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| Jason Kilar |
WarnerMedia has named Hulu co-founder Jason Kilar CEO, effective May 1. Kilar succeeds John Stankey, who was promoted to AT&T president and chief operating officer in September. (Warner Media became part of AT&T in June 2018.) In addition to serving as CEO of Hulu from 2007 to 2013, Kilar was co-founder and CEO of video streaming service Vessel and senior vice president of worldwide application software at Amazon. His appointment comes ahead of AT&T’s May launch of streaming service HBO Max. Kilar’s “experience in media and entertainment, direct-to-consumer video streaming and advertising is the perfect fit for WarnerMedia,” said Stankey.
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Bustle Digital Group, which includes such properties as Nylon and Elite Daily, has laid off 24 staffers, according to a report on website TechCrunch. In addition, the company has shut down The Outline, a culture site that it acquired in 2019 and its seven staffers are all among those who have been axed. A BCG spokesperson said that it will still host The Outline’s archives online and that the site’s founder, Josh Topolsky, will explore other options that would allow it to continue. “The unprecedented impact of COVID-19” was cited as a major factor behind the decision.
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The News Media Alliance, a nonprofit organization that represents nearly 2,000 news organizations across the US, is part of group of industry leaders that have asked the United States Postal Service to institute a five-cent-per-piece rate reduction for the next 90 days—or until the end of the COVID-19 crisis, according to a report on MediaPost. The group’s letter says that the failure to do so could hurt the USPS as well as the industries that depend on it. “The long-term viability of the Postal Service will depend on preserving commercial and nonprofit mail volume,” it notes. The move follows a request in March from a coalition including the Association of Magazine Media that the USPS reconsider proposed rate hikes that “would authorize a cumulative 41 percent rate increase on magazines and periodicals over five years that will cost mailers about $8 billion per year.”
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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