Mediagazer: Reach reports FY 2023 revenue down 5% YoY to £568.6M, pre-tax profit down 45% YoY to £36.7M, and digital page views down 24% YoY due to Meta's 2023 news rules (Daniel Thomas/Financial Times)

5:45 AM ET, March 5, 2024

Top News:

Javier Espinoza / Financial Times:

The EU Commission fines Apple €1.8B for stifling competition from rival music streaming services, the EU's third-largest antitrust fine; Apple plans to appeal — iPhone maker hit by first-ever Brussels fine as competition watchdogs step up scrutiny of Big Tech

Apple:

Apple says Spotify was the “primary advocate” and “biggest beneficiary” of the EU's ruling, Spotify pays Apple nothing, and that “free isn't enough for Spotify” — CUPERTINO, CALIFORNIA Today, the European Commission announced a decision claiming the App Store …

Laura Wagner / Washington Post:

The NewsGuild of New York accuses the NYT of targeting staff with Middle Eastern or North African backgrounds in a investigation into October 7 coverage leaks — In a letter to the publisher, a union leader said the leak probe has singled out employees ‘for their national origin, ethnicity and race’

Discussion: @maxwelltani, Semafor, @yehyabrown, @jeremymbarr, @willsommer, American Crisis, @nickatnews, @john_hudson, Media Nation, HuffPost, @dangillmor@mastodon.social, @estelle@techhub.social, Vanity Fair, The Wrap, The Intercept and Caitlin Johnstone

Lucas Shaw / Bloomberg:

While HBO hit streaming DTC profitability under David Zaslav, via licensing to Netflix, slashing marketing, layoffs, and more, WBD's stock is down 25%+ YTD — They chased Netflix and then they cut costs. Neither has worked. — Good afternoon from Las Vegas; I am here for The Netflix Slam …

Discussion: @lucas_shaw, Appleosophy, @lucas_shaw, @masasoncap, @lucas_shaw, @jalefkowit@octodon.social, @tvgrimreaper and Fox Business

Lucas Manfredi / The Wrap:
Warner Bros. Discovery plans to start cracking down on Max password sharing later this year with a wider rollout in 2025, joining rivals Netflix and Disney+

Discussion: Cord Cutters News, @culturecrave, Yahoo Finance, The Streamable, BGR, @thestreamable, Media Play News, @lucas_shaw, 9to5Mac, NewscastStudio, Next TV and @iamadequate_

Todd Spangler / Variety:

Fox CEO Lachlan Murdoch says the Fox, Disney, and WBD sports streaming joint venture is anticipating signing up 5M customers in the first five years — The 5 million mark will be where the JV “settles after five years,” Murdoch said, speaking Monday at the 2024 Morgan Stanley Technology, Media & Telecom Conference in San Francisco.

Discussion: Deadline, @jbflint, New York Post, Sports Media Watch, The Streamable, The Desk, Sportico, @jbflint, The Wrap, Business Insider, @sherman4949, Reuters, Awful Announcing, Media Play News and Bloomberg

Max Goldbart / Deadline:

Ofcom has “significant concerns about GB News' editorial control of its live output” after finding GB News in breach over Laurence Fox's misogynistic comments — Ofcom has said it has “significant concerns about GB News' editorial control of its live output” …

Discussion: Ofcom, Variety, @alistaircoleman, Advanced Television, The Guardian, @parody_pm, @drmatthewsweet, Mediaite, Broadband TV News, HuffPost, Financial Times and Press Gazette

Sophie Culpepper / Nieman Lab:

Report for America, the nonprofit that placed 600+ reporters in newsrooms since its 2017 launch, is “phasing out” partnerships with hedge fund-owned outlets — Since Report for America was founded in 2017, the nonprofit has placed more than 600 reporters in local newsrooms around the country …

Discussion: journal-isms.com and @ernie.tedium.co

Daniel Thomas / Financial Times:

Reach reports FY 2023 revenue down 5% YoY to £568.6M, pre-tax profit down 45% YoY to £36.7M, and digital page views down 24% YoY due to Meta's 2023 news rules — UK publisher's profits dive after decline in digital readership, but deal reached over pension commitments

Discussion: Press Gazette and Reach plc

Marty Swant / Digiday:

NewsGuard adds AI-assisted tools for early detection of election-related misinformation, with exclusion lists for advertisers that want to avoid such misinfo — NewsGuard, the news rating service, is adding more automation tools as it works to track misinformation efforts ahead of the 2024 elections.

