Connect with us
Barrett News Media Summit 2024

Media Business

Elon Musk Buys Twitter, Plans to Take It Private

Twitter’s board of directors unanimously decided on Musk’s offer to purchase the social media platform for $44 billion.

Ryan Hedrick

Published

on

Twitter has a new owner as several outlets like NBC News report that the Tesla CEO Elon Musk has reached a deal to buy the social media platform.  

The entrepreneur is buying Twitter and taking it private. Twitter’s board of directors unanimously decided on Musk’s offer to purchase the social media platform for $44 billion.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement. 

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”

According to the New York Times, Musk said last week that he had lined up $46.5 billion in financing to buy Twitter, putting pressure on the company’s board to negotiate a deal. 

The Times cites people with knowledge of the situation who it did not identify. It says the two sides are discussing details including a timeline and fees if an agreement were signed and then fell apart.

Commenting about the importance of purchasing Twitter, Musk cited the event as “important to the function of democracy.” 

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Media Business

Court Approves Audacy Reorganization Plan

“We have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.”

Barrett News Media

Published

on

Audacy Logo

A United States Bankruptcy Court for the Southern District of Texas has approved a plan for Audacy to reemerge from its bankruptcy proceedings.

Under the plan, Audacy will equitize more than $1.5 billion of funded debt, which reduces its debt load by 80%, down from $1.9 billion to $350 million.

Audacy Chairman David Field was encouraged by the development.

“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” said David Field, who also serves as the President and CEO of Audacy. “As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.

“We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence,” continued Field. “I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.” 

A statement from the company claims the restructuring “will enable Audacy to continue its strategic digital transformation and capitalize on its position as a scaled, leading multi-platform audio content and entertainment company differentiated by its exclusive, premium audio content.”

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading

Media Business

Fox News Begins 2024 Atop Key Digital Media Demographics

Fox News finished its 35th consecutive month atop the multiplatform minutes rankings, with 3.3 billion minutes according to a report from Comscore.

Barrett News Media

Published

on

A photo of the Fox News logo

Fox News Digital began 2024 by sitting atop the rankings in several key demographics in the digital media landscape.

Fox News finished its 35th consecutive month atop the multiplatform minutes rankings, with 3.3 billion minutes according to a report from Comscore. CNN finished with 1.9 billion minutes.

In multiplatform views, the outlet tallied 1.7 billion, with The New York Times scoring 1.5 billion. That marked the 16th consecutive month Fox News Digital finished on top.

6 million unique visitors visited the conservative cable outlet’s mobile app, which bested CNN, which tallied 5.4 million unique visitors.

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading

Media Business

Political Ad Spending Sees Highest Levels in Los Angeles, New York, San Francisco

AdImpact has tracked 465 unique political ads across broadcast stations. In the 209 markets being monitored, political ads have aired a combined 87, 536 times.

Barrett News Media

Published

on

A side profile of the U.S. Capitol.

As the 2024 election season continues to take shape, political advertising is seeing large gains in three major metropolitan areas.

AdImpact has tracked nearly $110 million in political ad spending over the past two weeks, with the largest recipients of those figures being Los Angeles ($13.2 million), New York ($10.5 million), and San Francisco ($7.2 million).

Thus far, the highest-spending advertisers are the Adam Schiff for Senate campaign, as the current representative vies for the spot vacated by the death of Diane Feinstein. The campaign has spent $8.1 million.

Additionally, the American Values PAC — a political action committee supporting Democrat Robert F. Kennedy Jr. — spent $7.2 million.

Finally, the Yes on Prop 1 in California campaign — which will attempt to tackle mental health issues in the state — has spent $5.4 million in advertising.

In total, AdImpact has tracked 465 unique political ads across broadcast stations. In the 209 markets being monitored, election ads have aired a combined 87, 536 times.

Subscribe To The BNM Rundown

The Top 8 News Media Stories of the Day, sent directly to your inbox every afternoon!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Continue Reading
Advertisement

Advertisement
Advertisement

Upcoming Events

BNM Writers

Copyright © 2024 Barrett Media.