Washington — USA
Washington, April 1, 2021 Agence France Presse: Even as US newspapers sink toward an abyss, an unusual bidding war has broken out for a major chain, pitting hedge fund operators against civic-minded billionaires seeking to promote a nonprofit model for the struggling industry.
Tribune Publishing, which owns the Chicago Tribune, Baltimore Sun and other big regional dailies, was set to sell the company to Alden Global Capital at a value of $630 million, a move that would expand the news operations of the hedge fund with a reputation for aggressive cutting of newsroom staff.
Maryland businessman Stewart Bainum had another idea: he initially struck a deal to buy the Baltimore Sun as part of the transaction, but when that plan hit a snag, made a $650 million offer for the entire chain.
Bainum, chairman of Choice Hotels, has pledged to put up $100 million, a sum match by two other wealthy investors. But it remained unclear if he can raise enough in time to head off the Tribune deal with Alden.
“Alden is offering a clean bid; they have cash and are waving it in front of the shareholders,” said Dan Kennedy, a Northeastern University journalism professor.
“It becomes complicated to ask shareholders to wait until (Bainum) can get his financing together.”
Joining Bainum’s effort was Swiss billionaire Hansjoerg Wyss, who told the New York Times he would invest $100 million; and Mason Slaine, a minority Tribune stakeholder and former CEO of Thomson Financial.
Slaine told the Wall Street Journal he would commit the same amount to acquire the Orlando Sentinel and Sun-Sentinel in his state of Florida.
Amid efforts to find buyers for other Tribune dailies, a “mystery” investor has emerged for the Morning Call offering $30 million to $40 million for the newspaper, according to the Allentown, Pennsylvania daily.
If Bainum succeeds, he would likely sell off some of the newspapers — which include the Hartford Courant and Virginian-Pilot — with some potentially becoming nonprofits.
The outcome for the Tribune could be a turning point for the troubled sector, either toward a model with civic support for expanded local news coverage, or a pure economic-driven model that could lead to deeper newsroom cuts.
Newsroom employment at US newspapers fell by half between 2008 and 2019, according to Pew Research Center, with more cuts reported during the pandemic.
“Alden’s strategy has been to cut deep and extract as much value as they can from newspapers,” Kennedy said.
“Those of us who care about the future of regional newspapers hope that the Bainum group can pull it together.”
Jon Schleuss, president of the NewsGuild which represents journalists at several Tribune newspapers, has also been pressing for civic support and local ownership in the hope of averting further job cuts.
“Our hope and work is that Alden doesn’t win,” Schleuss said. “Bainum represent a better alternative.”
Complicating matters is that Alden already owns a 31.6 percent stake in Tribune, giving it leverage over any transaction. Another 24 percent is owned by Patrick Soon-Shiong, a biotech billionaire who bought the Los Angeles Times from Tribune Publishing in 2018.
Gabriel Kahn, a former newspaper reporter now on the faculty at the University of Southern California, said the bidding comes at a time when the value of newspapers in the US has plunged.
“When you have only two bidders, it is difficult to gauge what the true value of these papers might be. But these assets have never been cheaper,” Kahn said.
But Kahn said even so-called benevolent owners may be frustrated by a dismal news media landscape where it is difficult to get digital subscriptions or advertising revenues.
Since Soon-Shiong has taken over the Los Angeles daily, “no clear strategy has emerged, nor any clear leadership. It seems obvious that managing this was much thornier than he had anticipated,” Kahn said.
“That makes me think that he is done playing civic-minded hero and will take the highest bidder for his Tribune stake.”
The nonprofit model has been growing in recent years in the United States, and now includes some 300 news outlets.
The movement gained momentum in Philadelphia, where the Inquirer newspaper has been under nonprofit ownership since 2016.
Bainum’s plan for a nonprofit in Baltimore could build on that momentum. But now, Bainum and his allies are likely to either come away with the full Tribune group or nothing.
“These buyers are united by a common interest in the long-term future of local journalism and an antipathy for newspaper investors with a track record of gutting newsrooms for near-term profit,” said Jim Friedlich, chief executive of the Philadelphia institute.
“There is a growing recognition not only that these local news institutions are vital to our democracy, but that they face extinction in the hands of the wrong owners.”
As US newspapers slide toward abyss, a bidding war breaks out
As US newspapers slide toward abyss, a bidding war breaks out
Washington — USA
Iran conservative media hail Salman Rushdie attacker
- Rushdie was on a ventilator after the attack during a literary event in New York state on Friday, more than 30 years after he went into hiding following late supreme leader Ayatollah Ruhollah Khomeini’s fatwa
TEHRAN: Iranian ultra-conservative newspaper Kayhan on Saturday hailed the man who stabbed British author Salman Rushdie — the target of a 1989 Iranian fatwa calling for his death.
