Earlier this week, Puck’s Dylan Byers broke the unexpected news that Norah O’Donnell was stepping away as anchor and managing editor of the “CBS Evening News.”
But that was only the half of it. The other part, perhaps even more surprising, was that CBS didn’t have plans to replace O’Donnell with just one big-name, high-profile anchor. The network known for evening news legends such as Walter Cronkite and Dan Rather was going to go to an anchor-by-committee.
On Thursday, CBS made the news official. After the election, the “CBS Evening News” will have CBS News veteran John Dickerson and Maurice DuBois, a longtime anchor of the CBS affiliate in New York, anchoring with regular contributions from “Face the Nation” moderator Margaret Brennan, who will remain based in Washington and report on political news and foreign affairs. (She will remain on “FTN.”)
In addition, Lonnie Quinn has been named chief meteorologist and will lead coverage of the weather — which is becoming more and more prominent on all newscasts across all networks.
Bill Owens, the highly-respected executive producer of “60 Minutes” will be the supervising producer of the “CBS Evening News.” He will continue at “60 Minutes,” as well.
Give CBS this much: This is an outside-the-box idea. And since they routinely trail ABC and NBC in the ratings, why not try it?
Wendy McMahon, president and CEO of CBS News, said in a statement, "With Norah’s decision, we began reimagining and redesigning the ‘Evening News.’ The strength of CBS News has always been in its ensemble of journalists, both in front of and behind the camera, and our goal with John, Maurice, Margaret and Lonnie at the ‘Evening News' is to elevate the best in their fields every night for our viewers. In addition to this ensemble team, we look forward to welcoming ‘60 Minutes’ correspondents to file for the ‘CBS Evening News’ when they have news to break; for decades this was routine, so it will be again.”
The New York Times’ John Koblin wrote, “In some ways, the program, with dedicated weather segments and a cast of frequently appearing correspondents, may resemble something closer to a morning show, or a local newscast.”
However, with Owens as supervising producer, expect the “Evening News” to have the highest journalistic standards. Owens has CBS News and “60 Minutes” veteran producer Guy Campanile as executive producer of the “CBS Evening News.”
Gannett and Lee report declining revenue even as they grow digital advertising and subs
For this item, I turn it over to my Poynter colleague Angela Fu with a contribution from Poynter media business analyst Rick Edmonds.
Gannett and Lee Enterprises, two of the largest newspaper chains in the country, reported Thursday that they had faced declines in total revenue last quarter despite expanding their digital audiences.
Gannett — which owns more than 200 dailies, including USA Today — posted a profit of $13.7 million last quarter, an improvement from the same period last year, when it suffered a $12.7 million loss. However, its total revenue fell 4.8% to $639.8 million. That decline was offset by increases in digital revenue, which now makes up 44% of Gannett’s total revenue.
“For the first time in our company’s history, the USA Today network in April rose to the number one news and information provider among content producers in America based on unique visitors, as measured by Comscore,” chief content officer Kristin Roberts told investors in an earnings call Thursday. She added that Gannett had reached 53% of American internet users.
Gannett now has more than two million digital-only paid subscriptions, and it has grown both its digital subscription revenue and digital average revenue per user by more than 20% year-over-year. Roberts said that the company is prioritizing video and has already seen “incredible results,” thanks to its coverage of major sporting events like the Kentucky Derby and the Indy 500. It plans to lean into its video strategy for the Olympics and the upcoming football season.
Executives at Gannett said that the company has increased its free cash flow and hit a milestone in its debt reduction. For the first time since GateHouse bought Gannett for $1.1 billion in 2019, the company’s net debt fell under $1 billion. It repaid $24.3 million of debt last quarter.
Though many media companies have struck deals with artificial intelligence companies — some of which are reportedly worth hundreds of millions of dollars — Gannett has held off. CEO Mike Reed told shareholders Thursday that the company has not yet been presented with a “fair value” deal for its content.
"We don't think that the deals that have been cut so far — while it may represent fair value to those companies in terms of what they're looking at or how they look at their business or how they cut their deal — we haven't seen a deal yet that we think represents fair value for our content," Reed said.
Lee Enterprises, which owns more than 70 dailies, ended its last quarter with a $3.7 million loss, down from the $2.1 million profit it earned during the same period last year. Significant declines in print meant that its operating revenue fell to $150.6 million last quarter. As a result, the company has had to decrease its fiscal year outlook for adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). It is now predicting a year-end adjusted EBITDA of $73 million to $78 million, which would be an 8% to 14% decrease from last year.
“This change is the result of the lagging print business and reflective of the incremental cost reductions we have taken in response,” chief financial officer Timothy Millage said during an earnings call Thursday.
Like Gannett, Lee grew its digital revenue, including digital subscription revenue. Lee hit a milestone last quarter when digital revenue made up half of its total revenue. The company has been trying to reduce its reliance on print, given industrywide declines in the sector. Lee now has 748,000 digital subscribers, a 23% increase over the prior year.
The declines in revenue at Gannett and Lee align with industrywide trends that America’s Newspapers CEO Dean Ridings has noticed. He told Poynter in an email that “revenue continues to be challenging” at many papers and those that are experiencing performance improvements have done so by reducing expenses.
The first half of 2024 has been difficult for many news outlets. Several dozen — including the Los Angeles Times, The Wall Street Journal and CNN — have executed layoffs, while several smaller community papers have shut down completely. Many outlets have blamed their cuts on a challenging economic environment, one in which advertising revenue has dried up.
“I’m hearing that Q3 and Q4 will be about the same for the mid-size and larger, but the smaller papers, particularly those in rural area(s), are continuing to face stiff headwinds,” Ridings wrote. “There are a few bright spots, but business continues to be difficult for many newspaper operators.”
Both Gannett and Lee stock prices were down Thursday. Gannett shares were trading at $4.52 apiece, down 7.9% from Wednesday’s close, and Lee shares were trading at $9.70 apiece, down 4.8% from Wednesday’s close.
The price is right
Venu Sports — the new sports streaming platform from the combined forces of ESPN, Fox and Warner Bros. Discovery — announced its pricing on Thursday. It will launch in the fall and cost $42.99 per month — a little lower than many industry types thought it would be.
The package will allow customers to get games from networks ESPN, ESPN2, ESPNU, SEC Network, ACC Network, ESPNEWS, ABC, FOX, FS1, FS2, Big Ten Network, TNT, TBS, truTV, and ESPN+. That means it will air many games from the NFL, NBA, MLB, NHL, WNBA, as well as college sports, NASCAR, soccer, golf and tennis and soccer. Besides games, the programming will include studio shows and documentaries.
Venu CEO Pete Distad said in a statement, “We’re building Venu from the ground up for fans who want seamless access to watch the sports they love, and we will launch at a compelling price point that will appeal to the cord cutter and cord never fans currently not served by existing pay TV packages.”
Venu is facing a lawsuit from FuboTV and still needs to clear some regulatory hurdles, but if this happens, it is an intriguing alternative for sports fans.
Awful Announcing’s Andrew Bucholtz has more.
And now for more media news, tidbits and interesting links for your weekend review …
More resources for journalists
- Get an AI ethics framework for your newsroom. Start here.
- Public media journalists: attend our Digital Transformation Project Q&A webinar Aug. 13.
- Work-Life Chemistry: Ditch work-life balance for a more sustainable approach.
Have feedback or a tip? Email Poynter senior media writer Tom Jones at [email protected].