Media News

News about the media business.

August 29, 2010

USA Today to Cut 130 Jobs

The cutbacks amount to 9% of USA Today's 1,500 employees according to AP. The newspaper was once number one in circulation with 2.3 million but circulation has dropped to 1.8 million as more readers go to the Internet and smartphones. Advertising has also seen a sharp decline over the past several years.

USA Today will no longer have managing editors for each of its News, Sports, Life and Money sections but will be broken up into content rings with their own editors overseeing each group.

August 3, 2010

Harman to Buy Newsweek

Newsweek has struggled over the past several years with declining circulation to the Internet and loss of advertising.

The 91-year old Harman is one of the pioneers who began the audio industry. He is founder of Harman International, developer of premium speakers for the home and car.

"In seeking a buyer for Newsweek, we wanted someone who feels as strongly as we do about the importance of quality journalism. We found that person in Sidney Harman," said Donald Graham, chairman and chief executive officer of The Washington Post Company. "He has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com - and he intends to keep a majority of Newsweek's very talented staff." Newsweek employs 325 people and about 250 are expected to be retained.

June 30, 2010

Larry King to Leave Show

King has also had marital problems and said he plans to spend more time with his wife and kids.

He will continue working for CNN hosting occasional specials.

June 15, 2010

News Corp. Buys Skiff

"Today's developments underscore News Corporation's ongoing commitment to create strong business models that support journalism at a time of great change in our industry," said Jon Miller, Chief Digital Officer, News Corporation. "Both Skiff and Journalism Online serve as key building blocks in our strategy to transform the publishing industry and ensure consumers will have continued access to the highest quality journalism."

The Skiff platform specializes in delivering visually appealing layouts for newspaper and magazine content. With the capability to deliver high-resolution graphics, rich typography and dynamic updates, this unique platform has the ability to retain engaging design elements that consumers enjoy while allowing publications to maintain brand identity and differentiation.

The News Corp. owns The Wall St. Journal and NY Post along with the Fox Network.

June 10, 2010

ESPN Closing NY Restaurant

Restaurants in NY, Baltimore, Chicago, Las Vegas and Washington will close on June 16 according to Bloomberg. The restaurant in Times Square was 50,000 feet with four levels including plenty of large screen TVs and games on the top floor. It employs over 100 people.

Two restaurants in Anaheim at Disneyland and Los Angeles will continue to remain open.

May 6, 2010

Newsweek Put On Sale

The newsweekly was launched in 1933 and purchased by The Washington Post Company in 1961. Newsweek is an internationally known and respected publication, providing unique news, commentary and insight into political and social developments in the United States and around the world.

"The losses at Newsweek in 2007-2009 are a matter of record. Despite heroic efforts on the part of Newsweek's management and staff, we expect it to still lose money in 2010. We are exploring all options to fix that problem," said Donald E. Graham, chairman of The Washington Post Company. "Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere."

The magazine reportedly has 400 employees after letting go one quarter of their workforce last year. Newsweek has lost tens of millions of dollars over the past several years due to a steep drop in advertising and reduced circulation.

April 26, 2010

Avatar Sells 6.7 Million DVDs in Four Days

Retail sales of AVATAR Blu-ray and DVD Discs have exceeded 6.7 million units since its launch last Thursday, on pace to be the best selling title in recent history.

The Oscar and Golden Globe-winning AVATAR is the highest grossing film of all time, taking in over $2.7 billion in worldwide box office. Written by James Cameron and produced with his long-time collaborator Jon Landau, AVATAR stars Sam Worthington, Zoë Saldana, Sigourney Weaver, Stephen Lang, Michelle Rodriguez, Giovanni Ribisi, Joel David Moore, CCH Pounder, Wes Studi and Laz Alonso.

April 12, 2010

Conan O'Brien Heading to TBS

Former Tonight Show host Conan O'Brien has found a new late-night home on cable network TBS. The Emmy-winning comedian's new program will air at 11 p.m. on weeknights and will be followed by Lopez Tonight, which will shift to a midnight time slot.

The new Conan show hasn't been given a name yet and will air four nights a week - Monday to Thursday.

O'Brien hosted the Tonight Show for about eight months before being axed unceremoniously and replaced with former host Jay Leno.

Said Conan O'Brien in a statement: "In three months I've gone from network television to Twitter to performing live in theaters, and now I'm headed to basic cable. My plan is working perfectly."

February 24, 2010

ABC News Cutting 300-400 Jobs

ABC News is looking to cut up to 25% of its workforce of 1,400 or 300-400 jobs.

