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4:40 PM ET, October 29, 2025

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Jaspreet Singh / Reuters:
Meta recorded a one-time income tax charge of $15.93B related to Trump's Big Beautiful Bill and expects 2025 capex of $70B-$72B, up from a $66B-$72B forecast  —  Meta (META.O) recorded a nearly $16 billion one-time charge in the third quarter related to U.S. President Donald Trump's Big Beautiful Bill …
Jonathan Vanian / CNBC:
Meta reports Q3 revenue up 26% YoY to $51.2B vs. $49.4B est., net income down 83% to $2.7B due to a $15.9B one-time income tax charge; META down 6%+ after hours  —  Here's how the company did, compared with estimates from analysts polled by LSEG:  — Earnings per share: $7.25 adj. vs. $6.69 estimated
Todd Spangler / Variety:
YouTube reorganizes its product group, naming Christian Oestlien as head of all subscription products, including YouTube TV, Music, and Premium
Discussion: The Wrap
Todd Spangler / Variety:
Paramount Skydance lays off ~1,000 staff, mostly in the US; in a memo, David Ellison says the cuts “are necessary to position Paramount for long-term success”  —  Paramount Skydance, aiming to get leaner and meaner, today is laying off about 1,000 employees, mostly in the U.S. David Ellison …
RELATED:
Los Angeles Times:
Sources: Paramount layoffs will affect CBS, CBS News, and cable channels including MTV and Comedy Central  —  - Paramount began laying off 1,000 workers this week with another 1,000 planned later on as new owners pursue $2 billion in expense cuts across the company.
Sara Fischer / Axios:
Apollo Global reaches a deal to sell AOL to Bending Spoons, sources say in a deal valued at ~$1.5B; AOL has about 30M MAUs across its email and web properties  —  Apollo Global Management has reached a deal to sell AOL to Italian tech holding group Bending Spoons in a deal valued at roughly $1.5 billion, Axios has learned.
Emma G. Fitzsimmons / New York Times:
The Times of London takes down a story about former NYC Mayor Bill de Blasio criticizing Zohran Mamdani, after de Blasio says the outlet fabricated his comments  —  The former New York City mayor said comments attributed to him about Zohran Mamdani, reported in The Times of London on Tuesday, were fabricated.
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Ana Marie Cox / Talking Points Memo:
Patron-supported journalism, including newsletters on platforms like Patreon and Substack, offers only a precarious income for many journalists  —  Writing about the failure of patron-supported journalism is itself a kind of confession.  It hasn't worked for me, and I struggle to weigh my guilt around that …
Jess Weatherbed / The Verge:
YouTube is using AI to upscale videos uploaded at between 240p and 720p to HD on TV screens, but users can opt out, and plans 4K upscaling “in the near future”  —  The platform is optimizing its TV experience with new resolution upscaling and shopping features.
The Hollywood Reporter:
Sources detail how Paramount's Taylor Sheridan partnership fell apart, even as NBCU's Donna Langley courted him; Paramount never made an offer to retain him  —  David Ellison has the deepest pockets in Hollywood.  Sheridan has the best track record in streaming.  Why the most obvious deal in TV didn't happen.
The Verge:
Grokipedia hands-on: many articles clone Wikipedia, but deviate significantly on topics Elon Musk cares about, with inaccuracies on some scientific topics  —  xAI's Wikipedia-like website offers a generous take on Musk's worldview. … On Monday, a new online “encyclopedia” sputtered to life.
 
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 More News: 
Matthew Keys / TheDesk.net:
Fubo and Hulu with Live TV complete their merger; Fubo CEO David Gandler will be the CEO of the new combined company, also called Fubo, with 6M+ customers
Winston Cho / The Hollywood Reporter:
A US judge turns down Dr. Phil's bid to proceed under Chapter 11 bankruptcy for his media startup Merit Street and converts the case to a Chapter 7 liquidation
Financial Times:
John Malone steps down as chair of F1 owner Liberty Media and Liberty Global; he remains the shareholder with the most voting rights
 Earlier Picks: 
Hanaa' Tameez / Nieman Lab:
RISJ survey across 24 countries: news creators and influencers gain more attention in countries with struggling traditional media and high social media usage
Winston Cho / The Hollywood Reporter:
Paramount signs a 10-year lease for 285K+ square feet at 1888 Studios in Bayonne, NJ, making it eligible for tax credits of up to 40% for movies and TV shows
Blake Brittain / Reuters:
Celebrity video shoutout app Cameo sues OpenAI for trademark infringement, alleging Sora's “cameo” feature is likely to cause confusion and dilute its brand
Emma Roth / The Verge:
YouTube will age-restrict more video game content showing “graphic violence” and stop creators from directing users to gambling sites involving digital goods
 

 
From Techmeme:

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

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

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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