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10:45 PM ET, July 18, 2025

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 Top News: 
Dan Mangan / CNBC:
Trump files a $10B defamation suit against Rupert Murdoch, Dow Jones, and others after WSJ wrote an article saying Trump sent Jeffrey Epstein a “bawdy” letter  —  President Donald Trump on Friday followed through on his threat to sue media mogul Rupert Murdoch …
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Wall Street Journal:
Dow Jones responds to Trump lawsuit, saying “we have full confidence in the rigor and accuracy of our reporting, and will vigorously defend against any lawsuit”
Peter White / Deadline:
CBS says The Late Show with Stephen Colbert is ending in May 2026 and that this was “purely a financial decision against a challenging backdrop in late night”  —  In a shocking move, The Late Show with Stephen Colbert will end in May.  —  “The Late Show With Stephen Colbert …
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Alan Sepinwall / Rolling Stone:
The Late Show's cancellation is both a quid pro quo to get FCC approval for the Skydance merger and the beginning of the end for the late night format  —  Yes, the long reign of late-night has been coming to a slow end due to the internet, but don't be fooled: There's much more than money at the root of this show's demise
Peter White / Deadline:
The WGA says The Late Show's cancellation is a “bribe” as Paramount seeks merger approval and calls for NY State AG Letitia James to launch an investigation  —  The Writers Guild of America has slammed Paramount's decision to cancel The Late Show with Stephen Colbert.
Matthew Belloni / Puck:
Canceling The Late Show With Stephen Colbert makes sense from a business perspective as the show costs $100M+ per year to produce while losing $40M+ per year  —  As Paramount prepares to remake itself, David Rhodes has emerged as a likely successor at CBS News, possibly advised by Bari Weiss.
NBC News:
The US House passes a Senate-approved bill to strip $1.1B from the CPB, hitting 1,500 local stations, PBS, and NPR; it now awaits President Trump's approval  —  The $9 billion package passed the House and the Senate with only Republican votes through the rarely used “rescissions” process.
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Jim Rutenberg / New York Times:
A look at GOP efforts to cut NPR and PBS funding, dating back to Nixon; the cuts succeeded now due to Trump's grip on the GOP and the increase in media sources  —  They tried under Ronald Reagan and George H.W. Bush and George W. Bush.  Newt Gingrich gave it a go when he controlled the House …
Ethan Beck / Washington Post:
CPB's funding rescission threatens indie musicians and public radio stations that play indie music as CPB covers music licensing fees, costing ~$20M per year  —  If the rescission bill passes, $1.1 billion of funding will be cut from the Corporation for Public Broadcasting, limiting public radio's ability to license music.
New York Times:
A map of areas at risk of losing public radio and TV access due to CPB cuts and a chart of the average share of station funding from federal sources by state  —  President Trump's proposal to eliminate federal funding for public broadcasters threatens scores of radio and TV stations across …
Mark Sweney / The Guardian:
Ted Sarandos says The Eternaut featured the first GenAI final footage in a Netflix original and that the VFX costs would have been too high otherwise  —  Firm says technology used in El Eternauta is chance ‘to help creators make films and series better, not just cheaper’
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Sarah Whitten / CNBC:
Netflix reports Q2 revenue up 16% YoY to $11.08B, vs. $11.07B est., net income of $3.13B, and forecasts 2025 revenue of $44.8B-$45.2B, up from $43.5B-$44.5B
Emma Roth / The Verge:
Netflix says it's on track to double its advertising revenue this year and that it will roll out interactive ads in the second half of 2025
RELATED:
Reuters:
Report: David Rhodes, Sky News executive chairman and former CBS News president, is in talks to lead CBS News if the Skydance/Paramount merger goes through
Zac Bowden / Windows Central:
Microsoft shuts down the Movies & TV storefront on the Microsoft Store on Windows and Xbox; users will continue to be able to access their past purchases  —  After 12 years, Microsoft is shutting down its storefront that let Windows and Xbox users buy or rent Movies & TV shows natively on the platform.
 
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 More News: 
Josef Adalian / Vulture:
Peacock will raise prices by $3 per month for new users starting July 23 and test a $7.99/month ad-supported “Select” tier without sports and some other content
 Earlier Picks: 
Brian Steinberg / Variety:
CNBC names David Cho, most recently the EIC of Barron's, as its EIC, replacing both Dan Colarusso and Jay Yarow, ahead of CNBC's planned spin-off into Versant
Alex Weprin / The Hollywood Reporter:
Barstool Sports signs a “wide ranging” deal with Fox Sports, with Dave Portnoy and other Barstool personalities joining Fox's college football coverage
 

 
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

Will Oremus / Washington Post:
Two studies suggest AI chatbots can shift political views more effectively than TV campaign ads, especially by presenting many claims, regardless of accuracy
 
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