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| Dan Peres |
The reboot of news and gossip site Gawker, which was announced earlier this year, has been postponed, according to a report in the New York Post. The site’s entire staff, including former Details editor Dan Peres, has been laid off. Bustle Digital Group, which owns Gawker, said in a statement that it was putting the site on the back burner for the time being in favor of “our most recent acquisitions, Mic, The Outline, Nylon and Inverse.” Bustle’s owner Bryan Goldberg, who also founded sports site Bleacher Report, purchased Gawker at a bankruptcy auction last summer. That auction came after Gawker Media lost a legal battle against wrestler Hulk Hogan over its publication of a sex tape. Goldberg told the Post he plans to relaunch the site at a later, unspecified date.
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Newsday Media Group is offering voluntary buyouts to some employees as it shifts its focus toward events and video production. The number of buyouts to be granted has not yet been determined, but the company says that those taking the buyout will receive three weeks’ pay for every year of service. The eligible employees work in Newsday’s newsroom, advertising, marketing and finance departments. “Newsday is transforming from a traditional newspaper into a leading-edge multimedia and multiplatform content-generation machine,” said company spokeswoman Kim Como. The buyouts come as Newsday Media Group prepares to move into a new headquarters building that has a television studio and theater equipped for live broadcasts, and follow a round of involuntary buyouts for pressmen, truck drivers and collators that were made last year.
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Johnson Publishing, the former owner of Ebony and Jet magazines, has sold its photography archive, which contains close to a million photographs and 3.35 million unprocessed negatives dating back to 1948. A group of private foundations led by the J. Paul Getty Trust placed the winning $30 million bid for the archive at a bankruptcy auction in Chicago on July 24. The group also includes the Ford Foundation, the MacArthur Foundation and the Andrew W. Mellon Foundation. The foundations have pledged to donate the archives to the Smithsonian National Museum of African American History and Culture in Washington, D.C., the Getty Research Institute in Los Angeles and “other leading cultural institutions for the public benefit and to ensure the broadest access for the general public and use by scholars, researchers, journalists and other interested parties.”
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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