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Twitter’s Stock Closes at $44.90 A Share, Up 73 Percent on Its First Day (The Verge)
Twitter held its initial public offering on the New York Stock Exchange Thursday morning, opening its stock up for purchase to any interested investor, and as it turns out, there were many. Shortly after trading began around 9:30 a.m. ET, Twitter’s share price rocketed well past the $26 per share minimum the company set Wednesday night, opening up 74 percent at $45.10 to start the day. It finished the day right around the same spot, at $44.90. WSJ “Phew!” tweeted Anthony Noto, the lead banker on the deal from Goldman Sachs Group Inc., moments after shares started trading. Those five characters summed up the sentiment among those involved in the market debut of the 140-character messaging service, the second-biggest U.S.-listed Internet offering ever after Facebook. Bloomberg Businessweek Twitter’s Nov. 7 initial public offering marks the San Francisco-based company’s coming-out party, the moment when it graduates from its South of Market beginnings and takes its place as one of the Internet’s most valuable properties, without ever turning a profit. What’s perhaps most remarkable about Twitter’s rise is how little the service has evolved from the original core concept of the 140-character tweet — which is to say, not at all. Reuters The strong performance on Thursday is encouraging for the venture capitalists who have backed other consumer Web startups, such as Square or Pinterest, though it sounded alarm bells for some investors who cautioned that the froth was unwarranted.
Lara Logan Apologizes for Botched 60 Minutes Benghazi Report, Says Show Will Issue Correction (HuffPost)
60 Minutes correspondent Lara Logan admitted on Friday morning that she and the news magazine had made a “mistake” in their reporting of a controversial story about the Benghazi attacks. She apologized to viewers and said 60 Minutes will issue a correction about the reliability of one of her key sources, security contractor Dylan Davies, on its next program. “We were wrong to put him on air,” she said, adding, “We will apologize to our viewers and we will correct the record on our broadcast on Sunday night.” NYT Davies, a security officer hired to help protect the United States Special Mission in Benghazi, Libya, gave the FBI an account of the night that terrorists attacked the mission on Sept. 11, 2012 that contradicts a version of events he provided in a recently published book and in an interview with 60 Minutes. TVNewser The inconsistencies in the stories have led to calls for a retraction and for fresh Congressional hearings to determine what really happened that night.
Guns & Ammo Editor Apologizes for Pro-Gun Control Column, Steps Down (Ad Age / Media News)
Jim Bequette, the editor-in-chief of Guns & Ammo, issued an abject apology Thursday for the magazine’s recent editorial advocating gun regulation, saying he would resign immediately from his post atop the firearms magazine. The author of the column, contributing editor Dick Metcalf, was also shown the door, Bequette said in his letter of apology. “I made a mistake by publishing the column,” Bequette said in the letter, which was posted to the Guns & Ammo website. “I thought it would generate a healthy exchange of ideas on gun rights. I miscalculated, pure and simple. I was wrong, and I ask your forgiveness.” Daily Beast Metcalf’s back-page column was headlined “Let’s Talk About Limits,” and cautiously argued that gun enthusiasts should not oppose basic limits on firearm ownership. Metcalf made the obvious point that all freedoms protected by the Constitution are regulated in some way, and that gun owners should stop acting as if any regulation whatsoever amounts to the “infringement” mentioned in the Second Amendment. “I don’t think requiring 16 hours of training to qualify for a concealed carry permit is infringement in and of itself,” Metcalf concluded. “But that’s just me.” TPM / LiveWire Readers threatened to boycott the magazine and cancel their subscriptions until Metcalf was fired.
In The Wake of A Reorg, NBCU Lays Off Ad Sales Staff (Adweek)
Just three weeks after reorganizing its ad sales staff under five direct reports to Linda Yaccarino, NBCUniversal has begun laying off staffers. At the time of the original announcement, NBCU said in no uncertain terms that no one in the sales organization would be leaving the company; that said, a source chose to characterize Thursday’s layoffs as “unforeseen.” Variety An undetermined number of ad-sales staffers have been let go from NBCUniversal after the company announced a radical restructuring of its efforts in that part of its business, a person familiar with the company has confirmed to Variety. This person estimated as much as 3.5 percent of the media conglomerate’s ad-sales personnel may have been laid off, but did not offer a specific number of employees affected.
FishbowlDC’s Betsy Rothstein to Daily Caller (Politico / Dylan Byers on Media)
Betsy Rothstein, the former FishbowlDC editor, is joining the conservative website The Daily Caller, Politico has learned. Starting Monday, Rothstein will oversee a new blog called “The Mirror,” where she will cover Washington media, gossip and politics. The tagline: “Reflections of a self-obsessed city.” “I couldn’t be more excited,” Tucker Carlson, the Caller’s editor-in-chief told Politico. New Republic Rothstein’s method at FishbowlDC, to the extent you could discern one, was to turn certain individuals into microbeats, whether or not they had sought the attention. Such people would then become a “character in the play,” as Rothstein told Moe Tkacik. At that point, nothing the person did was too minor for a FishbowlDC item. Her ascendance to Carlson’s conservative news site follows a time-honored career path, sort of. FishbowlDC “Whether raging waters or smooth sailing, my 3 years at FishbowlDC have been the perfect storm,” Rothstein wrote on Twitter, shortly before publishing a final FishbowlDC post.
