CNN Worldwide President Jeff Zucker on Monday said the company plans to launch its new streaming service called CNN+ in the first quarter of 2022, sources on the company's editorial call tell Axios. The company publicly announced the news minutes later with more detail.
Why it matters: CNN is committing to building out a standalone streaming news operation, after a few failed attempts at creating a standalone streaming app with original content, most notably CNN Pipeline.
Pershing Square Tontine (NYSE:PSTH), the record-breaking SPAC formed by Bill Ackman, walked away from its agreement to buy a 10% stake in Universal Music Group from Vivendi at a $40 billion enterprise value.
Why it's the BFD: Ackman was too clever by half, raising the hackles of both regulators and shareholders in his SPAC (whose value was down more than 17% since the Universal announcement). Walking away also means the end of Tontine's plans to form what it called a SPARC, or special purpose acquisition rights company, seeded with cash that wasn't going to Universal and intended to buy another company.
LeBron James' media venture, SpringHill Company, is exploring a possible sale in the $750 million range, per The Information (subscription) — and Nike is among the potential suitors.
Between the lines: SpringHill has 120 employees and three businesses: Springhill Entertainment (production company), Uninterrupted (athlete empowerment brand) and The Robot Co. (marketing agency).
CBS Evening News executive producer Jay Shaylor is exiting amid reorganization of the show's management, sources tell Axios.
Why it matters: It's the second major leadership shakeup at the show in the last few years. The program has struggled for years to compete for ratings with evening news at ABC and NBC.
Netflix has tapped gaming veteran Mike Verdu to serve as VP of game development, a hire first reported by Bloomberg.
Why it matters: This is the first move in its new gaming initiative that the company Netflix has acknowledged specifically.
The New York Times has hired Jason Sobel, previously the head of infrastructure at Airbnb, as its new chief technology officer.
Details: Sobel will report directly to the company’s chief executive officer, Meredith Kopit Levien, per a statement. Before Airbnb, Sobel worked at Facebook for six years.
Facebook CEO Mark Zuckerberg said Wednesday that Facebook and Instagram plan to together invest over $1 billion in creators through the end of 2022.
Why it matters: This is by far Facebook's biggest investment in attracting creators to its platform to-date.
Outside Media, home to dozens of outdoor enthusiast brands, is acquiring two new titles, Pinkbike and Cycling Tips, as well as Trailforks, a trail mapping app.
Why it matters: The deals will help further cement Outside’s coverage of cycling and bolster its mapping tools.
HBO and HBO Max led all Hollywood studios with 130 nominations for the 73rd annual Emmy awards, the Television Academy said Tuesday. If you add up the nominations for networks owned by Disney, including Disney+, Hulu, FX, Nat Geo, and ABC, the company topped HBO and HBO Max with 146 nominations.
Why it matters: It's an important milestone for both companies, which are now competing with several tech giants for TV eyeballs, including Netflix, Apple and Amazon. Netflix took home 129 nominations.
Gabriel Snyder, formerly of The New Republic and The Atlantic, is launching a new daily media newsletter that will cover the media business in New York City.
Why it matters: The media beat has gotten more competitive over the past few years as independent journalists and media companies launched dozens of new newsletters analyzing the business.