Walt Disney is bracing for a bitter proxy battle as activist investor Nelson Peltz nominated himself and an ally to Disney's board, his second attempt this year to gain sway over the company's strategy.
Reuters reports the looming battle comes at a pivotal time for Disney, as the company is trying to reinvigorate its creative franchises, make its streaming business profitable and find partners to help build ESPN's digital future.
Peltz's Trian Fund Management, which owns roughly $3 billion worth of Disney shares, abandoned a bid for one board seat in February when the media conglomerate outlined a sweeping restructuring plan that addressed his criticisms.
"As Disney's largest active shareholder, we can no longer sit idly by as the incumbent directors and their hand-picked replacements stand in the way of necessary change," Trian said in a statement, laying out the case for its two independent director candidates.
After having signaling that he might nominate as many as four directors, Peltz cut the number to two. The decision came after Disney revamped its bylaws and after the company announced it was adding two new directors.
"Disney is one of the most iconic companies in the world, with unrivaled scale, unparalleled customer loyalty, irreplaceable intellectual property, and enviable commercial flywheel," Trian said in a statement issued Thursday. "However, Disney has woefully underperformed its peers and its potential."
Disney issued a statement, saying its diverse and highly qualified board is focused on the long-term performance of the company, strategic growth initiatives including the company's ongoing transformation of its businesses, increasing shareholder value, and finding a successor to Iger.
The company notes Trian is in partnership with Isaac Perlmutter, a longtime Marvel Entertainment executive who was ousted in March.
Netflix has resumed advertising on X following a suspension by the streamer and other brands after Elon Musk was met with intense backlash for promoting and agreeing with a post that glorified an antisemitic conspiracy theory, TheWrap is reporting.
The New York Times reported last month that Netflix halted nearly $3 million worth of ads, citing X estimates. But TheWrap has come across posts by Netflix advertising its films “Maestro” and “May December.”
When asked for comment, an X spokesperson confirmed to TheWrap that Netflix has resumed advertising on the platform.
On Nov. 15, Musk endorsed a verified account named @breakingbaht, which wrote, “Jewish communities have been pushing the exact kind of dialectical hatred against whites that they claim to want people to stop using against them.” He responded to the post, writing, “You have said the actual truth.”
The “actual truth” tweet came in conjunction with a Media Matters report that found X not adhering to agreed-upon brand safety measures for advertisers’ content. It found the social media platform placing its ads alongside content that “touts Adolf Hitler and his Nazi Party,” prompting multiple brands to suspend their advertising, including Disney, Paramount, Apple, Sony and Lionsgate.
On Nov. 16, X CEO Linda Yaccarino responded to the controversy, tweeting that “X’s point of view has always been very clear that discrimination by everyone should stop across the board — I think that’s something we can and should all agree on.”
“When it comes to this platform — X has also been extremely clear about our efforts to combat antisemitism and discrimination. There’s no place for it anywhere in the world — it’s ugly and wrong,” she wrote. “Full stop.”
The following day, Musk called advertisers the “greatest oppressors of your right to free speech.” He proceeded to file a lawsuit against Media Matters on Nov. 20.
The U.S. Chamber of Commerce and Comcast Corp said on Thursday they oppose the Federal Communications Commission's proposal to reinstate landmark net neutrality rules, while major tech firms backed the plan.
The FCC in November voted to advance a proposal to assume new regulatory oversight over broadband internet rescinded under former President Donald Trump.
Reuters reports the Chamber called the plan "unlawful and unwise," and argued it "will have significant negative impacts on investment, innovation, and unserved and underserved consumers." Comcast said in a filing with the commission "there is no broadband market failure to justify the sweeping government takeover proposed here."
The FCC voted in 2017 under Trump to reverse the rules that barred internet service providers from blocking or throttling traffic, or offering paid fast lanes, also known as paid prioritization, that were adopted under then President Barack Obama in 2015.
