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Business Lifestyle Regulations & Security

Wynn Resorts and Austerlitz Acquisition Corporation I mutually agree to terminate Wynn Interactive business combination agreement

LAS VEGAS — (BUSINESS WIRE) — Wynn Resorts, Limited (NASDAQ: WYNN) (“Wynn Resorts”) and Austerlitz Acquisition Corporation I (NYSE: AUS.U) (“Austerlitz I”) today announced that the companies have mutually agreed to terminate their previously announced agreement and plan of merger, which contemplated the combination of Austerlitz I and Wynn Interactive Ltd. (“Wynn Interactive”), a subsidiary of Wynn Resorts. The termination is effective immediately.

Craig Billings, CEO of Wynn Interactive, stated, “With our continued roll out of product features and planned new state launches, including New York, we remain excited about WynnBET’s future. As we discussed on the Wynn Resorts, Limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET’s best days lie ahead of us.”

 

About Wynn Resorts

Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas (wynnlasvegas.com), Encore Boston Harbor (encorebostonharbor.com), Wynn Macau (wynnmacau.com), and Wynn Palace, Cotai (wynnpalace.com).

 

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas, approximately 194,000 square feet of casino space, 22 dining experiences featuring signature chefs and 11 bars, two award-winning spas, approximately 560,000 rentable square feet of meeting and convention space, approximately 160,000 square feet of retail space as well as two showrooms, two nightclubs, a beach club and recreation and leisure facilities. Wynn Las Vegas also operates the recently redesigned Wynn Golf Club and 18-hole, 129-acre championship golf course, and a 430,000-square-foot meeting and convention space expansion powered by 100 percent renewable energy.

 

Encore Boston Harbor is a luxury resort destination featuring a 210,000 square foot casino, 671 hotel rooms, an ultra-premium spa, specialty retail, 16 dining and lounge venues, and approximately 71,000 square feet of state-of-the-art ballroom and meeting spaces. Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has created a six-acre public park and Harborwalk along the shoreline. It is the largest private, single-phase development in the history of the Commonwealth of Massachusetts.

 

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People’s Republic of China with two luxury hotel towers with a total of 1,010 spacious rooms and suites, approximately 252,000 square feet of casino space, 12 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, and recreation and leisure facilities including two opulent spas, a salon and a rotunda show.

 

Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed destination, it boasts 1,706 exquisite rooms, suites and villas, approximately 424,000 square feet of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 106,000 square feet of designer retail, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a lush spa, salon and recreation and leisure facilities.

 

About Wynn Interactive

Wynn Interactive is the online gaming division of Wynn Resorts, Ltd. (Nasdaq: WYNN) offering a world-class collection of casino and sports betting mobile options for discerning players who understand the difference between placing a bet and experiencing a bet. Wynn Interactive products, which operate under the WynnBET, WynnSLOTS, and BetBull brands, are designed to digitally deliver the legendary service and guest experience Wynn Resorts is known for, backed by the Company’s trusted legacy as the world’s premier international casino operator.

 

WynnBET is anchored by its eponymous mobile sports and casino betting app providing one-of-a-kind experiences, unique social betting mechanics, and a high-quality user interface. Currently available in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee and Virginia, WynnBET is poised for rapid expansion with several pending license applications in process. WynnBET is an Approved Sportsbook Operator of the NFL, an Authorized Gaming Operator of NASCAR, MLB and NBA, and proud marketing partner of several NFL, NBA and MLB teams. For more information, visit www.wynninteractive.com or www.WynnBET.com.

 

About Austerlitz Acquisition Corporation I

Austerlitz Acquisition Corporation I is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. For more information, please visit https://investor.austerlitz1.com/.

 

SOURCES:

Wynn Resorts, Limited and Austerlitz Acquisition Corporation I

Contacts

For inquiries regarding Wynn Resorts and Wynn Interactive:
Investors
Vincent Zahn, Senior Vice President and Treasurer

702-770-7555

investorrelations@wynnresorts.com

Media
Michael Weaver, Chief Communications Officer

702-770-7777

michael.weaver@wynnlasvegas.com

For inquiries regarding Austerlitz Acquisition Corporation I:
Jamie Lillis

Solebury Trout

203-428-3223

jlillis@soleburytrout.com

Categories
Lifestyle Local News Politics

Senator cites discrimination against some dog breeds in N.J. homeowners insurance

Sen. Lesniak recently calls on the State Legislature to ban the discrimination in homeowners insurance against certain breeds of dogs.

