Broadcasting & Cable Shuts Down Amid Escalating Media Industry Meltdown!

This year's media meltdown chaos is resurging.

Dylan Dreyer, Sheinelle Jones, Al Roker, Hoda Kotb and Craig Melvin attend the 2023 Broadcasting + Cable Hall Of Fame Gala at The Ziegfeld Ballroom on May 3, 2023 in New York City. The owner of B + C plans to continue The Broadcasting & Cable Hall of Fame event. Arturo Holmes/Getty Images

Six months after layoffs, labor unrest, and contract issues began shaking the media sector, the business continues to grapple with significant challenges. Tuesday provided several notable examples.

In a major transaction, Ziff Davis reached an agreement to acquire CNet from Red Ventures for approximately $100 million. CNet — initially acquired by CBS for $1.8 billion and later sold to Red Ventures four years ago for $500 million — will now join tech outlets like Mashable, PCMag, and LifeHacker under the Ziff Davis umbrella. However, the steep drop in value highlights the media industry's precarious situation.

It remains uncertain what will happen to CNet staff.

Meanwhile, two long-standing TV trade publications, Broadcasting & Cable and Multichannel News, will be closing down, according to their owner Future Plc, who cited the “rapid transformation” of the industry.

The Broadcasting & Cable Hall of Fame will continue, even as the print magazines and newsletters of these trade outlets come to an end.

These outlets have long served as training grounds for media and entertainment reporters and as essential resources for the broadcast and cable TV industries, with B&C tracing its print edition back to 1931, when it launched as Broadcasting magazine.

Future plans to launch a new SmartBrief newsletter and Nexttv.com website in October, although it is unclear what these new brands will entail.

At Axios, one of the more successful digital news brands, CEO Jim VandeHei informed staff today of upcoming layoffs for 50 employees, citing the “rapidly changing media landscape.”

While the company plans to hire in areas it considers growth opportunities, it is making these cuts to prepare for significant industry shifts, including the rise of AI-generated content and aggregation.

This turbulence—ranging from fire sales and shutdowns to layoffs—aligns with a struggling advertising market. Considering the cuts made earlier this year, it suggests that the changes are far from over.