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Forbes, which is going public through a partnership with Magnus Opus Acquisition Limited, is receiving a $200 million strategic investment from cryptocurrency and blockchain infrastructure provider Binance. Binance chief communications officer Patrick Hillman and Bill Chin, the head of its venture capital arm, are expected to join Forbes's board of directors on the closing of the deal. Forbes CEO Mike Federle said that following the transaction, "Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field." In 2020, Binance filed a defamation suit against Forbes over an article about the company's corporate structure, but that suit was dropped In February 2021.
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Dotdash Meredith is ending the print version of six of its magazines. The April issue will be the last one in print for Entertainment Weekly, InStyle, Eating Well, Health, Parents and People en Español. The company says that about 200 employees—or five percent of its workforce—will lose their jobs as a result. In a memo, Dotdash Meredith CEO Neil Vogel claimed that the shutdowns are "not a cost-savings exercise" but are instead "about embracing the inevitable digital future for the affected brands." He added that the company has more than 100 open jobs across its divisions and that it hopes to fill some of those slots with the axed employees. The magazines were acquired when Dotdash, which is a subsidiary of Barry Diller's InterActiveCorp, bought Meredith Corporation for about $2.7 billion last year.
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The European Publishers Council, a group of chairmen and CEOs of leading European media corporations, has lodged a complaint with the European Commission against Google for its ad tech practices. The EPC says the complaint is part of its "bid to break the ad tech stranglehold Google currently has over press publishers, and all other business in the ad tech ecosystem." Since Google's acquisition of online advertising company DoubleClick in 2008, the organization says that Google controls as much as 90-100 percent of the market share in segments of the ad tech chain. It requests that the EU impose conditions to restore conditions of effective competition. "We call on the Commission to take concrete steps right now that will actually break the stranglehold that Google has over us all," said EPC chairman Christian Van Thillo.
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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