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Posts Tagged ‘Chris Hughes’

Morning Media Newsfeed: Sky Deutschland Slows Takeover | Vidra Named CEO of TNR

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Sky Deutschland: BSkyB Takeover Offer Too Low (THR)
BSkyB’s plans to build a European pay-TV empire hit some opposition on Wednesday. The supervisory and executive boards of 21st Century Fox-controlled German pay TV operator Sky Deutschland advised minority investors not to accept a multi-billion dollar takeover offer from BSkyB. NYT / DealBook The move comes after BSkyB, which is 39 percent owned by 21st Century Fox, agreed in July to acquire the 57 percent of Sky Deutschland that is owned by 21st Century Fox, for £2.9 billion, or $4.7 billion. As part of the deal, BSkyB, one of Europe’s largest pay-television providers, also offered to buy the shares of Sky Deutschland’s minority shareholders for €6.75, or $8.75, each, a small premium on the company’s current share price. Reuters But with only a small premium on the table, analysts have doubted that many will sell. Sky Deutschland would thus retain its stock market listing and BSkyB has not indicated any desire to squeeze out minority shareholders above and beyond the offer which it has set out. Management of the German company, advised by Bank of America Merrill Lynch, on Wednesday argued the offer fell short of its true value. WSJ On issuing its recommendation to minority holders on Wednesday, Sky Deutschland said its chief executive Brian Sullivan, the only executive board member holding shares, wouldn’t participate in the offer, which runs until Oct. 15. Two supervisory board members holding shares also don’t intend to accept the offer, the company said in a statement. Financial Times BSkyB has argued that it can implement its vision for Sky Europe, regardless of how many minorities tender their shares. Buying all minorities’ shares — 43 percent of the company — would cost the U.K. operator £2.1 billion, further increasing its leverage. The company raised £3.25 billion this month to help finance the acquisition of 21st Century Fox’s stakes in Sky Deutschland and Sky Italia. BSkyB said it welcomed Sky Deutschland’s “supportive comments on the strategic rationale for the transaction.” BSkyB shareholders are due to vote on the European deal on Oct. 6.

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Guy Vidra Named CEO of The New Republic

TNR logo GThe New Republic has named Guy Vidra its chief executive officer. Vidra most recently served as general manager of Yahoo News, a role he held since 2012. He previously served as WaPo’s head of business development and emerging media.

“One thing I’ve learned over the past two years is that to preserve and strengthen great institutions, you have to change them,” said Chris Hughes, TNR’s owner, in a statement. “Guy is a highly respected innovator with deep experience who will build on our recent progress in redefining The New Republic for a new time.”

In related news, TNR announced an investment division, The New RepublicFund. The investment arm will “back early-stage technology companies predominantly in the digital media, analytics, and video spaces,” according to TNR.

Vidra begins October 13.

The New Republic is Confused

The New Republic’s latest cover boldly states “Don’t Send your Kid to the Ivy League.” The accompanying piece has caused quite a stir, mainly because typically, going to Harvard or Princeton is what is known as a Good Thing. The stance is also interesting because — as Newsweek reported — over 50 percent of TNR’s editorial team has either an undergraduate or graduate degree from an Ivy League school.

Harvard leads the way, with 18 TNR editorial staffers (including owner and editor-in-chief, Chris Hughes) as alumni. Columbia comes in second place with 14 and Yale comes in third, with nine.

If having an Ivy League education is obviously helpful when applying for a job at TNR, wouldn’t that mean you should send your kids to one of those schools? After all, TNR is a great magazine. We imagine most writers looking for employment would be quite happy working there.

We’re confused. And so is TNR, apparently. You’d think all those Ivy Leaguers would have been able to figure this out.

Chris Hughes: Separation of Business and Editorial ‘Anachronistic’

Chris Hughes, the owner and editor-in-chief of The New Republic, thinks that he needs to oversee both advertising and editorial in order for the magazine to excel. In a talk with pandoDaily, Hughes said that the days of keeping those sides separate are over“I knew that in buying a content and media company, the idea that business sits over here and lets a newsroom do whatever it wants over there is anachronistic,” explained Hughes.

