Good Media Morning to you.
Vice Media missed its revenue mark as investors apply pressure and big questions linger about upper management…Meredith‘s Sports Illustrated Swimsuit‘s #Metoo issue…Magazine bosses talked shop…Reddit‘s co-founder is stepping down…Los Angeles Times‘ new owner reaches out to his newsrooms…Is Newsweek dead? Viacom‘s revenue drops… These and more for your Media Morning Today. Dive in!
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VICE MEDIA’S REVENUE HIT BY VICELAND
Vice Media, the Brooklyn based $6billion digital media giant has been going through the wringer lately thanks to that New York Times exposé into its frat house work culture and sexual misconduct allegations against two of its top executives president Andrew Creighton and digital chief Mike Germano,. The company has since parted ways with Mr. Germano
PUBLISHERS TURN THEIR SIGHTS ON LINKEDIN AS FACEBOOK FALTERS
Publishers who are looking to reduce reliance on Facebook since the social network announced plans to deprioritize news are giving LinkedIn a fresh look. LinkedIn is best known as a social network for business professionals, but even publishers beyond the business space are eyeing the platform to see where they can capitalize on it.
DEEP POCKETED BANKER IS THE PROUD NEW OWNER OF GOLF MAGAZINE AND GOLF.COM
Banker Howard Milstein is the new owner of Golf Magazine and its Web site, golf.com. Terms of the deal were not disclosed, but the price tag was estimated to be around $15 million. The properties were put on the block last year by Time Inc. but did not get sold until after the Meredith takeover closed on Jan. 31.
MEREDITH’S SPORTS ILLUSTRATED SWIMSUIT #METOO ISSUE
As the Me Too movement takes hold in the entertainment industry, Sports Illustrated’s annual Swimsuit Issue is responding with an empowering photo shoot of its own. Models Paulina Porizkova, Sailor Brinkley Cook and Robyn Lawley were just some of the models who bared it all for a photo spread in the issue, hitting newsstands next week, shot by photographer Taylor Ballantyne for the magazine’s new “In Her Own Words” project.
MAGAZINE BOSSES TALK SHOP
The magazine industry may be in a state of flux, but you wouldn’t know it from the annual American Magazine Media Conference held in New York’s Lower Manhattan on Wednesday. Top magazine executives spoke about the importance of their brands and the unique value proposition of trusted news sources to advertisers
REDDIT CO-FOUNDER ALEXIS OHANIAN STEPS DOWN TO FOCUS ON VENTURE FIRM
Reddit co-founder Alexis Ohanian announced on Wednesday he will step down from daily duties at the internet company and focus his attention on Initialized Capital, the early stage venture capital firm that he co-founded.
BLOOMBERG MEDIA’S AUDIO NEWS BRIEFS NOW ON APPLE DEVICES VIA SIRI
Bloomberg’s audio news briefs are now available on Apple devices via Siri with the release of iOS and tvOS 11.2.5, including HomePod, which will be available this Friday, February 9. Apple customers can listen to the latest business news from Bloomberg on iPhone, iPad, Apple TV and HomePod by simply saying, “Hey Siri, play news from Bloomberg,”
LOS ANGELES TIMES’ NEW OWNER SENDS HIS FIRST EMAIL TO THE TEAM
Ultimately, this decision is deeply personal for me. As someone who grew up in apartheid South Africa, I understand the role that journalism needs to play in a free society,” Soon-Shiong said.
KEN DOCTOR TAKES US INSIDE THE SALE OF THE LA TIMES AND THE NEW BIG QUESTIONS THAT LOOM
After a number of years of trying to buy his local paper, Los Angeles’ richest billionaire has seized an unpredictable opportunity. In a move that’s shocking but not really surprising, 65-year-old Soon-Shiong will pay a chunk of his estimated $7 billion-plus fortune to finally split with his erstwhile partner in Troncdom, chairman Michael Ferro.
IS NEWSWEEK DEAD?