 

Specifically, he cited Travelers and GEICO Insurance Companies for their discrimination against a long list of breeds of dogs in their homeowners insurance applications.

 

“Here’s what Travelers asks,” said Lesniak, “Do you or any household member own one or more of the following breeds or a mix of one of these breeds of dogs: Akita, Alaskan Malamute, American Bull Terrier, American Staffordshire Terrier, Mastiffs, Chow Chow, Doberman Pinscher, Pit Bull, Presa Canario, Rottweiler, Staffordshire Bull Terrier, Wolf Hybrid.”

 

“What, no poodles?” Lesniak questioned. “GEICO has a similar list, though not as extensive,” Lesniak added.

 

“I have two mixed breed rescue dogs: pit bull, doberman pinscher and rottweiler. The only danger they present is that they could love you to death,” Lesniak explained, “Additionally, the insurance companies’ practice discourages adoption of rescue dogs, many of which have unknown breeding or fall into the laundry list of prohibited breeds.”

 

Lesniak praised insurance companies which do not discriminate against certain dog breeds and added, “this inhumane insurance company practice must be stopped.”

 

About The Lesniak Institute for American Leadership 

 The Lesniak Institute is developing the next generation of American leaders by teaching the principles of effective advocacy, offering first-hand experience through its causes, and partnering with grassroots organizations. The Institute is named for Senator Raymond J. Lesniak who authored and sponsored hundreds of laws during his 40 years in the New Jersey Legislature to advance human rights and the quality of life for millions. LesniakInstitute.org

Categories
Culture Lifestyle

Los Angeles hotels, restaurants prep for unusual awards season

 

Hollywood events are on reset as the new normal plays out. Although it’s another year without an in-person American Film Market, the setback is not holding back Los Angeles restaurants and hotels from showcasing their ample options for holidays and the upcoming event season, which features a first-time Super Bowl on Feb. 13 at SoFi Stadium.

 

Event planners, catering pros and hotel entertainment sales execs are prepping for another odd end-of-year, one with evolving public health protocols (required vaccination status checks at the door) to accommodating up-to-the-moment bookings.
Whether inside, al fresco or a hybrid, there’s still a hesitancy to book larger gatherings; most in-demand are spaces that can hold 20 to 30 for seated dinners.

 

“So far, the phone is not ringing with holiday party calls the way it would have pre-COVID,” says Matt Duggan, outgoing general manager at AOC. Brentwood. “And many of the calls that do come through seem less committed, more speculative. They’re playing with the idea only,” he adds of large-scale corporate socializing.

 

— Variety

Categories
Business Lifestyle

Sustainable shoe + apparel brand Allbirds opens new store in New Jersey

PARAMUS, N.J. — (BUSINESS WIRE) — Allbirds, a certified B Corp and Delaware public benefit corporation that believes in making shoes and apparel in a better way, opened a new retail store and community center at the Garden State Plaza in Paramus today. It is the brand’s first store in New Jersey and 35th globally, with locations across North America, Asia, and Europe.


The new 3,140 square foot space speaks to the brand’s sustainable focus, which has driven its development and use of natural materials in replacement of petroleum-based synthetic fibres. Displays around the shop call attention to the Merino Wool, Sugarcane, Tree, and other materials that its products are made of. The design of the store itself also evokes the natural world, with custom wood try-on chairs and displays, and uniquely shaped mirrors. Customers can see the carbon footprint of each product clearly displayed – a first for the fashion and footwear industry, and a hallmark of Allbirds’s approach to sustainability.

 

The new location includes nods to the local community:

  • Atlantic Ocean, Jersey Shore shoe laces
  • Unique pin design inspired by the Jersey Shore boardwalk
  • Limited-edition Allbirds New Jersey reusable tote bags

 

The store is located at One Garden State Plaza and is open Monday through Thursday 10am-9pm and Friday through Saturday 10am-9:30pm.

