Nonprofit newsroom The Baltimore Banner will bring in more than $13 million in revenue in 2024, a year-over-year increase of 37% for the startup publisher. The news outlet, which launched in June 2022 with $50 million in backing from businessman Stewart W. Bainum, generates revenue from three primary sources: subscriptions (45%), advertising (35%), and philanthropy...
The New York Times' affiliate brand Wirecutter is partnering with Google Shopping to help procrastinating shoppers find last-minute holiday gifts. From Dec. 20 to Dec. 26, Google Shopping buttons will appear next to 150 curated Wirecutter products, according to Cliff Levy, the deputy publisher at The Athletic and Wirecutter. The buttons, overlaid with phrases like...
Over the past year, the media industry once again found itself reacting to new technologies, audience behaviors, and economic circumstances. From the growing influence of artificial intelligence to the algorithmic shifts of social media, the pace and scope of transformation has been dizzying. Meanwhile, financial hardships have led to widespread job losses and corporate restructuring,...
The cofounder of the digital publisher Ozy Media, Carlos Watson, was sentenced on Monday to nearly a decade in prison because of a bombshell revelation that he and his business partner, Samir Rao, had sought to defraud investors by lying about key financial information. Watson, who pleaded not guilty, disputed the charges, claiming that he...
The lifestyle media company Betches struck a strategic content partnership with the National Football League on Monday, the second such tie-up the NFL has penned in recent months as it looks to expand its core audience. Betches will gain access to key moments and tentpole events throughout the NFL calendar, including the Pro Bowl, Super...
The digital media company BuzzFeed successfully sold its food property, First We Feast, to a consortium of investors Thursday morning for $82.5 million, effectively solving the short-term financial crunch that it had been facing. But the spin-off still leaves BuzzFeed facing an uncertain future. The divestiture specifically casts a spotlight on HuffPost--the last acquired asset...
The blockbuster tie-up between Omnicom Group and Interpublic Group on Monday offers valuable clues about the future of dealmaking in the ecosystem, and telegraphs what parts of the combined business Omnicom might look to spin-off, according to interviews with five corporate strategy and financial advisors. The acquisition reflects the growing value of data and digitally...
The News Media Alliance, a trade association representing over 2,200 publishers, sent the Department of Justice and Federal Trade Commission an open letter last week urging the organizations to investigate an algorithm update issued by Google earlier this year. This update, which amended Google's Site Reputation Abuse (SRA) policy, has upended the affiliate businesses of...
The digital media company Conde Nast laid off a number of its top executives, along with key events, social media, and editorial staff, in a targeted round of cuts Thursday evening, according to interviews with four current and former staff. A representative for the company confirmed the layoffs but declined to share their exact scope....
The digital media company Vox Media is implementing layoffs and a substantial restructuring of its lifestyle properties, according to an internal memo obtained by ADWEEK. The changes will primarily affect the titles Thrillist, PS (formerly PopSugar), and Eater, as well as the media production and technology team, chief executive Jim Bankoff wrote to staff on...
The digital media company BuzzFeed Inc., which owns BuzzFeed, HuffPost, and the properties Tasty and First We Feast, is facing a potential $124 million debt crisis related to funds it raised in June 2021 to finance its acquisition of Complex Media. According to the contract governing the deal, the creditors who lent BuzzFeed the money...
The independent food publisher Tastemade launched its first recipe app, Tastemade Cooking, in mid-November to deepen engagement among Tastemade+ subscribers and capitalize on the culinary fervor surrounding Thanksgiving. The app is technically the second in the Tastemade universe--the first, called Tastemade, is designed for streaming Tastemade video--and it aims to add value to a Tastemade+...
The politics and pop culture publisher The Daily Beast increased its year-over-year revenue by 81% in the third quarter--the first profitable quarter in the 16-year history of the title. The results, reported last week in the public earnings of parent company IAC, are a welcome green shoot for Joanna Coles and Ben Sherwood, the media...
The music and streetwear publisher Complex launched a curated shopping platform called Complex Shop on Wednesday, part of a broader bid from the media company to expand its burgeoning commerce business. The platform will live both as a distinct hub on the Complex website and integrate into editorial content, according to chief executive officer Aaron...
Google issued a critical update to its Site Reputation Abuse policy on Tuesday, the culmination of a monthslong effort from the search platform to close a loophole that publishers had been using for years to generate passive affiliate revenue. In the controversial SEO practice that Google is looking to end, publishers would allow third-party vendors...
