Latest news with #JeffZucker
Newsweek
06-07-2025
- Entertainment
- Newsweek
Michael Scott's 'The Office' Condo Up for Sale: See the Price
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The condo apartment that Michael Scott lived in during the American series The Office is now up for sale on Zillow, with a pending sale as of July 1. On The Office, the condo was located at 126 Kellum Court inside the Kellum Court complex in Scranton, Pennsylvania. It was featured in several episodes, including the fan-favorites "The Dinner Party," "Fun Run," and "Dream Team." "The Dinner Party," the 13th episode of the show's fourth season, was ranked by Variety as the best episode of the entire series. Variety said the episode contained "some of the most hilarious scenes of the entire series." The condo was selected because of the "flow" and "openness," according to director Paul Feig during his guest appearance on the podcast Office Ladies, hosted by actors Jenna Fischer and Angela Kinsey, who played Pam Beesly and Angela Martin, respectively. The condo is actually located roughly an hour outside of downtown Los Angeles in the Reseda neighborhood, the listing boasts "famous neighbors" such as actor Johnny Depp and filmmaker M. Night Shyamalan. Steve Carell, winner of Best Performance by an Actor In A Television Series - Musical Or Comedy for "The Office" and NBC's Jeff Zucker. Steve Carell, winner of Best Performance by an Actor In A Television Series - Musical Or Comedy for "The Office" and NBC's Jeff Zucker. E. Charbonneau/WireImage for Universal Pictures The three-bed, three-bathroom condo is listed at $710,000 as a "very clean, well kept, turn-key home" that offers 1,458 square feet, has direct access to a two-car garage, and a back patio. The listing has a "pending sale" as of July 1 after 70 days on the market, but the realtor is still accepting back-up offers. A turn-key home means that the buyer should expect little to no updates or maintenance ahead of taking up residence. The property has a tax-assessed value of $656,477 and has a value as high as $736,000 as the "estimated sales range," on Zillow. The property requires a $550 per month Homeowners Association (HOA) fee, which covers yard maintenance and "controlled access" to the gated community and even includes earthquake insurance—likely unsurprising given its location. The Zillow listing for the property describes it as a "great starter home or downsize home as it can be easily managed and maintained." The listing previously sold in 2005, the year The Office debuted in the U.S.—for around $490,000 and was listed for sale on April 19 this year. The gated community in which home is located contains 36 homes overall, and based on previous sales, at least some of the properties have identical layouts. A condo located next door had been listed for sale in 2022, which had the "exact same floor plan," according to the New York Post. The home listed for $699,000 at that time, and ultimately sold for around $755,000.
Fox News
16-06-2025
- Business
- Fox News
CNN has 'tears on the horizon' as Warner Bros. Discovery plots network spinoff, industry insiders say
CNN has "tears on the horizon" after Warner Bros. Discovery announced last week that it will split into two companies by separating its studios and streaming business from cable TV networks, according to media insiders. The corporate split, which is expected to be completed by mid-2026, will have significant ramifications for CNN, which is being treated as a declining asset that weighed down WBD's shinier businesses. A little over three years ago, Discovery Inc. merged with WarnerMedia to create Warner Bros. Discovery to much fanfare as CEO David Zaslav touted the company as "the best place for impactful storytelling." Things didn't exactly work out, and Warner Bros. Discovery CFO Gunnar Wiedenfels will lead the spun-off group of cable assets, including CNN, while Zaslav keeps the studios and streaming business. "Putting a bean counter as CEO sends a very clear message: this is finally the beginning of the long-overdue correction of the [Jeff] Zucker-era excesses," a media insider close to CNN told Fox News Digital. Indeed, former CNN boss Jeff Zucker, who was forced out ahead of the 2022 merger, was known for keeping his anchors happy with lofty salaries. The insider believes that bloated paychecks aren't justified nowadays when CNN struggles to attract a respectable audience. "It's not just the overpriced talent. It's the overpriced producers. The overpriced executives. The superfluous reporters who barely are on the air. All will either be exited or forced to take massive pay cuts," the media insider said. "But it will be most devastating for the rank and file," they continued. "With no union protections, there will be massive layoffs and those remaining will be asked to do the work of their departed colleagues." The insider added that "everyone should feel some sympathy for what's about to happen," even if you aren't a fan of the liberal network's product. CNN has hit various ratings lows in recent memory and had its second-worst month ever in the advertiser-coveted demographic of adults age 25-54 across both total day and