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10:40 PM ET, February 28, 2024


 Top News: 
Dade Hayes / Deadline:
Paramount CFO Naveen Chopra says the company expects to take about a $1B charge in Q1 due to ongoing programming shifts and previously announced layoffs  —  Paramount Global expects to take a $1 billion charge in the current quarter due to ongoing programming shifts and the layoffs it announced earlier this month.
Laya Neelakandan / CNBC:
Paramount reports Q4 revenue of $7.64B vs. $7.85B est., and profit of $514M, up from $21M the year prior; Paramount+ reached 67.5M global subscribers, up 4.1M  —  - Paramount Global missed revenue expectations for the fourth quarter Wednesday but posted a surprise quarterly profit …
Manish Singh / TechCrunch:
Reliance and Disney merge their media businesses in India, creating the country's largest media conglomerate; Reliance values it at $8.5B and will invest $1.4B  —  Reliance, its portfolio Viacom18 and Disney are merging their media businesses in India, creating the largest media entity in the South Asian market.
Aisha Malik / TechCrunch:
Substack debuts direct messaging, letting users have private one-on-one conversations; by default, users will only receive DMs from people they're connected to  —  Substack is introducing direct messaging, allowing users to have private one-on-one conversations, the company announced today.
Yiwen Lu / New York Times:
Raw Story, AlterNet, and, in a separate case, The Intercept sue OpenAI in a NY federal court for copyright infringement; The Intercept is also suing Microsoft  —  Raw Story, AlterNet and The Intercept sued for copyright infringement over the way the ChatGPT creator trains its technology.
Jem Aswad / Variety:
ASCAP reports $1.737B in 2023 revenue, up 14.1% YoY, and $1.592B available for royalty distributions; US performance revenue surpassed $1.327B, up 12.6% YoY  —  The American Society of Composers, Authors and Publishers (ASCAP) announced record financial results for 2023 …
Discussion: Inside Radio, RAIN News and Billboard
Joshua Benton / Nieman Lab:
An analysis of educational backgrounds of 460 NYT newsroom staff members shows the Ivy League is over-represented; about 75% of staffers are not Ivy Leaguers  —  They're not a majority, based on a new look at education data, but they are wildly overrepresented.
Rhodri Talfan Davies / BBC:
The BBC says it is running 12 generative AI pilots, including reformatting and translating existing content and a “headline helper” for journalists  —  Rhodri Talfan Davies is the BBC's Director of Nations.  He's responsible for bringing teams together across the BBC to shape …
Jeremy Barr / Washington Post:
Mehdi Hasan raises $4M to launch Zeteo, a digital media company on Substack, offering a weekly streaming show he hosts, contributor pieces, a podcast, and more  —  Hasan, whose MSNBC cancellation triggered an outpouring from fans, follows other political pundits who have struck out on their own
Foo Yun Chee / Reuters:
Axel Springer and 31 other media groups in Europe file a $2.3B lawsuit against Google, alleging that they suffered losses due to its digital ad practices  —  Alphabet's (GOOGL.O) Google was hit with a 2.1-billion-euro ($2.3 billion) lawsuit by 32 media groups including Axel Springer and Schibsted …
Radio & Television Business Report:
The E.W. Scripps Company names Kate O'Brian as president of news, responsible for Scripps News, Court TV, and all news operations at local media stations  —  CINCINNATI — The E.W. Scripps Company has selected Kate O'Brian to fill the newly created role of President/News.
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 More News: 
Alexandra Bruell / Wall Street Journal:
Sources: Essence Magazine's parent company is in talks to buy Refinery29 from Vice Media, which acquired the women's lifestyle site in 2019 for $400M
Los Angeles Times:
Netflix names Dan Lin, the producer of the Lego movies and the live-action adaptation of Avatar: The Last Airbender, as head of film, replacing Scott Stuber
Benjamin Mullin / New York Times:
Sources: The Center for Public Integrity is considering merging with a competitor or shutting down, after falling ~$2.5M short of its $6M budget goal for 2023
Lachlan Cartwright / The Hollywood Reporter:
Source: Disney held talks in 2015 and 2016 about buying Vice for $3.4B; Shane Smith is believed to be paid millions in a 2019 deal finishing at the end of 2024
Dara Kerr / NPR:
Time owner Marc Benioff tells a reporter, who is looking into his Hawaii land acquisition, that he knows where she is staying and her family's personal details
 Earlier Picks: 
Wall Street Journal:
Sources: TikTok reached out to Universal with a proposal the music company felt didn't address its concerns on compensation, platform safety, or AI protections
Jake Kanter / Deadline:
A group of top journalists, including from CNN, BBC, and CBS, sign an open letter asking Israel and Egypt to provide foreign media “unfettered access” to Gaza
WBD proposes shutting down Newshub, one of New Zealand's major newsrooms, on June 30, as part of which ~200 journalists and other staff could lose their jobs
Byron Tau / Wired:
A look at some government contractors that are helping US intelligence agencies and others use targeted mobile ads to track down people