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11:25 AM ET, March 31, 2020

Mediagazer

 Top News: 
Daniel Bernhard / Toronto Star:
Canadian media, starved of ad revenues for years, is on the brink of mass extinction due to the pandemic; CBC cancelled all local TV news broadcasts last week  —  By some industry estimates, many of our major media outlets will fail within weeks.  Starved of advertising revenues for years …
Tony Maglio / The Wrap:
Fox withdraws financial guidance, citing delayed productions and sports cancellations and postponements, and says it plans to amend agreements with lenders  —  Fox is the latest major media corporation to walk back its prior financial guidance due to the impact of the continuing coronavirus pandemic.
Maxwell Tani / The Daily Beast:
Vice will no longer match 401k contributions, freezes promotions through July, cuts salaries for top staff including the CEO, and will furlough some top execs  —  STAY AFLOAT  —  Vice Media will cut salaries for top staff and halt retirement benefit-matching following the economic downturn spurred by the coronavirus pandemic.
Discussion: Digiday and @maxwelltani
Variety:
Memo: iHeartMedia CEO Bob Pittman waives salary, other execs take pay cuts, as an unknown number of staff receive 90-day furloughs without pay due to pandemic  —  iHeartMedia has joined the growing list of companies implementing sizable pay cuts for senior executives amid the upheaval caused by the coronavirus crisis.
Discussion: RAMP
Marc Tracy / New York Times:
Profile of STAT, a science and medical news site that was early to cover COVID-19 and has attracted ~30M unique visitors this year, 4x to 5x its usual traffic  —  Stat, started in 2015 by the Red Sox owner John Henry, is drawing four to five times its normal audience.  “We were built for this,” one of its editors said.
The Guardian:
Todd Spangler / Variety:
Spotify for Kids launches in the US, Canada, and France on the $14.99/month Spotify Premium Family tier with 8,000 songs, of which 50% is localized  —  Spotify is giving more housebound parents — and their cooped-up kids — a new tool to cope with the COVID-19 pandemic.
Chris Best / Substack Blog:
Substack donates $100K in grants to writers struggling due to pandemic, drops its cut of subscription revenue for pubs donating earnings to COVID-19 causes  —  We started Substack because we believe that what you read matters and good writing is valuable.  We believe that writers, bloggers …
Discussion: TechCrunch
Kayleigh Barber / Digiday:
How entertainment and lifestyle publishers like Bustle, BuzzFeed, and People are adapting to coronavirus disrupting events and upending planned content  —  As coronavirus continues to interrupt events and dominate the news cycle, entertainment and lifestyle publishers are seeing their planned content get upended.
Michael Luo / New Yorker:
An in-depth look at the macroeconomic picture for US newsrooms since 2008: fights over paywalls, non-profit startups, the death of local news, and now COVID-19  —  Can a fragile media ecosystem survive the pandemic?  —  In 2009, as the economy struggled to rebound from the Great Recession …
TheStreet:
Maven anticipates revenue to drop by $30M in 2020 and will lay off some staff, with Sports Illustrated journalists representing 6% of the overall cost reduction  —  Maven Media Brands (MVEN) said Monday it will be laying off employees and senior management will see a 30% reduction …
Maxwell Tani / The Daily Beast:
Sources: on an internal call, Jeff Zucker defended airing Trump briefings live, arguing that viewers need to hear Trump answer tough questions from journalists  —  Zucker said on an internal staff call that he has “probably spent more time on this topic than anything else,” …
RELATED:
James Poniewozik / New York Times:
Trump has turned his coronavirus briefings into create-your-own-reality TV with the structure, intrigue, drama, rhythm, and characters of a weekly reality show
 
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 More News: 
Nesrine Malik / The Guardian:
Interview with Mehdi Hasan, whose hard-hitting interviews on Al Jazeera English become regular viral hits, on why US media is almost “irredeemable” and more
 Earlier Picks: 
Maxwell Tani / The Daily Beast:
Gannett CEO announces furloughs and pay cuts across the company, says other execs will take a 25% pay cut and he won't take a salary until the cuts are reversed
Ryan Parker / Hollywood Reporter:
Disney says senior executives will take temporary pay cuts with Bob Iger forgoing his entire salary and recently named CEO Bob Chapek taking a 50% pay cut
Tampa Bay Times:
The Tampa Bay Times to temporarily cut print editions to Sunday and Wednesday, says digital subscription gains are not enough to make up for advertising losses
Ina Fried / Axios:
After changing its rules, Twitter is cracking down on COVID-19 misinformation from prominent accounts, including Brazilian President Bolsonaro and Rudy Giuliani
Marc Tracy / New York Times:
Facebook says it will invest $100M to support the news industry during COVID-19: $25M in emergency funding for local news and $75M in additional marketing spend