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7:50 PM ET, February 1, 2024

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 Top News: 
Joshua Benton / Nieman Lab:
The Messenger's flop was the result of Jimmy Finkelstein's blindness to bad ideas, like its traffic-chasing strategy, not a consequence of economic headwinds  —  The flaws in the site's strategy were highly predictable (and repeatedly predicted).  But Jimmy Finkelstein's muddled nostalgia …
RELATED:
Jordan Hoffman / New York Magazine:
A Messenger journalist describes his time working for the outlet, where the expensive offices were empty and reporters were instructed to chase trending topics  —  A text time-stamped 1:19 a.m. early Wednesday read, “I think it's over, man.”  It was a Los Angeles-based colleague at The Messenger.
The Daily Beast:
Ex-employees of The Messenger file a class-action lawsuit against the shuttered outlet, alleging that it failed to give them proper notice ahead of their firing  —  The class-action lawsuit comes just a day after The Messenger closed up shop for good, firing its hundreds of staff without offering them severance.
Ashley Carman / Bloomberg:
UMG begins pulling its artists' music from TikTok after negotiations failed; videos featuring UMG-owned songs will be muted, and users can pick a new soundtrack  —  - Publisher behind Drake and Taylor Swift pushes for better pay  — Videos featuring Universal Music-owned songs will be muted
Kevin T. Dugan / New York Magazine:
Interviews with shareholders and current and ex-employees suggest that SI's publisher Arena missed the licensing payment by choice, not because it lacked money  —  At about 4 p.m. on Thursday, January 25, the board of the media conglomerate the Arena Group met after the company had blown up its license to publish Sports Illustrated.
Discussion: @leomschwartz
RELATED:
Salvador Rodriguez / Wall Street Journal:
Meta reports Q4 revenue up 25% YoY to $40.1B, with ad revenue of $38.7B, ad impressions delivered across its Family of Apps up 21%, and average ad price up 2%  —  Company posts biggest quarterly revenue gains in two years  —  Facebook parent Meta Platforms posted its fourth consecutive quarter …
Richard Nieva / Forbes:
YouTube says YouTube Premium and Music have a combined 100M subscribers; CEO Neal Mohan says subscriptions have become a “meaningful part” of YouTube's business  —  YouTube CEO Neal Mohan told Forbes the subscription services are now a “meaningful part” of the business.
Lesley Goldberg / The Hollywood Reporter:
Highlights from Netflix's press event: a push for live programming, no planned theatrical releases, licensing content from others won't impact originals, more  —  A greater push for live programming, no theatrical releases and much more from content chief Bela Bajaria.
Max Tani / @maxwelltani:
Memo: The Wall Street Journal EIC Emma Tucker restructures its DC bureau, shutters the DC-based Business and US-China teams, and lays off “a number” of staffers  —  Note from WSJ EIC Emma Tucker to Journal staff about today's layoffs changes to the paper's DC bureau. The business team and Washington-based China team are both shuttering. [image]
 
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 More News: 
Lucas Shaw / Bloomberg:
Primary Wave Music acquires a 50% stake in the Brazilian company Nas Nuvens, which holds music catalogs of about 40 artists, valuing Nas Nuvens at ~$100M
Lucas Shaw / Bloomberg:
Gamma, which creates, distributes, and markets music, podcasts and films, raised $100M+ led by Alpha Wave Global, sources say at a $400M valuation
The NewsGuild:
More than 200 unionized Tribune journalists, designers, and production workers across seven newsrooms are staging a 24-hour strike today
Nqobile Dludla / Reuters:
NBCU and South African pay TV company MultiChoice plan to invest $177M in Showmax, MultiChoice's streamer built on Peacock; NBCU gets a 30% stake in Showmax
Discussion: Financial Times and Deadline
Georg Szalai / The Hollywood Reporter:
SiriusXM reports a Q4 net drop of 94K subscribers and 109K Pandora subs, net income down 4% YoY to $352M, revenue of $2.29B, and eyes “cost efficiencies”
Discussion: Inside Radio
 Earlier Picks: 
The Hollywood Reporter:
As Amazon becomes the latest streamer to push an ad-supported tier, TV writers react with frustration to the move away from the original promise of streaming
Bron Maher / Press Gazette:
Politico redesigns its Europe, German, and French websites to have simpler homepages than the UK and US versions, to improve readability for AI web crawlers
Christina Couch / Nieman Lab:
How some small media outlets are trying to prevent reporter burnout by adopting work models that reduce workloads and prioritize time outside the office
Wall Street Journal:
Sources: Disney has reached a preliminary agreement to sell 60% of its Indian media business to Reliance-backed Viacom18 at a $3.9B valuation
 

 
From Techmeme:

Mark Gurman / Bloomberg:
How Tim Cook may navigate Trump's presidency, a closer look at Apple's upcoming smart home command center, sources detail a new AirTag coming in 2025, and more

The Information:
Sources: in recent months, Nvidia has asked its suppliers to change the design of server racks for Blackwell GPUs several times to overcome overheating problems

Reuters:
Sources: Tata Electronics agrees to buy a 60% stake in Pegatron's iPhone plant in Tamil Nadu, India, forming a joint venture, and will run the daily operations
 
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