Discussion: NewsGuard, Journalism.co.uk and @martyswant

Bron Maher / Press Gazette:

An interview with Mehdi Hasan about his new media company Zeteo, which he says has gained “thousands more” paid subscribers than expected in its first week — Hasan said focusing on subscribers, not advertisers, is “better for business”. — Mehdi Hasan has told Press Gazette …

Discussion: @matt_walsh, @ernie.tedium.co, Zeteo and The Hill

Jane Elizabeth / Nieman Lab:

A look at the Chicago Public Media merger with Chicago Sun-Times two years later: newsroom and staff compensation grew, Sun-Times dropped paywall, and more — After a $61 million acquisition by public media, Chicago-Sun Times readers get free content and the newsroom has grown.

Clara Aberneithie / Press Gazette:

An interview with ITN CEO Rachel Corp, who says the news cycle has become “absolutely relentless”, taking a toll on the mental health of journalists — Rachel Corp said the news cycle has become “absolutely relentless”, with a toll on the wellbeing of journalists.

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Financial Times:
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K.J. Yossman / Variety:
Internal memo: incoming BBC Chair Samir Shah says safeguarding the BBC's independence and the corporation's finances are his top priorities

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Bron Maher / Press Gazette:
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Discussion: Semafor, @semaforben, @pressgazette and Semafor

ESPN:
Chris Mortensen, an award-winning journalist who reported on the NFL for ESPN since 1991, died on March 3 at age 72; Mortensen was diagnosed with cancer in 2016

Marah Eakin / Wired:
A profile of Lanny Smoot, Disney's first and only research fellow who holds 100+ patents and has built an omnidirectional HoloTile Floor to let users walk in VR

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Ax Sharma / BleepingComputer:
An India-based content farm impersonates 60+ major media outlets, including the BBC and CNN, reposting articles and selling advertorial slots for press releases

Discussion: Ax Sharma on LinkedIn and @BleepingComputer …

Earlier Picks:

Reece Rogers / Wired:
As music from Universal Music Group artists disappears from TikTok, creators turn to royalty-free, almost-contextless sound clips

Discussion: @wired, @wiredculture and @crowslabyrinth@threads.net

Tyler Pager / Washington Post:
A look at Joe Biden's media diet, which includes MSNBC's Morning Joe, CNN, Fox News, the Financial Times, the Apple News app, and the rare book for leisure

Discussion: New Yorker, The Hill, @alexthomp, @alexthomp, @alexthomp, @alexthomp, @washingtonpost, @philipwegmann, @spiegelpeter, @tylerpager and @dankennedy_nu@journa.host

Thomas Germain / Gizmodo:
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Discussion: @sanjaymehta, @robmv and @thomasgermain

Mark Harris / New York Times:
An analysis of Hollywood's grim status in 2024, recovering from a year of downsizing and strikes; supply lines will take at least a year to flow at capacity

Discussion: @AnnemarieBridy@mastodon …, Stephane David on LinkedIn, @sternbergh and @jeffjarvis

David Bauder / Associated Press:
A look at the decline of cable TV networks like USA Network, Discovery Channel, and MTV; MTV's 2023 average prime-time audience was 256K, down from 807K in 2014

Discussion: Christian Grece on LinkedIn, Gemma Jordan on LinkedIn and @knittingknots2@mstdn.social

Scott Nover / Slate:
Semafor media reporter Maxwell Tani talks about cord-cutting, the importance of niches for digital media, threats from AI, and how it feels to break bad news

Discussion: @niemanlab, @hbottemiller, @amonck, @annasale, @dannygroner, @scottnover, @maxwelltani, @drewkerr, @scottnover and @scottnover@mas.to

From Techmeme:

Sam Altman / @sama:
Sam Altman says he is embarrassed that there was a provision about potential equity cancellation in exit docs, and OpenAI never took back anyone's vested equity

Steven Levy / Wired:
Despite some skeptics claiming that AI is an industry-wide delusion, last week's demos from OpenAI and Google show that the rate of AI progress is not slowing

Ben Cohen / Wall Street Journal:
A profile of Shoichiro Irimajiri, one of Japan's most admired business leaders who, as a Sega executive, saved Nvidia in the 1990s with a $5M investment

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