Here's everything you need to know about the world of television for Wednesday, July 31st, 2024:
PRODUCTION NOTES:
My apologies for the late newsletter, I had some family stuff to take care of first.
WHY YOU SHOULDN'T JUST REWRITE A PRESS RELEASE, PART 237
Back in the dinosaur days, I was a financial reporter who focused on media stocks. And there were a couple of lessons I learned early on. Never trust press releases and certainly never do a story based on a press release unless you could add something to the story. That might mean a conversation with one of the participants or tracking down an expert to add some context to the release.
In part, that's because any chucklehead can lightly rework a press release. And while that's an easy thing to do, it doesn't add much value for the reader. And just as importantly, it doesn't differentiate your work from everyone else's.
But the more important reason is that people lie in press releases. They spin their story, they omit important facts. There are even people out there spreading false stories in hopes of moving a stock price and making some quick money. So the bigger the story, the more important it is to do a bit of digging. Try and verify the facts and ask yourself if the underlying story seems legitimate.
Today was an indication that process is essentially ignored at a lot of major news outlets, after a range of organizations from Reuters and the NY Post to nearly every Penske Media trade outlet breathlessly reported the news (based solely on a release on Businesswire) that a previously unknown company was making a $43 billion all cash offer for National Amusements, the parent company of Paramount Global.
Even a casual glance at the facts should have sounded off some warning lights to journalists. The offer was insanely high based on the company's valuation. And an all-cash offer of that size is almost unheard of in any industry. Especially from a company no one had previously heard from.
But numerous outlets just very lightly rewrote the press release and pushed the story out as quickly as they could. And within hours, the press release had been withdrawn and outlets were scrambling to save face.
Deadline replaced it original story with an updated one at the old URL, with an explanation of the editorial process that sounded almost as if the publication was claiming it had been catfished into writing the original version. Instead of the likely explanation, which is reporter Dade Hayes wrote the piece based on a press release and didn't stop long enough to use Google and see if this supposed offer made any sense:
Deadline wrote about the offer from a company called Apex Capital Trust on Wednesday after it had been covered earlier in the day by Bloomberg, Reuters and other media outlets. The bid ostensibly was delivered to Paramount’s board and controlling shareholder National Amusements on July 12, at the start of the 45-day “go-shop period” provided for in its planned merger with Skydance. It was announced Wednesday morning via a press release on BusinessWire, a reputable forum for official corporate communication. Steven Weiss, an EVP at Rubenstein Public Relations, was listed as the press contact.
Now, I'm loathe to publicly criticize other reporters, especially since I certainly have made my own mistakes over the years. But given that you're dealing with a press release that claims there is a $43 billion all-cash offer from a company you've never heard of...well, perhaps a quick call or email to verify things might make sense?
Indiewire took the same approach, updating the story with the updated facts. But the update weirdly included a lot of the test from the original piece in the second half of the story. Which is an....interesting choice:
We did the math: $43 billion, by comparison, is…a lot more money: for shareholders, for Shari, and for the company to play on as-is. Paramount’s special advisory committee has a fiduciary duty to its shareholders to seriously consider the deal.
While it is currently unclear what Apex’s plan would be for Paramount, it almost certainly would result in the selling off of assets that are not, as Logan put it, national treasures. Redstone has been concerned both with money, but also wants to preserve legacy of the company — particularly its movie studio.
Huh.
To be fair, none of the other outlets I checked were any more transparent about their editorial process. They all attempted to pretend their earlier stories didn't happen or that they had misled by their faith in Businesswire.
Here's the thing, while press release services such as Businesswire do some cursory screening of press releases, their job is not to do your reporting for you.
And the slightest bit of reporting would have surfaced some problems. Most of the relevant websites associated with the companies mentioned in the press release had launched in recent days. And the attorney quoted in the press release appeared to previously work for a law firm whose name appears to be making a subtle nod to the movie Legally Blonde.
So why did someone go through this all of the trouble to create these interlocking web sites and other data? My guess is that it was an effort to manipulate the National Amusements stock price enough to make a quick score before the truth was uncovered. I suspect this is something the SEC will be looking into in the upcoming days.
DEADLINE...ARE YOU OKAY?
I don't usually spend so much time writing about Hollywood's trade press, but this was an unusually odd day. For instance, the various Penske Media-owned trade outlets almost never publicly criticize each other.
So imagine my surprise to read this piece today from Deadline's Editor-In-Chief Film Mike Fleming, who took fellow Penske Media outlets to task for their reporting about a video of Francis Ford Coppola kissing several extras on the set of his most recent film Megalopolis:
He accused Variety of posting their story for "clicks," and complained about coverage by sister publication The Hollywood Reporter of alleged budget over-runs on the film:
This was just the latest in a trail of surprisingly aggressive reports, including one by our other sister trade, THR, which used Coppola letting go some below-the-liners to fuel a report that his production was out of control. Coppola said his film came in on time and on budget. One wonders why journos are working so hard trying to tarnish one of the greatest living filmmakers America has produced, at a time when he is grieving the loss of his wife. Some would think it a good time to celebrate Coppola for his bold gamble to put $120 million of his own money into Megalopolis. Love or hate the film, but in this moment of corporate cowardice, Coppola should get some credit for seeing through a movie he spent decades thinking about and whose message he hopes will be appreciated long after he passes away. When he does pass, all these naysaying trades will provide reverential coverage. Why wait to treat him with some dignity and respect?
Obviously Fleming has some strong opinions about this. And to be honest, it's kind of nice to see Deadline post something with so much passion.
ODDS AND SODS
* Disney Entertainment Television has laid off 140 people with 60 of them from National Geographic. A fair number of the layoffs come in the marketing and promotion departments. Which is ironic, given that most observers would argue the networks and streamers need more marketing and promotion efforts, not less.
* The "atmospheric, character-driven psychological thriller" Before premieres Friday, October 25th on Apple TV+. According to the streamer "Billy Crystal stars as Eli, a child psychiatrist who, after recently losing his wife, Lynn (Judith Light), encounters a troubled young boy, Noah (Jacopi Jupe), who seems to have a haunting connection to Eli’s past. As Eli attempts to help Noah, their mysterious bond deepens."
* The Star Wars show Star Wars: Skeleton Crew will premiere December 3rd on Disney+.
WHAT'S NEW TONIGHT AND TOMORROW
WEDNESDAY, JULY 31ST:
* Mountain Queen: The Summits Of Lhakpa Sherpa (Netflix)
* Ms. Pat Settles It Season Two Premiere (BET)
* Unsolved Mysteries Season Premiere (Netflix)
* Women In Blue (Las Azules) Series Premiere (Apple TV+)
THURSDAY, AUGUST 1ST, 2024:
A Good Girl's Guide To Murder Series Premiere (Netflix)
Batman: Caped Crusader Series Premiere (Prime Video) - [first look video]
Borderless Fog (Netflix)
Deadly Estate (LMN)
From Me To You: Kimi ni Todoke (Netflix)
Influenced Series Premiere (Prime Video)
Just The Facts With Steve Ballmer (Fox)
Love Is Blind: Mexico Series Premiere (Netflix)
Miss Teen USA (The CW)
Mon Laferte, te amo (Netflix)
The Match (ALLBLK)
2024 Black Girls Rock! Awards (Lifetime)
Unstable (Netflix)
SEE YOU ON THURSDAY