primetime viewers in May. The network has shed viewers in all categories compared to 2024 and is on pace to have its lowest-rated year ever among the demo. CNN CEO Mark Thompson has been attempting to emphasize digital content amid the linear ratings collapse, but a second longtime media industry insider, who once worked at CNN, doesn't see the situation improving. "There's nothing but tears on the horizon for CNN," they told Fox News Digital. "They no longer have much value since it's now easier and cheaper to get video and live reports from news events, especially international events, which is their core competency. And their content — especially on — isn't good enough to charge subscriptions," they continued. "Their revenue model is in collapse, but it's a slow death. Gunnar has about ten years to squeeze every last penny out of that place before rigor mortis." CNN's shows for its domestic network are typically staffed more heavily than programs on MSNBC and other cable news channels. The second insider feels Wiedenfels could "start by making 70% cuts to all show teams for CNN US, bringing their staffing in line with that of their competition" before pivoting to talent salaries. "CNN's first- and second-tier talent now make, thanks to Jeff Zucker buying their loyalty, about five times what they're worth on the open market. All talent should be offered a choice of an immediate pay cut -- based on a market analysis of their actual value -- with a three-year contract renewal, or we pay out their remaining contract and terminate them," the insider said. "Overall, you could reduce costs at CNN 50-60% with no change to ratings or revenue, and manage the decline from there, with increasing, annual cutbacks as you wind the company down," they added. "Basically, do palliative care." A WBD insider pushed back on the doom and gloom, noting it was too early to be surmising about these sorts of plans, and rumors about cost-cutting seem to be from people who are "not informed." The same insider noted that on an investor call last week, Wiedenfels expressed excitement for the cable networks, including investment opportunities. Economist Michael Szanto is optimistic and feels that if consumers "learn to overcome extreme political polarization in a way that allows Americans to once again trust news coverage," CNN could remain relevant for years to come. "CNN is actually a gem in the WBD fold. It has a historic, iconic place for its groundbreaking coverage of the Tiananmen Square Massacre in China, the attempted Communist Coup against Gorbachev, and unrivaled coverage of the 1991 Iraq War to liberate Kuwait. For decades the voice of James Earl Jones gave CNN a very powerful voice tagline that is deeply memorable for older Americans," Szanto told Fox News Digital. Meanwhile, CNN has taken a beating in the press since the looming split was announced. Variety, a Hollywood and media trade publication, even put a spotlight on CNN's woes last week when announcing the network hired advertising executive Guy Griggs as its new senior vice president of ad sales and client partnerships. "CNN has been projected to lose both subscribers and ad revenue over the next year, according to estimates from Kagan, a research unit of S&P Global Market Intelligence. CNN's ad revenue is expected to fall to nearly $499.2 million, according to Kagan, compared with $563.9 million in 2024. News networks typically enjoy an economic boost in an election year, but the estimates for CNN would also fall from 2023's $518.1 million," Variety reported. Dylan Byers, a former CNN media reporter who now covers the industry for Puck, said he "received a deluge of text messages from addled employees at CNN" asking him what the split meant for the network. "As you may have surmised, running a 24/7 global news network with foreign bureaus is expensive, and the underlying unit economics only make sense to the people inside the building. With the industry in inexorable decline, CNN's ratings at a nadir, and younger audiences turning to user-generated schlock on YouTube and TikTok for news, those costs are increasingly hard to justify," Byers wrote in an opinion piece. "Inevitably, Gunnar will look at CNN and decide he can maintain relatively similar profits at a mere fraction of the cost," Byers continued. "This will have perceptible ramifications on the talent side. Why, for instance, would Gunnar pay Anderson Cooper $18 million a year when Kaitlan Collins draws the same ratings at roughly a fifth of the salary?" Byers evoked HLN, a once-prominent CNN sister network formally known as Headline News, which terminated all live programming in 2022. The comparison is essentially nightmare fuel for CNN loyalists who don't want to see the network suffer a similar fate. "Do CNN's bureaus and infrastructure make economic sense in this brave new world? Increasingly less, of course. Over time, it will look more and more like HLN, which is one reason HLN no longer exists," Byers wrote. "There will also be significant layoffs, diminished resources, and persnickety indignities: sh-ttier offices, fewer perks, and more scrutiny of the T&E." CNN did not immediately respond to a request for comment.
