Media Navel Gaze: August 26, 2013
The Week Unpeeled
Once again, the summer sizzle continued on the headline front (lots dealing with the media industry) with Microsoft CEO Steve Ballmer announcing his plans to step down next year in a move applauded by analysts that sent the stock rallying 7 percent.
- The Nasdaq market suffered a big black eye when its trading system shut down for some three hours on Thursday because of a glitch;
- In seemingly perfect timing, the electronic changes BATS Global Markets and Direct Edge announced intention to merge in a deal that will make it the second largest exchange, jumping ahead of Nasdaq;
- The Dow ended the week down a slight 0.5 percent but its third straight weekly loss to end at 15, 010;
- US appeals court ruled in favor of creditors to be paid in full on defaulted bonds out of Argentina, a win for hedge funds holding the debt but a battle that is surely not finished;
- Hedge-fund manager Philip Falcone of Harbinger Capital Partners admitted wrongdoing in his settlement with the SEC, a harbinger itself as new SEC Chief White has said she will push for more admissions of guilt;
- The media world and Washington and elsewhere honored the 50th anniversary of the March on Washington, with tributes to Martin Luther King and his legacy;
- Newt Gingrich is joining CNN as host of “Crossfire”;
- NPR losses another chief as Gary Knell moves to National Geographic after just under two years in the role at the radio network;
- Amid Bloomberg “spygate,” the news/data group will appoint a new independent editor/ombudsman, a recommendation that was part of an outside report;
- Al Jazeera launched in the US amid lots of headlines and reportedly few advertisers in a bid to become a “hard-news-all-the-time” channel;
- The “Today” show is taking a page from Oprah and starting a monthly book club, in apparent good news to publishers and readers alike; and
- Finally, it’s official: Area 51 is real so we can blame everything on that.