The Computer & Communications Industry Association, whose members include Amazon.com, Apple, Alphabet and Meta Platforms, backed reinstatement saying "rules prohibiting blocking, throttling, paid prioritization, and unreasonable conduct must be reinstated to preserve open access to the internet."
Audacy Buffalo raised $117,000 for the SPCA Serving Erie County during the SPCA Radiothon, hosted by WBEN-AM and 107.7 The Wolf (WLKK-FM).
“We’re thrilled to have been able to spearhead the radiothon effort for the SPCA in 2023 and excited we exceeded the goal and expectations for the event,” said Tim Wenger, Senior Vice President Market Manager and WBEN Brand Manager, Audacy Buffalo. “The money raised is a testament to our listeners’ commitment to community and will go a long way toward helping the SPCA meet a growing need.”
The SPCA Radiothon was broadcast live on December 13. Throughout the day, programming featured interviews and stories showcasing the impact of the SPCA Serving Erie County in the Buffalo community.
The SPCA Serving Erie County’s mission is to create a more humane community through education, rescuing, protecting and enhancing the lives of animals, and nurturing the bond between animals and people.
SPCA Radiothon is a part of Audacy’s commitment to making a meaningful difference at scale. Audacy uses its reach and personal connection with listeners to advance causes that promote strong mental health and build sound communities.
Beasley Media Group Tampa announces WiLD 94.1 FM’s Freak Show Personality and Program Director, Orlando Davis’ 12thAnnual Toy Drive Tower event collected 717 bikes, $67,641 in cash and gift card donations, and 3 pods filled with toys to benefit The Children’s Home Network.
The non-profit organization is dedicated to serving as a sanctuary for abused, neglected or abandoned children.
Beginning on Friday, December 1st at 5pm through Saturday, December 9th at 5pm, Orlando climbed the Toy Drive Tower, an outdoor constructed platform that was elevated 30 feet in the air overlooking the City of Tampa and Westshore Plaza (250 Westshore Plaza), where he remained for eight days.
“It’s been 12 years and the showing of love for these children and families blows my mind,” said Davis. “It’s a huge undertaking by our staff and team but the reward is so worth it when we see families excited to their core about sharing. Even in a down economy, our audience doubled their bikes and still gave $68k in cash and gift cards. I’m so very proud of our community and in awe of the hearts we have here in Tampa Bay.”
➦In 1922...Albert James "Alan" Freed was born in Johnstown, PA (Died – January 20, 1965). He became internationally known for promoting the mix of blues, country, rhythm and blues music on the radio in the United States and Europe under the name of rock and roll. His career was destroyed by the payola scandal that hit the broadcasting industry in the early 1960s.
Alan Freed
While attending the Ohio State University, Freed became interested in radio. Freed served in the US Army during World War II and worked as a DJ on Armed Forces Radio. Soon after World War II, Freed landed broadcasting jobs at smaller radio stations, including WKST (New Castle, PA); WKBN (Youngstown, OH); and WAKR (Akron, OH), where, in 1945, he became a local favorite for playing hot jazz and pop recordings. Freed enjoyed listening to these new styles because he liked the rhythms and tunes.
Freed is commonly referred to as the "father of rock 'n' roll" due to his promotion of the style of music, and his introduction of the phrase "rock and roll", in reference to the musical genre, on mainstream radio in the early 1950s. He helped bridge the gap of segregation among young teenage Americans, presenting music by black artists (rather than cover versions by white artists) on his radio program, and arranging live concerts attended by racially mixed audiences. Freed appeared in several motion pictures as himself. In the 1956 film Rock, Rock, Rock, Freed tells the audience that "rock and roll is a river of music which has absorbed many streams: rhythm and blues, jazz, ragtime, cowboy songs, country songs, folk songs. All have contributed greatly to the big beat."