Yahoo
23-05-2025
- Business
- Yahoo
Private equity firm buys The Telegraph, ending two-year sale saga
RedBird Capital Partners announced on Friday that it has purchased Telegraph Media Group for £500 million (nearly $675 million), concluding a protracted bid to acquire the news company. The deal makes US-based RedBird the sole controlling owner of The Telegraph, the right-leaning British news outlet founded in 1855. Per the deal, RedBird will invest funds in The Telegraph's digital operations to help continue growing subscriptions and expand the outlet's foothold in the United States, where RedBird already has a constellation of media investments. The deal comes after RedBird struggled for two years to acquire The Telegraph, stymied in large part by a conservative British government that restricted foreign governments from owning newspapers and capped foreign state-owned investment by a publisher at 15%. The UK's Labour Party, which swept into power in July 2024, announced last week that it would relax restrictions on foreign investment. 'This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base,' RedBird CEO Gerry Cardinale said in a statement. In January 2024, Jeff Zucker, the former CNN president, flew to London to pitch a takeover of the media company to Ofcom on behalf of RedBird IMI, where he is the chief executive. The Telegraph went up for sale in 2023 after Lloyds Banking Group took control of unpaid debts from the Barclay family, which acquired the newspaper in 2004. The Barclay family regained control of the Telegraph in December 2023 with the help of a loan from RedBird IMI, an Abu Dhabi-backed joint venture. However, the British government blocked the transfer of ownership to RedBird. The Friday deal avoided that rule by providing IMI only a minority share in the paper. RedBird's focus on the US market comes as other British media outlets, including the BBC, The Guardian, and The Independent, have expanded their US coverage, often to great success. According to a May report, The Guardian grew its overall revenue by 25% on year, while The Independent in January reported a 75% year-over-year audience increase. RedBird has major investments in media, entertainment, and sports in the UK. In 2024, the firm acquired All3Media, a British film and TV production and distribution company. The company also has a stake in the Premier League soccer club Liverpool and owns AC Milan in Italy's Serie A. RedBird will also acquire the UK's Channel 5 if Paramount Global's merger with Skydance is approved. RedBird has also invested in Ben Affleck and Matt Damon's Artists Equity, LeBron James and Maverick Carter's SpringHill Company, the YES Network, and has helped Skydance finance several productions, including Amazon's 'Reacher' and Paramount's 'Top Gun: Maverick.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
23-05-2025
- Business
- CNN
Private equity firm buys The Telegraph, ending two-year saga
RedBird Capital Partners announced on Friday that it has purchased Telegraph Media Group for £500 million (nearly $675 million), concluding a protracted bid to acquire the news company. The deal makes US-based RedBird the sole controlling owner of The Telegraph, the right-leaning British news outlet founded in 1855. Per the deal, RedBird will invest funds in The Telegraph's digital operations to help continue growing subscriptions and expand the outlet's foothold in the United States, where RedBird already has a constellation of media investments. The deal comes after RedBird struggled for two years to acquire The Telegraph, stymied in large part by a conservative British government that restricted foreign governments from owning newspapers and capped foreign state-owned investment by a publisher at 15%. The UK's Labour Party, which swept into power in July 2024, announced last week that it would relax restrictions on foreign investment. 