According to the Los Angeles Times, the areas of ABC News that are most affected will be the special events staff, which will be disbanded, as well as the newsmagazines "20/20" and "Primetime," which will see many full-time employees replaced with freelancers. The weekday and weekend staffs of "World News" and "Good Morning America" will be combined and the London bureau is expected to be substantially scaled back.

ABC News is also moving to the use of hand-held digital cameras so one or two people can report a story instead of the current setup which features a correspondent, producer and two person camera crew.

ABC News is blaming advertising declines as well as viewership drop for its woes. CBS News reportedly cut 90 positions last month.

January 29, 2010

Miramax Movie Studio Closes

Miramax, an independent movie studio acquired by Disney Corp. in 1993, has closed its offices in New York, London and Los Angeles. About 80 jobs will be lost according to a report by Bloomberg.

The studio was founded by brothers Harvey and Bob Weinstein.

Miramax won four Oscars for best picture, including Chicago, Shakespeare in Love and The English Patient. There are six movies produced by Miramax still waiting to be distributed.

January 22, 2010

Conan Out as Tonight Show Host

Conan O'Brien has hosted his final Tonight Show on NBC, exiting Friday night with a reported $33 million severance payment.

NBC is paying a total of $45 million to end his show with the other $12 million going to the rest of O'Brien's staff. The network decided to cancel O'Brien due to lower than expected ratings and after he turned down an offer to move his show a half hour later to 12:05 a.m.

Jay Leno will return as host of the Tonight Show starting on March 1 following the coverage of NBC's Winter Olympics in Vancouver. Leno's show at 10 p.m. has ended due to low ratings.

Air America Shuts Down

Air America, a liberal radio network, filed for Chapter 7 bankruptcy Thursday and closed all operations. The company said it was hurt by falling advertising revenues and the weak market for the radio and media industry.

Air America launched in 2004 and aired through 100 stations nationwide.

The company said all current employees will be paid through January 21. A severance package will be offered only to full-time current employees with more than six months of tenure.

January 12, 2010

Jay Leno Show to Leave Prime Time

NBC is ending the Jay Leno Show at 10 p.m. on February 11 following low ratings and a potential revolt from local affiliates.

The show started on September 14, 2009 after Leno retired from The Tonight Show on May 29. Conan O'Brien took over the Tonight Show at 11:35 p.m. on June 1 but has also seen ratings drop.

NBC wants Leno to move back to 11:35 for a half-hour show and move O'Brien to 12:05. However, reports are O'Brien may leave NBC altogether for a competing network like Fox.

Local NBC affiliates were not happy with Leno's show at 10 p.m. because it hurt ratings for their 11 p.m. newscats, which generate the bulk of advertising at local stations.

January 6, 2010

Dow Jones Combining Businesses

Dow Jones & Company announced a new organizational structure combining its consumer and enterprise businesses in a unified group serving customers across all platforms and distribution channels.

The new alignment puts key products such as The Wall Street Journal, Dow Jones Newswires and Factiva in a single operating unit.

“We have devoted two years to improving our products. This is the right time for a strategic step aimed at coordinating their development and marketing for the future,” said Les Hinton, chief executive of Dow Jones. “This structure will provide the focus to make us faster and better than our rivals at identifying and meeting customer needs.”

With the change, two Dow Jones executives take on enhanced roles. Todd Larsen becomes president of Dow Jones with responsibility for the primary commercial operations of the company. Stephen Daintith becomes chief operating officer of Dow Jones where he will provide strategic guidance for the entire organization while continuing his responsibilities as chief financial officer.

Clare Hart, who was president of the Enterprise Media Group and an executive vice president of Dow Jones, will be leaving the company.

Dow Jones is owned by News Corp.

December 2, 2009

Time Inc. to Cut 280 Employees

Time Inc. began notifying 280 employees this week they will lose their jobs as the magazine publisher looks to cut expenses following steep advertising declines. Time Inc. notified the NYS Dept. of Labor that it would cut 280 workers but the number could increase with buyouts.

The NY Times reported 400-500 workers could eventually lose their jobs. Layoffs have been reported at Sports Illustrated, Fortune and People magazine and all areas of the company will likely be affected. Workers in editorial, sales and marketing have all suffered cuts.

Fortune Small Business Magazine will be closed and Fortune magazine has announced it will reduce its frequency next year.

Time Inc. is the magazine division of Time Warner and will reportedly charge $100 million against earnings to cover the layoffs and buyouts.