In 1945 Alan Freed joined WAKR and became a local favorite, playing hot jazz and pop recordings. The radio editor for the Akron Beacon Journal followed Freed and his "Request Review" nightly program of dance. When he left the station, the non-compete clause in his contract limited his ability to find work elsewhere, and he was forced to take the graveyard shift at Cleveland's WJW radio where he eventually made history playing the music he called "Rock and Roll."
In the late 1940s, while working at WAKR 1590 AM in Akron, Ohio, Freed met Cleveland record store owner Leo Mintz. Record Rendezvous, one of Cleveland's largest record stores, had begun selling rhythm and blues records. Mintz told Freed that he had noticed increased interest in the records at his store, and encouraged him to play them on the radio. Freed moved to Cleveland in 1951, still under a non-compete clause with WAKR. However, in April, through the help of William Shipley, RCA's Northern Ohio distributor, he was released from the non-compete clause. He was then hired by WJW radio for a midnight program sponsored by Main Line, the RCA Distributor, and Record Rendezvous. Freed peppered his speech with hipster language, and, with a rhythm and blues record called "Moondog" as his theme song, broadcast R&B hits into the night.
Mintz proposed buying airtime on Cleveland radio station WJW 850 AM, which would be devoted entirely to R&B recordings, with Freed as host. On July 11, 1951, Freed began playing rhythm and blues records on WJW. While R&B records were played for many years on lower powered, inner city radio stations aimed at African-Americans, this is arguably the first time that authentic R&B was featured regularly on a major, mass audience station. Freed called his show "The Moondog House" and billed himself as "The King of the Moondoggers".
He had been inspired by an offbeat instrumental called "Moondog Symphony" that had been recorded by New York street musician Louis T. Hardin, aka "Moondog". Freed adopted the record as his show's theme music. His on-air manner was energetic, in contrast to many contemporary radio presenters of traditional pop music, who tended to sound more subdued and low-key in manner. He addressed his listeners as if they were all part of a make-believe kingdom of hipsters, united in their love for black music. He also began popularizing the phrase "rock and roll" to describe the music he played.
Later that year, Freed promoted dances and concerts featuring the music he was playing on the radio. He was one of the organizers of a five-act show called "The Moondog Coronation Ball" on March 21, 1952, at the Cleveland Arena. This event is known as the first rock and roll concert. Crowds attended in numbers far beyond the arena's capacity, and the concert was shut down early due to overcrowding and a near-riot. Freed gained a priceless notoriety from the incident. WJW immediately increased the airtime allotted to Freed's program, and his popularity soared.
In those days, Cleveland was considered by the music industry to be a "breakout" city, where national trends first appeared in a regional market. Freed's popularity made the pop music business take notice. Soon, tapes of Freed's program began to air in the New York City area over station WNJR 1430 (now WNSW), in Newark, New Jersey.
In July 1954, following his success on the air in Cleveland, Freed moved to WINS 1010 AM in New York City. Hardin, the original Moondog, later took a court action suit against WINS for damages against Freed for infringement in 1956, arguing prior claim to the name "Moondog", under which he had been composing since 1947. Hardin collected a $6,000 judgment from Freed, as well as an agreement to give up further usage of the name Moondog. WINS eventually became an around-the-clock Top 40 rock and roll radio station, and would remain so until April 19, 1965—long after Freed left and three months after he had died— when it became an all-news outlet.
In 1956, Freed hosted "Alan Freed's Rock 'n' Roll Dance Party" on CBS Radio from New York. Freed’s life was dramatized in the film “American Hot Wax.”
➦In 1936....What is now known as KFNQ began as KGBS in 1927, changing to KVL in 1928, then KEEN in this date in 1936 and KEVR in 1940.
The station is considered the third oldest radio station in Seattle, the first being KJR, which began broadcasting in 1922, and the second being KOMO, which began in 1926.pioneering Seattle radio station KVL changed its call letters to KEEN.
