Top News:
Jim VandeHei / Axios:
Axios says it qualified for a PPP loan “just shy of $5M” as it is both a media company and a small business with a national presence — Axios is among the small businesses that qualified for a PPP loan to protect existing jobs and help weather the coronavirus crisis.
Discussion:
The Hill, @armandondk, @justinglawe, @juddlegum, @bmorrissey, @owillis, @elise_jordan, @shaig, @lalpert1, @harrysiegel, @megancarpentier, @brianstelter and @dicktofel
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Paul Roberts / The Seattle Times:
The Seattle Times Co. says it has received a $9.9M Payroll Protection Program loan — The Seattle Times Co. has received a $9.9 million federal coronavirus-aid loan that will give the newspaper temporary relief in the face of a sharp drop in advertising revenue due to the COVID-19 pandemic.
Discussion:
@ericacbarnett, @politicsreid, @lewiskamb, @curtwoodward and @kerrymflynn
Maxwell Tani / The Daily Beast:
Wired staff announce plans to unionize with the NewsGuild of New York, as Condé Nast plans deep cuts amid the economic downturn — Magazine staff have laid the groundwork to unionize for more than a year, but as the coronavirus shut down parts of the economy, organizers realized they had to make a decision.
Todd Spangler / Variety:
AT&T misses estimates, loses 138K AT&T Now customers and 897K premium TV subscribers in Q1, reports revenues of $42.78B and pulls its annual forecast — AT&T missed revenue and earnings estimates for the first quarter of 2020, with a 4.6% top-line decline driven by lower revenue …
Discussion:
AT&T, Deadline, MediaPost, @richlightshed, Light Reading, The Streamable, The Week, The Playlist, Protocol, ZDNet, @brianstelter, @edmundlee, CNBC, @alexweprin and @xpangler
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Lauren Feiner / CNBC:
Netflix reports Q1 revenue of $5.77B, up 27.6% YoY, vs $5.76B est., global paid net subscriber additions of 15.77M, now totaling 182.86M accounts, up 22.8% YoY — - Netflix reported its Q1 2020 earnings after the bell on Tuesday. — Netflix has ranked among analysts' favorite …
Discussion:
Netflix, /Film, Observer, Financial Times, Multichannel News, USA Today, Fortune, Protocol, Variety, The Wrap, New York Times, @adrianweckler, The Week, Metro.co.uk, Financial Times, @xpangler, @richlightshed, @lanceulanoff, @raheemkassam, @katie_robertson, @dylanbyers, @xpangler, @carttca, @shiraovide, @jamestitcomb, @lucas_shaw, @loudmouthjulia, @loudmouthjulia, Yahoo Finance, @richlightshed, Washington Post, The Verge, Axios and Bloomberg, more at Techmeme »
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Erik Hayden / Hollywood Reporter:
Internal Fox Corp. memo: CEO Lachlan Murdoch will forgo pay through September and around 700 employees will see tiered salary cuts of 15% to 50% — Tiered salary cuts of 15 percent to 50 percent will impact other executives at the media giant. — Fox Corp. CEO Lachlan Murdoch will forgo …
Discussion:
The Wrap, Variety, Mediaite, @brianstelter, @aidnmclaughlin, @jbflint, @mathewi, @kimmasters and @erik_hayden
Maxwell Tani / The Daily Beast:
In an internal email, Jeff Zucker told CNN staff that a vast majority of them will not return to its offices in any significant way “before early September” — STAY AT HOME — CNN won't send staffers back into its offices until at least September.
Discussion:
The Wrap, Mediaite, @megancgraham, @yashar and @maxwelltani
Rick Edmonds / Poynter:
Tribune Publishing requires most non-union employees earning between $40,000 and $67,000 a year to take three weeks of furloughs in the next three months — Tribune Publishing is requiring most non-union employees earning between $40,000 and $67,000 a year to take three weeks of furloughs in the next three months.
Discussion:
American Press Institute, @campbellsl, @skylerswisher, @ablichtenstein, @poynter and Adweek
Zack Beauchamp / Vox:
Study of Fox News programming from February to early March finds those watching Sean Hannity over Tucker Carlson were less likely to adhere to social distancing — Sophisticated new research links Hannity's coronavirus misinformation to “a greater number of Covid-19 cases and deaths.”
Mark Sweney / The Guardian:
Disney co-founder's granddaughter Abigail Disney criticises the company for protecting exec bonuses and dividends of $1.5B+ while cutting pay of 100K+ workers — Abigail Disney hits out at executive payouts while staff weather coronavirus impact — An heir to the Walt Disney fortune …
Discussion:
@abigaildisney, Business Insider, The Daily Beast, @davidcorndc, @gunnergale, @brett_a_taylor and @miafarrow
Wall Street Journal:
Internal planning document for Vice Media Group lays out the possibility of layoffs of 300+ in digital operations, including cuts at Vice News and Refinery29 — Planning document calls for over 300 layoffs, though company says several such proposals are being worked up
Discussion:
Axios, Columbia Journalism Review, Fast Company, The Wrap, The Hill, @levinejonathan, @alex, @loudmouthjulia, @robenfarzad, @kantrowitz, @elanazak, @mathewi, @markdistef, @jherrerx, @asharma, @benmullin, @keachhagey and @benmullin
Financial Times:
Some of UK's biggest publishers criticize Google for failing to adequately explain its approach to blocking and filtering ads alongside COVID-19-related content — Tech group asked to provide greater clarity over how it filters ads around coverage of pandemic
Discussion:
@markdistef and @jason_kint, more at Techmeme »
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