December 11, 2009

Editor and Publisher to Close

Editor and Publisher, a weekly trade magazine covering the newspaper industry, is closing this month after 125 years.

Nielsen Business Media, which owns the publication, decided to shut down E&P after failing to find a buyer. It has forged a deal with e5 Global Media Holdings, LLC, a new company formed jointly by Pluribus Capital Management and Guggenheim Partners, for the sale of eight brands in the Media and Entertainment Group, including E&P sister magazines Adweek, Brandweek, Mediaweek, Backstage, Billboard, Film Journal International and The Hollywood Reporter. E&P was not included in this transaction. Terms of the sale weren't announced.

About 10 staffers work at Editor and Publisher and they had hoped the publication could still exist online but Nielsen has decided to close it down entirely both print and on the Web.

Editor and Publisher was founded in 1884 to cover the newspaper business.

December 2, 2009

Time Inc. to Cut 280 Employees

Time Inc. began notifying 280 employees this week they will lose their jobs as the magazine publisher looks to cut expenses following steep advertising declines. Time Inc. notified the NYS Dept. of Labor that it would cut 280 workers but the number could increase with buyouts.

The NY Times reported 400-500 workers could eventually lose their jobs. Layoffs have been reported at Sports Illustrated, Fortune and People magazine and all areas of the company will likely be affected. Workers in editorial, sales and marketing have all suffered cuts.

Fortune Small Business Magazine will be closed and Fortune magazine has announced it will reduce its frequency next year.

Time Inc. is the magazine division of Time Warner and will reportedly charge $100 million against earnings to cover the layoffs and buyouts.

November 7, 2009

Time Inc. to Cut 280 Employees

Time Inc. began notifying 280 employees this week they will lose their jobs as the magazine publisher looks to cut expenses following steep advertising declines. Time Inc. notified the NYS Dept. of Labor that it would cut 280 workers but the number could increase with buyouts.

The NY Times reported 400-500 workers could eventually lose their jobs. Layoffs have been reported at Sports Illustrated, Fortune and People magazine and all areas of the company will likely be affected. Workers in editorial, sales and marketing have all suffered cuts.

Fortune Small Business Magazine will be closed and Fortune magazine has announced it will reduce its frequency next year.

Time Inc. is the magazine division of Time Warner and will reportedly charge $100 million against earnings to cover the layoffs and buyouts.

WSJ Hiring Reporters for NY Edition

The Wall Street Journal is reportedly hiring 12 reporters for a NY Edition of its newspaper beginning next year.

The WSJ will begin adding coverage at courthouses, City Hall and State government as it looks to compete with The NY Times. Owner Rupert Murdoch has sought to expand the WSJ beyond its business focus to include politics and government. The move to expand NY coverage is rather peculiar since he also owns the tabloid NY Post.

The expansion into NY comes a week after the WSJ said it would close its Boston bureau and eliminate nine positions.

October 28, 2009

Fortune Cutting Issues to 18 Per Year

Fortune magazine is cutting its frequency from bi-weekly at 25 issues per year to just 18 beginning in 2010.

There will be two issues in some months and just one issue in others according to The Wall Street Journal as the business magazine looks to reduce expenses. Fortune will also be redesigned and focus on longer in-depth business stories.

Advertising pages have plunged 35% in Fortune from a year ago.

Fortune is not the only business magazine in trouble. Top competitor Forbes is laying off an unspecified number of employees this week and Business Week was acquired by Bloomberg.

October 21, 2009

NY Times to Cut 100 Newsroom Jobs

The NY Times plans to eliminate 100 newsroom jobs by the end of the year through buyouts and layoffs if necessary. The paper last cut jobs in 2008.

The job cuts will equal 8% of the newspaper's newsroom of about 1,250 reports and editors; no other American newspaper has more than 750.

If the paper does not reach its goal of 100 buyouts, layoffs will be necessary according to a memo by Executive Editor Bill Keller.

Budget cuts are affecting all divisions of the NY Times, including editorial, op-ed and the business side.

October 14, 2009

Bloomberg to Buy BusinessWeek

McGraw-Hill announced it will sell its flagship magazine BusinessWeek to Bloomberg LLP.

The NY Times reports the purchase price of $5 million plus assumption of several millions dollars in liabilities including severance pay for workers that will be let go.

BusinessWeek was once a very profitable magazine but has seen advertising drop significantly over the past several years with competition from the Internet.

