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4:10 PM ET, May 8, 2024

Mediagazer

 Top News: 
Lucas Shaw / Bloomberg:
Sources: Warner Bros. Discovery plans more cost-cutting to hit financial targets for next year, including raising Max prices and the possibility of more layoffs  —  - Job cuts are possible as executives look for more savings  — CEO eyes streaming operations' marketing, technology costs
Maggie Harrison Dupré / Futurism:
An investigation into AdVon, the company behind Sports Illustrated's fake writers, finds its AI content and fake authors at the LA Times, Miami Herald, and more  —  A few years back, a writer in a developing country started doing contract work for a company called AdVon Commerce …
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The New York Times Company:
The NYT reports Q1 revenue up 6% YoY to $594M, subscription revenue up 13% YoY to $293M, operating profit up 73% YoY to $48.3M, Athletic revenue up 33% to $37M  —  NEW YORK, May 8, 2024 - The New York Times Company (NYSE: NYT) announced today first-quarter 2024 results.  Key Highlights
Jamie Dettmer / Politico:
How investigative journalists in Ukraine face increasing intimidation, as some worry outlets are censoring themselves, seeing patriotism as trumping journalism  —  Jamie Dettmer is opinion editor at POLITICO Europe.  —  KYIV — “I ran investigations for 15 years before the war, and it was always hard and risky.
Georg Szalai / The Hollywood Reporter:
EchoStar reports losing ~348K net pay TV subscribers in Q1, vs. a 552K drop in Q1 2023, and revenue down 8% YoY to $2.7B; Sling TV subscribers fell 135K to 1.9M  —  Telecom mogul Charlie Ergen's EchoStar is led by Hamid Akhavan as president and CEO, with Ergen serving as executive chairman.
Sara Fischer / Axios:
Source: last month, Sundial Media bought Refinery29 for ~$30M, or roughly its 2023 revenue; Refinery29 buys trade beauty show Beautycon to move away from ads  —  - The company bought Refinery29 for roughly the same amount that the publisher made in top-line revenue in 2023, which was $30 million, a source told Axios.
Discussion: Wall Street Journal
Todd Spangler / Variety:
NBCUniversal signs deal to make iHeartMedia the exclusive audio partner for the 2024 Paris Olympics; iHeartMedia will create an original iHeartPodcast  —  Pact includes new podcast from ‘Las Culturistas’ hosts Bowen Yang and Matt Rogers  —  NBCUniversal inked a deal with iHeartMedia making …
Alex Weprin / The Hollywood Reporter:
Fox Corp reports Q3 revenue down 15% YoY to $3.4B, ad revenue down 33% YoY to $1.2B, a $704M net income, up from a $50M loss YoY, $1.9B affiliate fee revenue  —  The owner of Fox, Fox News and Fox Sports hosted the Super Bowl a year ago, leading to the advertising decline.
Joshua Benton / Nieman Lab:
A historical look at Pulitzer winners shows the decline of local and regional newspapers and the growth in online news outlets, especially at the local level  —  For the first time ever, more online news sites produced Pulitzer finalists than newspapers did.
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 More News: 
Reuters:
A Moscow court places veteran Russian journalist Nadezhda Kevorkova in pre-trial detention for two months on suspicion of “justifying terrorism”, per her son
Discussion: Voice of America
 Earlier Picks: 
Kate Knibbs / Wired:
A look at Musi, a free music streaming app popular among high schoolers that uses YouTube to source music, opening Musi up to legal action from record labels
Pew Research Center:
Survey: 48% of US adults prefer websites or social media for local news; 15% paid for local news in the last year; 63% believe local outlets do well financially
Sarah Perez / TechCrunch:
Meta announces an update to its AI ad tools, which can now make full new images, not just backgrounds, and claims to add strong guardrails to prevent abuse
Ashley Capoot / CNBC:
Reddit reports Q1 revenue up 48% YoY to $243M, vs. $212.8M est., net loss of $575.1M, driven by IPO expenses, and DAUq total up 37% to 82.7M; RDDT jumps 15%+
Jennifer Maas / Variety:
Disney CEO Bob Iger says Marvel is going to reduce output and focus on quality by releasing “about two TV series a year” and a “maximum of three” films per year