Thomson Reuters Beats Wall Street’s Expectations, Plans to Cut 3,000 Positions (JimRomenesko.com)
Thomson Reuters on Tuesday reported a third-quarter profit of 48 cents per share, beating Wall Street expectations by 4 cents. “Our Financial business achieved positive net sales for the first time in more than two years,” CEO Jim Smith tells employees. He adds in his memo: “We will eliminate approximately 3,000 positions as we continue to reduce product and operational complexity across our company.” WSJ The cuts, equivalent to about 5 percent of Thomson Reuters’ workforce of about 60,000, were disclosed on the same day that the financial data and news firm reported a 38 percent drop in third-quarter earnings, due to weaker revenue. The Guardian The news and information company said most of the jobs would be lost from its financial and risk arm, which sells data terminals and other services to investment banks and brokers. The losses are on top of 1,000 cuts announced earlier this year. Including staff leaving and sales of businesses the company’s workforce will shrink by 5,500, or 9 percent, from the start of the year. The Globe & Mail “I think everybody in the world is trying to do more with less,” Smith said. “I don’t think the pressure on costs and keeping them under control is going to lessen. That said, what I hope is this strategy gives us a more predictable path in the future.”
New York Post Will Go to Trial Over Harassment, Wrongful Firing Lawsuit (HuffPost)
In a setback for the New York Post, a district judge on Tuesday dismissed an effort to dispatch a lawsuit from a former employee alleging that she was harassed while at the paper and unlawfully fired. The suit, brought by onetime Post editor Sandra Guzman, will now go to trial, Guzman’s lawyer told The Huffington Post. TheWrap In the decision, the judge wrote that Guzman accused the Post employees of sleeping with interns “while promising them jobs,” that Allan frequented strip clubs during the work day and showed off photos of male genitals he had stored on his BlackBerry, that there was “sexualized behavior at the Post office parties,” and that the newsroom was a hostile environment for Guzman as both a woman and a person of Hispanic descent. Guzman said she heard Allan refer to female editors as “old bitches” and that Broadway columnist Michael Riedel “regularly greeted Guzman by singing ‘I Want to Live in America’ from West Side Story with a Spanish accent” and once called her “Cha Cha No. 1.” Capital New York “We are pleased that the claims against News Corp. were thrown out,” a Post spokeswoman told Capital when we reached out for comment on the ruling. “We look forward to presenting the truth about the remaining charges — which are completely unfounded — to a jury.”
New York Times Struggles to Replace Print Ads With Digital Sales (Bloomberg)
The New York Times Co.’s advertising department is struggling to replace its once-lucrative print ads with digital sales, as Google Inc. and Facebook Inc. gobble up increasingly large chunks of marketers’ budgets. Both print and digital advertising at the newspaper decreased about 3 percent in the third quarter, the company said last month, signaling that the total amount fell below $140 million. That’s the lowest level since at least 1998, when the Times began reporting the ad revenue of its individual papers.
CBS News in Talks With Distributors for 24-Hour Digital Video Service (BuzzFeed)
The news and interactive divisions of CBS have been quietly developing a digital video service that continually streams content 24 hours a day and leverages reporting from its existing news staff and content from the broadcaster’s archives onto new distribution platforms, according to two sources close to the situation. These sources said CBS is currently in talks with distribution companies to carry the service, though no deals have been signed and an official launch date is still several months away at the earliest. TVNewser CBS News president David Rhodes, a veteran of Fox News and Bloomberg, knows a thing or two about programming a newschannel. Buzzfeed’s Peter Lauria reports Rhodes is working alongside CBS Interactive chief Jim Lanzone “who is spearheading talks with distributors and whose Interactive unit runs the digital operations for CBS News from a sales, marketing, and technological perspective.”
Omidyar Venture Adds Froomkin, Segura (The Washington Post / Erik Wemple)
News from the much-anticipated media venture to be bankrolled by eBay founder Pierre Omidyar and piloted by Glenn Greenwald: Dan Froomkin and Liliana Segura are joining a crew that consists of Greenwald, Jeremy Scahill and Laura Poitras. Froomkin is a veteran of The Washington Post and, more recently, Huffington Post. At the Post, Froomkin penned his daily White House Watch blog, which rounded up and commented upon the goings-on of the George W. Bush White House. He has also worked since 2004 for the Nieman Foundation for Journalism at Harvard University.
New Chief of The FCC Is Confirmed (NYT)
The Senate voted unanimously on Tuesday to confirm President Obama’s two nominations to the Federal Communications Commission, overcoming obstacles by Republican lawmakers. The vote came after Senator Ted Cruz, Republican of Texas, lifted a hold earlier in the day on the nomination of Tom Wheeler as chairman, with Cruz saying he had received assurances from him that the commission would not immediately pursue changes for political advertising on television.
Martha Stewart’s New CEO Choice Suggests Cuts Ahead (Ad Age / Media News)
Martha Stewart Living Omnimedia’s choice of former metals-industry executive Daniel Dienst to lead the company meant going outside the media business for a manager with operational experience — one who can hopefully reshape the unprofitable company. The company has been trying to recast itself as a merchandiser after years of losses as a media business. Bringing in Dienst, who has little retail experience though plenty in fixing up companies, means Martha Stewart Living will probably be cutting more costs, said Mike Kupinski, an analyst with Noble Financial Capital Markets.
