Conde Nast Former Publisher Hits Pause on Paper Magazine
WWD: Paper Magazine, most famous for breaking the internet with the help of a half-naked Kim Kardashian West, is not immune to the havoc the coronavirus is wreaking on the entire media industry. The quarterly magazine has halted its print...
Vox Media, New York Magazine Workers Ask for Donations
GoFundMe: Vox Media workers created a GoFundMe to support colleagues impacted by the digital publisher's furloughs. Also: Employees of New York Media created a fund to help their colleagues through this difficult...
Apple CEO Tops List of Highest-Paid Execs in Media, Tech
TheWrap: Despite being the richest person in the world, Amazon boss Jeff Bezos doesn’t top the media and entertainment CEOs pulling in the most in compensation. That honor goes to Apple CEO Tim Cook, who took home $125.4 million in salary and stock...
Disney, Fox Corp CEOs ‘Sacrifice’ Pay, Keep Big Bonuses
Hollywood Reporter: A slew of top media and entertainment executives pledged to forgo salaries amid cost-cutting efforts, which risks being perceived as a token gesture: "Everyone can see how little that is versus what they pull down...
Fox Corp: We’re in ‘Strong Position’ to Weather Pandemic
Fox Business: Fox Corp.'s quarterly results came in ahead of Wall Street expectations despite the economic fallout from the coronavirus. "Fox is in a strong position to deal with the impact of this pandemic, our strength was clearly demonstrated," said CEO Lachlan...
Discovery CEO Eyes M&A as Pandemic Saps Media Rivals
Hollywood Reporter: Any potential M&A opportunities created by the virus crisis? "There is some good stuff out there," said Discovery CEO David Zaslav. "We are looking at everything," with one potential opportunity being "great companies" in weaker financial...
Endeavor to Sell Stake in Epic Games Amid Quest for Cash
The Information: Endeavor is looking to sell part of its minority stake in videogame firm Epic Games as it seeks to raise cash. Endeavor, which owns the WME talent agency as well as extensive live-event businesses, has been hit hard by the coronavirus...
Verizon-Hearst’s Complex is No Longer a Media Company
Business Insider: Complex Networks is an 18-year-old, digital-video-driven company focused on youth culture. But while the company has changed over the years, its image hasn't, execs say. They now prefer "entertainment network" instead of "media...
Cox Media CEO to Exit as TV-Station Group Seeks Leader
Broadcasting & Cable: Cox Media Group said that CEO Kim Guthrie has decided to leave the broadcaster. Cox Media is owned by Apollo Global Management, which acquired the Cox stations last year. Steve Pruett, executive chairman of CMG, will serve as interim...
Sinclair Faces Record $48 Million FCC Fine Over Tribune
Baltimore Sun: Sinclair Broadcast Group faces a record $48 million civil penalty to resolve three investigations by the Federal Communications Commission, including one stemming from its failed 2018 merger with Tribune Media, the agency...
iHeartMedia Unveils Audio Tech Tools for Post-Pandemic
MediaPost: iHeartMedia is looking to help businesses reconnect with customers through a new suite of tools. The mobile-centric suite includes three new products that help advertisers leverage iHeartMedia’s broadcast radio stations and digital...
Spotify: We’re Going to Take Ads from the Radio Industry
Bloomberg: A large share of the US radio industry's advertising sales will shift online to services like Spotify, according to Spotify CEO Daniel Ek. Radio advertising is "larger than the entire streaming industry is for music."...
Amazon’s Twitch Readies Talk, Dating Shows for Gamers
Bloomberg: Twitch, the online video site popular among gamers, is looking for its version of "The Bachelor." The company plans to fund original, unscripted series that would be live and interactive. Its preferred genres include game shows, dating shows and talk...
ByteDance Grows TikTok in Los Angeles as Star Incubator
Los Angeles Times: TikTok, which employs more than 400 people in the US, is hiring staff to work in its new US headquarters in Culver City. The 120,000-square-foot facility, which opened in January, has a capacity to house 1,000 people. This fall it will add a...
Twitter Employee Dies in San Francisco Shooting Crossfire
KTVU: A 22-year-old Twitter employee, who was critically wounded in a shooting in San Francisco’s Mission District, has died from his injuries. Courtney Broussea was struck by gunfire as he picked up take-out food. He was employed as a product manager at...
