DIRS.INFO The most relevant business & tech news

Kim Godwin, the president of ABC News, told employees on Sunday night that she was retiring, capping a tumultuous tenure marked by infighting, damaging leaks and a major shake-up of the news division’s leadership ranks. In an email to employees, Ms. Godwin said that she reached her decision to leave after a period of “considerable reflection.” In a separate note to employees, Debra O’Connell, a longtime Disney executive, said she would be overseeing ABC News. “Anyone who’s passionate about what we do knows there’s no other business like it, so this was not an easy or quick decision,” Ms. Godwin said in her note. “I’m certain it’s the right one for me as I look to the future and prioritize what’s most important for me and my family,” she added. Ms. Godwin, the first Black woman to run a broadcast news division, has had a rocky tenure atop ABC News.

Persons: Kim Godwin, Godwin, Debra O’Connell, ” Ms, “ Organizations: ABC News, Disney, ABC

The development throws up a major roadblock for Skydance, a movie studio that has been negotiating a complicated deal to merge with Paramount for months. Many Paramount investors have come out against that deal, saying it would enrich Shari Redstone, the company’s board chair, at the expense of other shareholders. The 30-day period for exclusive talks with a special committee of Paramount’s board expires at the end of Friday. The company could wait for Paramount to re-engage in negotiations, could make a higher bid or could walk away. The company is wary of being used by Paramount to drive up the price for another bidder.

Persons: Shari, David Ellison Organizations: Paramount, Hollywood, MTV, Nickelodeon, RedBird Capital Partners, Sony Pictures Entertainment, Apollo Global Management

Sony Pictures Entertainment and the private equity giant Apollo Global Management have formally expressed interest in acquiring Paramount for roughly $26 billion, according to two people familiar with the matter, a move that adds drama to an already chaotic deal making process. The nonbinding expression of interest, sent in a letter this week, comes as Paramount approaches an agreed-upon Friday deadline for the expiration of an exclusive negotiating period with Skydance, a Hollywood studio run by the tech scion David Ellison. Paramount has been in talks with Skydance for months, discussing a complicated transaction that would involve a merger and an investment from the private equity firm Redbird Capital Partners. The new, joint expression of interest would make Sony a significant majority and controlling shareholder and Apollo a minority shareholder. The proposed all-cash acquisition may appeal to Paramount shareholders who have come out against the Skydance deal over concerns it benefits the company’s controlling shareholder, Shari Redstone, at the expense of others.

Persons: David Ellison, Skydance, Shari Redstone Organizations: Sony Pictures Entertainment, Apollo Global Management, Paramount, Redbird Capital Partners, Sony Locations: Apollo

☆ Republicans Call on NPR’s C.E.O. to Testify About Political Bias
▼ + stars: | 2024-05-01 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

NPR declined to comment, but Ms. Maher may have a scheduling conflict. According to an agenda of NPR’s upcoming board of directors meeting, Ms. Maher is scheduled to convene with NPR’s board all day on May 8. Mr. Berliner’s essay has generated vociferous pushback from many employees at NPR, who say that many of his points were factually inaccurate. In one post, from 2018, Ms. Maher called Mr. Trump a “racist”; another from 2020 showed her wearing a hat with the logo of the Biden campaign. NPR has said that Ms. Maher, the former chief executive of Wikimedia, wasn’t working in news at the time she made the posts, and added that she was exercising her First Amendment right to free expression.

Persons: Maher, Uri Berliner, Berliner, Hunter, Tony Cavin, NPR’s, Robert S, Mueller III, hewed, Donald J, Trump, Biden Organizations: NPR, Trump, Wikimedia

Paramount is preparing to announce the departure of its chief executive, Bob Bakish, as soon as next week, according to three people with knowledge of the matter, a sudden development that would come even as company is exploring a merger. Ms. Redstone grew frustrated with what she saw as his inability to get important deals across the finish line, including a sale of the Showtime and BET cable channels, the people said. The company is in talks to merge with Skydance, a media company controlled by the tech scion and Hollywood producer David Ellison. It is also negotiating a lucrative deal to keep channels like Nickelodeon and MTV on the Charter cable system. The Wall Street Journal earlier reported that Paramount’s board was considering replacing Mr. Bakish.

