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| Jim Cramer |
TheStreet has been acquired for $16.5 million in cash by Maven, a digital publishing, advertising and distribution platform used by such publications as History, Maxim and Yoga Journal. TheStreet will form the core of a new finance vertical on the platform, linking up with its other strategic finance partners. A report in the New York Post says that TheStreet founder Jim Cramer, who is being paid around $3 million per year, gave notice of termination of his employment agreement with the company earlier this week. The Street sold both media company The Deal and business technology platform BoardEx earlier this year. Maven was founded by James Heckman, who was chief strategy officer at Fox Digital and head of global media strategy for Yahoo!. The deal is expected to close in the third quarter.
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Bauer Media, publisher of the two top-selling newsstand publications in the US (Woman’s World and First for Women) is trying to find a way around dealing with the traditional magazine-retail supply chain, which is now dominated by just two players—American News Company and Hudson News Distributors. According to a report in Folio, those two companies are now able to charge steeper fees to publishers. Bauer has retained FTI Consulting to lead a formal RFP process, soliciting bids from wholesalers who deliver such products as consumer packaged goods to supermarkets and retail outlets.
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CNN is taking its “Anderson Cooper Full Circle” daily news program off Facebook Watch as the cable network looks to beef up its own streaming strategy, according to Variety. CNN says that the show has on average reached two million people. It will end its run on Facebook Watch on July 17 and then take a summer break before resuming on CNN’s digital platforms after Labor Day. “Full Circle” was part of the slate of news programming Facebook commissioned from several partners to show to show its support of reputable news content for Facebook, as well as to attract users to Facebook Watch. The Variety report says CNN is bringing the show to its owned-and-operated platforms as a way to gain better economics by controlling the ad inventory. CNN is not totally abandoning Facebook Watch, however. This summer it plans to debut “Go There,” a single-topic daily news show running 10-15 minutes, on the platform.
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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