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Entertainment Weekly is the latest print magazine to go from being a weekly to publishing monthly. The Hollywood Reporter reports that the switch will result in the loss of 13 jobs. EW’s July 5 edition will be the last weekly issue to hit newsstands, with the August issue marking the start of its monthly run. The August issue is being released to coincide with Comic-Con, which will take place July 18-21 in San Diego. JD Heyman, who was previously deputy editor, entertainment at People, is taking over as editor-in-chief from Henry Goldblatt, who had held the job since February 2015. The magazine has also indicated that it plans to make new investments in “digital, social, video and experiential platforms.” Its SiriusXM radio channel is being discontinued June 7. EW was under the Time Inc. umbrella until Meredith purchased the company last year.
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Barnes & Noble is being acquired by Elliott Advisors (UK) Limited, the owner of Waterstones, the largest bookseller in the U.K. The all-cash transaction values B&N at $683 million, including the assumption of debt. Waterstones CEO James Daunt will also be CEO of Barnes & Noble following the completion of the transaction. Elliott says that each bookseller will continue to operate independently. With 627 stores, B&N is the largest bookseller in the U.S., and Waterstones operates 293 bookshops in the UK, Ireland, The Netherlands and Belgium. “Physical bookstores the world over face fearsome challenges from online and digital,” said Daunt. “Our purpose is to create, by investment and old fashioned bookselling skill, bookshops good enough to be a pleasure in their own right and to have no equal as a place in which to choose a book.” The transaction is expected to be completed in the third quarter of this year.
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Almost all of Esquire’s senior staff is out the door in the wake of Jay Fielden’s May 30 exit from the magazine’s editor-in-chief slot, the New York Post reports. Features editor Bruce Handy, executive director of editorial Michael Hainey, design director Emily Poenisch and entertainment features editor Matthew Marden are among those leaving the magazine. Hearst Magazines, under the leadership of Troy Young, who became president of the division in July 2018, has cut the magazine’s print schedule from monthly to eight issues per year, and the Post report says there are rumors that it could be cut further, perhaps to six issues per year.
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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