 

About Allbirds

Allbirds believes in making better things in a better way. As a certified B Corp and Public Benefit Corporation, the Environment is a key business stakeholder. Since inception, the brand has been laser focused on combating the proliferation of petroleum-based materials in apparel and footwear. Allbirds’s story began with superfine New Zealand Merino Wool, and has since evolved to include a Eucalyptus Tree fiber knit fabric and a Sugarcane-based EVA foam (SweetFoam). In 2019, Allbirds became 100% carbon neutral through a self-imposed Carbon Tax, and in 2020, the brand began labeling all products with a Carbon Footprint. Allbirds firmly believes that business can accelerate a shift away from high-polluting practices, and help protect the planet for future generations.

Contacts

Claire Bright

Allbirds@sunshinesachs.com
323-822-9300

Categories
Art & Life Business Education Government Lifestyle News Now! Politics

NJTV rises from NJN ashes; still seeks funds, name change is now NJPBS

MONTCLAIR, N.J. — Like several U.S. public television stations, New Jersey Network, (NJN), struggled for funding, but lost in 2011 and is now New Jersey public Television, (NJTV), operating from college campuses.

Gov. Chris Christie of New Jersey decided he no longer wanted to be in the television business. Therefore, in June 2011, he stopped state funds to the 43-year-old NJN and closed the State-owned building in Trenton. This forced several employees out of work and left NJN to find a new business location, a different schedule, a smaller workforce, and a new name.

Photo by Michelle Dryden John Servidio, general manager of NJTV, sits in a conference room at Montclair State University in March, where he discusses the operations of the new television station. He said that NJTV is doing well, but it needs money to continue to operate as an improved public television station in New Jersey.
Photo by Michelle Dryden
John Servidio, general manager of NJTV, sits in a conference room at Montclair State University in March, where he discusses the operations of the new television station. He said that NJTV is doing well, but it needs money to continue to operate as an improved public television station in New Jersey.

John Servidio, general manager of NJTV and a Montclair resident, said that, “NJN was financed primarily by the State of New Jersey when it was in operation. Gov. Christie’s administration decided that it wasn’t wise for the State to be financing a station with a new show on it that was covering Gov. Christie and the administration so they stopped funding for that reason and to save some money.”

NJN had a staff of about 130 employees and operated on a yearly budget of approximately $33 million. When Gov. Christie cut funds to NJN, nearly all these employees were laid off. The governor hoped to save the state about $11 million, reports Peggy McGlone of The Star Ledger.

New Jersey’s new public television station now broadcasts mainly from Montclair State University, (MSU). Effective July 1, 2011, NJTV came on the air as an independent public television station that has a five-year contract with New York’s WNET Channel 13. WNET oversees NJTV’s programming, making it New Jersey centric, and also cost saving to New Jersey’s taxpayers, McGlone writes.

However, when NJTV first debuted, the ratings were lower because there were some New Jersey residents who believed it was now a New York property. NJTV has worked diligently to dispel that myth, said Servidio. The new network also suffered a bit at first because it had fewer staff members and a smaller budget. They have been operating with only 26 full-time journalists and on a budget of only about $9 million for fiscal year 2013.

Servidio said when New Jersey’s governor closed NJN, several companies put bids out to help develop a new network and WNET’s bid won. He said, “We had about a week, week and a half to put the station together.” However, they managed to set up the station by July 1, but it was not as professional as they would like it to be. With much fewer staff and great improvisation, he said that over 20 months, the station has improved and continues to get better.

Photo by Michelle Dryden The DuMont Television Center at Montclair State University houses the studios for NJTV since July 1, 2011, when NJN lost its state-owned building.
Photo by Michelle Dryden
The DuMont Television Center at Montclair State University houses the NJTV studios since July 1, 2011, when NJN lost state funding and its state-owned building.

Corporation for Public Broadcasting, (CPB), and Public Broadcasting Services, (PBS), currently are the primary financial supporters of NJTV, Servidio said. NJTV is among several U.S. public television stations that are under-funded by their states even though their main purpose is to gather content to serve their local communities.

The Jan. 29, 2007, U.S. Accountability Office Report shows that there are about more than 300 public television stations in the United States that evolved from a handful in the 1950s, and in 1952 the Federal Communication Commission, (FCC), decided that they should serve their communities locally.

