CEO's Corner®-By K.L.P Entertainment™-"February 2nd Edition"

CEO’S CORNER™

The Latest News From The Office Of Kennedy Lucas

Gawker's publisher, Bustle Digital Group, announced that the recently relaunched site would be shut down following "a very challenging" start to the year. Gawker is no more. Again.

Gawker's publisher, Bustle Digital Group, announced on Wednesday that it would shut down the freshly relaunched website and lay off roughly 8% of its workforce.

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Despite a prosperous 2022, BDG's CEO, Bryan Goldberg, wrote in an email to colleagues that "we have ourselves confronting a challenging" start to the year.

In order to better position the business for the way we believe the industry is headed, BDG has decided to reprioritize some of its investments, he wrote.

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At a bankruptcy sale in 2018, Mr. Goldberg paid $1.35 million for the Gawker moniker. auction. The snarky gossip website contributed to the 2000s' definition of digital media. After its parent business at the time, Gawker Media, filed for bankruptcy as a result of a lawsuit for invasion of privacy brought by the late professional wrestler

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Hulk Hogan, it was shut down in 2016. In July 2021, Mr. Goldberg hired the editor Leah Finnegan to revive Gawker after an unsuccessful attempt at doing so in 2019.

Mr. Goldberg said in his memo on Wednesday: "We are proud of the site that Leah and her team produced. Over the course of those roughly two years, Gawker produced many excellent articles. But in this new world, we must put our better-monetized sites first. It's a business choice, but one that needs to be taken anyway. As the advertising industry slows and the outlook for the economy is uncertain, BDG is the most recent in a string of media and technology companies to announce layoffs. The Washington Post, Vox Media, and Dotdash Meredith all announced layoffs this month. The tech website Input was shut down and the majority of the staff at the cultural website Mic were laid off by BDG, which also publishes a number of lifestyle companies like Bustle and Nylon. BDG fired close to 40 guild members on Wednesday, according to a statement from the Writers Guild of

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America, East, which represents employees there. This is the third round of layoffs in the past six months, which have essentially reduced the original unit's 200 employees to little over 100 employees. stated guild.

Despite more than two years of trying to negotiate a first contract with

BDG and after more recent bargaining dates being outright postponed by the corporation, the most recent wave of layoffs and the shutdown of Gawker occurred today. Hopes that the Federal Reserve may scale back or perhaps pause its interest rate increases have propelled stocks and Treasuries to strong gains thus far this year. Market observers will eagerly watch what the Fed does with interest rates on Wednesday in hopes that Jay Powell and his colleagues won't kill the rally after last month's record-breaking stock run. making a new objective of 4.5 to 4.75 percent possible. The central bank started its major anti-

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robust, the three major market indices in the United States increased on Tuesday. The S&P 500 reached a two-month high on Tuesday as a result of the data, which encouraged investors to believe the Fed would scale back its rate hikes.

The tech-heavy Nasdaq saw an increase of 11% last month, marking its greatest year since 2001.

(However, that changed.

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Tech had a difficult fund were among the top gainers last month. With a gain of 27.9 percent, January became the fund's greatest month ever. Both suffered last year as a result of the Fed starting to raise rates and market anxiety over an impending recession.

Another indication that investors are gravitating toward risky assets is the roaring return of cryptocurrencies. Bitcoin increased by 38.6%, and Ethereum increased by 31.2%. Bonds performed strongly as well, with U.S. Treasuries rising 2.8 percent, per Deutsche Bank.

The S&P 500 increased by 6.4 percent.

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accomplished what is known as the "January Indicator Trifecta," a set of three indicators that, in the past, have been a "very bullish" indicator for the year to come.

The Pan-European Stoxx 600 outperformed the S&P 500 last month, indicating that European stocks did well as well. The European Central Bank and the Bank of England, both of which are thought to be more active than the Fed in raising rates, will be making rate decisions tomorrow that will be closely watched by investors. Payments for canceled Covid shots totaling $1.4 billion were pocketed by vaccine producers. According to confidential documents seen by The Times, businesses have chosen not to reimburse Gavi for advance payments made after it placed orders on behalf of the Covax global immunization program. The businesses aren't legally required to return the money, but the drugmakers facecriticized for retaining funds intended for initiatives in public health.

According to a study, audits are three times more

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more likely to happen to Black Americans. The gap was uncovered by academics and the Treasury Department, and it continues even after taking into consideration the various filing types that various taxpayer groups are likely to make. The authors of the study draw attention to apparent discrimination connected to the algorithms used to choose audit targets.

The largest day of strikes in a decade will take place in Britain. On Wednesday, over 500,000 workers—including teachers, civil servants, and train drivers— were scheduled to walk off the job while public-sector unions and the Conservative government negotiate pay increases. Organized labor leaders charged them with stalling; government ministers claimed they were bargaining in good faith.

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