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New York Times reported a rise in digital subscriptions but they are not making up for lower advertising revenues and increased costs. Operating profit at the New York Times Company decreased to $25.1 million in Q3 2019 from $41.4 million in the same period of 2018. The Times added 273,00 online subscribers in the third quarter, and NYT president and chief executive officer Mark Thompson said that “Q3 2019 was our best ever third quarter for new digital news subscriptions,” noting that the paper now has more than four million digital subscriptions and is “on track to hit 10 million subscriptions by 2025.” The advertising picture is not nearly so rosy, however. Overall ad revenues slid 6.7 percent, with a 5.4 percent dip in digital ad revenue. Thompson said he also expects Q4 to be “challenging” as far ad digital ad revenues are concerned.
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Fox Corporation has picked up three television stations from Nexstar Media Group, the first local stations the company has acquired since it closed the sale of its entertainment assets to Disney in March. The major drawing card for the stations—KCPQ and KZGO in Seattle and WITI in Milwaukee—is football (Seattle Seahawks and Green Bay Packers). “Acquiring stations in these high-performing NFC markets enhances our already strong nationwide footprint,” said Fox Television Stations CEO Jack Abernethy. As part of the deal, Fox is selling Nexstar two Charlotte, NC stations, Fox affiliate WJZY and My NetworkTV affiliate WMYT.
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| Kevin MacLellan |
NBCUniversal chairman of global distribution and international Kevin MacLellan is leaving the company. MacLellan has been with Comcast, which controls a majority share of NBCUniversal, since 2001. “In light of Kevin’s departure, we have reassessed our international organizational structure,” said NBCUniversal Film and Entertainment chairman Jeff Shell. “With the rapidly evolving global media landscape, we have decided to more closely align our U.S. and international operations.” Last month, the studio brought Universal Television and Universal Content Productions together under a single business, NBCUniversal Content Studios, run by chair Bonnie Hammer and vice chair George Cheeks. The division will also encompass NBCUniversal International Studios, which includes Working Title TV and Carnival, the producer of Downton Abbey.
WNET, the nation’s largest public media company, names Edward O’Keefe its next president and CEO, effective September 21. O’Keefe succeeds Neal Shapiro, who becomes president emeritus and will retire at the end of the year... The Stealth Bot Prohibition Act, which would empower news publishers and other content providers to defend themselves by mandating transparency for all bots crawling their sites, in introduced in the House by Rep. Laurel Lee (R-FL) and Rep. Valerie Foushee (D-NC)... Google gets socked by European Union regulators with a $1 billion fine for using the platform’s dominance as a search engine to illegally undercut competition.
Boston Globe Media acquires InstaTrac, a company that provides subscription-based services aimed at making government information easier to find, track, and understand... AARP names former New Republic CEO and publisher Michael Caruso as its SVP and chief content officer, unifying the organization's portfolio of media, live events and digital platforms... The Fund for American Studies, an educational nonprofit, awards its inaugural Journalism Excellence Fellowships.
Trump Media and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