Persons: Bob Bakish, Bakish’s, Shari Redstone, David Ellison, Bakish Organizations: Paramount, Showtime, BET, Nickelodeon, MTV, Street

☆ NPR Editor Who Accused Broadcaster of Liberal Bias Resigns
▼ + stars: | 2024-04-17 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: 1 min

Uri Berliner, the NPR editor who accused the broadcaster of liberal bias in an online essay last week, prompting criticism from conservatives and recrimination from many of his co-workers, has resigned from the nonprofit. Mr. Berliner said in a social media post on Wednesday that he was resigning because of criticism from the network’s chief executive, Katherine Maher. “I cannot work in a newsroom where I am disparaged by a new C.E.O. whose divisive views confirm the very problems at NPR I cite in my Free Press essay,” Mr. Berliner wrote. In his brief resignation letter, addressed to Ms. Maher, Mr. Berliner said that he loved NPR, calling it a “great American institution,” adding that he respects “the integrity of my colleagues and wish for NPR to thrive and do important journalism.”

Persons: Uri Berliner, Berliner, Katherine Maher, “, ” Mr, Ms, Maher, Mr, ” Organizations: NPR

As Paramount, the media company that’s the home of the “Top Gun” franchise and Nickelodeon, was preparing to enter exclusive talks to sell itself to the media company Skydance, another suitor emerged. Apollo Global Management, the investment firm, told Paramount over the weekend that it was interested in acquiring the entire company for more than $26 billion, including the value of Paramount’s debt, according to two people with knowledge of the matter. It had previously submitted an $11 billion offer to acquire just the Paramount movie studio. Paramount decided not to engage with Apollo’s overture, the people said, with one person explaining that doing so could have derailed its advancing negotiations with Skydance, which became exclusive this week. Apollo said in a letter to Paramount that it was interested in buying out all the company’s shareholders in cash, which could be enticing as the board seeks to strike a deal that not only pleases Shari Redstone, who controls Paramount, but also the company’s common shareholders.

Persons: Apollo’s, Apollo, Shari Redstone Organizations: Paramount, Nickelodeon, Apollo Global Management, CBS, Skydance

Paramount, home to one of Hollywood’s most storied movie studios as well as CBS and cable networks like Nickelodeon, has been discussing entering into exclusive talks with the media company Skydance for a potential deal, according to four people with knowledge of the discussions. Apollo Global Management, an investment firm with more than $500 billion under management, has submitted an $11 billion offer to acquire the Paramount movie studio. Byron Allen, whose Entertainment Studios owns the Weather Channel, has also expressed interest in acquiring Paramount. Ms. Redstone, the controlling shareholder of Paramount, began negotiating with Skydance to sell her stake in the company last year. She controls Paramount through National Amusements, a holding company that owns her voting stock in Paramount.

Persons: Shari Redstone, Byron Allen Organizations: Paramount, CBS, Nickelodeon, Apollo Global Management, Entertainment Studios, Weather, Skydance, National

Warner Bros. Discovery said on Monday that two members of its board of directors, Steven Newhouse and Steven Miron, had stepped down after the company learned about an investigation into whether their presence on the board violated antitrust law. Federal law forbids most corporate officers and board members to simultaneously serve on the boards of their competitors. Mr. Newhouse and Mr. Miron are both executives at Advance, a private, family-held business whose holdings include the Condé Nast glossy magazine empire that publishes titles such as Vogue and The New Yorker.

Persons: Discovery, Steven Newhouse, Steven Miron, Newhouse, Miron Organizations: Warner Bros, Advance, Vogue Locations: Yorker

☆ A New Chapter for Sports Illustrated, With Plans to Keep Print
▼ + stars: | 2024-03-18 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

The owner of Sports Illustrated said it had chosen a new company to publish the magazine, a deal that could settle some of the recent friction at the storied publication and continue the print edition. Authentic Brands Group, which owns the intellectual property rights to Sports Illustrated as well as to celebrities like Marilyn Monroe and Muhammad Ali, said it had struck a long-term deal to license Sports Illustrated’s publishing rights to Minute Media, a digital-media company focused on sports. Minute Media’s license with Sports Illustrated will stretch for 10 years with an option to extend for up to 30 years total, into the magazine’s centenary. The companies declined to disclose financial terms but said that Authentic Brands Group was taking a stake in Minute Media as part of the deal. The deal is a significant expansion for Minute Media, a New York-based company founded in 2011 whose holdings — which include the sports websites The Players’ Tribune and Fansided — generate more than $400 million in revenue annually.

