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Netflix looks to be gaining a new ad-supported tier and losing about 300 employees. In a Thursday panel at the Cannes Lions, Netflix CEO Ted Sarandos said the company is speaking with several partners as it looks to introduce ads to the platform. According to a report on Deadline, those potential partners are rumored to include Google, NBCUniversal and Roku. The 300 axed staffers follow 150 who were let go by Netflix in May. The streamer has a global workforce of around 11,000. It has lost nearly 70 percent of its value since it announced that it had lost 200,000 subscribers at the end of the first quarter and expected to shed 2 million more in the second quarter.
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The International Fact-Checking Network at Poynter launches a Legal Support Fund that will offer financial assistance to fact-checking organizations that face threats of harassment, intimidation and litigation. The fund is supported by Meta and the Google News Initiative’s partnership with IFCN. The fund will be administered by the IFCN. Grantees will be selected by a committee from regional and global organizations with legal, journalism, and freedom of press domain expertise. Committee members will review each application for recognized risk that the case could result in imprisonment, bankruptcy and closure. “Fact-checkers around the world are experiencing harassment and online abuse in different forms and capacities,” said IFCN director Baybard Örsek. “We are excited to offer a sense of support to organizations facing those challenges on the ground and working toward finding sustainable solutions to navigate increasing attacks on journalism and fact-checking.”
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The final print edition of London’s Time Out, which focused on listings of entertainment venues and other events, has hit the stands. Launched in 1968, the magazine was originally a paid-for publication. Still, it became free in 2012, after the internet undermined its traditional business model by making it easy to find event listings online. Its New York print edition, which was launched in 1995, ceased publication in 2020. At its peak prior to the pandemic, the magazine had been published in over 40 cities around the world. It briefly rebranded as “Time” for a while in 2020 since many of its readers were unable to socialize or go out to work due to the pandemic lockdown.
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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