The U.S. Accountability Office Report states that, “CPB’s primary responsibility is distributing federally appropriated funds to benefit public television and radio.” On the other hand, PBS is a nonprofit membership organization made up of licenses of public television stations. Fees paid by its member licensees, underwriting, and grants from CPB and other federal sources, fund PBS, the report states.

Larger public television stations, such as WNET of New York and WGBH of Boston, supply smaller public television stations with their programming. CPB and PBS do not necessarily produce programming. However, according to the report, “PBS acquires children’s and prime-time programming and operates a satellite-based interconnection system to distribute this programming to member licensees.”

Photo by Michelle Dryden Debra Falk is the director of communications at NJTV at Montclair State University in Montclair, N.J. She talks about the status of the new public television station, mentioning that it offers a variety of programming and has a great online presence.
Photo by Michelle Dryden
Debra Falk is the director of communications at NJTV at Montclair State University in Montclair, N.J. She talks about the status of the new public television station, mentioning that it offers a variety of programming and has a great online presence.

Therefore, many public television stations broadcast some PBS prime-time and children’s programming, but some like NJTV, also improvise with content bureaus on various New Jersey state college campuses to find other content such as local programs that include community events and history, arts and culture, public affairs and also non-broadcast services that help teachers, said Debra Falk, NJTV director of communications.

Even though NJTV gets grants from CPB and PBS, it also improvises for additional funds. NJTV rents its satellite tower at the MSU campus to other channels such as the Food Network to bring in needed funds. It also gets money from corporations, foundations, and from individual memberships, pledge programs and others, Servidio said.

It is very important that public television remains local serving its immediate constituencies, report authors, Amber M. K. Smallwood and Soo Jung Moon, who write an article titled, “Predictors of Localism in Public Television in the United States,” that appears in the 2011 Journal of Broadcasting & Electronic Media.

Smallwood and Moon’s article discusses “the goals and direction of broadcasters across the United States, especially public television stations.” They also note that, “in media regulation, localism was intended to distribute power among local communities to promote a healthy democracy.”

When the governor of New Jersey closed NJN, there were some locals who questioned the call and said they found it to be highly political and not democratic enough. Greg Tift, a local resident and State of New Jersey employee said, “It all depends on conservatism and liberalism.”

[soundcloud url=”http://api.soundcloud.com/tracks/91916960″ params=”” width=” 100%” height=”166″ iframe=”true” /]

He claims the current governor is republican, who is considered conservative, and so he wants to control the messages that go out over the airwaves while he is in office and that is why he closed NJN, which was considered a liberal news outlet.

Photo by Michelle Dryden Jim Hooker stands in front of New Jersey statehouse recently as the is a former news anchorman of NJN, the previous public television station in New Jersey. He speaks about how he handle the demise of the former station and what he is doing for employment now.
Photo by Michelle Dryden
Jim Hooker stands in front of New Jersey statehouse recently as a former news anchorman of NJN, the previous public television station in New Jersey. He speaks about how he handled the demise of the former station and what he is doing for employment now.

Former NJN Anchorman, Jim Hooker, also said there was a school of thought that NJN was closed to appease a wealthy political family in the north. However, Hooker also said the family denied the rumor.

Like many of his colleagues, Hooker did not immediately find new employment. He said he worked for a local political website, and then briefly as a writer for CBS in New York, before coming back to New Jersey where he found a more stable position as a chief of staff employee for a senator.

The City of Trenton North Ward Councilwoman, Marge Caldwell-Wilson, expressed dismay that the governor put so many well-known people who had became an institution in the community, out of work and left a vacant building in her ward in the city.

Photo by Michelle Dryden Marge Caldwell-Wilson is a City of Trenton councilwoman for the north ward. She is active in the community; seen here on a recent Wednesday evening at a Mill Hill District community meeting. Caldwell-Wilson also had opinions about the closing of NJN.
Photo by Michelle Dryden
Marge Caldwell-Wilson is a City of Trenton courncilwoman for the North Ward. She is active in the community; seen here on a recent Wednesday evening at a Mill Hill District community meeting. Caldwell-Wilson also had opinions about the closing of NJN.

“It was very upsetting to find that the governor was not going to fund public television anymore. Apart from the fact that I miss the regular scheduled programs that were on NJN; I think they did an amazing job, but I am concerned about that empty building that’s just sitting there,” Caldwell-Wilson said.

