News Corp and Dow Jones execs agree to terms; Bancrofts to debate saving journalism. Not counting chickens yet, but it seems one of the most agonizingly self-important public decisions of recent years may finally be coming to an end. Murdoch and Zannino have reportedly agreed that $60 a share is a great price for Dow Jones and are prepared to move forward. This leaves the Bancrofts, who will no doubt talk long into the night.
Viacom: Litigious as hell–and proud of it. But Sumner really a peace-loving man. After Eric Schmidt told reporters in Sun Valley that, at Viacom, lawsuits were a core business strategy, Sumner Redstone confirmed it. A group of reporters approached Sumner on the steps of a hotel building next to a swan-filled pond: “We have engaged in a lot of litigation at Viacom,” he said, “of which I have been a primary mover.” But the toughest man in show business stressed that he only sues as a last resort. “The bottom line is I hate to fight… I don’t enjoy a battle. I would rather be a lover than a fighter.” AP’s Seth Sutel, via Lead Counsel Corner
Fresh Direct is five years old and going gangbusters. 40,000 orders a week, 800 an hour. Take that, Webvan. alarm:clock Also, news that Fresh Direct will be closed tomorrow for the company picnic fuels concerns that “millions in Brooklyn will starve.” mcbrooklyn
Another magazine-industry defection: Rolling Stone publisher leaves for Google. Tim Castelli will join Google as New York sales director. He follows the same golden path as Eileen Naughton, former president of Time magazine, who is now Google’s director of media platforms.
Dead-tree media deathwatch, part XVII: Business 2.0 may shut down in September. The good news (for magazine folks) is that the magazine’s problems appear to be at least partly management-related. Time Inc. consolidated sales for its finance-business magazines earlier this year, and the sales force reportedly ignores B 2.0 to focus on the sexier Fortune. In any event, B 2.0 ad revenue has collapsed, dropping 38% year over year. The mag may yet be saved, but if not, 10 lucky staffers will stay on at Time, Inc. to cover the Valley for Fortune, et al. NYT Forbes’ Brian Caulfield has more on the larger story: Silicon Valley’s booming, but those ad dollars are going to bloggers and Google, not Red Herring, et al. It’s not just the wasted paper, ink, and postage–it’s the time delay. By the time the magazine arrives, everyone’s already read the story online (or ignored it, if the magazine is trying to “protect it’s business” by maintaining a firewall). Forbes
Paltalk launches new group web-cam-watching service, allowing up to 5,000 people to watch videos together. Unfortunately, NewTeeVee hates it. We’ll investigate. NewTeeVee
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