Bill Moyers Ending Moyers & Company in January (Current.org)
Bill Moyers announced Tuesday to his colleagues in public TV that the last broadcast of his Moyers & Company public-affairs show will air Jan. 3, 2014, when current funding commitments end. He also said that his production company is “exploring the possibility of continuing to serve that audience through BillMoyers.com with the goal of engaging them in the renewal of democracy.”
Bauer’s ‘Kardashian-Free’ Magazine to Target Older Women (NY Post / Media Ink)
In a move that is sure to turn the celebrity-weekly market on its head, Closer, a brand-new weekly, debuts Wednesday from Bauer Publications with an über-aggressive marketing plan, complete with a 25 cent cover price and a press run of 2 million copies — enough to blanket newsstands nationwide. Into a youth-obsessed magazine world, Closer is deliberately contrarian as it aims for women in the 40+ age bracket. Adweek At a time when young stars like Kim Kardashian, Miley Cyrus and Selena Gomez are minting money for magazines, Bauer is making quite a different statement with the cover choice for the first issue of its new celebrity weekly, Closer: Valerie Harper. But if the beloved star of the Mary Tyler Moore Show and Rhoda spinoff (recently appearing on Dancing with the Stars), 74, isn’t a top draw for 20-somethings, the magazine’s executives say she’s just right for the 40-plus woman that Closer is aiming for.
Barnes & Noble to Release New Version of Nook (NYT)
Barnes & Noble is set to release a new black-and-white e-reader with a glowing backlit screen on Wednesday, as the bookseller enters the holiday season with declining sales and a cloudy digital future. The new Nook, with a sharper display and lighter weight, is an update to a device released in 2012 that was meant for nighttime reading. Barnes & Noble executives said that despite the perception of simple e-readers as transitional products, they believe there is still demand for them as more consumers shift to multifunction color tablets.
MSNBC’s New Website Launches (HuffPost)
The new MSNBC.com is finally here. The network formally launched its own website on Tuesday, MSNBC president Phil Griffin announced in an email to the company on Tuesday. “Some of you have been hearing about it for months — others for years — but I’m delighted to say the day has finally arrived.” Griffin wrote. TVNewser The new site goes beyond being the online home of the TV channel. It includes original reporting and encourages participation, asking visitors to “Speak Out” and “Join In.” And in what NBC calls a first for news websites, the user experience is entirely customizable, allowing visitors to create their own version and vision of a community.
Why Twitter Just Turned Itself Inside Out (BuzzFeed)
As soon as Twitter changed from a texting service into an Internet service, it was taken over by links. Tweets were no longer messages, they were Web pointers with comments attached. It is useful to think of Twitter at that time as a constantly refreshing list of links with short descriptions; a series of doors with signs on them. This structure gave Twitter a distinctly meta feeling, one that was exhilarating for its core users. Back in 2008 and 2009, Facebook sat within the Internet, and its walls only let certain things inside; Twitter sat on top of the Internet, and felt as though it surveyed the whole damn thing. Now, Facebook has lowered its walls substantially. It’s still closed off, technically, but nothing about it feels exclusive. And Twitter’s thousand-foot view has fallen to somewhere near eye level.
People Magazine to Venture Into TV (NY Post / Media Ink)
Time Inc. CEO Joe Ripp, speaking at the recent American Magazine Conference, opined that synergy at Time Warner was “elusive” and that sometimes it was easier to work with an outside firm than a sister publication. One of the first manifestations is apparently a new deal that People magazine will unveil Wednesday to produce a two-hour TV special in a joint venture with Dick Clark Productions, to air on NBC in late 2014.
Intel May Turn Over Its Web TV Project to Verizon (AllThingsD)
Intel’s efforts to break into the TV business may be coming to a close. Sources say the chipmaker is close to a deal to hand over control of Intel Media, the unit that has been trying to build a Web-based subscription TV service, to Verizon, the telco that already operates a pay TV service.
Amazon Launches Kindle MatchBook, Offering Cheap Digital Copies of Your Physical Books (The Verge)
Amazon’s Kindle MatchBook service went live Tuesday, allowing customers to buy a heavily discounted Kindle copy of physical books they’ve purchased from the online retailer. Prices range between free and $2.99, offering a quick and cheap way to expand your Amazon eBook library. AppNewser Amazon first announced the program in September with 10,000 books and has now enrolled more than 70,000 books into it. The feature works for books purchased all the way back to 1995, the year Amazon opened for business.
Which do you prefer: eBooks or old-school books?
LaraRJ Old-school books – spend too much time in front of the computer, nice to give my eyes a break.
jennifergould nothing beats curling up in a corner, roaring fire, hot coco & an old-school book! e-book just doesn’t give cozy feel
alliezog Old school! E-books don’t smell like musty paper & memories…
Alyssa-Rae Hug E-books, easier to organize.
Suzanne Marie Walsh E books now and I am old school. Too much money.