➦In 1941...We Hold These Truths, a celebration of the 150th anniversary of the United States Bill of Rights, aired as an hour-long radio program that explored American values. It was the first show to be broadcast on all four major networks (CBS, NBC Red, NBC Blue, and Mutual) simultaneously.
It was written and produced by Norman Corwin, who won a Peabody Award for the show, which commemorated the ratification of Bill of Rights on December 15, 1791.
The attack on Pearl Harbor on December 7, 1941 — a week before the scheduled broadcast — may have contributed to what the Crossley Rating Service estimated to be 63 million listeners (almost half of the U.S. population), the largest audience in history for a dramatic performance.
The radio program had been commissioned by the United States government under the auspices of the Office of Education, and was scheduled for live broadcast on that date well before the attack on Pearl Harbor occurred. When producer Corwin asked on December 7 whether the show was still on, the response wired to him the next day was, "The President thinks it's more important now than ever to proceed with the program."
➦In 1944...The plane carrying Alton Glenn Miller disappeared. He was an American big-band trombonist, arranger, composer, and bandleader in the swing era.
He was the best-selling recording artist from 1939 to 1942, leading one of the best-known big bands. Miller's recordings include "In the Mood", "Moonlight Serenade", "Pennsylvania 6-5000", "Chattanooga Choo Choo", "A String of Pearls", "At Last", "(I've Got a Gal In) Kalamazoo", "American Patrol", "Tuxedo Junction", "Elmer's Tune", and "Little Brown Jug". In just four years Glenn Miller scored 16 number-one records and 69 top ten hits—more than Elvis Presley (38 top 10s) and the Beatles (33 top 10s) did in their careers.
While he was traveling to entertain U.S. troops in France during World War II, Miller's aircraft disappeared in bad weather over the English Channel.
➦In 1956…Elvis Presley gave his final performance on the "Louisiana Hayride" a weekly show aired by KWKH in Shreveport, Louisiana. Elvis made 50 appearances.
➦In 1957…Columbia Records executive Mitch Miller and entertainer Sammy Davis Jr. disparaged rock 'n' roll as "the comic books of music" during a radio talk show hosted by Davis. Another guest on the radio show, Arnold Maxim, president of the MGM record label, disagreed with them saying he saw no end to the fad in the near future.
➦In 1966...Walt (Walter Elias) Disney died in Burbank at age 65. Disney had been a heavy smoker since World War I. He did not use cigarettes with filters and had smoked a pipe as a young man. In November 1966, he was diagnosed with lung cancer. On November 30 he felt unwell and was taken to St. Joseph Hospital where, on December 15, ten days after his 65th birthday, he died of circulatory collapse caused by lung cancer. Disney's remains were cremated two days later, and his ashes interred at the Forest Lawn Memorial Park in Glendale, California.
98.5 The Sports Hub’s Fred Toucher on Wednesday commented on the speculation that Rob “Hardy” Poole will be his co-host on “Toucher and Rich,” while a 98.5 guest gave some insight into whether Taylor Swift will be at the Patriots game this weekend.
Toucher during Wednesday’s show read the Boston Herald’s story about Hardy filling in on the morning show earlier this week. Hardy, the third chair on the midday show “Zolak and Bertrand” who is key for show production, has been rumored as the replacement for Rich Shertenlieb on the morning show.
In the Herald’s report, midday host Scott Zolak poured some cold water on how the morning show went with Toucher and Hardy earlier this week. Zolak called Toucher and Hardy “very similar,” like “vinegar and vinegar” on a salad.
Toucher responded to Zolak’s comments, emphasizing that it would be a promotion for Hardy if he got the morning show position.
“Don’t you have to at least pretend to be happy for him? Like if he was to get the job?” Toucher said. “Like even if it annoys you that he was leaving the show, you would have to be happy for him because he would be making, you would figure, more money than he makes now.
“And now the guy’s got 75 jobs, you would figure that he would not have to do any of those jobs anymore,” Toucher added. “His lifestyle — even though he would have to get up in the morning — would improve greatly. You would have to at least pretend to be happy for the guy, even though it might annoy you, you would have to pretend.”