Persons: Marilyn Monroe, Muhammad Ali Organizations: Sports Illustrated, Authentic Brands, Sports, Minute Media, Authentic, Media, ’ Tribune, Fansided Locations: New York

☆ Former Apple Executive to Lead Sports Streaming Service
▼ + stars: | 2024-03-15 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Since a trio of media titans announced a new sports-focused streaming service last month, key details of the project have been shrouded in mystery. Discovery — said that it would be led by Pete Distad, a former executive at Apple who had been in charge of distribution of the tech giant’s Apple TV+ streaming service. By selecting Mr. Distad, an executive with a mix of tech and media experience, the companies behind the service signaled that the new service needs a leader who understands the old-school economics of cable television and the promise of the rapidly unfurling streaming business. Before he joined Apple, Mr. Distad helped start Hulu, the last major streaming joint venture. In a statement, Mr. Distad said he was looking forward to pulling together “industry-leading sports content portfolios” from the three companies.

Persons: —, Pete Distad, Distad Organizations: titans, — Fox, Disney, Warner Bros, Apple, Hulu Locations: Los Angeles

☆ Sports Illustrated’s Employees Are Told Print Edition Will Close in May
▼ + stars: | 2024-03-14 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Friction between Sports Illustrated’s owner and its operator has led to disarray at the venerable magazine in recent months. But that message runs counter to what Sports Illustrated’s owner, Authentic Brands Group, has said about looking for a way to ensure that the magazine endures in print. Last year, Mr. Bhargava, the founder of the 5-Hour Energy drink company, agreed to buy a major stake in the Arena Group. In January, Authentic Brands terminated its deal with Arena Group after Arena breached its licensing agreement by failing to make a $3.75 million payment. Since then, Authentic Brands has been weighing a deal with new licensees, leading to the current uncertainty.

Persons: Steve Janisse, Manoj Bhargava, Bhargava Organizations: Sports, Employees, Authentic Brands, Brands, Energy, Arena, Group

☆ Vice’s New Owners Prepare to Slash What’s Left of Its Work Force
▼ + stars: | 2024-02-22 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Executives at Vice Media are planning to lay off hundreds of more than 900 employees over the next week, eliminating staff from its digital publishing division, according to three people familiar with the matter. Over the past half-decade, Vice has had near annual layoffs and mounting losses, and has filed for bankruptcy, making it the poster child for the battered digital-media industry. When Vice emerged from bankruptcy last year, some observers hoped its new owners — a consortium led by the private-equity firm Fortress Investment Group — would reinvest to return the company to growth. Instead, Fortress has decided to make sweeping cuts, as part of an attempt to stem the endless tide of red ink. The company is planning to inform employees of its new business strategy in the next week.

Organizations: Vice Media, Fortress Investment, Fortress

☆ BuzzFeed Sells Complex, a Pop Culture Start-Up, for $108.6 Million
▼ + stars: | 2024-02-21 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

BuzzFeed said on Wednesday that it was selling Complex — a media start-up known for its coverage of streetwear and pop culture — at a significant discount from its purchase price. The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It is also paying BuzzFeed $5.7 million to cover severance expenses of Complex employees whom BuzzFeed is laying off, along with other costs. BuzzFeed is not selling First We Feast, the internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings. Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a statement that selling Complex was “an important strategic step” for the company.

Persons: BuzzFeed, Jonah Peretti, BuzzFeed’s Organizations: LiveNation Entertainment, Main Street Advisors

☆ Paramount Lays Off Hundreds of Workers
▼ + stars: | 2024-02-13 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: 1 min

Paramount, the owner of TV networks like Nickelodeon, MTV and Comedy Central, is laying off hundreds of employees, cutting costs as it continues its painful transition away from traditional television. About 3 percent of the company’s roughly 24,500 employees will be affected by the layoffs, according to a person familiar with the cuts, who spoke on condition of anonymity to discuss sensitive corporate information. Bob Bakish, Paramount’s chief executive, said in a memo to employees that the cuts were part of a bid to “return the company to earnings growth.”“While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future,” Mr. Bakish wrote. “These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about.”

