Morning Consult Brands: BuzzFeed News to Shut Down




 


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Essential marketing and PR news & intel to start your day.
April 21, 2023
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Today’s Top News

  • BuzzFeed Inc. Chief Executive Jonah Peretti announced that the company’s digital news outlet BuzzFeed News will cease operations as part of broader layoffs impacting 15% of the BuzzFeed’s workforce, or 180 employees. In an address to BuzzFeed News staffers, Peretti admitted he overinvested in the news division and said that HuffPost, which BuzzFeed acquired in a 2020 deal, will “open a select number of roles” for former BuzzFeed News employees. (CNN
  • Twitter Inc. removed blue checkmarks from most legacy verified accounts on Thursday, nearly three weeks after the social media platform said it would begin this process. (The Verge) Twitter also removed “government-funded media” labels from the primary accounts of several news organizations, including National Public Radio (NPR) and the Canadian Broadcasting Corporation (CBC), both of which stopped posting content to the platform in recent days in response to the labeling. (Reuters
  • Amazon.com Inc.’s Whole Foods said it will cut several hundred corporate jobs in an effort to consolidate operating regions. (The Wall Street Journal) Meanwhile, Meta Platforms Inc. CEO Mark Zuckerberg told employees during a virtual town hall event that he wouldn’t rule out the possibility of additional rounds of layoffs and that the tech giant will significantly slow hiring efforts moving forward. (The Wall Street Journal)

    • Younger Americans are much more critical of the ongoing spate of mass layoffs than are their older counterparts. Three in 5 Gen Zers say that mass layoffs are avoidable based on the current economic environment, compared with 43% of baby boomers who said the same, per a recent Morning Consult survey.
 

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What Else You Need to Know

Advertising
 

WPP Acquires ‘Sonic Branding’ Agency Amp

Joe Mandese, MediaPost

Terms were not disclosed, but WPP said the agency was founded in 2009 and has a global team of more than 60 people.

 

The National Enquirer Unveils Its First-Ever Digital Advertising Strategy

Mark Stenberg, Adweek

The publisher, now under new ownership, will use sweepstakes to collect first-party data.

 

Disney Sells Out NFL Draft Ad Inventory for First Day

Parker Herren, Ad Age

NFL Draft to feature nearly 100 advertisers across 50 categories.

 

Some brands pull back on Pinterest ad spend because of weak performance metrics

Vidhi Choudhary, Modern Retail

As budgets tighten, some brands are taking a second look at their Pinterest spend.

 
Media/Entertainment/Influencers
 

Bloomberg Media Sets New Programming Slate, Hires Head of IP Partnerships

Alex Weprin, The Hollywood Reporter

The new head of IP, Cassie Thornton, will be tasked with striking licensing deals to bring Bloomberg’s journalism to other platforms.

 

Hasbro Is in Talks to Sell ‘Yellowjackets’ Studio to Its Founder

Lucas Shaw and Thomas Buckley, Bloomberg

Hasbro Inc. is in talks with Entertainment One founder Darren Throop to sell most of the film and TV studio’s assets back to him, according to people familiar with the matter. 

 

Fox News Parts Ways With Dan Bongino: ‘It’s A Sad Day’

Mark Joyella, Forbes 

Fox News has ended its relationship with Dan Bongino, who hosted the Saturday night show Unfiltered with Dan Bongino. “Folks, regretfully, last week was my last show on Fox News on the Fox News Channel,” Bongino said on his podcast Thursday. 

 

More brands choose Boomer, Gen X influencers, as ‘older audiences can be just as impactful’ as young ones

Kristina Monllos, Digiday

Marketers’ obsession with getting their brands in front of younger generations, particularly Gen Z as they move on from millennials, has most focusing on influencers in that younger demographic. But there’s a slow trickle of marketers who recognize the potential of working with older influencers and reaching older generations, according to agency executives, who say they are doing so as a way to stand out while tapping into the growing number of older influencers garnering massive followings online. 

