Time Inc. Stock Falls in Its Debut (NYT)
Shares of Time Inc., the magazine company that began trading Monday after being spun off from Time Warner, got off to a rough start, falling nearly 7 percent before recovering somewhat. Bloomberg The shares, trading under the ticker symbol TIME, slid less than 1 percent to $23.30 at the close in New York, after earlier dropping by as much as 6.7 percent. Shares of Time Warner, which owns the Warner Bros. movie studio and cable networks such as HBO and CNN, rose 1.2 percent to $68.99. FishbowlNY Last week, Time Inc.’s execs met with editors and asked them to begin the process of cutting 25 percent of editorial spending. That means staffing cuts are coming by the bunches. HuffPost Time Inc. laid off hundreds of employees in 2013 and earlier this year. Some titles, such as People, appear to have already started with their layoffs. Time Inc. is also set to leave its longstanding home, the Time-Life Building, for a cheaper downtown pad. THR Dealmaking could be on the agenda, but unlikely in the form of big acquisitions. Time Inc. was spun off with $1.3 billion in debt. Analysts have compared that to the lack of debt that Rupert Murdoch’s News Corp got when the mogul’s empire was split into two last year. Moody’s recently rated Time Inc.’s debt below investment grade, but other observers said the debt will also allow Time Inc. to show that it can be trusted financially.
Netflix Shareholders Vote Down Chairman/CEO Split Proposal (WSJ)
Netflix’s shareholders on Monday voted against a nonbinding resolution to split up the company’s chief executive and chairman positions, a move some investors and proxy-advisory firms have pushed at U.S. companies to improve corporate governance. Variety The vote was conducted at the Netflix annual shareholders meeting at the company’s headquarters in Los Gatos, Calif. CEO Reed Hastings co-founded Netflix in 1997, and has been chairman since its inception. A proposal to separate the CEO and chairman roles was approved at Netflix’s 2013 shareholders meeting, but the board did not act on the resolution. THR The proposal was supported by pension funds and some others but it was not expected to pass, given that Netflix shares soared nearly 300 percent in 2013 and investors weren’t inclined to penalize Hastings after such an accomplishment. Deadline New York Netflix said in its proxy that it makes sense for Hastings to be chairman “because he is the director most familiar with the company’s business and industry and is therefore best able to identify the strategic priorities to be discussed by the Board.”
Time Warner in Talks About $2.2 Billion Vice Deal (SkyNews)
Vice Media, the digital group which has mounted an aggressive assault on traditional news providers, is in talks to sell a major stake in itself to Time Warner. Financial Times The deal would value the anarchic digital media and publishing group at $2 billion-$3 billion, according to people familiar with the situation. Vice, which produces a news show for Time Warner’s HBO cable network, operates some of the most popular channels on YouTube and has succeeded in reaching millennial viewers that have drifted away from traditional media. Variety Last August, 21st Century Fox invested $70 million in Vice, giving Fox a 5 percent ownership stake and valuing Vice at $1.4 billion. In one of the scenarios under discussion, Time Warner would combine its cable-news network HLN with Vice, according to the report. NYT Precise terms and valuations have not been agreed upon. Talks have been going on for several weeks and could still fall through, said the people, who spoke on the condition of anonymity.
Barbara Walters to Interview Peter Rodger, Father of Killer Elliot Rodger (TVNewser)
Barbara Walters was on her first post-retirement trip last week when she got a call from ABC News HQ. ABC brass wanted to know if Walters would be available to interview Peter Rodger, the father Elliot Rodger who killed six people and himself in Isla Vista, Calif. last month. Rodger, a Hollywood director, requested Walters for the interview. Mediaite On Monday, ABC News announced the interview, which will air during 20/20 on a to be determined date. THR / The Live Feed Walters officially retired from daytime TV on May 16, when her final episode as co-host of The View aired. The show was preceded by an array of farewell celebrations, including a dedication ceremony in which ABC News’ New York headquarters was renamed “The Barbara Walters Building.” Despite leaving The View, it was always the plan for Walters to remain a part of the ABC News team, contributing as news warrants.
The Kelly File Tops The O’Reilly Factor in Demo for The Week (TVNewser)
The Kelly File was the top cable news show in the adults 25-54 demographic last week, topping perennial leader The O’Reilly Factor for only the second time ever. Megyn Kelly’s program averaged 413,000 viewers to Bill O’Reilly’s 402,000 demo viewers for the week. Deadline Hollywood Yes, the 9 p.m. Kelly File has topped 8 p.m.’s O’Reilly Factor on FNC before both on individual nights and even for a full week. However, those single nights were mainly around the time Kelly’s show debuted in early October last year and on Election Night 2013. The Kelly File beat The O’Reilly Factor during the week of May 5, but O’Reilly himself wasn’t hosting that week. Last week’s victory was the first host-to-host face-off where Kelly came out the winner. Variety O’Reilly Factor still prevailed in total viewers last week, but it was close: 2.53 million to 2.43 million for Kelly File. Both shows dominated among cable newsies in their respective timeslots.