Persons: Bob Bakish, “, ” Mr, Bakish, —, ” Organizations: Paramount, Nickelodeon, MTV, Comedy

☆ Rolling Stone’s Top Editor Steps Down
▼ + stars: | 2024-02-09 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Mr. Wenner told employees in a separate note that Mr. Shachtman would be replaced in the interim by Sean Woods, the magazine’s deputy editor, and Lisa Tozzi, its digital director. The magazine will begin a search for a new top editor in the coming weeks, he said. The former top editor of The Daily Beast, Mr. Shachtman imported the news website’s hard-nosed, investigative sensibility to Rolling Stone. During his tenure, the magazine published investigations into prominent musicians and actors, including Jonathan Majors and Marilyn Manson. After his comments were published, he was ousted from the foundation and condemned by the Black Rock Coalition, a conflagration that Mr. Shachtman had pushed Rolling Stone to cover.

Persons: Wenner, Shachtman, Sean Woods, Lisa Tozzi, he’s, ” Mr, Jonathan Majors, Marilyn Manson, Stone, Jann Wenner, Gus Wenner’s Organizations: The Times, Roll Hall of Fame Foundation, Black Rock Coalition

☆ Katherine Maher Named C.E.O. of NPR
▼ + stars: | 2024-01-24 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

NPR announced on Wednesday that Katherine Maher would be its next chief executive, picking a leader with an extensive track record in the nonprofit world but without one in the realm of public radio. Ms. Maher was previously the chief executive of the Wikimedia Foundation, a nonprofit that supports the popular online resource Wikipedia by raising money and providing technology infrastructure, among other services. She is the chief executive of Web Summit, an organization that holds technology events around the world. Jennifer Ferro, the chair of NPR’s board, said in a statement that Ms. Maher stood out because of her experience tackling “issues around reliable and accessible information,” adding that the search focused on candidates who could “reach audiences on new and existing platforms.”Ms. Maher, 40, will take over at NPR during a critical period. Listenership of traditional radio is waning as Americans adopt alternatives like Spotify and other on-demand services, pressuring NPR to reach its audiences in new formats.

Persons: Katherine Maher, Maher, Jennifer Ferro, Ms Organizations: NPR, Wikimedia Foundation, Web

The announcement ends uncertainty about the extent of the cuts, after negotiations were held between the union and Times management. Dr. Soon-Shiong wrote in a note to staff that he and Mr. Merida had “mutually agreed” that Mr. Merida should leave. News of the layoffs — which will shrink the newsroom to the size it was when Dr. Soon-Shiong bought it — was delivered on Tuesday in a brief email to affected employees. “We are saddened to have to take this step and thank you for your work for the Los Angeles Times,” the email said. The cuts affected many departments at The Los Angeles Times, including its business desk, its Washington bureau and its “Fast Break” desk, which covers breaking news.

Persons: Kevin Merida, Shiong, Merida, Shani Hilton, Sara Yasin, — Organizations: The Times, Times, The New York Times, Los Angeles Times Locations: Merida, Washington

The move came after the Arena Group, which publishes the magazine under a complicated management structure, had its license to operate the publication revoked. It was unclear whether Sports Illustrated would continue publishing, or whether its owner, Authentic Brands Group, would strike a new agreement with the Arena Group or find a new company to operate it. For decades, Sports Illustrated was a weekly bible for sports fans and a financial engine for the Time Inc. empire. Like many publications, the magazine had struggled to shift to the digital media world from print publishing. In 2019, the media conglomerate Meredith sold Sports Illustrated to Authentic Brands Group, which is primarily a licensing company that acquires the rights to celebrity brands, for $110 million.

Persons: Meredith Organizations: Arena Group, Authentic Brands, Sports, Time Inc

There’s an old saying about the news business: If you want to make a small fortune, start with a large one. As the prospects for news publishers waned in the past decade, billionaires swooped in to buy some of the country’s most fabled brands. Jeff Bezos, the founder of Amazon, bought The Washington Post in 2013 for about $250 million. Dr. Patrick Soon-Shiong, a biotechnology and start-up billionaire, purchased The Los Angeles Times in 2018 for $500 million. Marc Benioff, the founder of the software giant Salesforce, purchased Time magazine with his wife, Lynne, for $190 million in 2018.

Persons: Jeff Bezos, Patrick Soon, Marc Benioff, Lynne Organizations: Amazon, Washington Post, Los Angeles Times

Mr. Zaslav, who took over Warner Bros. But the tumultuous personnel changes at CNN under Mr. Zaslav’s leadership make clear that a Zaslav friendship, no matter how deep or longstanding, has its limits. Jeff Zucker, replaced as CNN’s chief executive by Mr. Licht, frequently described himself as Mr. Zaslav’s best friend. Don Lemon, the longtime host, socialized with Mr. Zaslav in New York and the Hamptons. CNN ousted Mr.

