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| Timothy Knight |
Tribune Publishing CEO Timothy Knight is heading out the door, and will be replaced by company chief financial officer Terry Jimenez. Knight joined Tribune Publishing as president in 2017 and was named CEO in January 2019 following the departure of Justin Dearborn. Jimenez, who came to the company from IBM in 2016, has also served as president of Newsday Media Group and controller at the Chicago Tribune. Alden Global Capital, a New York hedge fund known for extreme cost-cutting and layoffs at newspapers it acquires, purchased a 32 percent stake in Tribune in November. Following that investment, two Alden representatives were added to the company’s board. In a Feb. 3 memo to Tribune employees, Knight said that the company needs to realign its costs “to the current revenue reality.” Tribune Publishing reported revenue of $236 million in last year’s third quarter, down from $255.8 million for the same period in 2018. On Jan. 13, the company offered its latest round of voluntary buyouts to staffers, with any staffer with eight or more years of service being eligible.
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HOLA!USA, which targets affluent U.S. Latinas, is discontinuing its print operations in favor of focusing its attention on the digital and social media spaces. The brand, which offers its content in both English and Spanish, also plans to expand its existing platforms, which include social media channels and the HOLA.com sites, by launching a YouTube channel and dedicated podcast later this year. It will also make additional hires in digital, e-commerce, video production and social. HOLA!USA says its online audience is 80 percent female, with an average age of 32 and HHI of $85,000 per year. Spanish company HELLO! & ¡HOLA! Media, Inc. currently publishes 29 international editions in 10 languages across five continents.
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| George Cheeks |
ViacomCBS has appointed George Cheeks president and CEO of CBS Entertainment Group. Cheeks replaces Joe Ianniello, who became acting CEO following the exit of Leslie Moonves in 2018 in the wake of sexual harassment charges. Cheeks comes to CBS from NBCUniversal, where he was most recently vice chairman, NBCUniversal Content Studios. Before coming to NBC, Cheeks was executive vp, business affairs and general counsel for Viacom Music and Entertainment Group and also served as head of standards and practices for Viacom Media. Ianniello had long been Moonves’ top deputy, and aided the former CBS chief in his battle with CBS controlling shareholder Shari Redstone over control of the company. Cheeks will assume the CEO slot effective March 23.
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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