Mediagazer: Twitter closes down more than 20% after company reports 1M QoQ decline in monthly active users (Michelle Castillo/CNBC)

Sources: CBS CEO Leslie Moonves faces allegations of sexual misconduct, uncovered in an investigation by Ronan Farrow to be published by The New Yorker — The CBS CEO, one of the most powerful men in Hollywood, is accused of unwanted kissing and touching in a New Yorker article set to be published Friday.

Cynthia Littleton / Variety:

CBS board says it will investigate the allegations against Moonves and notes the timing of claims, amid legal battle with National Amusements — The CBS Corp. board of directors will investigate allegations of sexual misconduct that are to be raised against CEO Leslie Moonves in a report …

Discussion: Variety, Hollywood Reporter, Broadcasting & Cable, The Wrap, Crain's New York Business, Ad Age, @melsil, IndieWire and Fortune

Dade Hayes / Deadline:

Shareholders approve Disney's $71.3B purchase of much of 21st Century Fox — UPDATED with official comment from the companies. At special meetings held simultaneously in New York this morning, Disney and 21st Century Fox shareholders overwhelmingly approved the merger first proposed last December.

Discussion: Variety, Adweek, The Wrap, Variety, Wall Street Journal, Ad Age, TechCrunch, Washington Post, /Film, Mediaite, Broadcasting & Cable, Quartz, CNBC, @henereyg and Gizmodo

Steven Musil / CNET:

Facebook bans Alex Jones from using his account for the next 30 days after removing four of his videos for violating its community standards — Alex Jones, the founder, owner and star of conspiracy site Infowars has been suspended by Facebook — and may face harsher consequences.

Discussion: CNNMoney, Mediaite, The Guardian, Mashable, Variety, @oliverdarcy, Motherboard, TechCrunch, Ars Technica, ThinkProgress, Gizmodo, Business Insider, The Verge, Engadget, The Hill, @oliverdarcy, @cwarzel, Fortune, @dellcam, @sirsteven, @medialawprof, Ad Age and Yahoo, more at Techmeme »

Yashar Ali / HuffPost:

Sources: Kimberly Guilfoyle left Fox News involuntarily following an HR investigation into allegations of inappropriate behavior — Sources tell HuffPost that Guilfoyle, who is dating Donald Trump Jr., engaged in emotionally abusive behavior and showed colleagues personal photos of male genitalia.

Discussion: Mediaite, The Wrap, Washington Post, Slate, @lpolgreen, TVNewser, Contemptor, The Daily Caller, @ashleyfeinberg and The Daily Beast

Michelle Castillo / CNBC:

Twitter closes down more than 20% after company reports 1M QoQ decline in monthly active users — - Monthly active users (MAUs): 335 million vs. 338.5 million, according to StreetAccount and FactSet estimate — Twitter shares plummeted 14 percent pre-market Friday after the company reported …

Discussion: Digiday, Ad Age, NPR, Bloomberg, MediaPost, Fast Company, @twitterir, Axios, Hollywood Reporter, 9to5Google and Recode, more at Techmeme »

Discussion: VentureBeat, @twitterir, Wall Street Journal, The Week, @ranimolla, @jonerlichman, @twitterir and @raju, more at Techmeme »

Claire Boston / Bloomberg:

SEC filing: MoviePass ran out of money and couldn't cover the bills causing service outage on Thursday, had to take out short term $6M+ loan due in early August — Helios and Matheson Analytics Inc., the parent company of MoviePass, received a short-term loan for more than $6 million …

Discussion: Business Insider, Business Insider, Variety, /Film, TechCrunch, BGR, Fortune, KTLA, @tomgara, WTVR-TV, @mgsiegler, @jasonguerrasio, @udiwertheimer, @tictoc and Paste, more at Techmeme »

Natalie Jarvey / Hollywood Reporter:

Viacom to acquire youth-focused digital media company AwesomenessTV; sources say for $25M plus debt, well below AwesomenessTV's $650M valuation in 2016 — The deal, which sources say also includes the assumption of some debt, is significantly lower than the $650 million valuation that Awesomeness had in 2016.

Discussion: TechCrunch, Variety, Adweek, VideoInk, The Wrap, Viacom Corporate, Financial Times, Tubefilter, Engadget and CNBC

Alex Spence / BuzzFeed:

Leaked report: UK committee to propose social networks be legally responsible for harmful and illegal content and regulators audit social media advertising — A leaked copy of the MPs' report was published online on Friday, two days ahead of its official release.

Discussion: The Guardian, Dominic Cummings's Blog, The Guardian, The Independent and The Times & The Sunday Times, more at Techmeme »

Discussion: @carolecadwalla, @carolecadwalla, @carolecadwalla, The Independent and @carolecadwalla

Lesley Goldberg / Hollywood Reporter:

Comedy Central buys syndication rights for BoJack Horseman, a first for Netflix, which has retained worldwide exclusivity on its subsequent shows — The Viacom-owned cable network will be the linear home to the first five seasons of the Netflix comedy. — Netflix has sold its BoJack Horseman catalog.

Discussion: The Wrap, @rwmead, CNNMoney, The Verge, Deadline, Variety, The A.V. Club, Broadcasting & Cable, /Film and Consequence of Sound

Ellen Silver / Facebook:

Facebook describes its content review team, their offices, training, says reviewers don't have quotas and all have health care benefits, mental health resources — Facebook has firm rules against posting hate speech, sharing nude pictures, or uploading videos harassing another person.

Discussion: Adweek, Daily Mail, Engadget, @hannahkuchler and Fast Company

Janko Roettgers / Variety:

The Facebook stock drop foreshadows a potentially less profitable future as it relies more on video formats like Stories with a lighter ad load than News Feed — These days, everything seems to be going wrong for Facebook. The social networking giant is still reeling from the aftermath of the Cambridge Analytica privacy scandal.