 
Social Media and Technology
 

Meta Oversight Board urges investigation into platform’s role in amplifying misinformation

Jess Weatherbed, The Verge

The social media giant has been advised to provide greater transparency on content removal and assess the platform’s impact on public health in a report on covid policies.

 

TikTok U.S. Shopping Chief: Open to Big Retail Partnerships to Fill Shopping Aims

Erin Woo and Ann Gehan, The Information

TikTok has ambitions to transform its app into a U.S. shopping destination and is open to working with big retail partners including Walmart to make that happen, according to TikTok’s head shopping executive in the U.S.

 

Google Merges AI Research Units

Laurie Sullivan, MediaPost

Google on Thursday said it will merge DeepMind and the Brain team from Google Research — its two primary artificial intelligence (AI) research units — to become one. The unit is called Google DeepMind.

 

Apple Plans iPhone Journaling App in Expansion of Health Initiatives

Aaron Tilley, The Wall Street Journal 

Daily activities log is set to compete with existing software.

 

Jack Dorsey-backed Twitter alternative Bluesky hits Android

Sarah Perez, TechCrunch

Bluesky, the Twitter alternative backed by Twitter co-founder and CEO Jack Dorsey, has now rolled out to Android users. The app, which promises a future of decentralized social networking and choose-your-own algorithms, initially launched to iOS users in late February and remains in a closed beta.

 
PR/Marketing/Retail
 

Anheuser-Busch facilities face threats after Bud Light backlash

Danielle Wiener-Bronner, CNN

Several Anheuser-Busch facilities received threats last week, a company spokesperson confirmed, following weeks of backlash against Bud Light because it sponsored two Instagram posts from a transgender woman.

 

Ikea stores coming soon to 8 new US locations

Anna Cooban, CNN

Ikea is planning to splash €2 billion ($2.19 billion) to expand its furniture empire in the United States in what will be the retailer’s biggest-ever investment in a single country.

 

Amazon launches program to identify and track counterfeiters

Reuters 

Amazon has launched its Anti-Counterfeiting Exchange (ACX), an initiative to help retail stores label and track marketplace counterfeits as part of the e-commerce giant’s efforts to crack down on organized crime on its platform, the company announced on Thursday.

 

Yes we cannabis: How brands acknowledged 4/20 this year

Katie Hicks, Marketing Brew

From branded rolling papers to Pineapple Express shakes, weed acceptance seems to be growing more mainstream among brands.

 

Disney tells its lobbyists to step up fight against DeSantis and his allies in Florida 

Brian Schwartz, CNBC

Disney is preparing for a new phase of the fight with Republican Florida Gov. Ron DeSantis.

 

Beyond Amazon — curated marketplaces get sophisticated 

Natalie Whittle, Financial Times

A new breed of online stores is using smart filtering, consumer reviews and tech stacks to help overwhelmed shoppers sift through choices.

 
Work and Management
 

Despite Strong Labor Market Data, 75% of Americans Are Worried About Widespread Job Losses 

Amanda Jacobson Snyder, Morning Consult

Nearly 2 in 5 adults are worried about losing their own job.

 

Insider to lay off 10% of US-based staff to stay ‘healthy and competitive’

Bron Maher, Press Gazette

The company president emailed staff to inform them at 7am Eastern time on Thursday.

 

A Rallying Cry or a Rant? ‘Pity City’ CEO Comments Show Perils of Video Meetings

Vanessa Fuhrmans and Joseph Pisani, The Wall Street Journal

Viral criticism of leaked speeches highlight how tough it is to light a fire under employees in the hybrid workplace.

 

Clorox to cut 4% of non-production workforce

Reuters

Clorox Co. on Thursday said it would cut about 200 positions, or 4% of its non-production workforce, as it looks to keep a lid on costs amid worries of an economic slowdown.

 







Morning Consult