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Axel Springer, the German media company that also owns such US-based properties as Politico, Insider and Morning Brew, is looking to get out of the print business altogether. Mathias Döpfner, the company’s chief executive, said in note to staffers that print versions of the company’s newspapers (which include Europe’s biggest-selling tabloid, Bild) would be eliminated in coming years. “Journalism on printed paper will no longer exist at some point—our printed newspapers will also cease to exist,” Döpfner said. He added that artificial-intelligence products would take over from the some of the company’s journalists. This all comes as Axel Springer posts positive financials. The Wall Street Journal reports that in 2022 the company’s sales jumped 13 percent to €3.9 billion ($4.2 billion).
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TikTok unveils what it says is an attempt to cut back the amount of time that teens spend on the platform. Under the plan, all TikTok users under 18 will have their accounts default to one-hour-per-day screen time limit. There is a way around that barrier, however. When those users hit the 60-minute barrier, they will simply need to enter a passcode to extend their time on the app. Once they hit the 100-minute mark, they will be prompted to select a daily screen time limit for themselves. The company has also made some changes to the app’s Family Pairing feature that will allow parents to filter out video with certain words or hashtags, set a custom daily time limit for their teen, and mute TikTok notifications sent to their teen.
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| Jesse Angelo |
Vice Media global president of news & entertainment Jesse Angelo is following former CEO Nancy Dubuc out the door. Angelo, who was publisher and CEO of the New York Post before coming to Vice in 2019, is starting up his own company, Checker Media, which will develop and fund original intellectual property and consult with companies on creative projects and products. Vice chief financial officer Bruce Dixon and chief strategy officer Hozefa Lokhandwala are now co-CEOs of Vice Media Group, and chief operating officer of news and entertainment Cory Haik is leading efforts across the company’s content divisions. According to the Hollywood Reporter, Vice is looking into strategic alternatives for the company, which could include a sale or further investment.
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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