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Your Media Morning: Penske Media Valued at One Billion Dollars, Meredith Holding on to People Magazine, Time Warner Could be Broken Up

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Good Media Morning to you. 

As expected Meredith said it will be holding on to the very profitable People magazine but some of the former Time Inc brands will be sold off...Media giant Time Warner could be broken up if the AT&T deal dies in court. The company could unload Warner Bros Entertainment and DC Comics...Discovery Communications got the OK from the DOJ to acquire Scripps. Now Discovery is said to be talking about Streaming...Comcast fired the first shot in what could be an all out three way war with Disney and 21st Century Fox, but Disney is said to have the tools to keep Comcast at bay...Sinclair's proposed takeover of Tribune Media hits more antitrust potholes...These and more for your Media Morning Today. Dive in! 

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MEREDITH WILL HOLD ON TO PEOPLE MAGAZINE
Meredith Executive Chairman Steve Lacy and CEO Tom Harty have said they will keep People, the weekly that is the most profitable magazine in America, but will undertake a portfolio review. Lacy and Harty are planning a big town hall meeting in “late March” at 225 Liberty St. — the onetime Time Inc. HQ
 
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COULD TIME WARNER BE BROKEN UP IF THE AT&T DEAL FAILS?
If AT&T’s planned acquisition of Time Warner is nixed, the company may be broken up into parts for smaller sell-offs. The planned acquisition was first announced in October 2016, with a sale price of $85 billion. Warner Bros., HBO, and Turner are divisions that could be spun out.

DISCOVERY COMMUNICATIONS WILL KICK THE TIRES ON STREAMING AFTER SCRIPPS DEAL
Discovery CEO David Zaslav said that after his company closes its Scripps Networks acquisition, Discovery will begin looking at potential OTT product launches. He said Discovery will take a comprehensive look at what IP and channels it has and begin talking to customers.

NEW YORK TIMES ENDS RELATIONSHIP WITH TINA BROWN'S EVENT BUSINESS
The New York Times quietly ended its partnership with Tina Brown's live events business last year, according to a disclosure filed Tuesday with the Securities and Exchange Commission. The company sold its 30 percent stake in Brown's live event conference business, Women in the World, LLC, for "a nominal amount." The transaction occurred in the third quarter of 2017, according to the Times' 10-K filing.

DISNEY HAS THE TOOLS TO FEND OFF COMCAST
Should it come down to a battle directly between Disney and Comcast, Disney would win. It has the stronger balance sheet and, importantly, shareholders who have never been given reason to doubt Iger's M&A decisions.

DISNEY BUDDIES UP WITH MCDONALDS FOR HAPPY MEAL TOYS AGAIN
Just in time for the release of the long-awaited "Incredibles" sequel, McDonald's has rekindled its relationship with Disney. The partnership will bring the House of Mouse back to Happy Meals more than a decade after Disney severed ties with the burger brand. The two parted ways at a time when childhood obesity rates were rising...

FACEBOOK ROLLING OUT LOCAL NEWS SUBSCRIPTION ACCELERATOR, BUT SOME SAY ITS NOT ENOUGH
 Facebook Journalism Project will announce the launch of its Local News Subscriptions Accelerator, a $3 million, three-month pilot program in the U.S. to help metro newspapers beef up their digital subscription efforts. The pilot program is designed to help publishers learn about what works to drive people to subscribe to local outlets.

DISCOVERY SCRIPPS DEAL GETS DOJ OK
Discovery Communications, the company behind such cable networks as the Discovery Channel, TLC and OWN, on Tuesday reported better than expected fourth-quarter earnings and said it has received clearance from the U.S. Department of Justice to acquire Scripps Networks Interactive.

SINCLAIR TRIBUNE DEAL HITS ANTITRUST POTHOLES
Sinclair remains locked in a prolonged battle with Justice Department antitrust officials over how many stations it must sell to get their approval. It is latest cloud over Sinclair’s $3.9 billion deal, coinciding with an internal investigation underway at the Federal Communications Commission into the agency’s relationship with the company.

BARRONS.COM EXEC EDITOR IS EXITING
Dear Colleagues: I’m leaving Barron’s tomorrow after a very satisfying 14 years. I first learned about Barron’s from my father, an avid personal investor and longtime subscriber. Sometime back in the early 1980s, he picked up a copy of Barron’s on his desk and showed me how he scanned the stock tables, circling names of companies with low P/E ratios. My only question for him at the time was: What’s a P/E ratio?

VANITY FAIR'S THE HIVE, THE SKIMM AND SURVEY MONKEY BUDDY UP FOR DATA DRIVEN INITIATIVE
Vanity Fair’s the Hive, theSkimm, and SurveyMonkey have partnered on a new data-driven initiative around millennial voters, Millennial Takeover 2018, with a particular focus on millennial women. Each month, the Hive and theSkimm will collaborate with SurveyMonkey to capture the opinions of millennial women on several key questions, and use the findings to create editorial content for the Hive and its various platforms, as well as the Daily Skimm newsletter. Survey questions will highlight what matters to them at the polls, what they look for in political candidates, and what’s driving them to enter politics in greater numbers than their predecessors.

COMCAST INSTALLS NEW EDITOR IN CHIEF OF ROTTEN TOMATOES
Rotten Tomatoes has a new editor-in-chief: Joel Meares, who joins the movie-reviews ranking and entertainment site from Time Out. The Australia native will oversee Rotten Tomatoes editorial content, steering international growth and expansion to multiple platforms.

PROBLEMS CONTINUE TO MOUNT AT NEWSWEEK
It looks like things are just going to continue to get worse at Newsweek before they get better. In addition to editors walking off the job in protest of the publication's owners, the magazine has fired two more editors. In addition to this, it has now been revealed that the publication has been locked in a battle with its landlord over a sublease. Dev Pragad, the chief executive of NMG — previously known as IBT Media — claims it has been paying its rent for the fifth and sixth floors but that the landlord was refusing to cash its checks.

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