Twitter, in Musk fight, posts $270M quarterly loss

Twitter, in Musk fight, posts $270M quarterly loss
Twitter reported disappointing results on Friday, a miss that the social network attributed to “headwinds” including the uncertainty related to Elon Musk’s buyout bid. (AFP)
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Updated 22 July 2022

Twitter, in Musk fight, posts $270M quarterly loss

Twitter, in Musk fight, posts $270M quarterly loss
  • The company lost $270 million in the April-June period after revenue slipped 1% to $1.18 billion
  • The number of daily active users rose 16.6% to 237.8 million compared with the same period a year before

LONDON: Twitter reported a quarterly loss Friday as revenue slipped even as its number of users climbed.
The social media company’s latest quarterly earnings figures offered a glimpse into how the social media business has performed during a months-long negotiation with billionaire and Tesla CEO Elon Musk over whether he will take over the company.
The company lost $270 million in the April-June period after revenue slipped 1 percent to $1.18 billion, reflecting advertising industry headwinds, as well as uncertainty” over Musk’s acquisition bid.
The number of daily active users rose 16.6 percent to 237.8 million compared with the same period a year before.
Twitter chalked up the gains to “ongoing product improvements and global conversation around current events.”
Overshadowing Twitter’s latest sales results is its legal fight with Musk to make good on his April promise to buy the company for $44 billion. Twitter last week sued Musk to complete the deal and both sides are bracing for an October courtroom trial to resolve the dispute.
Given the pending acquisition, Twitter said it wouldn’t hold its usual quarterly earnings conference call or issue a shareholder letter.
The April-June fiscal quarter encompassed a tumultuous three months for Twitter, starting with the April 4 disclosure that Musk had acquired a huge stake in the company, paving the way for his takeover bid later that month. It didn’t take long for the relationship to fray as Musk publicly tweeted his concerns about Twitter and its employees and signaled he was having second thoughts.
Twitter argued in court that Musk’s actions in and his “repeated disparagement of Twitter and its personnel” created uncertainty that harmed Twitter’s business operations, employees and stock price.
It called for an expedited trial so the company could carry on with important business decisions, while Musk sought to wait until next year because of the complexity of the case and his demands for more of Twitter’s internal data about how it counts fake and automated “spam bot” accounts — which he’s cited as a chief reason for trying to terminate the deal.
A judge this week set the trial for October, siding with Twitter’s concerns that too much delay could cause the company irreparable harm. It will be held in Delaware’s Court of Chancery, which handles many high-profile business disputes, unless Musk and Twitter settle the case before then.
Shares slid 2 percent before the opening bell Friday.


Latvia revokes license of independent Russian TV channel

Latvia revokes license of independent Russian TV channel
Updated 57 min 32 sec ago

Latvia revokes license of independent Russian TV channel

Latvia revokes license of independent Russian TV channel
  • The decision by the Latvian National Electronic Mass Media Council was based on number of recent violations by TV Rain
  • The license was revoked on the grounds of a threat to national security and public order

TALLINN, Estonia: Latvia has revoked the license of an independent Russian TV channel exiled in the Baltic country for, among other things, voicing support for the Russian military and including Crimea in its map of Russia, media authorities said on Tuesday.
The decision by the Latvian National Electronic Mass Media Council was based on number of recent violations by TV Rain and the license was revoked on the grounds of a threat to national security and public order.
The region’s main news agency, Baltic News Service, said the decision will take effect on Thursday when not only TV Rain’s broadcasts but also its programs on YouTube will be blocked in Latvia.aTV Rain was earlier fined by the Latvian media watchdog for failing to ensure proper translation of its broadcasts into Latvian, the Baltic country’s only official language.
On Friday, Latvia’s state security service started a probe into statements made by TV Rain on suspicion that it was supporting Russia and its military currently waging a war in Ukraine.
Latvia’s decision was triggered by a TV Rain program in which the anchor invited Russian soldiers and their families watching it to share their stories with the channel and promised to offer help. The host offered an apology, saying he wasn’t promising material assistance to Russian troops on the front line in Ukraine, but the channel quickly fired him and apologized.
The incident came on top of earlier tensions with the Latvian authorities, who issued a reprimand over the channel depicting the Moscow-annexed Crimea as part of Russia on maps and referring to the Russian military as “our army.”
TV Rain owner Natalya Sindeyeva said in an interview that she hasn’t decided on the next steps yet. “I wasn’t prepared for that, I was sure they wouldn’t do that,” Sindeyeva told Meduza, an independent Russian news outlet also based in Latvia.
Since its creation in 2010, TV Rain has been the most visible independent TV station in Russia, criticizing the Kremlin’s policies, offering airtime to government critics and extensively covering opposition protests.
It has faced continuous official intimidation and pressure from the Russian authorities in the past. In August 2021, it was branded a “foreign agent,” a label that implied closer government scrutiny and carried a strong pejorative connotation that could discourage potential viewers.
TV Rain suspended operations in Russia earlier this year after authorities blocked its broadcasts allegedly due to the channel’s critical coverage of Russia’s war in Ukraine. The channel restarted broadcasting in the summer from Latvia’s capital, Riga, where several other independent Russian media outlets are based.
The Latvian media watchdog’s ruling can be appealed. Its chairman, Ivars Abolins, said that all media outlets working in Latvia should follow and respect Latvia’s legislation but TV Rain — known in Russia as “Dozhd” — has refused to do it.
“I believe that this decision demonstrates that Latvia is open also for the Russian media because all Russian media who respect the law are welcome and may work in Latvia,” said Abolins as quoted by the Baltic News Service. “Those who are not ready to follow the rules, cross the red lines, may not work here. The rules are fair.”


