iHeartMedia reports Q2 consolidated revenue of $929M, up 1% YoY, an operating loss of $910M, up from $897M in Q2 2023, and podcast revenue up 8% YoY to $104.5M (Caitlin Huston/The Hollywood Reporter)

Mediagazer: iHeartMedia reports Q2 consolidated revenue of $929M, up 1% YoY, an operating loss of $910M, up from $897M in Q2 2023, and podcast revenue up 8% YoY to $104.5M (Caitlin Huston/The Hollywood Reporter)

Top News:

New York Times:

Oliver Darcy leaves CNN to launch Status, a newsletter akin to Puck, for $15/month or $150/year; CNN says the Reliable Sources newsletter is on summer hiatus— Oliver Darcy is starting a subscription-based news site dedicated to covering the media industry, joining a crowded field.
Discussion: Variety, The Wrap, Mediaite, Status, Deadline, Associated Press, @donie, Barrett Media, @bethanyshondark, @keitholbermann, @maxwelltani and The Hollywood Reporter

Discussion:

Brian Steinberg /
Variety: Oliver Darcy, CNN's ‘Reliable Sources’ Critic, Exits

Natalie Korach /
The Wrap: Oliver Darcy Departs CNN to Launch Independent Media Newsletter

Oliver Darcy /
Status: Who We Are — Status is the new, definitive nightly briefing that informs readers …

Donie O'Sullivan /
@donie: We are going to miss this guy. No media reporter has done more in recent years to hold power to account — especially at their own company — than @oliverdarcy. Sign up to his new venture: https://www.status.news/ https://www.nytimes.com/...

Donie O'Sullivan /
@donie: I had the privilege (and the headache) of sharing an office with @oliverdarcy some time back during a particularly rocky period for CNN. I can confirm he is the same absolute, unapologetic, pain-in-the-ass for all the right people in real life as he is in his newsletter.

Bethany S. Mandel /
@bethanyshondark: Did Oliver Darcy leave CNN and take the emails of everyone signed up for Reliable Sources with him? [image]

Keith Olbermann /
@keitholbermann: Well there goes one of the few useful reporters @cnn Oliver Darcy gone from Reliable Sources, starts own newsletter: https://variety.com/...

Max Tani /
@maxwelltani: New: @oliverdarcy is leaving CNN, launching a new media newsletter https://www.status.news/...

The Wrap:

WBD CFO Gunnar Wiedenfels says NBA talks were a “triggering event” to reevaluate the company and take a $9.1B impairment charge, but were not the only factor— However, CFO Gunnar Wiedenfels notes the reevaluation wasn't “a response to one individual factor”

Discussion:

Tim Baysinger /
@tim_bays: So far, none of the analysts buy that WBD isn't losing the NBA, despite their lawsuit WBD execs refusing to even entertain that possibility on this call, which could be interpreted as willful blindness

RELATED:
Deadline:

WBD reports Q2 revenue down 6% YoY to $9.7B, a $9.99B net loss, and takes a $9.1B impairment charge for networks; global streaming subs rose 3.6M to reach 103M— The value of the linear assets when Discovery and Warner Media merged two and half year ago was significantly higher …

Discussion:
The Media Leader, Variety, Quartz, Advanced Television, Yahoo Finance, @michellef_davis, @heetermaria, @annaknicolaou, @firmreturns, @billbrewstertbb, @sherman4949, CNBC, Sportico, Awful Announcing, Financial Times, Game Developer, Bloomberg, Los Angeles Times, The Streamable, The Hollywood Reporter, Warner Bros. Discoverey, IndieWire and Variety

Discussion:

Todd Spangler /
Variety: Warner Bros. Discovery Stock Crumples to Near All-Times Lows After Huge Q2 Impairment Charge

Rocio Fabbro /
Quartz: Warner Bros. Discovery stock plunged after revealing a $9.1 billion impairment charge

Alexandra Canal /
Yahoo Finance: Warner Bros. Discovery sinks after taking massive $9.1 billion impairment charge on its cable business

Michelle F. Davis /
@michellef_davis: Yikes. Warner Bros Discovery just said it's taking a $9.1 billion charge and writing off the value of its traditional TV networks after concluding that cable isn't worth what it was just 2 years after the $42 billion Discovery/WarnerMedia merger. $WBD

Maria Heeter /
@heetermaria: 🚨+📺+ 💸 = ☹️ Warner Bros Discovery reports nearly $10BN loss The co weighed a breakup in a bid to raise its sinking share price, but has since concluded that this is not the best option at this time, per @FT @annaknicolaou https://www.ft.com/... [image]

Anna Nicolaou /
@annaknicolaou: WBD says their TV channels are worth $9bn less than they were just 2 years ago. feels like a moment for the end of cable television @firmreturns: Couple of positive takeaways from $WBD Q2 earnings to offset the negatives: 1. They're not breaking it up despite the rumours. 2. DTC is growing nicely: ad revenue up nearly 100% yoy, 3.6m new subs, and $8.00 ARPU. Could be looking at double-digit DTC sub growth for full year.