Study: Half of Online Ad Spending Goes to Intermediaries
Financial Times: Publishers receive just half the money spent on their digital ads by premium brands such as Unilever and Nestle, according to a two-year study by PwC which lays bare the fees taken by ad-tech companies and untraceable...
Martha Stewart in Quarantine with Social-Media Employee
Town & Country: In March, as quarantines went into effect, Ryan McCallister left his New York City apartment and headed to his job at the Bedford, New York, home of Martha Stewart. “I thought, ‘Why not just stay in the guest house for a few days until this is...
Conde Nast Says Sorry for Vogue Body-Shaming Comment
WWD: Vogue has apologized for former staffer Sally Singer's comments about Jessica Simpson after the actress and singer slammed her on Instagram. Singer's piece about the Met Gala had a lot to say about Simpson's...
Meredith Forges Ahead with 12 Issues a Year of Magazines
WWD: While most other women’s magazines have combined summer editions amid the coronavirus pandemic, InStyle editor in chief Laura Brown is for now sticking to 12 issues a year. “I’m really proud of that,” she said over Zoom from her...
New York Times Expects Ad Revenue to Decline 50 Percent
CNBC: The New York Times expects advertising revenue to fall between 50-55% year-over-year in the second quarter as impacts of the pandemic are hitting demand for advertisers. But the media company added more than half a million net new digital...
Axel Springer Merges eMarketer, Business Insider Division
Digiday: The combined Business Insider Intelligence and eMarketer is still very much under construction. The two Axel Springer-owned research companies have been rebranded as Insider Intelligence, with a combined staff of...
BuzzFeed Plans 68 Furloughs, Pay Cuts from Pandemic Hit
Bloomberg: BuzzFeed will furlough some staff after the coronavirus pandemic hit revenue even harder than expected, forcing the new-media outlet into another round of cost cuts. The company will furlough 68 employees beginning May 16, said CEO Jonah...
Bustle Digital President Sees Hard Choices Ahead in Media
TechCrunch: Things have been pretty rough for digital media, with a rapid reduction in ad spending leading to layoffs, furloughs and pay cuts. "We ended up having to say goodbye to about 7 percent of our team," said Bustle Digital president Jason...
Disney Takes a $1 Billion Hit from Coronavirus Shutdowns
Los Angeles Times: Disney reported quarterly earnings for the first time since the coronavirus crisis brought Hollywood to a standstill. As expected, it wasn’t pretty. Disney missed out on $1 billion in operating income because of the theme park...
Comcast’s NBCUniversal Cuts Top Exec Pay by 20 Percent
Wall Street Journal: NBCUniversal is cutting the pay of its senior management by 20% and rolling back pay by 3% for employees making more than $100,000 in response to the financial fallout from the coronavirus pandemic, per CEO Jeff...
ViacomCBS, Fox Corp Need to Show Growth in Streaming
Hollywood Reporter: Investors eyeing battered media stocks should tune into the streaming opportunities of TV networks for potential earnings growth, according to a new investors note from Morgan Stanley analyst Benjamin...
AT&T’s WarnerMedia Talks of Selling Streamer Crunchyroll
The Information: AT&T's WarnerMedia has had discussions about selling Crunchyroll, a streaming service that specializes in Japanese anime. Possible buyers include Sony, which owns a rival anime service called...
Fox Corp Turns to Spotify to Distribute Fox News Podcasts
Broadcasting & Cable: Fox News podcasts -- more than 20 of them -- along with three syndicated talk radio shows will be distributed on Spotify's global streaming platform and to its more than 250 million monthly...
Disney’s ABC ‘World News Tonight’ Hits Ratings Milestone
Deadline: "World News Tonight" with David Muir again was the most watched show in broadcast and cable last week, as the traditional evening newscasts enjoy a resurgence during the coronavirus crisis. It also ranked No. 1 in total viewers and in two key...
Discovery’s HGTV, Food Network Gain from Stay-at-Homes
Associated Press: Americans stuck at home staring at fading furniture and wondering what to cook for dinner have been a boon for HGTV and the Food Network. The Food Network’s ratings in April were up 25 percent, while HGTV was up 22...