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Business

“NCAA and ESPN ink 8-year, $920 million media rights deal”

“The NCAA and ESPN have reached a new eight-year media rights deal worth more than $115 million annually, as the value of sports media rights reaches new heights. The new agreement carries an annual value of roughly three times the current 14-year deal,… Continue Reading…

Business, Economy

“News media outlets slashed record 2,700 jobs in 2023, with more expected “

“News media outlets have done away with nearly 2,700 jobs so far in 2023, the most since 2020, according to a new study. Data from outplacement firm Challenger, Gray and Christmas found media companies overall have made 20,324 cuts so far in… Continue Reading…

Business

“Paramount to sell Simon & Schuster to KKR for $1.62 billion; media giant’s earnings top estimates”

“Paramount Global agreed to sell book publisher Simon & Schuster to private equity giant KKR for $1.62 billion, the media company said Monday as it reported earnings that topped Wall Street estimates… Paramount executives said during Monday’s earnings call that the proceeds… Continue Reading…

Banking, Business, Economy

“Credit Crunch Fuels 48-Hour Bankruptcy Rush With Seven Filings”

“At least seven large companies filed for Chapter 11 bankruptcy protection in less than 48 hours, a breakneck pace of restructurings that included once-hot digital-broadcaster Vice Media LLC and KKR & Co.-backed Envision Healthcare Corp. That’s the largest number of… Continue Reading…

Economy

“Media layoffs spike amid recession fears”

“The media industry is getting hit by sizable rounds of layoffs and cost-cutting measures as the ad market continues to show signs of a serious slowdown. Why it matters: For many companies, the challenges are similar to the early onset of the… Continue Reading…

Business

“Facebook Parent Meta Is Preparing to Notify Employees of Large-Scale Layoffs This Week”

“Meta Platforms Inc. META 6.17%increase; green up pointing triangle is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the… Continue Reading…

Business

“Elon Musk says Twitter deal ‘cannot move forward’ until he has clarity on bot numbers”

“Elon Musk said his $44 billion purchase of Twitter will not move ahead until he has more clarity on how many accounts are fake. Twitter estimated in a filing earlier this month that fewer than 5% of its monetizable daily active users… Continue Reading…

Business, Stocks

“Twitter shares jump 3% on reports it could accept Elon Musk’s bid as early as Monday”

“Twitter shares jumped more than 3% on reports the company is nearing a deal with Elon Musk that could be announced as soon as Monday. Musk earlier this month offered to buy Twitter for $54.20 a share, or about $43 billion. The social media… Continue Reading…

Business, Stocks

“Elon Musk offers to buy Twitter for $43 billion, so it can be ‘transformed as private company’”

“Elon Musk offered to buy Twitter for $54.20 a share in a filing published Thursday, saying the social media company needs to be transformed privately, a little over a week after first revealing a 9.2% stake in the company. Musk’s offer values… Continue Reading…

Stocks

“Twitter shares soar more than 20% after Elon Musk takes 9% stake in social media company”

“Outspoken Tesla CEO Elon Musk purchased a giant stake in Twitter that makes him the largest outside shareholder in the social media stock, not long after criticizing the company for what he said was its failure to uphold the tenets of free speech. Musk owns… Continue Reading…