For many in the media world, that’s a controversial stance. And since Hughes doesn’t have much journalism experience (he did edit his high school paper!), it must be difficult for the TNR’s editors to trust him. However, Hughes does have plenty of business savvy, so maybe he’s doing the magazine a favor by controlling both sides.

Whatever ends up happening, you can count on The New York Times saying it was great.

The New York Times Hearts Chris Hughes

The New York Times is love struck. Today the paper ran yet another gushing piece about Chris Hughes (and his husband, Sean Eldridge), the co-founder of Facebook and editor and publisher of The New Republic. You can practically feel the Emoji hearts emanating from it.

This isn’t to say that we fault the Times. You cannot help who you love, love is blind, I’m here for the right reasons, etc. We just wish the Times would come out and admit its feelings, which would make it less awkward for the rest of us.

Haven’t noticed the Times’ constant mentioning of Hughes? Here are just a few examples.

Hughes’ beauty:

The fresh-faced and sandy-haired Mr. Hughes.

All aboard the dream boat! Next stop, Sexy Island!

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Timothy Noah Isn’t a Chris Hughes Fan

Timothy Noah, columnist and senior editor for The New Republic, was unexpectedly fired last Friday. Unsurprisingly, he now has a couple thoughts to share about Chris Hughes, the magazine’s relatively new owner.

Noah told Politico in an email that he was let go because he didn’t agree with the direction of TNR under Hughes’ reign. He felt that Hughes wanted to create a New Yorker replica, and that was a bad idea. An understandable position, and really, not that harsh.

The most stinging criticism from Noah? This:

I quietly changed the headline [because of Hughes' opposition to it] to the somewhat clumsy, ‘Farewell, Filibusteringest Senator’ and quietly worried whether the magazine’s new owner (who around that time also told an audience at the Kennedy School that he’d like to co-brand a chain of cafes called the New Republic) might be a young man with more money than sense.

Not much “quiet” about that.

Pretty Much Everyone is Rumored to Buy The Boston Globe

Ever since the New York Times Company announced that it was selling the Boston Globe, people have been speculating about who/what will purchase the paper.

Because the media is nothing but precise, that list has now been narrowed down to about 834 potential buyers. Below are all the ones we found mentioned, but we’ve surely missed one or 500.

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A Lot of Media People Partied Last Night

The whirlwind surrounding the New Republic continued last night as Chris Hughes, editor-in-chief and publisher of the magazine, threw a party to celebrate the glossy. Since those in the publishing business love nothing more than to hobnob with people just like them, there was a slew of big names in attendance.

Now you might be saying “I don’t care about yet another event full of media people congratulating themselves for being themselves” but we know you do! Otherwise you wouldn’t be reading this. So allow us to give you what you want, a list of people who went to Hughes’ shindig, via The Huffington Post.

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Please Don’t Try to Copy The New Republic

The New Republic is back in a big way. The magazine, which began publishing all the way back in 1914, has a new print design (orchestrated by Dirk Barnett) and a new website — both of which are great. It also landed a big interview with Barack Obama for its latest issue.

Because of all of this, TNR is getting everyone’s attention. But if the hype has you thinking “Hey, maybe my magazine will work after all!” FishbowlNY is here to tell you that it won’t. We’re sorry, but it just won’t. Here is why:

  • Your magazine is not owned by Chris Hughes. Hughes bought TNR last March. He was a co-founder of a tiny site called Facebook and has a net worth of about $700 million. Those millions are necessary to launch a magazine and let’s be honest, you do not have those millions.

Michael Kinsley Returns to The New Republic

Michael Kinsley is going back to his roots. According to The Huffington Post, Kinsley is returning to The New Republic, where he once worked for 20 years, as an editor-at-large. Kinsley was most recently with Bloomberg View, but he will leave that position in March.

“Mike Kinsley is a legend in the world of journalism, and we are fortunate to be welcoming him back home to The New Republic,” Chris Hughes, publisher and editor-in-chief of TNR, told HuffPost in a written statement. “His writerly wit and editorial voice left an indelible mark on the place when he edited the magazine 25 years ago. Much has changed since then, but Mike’s talents are timeless. He will be an incredibly important resource as we reinvent the magazine for a new age.”

At TNR, Kinsley will focus on interviews.

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