Top News:
Jim VandeHei / Axios:
Axios says it qualified for a PPP loan “just shy of $5M” as it is both a media company and a small business with a national presence — Axios is among the small businesses that qualified for a PPP loan to protect existing jobs and help weather the coronavirus crisis.
Discussion:
@bmorrissey, @owillis, @armandondk, @elise_jordan, @shaig, @justinglawe, @lalpert1, @juddlegum, @brandyljensen, @harrysiegel, @megancarpentier, @brianstelter, @dicktofel and The Hill
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Paul Roberts / The Seattle Times:
The Seattle Times Co. says it has received a $9.9M Payroll Protection Program loan — The Seattle Times Co. has received a $9.9 million federal coronavirus-aid loan that will give the newspaper temporary relief in the face of a sharp drop in advertising revenue due to the COVID-19 pandemic.
Discussion:
@ericacbarnett, @politicsreid, @kerrymflynn, @thehoffather, @lewiskamb and @curtwoodward
CNN:
After weeks of hyping hydroxychloroquine as a potentially game-changing COVID-19 treatment, Fox News followed Trump in quietly abandoning the drug — Fox News has fallen out of love with hydroxychloroquine. After weeks of unrelenting coverage hyping the antimalarial drug …
Zack Beauchamp / Vox:
Study of Fox News programming from February to early March finds those watching Sean Hannity over Tucker Carlson were less likely to adhere to social distancing — Sophisticated new research links Hannity's coronavirus misinformation to “a greater number of Covid-19 cases and deaths.”
Discussion:
Becker Friedman Institute, @zeynep, NPR, @gelliottmorris, Newsweek, Chicago Tribune, @zackbeauchamp, @nikkimcr, The Independent, @davidmweissman, @jjmacnab, @zackbeauchamp, @proffionasm, @mehdirhasan, @zackbeauchamp, @slpng_giants, @zeynep, @mollyjongfast, The Verge, @samseder, @davidjuurlink, @conor64, @arunningriot, @karaswisher, @atrupar, Talking Points Memo, @drvox, @voxdotcom, @coqui6190 and @holden
Maxwell Tani / The Daily Beast:
In an internal email, Jeff Zucker told CNN staff that a vast majority of them will not return to its offices in any significant way “before early September” — STAY AT HOME — CNN won't send staffers back into its offices until at least September.
Discussion:
The Wrap, Deadline, TVNewser, The Hill, @hirokotabuchi, @ellefs0n, @maxwellstrachan, @graclynne14, @hshaban, Mediaite, @maxwelltani, @megancgraham, @maxwelltani, @maxjrosenthal, @ecmclaughlin and @yashar
Maxwell Tani / The Daily Beast:
Wired staff announce plans to unionize with the NewsGuild of New York, as Condé Nast plans deep cuts amid the economic downturn — Magazine staff have laid the groundwork to unionize for more than a year, but as the coronavirus shut down parts of the economy, organizers realized they had to make a decision.
J. Clara Chan / The Wrap:
Deadspin EIC Jim Rich is promoted to editorial director of G/O Media, overseeing 11 sites including Deadspin, Jezebel, The Onion, Kotaku, and The Root — Jim Rich, Deadspin's editor in chief, has been appointed as G/O Media's editorial director, the company announced on Wednesday.
Discussion:
@benmullin, @maxwelltani, MediaPost, Adweek, Folio, @rory_carroll, @kellybourdet and @maxwelltani
Erik Hayden / Hollywood Reporter:
Internal Fox Corp. memo: CEO Lachlan Murdoch will forgo pay through September and around 700 employees will see tiered salary cuts of 15% to 50% — Tiered salary cuts of 15 percent to 50 percent will impact other executives at the media giant. — Fox Corp. CEO Lachlan Murdoch will forgo …
Discussion:
The Wrap, Variety, Bloomberg, Mediaite, @kimmasters, @kevinwhitelaw1, @brianstelter, @mathewi, @jbflint, @erik_hayden and @aidnmclaughlin
Todd Spangler / Variety:
Netflix announces plans to offer $1B in junk bonds to fund operations and potential acquisitions; as of the end of March, Netflix reported $14.17B in debt — Netflix is going back to the debt markets yet again, announcing plans to offer $1 billion in junk bonds to fund operations and potential acquisitions.