Public television is among other media forms like newspapers and magazines that have financial challenges. Three authors, David D. Kurpius, Emily T. Metzgar, and Karen M. Rowley, try to analyze this crisis in their article, “Sustaining Hyperlocal Media: In search of funding models,” that appears in the journal of Journalism Studies.

These authors believe traditional media are shrinking because it is typical of a mature industry. They argue it is a gradual decline and that we must meet the challenge by trying to find alternative ways to fund new media.

They also note that it is good news for public television because they can fill the niche of providing the local news that traditional media no longer seem to be reporting in detail. Recently, more people are going online and traditional print media are losing advertising revenues.

They also state the newspaper advertising revenues dropped an estimated 23 percent over the past two years since 2010, but newspapers are trying to embrace their online communities.

Kurpius, Metzgar, and Rowley
contend that public television has the advantage to remain hyperlocal and fill the news gap with local content and they too can have an online presence.

The U.S. Accountability Office Report states that, “today there are 349 public television stations, owned and operated by 173 licensees, which reach 98 percent of the households that have televisions.”

With hopes that NJTV will gain wider viewership, Falk of NJTV said that they have tried to improve the new public television network by broadcasting in high definition (HD) and also by creating a much better and more robust online presence.

Servidio said he hopes the station will get much better as the economy and viewership improve. Hooker, NJN former anchorman, said he believes NJTV will pass “something of a taste test” and will survive beyond five years.

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One Love Road Racing bikers face sponsorship challenges

With the biking season about to start in March, Kevin O. Jones, president of One Love Road Racing, is concerned about acquiring sponsors.

 

Jones said that he does not have the experience in finding sponsors. However, he said recently he researched the “how to” on the web and has made up packages with letters that he sent out to potential sponsors.

 

“I just have to see how it goes,” he said. While he waits to see if he will gain additional sponsors, he is getting the bikes in gear as he does mechanic work and paints them. Jones biggest wish is to get his team members to the American Motorcycle Association (AMA), level.

 

He is currently a member of that level, but most of the other members belong to the Championship Cup Series level, (CCS). Jones is actively working on having future successes.

 

One Love Road Racing Bikers from Michelle Dryden on Vimeo.

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Culture Lifestyle Local News Perspectives Regulations & Security Travel & Leisure

Friend forever, factor in Twin Towers tribute

The adage is still true: Time heals. As passionate as I used to be about a close male friend, who is and nearly two years older than me, time seems to change everyone as well as everything.

 

From time to time, I still think and even dream about my old, now estranged friend. And especially when we approach each anniversary of the World Trade Center Twin Towers tragedy, I remember him. I still remember visiting New York on my 27th birthday in July, 2001, with this male friend.

Michelle Dryden
Prof. Michelle Dryden is an experienced newspaper journalist who has a master’s degree in New Media Journalism from Full Sail University, and a bachelor’s in traditional journalism from Rider University.

 

This was the last time I saw the Twin Towers still standing.

 

By the way, it was my friend who pointed to them as we stood across the Hudson River banks in New Jersey. Yes, as an American-born citizen, he was proud of them.  And, as an immigrant to this country, he knew I would marvel at their stature.

 

I was certainly amazed and proud to see those tall buildings, that I always associated with the island of Manhattan in New York City. I was excited when I told him that my family who lived in NYC when we first arrived here, took my siblings to see these buildings up close. I did not mention that I was told they took an elevator ride up one of these towers.

 

As different as we were, I felt really closely connected to this friend at the time; and as if we were twins, these towers represented us I said to him. I remember saying to him that one is you and the other one is me.

 

I could not wait to take the train across the river to NYC where we would get closer to these buildings. Who knew that would be the last time that I saw them?  Just like the towers are now a sad part of my memory, likewise is my friend.  As closely connected as we were, I am still appalled that our friendship has abruptly ended. Really, who knew we could be apart for so long?  I sometimes wondered if he died. How could he not call or reach out to me if he is still alive?

 

Luckily, I saw his now teenage son late 2010 and so I used the opportunity to ask him about his dad’s whereabouts. I was happy to know that he is alive. My healing began.

 

As we approach the 11th anniversary of the Twin Towers devastation, many families are still remembering and mourning their lost loved ones. The psychological, economical, social and even cultural impact that this tragedy still has on NYC, America and the world at large, remains overwhelmingly tremendous.