Rushdie was on a ventilator after the attack during a literary event in New York state on Friday, more than 30 years after he went into hiding following late supreme leader Ayatollah Ruhollah Khomeini’s fatwa.
“Bravo to this courageous and duty-conscious man who attacked the apostate and depraved Salman Rushdie in New York,” wrote the paper, whose chief is appointed by current supreme leader Ayatollah Ali Khamenei.
“Let us kiss the hands of the one who tore the neck of the enemy of God with a knife,” the daily added.
With the exception of reformist publication Etemad, Iranian media followed a similar line, describing Rushdie as an “apostate.”
State-owned paper Iran said that the “neck of the devil” had been “cut by a razor.”
Iranian authorities have yet to make any official comment on the stabbing attack against Rushdie.
But Mohammad Marandi, an adviser to the negotiating team for Iran’s nuclear talks in Vienna, wrote on Twitter: “I won’t be shedding tears for a writer who spouts endless hatred and contempt for Muslims and Islam.”
“But, isn’t it odd that as we near a potential nuclear deal, the US makes claims about a hit on Bolton... and then this happens?” he questioned.
The attack came after Iran hinted earlier on Friday that it may accept a final compromise to revive its 2015 nuclear deal with world powers. This followed the European Union’s submission of a “final text” in Vienna.
The US Justice Department said Wednesday that it had indicted a member of Iran’s Revolutionary Guards over allegations he had offered to pay an individual in the United States $300,000 to kill former White House national security adviser John Bolton.
Iran dismissed the allegations as “fiction.”
Rushdie, 75, was propelled into the spotlight with his second novel “Midnight’s Children” in 1981, which won international praise and Britain’s prestigious Booker Prize for its portrayal of post-independence India, where he was born.
But his 1988 book “The Satanic Verses” transformed his life when Khomeini issued a religious decree ordering his killing.
In 1998, the government of Iran’s reformist president Mohammad Khatami assured Britain that Iran would not implement the fatwa.
But Khamenei said in 2005 he still believed Rushdie was an apostate whose killing would be authorized by Islam.
Twitter plan to fight midterm misinformation falls short, voting rights experts say
LONDON: Twitter Inc. on Thursday set out a plan to combat the spread of election misinformation that revives previous strategies, but civil and voting rights experts said it would fall short of what is needed to prepare for the upcoming US midterm elections.
The social media company said it will apply its civic integrity policy, introduced in 2018, to the Nov. 8 midterms, when numerous US Senate and House of Representatives seats will be up for election. The policy relies on labeling or removing posts with misleading content, focused on messages intended to stop voting or claims intended to undermine public confidence in an election.
In a statement, Twitter said it has taken numerous steps in recent months to “elevate reliable resources” about primaries and voting processes. Applying a label to a tweet also means the content is not recommended or distributed to more users.
The San Francisco-based company is currently in a legal battle with billionaire Elon Musk over his attempt to walk away from his $44-billion deal to acquire Twitter.
Musk has called himself a “free speech absolutist,” and has said Twitter posts should only be removed if there is illegal content, a view supported by many in the tech industry.
But civil rights and online misinformation experts have long accused social media and tech platforms of not doing enough to prevent the spread of false content, including the idea that President Joe Biden did not win the 2020 election.
They warn that misinformation could be an even greater challenge this year, as candidates who question the 2020 election are running for office, and divisive rhetoric is spreading following an FBI search of former President Donald Trump’s Florida home earlier this week.
“We’re seeing the same patterns playing out,” said Evan Feeney, deputy senior campaign director at Color of Change, which advocates for the rights of Black Americans.
In the blog post, Twitter said a test of redesigned labels saw a decline in users’ retweeting, liking and replying to misleading content.
Researchers say Twitter and other platforms have a spotty record in consistently labeling such content.
In a paper published last month, Stanford University researchers examined a sample of posts on Twitter and Meta Platforms’ Facebook that altogether contained 78 misleading claims about the 2020 election. They found that Twitter and Facebook both consistently applied labels to only about 70 percent of the claims.
In a statement, Twitter said it has taken numerous steps in recent months to “elevate reliable resources” about primaries and voting processes.
Twitter’s efforts to fight misinformation during the midterms will include information prompts to debunk falsehoods before they spread widely online.
More emphasis should be placed on removing false and misleading posts, said Yosef Getachew, media and democracy program director at nonpartisan group Common Cause.