Discussion:
Deadline, Fox News, @clarknova1 and The Streamable, more at Techmeme »
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Georg Szalai / Hollywood Reporter:
Netflix CEO Reed Hastings' compensation reached $38.6M in 2019, up about 7% YoY, and chief content officer Ted Sarandos received a package worth $34.7M, up 17%
Discussion:
The Wrap and Broadcasting & Cable
Lauren Feiner / CNBC:
Netflix reports Q1 revenue of $5.77B, up 27.6% YoY, vs $5.76B est., global paid net subscriber additions of 15.77M, now totaling 182.86M accounts, up 22.8% YoY
Discussion:
Netflix, Financial Times, USA Today, New York Times, Vanity Fair, Protocol, @adrianweckler, /Film, Multichannel News, Observer, Fortune, Financial Times, The Week, Variety, The Wrap, Metro.co.uk, @xpangler, @richlightshed, @lanceulanoff, @raheemkassam, @katie_robertson, @dylanbyers, @xpangler, @carttca, @shiraovide, @jamestitcomb, @lucas_shaw, @loudmouthjulia, @loudmouthjulia, @richlightshed, Washington Post, Yahoo Finance, Axios and Bloomberg, more at Techmeme »
Todd Spangler / Variety:
AT&T misses estimates, loses 138K AT&T Now customers and 897K premium TV subscribers in Q1, reports revenues of $42.78B and pulls its annual forecast — AT&T missed revenue and earnings estimates for the first quarter of 2020, with a 4.6% top-line decline driven by lower revenue …
Discussion:
Deadline, AT&T, @richlightshed, TechCrunch, CNBC, @macwbishop, Light Reading, @brianstelter, The Playlist, @edmundlee, ZDNet, The Streamable, Protocol, @alexweprin, @xpangler and MediaPost
Ben Schreckinger / Politico:
Trump is attacking Voice of America in an effort to push for confirmation of Bannon ally Michael Pack to head the US Agency for Global Media, which oversees VOA — Voice of America director Amanda Bennett seems, at first glance, to be the perfect target for a Donald Trump attack on the mainstream media …
Discussion:
Conservative Action Project, @alxthomp and Don Graham
Sarah Scire / Nieman Lab:
Bloomberg Media offers free access to Bloomberg.com to undergraduate and grad students globally through July; students can register with college email addresses — A couple of months ago, college dorms and dining rooms and lecture halls were full. But, starting in early March …
Mya Frazier / Columbia Journalism Review:
The high costs of FOIA lawsuits for declining local news outlets highlight journalism's economic divide when transparency is most needed amid corporate bailouts — In the fall of 2019, city officials in Cleveland were confronted with the kind of economic crisis that is, by now …
Discussion:
@publicintegrity, @foianate and @jasonleopold
Brian Steinberg / Variety:
ViacomCBS launches a local version of its streaming news service CBSN in Chicago and plans to expand to Dallas/Fort Worth, Sacramento, Miami, and Baltimore — Chicago is the next stop for ViacomCBS' streaming-news plans. — The media company is today launching a Chicago-focused edition of CBSN …
Discussion:
CBS Chicago and Cord Cutters News
South China Morning Post:
South China Morning Post cuts pay of 27 senior execs and asks all staff earning over ~$2,580 per month to take three weeks of unpaid leave by end of March 2021 — In email and video message to staff, CEO Gary Liu calls past year ‘truly unprecedented time’ Liu says company acting swiftly …
Discussion:
@jerometaylor, @ssataline, @bartlettkate, @jgriffiths, @jerometaylor, @ssataline, @sheridanasia, @niccijsmith and @claireatki
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