
LA Times owner says he will take newspaper public in next year
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That acquisition placed the newspaper under local ownership for the first time in nearly two decades, but his public comments in the past year and his decisions about editorial direction have stirred unrest in the newsroom.
Last year, the head of the editorial board resigned after Soon-Shiong prevented the newspaper from endorsing Vice President Kamala Harris for president.
Soon-Shiong said on The Daily Show on Monday that taking the company public would 'democratize' it and would allow the public to 'take ownership,' though he did not detail how that would work.
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UPI
21 hours ago
- UPI
New York Post to expand to California with separate daily tabloid
Aug. 4 (UPI) -- A daily tabloid version of the New York Post is heading west, parent company News Corp announced Monday. The California Post, which will include staff based in Los Angeles, will debut early next year as a separate entity under the New York Post Media Group, the public company led by Rupert Murdoch said. The expansion comes as circulation continues to decline among newspapers nationwide. The California newspaper's content will include a version of Page 6 now featured in the New York Post. The New York Post displayed a mock images of Page 1 and the gossip page, including on Facebook . "Los Angeles and California surely need a daily dose of The Post as an antidote to the jaundiced, jaded journalism that has sadly proliferated," News Corp Chief Executive Robert Thomson said. "We are at a pivotal moment for the city and the state, and there is no doubt that The Post will play a crucial role in engaging and enlightening readers, who are starved of serious reporting and puckish wit. I am also pleased that [editor] Keith Poole's remit is expanding, as he will now be responsible for covering not just New York, but California, the U.S., the world and, perhaps, Mars." Nick Papps, who has nearly two decades of editorial leadership, was named editor in chief of the California newspaper. He was New Corp Australia's West Coast correspondent for three years. "This is the next manifestation of our national brand," Poole said. "California is the most populous state in the country, and is the epicenter of entertainment, the AI revolution and advanced manufacturing -- not to mention a sports powerhouse. Yet many stories are not being told, and many viewpoints are not being represented. "With The California Post, we will bring a common-sense, issue-based approach to metropolitan journalism. We'll tell the stories that our readers care about the most, but others overlook, and we'll do so with clarity and our trademark conviction, across print, digital and the platforms where audiences live today." The Post Digital Network, with 90 million unique visits in June, attracts 90% of its readers from outside the New York media market. Los Angeles, with 3.5 million unique visitors, and California, with 7.3 million, has the second concentration of Post readers. The newspaper circulates in South Florida but not as a separate edition. Overall, there are 13 million digital news readers in the region, including the Los Angeles Times, Orange County Register, and TV and radio stations. Newspapers' circulation has been dramatically declining. The Los Angeles Times was purchased by Patrick Soon-Shiong, a biotech billionaire, in 2018 for $500 million from Tronc. The purchase also included the San Diego Union, which was later sold to MediaNews, and several community newspapers. Tribune Publishing, based in Chicago, had adopted the name Tronc in 2016. Two weeks ago, Murdoch said he "would take the paper" public next year during an interview on The Daily Show with John Stewart. The New York Post is the oldest continuously published daily newspaper in the United States, founded by Alexander Hamilton in 1801. Murdoch purchased the New York Post in 1976. News Corp, with revenue of $10.1billion in 2024, owns The Wall Street Journal, Barron's, papers in Britain and Australia, Fox News Channel, Fox Business Network. Fox Corp owns the TV network with the Murdoch family holding 39% of the voting shares.


CBS News
a day ago
- CBS News
Thinking about an annuity? Here's who should (and shouldn't) buy one this August
While the economic outlook is a bit tumultuous overall, the retirement planning landscape is particularly uncertain right now. After all, the stock market has been volatile recently, making it tough for soon-to-be retirees to ensure that their investments will perform as expected, and there are ongoing questions about the long-term viability of Social Security, too. So, when you add in the other issues, like fluctuating interest rates, persistent inflation concerns and an aging population grappling with inadequate savings, it makes sense that more Americans are considering annuities as a way to guarantee their financial future. But here's the thing about annuities: They're not the right move for everyone, despite what they may seem like on the surface. These unique insurance products, which promise to convert a lump sum into regular payments for life, can be incredibly valuable for the right person at the right time, especially those who prefer reliability over growth. However, purchasing can also be a costly mistake for others, as they may be locking up money that could be working harder elsewhere or creating unnecessary complexity in an otherwise straightforward financial plan. So, while some people may get big benefits from investing in an annuity this August, for others, waiting — or choosing a different financial strategy entirely — could be the wiser move. Who should consider an annuity now, though, and who may want to steer clear? Compare your annuity options and find the right fit today. Here's who may benefit from purchasing an annuity right now: Annuity payouts are directly tied to interest rates, so higher rates mean higher monthly payments for life. That means if you're within a few years of retirement and are looking to secure a guaranteed income stream, this could be an ideal time to act. Right now, payout rates for fixed and immediate annuities are still elevated due to the Federal Reserve's prolonged high-rate environment. As a result, your lump sum investment could translate into a