Media Insider: Trump Sues CNN, Wall Street Journal Joins TikTok, Facebook Winds Down Bulletin
Welcome to Media Insider, PR Newswire’s roundup of media stories from the week.
Trump files $475 million defamation lawsuit against CNN
Former President Donald Trump has sued CNN, seeking $475 million in damages, saying the network has defamed him in an effort to short-circuit any future political campaign. The lawsuit, filed in U.S. District Court in Fort Lauderdale, Fla., focuses primarily on the term “The Big Lie” about Trump’s false claims of widespread fraud that he says cost him the 2020 presidential election to Joe Biden. CNN said it has no comment on the lawsuit. In a statement, Trump also suggested that similar lawsuits would be filed against other news organizations.
In more political news, The Guardian US expands its democracy coverage to examine threats to democracy in America.
The Wall Street Journal is now on TikTok
Editor & Publisher | Matt Murray
The Wall Street Journal is now on TikTok, the latest step to introduce the Journal to younger and more diverse audiences. The newspaper’s TikTok presence will focus on areas like personal finance, careers and technology, and feature familiar newsroom faces sharing their reporting and expertise. The Journal will also include celebrity interviews and storytelling from WSJ. Magazine, and plans to showcase the big moments and insights from events such as Tech Live, CEO Council and Future of Everything.
ICYMI: Punchbowl, a D.C.-based political media startup, is expanding its coverage to include financial services.
Audacy hires bankers to explore sale of Cadence13
Axios | Sara Fischer
Audacy, the publicly traded radio and digital audio company, has hired bankers as it looks to sell Cadence13, one of its two podcast studios. Offloading the studio could help alleviate some of the company’s debt as it faces financial challenges. The company’s share price closed at an all-time low of 39 cents on Friday. Audacy risks being delisted by the New York Stock Exchange if its share price doesn’t increase in the next six months. The company has hired Evolution Media Capital, a boutique investment firm that focuses on deals in sports, media and entertainment, to help shop the deal. Audacy, which was previously called Entercom, became one of the largest radio companies in the country after merging with CBS Radio in 2017.
In more podcast news, The New York Times has launched “Hard Fork,” covering the latest stories in the world of tech and business.
Facebook Winds Down Its Newsletter Service
New York Times | Katie Robertson
Facebook is shuttering its Bulletin subscription service early next year. The program began in June last year, aiming to attract independent writers when more were looking to leave publications and have a direct relationship with their readers and take home all of their own revenue. It was looking to mimic the success that Substack, another newsletter platform, had with enticing writers to build their own newsletter brands. Bulletin began with a group of established writers and high-profile names, including Malcolm Gladwell, James Hamblin and Erin Andrews, as well as up-and-coming writers. It also offered support to local news writers through a $5 million commitment.
Google and FT Strategies, the subscriptions consultancy arm of the Financial Times, are significantly expanding their joint industry training program, which aims to support publishers with digital transformation. Over the next three years, the pair will work with 500+ publishers across 50 countries to help them deliver growth. Part of the Google News Initiative (GNI), a key focus of the FT-Google collaboration is Digital Immersion Week. Specific areas of focus include reader revenue, products and technology, data and audience engagement, and diversity. Content is tailored for a range of organizations, from smaller, local publishers in the early stages of their digital journey to more established publishers with national and international audiences. In the next year, programs will be delivered in Europe, the United States, Canada, Japan, India, Singapore, Malaysia, Philippines and Thailand.
ProJourn, which provides no-cost legal support for local journalism, is also expanding to include a network of law firms and corporate legal departments.
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