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12:45 PM ET, August 7, 2025

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New York Times:
Paramount and Skydance's $8B merger closes, giving Paramount stronger financial wherewithal and ending a tortuous process that has lasted well over a year  —  The merger catapults new power players to the top of Hollywood and ends a tortuous process that has lasted well over a year.
Alex Weprin / The Hollywood Reporter:
SEC filing: Paramount Skydance CEO David Ellison and President Jeff Shell will get paid no less than $3.5M per year and have bonus targets of $1.5M per year  —  The executives who will lead the entertainment company will receive salaries of $3.5 million, as well as annual bonuses and stock.
Katcy Stephan / Variety:
Memo: Paramount Global co-CEO Brian Robbins announces his departure from the company following the Skydance merger, calling the transition “bittersweet”
Kieran Smith / Financial Times:
WPP reports H1 2025 operating profit down 48% YoY to £221M and halves its interim dividend ahead of a strategic review, weeks after cutting its FY 2025 guidance  —  Shares hit 16-year low as interim operating profits plunge 48% for first half  —  WPP halved its interim dividend …
Abid Rahman / The Hollywood Reporter:
Sony Pictures reports Q1 revenue up 4% YoY to ~$2.26B, operating income up 76% YoY to $129M, and motion pictures unit revenue down 13% YoY to $742M  —  The studio's releases in the period included ‘28 Years Later’ and ‘Karate Kid: Legends.’ … SPE comprises the motion pictures division, television productions and media networks.
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Harshita Mary Varghese / Reuters:
WBD reports Q2 revenue up 1% YoY to $9.81B, vs. $9.76B est., boosted by the HBO Max expansion and blockbuster hits, and subscribers up 3.4M QoQ, vs. 2.71M est.  —  Warner Bros Discovery (WBD.O) topped Wall Street estimates for quarterly revenue on Thursday, boosted by the international expansion …
Matthew Keys / TheDesk.net:
Nexstar reports Q2 revenue down 3% YoY to $1.23B, primarily due to reduced political ad revenue in a US non-election year, and net income down 14% YoY to $91M  —  Key Points:  — Nexstar reported $1.23 billion in Q2 revenue, down 3.2% on a year-over basis due to lower political ad spending in a non-election year.
Kenneth Li / Reuters:
Thomson Reuters reports Reuters News Q2 revenue up 5% YoY to $218M, driven by its agency and professional business and a contractual price increase from LSEG  —  Thomson Reuters (TRI.TO) reported higher revenue for the second quarter, during which it launched new AI features in its tax and accounting and legal divisions.
Jess Weatherbed / The Verge:
Truth Social launches a Perplexity-powered AI search feature that consistently references Trump-supporting media including Fox News and The Washington Times  —  The Perplexity-powered ‘Truth Search AI’ tool appears to selectively source from conservative media.
Sean Hollister / The Verge:
Digital Foundry, known for in-depth game console analysis, is now an independent entity after its founder, Richard Leadbetter, bought the publication from IGN  —  ‘We answer to nobody but you, the audience.’ … Even Sony and Microsoft often favor DF for exclusive access to technical details.
Julian Wyllie / Current:
PBS North Carolina says it will offer voluntary buyouts as it anticipates an annual loss of $4.8M in federal funding and may also lose $4M in state funding  —  PBS North Carolina announced Tuesday that it will offer voluntary buyouts to staff due to an anticipated revenue shortfall caused by the loss of federal funding.
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 More News: 
Laura Hazard Owen / Nieman Lab:
Report for America says for 2024-25, 55% of the 181 reporters in the program were hired into permanent positions; since 2018, RFA has placed 759 corps members
Discussion: Report for America
Glenn Kessler / By Glenn Kessler:
Glenn Kessler likens working at WaPo now to the Titanic, sinking and aimless under Will Lewis, who asked Kessler for advice on attracting Fox News viewers
Dan Cepeda / Oil City News:
News Media Corporation says it will cease operations effective immediately, citing financial challenges; NMC operated local newspapers in five US states
 Earlier Picks: 
Liz Reid / The Keyword:
Google says total organic click volume from Search to websites is “relatively stable year-over-year” and it's sending “slightly more quality clicks” vs. in 2024
Winston Cho / The Hollywood Reporter:
Universal Pictures has started adding a legal warning at the end credits of its films stating that their titles “may not be used to train AI”
Mike Florio / NBCSports.com:
The ESPN-NFL deal will require US regulatory approval, giving President Trump the kind of leverage he seemingly exercised in the 60 Minutes settlement
 

 
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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