higher monthly income than it might if you wait to buy until rates eventually decline. For example, a 65-year-old who purchases a lifetime immediate annuity today could receive several hundred dollars more per month than someone who bought the same product just a couple of years ago when rates were sitting near record lows. And, if interest rates drop in the coming months — as many economists predict will happen — locking in today's rates could provide long-term financial advantages. Explore the top annuity rates you could lock in now. Many people have watched their 401(k) balances swing wildly over the past few years and would rather have guaranteed income than potentially higher returns. And, a well-structured annuity can be a powerful tool, especially when used in combination with other retirement income sources like Social Security or pensions. So, if you're within a few years of retirement and the thought of market volatility keeps you up at night, an annuity might be exactly what you need. There is a wide range of annuities to choose from, but fixed annuities, in particular, offer guaranteed returns and aren't subject to market swings. That can be reassuring for those who can't afford a major downturn late in life. And, fixed indexed annuities, which offer limited market exposure with downside protection, can also be attractive for those looking for modest growth with low risk. Pensions have become increasingly rare, leaving many retirees without a steady monthly paycheck in retirement. That can be a problem if you find that Social Security and your retirement savings won't cover your basic expenses, let alone the lifestyle you'd hoped for. That's where an annuity can come in handy. A lifetime annuity can function as a personal pension, providing predictable income for the rest of your life. By adding this type of annuity to your retirement portfolio, you're essentially purchasing the pension you never had, a move that can be especially beneficial for singles or couples who don't have heirs to leave assets to, or those who want the security of knowing their basic expenses will always be covered. And, here's who may want to steer clear of buying an annuity this August: One of the biggest downsides of annuities is that they tie up your money for long periods. If you think you'll need access to those funds for a big expense, like a home purchase, medical costs or helping a family member, an annuity could do more harm than good. That's because early withdrawals from annuities often come with steep surrender charges and tax penalties. And once your money is annuitized (converted into income), it's typically locked in for good. So, if flexibility is a priority, you're better off keeping that money in a more liquid account, like a high-yield savings account or certificate of deposit (CD). If you're still decades away from retirement, an annuity probably isn't your best bet right now. Younger investors are usually better off focusing on tax-advantaged retirement accounts like 401(k)s and IRAs, where they can invest more aggressively and benefit from compound growth over time. Annuities tend to prioritize safety and income over growth, which makes them more suitable for later in life. Locking in funds now could mean missing out on the higher returns that long-term equity investments typically provide. Before you even think about purchasing an annuity, be sure to pay off your credit cards, personal loans and any other high-rate debt you may be carrying. It makes little to no financial sense to lock money into an annuity earning 4% to 6% annually while carrying credit card debt with rates in the 20% range. The guaranteed return from paying off your debt almost always beats what you'll get from an annuity, and you'll free up monthly cash flow in the process. And this applies even if you're nearing retirement. Debt payoff should typically come before annuity purchases. Annuities can offer stability, predictability and peace of mind, especially in uncertain times like these. But whether now is the right time to buy one depends on your personal circumstances, not just market trends. If you're nearing retirement, don't have a pension or prioritize guaranteed income, this August could be an ideal time to consider locking in an annuity. On the other hand, if you're young, need flexibility or haven't finished paying off high-rate debt, it may be worth exploring other options. While the right annuity at the right time can help round out your retirement plan, the wrong one could leave you with regrets.
Yahoo
2 days ago
- Yahoo
'Change agent': Charlamagne tha God floats Jon Stewart as possible 2028 candidate
WASHINGTON - Radio show host Charlamagne tha God suggested that comedian Jon Stewart should run for president in 2028, after questioning a possible run for president again by former Vice President Kamala Harris. His comments come after Harris said she won't run for California governor, leaving the door open for a potential 2028 run. In an interview set to publish Aug. 2, Charlamagne told Fox News' Lara Trump, daughter-in-law of President Donald Trump, that Stewart would be a 'change agent coming from the outside' that would 'shake things up.' Stewart has been critical of Donald Trump's policies and holds progressive viewpoints. He's been a vocal advocate of improving healthcare access for veterans and first responders. He anchored Comedy Central's The Daily Show from 1999 to 2015, and later returned as a part-time host in 2024. 'We've seen him get legislation and stuff, you know, passed before, like we know where his heart is. He'd be somebody I'd like to see really get in the race and disrupt things in 2028,' Charlamagne told Lara Trump. Charlamagne, co-host of The Breakfast Club, said in an episode of his show on July 31 that he doesn't know if Harris should run again in 2028. 'I definitely would like to see her write a book. I definitely would like to see her start a podcast and just build a real connection with people,' he said. Harris said on July 30 that her leadership and public service "will not be in elected office" for now. Harris is currently writing a book, two people with knowledge of her plans said, and is expected to go on tour. Contributing: Francesca Chambers, USA TODAY This article originally appeared on USA TODAY: Charlamagne tha God tells Lara Trump he likes Jon Stewart for 2028