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Condé Nast has sold Golf Digest to Discovery Inc. for what sources told the New York Times was $35 million. When Condé Nast picked up the publication and several other titles from the New York Times Company in 2001, the price tag was $430 million. Golf Digest editor-in-chief Jerry Tarde and his editorial staff are expected to keep their jobs, and the magazine will continue with its print edition. Tarde will also take on the title of global head of strategy and content for Discovery Golf. In addition to owning the Food Network and HGTV, Discovery has been working to build what it calls a “digital home of golf.” The company carries PGA Tour events to audiences outside the U.S. (NBC has the domestic rights), and also broadcasts European Tour, Ladies European Tour and select Masters events on its Golf TV channel. Golf Digest is the first of the three Condé Nast titles put up for sale last year (the others are W and Brides) to find a buyer.
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Disney will be taking full operational control of Hulu, following a deal brokered with Comcast, which owns the 33 percent of the company not owned by Disney. According to the Wall Street Journal, the deal’s terms would permit Comcast to require Disney to purchase that 33 percent share as early as January 2024. Comcast is also giving up the three seats it currently has on the Hulu board. The deal is part of Disney’s plan to make Hulu part of its overall streaming future. “We are now able to completely integrate Hulu into our direct-to-consumer business,” Disney chairman and chief executive Robert Iger said in a statement. That business would consist of the company’s projected streaming service, Disney+, which would concentrate on content directed at families and children, and Hulu, which would be aimed at adult audiences. While Hulu remains unprofitable, it is growing: the company added 3.8 million subscribers in Q1 2019, as opposed to Netflix’s 1.74 million increase. However, that still makes Hulu (28 million subscribers) a distant second to Netflix (60 million).
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The Daily Buzz, an entertainment and celebrity gossip show that presents paid lifestyle integrations, will broadcast its 100th episode May 16 on CBS-owned POP TV. The show, which aired on the CW network for 13 years, was acquired and re-launched by KEF Media in June 2017. KEF also re-launched the show’s social media pages. Produced in Orlando and hosted by Lance Smith and Kia Malone, the show has presented content from such brands as Amazon, Hilton, Dick’s Sporting Goods, Viking River Cruises and Heineken. “With the Buzz, we’re able to guarantee every client their content will air in every major and secondary television market in the U.S. along with coverage on our robust social media platforms,” said KEF Media CEO Kevin Foley.
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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