Facebook owner Meta may remove news from platform if US Congress passes media bill

Facebook owner Meta may remove news from platform if US Congress passes media bill
Updated 06 December 2022

Facebook owner Meta may remove news from platform if US Congress passes media bill

Facebook owner Meta may remove news from platform if US Congress passes media bill

WASHINGTON: Facebook parent Meta Platforms Inc. on Monday threatened to remove news from its platform if the US Congress passes a proposal aimed at making it easier for news organizations to negotiate collectively with companies like Alphabet Inc’s Google and Facebook.
Sources briefed on the matter said lawmakers are considering adding the Journalism Competition and Preservation Act to a must-pass annual defense bill as way to help the struggling local news industry.
Meta spokesperson Andy Stone in a tweet said the company would be forced to consider removing news if the law was passed “rather than submit to government-mandated negotiations that unfairly disregard any value we provide to news outlets through increased traffic and subscriptions.”
He added the proposal fails to recognize that publishers and broadcasters put content on the platform because “it benefits their bottom line — not the other way around.”
The News Media Alliance, a trade group representing newspaper publishers, is urging Congress to add the bill to the defense bill, arguing that “local papers cannot afford to endure several more years of Big Tech’s use and abuse, and time to take action is dwindling. If Congress does not act soon, we risk allowing social media to become America’s de facto local newspaper.”
More than two dozen groups including the American Civil Liberties Union, Public Knowledge and the Computer & Communications Industry Association on Monday urged Congress not to approve the local news bill saying it would “create an ill-advised antitrust exemption for publishers and broadcasters” and argued the bill does not require “funds gained through negotiation or arbitration will even be paid to journalists.”
A similar Australian law, which took effect in March 2021 after talks with the big tech firms led to a brief shutdown of Facebook news feeds in the country, has largely worked, a government report said.
Since the News Media Bargaining Code took effect, various tech firms including Meta and Alphabet have signed more than 30 deals with media outlets, compensating them for content that generated clicks and advertising dollars, the report added.


Google Doodle celebrates late Kuwaiti actor and comedian 

Google Doodle celebrates late Kuwaiti actor and comedian 
Updated 06 December 2022

Google Doodle celebrates late Kuwaiti actor and comedian 

Google Doodle celebrates late Kuwaiti actor and comedian 

DUBAI: Google Doodle marked on Tuesday the birthday of the late Kuwaiti actor and comedian Abdul Hussein Abdul Reda, which falls on Dec. 6. 

Abdul Reda is one of the most famous and prominent Gulf and Arab artists, and one of the Gulf region’s pioneers of acting, with a career that exceeded 50 years.

He participated in the first theatrical play in classical Arabic under the title “Saqr Quraish” in 1961. 

(Internet)

Abdul Reda presented many prominent works in theater and television, where he became famous on television with series like The Slippery Path and Destinies.  

He was nicknamed by Dubai Ruler and Prime Minister Sheikh Mohammed bin Rashid as the “Gulf’s laughter and joy” for his famous theatrical roles in well-known Khaleej plays like Bye Bye London and Bani Samet. 

On his passing, Sheikh Mohammed took to Twitter to pay tribute to the late Kuwaiti actor, saying: “We bid farewell to the Gulf's laughter and joy. Every Khaleeji citizen had a beautiful time with you.” 

After suffering several diseases in his lifetime, Abdul Reda passed away in London and was buried in Sulaibikhiyat Al Jaafariah on Aug. 16, 2017.


Arab-Chinese Media Cooperation Forum launches joint broadcasting initiative

A joint Saudi-Chinese TV program will spotlight the stories of Chinese and Saudi Arabian individuals. (Supplied)
A joint Saudi-Chinese TV program will spotlight the stories of Chinese and Saudi Arabian individuals. (Supplied)
Updated 06 December 2022

Arab-Chinese Media Cooperation Forum launches joint broadcasting initiative

A joint Saudi-Chinese TV program will spotlight the stories of Chinese and Saudi Arabian individuals. (Supplied)
  • Majid Al-Qasabi: “It gives me great pleasure to welcome you to the Arab-Chinese Media Cooperation Forum, which is being held today in Riyadh...between the Saudi Ministry of Media and the China Media Group”

RIYADH: Ahead of the Chinese President’s visit to Saudi Arabia, the Saudi Ministry of Media and the China Media Group announced the launch of a joint partnership initiative to promote relations between Arab countries and China through media in a ceremony in Riyadh on Monday.