Kendra Middleton, who makes regular appearances on “Toucher and Rich” and has interviewed for the open position, was filling in on Wednesday.
“If I were Zolak, I’d be doing the same thing,” Middleton said. “Hardy is a great talent. He does so much for that show. The production he puts into it.
“I love listening to that show, so it would be a loss for them, for sure,” she added. “So if I were Zolak, I would be like no, I would call dibs.”
Middleton then asked Toucher who he wants as his co-host.
“Between you and Hardy,” Toucher responded to Middleton.
Audacy has signed another amendment to its credit agreement, giving the audio content provider 68 more days to avoid defaulting on $18.9 million in loans that will have come due by the end of this month, according to a Dec. 8 Securities and Exchange Commission filing. The Philadelphia Business Journal reports the extension comes as the company tries to reach an agreement with lenders to restructure its debt to avoid bankruptcy,
In the SEC filing, Philadelphia-based Audacy said if lenders holding the majority of the debt have not received a final form of agreement with Audacy over its debt repayment by Friday, the grace period will expire after 45 days. Audacy did not say in the filing how close it might be to reaching a deal with its lenders.
Audacy missed a $17 million debt repayment due on Oct. 31 and another $785,592 payment due on Nov. 8. Audacy sought and received a 30-day grace period, which was extended by 10 days. The company also has a third debt payment for $1.13 million due on Dec. 28. All three payments are part of the latest extension.
In all, Audacy is attempting to restructure $1.9 billion in debt and gain financial breathing room.
The latest repayment extensions come after JPMorgan Chase & Co. stepped down late last month from its role in covering Audacy’s defaulted loans should the company not be able to repay its debt. Chase, the nation’s largest bank, removed itself as the company’s letter of credit and swingline lender. A swingline loan is a short-term loan made by financial institutions that provides businesses with access to funds to cover debt commitments.
If Audacy failed to make payments, Chase would have been on the line to provide that swingline loan. The filing said Wilmington-based WSFS Financial Corp. will assume Chase’s former role.
As of the end of its fiscal third quarter on Sept. 30, Audacy said it had $57.4 million in cash or cash equivalents. While Audacy has enough cash to cover the debt due in the coming months, it still has more debt to pay down — including $926.4 million of debt set to mature next year — and has been losing money in recent years as advertising demand has fallen off since the pandemic began.
With quarterly losses mounting, Audacy said this past summer that it had deals in place to sell assets in Boston and Phoenix. If talks with its creditors fail, the company said at the time that a bankruptcy filing could be on the horizon. The company linked its declining advertising revenue to macroeconomic issues such as inflation. It noted that things are “to a large extent, outside our control” since lenders hold most of the cards with any potential restructuring.
In late October, Audacy lost its appeal of the New York Stock Exchange's decision to delist its stock. It now trades over-the-counter as AUDA. Trading of Audacy stock was halted May 16 with the NYSE informing the company that it would initiate a delisting proceeding due to the company's low stock price,
Audacy has more than 220 radio stations across the country.
As we approach the end of 2023, the team at Edison Research has highlighted ten of their favorite findings and to think about how they may frame our research as we look forward to 2024.
If the Top 10 findings below just aren’t enough, you can peruse more findings from 2023 here. And of course we will be back again next week with a new Insights email.
The Top 10 Findings of 2023 are shared by various members of our Edison Research Team (please click here to view the videos) with a wish for good health, much success, and abundant happiness in the New Year!