Newsweek is in the news—raided by the police last month as part of a probe into the owners’ shady finances, then subjected to a crude purge on Monday, when the owners sacked the editors and reporters who tried to write about the scandal. This was the cinematic coda to a decade of collapse. Whatever its shortcomings, the country lost something with the demise of classic Newsweek—a magazine with guts and heart.
APPARENTLY NEWSWEEK DIED FROM THE INSIDE
When I went to Newsweek in 1996, things were ritzier, sometimes embarrassingly so. I started during the Republican National Convention in San Diego. For a little kickoff dinner, the magazine’s larger-than-life editor—the late and wonderfully ebullient Maynard Parker—rented a yacht for those of us covering the Bob Dole coronation, just so we could have dinner on it and cruise around the city.
CONDE NAST TRAVELER’S EDITOR IN CHIEF PILAR GUZMAN IS SELLING HER HAMPTONS SUMMER HOME FOR $12.5 MILLION
A New York magazine power couple is listing their recently renovated East Hampton, N.Y., vacation home for $12.5 million. The sellers are Pilar Guzman, editor-in-chief of Condé Nast Traveler, and Chris Mitchell, chief business officer for Condé Nast’s culture collection, a group of publications that include W, the New Yorker and Vanity Fair. On 1.14 acres, their 8,000-square-foot shingle-style home is a short walk from East Hampton’s Main Street.
TWITTER REPORTS ITS FIRST QUARTERLY PROFIT AS ACTIVE USERS FALL
Twitter Inc reported its first quarterly net profit and topped Wall Street targets as video ad sales rose, but the number of people using the social network fell short of expectations as Twitter shut down fake accounts. Twitter’s previous inability to turn a profit had confounded investors given the company’s ubiquitous presence in the media and popularity among celebrities, athletes and politicians such as U.S. President Donald Trump.
GOOGLE READIES SUBSCRIPTION GAME STREAMING SERVICE
Google may be about to take its most serious steps to get into the videogame business. The company is developing a subscription-based game streaming service that could work either on Google’s Chromecast or possibly a Google-made console still being developed.
GOOGLE, FACEBOOK AND TWITTER EXECS TO BE GRILLED BY BRITISH POLITICIANS ABOUT “FAKE NEWS”
A Commons committee has been warned against using the term “fake news” as it prepares to hear evidence on the topic in Washington. The digital, culture, media and sport committee chaired by the Conservative MP Damian Collins will hear five hours of testimony in George Washington University, including an hour each from senior representatives of Twitter, Google and Facebook.
VICE MEDIA PRESIDENT ANDREW CREIGHTON IS NOT LIKELY TO RETURN IN THAT ROLE
A lot of things at Vice are feeling wobbly. In addition to being down two top execs, the company had a big revenue miss and investors are underwhelmed. Pressure is on CEO Shane Smith who the WSJ reports has been increasingly delegating his responsibilities of late. Vice currently has no day to day operator. Day to day operations were handled by President Andrew Creighton who is not expected to return to that role if at all. There is a big leadership problem at the digital media company as it faces big media challenges.
FORMER DNA INFO EDITORS LAUNCH NEW LOCAL NEWS SITE ‘BLOCK CLUB CHICAGO’
Three editors from the former DNAinfo Chicago are reuniting to start up a new neighborhood news website to be funded by reader subscriptions. Block Club Chicago is expected to be launched in April as a nonprofit venture that picks up where DNAinfo left off when it was abruptly shut down in November by billionaire backer Joe Ricketts.
VIACOM’S REVENUE DROPS
Viacom Inc, the owner of MTV, Comedy Central and Nickelodeon, reported a 7.6 percent fall in quarterly revenue on Thursday, due to a drop in the fees it collects from cable TV operators. The company’s total revenue declined to $3.07 billion in its fiscal first quarter ended Dec. 31, from $3.32 billion a year earlier.
HULU’S LOSSES EXPECTED TO JUMP BY MORE THAN $800 MILLION
Hulu’s losses are expected to jump this year, according to the Walt Disney Co., one of its owners. During Disney’s earnings call Tuesday, the company said it expected its share of Hulu’s losses would be $250 million more than last year. Just last quarter, Disney estimated the hit it would take from Hulu would grow by $100 million.