Toronto Star Paid $5,000 for Latest Rob Ford Video (Poynter / MediaWire)
“It’s fully transparent,” Toronto Star reporter Kevin Donovan told Poynter on the phone about the paper’s new video showing Toronto mayor Rob Ford swearing and shouting, vacillating between whether he needs 10 or 15 minutes to kill someone. The Star‘s position on disclosing what it would pay for the video evolved over the afternoon Thursday. Donovan told Poynter in an email that the paper won’t say exactly how much it paid: “We are not disclosing the amount but it is not a lot,” he wrote. An earlier version of the story said the Star paid an amount “consistent with fees paid by news organizations for exclusive videos or photographs.”
Time Magazine Calls Chris Christie an Elephant on New Cover (TheWrap)
Time magazine took a bold stance on New Jersey governor Chris Christie on its newest cover, calling the overweight Republican an “elephant.” The cover, featuring Christie in profile with his mouth illuminated, said the recently re-elected governor of New Jersey was “the elephant in the room.” Mediaite The executive editor of Time appeared on MSNBC’s Hardball Thursday evening and attempted to defend the controversial Christie cover. The headline has drawn criticism for too easily making a joke about the New Jersey governor’s weight. “Well, he’s obviously a big guy,” said Michael Duffy. “He’s obviously a big Republican. But he’s also done a really huge thing here this week. He stood astride the Republican Party and said, ‘Stop. We don’t have to make our whole appeal about narrow base issues.’”
Robert Costa to Join Washington Post (Poynter / MediaWire)
Robert Costa, whose reporting on the government shutdown for National Review gave key insights into Republican thinking, will join The Washington Post Jan. 6. He’s “our kind of guy,” Cameron Barr, Anne Kornblut and Steven Ginsberg wrote in a memo to staffers. FishbowlDC Costa has been serving as the Washington editor at National Review and before that worked at The Wall Street Journal. New York magazine dubbed him the “Golden Boy of the Shutdown” for his reporting, and he’s also been recognized for his coverage of the fiscal cliff negotiations and the 2012 presidential campaign.
The Daily News Finally Returns to Downtown Headquarters (NY Observer)
The Daily News staff finally moved back into their headquarters at 4 New York Plaza Thursday, a little over a year after Hurricane Sandy forced them out of their downtown offices. It’s been a long, transitory year.
Why Getty Images Is Partnering With Pinterest (CJR / Cloud Control)
Say you come across a gorgeous picture of Michelle Obama’s latest dress, and you want to remember it next time you’re in the market for a fancy get-up. You pin it to your DRESSES!!! board on Pinterest. There are, potentially, some copyright issues there. Someone took that picture, and you didn’t pay that person for its use. And while that wouldn’t be a problem if you had torn that photo out of a magazine and posted it on your physical bedroom wall, instead, you’ve posted it on your publicly accessible Internet wall. You’re running into more complicated legal questions — including the possibility that Pinterest is going to make a profit off of the photo you just distributed.
How The Richmond Times-Dispatch Justifies Charging More for Holiday Papers (JimRomenesko.com)
The Times-Dispatch tells readers that it’s charging $2.35 for the Thanksgiving Day paper and $1.50 for the Christmas edition. The Thanksgiving paper is so big — 5 pounds last year! — that “many Times-Dispatch carriers must use additional help to complete deliveries in a timely manner.”
This Is CNN: Why You’ll Be Seeing More High-Profile Documentaries Like Blackfish Between World Crises (Vulture)
CNN sometimes seems to exist solely as a punching bag for the rest of the media. Trade reporters revel in the network’s slumping ratings, conservatives whine about Piers Morgan on Twitter, Jon Stewart is forever finding a new way to mock it for some perceived gaffe. What hasn’t drawn as much attention is the all-news channel’s aggressive efforts to bulk up its long-form programming — content that’s not tied to breaking news.
Businessweek Editor Josh Tyrangiel Taking A Break to Focus on Bloomberg TV (NY Mag / Daily Intelligencer)
The buzzy and boyish Josh Tyrangiel, editor of Bloomberg Businessweek, will temporarily “detach” from the magazine for the rest of the year to help grow the company’s television presence, according to an internal memo obtained by Daily Intelligencer. The switch-up comes as part of the “100-day” strategy plan introduced by new Bloomberg Media CEO Justin Smith, known for his digital magic at the Atlantic Media Co. FishbowlNY “Josh will help with all aspects of the strategy process, with a special focus on thinking through our plans for television,” Smith wrote.
Startups Pitching A “Netflix for eBooks” May Have A Tough Sell (TechCrunch)
When it comes to getting consumers to pay for things on a subscription basis, some services fare better than others. A growing number of people seem happy to pay for entertainment-based offerings like Netflix or on-demand streaming music, for example, while “box of the month” clubs and subscription-based shopping sites have been something of a mixed bag. More recently, a handful of startups have begun working to introduce subscriptions into a new category: eBooks. At first blush, eBooks seem like the next obvious choice for subscription-based commerce under the unlimited access model. It worked for Netflix with TV and movies. It’s starting to work for Spotify for music. So why not eBooks, then?
NBC News Digital to Launch JFK Anniversary Site With 275 Videos From Brokaw Interviews (Capital New York)
NBC News Digital unveiled a project Thursday looking back at the assassination of President John F. Kennedy. The digital project will be tied to the debut of a TV special hosted by Tom Brokaw on Nov. 22 called Where Were You: The Day JFK Died. TVNewser Brokaw will preview the documentary, alongside Dan Rather on Today Friday, Nov. 22. Lester Holt will report from Dallas on Thursday, Nov. 21 and Brian Williams will anchor Nightly News from Dallas on Friday, Nov. 22.
What’s your favorite evening news program?
Carrie Anton The Daily Show.
Conrad Anthony Bruno 20/20
Susan Prouty Walsh Special report with Bret baier
Suzanne Marie Walsh Nightly Business Report or F24
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