Top News:
Alex Sherman / CNBC:
Paramount reports Q2 revenue down 11% YoY to $6.81B vs. $7.21B est., its first ever streaming profit, of $26M, and a $5.98B impairment charge for cable networks — Paramount Global is cutting 15% of its U.S. workforce, or about 2,000 jobs, part of a broader cost-cutting plan as it prepares for a merger with Skydance Media.
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Todd Spangler / Variety:
Paramount Global says it will cut 15% of its US workforce, or about 2,000 employees, in the next few weeks, after cutting about 800 positions in February — Paramount Global will cut 15% of its U.S. workforce in the next few weeks — a round of layoffs that will affect about 2,000 employees …
Discussion:
IndieWire, The Wrap, TVNewsCheck, Deadline, @hadas_gold and Deadline
Michael M. Grynbaum / New York Times:
Oliver Darcy leaves CNN to launch Status, a newsletter akin to Puck, for $15/month or $150/year; CNN says the Reliable Sources newsletter is on summer hiatus — Oliver Darcy is starting a subscription-based news site dedicated to covering the media industry, joining a crowded field.
Discussion:
Status, Variety, @oliverdarcy@threads.net, @unbonfromage@threads.net, Breitbart, @digiphile@threads.net, The Hollywood Reporter, @passantino@threads.net, The Wrap, @digiphile@threads.net, @bethanyshondark, @keitholbermann, Mediaite, New York Post, @maxwelltani, @donie, Deadline, @donie, Associated Press, Barrett Media and Talking Biz News
Lara O'Reilly / Business Insider:
Email: the World Federation of Advertisers discontinues activities of its nonprofit, GARM, following X's antitrust lawsuit, but intends to contest X's claims — - The World Federation of Advertisers is ‘discontinuing’ the activities of the Global Alliance for Responsible Media.
Discussion:
Ars Technica, New York Times, Fox Business, MediaPost, The Guardian, Bloomberg, Wall Street Journal, The Verge, New York Post, Breitbart, Engadget, Sarah Kay Wiley on LinkedIn, Claire Atkin on LinkedIn, @mac_ryan_@threads.net, @daveleebbg@threads.net, @catthekin@threads.net, @catthekin@threads.net, Quartz, Barrett Media, @lauren@mastodon …, @chronotope.aramzs.xyz, Arielle Garcia on LinkedIn, Lara O'Reilly on LinkedIn, @larakiara, @crumbler@threads.net, @renee.diresta@threads.net, Ruben Schreurs on LinkedIn and Inside Radio, more at Techmeme »
Marianna Spring / BBC:
A look at the people behind Channel3Now, a crime news aggregator whose story wrongly blaming an asylum seeker for the Southport attack played a role in UK riots — What connects a dad living in Lahore in Pakistan, an amateur hockey player from Nova Scotia - and a man named Kevin from Houston, Texas?
Financial Times:
Sources: Google and Meta ran a pilot program in the US in May 2024 to target Instagram ads to teenagers on YouTube, which prohibits targeting ads to under-18s — Campaign on YouTube to boost Instagram's appeal to young people skirted search group's rules for marketing to under-18s
Discussion:
PRWeek, Engadget, The Information, TechRadar, New York Post, Quartz, Damien Geradin on LinkedIn, @rinze@paquita.masto.host, @KimPerales@toad.social, Ad Age, MediaPost, @riptari, Tim Ringel on LinkedIn, MEDIANAMA, Boing Boing, @ariellesgarcia, @ilumium@eupolicy.social, The Verge and Digiday, more at Techmeme »
Arvind Dilawar / Drop Site News:
A freelance journalist claims the NYT failed to correct a story he co-wrote on antisemitism in Teaneck, NJ, after he found a source gave incorrect information — An elected official alleged an antisemitic break-in. Police say it didn't happen. — As a freelance journalist …
Discussion:
@derekjohnbryant, @malsaafin, @nkulw, @jbenmenachem, @jeremyscahill and @ryangrim
New York Times:
Analysis: Truth Social is increasingly reliant on niche ad campaigns that target hard-core Trump fans and Christian conservatives, often with small ad budgets — Donald J. Trump's social network is increasingly relying on a niche of the ad market that caters to hard-core Trump fans and Christian conservatives for revenue.
CNN:
ABC says Trump and Harris have agreed to debate on September 10; at a press conference, Trump also says he has agreed to debate on Fox and NBC — Donald Trump and Kamala Harris are set to debate on ABC on September 10 after the former president said Thursday he had agreed to the faceoff, along with two others next month.
Andrew Marchand / New York Times:
Sens. Elizabeth Warren and Bernie Sanders and Rep. Joaquin Castro write to the DOJ asking to investigate Venu Sports and “oppose it if violates antitrust law” — Sens. Elizabeth Warren and Bernie Sanders and Rep. Joaquin Castro have sent a letter to the Department of Justice asking …
Thomas Hunter / Press Gazette:
Victoria Newton, editor of The Sun, defends her outlet's early coverage of the BBC's Huw Edwards and criticizes the Met's delay in revealing charges against him — Newton believes it was BBC News coverage that led to The Sun being “vilified” for its reporting.
Discussion:
Mark Stephens CBE on LinkedIn, @pressgazette and BBC
Kayla Cobb / The Wrap:
Sony's anime streaming service Crunchyroll announces it has surpassed 15M monthly paid subscribers, up from 11M in July 2023 — The news comes after Sony reported a 10% increase in operating profit during its first fiscal quarter of 2024 — Crunchyroll, the Sony-backed streaming service dedicated …
Discussion:
Crunchyroll, Carter Hahnselle on LinkedIn, Next TV, TVNewsCheck and The Streamable
Kayla Cobb / The Wrap:
WBD CFO Gunnar Wiedenfels says NBA talks were a “triggering event” to reevaluate the company and take a $9.1B impairment charge, but were not the only factor — However, CFO Gunnar Wiedenfels notes the reevaluation wasn't “a response to one individual factor”
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Jill Goldsmith / Deadline:
WBD reports Q2 revenue down 6% YoY to $9.7B, a $9.99B net loss, and takes a $9.1B impairment charge for networks; global streaming subs rose 3.6M to reach 103M
Discussion:
CNBC, StreamTV Insider, The Wrap, Variety, Next TV, Quartz, @michellef_davis, @firmreturns, @billbrewstertbb, The Media Leader, WORLD SCREEN, @sherman4949, @sherman4949, @sherman4949, Advanced Television, @annaknicolaou, @heetermaria, Bloomberg, Yahoo Finance, CNBC, Sportico, Awful Announcing, Financial Times, Game Developer, Variety, Los Angeles Times, The Streamable, The Hollywood Reporter, Warner Bros. Discoverey and IndieWire
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