Glastonbury to be handed cash boost in latest Covid culture funding April 2, 2021 Glastonbury will be handed £90,000 in government support as part of the latest tranche of emergency funding aimed at supporting Britain’s struggling cultural institutions. The iconic festival, which has been cancelled this year but will host a livestream performance in May, is one of more than 2,700 organisations to share in a £400m pot of [...]
Time Out looks to raise £17m in upcoming fundraise April 1, 2021 Time Out is looking to raise £17m as part of an upcoming fundraise ahead of what it hopes will be a renaissance of culture and going out in the city. The publisher and markets owner will tap markets for £2m more than initially planned following strong demand from institutional investors. The £17m represents 17.1 [...]
Explainer: How will the BBC change in the next five years? March 30, 2021 The BBC this week published its annual plan, outlining its strategy and financial targets as it looks to adapt to major shifts in the media landscape. It comes at a tough time for the public service broadcaster, which is facing declining viewer numbers and a political row over its licence fee funding model, as well [...]
Former Warner Music boss Edgar Bronfman Jr. backs $300m SPAC March 30, 2021 A blank-cheque vehicle backed by former Warner Music boss Edgar Bronfman Jr has filed to raise $300m in a US listing. Waverley Capital Acquisition Corp 1 has said it will sell 30m units, consisting of shares and warrants, at $10 each. Bronfman is the latest high-profile figure to get in on the SPAC frenzy which [...]
Fortnite maker complains of Apple’s ‘anti-competitive’ behaviour to UK watchdog March 30, 2021 Fortnite maker Epic Games has complained to the UK’s markets watchdog today over Apple’s ‘anti-competitive’ rules, after a spat that led to the game being banned from the App Store last year. Epic took its competition complaint to the Competition and Markets Authority (CMA), claiming Apple exercised unfair control over app makers. Last August, Fortnite [...]
BBC to slash BBC Four shows but stops short of axing channel March 29, 2021 The BBC today said it will slash original programming on BBC Four as part of a wider effort to cut costs, though it stopped short of axing the channel altogether. In its annual plan published today, the broadcaster said it would shift away from commissioning a high volume of lower cost shows for the channel. [...]
Daily Mail owner’s shares jump as it bags £1bn from Cazoo listing March 29, 2021 Shares in the publishing group behind the Daily Mail jumped in morning trading as investors geared up for a £1bn windfall from Cazoo’s New York stock market float. The online used-car platform, in which Daily Mail and General Trust (DMGT) holds a 20 per cent stake, this morning confirmed plans to go public in a [...]
MPs launch inquiry into power of social media influencers March 26, 2021 MPs have launched an inquiry into the power of influencers amid concerns about a lack of regulation over how social media stars promote products online. Influencers have been gaining prominence in recent years thanks to the continued growth of social media use and the popularity of hit reality shows such as Love Island. But they [...]
Ofcom to build Manchester tech hub as it gears up for new online role March 26, 2021 Ofcom today unveiled plans to open a new tech hub in Manchester as it prepares to take on its new role as the UK’s first online regulator. The media watchdog said its new base, which is set to be up and running by the summer, will create 150 new jobs by 2025. The organisation will [...]
ITN warns of UK ‘news desert’ without broadcasting revamp March 26, 2021 The UK could be at risk of a digital “new desert” where audiences are unable to access high-quality news online unless effective regulation is brought in by Ofcom, ITN has warned. The production giant, which produces news programmes for ITV, Channel 4 and Channel 5, warned against a situation where “significant numbers of people can [...]