10. The Infinite Dial's 25th year tracked the U.S.'s transition from dial-up to digital dominance, as 75% of those age 12+ have listened to online audio in the last month ➤Source: The Infinite Dial® 2023 sponsored by Amazon Music, Wondery, and ART19
9. A majority (58%) of audio listening now occurs in the home, and largely through connected devices ➤Source: Audio in Evolution sponsored by Amazon Ads
5. In-car listeners spend the most time listening to audio through a radio, but mobile devices continue to gain share ➤Source: Share of Ear from Weekly Insights
2. Diverse audiences are engaged podcast listeners ➤Sources: The Black Podcast Listener Report sponsored by SXM Media, and Mindshare USA; The Latino Podcast Listener Report sponsored by LWC Studios, Latina to Latina podcast, Libsyn, Latino Media Network, and SXM Media
1. Kids are engaged podcast listeners and grow into loyal adult listeners ➤The Kids Podcast Listener Report from Edison Research and Kids Listen, with sponsors American Public Media, Disney Podcasts, Tumble Media, and Wondery; The Gen Z Podcast Listener Report sponsored by SXM Media
Bonus finding: The podcast "New Heights with Jason and Travis Kelce" sees a four and a half times increase in weekly podcast listeners age 13+ since the Swift-Kelce pairing became public; audience shifts to 50% female ➤Source: Edison Podcast Metrics from Weekly Insights
Completing a mission to gift smiles to families in Southern Nevada, Audacy’s 98.5 KLUC in Las Vegas has wrapped up its 25th annual Chet Buchanan Show Toy Drive on December 11 with 42 Coca-Cola trucks full of toys, 7,774 bikes and over $802,000 donated in cash and gift cards, including a $255,000 donation from Terribles.
“Every year, we see countless acts of compassion, but this time around, I’m truly amazed by the outcome, to say the least,” said JB King, Brand Manager, Audacy. “The team at 98.5 worked tirelessly day in and day out and they did it happily knowing a parent will be able to give their child a holiday to remember.”
As he does every December, host Chet Buchanan spent 12 days living atop scaffolding, offering those who brought donations holiday greetings and gratitude from 30 ft in the air. Thursday, November 30, the first day of this year’s Toy Drive, marked 193 days of living on the scaffolding for Chet, totaling over six months. Audacy’s charity partner, HELP of Southern Nevada, handled the distribution of the donations.
The House voted 221-212 along party lines to formally authorize Republicans’ impeachment probe into President Biden. Party leaders initiated it several months ago, hoping to add legal and political muscle to the investigation into allegations that he accepted bribes and profited from his family’s business pursuits. Democrats criticized the vote as a political stunt and retribution on behalf of Donald Trump, who was impeached twice by the House before being acquitted by the Senate. Earlier today, the president’s son Hunter Biden defied a congressional subpoena to testify behind closed doors and said his father was not involved in his business affairs. Hunter Biden, the subject of congressional and legal scrutiny regarding his overseas business dealings and alleged tax evasion, said he was willing to testify publicly, but House leaders said that he couldn’t dictate the terms of his testimony and that they would initiate contempt proceedings against him. The White House has said the House GOPers haven’t found any wrongdoing and are using obstruction claims to justify their probe.
BREAKING: Republicans in the House voted to begin a formal impeachment inquiry into President Biden. The votes came on the same day that Hunter Biden blasted Republicans on Capitol Hill for what he said were attacks on him to "embarrass and damage" his father. pic.twitter.com/cK6qlwEHr9
BIBI VOWS VICTORY: As combat in Gaza escalates and international outrage swells over Israel's military campaign, the country's leader vows to continue the war despite the pressure. Biden said Tuesday that "indiscriminate bombing" is causing Israel to lose international support, his sharpest criticism of Israel to date. The same day, the U.N. General Assembly voted 153- 10 in favor of a humanitarian cease-fire; the U.S. and Israel opposed the measure. Despite the first signs of discord with its main supporter, Israeli Prime Minister Benjamin Netanyahu pledged Wednesday to persist in an offensive that has killed more than 18,000 Palestinians, the Gaza health ministry says, and left parts of Gaza in ruins. Israeli citizens said on Wednesday the army should not back off its unrelenting offensive to crush Hamas, despite the U.N. General Assembly's ceasefire call, the growing list of troop casualties and a spiralling Palestinian death toll in Gaza.