Chase Carey Renews With 21st Century Fox (WSJ)
Chase Carey, the president and chief operating officer of 21st Century Fox Inc., on Monday agreed to a two-year employment contract extension, ensuring the media company will retain an experienced executive during a period of intense change in the entertainment industry. Deadline New York The terms, formalized Monday, will keep Carey at the company through June 30, 2016 — although he can terminate on Dec. 31, 2015 if he gives the company six months notice. If he leaves then he must provide “non-exclusive consulting services” subject to a non-compete provision to the end of June 2016, the company says in an SEC filing. His previous contract, from 2010, was set to expire at the end of this month. THR The agreement calls for Carey’s compensation to remain largely flat, though it can vary with the price of the stock. In fiscal 2013, Carey made $27.05 million, up 9 percent over the year prior.
Michael Schaffer Named Editor of Washingtonian (Washingtonian / Capital Comment)
Michael Schaffer, the New Republic’s editorial director, will be the fourth editor of Washingtonian, publisher Cathy Merrill Williams announced Monday. FishbowlDC Schaffer replaces Garrett Graff, who served as editor of Washingtonian for the past five years. In April, a memo from publisher Cathy Merrill Williams announced that she and Graff agreed he would leave this month.
Instagram to Extend Advertising to Canada, U.K., Australia This Year (AllFacebook)
Ads debuted on Instagram in the U.S. last November, and Canada, the U.K., and Australia are next up, at some point during 2014, the Facebook-owned photo- and video-sharing network announced in a post on the Instagram for Business blog. Adweek Facebook, which owns the image-rich platform, is trying to be careful not to flood the network with too much commercialization too quickly, and when it does, it controls the content heavily.
Netflix Says It Will Stop Shaming Verizon, Other Internet Providers (Re/code)
Netflix looks like it’s trying to make peace with Verizon. A few days after a controversy erupted over messages Netflix showed Verizon subscribers blaming the telco for slow streaming speeds, Netflix says it will stop running those messages — at least temporarily — by June 16. Variety The announcement Monday via a Netflix blog post came after Verizon Communications issued a cease-and-desist letter to the streamer last week demanding that the notifications stop.
Quartz Expands to India (FishbowlNY)
Quartz, the online business brand from Atlantic Media, has expanded its operations to India. The site — available to users in India at qz.com and all others at qz.com/india — will be run by Sruthijith KK, a reporter who previously worked for The Economic Times.
ABC Pulling Plug on Live Well Network (TVSpy)
ABC is pulling the plug on its Live Well Network. Live Well is a lifestyle based “broadcast, online and wireless service for digital channels in the U.S.” It was launched in 2009. It is currently carried in 64 percent of the U.S. with ABC-owned stations making up 23 percent of that total.
Newseum Honors Journalists Killed Around The World in 2013 (HuffPost / AP)
The Newseum on Monday honored the 77 journalists who were killed around the world in 2013 by adding 10 names to its towering memorial. Last year, 28 journalists were killed in Syria, making it the deadliest place in the world for journalists. The memorial now contains the names of 2,256 journalists who have died while covering the news since 1837, said Gene Policinski, Newseum chief operating officer.
Carl Quintanilla Joins HBO’s Real Sports With Bryant Gumbel (TVNewser)
CNBC anchor Carl Quintanilla is joining HBO’s Real Sports With Bryant Gumbel as a correspondent. He will continue to anchor his CNBC shows, including Squawk on The Street and the newly launched Squawk Alley. THR / The Live Feed Real Sports has a history of signing correspondents associated with other networks. Veteran TV sports reporter Andrea Kremer is the chief correspondent of the NFL Network’s recently formed health and player safety unit. Soledad O’Brien, who joined the show last year, also reports for Al Jazeera America. And Mary Carillo has several other jobs including a significant presence on NBC Sports during coverage of the Olympics.
NY City Council to Hold Hearing on ‘Sweatshop’ Conditions in Reality TV Productions (Deadline Hollywood)
The New York City Council will hold public hearings June 25 to explore allegations of “sweatshop” working conditions at reality TV shows shot in the city. The overwhelming majority of nonfiction shows shot there are nonunion, with many workers complaining about long hours without overtime pay and no health benefits.
CQ Roll Call Launches New Defense Blog (FishbowlDC)
Monday, CQ Roll Call announced the launch of the new blog, Five by Five, to be run by Tim Starks. Part of its Policy Pulse blogs collection, Five by Five will cover the happenings of the Pentagon and Capitol Hill with a focus on defense as well as national security.
What is your favorite book-to-movie adaptation?
GO_Liv7 Harry Potter series. Hands down
DeniseDavidson Pride & Prejudice w Colin Firth!
missyin10ec The Orchid Thief and “Adapation.” Simply brilliant.
wdgschultz “Revolutionary Road.” Tone, ending(!), casting. Perfection.
amy_calistri The Sweet Hereafter