“It gives me great pleasure to welcome you to the Arab-Chinese Media Cooperation Forum, which is being held today in Riyadh...between the Saudi Ministry of Media and the China Media Group,” Acting Minister of Media Majid Al-Qasabi said.

Al-Qasabi addressed the audience in a speech via video extending his support for the cooperation.

“We look forward to the cooperation today to launch new media initiatives that contribute to deepening the ties between the Arab and Chinese cultures and between their peoples,” he said.

The initiative, he explained, will promote the presence of Chinese media on Arab channels, translating Chinese television shows into Arabic.

Through the initiative, Saudi and Chinese television will also work together to create programs highlighting the stories of individuals from both Saudi Arabia and China who achieved success in each other’s countries.

The initiative will also create opportunities for travel between the two countries, opening a space for greater understanding and strengthening the relationship between China and Saudi Arabia through media and cultural exchange.

In line with the aim of improving communication, the ceremony was held in both Arabic and Chinese in the presence of Ambassador of China to Saudi Arabia Chen Weiqing, Director-General of the Arab States Broadcasting Union Abdulraheem Sulaiman, and Chinese politician Li Shulei, head of publicity at the Central Committee of the Chinese Communist Party.

Mohammed Fahad Al-Harthi, president of the Arab States Broadcasting Union and CEO of the Saudi Broadcasting Authority, presented the initiative in a speech during the ceremony.

“Saudi-Chinese relations are old and well-established and strong, and they are witnessing prosperity and expansion,” he said, citing Crown Prince Mohammed bin Salman’s visit to China, the over 20,000 Arab students studying in China and the several schools in Saudi Arabia that teach the Chinese language and culture.

“We hope that this relationship will witness greater growth with the connection of interests and relations between the two peoples,” he added.

Toward the end of the ceremony, top media representatives from Palestine, Egypt, Bahrain, Libya, Yemen and Iraq extended their support for the initiative.

Al-Harthi stressed the importance of media in any country’s diplomatic relations.

“To achieve a solid relationship between the two societies, the media must play this role,” Al-Harthi said.

Through the initiative, translated Chinese works will be broadcast in Palestine, Algeria, Jordan, Sudan, Iraq and Saudi Arabia.

 


Sky News chief to step down as channel adapts to post-TV future

Sky News chief to step down as channel adapts to post-TV future
Updated 05 December 2022

Sky News chief to step down as channel adapts to post-TV future

Sky News chief to step down as channel adapts to post-TV future
  • John Ryley departing operation after 17 years

LONDON: Sky News chief John Ryley announced on Sunday that he will step down after 17 years in charge as the channel faces the challenges of a post-television future.

Ryley, 60, assumed his role as head of the news outlet in 2006, when Sky News was almost fully dedicated to producing its flagship live television channel. He led the channel’s transformation into a multimedia operation with a large online audience.

Sky News, however, continues to spend a substantial part of its budget on traditional broadcasting.

Sources at the channel told the Guardian that Ryley’s departure will be announced to staff in a call on Dec. 5. Details are yet to be confirmed, but the call is also expected to reveal new hires for Sky News’ data, podcasts and original journalism teams.

The sources added that investment in several new studios would be paused.

Across almost two decades, Ryley won many journalism awards as he faced the challenge of running a news outlet in an era of media decline.

He said in recent years that he believed television news, instead of relying on patrician presenters, should increasingly feature reporters offering expert analysis and context. “The age of the all-powerful anchor is gone — instead they share the stage with journalists in the field, providing the audience with the high-fiber news they demand,” he wrote.

The announcements, according to The Guardian, suggest that Sky News’ leadership is preparing for a future where the channel’s focus shifts away from its live news operation.

While figures show that some 10.2 million people across Britain watched Sky News in November, audience figures for individual shows came in below 100,000 viewers in some cases. The channel is increasingly turning to platforms such as TikTok to reach the younger generations.

Sky News’ financial backing is wrapped up in corporate politics. When founder Rupert Murdoch sold Sky in 2018 to US media giant Comcast, the new owners pledged to maintain Sky News’ funding for a decade.

However, that agreement has yet to be honored, and decisions will be made soon about the outlet’s long-term future and funding model. Comcast is thought to be exploring ways to integrate Sky News into its US-based NBC News operation.

The wider Sky business has faced many challenges in recent years, with revenues slumping as consumers and advertisers cut back on spending in the face of tough economic conditions. The company is already looking beyond its satellite dish model toward a future where its subscription service is delivered over the internet.