Finance

What The Next Recession Could Do to the Media Business
August 27, 2015 at 2:15 pm

Maybe it’s a blip. Maybe we’ll see the global stock market plunge of the last week as a hysterical overreaction to China’s economic woes. Or maybe, it’s the unwelcome, but real, signal that the economic recovery that the U.S. – and lately Europe – have enjoyed may be compromised. Certainly, it’s too early to believe…

NBCUniversal Buys Big Chunks of Vox Media and BuzzFeed
August 13, 2015 at 5:17 pm

Last week Re/code reported that NBCUniversal was investing in BuzzFeed and Vox Media. Now those deals are done, and NBCU and Vox Media are announcing their deal today. The headline for now: The media giant is investing $200 million in Vox Media, at a pre-money valuation of $850 million, according to several sources. Which is…

Press Release: Time Inc. Reports Second Quarter 2015 Results
August 4, 2015 at 2:17 pm

NEW YORK--(BUSINESS WIRE)-- Time Inc. (NYSE:TIME) reported financial results for its second quarter ended June 30, 2015. Time Inc. Chairman and CEO Joe Ripp said, “Over a full year has passed since our spin-off from Time Warner. As an independent public company, Time Inc. is renewing the organization’s creativity, entrepreneurship and innovation. We are extending our…

Press Release: Meredith Reports Record $1.6B Revenue for Fiscal 2015
July 30, 2015 at 3:32 pm

DES MOINES, Iowa, July 30, 2015 /PRNewswire/ -- Meredith Corporation (NYSE:MDP; www.meredith.com), the leading media and marketing company serving more than 100 million unduplicated American women and over 60 percent of U.S. millennial women, today reported fiscal 2015 earnings per share of $3.02, compared to $2.50 in the prior year, a 21 percent increase.

Layoffs Sweep Across Rolling Stone, US Weekly
June 18, 2015

Wenner Media has laid off more than a dozen people across its three magazines: Rolling StoneUS Weeklyand Men's Journal, according to a spokeswoman for the company.

The spokeswoman declined to elaborate on the layoffs, but a Wenner staffer said the cuts occurred in the last few days and stretched across the editorial and business sides of the magazines. They were also equally weighted across all three titles, part of a shift in resources from print to digital, this person explained.

Bonnier Loses $1.5M in Cyberfraud
June 18, 2015

Cyberhackers believed to have originated in China scammed Bonnier Publications out of $1.5 million last month, Media Ink has learned.

The thieves hacked into the email of then-CEO Dave Freygang and then sent two bogus instructions to an employee in the accounts payable department to ship the money to a Chinese bank via electronic transfers, sources said.

The emails were marked urgent and confidential, sources said. The FBI is said to be investigating.