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12:20 PM ET, May 8, 2025

Mediagazer

 Top News: 
Brian Steinberg / Variety:
WBD reports Q1 revenue down 10% YoY to $8.9B, net income down 53% to $453M, $2.6B streaming revenue, $339M streaming adjusted EBITDA, and 122.3M streaming subs  —  Even so, the company had to contend with dips in all of its traditional streams of revenue, including advertising and distribution …
RELATED:
Tony Maglio / The Hollywood Reporter:
CNBC's David Faber: sources say WBD is moving toward a split that would see its linear cable networks spun off from the studio and Max  —  CNBC's David Faber reports that a spinoff of Warners' cable channels is imminent.  —  It sounds like Discoveryco. may be a reality.
Eshe Nelson / New York Times:
President Trump's threatened 100% tariffs on foreign films causes anxiety in the UK industry; nearly 90% of the £5.6B spent on 2024 production came from abroad  —  After struggling through pandemic shutdowns and twin Hollywood strikes, the British film and TV industry is worried that duties will wreak devastation.
Jem Aswad / Variety:
Rolling Stone announces CEO Gus Wenner will assume the role of executive chairman and Julian Holguin, the former president of Billboard, will become the new CEO  —  Rolling Stone has announced that Gus Wenner will assume the role of executive chairman, and Julian Holguin will become the brand's CEO.
Discussion: The Wrap
Lachlan Cartwright / Breaker:
Sources: NYT reporter Rob Copeland filed a HR complaint against editor Ellen Pollock after she threatened to “kill” him if a Harvard story exceeded 2,000 words  —  Pamela Paul's new gig; Keith McNally censored; VERSANT vs Vaulter  —  In partnership with … Newsrooms plus pressure equals... more drama.
Jeré Longman / New York Times:
Clarence O. Smith, co-founder and president of Essence, the first general circulation magazine directed at Black women, has died at age 92  —  As president, he helped persuade companies like Estée Lauder and Ford to advertise in the pages of the first mass-circulation magazine directed at Black women.
Discussion: Essence
Mark K. Miller / TVNewsCheck:
Nexstar reports Q1 revenue down 3.9% YoY to $1.23B, primarily due to reduced political advertising revenue and net income down 42% to $97M  —  Save this article for later!  Login or create a Free Member Profile to bookmark it.  —  That $50 million drop to $1.23 billion was “primarily due to reduced political advertising revenue.”
Liam Scott / Columbia Journalism Review:
Q&A with RFE/RL reporter Andrei Kuznechyk, whose release from a Belarus jail in February was brokered by the US, on the importance of RFE/RL in Belarus and more  —  After 1,175 days in a Belarusian prison, Andrei Kuznechyk, a journalist with the US-funded international broadcaster Radio …
Discussion: NPR
Chris Gardner / The Hollywood Reporter:
Former British Vogue EIC Edward Enninful and his sister Akua plan to launch digital platform EE72 and quarterly print magazine 72 Magazine in September 2025  —  Edward Enninful's EE72 has reeled in Simone Oliver as head of content, Sarah Harris as editorial director and Lee Swillingham …
 
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 More News: 
Brian Steinberg / Variety:
NBCU reaches an agreement that will allow it to sell Versant's US ad inventory for the next two upfront cycles
Winston Cho / The Hollywood Reporter:
In a letter, nine US senators urge Shari Redstone not to settle Trump's $20B lawsuit, saying it will only embolden him to “extort” CBS and other outlets
 Earlier Picks: 
Lauren Forristal / TechCrunch:
Netflix unveils its ChatGPT-powered search that lets users express preferences using natural phrases, rolling out this week to iOS users as an opt-in beta
Scott Feinberg / The Hollywood Reporter:
The Golden Globe Awards plans to add a best podcast category in 2026, featuring six nominees chosen from among the 25 most-listened-to podcasts
 

 
From Techmeme:

Kif Leswing / CNBC:
Apple says general counsel Kate Adams and policy chief Lisa Jackson will retire, and Jennifer Newstead, Meta's former chief legal officer, will replace Adams

Kurt Wagner / Bloomberg:
Sources: Meta is considering deep budget cuts to its metaverse efforts in 2026, potentially as high as 30% and most likely including layoffs as early as January

A.J. Vicens / Reuters:
US and Canadian authorities warn that Chinese hackers are using the Brickstorm malware to install backdoor access within unnamed government and IT entities
 
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