Mark Lennihan / AP

Time Inc. stock is down more than 13% in mid-day Wednesday trading, following a first quarter earnings report that included lower-than-expected revenue and higher-than-expected losses. All of this means that the venerable media giant is now trading well below the unsolicited $18 per share takeover offer it rejected last fall from Edgar Bronfman Jr. and the solicited $18 per share takeover offer that it rejected last month from Meredith Corp.

According to CEO Rich Battista, however, the blame does not belong to a board of directors who overvalued the company or management that fell short on performance. From the earnings call:

"The noise and relentless media speculation over the last 6 months around the potential change of ownership clearly was a major distraction to our employees and advertisers and other partners, and had an impact on Q1 results."

Bottom line: Blaming the media for your own shortcomings is hardly a novel tactic, but it's not something we usually see an actual media company do. Particularly when there is no indication that any of the reporting was faulty.

Go deeper

There's little consensus on TikTok's specific national security threat

Illustration: Aïda Amer/Axios

TikTok has become a Rorschach test for how U.S. politicians view China, with little consensus on the specifics of its threat to homeland security.

The big picture: Much of what D.C. fears about TikTok is fear itself, and that's reflected in President Trump's executive order to ban the app by Sept. 20 if it's not sold by parent company ByteDance — alongside another focused on Chinese messaging app WeChat and its parent company Tencent.

U.S. sanctions Hong Kong leader Carrie Lam

Photo: Anthony Kwan/Getty Images)

The Treasury Department on Friday placed sanctions on Hong Kong leader Carrie Lam, following months of tension as she has allowed continued overreach by Beijing to subvert Hong Kong's autonomy.

Why it matters: It's the toughest sanction yet imposed on China for its destruction of Hong Kong’s relatively free political system.

GM's high-stakes electric move

The Cadillac Lyriq. Image courtesy of Cadillac

Cadillac on Thursday unveiled the Lyriq, the luxury brand's first all-electric model and GM's first consumer electric vehicle unveil since the Chevy Bolt several years ago.

Why it matters: It's the first reveal by GM of an electric vehicle that will use the company's new modular platform and Ultium battery system — technologies meant to underpin the 20 electric vehicles that GM plans to launch by 2023.