Top News:

Warner Bros. Discovery reports Q2 revenue of $9.8B, vs. $11.9B est., a $3.4B net loss, and 92.1M subscribers, counting HBO Max and Discovery+; stock falls 10%+ — The company is on a mission to find billions of dollars in cost savings.
Discussion:
Warner Bros. Discovery, Variety, New York Times, @billkuchman, CNBC, Engadget, @natjarv, TechCrunch, @loudmouthjulia, @k_trendacosta, @azalben, @natjarv, Variety, Looper, SlashFilm, @azalben, @azalben, @sherman4949, @natjarv, @masasoncap, @natjarv, @azalben, IndieWire, CNBC, @natjarv, @azalben, The Streamable, @aagave, Dan's Stack, @aagave and @tvmojoe
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On its Q2 2022 earnings call, Warner Bros. Discovery announced plans to launch a combined HBO Max and Discovery+ streaming service in the US in summer 2023 — HBO Max and Discovery+ will launch in the U.S. as a single service in the summer of 2023, JB Perrette, CEO and president …
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The Wrap, Variety, The Hill, The Hollywood Reporter, Breitbart, @dangillmor, The A.V. Club, @myronjclifton, TVNewser, @cristalmarie, ScreenRant, Looper, @marcellacomedy, @its_willyu, TV Insider, UPI, SlashFilm, Adweek, @thekjohnston, The Streamable, @thebexbecbecca, @zaackhunt, @freeblackgirl, The Daily Beast, @slangdini, @variety, @markharrisnyc, @its_willyu, @kirkwrites79, @xpangler, @cheo_coker, Los Angeles Times, @dylanbyers, @scriptsbyjames, @emtothea, @hunteryharris, @thedailybeast, @natjarv, @variety, Collider and Deadline

Gannett executives expect economic uncertainty for the rest of 2022, will speed up real estate sales to pay down debt, and will cut staff “in the coming days” — Digital subscriptions are up, but, as expenses rise, other revenue streams are in a freefall
Discussion:
MediaPost, The NewsGuild, @giambusso, @newsguild, @gaufre, The Kitchen Pundit, @bymikedavis, New Jersey Globe, @poynter, @jeremylittau, @danrshafer and @jeffjarvis
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USA Today:
Gannett reports Q2 revenue down 6.9% YoY to $748.7M, a $53.7M net loss, revises guidance down, and plans real-estate sales and cost cutting; stock down ~28%
Gannett reports Q2 revenue down 6.9% YoY to $748.7M, a $53.7M net loss, revises guidance down, and plans real-estate sales and cost cutting; stock down ~28%
Discussion:
@npenzenstadler, @sulliview, @verano305, @mattdpearce, @dinfontay, @hilton_annmarie, @mattlaslo, @elaheizadi, @tednesi, @marshallramsey, @jeffplatsky, @jonchesto, @nikkiusher, @jgrzelewski, @matttraub, @larryryckman, @freedom22bb, @joshua_newman, @gaufre, @rickedmonds, @svenaurich, @coreyhutchins and Gannett

A jury finds that Alex Jones should pay $4M+ in compensatory damages to two Sandy Hook parents; a separate trial is expected to settle punitive damages — New York (CNN Business)Right-wing talk show host Alex Jones will have to pay the parents of a Sandy Hook shooting victim a little …
Discussion:
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Natalie Musumeci / Insider:
Alex Jones' trial reveals that Infowars made as much as $800K per day in 2018, and that the fake news site made $70M in revenue in its most recent fiscal year
Alex Jones' trial reveals that Infowars made as much as $800K per day in 2018, and that the fake news site made $70M in revenue in its most recent fiscal year
Discussion:
@oneunderscore__, Associated Press, VICE, @willsommer, @bgrueskin, NBC News, @bestforbritain, New York Post, Observer, The Verge, The Wrap, NBC New York, @jonallendc, @_secondthought, @atrachelgilmore, @dansolomon, @dansolomon, @elise_jordan, @reallorraine, @jeffjarvis, @egavactip, @cameronwilson, @gideonrachman, New York Times, @froomkin, @maitlis, @zeynep, @janusrose, @nandoodles, @oneunderscore__, @annamerlan, @darbyscastle, @stevesilberman, @randfish, @maxapotter, @jenmercieca, @hasanthehun, @oneunderscore__, @emptywheel, @emptywheel, @realkellyjones, @popehat, @insidernews, @thetweetofjohn, Forbes, Deadline, VICE and Associated Press
fuboTV:
FuboTV reports Q2 revenue up 65% YoY to $216.1M, a $116.3M net loss compared to $94.9M YoY, and paid subscribers up 41% YoY to 946,735; the stock jumps 20%+ — NEW YORK—(BUSINESS WIRE)— FuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, today announced …
Discussion:
Front Office Sports, @tvgrimreaper, fuboTV and Next TV