“Pointing them to other sources isn’t enough,” he said.
Experts also questioned Twitter’s practice of leaving up some tweets from world leaders in the name of public interest.
“Twitter has a responsibility and ability to stop misinformation at the source,” Feeney said, saying that world leaders and politicians should face a higher standard for what they tweet.
Twitter leads the industry in releasing data on how its efforts to intervene against misinformation are working, said Evelyn Douek, an assistant professor at Stanford Law School who studies online speech regulation.
Yet more than a year after soliciting public input on what the company should do when a world leader violates its rules, Twitter has not provided an update, she said.
Google opposes Facebook-backed proposal for self-regulatory body in India - sources
- India wants a panel to review complaints about content decisions
- Google says self-regulatory system sets bad precedent - sources
NEW DELHI: Google has grave reservations about developing a self-regulatory body for the social media sector in India to hear user complaints, though the proposal has support from Facebook and Twitter, sources with knowledge of the discussions told Reuters.
India in June proposed appointing a government panel to hear complaints from users about content moderation decisions, but has also said it is open to the idea of a self-regulatory body if the industry is willing.
The lack of consensus among the tech giants, however, increases the likelihood of a government panel being formed — a prospect that Meta Platforms Inc’s Facebook and Twitter are keen to avoid as they fear government and regulatory overreach in India, the sources said.
At a closed-door meeting this week, an executive from Alphabet Inc’s Google told other attendees the company was unconvinced about the merits of a self-regulatory body. The body would mean external reviews of decisions that could force Google to reinstate content, even if it violated Google’s internal policies, the executive was quoted as saying.
Such directives from a self-regulatory body could set a dangerous precedent, the sources also quoted the Google executive as saying.
The sources declined to be identified as the discussions were private.
In addition to Facebook, Twitter and Google, representatives from Snap Inc. and popular Indian social media platform ShareChat also attended the meeting. Together, the companies have hundreds of millions of users in India.
Snap and ShareChat also voiced concern about a self-regulatory system, saying the matter requires much more consultation including with civil society, the sources said.
Google said in a statement it had attended a preliminary meeting and is engaging with the industry and the government, adding that it was “exploring all options” for a “best possible solution.”
ShareChat and Facebook declined to comment. The other companies did not respond to Reuters requests for comment.
Self-regulatory bodies to police content in the social media sector are rare, though there have been instances of cooperation. In New Zealand, big tech companies have signed a code of practice aimed at reducing harmful content online.
Tension over social media content decisions has been a particularly thorny issue in India. Social media companies often receive takedown requests from the government or remove content proactively. Google’s YouTube, for example, removed 1.2 million videos in the first quarter of this year that were in violation of its guidelines, the highest in any country in the world.
India’s government is concerned that users upset with decisions to have their content taken down do not have a proper system to appeal those decisions and that their only legal recourse is to go to court.
Twitter has faced backlash after it blocked accounts of influential Indians, including politicians, citing violation of its policies. Twitter also locked horns with the Indian government last year when it declined to comply fully with orders to take down accounts the government said spread misinformation.
An initial draft of the proposal for the self-regulatory body said the panel would have a retired judge or an experienced person from the field of technology as chairperson, as well as six other individuals, including some senior executives at social media companies.
The panel’s decisions would be “binding in nature,” stated the draft, which was seen by Reuters.
Western tech giants have for years been at odds with the Indian government, arguing that strict regulations are hurting their business and investment plans. The disagreements have also strained trade ties between New Delhi and Washington.
US industry lobby groups representing the tech giants believe a government-appointed review panel raises concern about how it could act independently if New Delhi controls who sits on it.
The proposal for a government panel was open to public consultation until early July. No fixed date for implementation has been set.
Disney+ subscribers surge as Netflix stumbles
SAN FRANCISCO: The Disney+ streaming service saw its number of paying subscribers leap beyond expectations in the last quarter, as rival Netflix’s client count ebbed, results showed Wednesday.
The number of people subscribing to Disney+ topped 152 million, up some 31 percent from the same period a year earlier, the entertainment giant said in an earnings report.
Disney’s bottom line was also boosted by rising revenue from its theme parks, which showed signs of recovering from stifled attendance during the pandemic.
Better-that-expected earnings reported by Disney came as many of the tech titans that flourished during the pandemic curb costs in the face of inflation and people get back to living life in the real world instead of online.
Disney shares were up more than 6 percent in after-market trades that followed release of the earnings figures.
“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services,” said Disney chief executive Bob Chapek.
