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Is Zucker’s exit a huge loss for CNN?

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Jeff Zucker has as the president of CNN and the chairman of WarnerMedia’s news and sports division, writing in a memo that he had failed to disclose to the company a romantic relationship with another senior executive at CNN

The 56 year old Zucker is among the most powerful leaders in the American media and television industries.

A huge loss for CNN, which has being going through so much turmoil over the last year.

Zucker said in a memo to colleagues that he was “wrong” to not report the relationship as required.

Zucker did not name his colleague, but the relationship is with Allison Gollust, who was a friend of Zucker’s for the last two decades.

Gollust is remaining at CNN

Zucker’s announcement came less than two months after he fired prime time anchor Chris Cuomo for advising his brother, Andrew Cuomo, about how to address sexual misconduct allegations.

The relationship was discovered during an investigation into the conduct of fired CNN anchor Chris Cuomo.

“As part of the investigation into Chris Cuomo’s tenure at CNN, I was asked about a consensual relationship with my closest colleague, someone I have worked with for more than 20 years,” Zucker told employees in a memo.

“I acknowledged the relationship evolved in recent years. I was required to disclose it when it began but I didn’t. I was wrong. As a result, I am resigning today.”

“Jeff and I have been close friends and professional partners for over 20 years,” she said in a statement quoted by Mr Stelter on air.

“Recently, our relationship changed during Covid. I regret that we didn’t disclose it at the right time.”

But where too next for Zucker?

News of Zucker’s resignation sent shockwaves inside CNN and across the industry.

Zucker and Gollust began working together at NBC in 1998.

Gollust intends to stay at the network while Zucker departs, she is currently the executive vice president and chief marketing officer at CNN.

He joined CNN in 2013. He was successful in his role as chief, breaking viewership records in 2020 and saw the most viewers in its history during January 2021.

Under Zucker, CNN adopted a “Facts First” slogan and approach to the news and was “unrelenting in calling out Trump for his lies”, reports CNN business.

However, viewership has gone down.

Audience viewership has fallen nearly 90 percent this January compared to the same time last year, according to Nielsen ratings.

Zucker’s departure throws the network into even more turmoil, with the next steps for Zucker still unknown.

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Streaming service shift and the award season snubs

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Netflix Introduces Changes to Subscription Model, Academy Award Nominations Spark Cinematic Buzz, and the Doomsday Clock Continues its Ominous Ticking.

Netflix is set to discontinue its ad-free Basic subscription in select countries, commencing with Canada and the UK in Q2 2024.

This strategic shift introduces a significant price increase for the baseline entry, signalling potential adjustments to Netflix’s global pricing structure.

Simultaneously, the 96th edition of the Academy Award nominations has stirred cinematic debates, with the prevailing question being whether the upcoming season will be dominated by “Barbie” or “Oppenheimer.” These contrasting narratives set the stage for a fierce competition, highlighting the diverse and compelling offerings in this year’s film industry.

Beyond the realm of entertainment, the Doomsday Clock, a symbolic representation of the likelihood of a human-made global catastrophe, continues its ominous countdown.

Maintained since 1947 by the Bulletin of the Atomic Scientists, the clock serves as a metaphor for threats arising from unchecked scientific and technological advances. As global tensions, environmental challenges, and technological risks persist, the ticking of the Doomsday Clock serves as a poignant reminder of the urgent need to address multifaceted threats to humanity.

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Adidas faces potential $320M Yeezy shoe write-off post-Kanye split

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Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.

The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.

The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.

However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.

The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.

Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.

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Warner Bros discovery warns of Hollywood’s ‘real risk’ post-strikes’

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Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.

The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.

Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.

The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.

The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.

This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.

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