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Meredith is giving 180 employees (about 3.6 percent of its workforce) pink slips, according to a report in the New York Post. About 130 of the job losses will come from the company’s television stations, with the other 50 hitting its national media group, which includes such magazines as People and Better Homes & Gardens and their related websites. Meredith’s TV operations will consolidate at its Atlanta location, where all graphic and creative services will be centralized. The move follows last week’s proposal of a change to Meredith’s corporate charter that will allow the company to divide its magazine holdings and TV stations into two separate businesses.
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| Chris Spadaccini |
Chris Spadaccini is exiting his post as chief marketing officer at WarnerMedia Entertainment. Spadaccini is the latest in a wave of departures from WarnerMedia resulting from a major revamp of the company led by CEO Jason Kilar, who came on board in May. Before assuming the CMO spot in 2019, Spadaccini had been with HBO since 1999, most recently serving as EVP, marketing. His duties will be divided up between several company employees. Kilar’s restructuring is intended to merge WarnerMedia’s content creation into one operation, with “efficiencies” expected to follow. It will also create a separate focus on HBO Max, which is expected to assume a pivotal role in the company’s future.
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Penske Media, which runs Variety, Rolling Stone, WWD and Deadline, has formed a partnership with The Hollywood Reporter parent company MRC. The partnership will create two joint ventures, with both companies holding significant ownership stakes in each. The first venture, PMRC, will be led by Penske Media and encompass trade and consumer brands from both companies. The second is a content partnership managed by MRC and operating out of its office. Intended to “activate the power of the production infrastructure and expertise of MRC across PMRC intellectual property," the partnership will include television, film and event production. No leadership changes at either PMC or MRC are expected to result from the partnership, and both companies will continue to operate independently.
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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