The 14.4 million Disney+ subscribers added in the recently ended quarter raised the overall number of subscriptions to its streaming services, which include Hulu and ESPN+, to 221 million, Chapek added.
The overall number of subscribers to Disney streaming services topped those of Netflix for the first time.
“Investors will breathe a sigh of relief from Disney’s robust fiscal (quarterly) earnings,” said Insider Intelligence principal analyst Paul Verna.
“The streaming figures will be seen as an indicator of the health of the market, especially after lackluster subscriber figures from Netflix and Comcast.”
Disney also announced that an ad-subsidized version of its streaming television subscription service will be offered in the United States starting December 8 at a monthly price $3 less than the ad-free offering.
Taking a page from Netflix’s playbook, Disney has been investing in shows created in places outside the United States.
The company plans to “step up” investments in such local original content, Chapek said, pointing out a film concert and docu-series focused on South Korean music sensation BTS.
He expressed confidence in Disney theater films in the works, including an eagerly anticipated “Black Panther: Wakanda Forever” addition to its Marvel superhero line-up.
A trailer for the Black Panther film logged more than 170 million views in the 24 hours after its release, Chapek said.
“Disney still faces economic uncertainty and intense competition, but performance should at least temporarily put to rest some of Wall Street’s gloomier perceptions about the company, and more broadly about the entertainment industry,” said Paul Verna, an analyst at Insider Intelligence.
Rival Netflix has reported losing subscribers for two quarters in a row, as the streaming giant battles fierce competition and viewer belt tightening, though the firm assured investors of better days ahead.
The loss of 970,000 paying customers in the most recent quarter was less than expected, leaving Netflix with just shy of 221 million subscribers.
“Our challenge and opportunity is to accelerate our revenue and membership growth... and to better monetize our big audience,” the firm said in its earnings report.
After years of amassing subscribers, Netflix lost 200,000 customers worldwide in the first quarter compared to the end of 2021.
Netflix said in its earnings report that it had expected to gain a million paid subscribers in the current quarter.
Netflix executives have made it clear the company will get tougher on sharing logins and passwords, which allow many to access the platform’s content without paying.
In an effort to draw new subscribers, Netflix said it will work with Microsoft to launch a cheaper subscription plan that includes advertisements.
The ad-supported offering will be in addition to the three account options already available, with the cheapest plan coming in at $10 per month in the United States.
Kerning Cultures’ new podcast tells ‘forgotten tales’ from around the region
- Arabic-language show ‘Masafat’ aims to bridge ‘gap in media coverage,’ host says
DUBAI: Kerning Cultures Network has released a new show “Masafat” that aims to tell overlooked and forgotten stories spanning the Middle East region — from Jerusalem and Palestine to Egypt and Morocco.
Inspired by the network’s first English show “Kerning Cultures,” “Masafat” was launched because “we believe it’s important to have the same narrative style podcast in Arabic, telling stories in our native language — especially stories that are often overlooked or even forgotten,” Heba Afify, managing editor for Arabic content, told Arab News.
The show’s 13 episodes explore various topics, such as women in mahraganat (a popular form of street music in Egypt), Al-Quds Radio and how it contributed to the cultural and art scene in Palestine, block painting in Syria and reclaiming public spaces in Lebanon.
Afify, who also hosts the show, said: “There’s a gap in the media coverage when it comes to representation of what life looks like in our region, away from the politics and the sensational takes that often constitute the majority of media attention the region receives.”
She said the company was keen on “producing every episode with the perspective and knowledge of a local producer who knows the place and topic inside and out. So besides our diverse team, we collaborated with freelance producers from the countries that we cover in each episode.”
Although podcasts are a relatively new medium, they have grown in popularity with 67 percent of listeners in Saudi Arabia tuning in at least once a week, according to a 2021 report by Rising Giants Network.
“‘Masafat’ is built on the understanding that podcasts as a medium offer a safe space for stories that often don’t get featured or picked up by mainstream media,” said the network’s marketing director, Bella Ibrahim.
“Podcasts especially resonate with younger listeners that don’t feel seen or represented in mainstream media,” she added, with more than half of podcast listeners aged under 22, according to Mohtwize’s latest report.
The goal of “Masafat” is not only to tell overlooked stories but also to shine a light on the true nature of the region by exploring the “lost pieces of our history, the complex realities behind flashy headlines, inspirational journeys and the multifaceted unique realities of living in each corner of this region,” Afify said.
“Such nuanced coverage of our region grounded in deep knowledge and experience and an authentic and sympathetic approach is very much lacking and is crucial in correcting misrepresentation and giving our stories a place to be told.”