Lionsgate reports $893.9M in Q1 revenue, a $119M net loss, and 1.8M additional streaming subscribers in the quarter, bringing its global total to 26.3M — Lionsgate shares ticked higher in post-market trading on Thursday after the studio reported that its Starz unit realized a 57% increase …
Discussion:
Variety, The Hollywood Reporter, Lionsgate, The Streamable, Deadline and @jasonhirschhorn

Seven sources close to The New Yorker say Erin Overbey's public version of events leading up to her firing excludes critical context about her job performance — Two weeks ago, The New Yorker fired its archivist, Erin Overbey, after the longstanding staffer wrote an extensive thread blasting the magazine and top editor David Remnick.
Discussion:
@andizeisler, @gawker, @jessesingal, @brandonetc, @thatjenmonroe, @benjamingoggin, @noahyoo, @ericdharvey and Today in Tabs

The Writers Guild says it won $42M from Netflix for writers of 139 films as a result of arbitration over writers' residuals for the 2018 film Bird Box — The Guild says that, after arguing successfully in a case regarding the 2018 film ‘Bird Box,’ it is seeking an additional $13.5 million …

Paramount reports Q2 revenue rose 19% YoY to $7.7B, while operating income fell 33% YoY to $819M, and says Pluto TV has nearly 70M MAUs — Paramount Global on Thursday beat analyst revenue expectations for its 2022 second quarter earnings, thanks largely in part to the humongous, $1 billion+ performance of “Top Gun: Maverick.”
Discussion:
Deadline, MediaPost, @tvgrimreaper, Too Much TV Newsletter, @kirbyslastsnack, @aurahack, Engadget, UPI, IndieWire, Paramount and Variety
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Georg Szalai / The Hollywood Reporter:
Paramount reports nearly 64M global streaming subscribers in Q2 2022, up from 62M+ in Q1 2022, and 43M+ Paramount+ subscribers in Q2, up from ~39.6M in Q1
Paramount reports nearly 64M global streaming subscribers in Q2 2022, up from 62M+ in Q1 2022, and 43M+ Paramount+ subscribers in Q2, up from ~39.6M in Q1
Discussion:
Variety, @tvgrimreaper, @adrianweckler, @thr, @xpangler, Gizmodo, @kimmasters, @xpangler, @thr, The Streamable, TechCrunch, The Streamable and Deadline

A Michigan town votes to defund its library because its employees declined to remove LGBTQ-themed books; the library will likely run out of money in late 2023 — - A west Michigan public library may close after residents voted to defund it Tuesday — Voters are upset about LGBT-themed graphic novels in the library
Discussion:
Literary Hub, @phil_lewis_, @rachelklaser, @jacremes, @jemartisby, @ejacqui, @bracknerrichard, @lebatardshowfan, @lebatardshowfan, @ryanbeckwith, @gadyepstein, @lebatardshowfan, @mariskreizman, @ohiohag, @jessicashortall, @ord_red, @lebatardshowfan, @mariskreizman, @zackford, @mikebutcher, @xtheexiled, @lebatardshowfan, @stevesilberman, @mimzway, @blakepater, @purplechrain, @amescg, Insider and @ncshusterman

Survey: 16% of US journalists are in a union and 41% say they would join if one were available; 57% of those aged 18-29 would join vs. 33% of those aged 50-64 — At a time when newsrooms in the United States are seeing a wave of unionization, around one-in-six U.S. journalists …
Discussion:
@thesarahkelly, @joshuaerlich, @johngramlich, @pewjournalism and @hamiltonnolan

Mandiant researchers find a network of at least 72 fake news sites pushing Chinese propaganda in North America, Europe, the Middle East, and Asia — A network of at least 72 bogus news sites in North America, Europe, the Middle East and Asia are part of a sprawling information operation …
Lee Enterprises:
Lee Enterprises reports Q3 operating revenue down 0.7% YoY to $195M, net income down 94.8% YoY to $0.2M, and digital-only subscribers up 49% YoY to 501K — Digital-only subscribers total 501,000 (49% YOY) Reached digital inflection point in advertising with 51% digital revenue Amplified …
Discussion:
@johnfnewsom and MediaPost