Top News:
Lauren Feiner / The Verge:
President Biden signs the ByteDance-TikTok divest-or-ban bill into law, after the Senate passed it by 79-18; the House passed the legislation 360-58 on April 20 — The divest-or-ban bill is now law, starting the clock for ByteDance to make its move. The company has an initial nine months …
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Foo Yun Chee / Reuters:
TikTok is suspending the rewards program in TikTok Lite while it tries to resolve EU concerns about the potentially addictive nature of the program for children — TikTok will voluntarily suspend its new app TikTok Lite's reward programme while it tries to resolve EU concerns, the company said on X social media platform on Wednesday.
Alex Barinka / Bloomberg:
Biden signing the TikTok divestment bill starts a 270-day countdown for a sale or a US prohibition; sources say ByteDance sees divestiture as a last resort
Biden signing the TikTok divestment bill starts a 270-day countdown for a sale or a US prohibition; sources say ByteDance sees divestiture as a last resort
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Meta Investor Relations:
Meta reports Q1 revenue up 27% YoY to $36.46B, net income up 117% YoY to $12.37B, and family daily active people up 7% YoY to 3.24B for March 2024 — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended March 31, 2024.
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Ashley Capoot / CNBC:
Meta's stock drops 15%+ after hours on weak Q2 revenue guidance and higher FY 2024 capital expenditures due to increased AI infrastructure investments — Mark Zuckerberg, CEO of Meta, testifies during the Senate Judiciary Committee hearing titled “Big Tech and the Online Child Sexual Exploitation Crisis …
Discussion:
The Information, The Wrap, Roderick Mann on LinkedIn and Fortune, more at Techmeme »
Manish Singh / TechCrunch:
Indian streaming service JioCinema launches an ad-free subscription plan with the lowest tier costing $0.35/month for a single device, undercutting rivals — JioCinema, the popular Indian on-demand video streaming service, introduced a new monthly subscription plan on Thursday, with the lowest tier costing just 35 cents.
Discussion:
Reuters, The Media Leader, Variety, Bloomberg and The Indian Express
New York Times:
Sources detail NPR's struggles with declining audiences, falling sponsorship revenue, internal conflicts over turning things around, and a diversity push — NPR employees tuned in for a pivotal meeting late last year for a long-awaited update on the future of the public radio network.
Discussion:
@benmullin, @davidfolkenflik, @benmullin and @benmullin
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Murray Stassen / Music Business Worldwide:
Warner Music Group sells Uproxx, HipHopDX, and other assets to a new company, Uproxx Studios, formed by Jarret Myer, Rich Antoniello, and will.i.am — In February, Robert Kyncl - CEO of Warner Music Group - confirmed that WMG was in active discussions to sell its ‘owned and operated’ media properties UPROXX and HipHopDX.
Discussion:
UPROXX Studios, Billboard, Forbes, Maria Weaver on LinkedIn, The Hollywood Reporter and Digital Music News
Winston Cho / The Hollywood Reporter:
The FTC bans noncompete clauses that restrict job switching, potentially complicating hiring in Hollywood as firms try to protect trade secrets and other info — The FTC on Tuesday voted to prohibit noncompete provisions in contracts, which could usher in a sea change to worker mobility …
Discussion:
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Alex Weprin / The Hollywood Reporter:
Proxy filing for TKO Group Holdings: Endeavor's Ari Emanuel received a pay package of nearly $65M in 2023, the year that Endeavor merged UFC and WWE — TKO, the owner of the WWE and UFC, disclosed its executive pay packages in its proxy filing. — Endeavor's $21 billion deal to merge …
Discussion:
The Wrap, Variety, Deadline and Awful Announcing
Tom Jones / Poynter:
How the Columbia Daily Spectator, the independent student newspaper of Columbia University, is covering the tense protests over the Israel-Hamas war — The Columbia Daily Spectator has expertly documented tense protests over the Israel-Hamas war inside and outside the campus.
Katie Kilkenny / The Hollywood Reporter:
Members of the iHeart Podcast Union file an unfair labor practice claim against iHeartMedia; the union represents around 100 producers, hosts, and others — Staffers who are unionized with the Writers Guild of America East are alleging that management has engaged in intimidating behavior …
Discussion:
@wgaeast, @iwriteok, Writers Guild of America … and Radio & Television …
E. Alex Jung / New York Magazine:
A profile of Mehdi Hasan, whose aggressive interviewing helped him get an MSNBC show, as he now embraces the “canceled” label to launch his Zeteo substack — Mehdi Hasan's aggressive interviewing style landed him a Sunday show on MSNBC. Until he started talking about Palestine.
Daniel Thomas / Financial Times:
Apollo-backed US investment group Concord increases its bid for Hipgnosis Songs Fund, to $1.5B, just over the last offer from Blackstone — Offer for music rights group rises to $1.5bn as Apollo-backed investor beats rival's bid — Hipgnosis Songs Fund has found itself at the centre …
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Billboard, CMU, Billboard, Digital Music News, Music Business Worldwide and City A.M.