports networks that Disney must unload to secure regulatory approval for its purchase of 21st Century Fox. The Post reports that Amazon is seeking to extend its reach into streaming sports events, and the deal will let it stream Yankees and Brooklyn Nets basketball games. It also cites a source that says Sinclair plans to use YES to help it sell other programming it owns, such as the Tennis Channel, to New York cable companies. The YES deal won’t need Federal Communications Commission approval.
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Facebook is lining up a roster of publishers including BuzzFeed, Complex Networks and Condé Nast to produce shows for its Facebook Watch video-on-demand service, according to a report on online trade magazine Digiday. Tentatively called “Facebook match,” the new project will fund collaborations between publishers and video creators. The videos are to feature a range of celebrities and influencers including singer Keke Palmer and actress Angela Kinsley. While Facebook says it intends to spend up to $200,000 per show, the company will not own the videos that result from the venture. Rather, it will license the programming for a specified period of time, after which producers will be permitted to distribute their content on other platforms.
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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