'This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base,' RedBird CEO Gerry Cardinale said in a statement. Get Reliable Sources newsletter Sign up here to receive Reliable Sources with Brian Stelter in your inbox. In January 2024, Jeff Zucker, the former CNN president, flew to London to pitch a takeover of the media company to Ofcom on behalf of RedBird IMI, where he is the chief executive. The Telegraph went up for sale in 2023 after Lloyds Banking Group took control of unpaid debts from the Barclay family, which acquired the newspaper in 2004. The Barclay family regained control of the Telegraph in December 2023 with the help of a loan from RedBird IMI, an Abu Dhabi-backed joint venture. However, the British government blocked the transfer of ownership to RedBird. The Friday deal avoided that rule by providing IMI only a minority share in the paper. RedBird's focus on the US market comes as other British media outlets, including the BBC, The Guardian, and The Independent, have expanded their US coverage, often to great success. According to a May report, The Guardian grew its overall revenue by 25% on year, while The Independent in January reported a 75% year-over-year audience increase. RedBird has major investments in media, entertainment, and sports in the UK. In 2024, the firm acquired All3Media, a British film and TV production and distribution company. The company also has a stake in the Premier League soccer club Liverpool and owns AC Milan in Italy's Serie A. RedBird will also acquire the UK's Channel 5 if Paramount Global's merger with Skydance is approved. RedBird has also invested in Ben Affleck and Matt Damon's Artists Equity, LeBron James and Maverick Carter's SpringHill Company, the YES Network, and has helped Skydance finance several productions, including Amazon's 'Reacher' and Paramount's 'Top Gun: Maverick.'
CNN
23-05-2025
- Business
- CNN
Private equity firm buys The Telegraph, ending two-year saga
RedBird Capital Partners announced on Friday that it has purchased Telegraph Media Group for £500 million (nearly $675 million), concluding a protracted bid to acquire the news company. The deal makes US-based RedBird the sole controlling owner of The Telegraph, the right-leaning British news outlet founded in 1855. Per the deal, RedBird will invest funds in The Telegraph's digital operations to help continue growing subscriptions and expand the outlet's foothold in the United States, where RedBird already has a constellation of media investments. The deal comes after RedBird struggled for two years to acquire The Telegraph, stymied in large part by a conservative British government that restricted foreign governments from owning newspapers and capped foreign state-owned investment by a publisher at 15%. The UK's Labour Party, which swept into power in July 2024, announced last week that it would relax restrictions on foreign investment. 'This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base,' RedBird CEO Gerry Cardinale said in a statement. Get Reliable Sources newsletter Sign up here to receive Reliable Sources with Brian Stelter in your inbox. In January 2024, Jeff Zucker, the former CNN president, flew to London to pitch a takeover of the media company to Ofcom on behalf of RedBird IMI, where he is the chief executive. The Telegraph went up for sale in 2023 after Lloyds Banking Group took control of unpaid debts from the Barclay family, which acquired the newspaper in 2004. The Barclay family regained control of the Telegraph in December 2023 with the help of a loan from RedBird IMI, an Abu Dhabi-backed joint venture. However, the British government blocked the transfer of ownership to RedBird. The Friday deal avoided that rule by providing IMI only a minority share in the paper. RedBird's focus on the US market comes as other British media outlets, including the BBC, The Guardian, and The Independent, have expanded their US coverage, often to great success. According to a May report, The Guardian grew its overall revenue by 25% on year, while The Independent in January reported a 75% year-over-year audience increase. RedBird has major investments in media, entertainment, and sports in the UK. In 2024, the firm acquired All3Media, a British film and TV production and distribution company. The company also has a stake in the Premier League soccer club Liverpool and owns AC Milan in Italy's Serie A. RedBird will also acquire the UK's Channel 5 if Paramount Global's merger with Skydance is approved. RedBird has also invested in Ben Affleck and Matt Damon's Artists Equity, LeBron James and Maverick Carter's SpringHill Company, the YES Network, and has helped Skydance finance several productions, including Amazon's 'Reacher' and Paramount's 'Top Gun: Maverick.'