➤DEADLY DAY: Israel's military suffered one of the deadliest days in the two-month-old Gaza war on Tuesday, with a colonel among 10 soldiers killed, bringing the toll to 115 - almost double the number killed during clashes in the coastal enclave nine years ago. And with much of the enclave laid to waste, conditions dire and more than 18,500 Palestinians killed in the Israeli army's air and ground assault, U.S. President Joe Biden said the "indiscriminate" bombing of Gazan civilians was costing Israel international support. Polls in recent weeks show overwhelming backing for the war despite the rising human costs. Six Israelis who spoke to Reuters on Wednesday said now was not the time back down, regardless of fading global sympathy reflected in Tuesday's U.N resolution.
Pres. Biden has met with families of the eight Americans held hostage by Hamas. The meeting comes as a massive storm with heavy rain triggers flash flood warnings in Gaza, with over 85% of the population already displaced. @JamesAALongman reports. https://t.co/RvjY48LCZgpic.twitter.com/x3PAmqie0m
➤U-S SENATE PASSES SPENDING PLAN: The Senate passed an $886 billion defense spending plan Wednesday, supported by President Joe Biden, that includes funding for Ukraine and annual pay raises for troops in a last-minute rush to authorize spending before the end of the year. The National Defense Authorization Act provides funding each year for Pentagon priorities such as training and equipment. The Senate passed the legislation by a bipartisan vote of 87-13. Congress has advanced the must-pass defense spending bill consecutively for the last 61 years. "At a time of huge trouble for global security, doing the defense authorization bill is more important than ever," Senate Majority Leader Chuck Schumer, D-N.Y., said on the Senate floor Wednesday. "Passing the NDAA enables us to hold the line against Russia, stand firm against the Chinese Communist Party and ensure America's defense remain state of the art at all times."
💸FED HOLDS RATES STEADY: The Federal Reserve left its key short-term interest rate unchanged again Wednesday, hinted that rate hikes are likely over and forecast three cuts next year amid falling inflation and a cooling economy. That’s more rate cuts than many economists expected. The decision leaves the Fed’s benchmark short-term rate at a 22-year high of 5.25% to 5.5% after a flurry of increases aimed at subduing the nation’s sharpest inflation spike in four decades.
➤SUPREME COURT TO RULE ON ABORTION PILL: The Supreme Court said it would decide on access to the abortion pill mifepristone. Medical groups and doctors who oppose abortion challenged the FDA’s original approval of the drug in 2000 as well as 2016 regulations that relaxed restrictions on the drug. A lower court invalidated the regulations, but they remained in force while the justices weighed whether to hear the Biden administration’s appeal. A loss could curtail access to a widely used medication even in states where abortion is legal. The case is expected to be argued in 2024 with a decision before July, ensuring it stays front of mind during a presidential election year. Last year, the court rescinded the constitutional right to abortion first recognized in the 1973 case Roe v. Wade.
⛽GAS PRICES HIT NEW LOW: It's not your imagination: Gas prices are dropping. The national average price for a gallon of gas is down as Tuesday's national average hit $3.137, according to AAA. That's 9 cents lower than last week's average, which makes this week's price the lowest all year. The decline comes as the cost for oil struggles to remain above $70 a barrel, AAA said last week. About the same time, OPEC+ announced voluntary production cuts for about 2 million barrels a day.
➤RETAIL THEFT GETTING UGLY: Retail workers face increasing threats from shoplifters brandishing “knives and guns,” a top Home Depot executive told a congressional panel looking to pass legislation amid the scourge of organized retail theft. Scott Glenn, head of loss prevention for the 2,000-store chain, joined industry leaders and law enforcement officials in pleading for help during a hearing held by the House Homeland Security Subcommittee on Counter terrorism, Law Enforcement and Intelligence in Washington, DC, Tuesday.