Bill Brewster /
@billbrewstertbb: WBD is, has been, and will always be uninvestable because Zaslav is a rent seeker. How did he lose the NBA? And how didn't he spend enough on House Of The Dragon?! HOD was good btw... The guy doesn't build. He buys and milks. Good game when you own distribution. Not so good

Alex Sherman /
@sherman4949: Just your normal $10.2 billion quarterly operating loss for Warner Bros. Discovery. (To put that in perspective, the entire market cap of Warner Bros Discovery is about $18 billion).

Alex Sherman /
@sherman4949: “The consumer experience right now is not good,” WBD CEO David Zaslav says of streaming in general.

Lillian Rizzo /
CNBC: Warner Bros. Discovery stock falls as it writes down $9.1 billion, misses estimates

Anthony Crupi /
Sportico: WBD Takes $9.1B Impairment Charge as NBA Hopes Fade

Sean Keeley /
Awful Announcing: Warner Bros. Discovery stock freefalls over $9.1 billion charge, uncertainty around sports rights renewals

Justin Carter /
Game Developer: Report: WB Discovery looking to sell off games, other divisions to prevent total breakup

Hannah Miller /
Bloomberg: Warner Bros. Shares Tumble on $9.1 Billion TV Network Writedown

Meg James /
Los Angeles Times: Warner Bros. Discovery takes $9-billion write-down from TV networks amid struggles

Matt Tamanini /
The Streamable: Warner Bros. Discovery Climbs Over 103.3 Million Streaming Customers Amidst Disastrous Financial Quarter

Etan Vlessing /
The Hollywood Reporter: Warner Bros. Discovery Takes Major Impairment Charge Over Linear TV While Streaming Makes Minor Gains

Financial Times:

Sources: Google and Meta ran a pilot program in the US in May 2024 to target Instagram ads to teenagers on YouTube, which prohibits targeting ads to under-18s— Campaign on YouTube to boost Instagram's appeal to young people skirted search group's rules for marketing to under-18s

Discussion:
MEDIANAMA, Engadget, Boing Boing, Ad Age, The Verge, @riptari, @ariellesgarcia and Digiday, more at Techmeme »

Discussion:

Simone Lobo /
MEDIANAMA: Google monopolised search text ads, limited advertiser control: US Antitrust hearing

Rob Beschizza /
Boing Boing: Meta and Google secretly targeted kids with ads and hid it as “unknown” traffic

Garett Sloane /
Ad Age: Google monopoly ruling—what advertisers need to know about the future of search

Jess Weatherbed /
The Verge: Meta and Google secretly targeted minors on YouTube with Instagram ads @riptari: Google has all the data it needs to create self-serving ad-targeting proxies like “unknown”. The choice of label is also quite the troll https://www.ft.com/... [image]

Arielle Garcia /
@ariellesgarcia: So, while @google adamantly denied serving targeted ads on kids' videos, they were secretly working with opioid-pushing @PublicisGroupe's @SparkFoundryWW to help @Meta target kids. “Embrace the unknown” is disgusting. https://www.ft.com/... [image]

The Hollywood Reporter:

iHeartMedia reports Q2 consolidated revenue of $929M, up 1% YoY, an operating loss of $910M, up from $897M in Q2 2023, and podcast revenue up 8% YoY to $104.5M— The company also saw a wider net loss this quarter compared to last year. — Podcast revenue at iHeartMedia rose 8 percent …

Discussion:
Inside Radio, Radio & Television … and iHeartMedia …

The Verge:

TikTok launches TikTok Spotlight, in-app hubs for movies and TV shows that add links to “applicable” videos with information and where to watch, tested on Dune— TikTok will now create in-app hubs for movies and TV shows and place them directly on fan-made videos.

Discussion:
TechCrunch, Variety, The Media Leader, Deadline, TikTok and The Hollywood Reporter

Discussion:

Lauren Forristal /
TechCrunch: TikTok partners with Warner Bros. to become a discovery engine for TV and movies

Todd Spangler /
Variety: TikTok Launches ‘Spotlight’ to Let Entertainment Marketers Tap Into Fan Content; Warner Bros. Touts Results of ‘Dune 2’ Campaign

Jack Benjamin /
The Media Leader: TikTok launches Spotlight promotional solution

Jill Goldsmith /
Deadline: TikTok Debuts New Tool For Hollywood To Drive Engagement, Says “Studios Will Never Miss Another Opportunity”

Caitlin Huston /
The Hollywood Reporter: TikTok Rolls Out Marketing Feature For Movie Studios

New York Times:

Sens. Elizabeth Warren and Bernie Sanders and Rep. Joaquin Castro write to the DOJ asking to investigate Venu Sports and “oppose it if violates antitrust law”— Sens. Elizabeth Warren and Bernie Sanders and Rep. Joaquin Castro have sent a letter to the Department of Justice asking …

Discussion:

Anna Washenko /
Engadget: Senators Elizabeth Warren and Bernie Sanders call for an antitrust investigation into Venu Sports