 

America and its allies will have to continue their mission of zero-tolerance for terroristic attempts and activities.  No doubt, all those closely affected by the heinous activities of September 11, 2001, will have to find a way to heal. As we approach that upcoming anniversary day, anti-terrorism individuals and groups will have to still be vigilant, as we plan, propose and prepare to have a better and safer future here in America.

 

As for me and my forever friend, I still feel a sense of connection each September 11 since then.  I have faith we will see each other again. And, going forward, I will pray that my Christian beliefs and his Islam upbringing, have not been factors keeping us apart as friends. We can be an example to this nation and others that when we unite as one people, nothing should separate us.

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Digital - AI & Apps Lifestyle

Social media emergence influences new conversations, media types and funding models

The influence of Facebook, X (formerly Twitter), blogs, IG, and other media platforms have engaged audience conversations and have also evolved traditional media such as newspapers,  magazines, and television.

 

The emergence of social media in several areas of society is causing a stir among media junkies and those less receptive to the changes.

 

 

When change happens in media, or our culture, people usually resort to relentless discussions about it. While there are skepticism and controversy about the role of social media in the news and pop-culture, many are embracing them.

 

Blogger, Cara McDonough, writes a piece about how her 73-year-old father is now using social media such as Twitter and Facebook to voice his political opinions.

 

McDonough said that her father just recently identified the differences between social and traditional media when he said, “‘A column is in print… A blog is in the atmosphere.’”

 

However, Misha Schubert writes that, “newspapers and television still have much greater audience reach than segments of social media…” at the moment.

 

Regardless, Schubert quotes Greg Jericho who wrote a book on social media, “‘Jericho predicts that within a decade we’ll have voters who not only can’t remember a time before…they couldn’t access the net on their phones.’”

 

There are some people who see the positive benefits of social media in our lives.  But those who do not, are criticizing them that they open up a world for anonymous hate messages, profanity and unregulated mockery on subject matters.

 

Steven Weber writes in his blog that, “Social media has created a legion of social delinquents, billions of people speaking not their minds, but their spleens, venting everything…”

 

Nevertheless, social media continue to grow, making more intimate connections.

 

According to McDonough’s blog, “ A Nielsen survey shows that 22.8 million people over 65 got online in September 2011, an increase of 4 million, [over year ago].”

 

People use social media for more than just commenting and voicing opinions. Employers are using social media in their recruiting practices. LinkedIn is a popular site that employers visit to find good matches for their job positions.

 

Marie Solis writes that, “many take it upon themselves to explore social media sites to investigate job candidates.”

 

Apart from the discontent about the use of social media in our lives, many find these sites allow them to exercise their liberty by expressing themselves, whether their comments are negative or positive.

 

The discussion will continue about how to better manage these sites.  People would like to somehow see more kind comments about celebrities and others in pop-culture. However, when a company makes a defective product, then they would also like to be able to express their dissatisfaction online.

 

Most of the media types  using social media that are now online include television, newspapers, magazines, newsletters, and even radio and podcasts.  So, consumers and social media users are exposed to utilizing all forms of media for conversations.

 

But the evolution of traditional media that are now using social platforms online require alternative models for revenue and funding in order to remain sustainable.

 

Newspapers and magazines are like public television stations that face financial challenges. Three authors, David D. Kurpius, Emily T. Metzgar, and Karen M. Rowley, try to analyze this crisis in their article, “Sustaining Hyperlocal Media: In search of funding models,” that appears in the journal of Journalism Studies.

 

These authors believe traditional media are shrinking because it is typical of a mature industry. They argue it is a gradual decline and that we must meet the challenge by trying to find alternative ways to fund new media, or their online presence.

 

They also note that it is good news for public television because they can fill the niche of providing the local news that traditional media no longer seem to be reporting in detail. Recently, more people are going online and traditional print media are losing advertising revenues.

 

They also state the newspaper advertising revenues dropped an estimated 23 percent over the past two years since 2010, but newspapers are trying to embrace their online communities while exploring funding models.

 

— Michelle Dryden is an experienced newspaper journalist with a master’s degree in New Media Journalism from Full Sail University, and a bachelor’s degree in traditional journalism from Rider University.