Persons: Chris Licht, David Zaslav, Zaslav, Zaslav’s, Jeff Zucker, . Licht, Don Lemon, Lemon Organizations: CNN, Warner Bros, Discovery, Hamptons Locations: New York

Killing an all-but-completed movie would alienate the people Zaslav — or at least Hollywood — needed most: the people who made the movies. Under fire, Zaslav defended the decision in an earnings call with analysts, saying he shelved “Batgirl” to protect the DC brand. More quietly, Zaslav also sought cover in the authority of Bryan Lourd, the powerful co-chairman of Creative Artists Agency and a leading arbiter of Hollywood mores. As Zaslav told it to several associates, Lourd had supported the decision, observing that it wasn’t in the interest of C.A.A. “We have made unpopular decisions because they were necessary.”Hollywood was in trouble before David Zaslav came to town.

Persons: Zaslav, Wiedenfels, Batgirl ”, Michael Keaton, ”, Adil El Arbi, Bilall Fallah, Walter Hamada, Courtenay Valenti, Bryan Lourd, Lourd, Leslie Grace, “ Bryan Lourd, ’ ”, David Zaslav, “ Organizations: DC Comics, Hollywood, DC, Warner Brothers, Creative Artists Agency, Discovery, McKinsey, W.B.D Locations: Scotland, New York, Hollywood, W.B.D

The company owns and operates several digital media outlets, including Gizmodo, Quartz and Deadspin. News of the site’s closure bookended a revolution of feminist writing on the internet that Jezebel helped kick off when it launched in 2007. A wave of sites, including DoubleX, from Slate, and Reductress, followed, many of them adopting Jezebel’s incisive focus on gender politics and racism. Anna Holmes, who founded Jezebel and left the publication in 2010, woke up to the announcement of the site shuttering on Thursday and said she was still processing the news. Ms. Holmes, 50, said that she was hired by Nick Denton, the founder of Gawker Media, to launch the publication in 2007.

Persons: Spanfeller, “, Jezebel, Anna Holmes, ”, Holmes, Nick Denton Organizations: O Media, Slate, Gawker Media

☆ Disney Adds 5 Million Streaming Subscribers
▼ + stars: | 2023-11-08 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com time to read: +1 min

As Robert A. Iger approaches the first anniversary of his return as chief executive of the Walt Disney Company, he delivered a strong earnings report on Wednesday, telling investors that the company added roughly five million subscribers to its streaming services in the last three months. In a statement, Mr. Iger acknowledged that Disney still had “work to do,” but highlighted the company’s “significant progress” over the last year in reorganizing itself. “These efforts have allowed us to move beyond this period of fixing and begin building our businesses again,” Mr. Iger said. The results, for services including Disney+, ESPN+ and Hulu, could help Disney stave off Nelson Peltz, an activist investor who has been pushing the company to come up with a plan to replace Mr. Iger, improve the profitability of the streaming services and reinstate the company’s dividend. Disney’s stock was up about 4 percent in after-hours trading.

Persons: Robert A, Iger, ” Mr, Nelson Peltz Organizations: Walt Disney Company, Disney, ESPN

“The longer-form videos on YouTube are actually in decline year over year,” Mr. Lynch said. Some invested heavily in building in-house studios or bought them, as Vox Media did when it acquired the film and TV producer Epic in 2019. Perhaps the most ambitious of these studios was Condé Nast Entertainment, a prominent division within Condé Nast in charge of developing articles from publications such as The New Yorker, Wired and Vanity Fair — intellectual property, in Hollywood parlance — into major motion pictures and TV shows. “Cat Person,” a film based on a viral New Yorker short story that explores uncomfortable relationship dynamics, premiered at the Sundance Film Festival this year. And online viewership is increasingly shifting to platforms like TikTok and YouTube, where shorter content is king and monetization elusive.

Persons: ” Mr, Lynch, Condé Nast, Dawn Ostroff, Agnes Chu, David Grann, Robert Redford Organizations: YouTube, Hollywood, Vox Media, Condé Nast Entertainment, Yorker, Wired, CW, Spotify, Disney, Sundance, Globe Locations: ”, Condé, Hollywood

Search resuls for: "More About Benjamin Mullin"

25 mentions found