"I am very proud of the tremendous contributions BusinessWeek has made to The McGraw-Hill Companies throughout its rich history. It is a truly outstanding franchise and the best source of business reporting in the world," said Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies. "We are pleased that we have reached an agreement for BusinessWeek to be acquired by Bloomberg, which shares the same high standards for editorial independence, integrity and excellence that have long defined BusinessWeek."

"BusinessWeek will be a powerful addition to our portfolio of leading news and information services," said Peter T. Grauer, chairman of Bloomberg L.P. "BusinessWeek is one of the business world's most recognized and trusted sources of news and insight, and we believe that it will be highly valued by our customers worldwide."

The magazine could be renamed Bloomberg BusinessWeek.

September 19, 2009

Dan Brown's New Book Sets Record

First-day sales of Dan Brown’s THE LOST SYMBOL, which went on sale Tuesday, September 15, exceeded 1 million copies in the U.S., Canada, and the U.K.

“Indeed, we are seeing historic, record-breaking sales across all types of our accounts in North America for THE LOST SYMBOL,” said Sonny Mehta, Chairman and Editor in Chief, Knopf Doubleday Publishing Group. “We are grateful to booksellers everywhere for this incredible launch and look forward to working with them to enjoy long and great continuing success with Dan's novel.”

In light of the unprecedented inventory demand from U.S. retailers, Doubleday went back to press just prior to publication for an additional 600,000 copies of the book beyond the initial North American print run of 5 million copies. Total number of copies in print for THE LOST SYMBOL is now 5.6 million copies.

Doubleday is an imprint of the Knopf Doubleday Publishing Group, a division of Random House, Inc. whose parent company is Bertelsmann AG.

September 4, 2009

Diane Sawyer to Take Over World News Tonight

Diane Sawyer will take over the lead anchor position of ABC's World News Tonight after Charlie Gibson announced his retirement effective at the end of 2009.

Gibson has been anchor of the nightly news show since May 2006. Sawyer has been the co-host of ABC's Good Morning America since 1999 and was co-host with Gibson until he took over World News Tonight.

Sawyer will be the second female nightly news anchor along with Katie Couric of CBS. Sawyer is 63 years old and a graduate of Wellesley College.

August 29, 2009

A&E Network Merges With Lifetime

The Disney-ABC Television Group, Hearst Corporation and NBC Universal announced an agreement for A&E Television Networks to acquire Lifetime Entertainment Services. The parent company will retain the name A&E Television Networks, LLC (AETN), and its subsidiary will retain the name Lifetime Entertainment Services, LLC. The closing of the transaction is subject to customary closing conditions and is expected to occur in 2009. Financial terms were not disclosed.

Abbe Raven, president and chief executive officer of AETN, will serve as head of the combined company following the closing. Raven has been recognized with numerous industry awards for building some of the most prominent brands in media including A&E Network, History and The Biography Channel, and for spinning them off into successful global franchises. Andrea Wong, president and CEO of Lifetime Entertainment Services, will continue to head the Lifetime Networks and will report to Raven following the closing. Robert DeBitetto, president and general manager, A&E Network and The Biography Channel, and Nancy Dubuc, president and general manager, History and History International, will both continue to report to Raven and run their respective networks.

The new agreement will, upon closing, consolidate three of the nation's top cable networks under single management while preserving the distinct brand identities of each network. In addition, the combined company will be a global media content company reaching over 250 million homes worldwide in more than 140 countries around the globe. AETN will now include: A&E Network, History, Lifetime Television, Lifetime Movie Network, Bio, History International, Lifetime Real Women, History en Español, Military History and Crime & Investigation Network.

No word on how many jobs could be lost due to the merger.

August 16, 2009

Journal News Lays Off 70

The Journal News, a newspaper owned by Gannett serving Westchester, Rockland and Putnam counties in NY, is laying off 70 staff members.

The number affected includes 50 newsroom positions and 20 in ad sales. Remaining workers must reapply for newly reclassified positions at the newspaper with an emphasis on digital technology.

The cuts are the second round of layoffs this month. Last week the paper said it would eliminate 57 positions in production, information technology, human resources, finance and other departments. The total cuts would reduce employment at the paper to about 700.

July 20, 2009

Business Week Up for Sale

Business Week, the nation's only weekly business magazine, is available for sale by its owners the McGraw-Hill corporation. McGraw-Hill announced that it is exploring strategic options for the magazine which is likely losing tens of millions of dollars per year.

Business Week has a circulation of 900,000 but is losing its immediacy with competition from the Internet and loss of advertisers in financial services and auto makers.