Wednesday media highlights
Here are some of the day’s stories on the media industry:
Bernstein Research Criticizes Media CEO Pay (B&C)
“The Bernstein report notes that the top earner among media executives in 2008 was CBS Corp. CEO Leslie Moonves, who was paid total compensation of $31.9 million last year. He is followed by Disney CEO Robert Iger, who earned $30.6 million; News Corp.’s Rupert Murdoch, who took home $27.5 million; and Viacom’s Philippe Dauman was paid $23 million. Time Warner CEO Jeff Bewkes took home the least of the top five, at $19.9 million,” writes Claire Atkinson.
Media General posts quarterly profit, ad sales fall (Reuters)
Robert MacMillan writes: “While Media General, which publishes The Tampa Tribune, Richmond Times Dispatch and other papers, reported a 26 percent drop in newspaper ad revenue, the company said classified and retail ad declines were less steep than in recent quarters. Media General reported second-quarter net income of $20.6 million, or 90 cents a share, compared with a loss of $532.2 million, or $24.12 a share, a year ago.”
Philadelphia Newspapers to Release Reorganization Plan (E&P)
“[U.S. Bankruptcy Judge] FitzSimon had given the company until Aug. 31 to present its plan. Company officials did not reveal any new details, but had previously revealed that the plan involved raising $50 million in new capital and negotiating with lenders to reduce the company’s $300 million debt.”
Report: Internet use in Asia, Africa, and Mid-East set to soar (CSM)
“A new report from Forrester Research estimates that approximately 2.2 billion people will be online over the next few years – an increase of over 45 percent. Analysts at Forrester forecast that, by 2013, 43 percent of that 2.2 billion will be based in Asia, with 17 percent in China alone,” writes Matthew Shaer.
In other news:
- Boston Globe Media Launches Nontraditional Marketing Division (E%P)
- Gray Gets Nod To Manage Young Stations (TV Newsday)
- Fitch Gives Upgrade To Cablevision As Earnings Rise (WSJ)
[Picture: Les Moonves, CEO of CBS Corp arrives at the Sun Valley Inn in Sun Valley, Idaho July 9, 2009. REUTERS/Rick Wilking]