Alexandra Canal /
Yahoo Finance: Fox CEO: Venu Sports price of $42.99 ‘hits the right mark’

Alyssa Boyle /
AdExchanger: WBD Latches Onto Global Expansion And Sports To Turn Around Revenue Losses

David Rumsey /
Front Office Sports: ESPN+ Leads Disney's Streaming to First-Time Profit Despite High Costs

Winston Cho /
The Hollywood Reporter: Lawmakers Target Disney-Fox-Warner Sports Streaming Platform Over Antitrust Concerns

Lucas Manfredi /
The Wrap: Bernie Sanders, Elizabeth Warren Urge Government to Investigate Venu Sports for Anti-Competitive Model

Lauren Feiner /
The Verge: Senators want an investigation of the Fox-Disney-Warner Bros. sports bundle

David Satin /
The Streamable: Senators Warren and Sanders Join Congressman Castro in Letter Expressing Concerns Over Venu Sports

Luke Bouma /
Cord Cutters News: Fubo Could Lose 30% of Its Subscribers If Venu Sports Is Allowed to Launch CEO Says

Dade Hayes /
Deadline: Disney-Fox-WBD Sports Streaming Venture Has One Major Advantage, Fubo CEO David Gandler Testifies: “Price Is King”

Tony Maglio /
IndieWire: Why Does Venu Sports Want to Self-Destruct in 9 Years?

The Wrap:

Sony's anime streaming service Crunchyroll announces it has surpassed 15M monthly paid subscribers, up from 11M in July 2023— The news comes after Sony reported a 10% increase in operating profit during its first fiscal quarter of 2024 — Crunchyroll, the Sony-backed streaming service dedicated …

Discussion:
Carter Hahnselle on LinkedIn, Crunchyroll, Next TV, TVNewsCheck, CNBC and The Streamable

Discussion:

Carter Hahnselle /
Carter Hahnselle on LinkedIn: 15m subs!!! Proud to say I that was here WAYYYY back when we were celebrating 500k! — https://lnkd.in/...

Jack Reid /
Next TV: Crunchyroll Surpasses 15 Million Subscribers

Jack Reid /
TVNewsCheck: Crunchyroll Surpasses 15 Million Subscribers

Variety:

Nexstar reports Q2 net revenue up 2.3% YoY to $1.3B, net income up 41.3% YoY to $106M, ad sales up 2.2% YoY to $522M, CW quarterly losses down $33M from Q2 2023— Nexstar reported its second-quarter 2024 earnings Thursday, revealing that the CW Network has narrowed its losses by $33 million.

Discussion:
Deadline, Nexstar Media Group, Inc. and Next TV

Discussion:

Dade Hayes /
Deadline: Broadcast Giant Nexstar Misses Q2 Estimates, Says It Is “Executing” CW Plan As Network Losses Shrink Nexstar Media Group, Inc.: Nexstar Media Group Reports Record Second Quarter Net Revenue of $1.27 Billion

Jon Lafayette /
Next TV: Nexstar Profits Rise as Losses at The CW Shrink

The Verge:

YouTube channels focusing on cars, like Car Throttle and Donut, have seen an exodus of popular on-camera talent, often after investors acquired their channels— From Car Throttle to Donut, countless YouTube creators are fleeing. But is this a new trend or a tale as old as venture capital?

Discussion:
@timstevens@mastodon.social and Boing Boing, more at Techmeme »

Discussion:

Tim Stevens /
@timstevens@mastodon.social: It's safe to say that the media landscape in general isn't exactly healthy right now, but automotive media in particular is going through a significant shift. While it's fun to do so, pointing the finger at private equity ignores many other significant factors. — https://www.theverge.com/...

Rob Beschizza /
Boing Boing: Why are so many Car YouTubers starting over?

Reuters:

AMET: Chadian police arrest Badour Oumar Ali, the editor-in-chief of major Chadian news website TchadInfos.com; he was taken away by “armed and hooded men”— Chadian police have arrested the editor-in-chief of a major Chadian news website, a group of online media outlets said late on Wednesday …

Nieman Lab:

A look at the ambitions of The Assembly, which has been buying and partnering with small NC outlets and envisions itself as a state-level The Atlantic magazine— “I was fixated on trying to build a place that could pay good writers good money to spend more time than normal on big stories.”

Discussion:
@joekilliannc, @anniema15, Robert Frederick on LinkedIn, Bill Horner III on LinkedIn and INDY Week

Discussion:

Joe Killian /
@joekilliannc: The Assembly aims to be a state-level, digital-first Atlantic Magazine for North Carolina https://www.niemanlab.org/...

Annie Ma /
@anniema15: The Assembly is essential NC reading!! Been a subscriber since my days in Charlotte — local news deserves beautifully written, deeply reported pieces as much as any national story, and it's been so great to see this being fulfilled.

Robert Frederick /
Robert Frederick on LinkedIn: So needed... “to spend more time than normal on big stories.”

Bill Horner III /