Tuesday media highlights
Here are some of the day’s top stories in the media industry:
Verizon Planning Its Own App Store (Business Insider)
Preethi Dumpala writes: “The main idea: Verizon wants to be the company connecting its customers with apps — not necessarily its handset partners. And it wants to avoid becoming an even dumber pipe. Depending on how it’s set up, this could clash with gadget makers’ plans.”
McGraw-Hill might ‘give away’ Business Week for nominal $1 (FT)
“McGraw-Hill might reap only a nominal $1 by selling Business Week, according to people familiar with the 80-year-old financial magazine’s record of losses. The publisher has appointed Evercore, a boutique investment bank, to sell the title after deciding it was non-core to a group that owns the Standard & Poor’s rating agency and an educational publisher, two people familiar with the decision said,” writes Andrew Edgecliffe-Johnson.
Sinclair says it might consider bankruptcy (Baltimore Sun)
“The Hunt Valley-based owner of television stations, which depends heavily on automotive advertisers for revenue, said it might be obligated to pay $488.5 million of its total outstanding debt within the next 18 months. The company said it had $1.3 billion in total debt outstanding as of March 31,” writes Lorraine Mirabella.
Minority Broadcasters Seek Federal Aid (WSJ)
Fawn Johnson writes: “A group of minority broadcasters asked Treasury Secretary Timothy Geithner Monday for financial assistance akin to the aid that has been extended to the financial and auto industries. ”Minority-owned broadcasters are close to becoming an extinct species,” the letter said. “Even in better economic times, minority broadcasters have historically had difficulties accessing the capital markets.”
In other news:
- Earnings Preview: A tough 2Q expected for Gannett (AP)
- New York Times to sell NYC radio station (Reuters)
- CHART OF THE DAY: Users Spent A Billion Hours On Facebook In June (BI)