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Bloomberg News will cut about 90 employees, mostly editors, from its staff, according to the New York Times. In a memo to staffers, Bloomberg editor in chief John Micklethwait placed some of the blame for the move on “unnecessary back-reading or re-editing,” adding that after the reorganization, editors will report to managing editors, who would assign them stories. However, Micklethwait said new hires in priority areas such as data journalism would offset the layoffs and that he expects the company to end 2021 with as many journalists as it had before the pandemic. “We have always sought to make the newsroom better — to make us more nimble, to improve our content, and to help us ‘chronicle capitalism’ in an even more comprehensive way,” he said. Overall, Bloomberg News has more than 3,100 editorial and research employees, and Bloomberg Media is expected to bring in at least $100 million this year from consumer digital subscription revenue.
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Condé Nast is looking to trim down the amount of rent it pays for its offices in One World Trade Center in lower Manhattan. The company is withholding the $2.4 million in rent it owes for January 2021 and says it may withhold more in the future if it does not reach an agreement with its landlords, the Port Authority of New York and New Jersey, and the Durst Organization. Condé Nast wants to reduce its square footage and its rent per square foot at the office tower. A spokesman for Advance, which owns Condé Nast, told the Wall Street Journal that the company “continues to be in discussions about bringing the lease in 1WTC into line with current market conditions and its ongoing needs at that location.” The company has also started looking for 400,000 square feet of alternative office space for at least some of its operations, with some of that space located in Jersey City, NJ.
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Google has launched News Showcase, which pays publishers for news content, as part of its Google News app in the UK and Argentina. The service, which covers over 120 publications in the UK and 40 in Argentina, also gives readers the ability to access some of a publication’s paywalled content for free. To read that content, users must register with the individual publisher. Participating publications receive a monthly fee to curate news stories for the service, as well as for granting access to their paywalled content. The UK publications participating include Reuters, the Financial Times, The Independent, the New Statesman, and The Telegraph. News Showcase was released in Germany and Brazil last year and in Australia last week. It now includes content from over 450 publications worldwide.
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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