Undercover surveillance teams at shopping centers are trying to crack down on organized retail theft.@miguelnbc was given rare access to observe covert operations with the LA Sheriff Department’s retail theft task force and the California Highway Patrol: https://t.co/F1XoyTMJSo
— NBC Nightly News with Lester Holt (@NBCNightlyNews) December 14, 2023
“Retailers are not exaggerating this problem,” Glenn said of the dangers posed to Home Depot’s 470,000 workers from organized retail crime. Big-box stores like Target and Walmart, along with smaller retailers suffered $112 billion in inventory losses last year, up from nearly $94 billion in 2021, According to the National Retail Federation.
FOX News Media (FNM) has promoted three senior executives on its digital leadership team, announced Chief Executive Officer Suzanne Scott.
Jason Klarman has been named Chief Digital and Marketing Officer and will continue to report to Ms. Scott.
Porter Berry has been promoted to President, FOX News Digital and Editor-In-Chief, dually reporting to Mr. Klarman FNM President & Executive Editor Jay Wallace on editorial.
Lauren Petterson will assume Mr. Klarman’s former role as President of FOX Nation while also continuing as President of Talent Development and will relinquish her role as President of FOX Business Network (FBN). She will report dually to Ms. Scott on Talent Development and Mr. Klarman on FOX Nation.
Wallace will assume oversight of FBN and continue reporting to Ms. Scott.
Additionally, Megan Albano has been named Executive Vice President of Morning Programming & Program Development and Gavin Hadden has been named Senior Vice President of FOX Nation.
In making the announcement, Ms. Scott said, “As we move our thriving business forward, we are reimagining the roles of some of our most talented executives to solidify our incredibly successful digital platforms for further growth and expansion. Jason, Lauren, Porter, Megan, and Gavin are each uniquely suited for these positions, and I am confident they will grow each of their respective areas of FOX News Media to new heights.”
Big U.S. companies including Walt Disney and Comcast increased advertising spending on Instagram after pausing commercials on X last month, according to Sensor Tower, as marketers flee the Elon Musk-owned social media platform over antisemitic content.
Reuters reports Disney and Comcast lifted their U.S. spending on the app owned by Meta by 40% and about 6% respectively in the two weeks from Nov. 20, Sensor Tower data showed. Paramount, meanwhile, tripled its spending on Snapchat.
The figures underscore the challenge facing Musk, who in late November unleashed a profanity-laced tirade against advertisers who had dropped X, formerly known as Twitter.
The billionaire has seen several advertisers flee the platform after he endorsed an antisemitic post that falsely claimed members of the Jewish community were stoking hatred against white people. He has apologized for sharing the post.
"Brands are intelligent about these choices, and any brand safety concerns will be met with a re-allocation of budgets away from troubled platforms," said Felipe Thomaz, associate professor of marketing at University of Oxford.
Disney, Comcast, Paramount and X did not immediately respond to requests for comment.
Sensor Tower's data showed 51 of the top 100 U.S. advertisers on X from October last year, when Musk bought the platform, have ceased ad spending on it as of November 2023.
CBS Mornings managed to accomplish a very rare feat on Monday, averaging more Adults 25-54 than Good Morning America.
TV Newser reports CBS News’ morning show defeated ABC News’ morning offering by +39,000 A25-54 viewers, 581,000 vs. 542,000.
This was CBS Mornings’ best showing relative to ABC and NBC since Monday, March 8, 2021, the morning following Oprah’s interview with Meghan Markel and Prince Harry.
Now to be clear, CBS Mornings did not beat GMA in average total viewers, nor did it beat NBC’s Today in either total viewers or in A25-54.
In addition to covering the latest news that broke over the weekend and overnight, Monday’s CBS Mornings, co-anchored by Gayle King, Tony Dokoupil, and Nate Burleson, also featured the Golden Globe announcements.
