Mediagazer: Funding US local news, which could mean ~$1.5B per year to sustain 25K local reporter positions, would more than pay for itself and “save American democracy” (Steven Waldman/The Atlantic)

4:35 PM ET, August 9, 2023

Top News:

Steven Waldman / The Atlantic:

Funding US local news, which could mean ~$1.5B per year to sustain 25K local reporter positions, would more than pay for itself and “save American democracy” — The decline of local journalism isn't just a threat to democracy. It's also costing us money. — Zak podmore did not bring down a corrupt mayor.

Discussion: Media Nation, @jrussellmi, @stevenwaldman, American Press Institute, @mckaycoppins, @dlberes and @bykenarmstrong

Mathew Ingram / Columbia Journalism Review:

Q&A with Mark Rasch, lawyer for Tim Burke, whose equipment was seized in a probe of video leaks from Fox News, on the case's implications for journalists — In May, agents from the Federal Bureau of Investigation showed up at Tim Burke's home in Tampa, Florida, and seized several computers …

Matt Levine / Bloomberg:

The Penn-Barstool deal made sense for Penn and Dave Portnoy when he sold Barstool in 2020, and the Penn-Disney deal makes sense now as Portnoy regains Barstool — Also WeWork's decline, Yellow's equity value, Target as a securities-fraud target and a Reata M&A typo. — Barstool

Discussion: Vox, Variety, Awful Announcing, The Athletic and Barrett Media

Axios:
Penn Entertainment is selling Barstool Sports back to founder Dave Portnoy, who has accepted certain noncompete agreements; Penn had bought Barstool for $551M

Discussion: @stoolpresidente, Yahoo Finance, Breitbart, New York Post, Financial Times, Business Wire, Axios, WPRI.com, @buccocapital, @danprimack, The Desk, Barrett Media, @kerrymflynn, @kerrymflynn, Poynter, Front Office Sports, @ashleevance, Newser, @kerrymflynn, New York Times, @pkafka, @buccocapital, @seangriffey, @petersterne, @tomgara, @esaagar, @neilcybart, @joepompliano, @sarafischer, @jswartz, @barstoolhubbs, @lizrhoffman, @tomaxwell, @darrenrovell, @markstenberg3, @tomscibelli, @trungtphan, @barstoolbigcat, @tim_bays, @bennyjohnson, MediaPost, Advanced Television, Sportico, CBS News, The Wrap, Fortune, The Verge, CNBC, Los Angeles Times, Mediaite, The Information, Awful Announcing, The Hill, Next TV, Variety, Deadline, MarketWatch, The Hollywood Reporter, Insider, Bloomberg, New York Daily News, Forbes, For The Win and Cord Cutters News

Katherine Sayre / Wall Street Journal:
ESPN's deal letting Penn Entertainment use its brand for ESPN Bet is worth $2B over 10 years: $1.5B in cash plus warrants worth ~$500M to purchase Penn shares

Discussion: Insider, Front Office Sports, @jeffjarvis, Financial Times, Barrett Media, CNN, Sports Media Watch, The Streamable, CNBC, New York Post, Awful Announcing and ESPN Press Room U.S.

Blake Brittain / Reuters:

Gizmodo EIC Dan Ackerman sues Apple, the Tetris Company, and others, accusing them of adapting his book about Tetris into a feature film without his permission — Dan Ackerman, editor in chief of the tech-news website Gizmodo, filed a lawsuit in Manhattan federal court on Monday accusing Apple …

Discussion: Plagiarism Today, New York Post, PC Gamer, IndieWire, Metro, @xpangler, @reedalbergotti, @11thjeff, The Verge, Engadget, Talking Biz News, The Wrap, Variety, 9to5Mac and AppleInsider, more at Techmeme »

Cynthia Littleton / Variety:

Disney reports Q3 revenue of $22.3B, up 4% YoY, operating income of $3.6B, down 6% YoY, and a loss of 12.5M subscribers from India's Disney+ Hotstar service — Disney+ loses 300K customers in U.S. and Canada while streaming-only Hulu gains 300K — The Walt Disney Co. saw its streaming losses narrow …

Discussion: IndieWire, CNBC and The Walt Disney Company

Yuvraj Malik / Reuters:

The world's largest news media organizations sign an open letter calling for a framework to “collectively negotiate” use of their IP with AI model operators — A group of the world's biggest news media organizations called for revised regulations on the use of copyrighted material …

Alex Isenstadt / Politico:

The RNC picks Fox Business to host the second GOP presidential primary debate on September 27, after Fox News hosts the first debate on August 23 in Milwaukee — It's now two-for-two for the Murdoch empire when it comes to presidential candidate forums. — The Republican National Committee …

Discussion: UPI, @brianstelter, @politicoalex, @joelmathis.bsky.social, Deadline, The Hill, @wlabovitz, @jeremymbarr, The Wrap, New York Daily News and Semafor

Scott Roxborough / The Hollywood Reporter:

RTL Deutschland launches a €12.99/month “all-in-one” streaming service bundle, offering video, live sports, music, podcasts, audiobooks, and digital magazines — The new “all-inclusive” platform is promising German subscribers a one-stop-shop for video, live-sports, music …

Discussion: The Desk

Joe Otterson / Variety:

Wonya Lucas, who became Hallmark Media's president and CEO in July 2020, plans to depart the company at the end of 2023 but will continue on the company's board — Hallmark Media president and CEO Wonya Lucas will depart the company at the end of the year.

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Pamela McClintock / Hollywood Reporter:

Netflix reopens NYC's iconic Paris Theater after major upgrades with plans to screen its original movies and host special events, retrospectives, and filmmakers — The iconic cinema will be able to screen 70mm film for the first time in years and also has a new Dolby Atmos system.

Discussion: The Wrap

Lara O'Reilly / Insider:

Canadian private equity firm Novacap acquires US TV adtech company Cadent from Lee Equity Partners, a source says for close to $600M — - PE firm Novacap has acquired TV adtech company Cadent. — The deal is valued at around $600 million, according to a source.

Discussion: Axios, AdExchanger, Next TV and Advanced Television

Amanda Meade / The Guardian:

Australia's ABC shuts down all but four of its X accounts, citing “toxic interactions” and the cost, after shifting resources to TikTok and Instagram — The public broadcaster says interactions on the platform are ‘toxic’ as it closes almost all its Twitter accounts

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Catherine Perloff / Adweek:

Google renames “in-stream ads” to “skippable ads”, to “more accurately describe the ad format”, after an Adalytics report accused YouTube of misleading buyers — What was once in-stream ads are now skippable ads — Google removed “in-stream” …

more at Techmeme »

Ben Schoon / 9to5Google:
YouTube plans to stop showing recommended videos in some places, including on the homepage, if a logged-in user's watch history feature is turned off entirely

Discussion: Techlusive, @sportstvratings, The Verge, Engadget, @carnage4life@mas.to and TechCrunch, more at Techmeme »

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