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Top Executives Leave Vice Media After Fortress Acquisition

Three prominent executives within Vice Media are set to depart from the company, as disclosed in a memo circulated among staff on Tuesday.

Maddy Troy

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A photo of the Vice Media Building
(Photo: Mario Tama | Getty Images)

Three prominent executives within Vice Media are set to depart from the company, as disclosed in a memo circulated among staff on Tuesday. This news follows the finalization of a $350 million sale to a consortium led by Fortress Investment Group on Monday.

Katie Drummond, Vice’s Senior Vice President of Global News and Entertainment, will be stepping down from her current position to explore alternative professional avenues. Jason Koebler, who holds the role of Editor-in-Chief at Motherboard, and Emanuel Maiberg, Executive Editor of Motherboard, will also be exiting the organization in the forthcoming weeks.

In addition, Matthew Schnipper, Vice’s Senior Director for Global News Operations, is set to conclude his tenure with the company in September, “focusing his efforts entirely on authoring a book for Random House.”

“While more change is surely not easy, I have full confidence in the team who will lead our rebuild efforts,” the memo continued. “And I am certain this is exactly what we need in our leadership for the future.” 

Jamie Clifton, Editor-in-Chief of Vice Culture, and Erica Manson, Executive Producer of Vice News and Entertainment, will remain steadfast in their roles, spearheading editorial, multiplatform, and video teams within the organization.

The finalization of the acquisition by Fortress Investment Group, Soros Fund Management, and Monroe Capital marked a significant new chapter for the company, concluding a post-bankruptcy phase. The transaction’s value stands at $350 million, a notable shift from the previous valuation of an estimated $5.7 billion.

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Media Business

CBS News Adds New Roles, Duties for Editorial Leaders

CBS News president Ingrid Ciprian-Matthews announced on Thursday the various changes.

Eduardo Razo

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A photo of the CBS News logo

On Thursday, Ingrid Ciprian-Matthews, the recently appointed president of CBS News, revealed several changes to the editorial leadership.

Terri Stewart is now the senior vice president of domestic newsgathering at CBS News. Furthermore, Stewart will oversee the domestic bureaus and manage bookings. Kaci Sokoloff will support her in this role.

Shuffling doesn’t stop there. London bureau chief Andrew Roy now oversees all CBS News international bureaus. Jose Diaz, who leads the network’s foreign desk, will now report to Roy.

David Reiter’s team at CBS News will extend their role to cover significant reporting beats beyond Washington, D.C. They will work with CBS Stations and the Innovation Lab to find prospects for joint national and local news coverage and continue producing special events programming.

Additionally, Kate Zuckerman was promoted to VP of affiliate relations and special events planning. Beth Boyle was elevated to national and planning editor, overseeing editorial content and managing desk operations.

CBS is adding two political investigative producers, led by Matt Mosk, to its growing investigative team. The group will now be incorporated into the Washington D.C. Bureau and report straight to bureau chief Mark Lima.

Finally, Ciprian-Matthews notified staff that the network is hiring an Executive Producer of Daily News.

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Media Business

Experts ‘Don’t See a Buyer’ for ABC

Sources close to the situation say Nexstar isn’t in a good place to pay what Disney would probably demand for ABC.

Eduardo Razo

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A photo of the ABC logo.

Last week, The Walt Disney Company found themselves in the news after a report surfaced noting that they could be looking to offload ABC. Bloomberg revealed that Nexstar Media Group had initial talks with Disney to acquire the television station.

Furthermore, media mogul Byron Allen has offered $10 billion to buy ABC. Still, despite the rumors of a possible sale, various insiders tell The New York Post that they don’t believe Disney will be offloading ABC.

Sources close to the situation told the Post that Nexstar isn’t in a good place to pay what Disney would probably demand for ABC.

“Everyone is way ahead of their skis on this story,” a banker told the Post. “They don’t know what is happening here. Disney taking a meeting doesn’t mean you’re ready to sell, it means you’re getting offers. This is something evolving over many weeks.”

Disney CEO Bob Iger announced in June that legacy television assets, such as ABC, may not be deemed core assets for the company going forward. Nevertheless, some cynics noticed it as Iger inviting a deep-pocketed bidder to come forward. Thus far, none have emerged.

“He told the world if someone wants to put a really big number on these assets he will sell,” a second banker told the Post. “I just don’t see a buyer.”

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SiriusXM CEO: New Streaming App to ‘Enhance’ Subscription Value

Witz shared the company’s planned launch of a next-generation streaming app later this year to draw younger, more diverse audiences and deliver improved search suggestions and other elements.

Eduardo Razo

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SiriusXM aims to increase listenership beyond cars and enhance channel personalization and mobility.

Last month, it was revealed that Suzi Watford was tasked with constructing what she anointed the “next-gen SiriusXM” for its 34 million paying subscribers, helping it reach listeners outside the car.

Recently, CEO Jennifer Witz shared an update on how the process is going for SiriusXM in their efforts to reach listeners on different platforms during a webcast session at the recent Bank of America Securities Media, Communications, and Entertainment Conference.

“It’s really about how do we continue to enhance the value of our subscriptions and [showcase] this tremendously valuable set of content that really speaks to every audio genre,” Witz said. 

Witz shared the company’s planned launch of a next-generation streaming app later this year to draw younger, more diverse audiences and deliver improved search suggestions and other elements.

“The biggest gap we found is being able to get consumers into the content they love,” Witz added. “In the car, it’s been very much about turning the dial or hearing the on-air promotion, or get the email and then go find the content.

“We’re going to be able to make it much easier for our in-car subscribers to carry their listening forward into streaming devices, and vice versa, in a very seamless way. So ultimately, I think it’s not going to be about streaming subscribers or in-car subscribers, but really just about subscribers, because we’re pretty indifferent as to how they listen or where they listen.”

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