Stocks traded higher for a second straight day on hopes the Federal Reserve chief will confirm expectations of easier monetary policy at a central banking summit this week.US Marketsread more
A Volkswagen spokesperson called the report that CEO Herbert Diess is interested in buying a stake in Tesla "completely unfounded."Technologyread more
"My sense was we've added accommodation, and it wasn't required in my view," George tells CNBC's Steve Liesman.Investingread more
Apple plans to unveil three new iPhones in September, including two new "Pro" models and a successor to the iPhone XR, Bloomberg reported Thursday.Technologyread more
Corporate profits posted modest growth in the second quarter as companies brace for slowing global growth.Retailread more
Former Prudent Bear Fund manager David Tice is urging investors to brace for a massive downturn.Trading Nationread more
Kraft has filed a contempt motion against the CFTC over a press release announcing the $16 million fine to settle claims of manipulating wheat prices.Food & Beverageread more
A ruling against J&J could mean more big payouts in similar cases across the country.Health and Scienceread more
Michael Burry thinks GameStop still has upside as Sony's and Microsoft's upcoming consoles will likely have physical optic drives.Investingread more
Target shares closed Wednesday up more than 20%, after the retailer reported impressive profit growth and a spike in traffic that surpassed analysts' expectations.Retailread more
German Chancellor Angela Merkel said a solution to the Irish "backstop" is possible before the October 31 Brexit deadline.Europe Economyread more
NEW YORK, March 21 (Reuters) - Apple Inc is expected to launch an ambitious new entertainment and paid digital news service on Monday, as the iPhone maker pushes back against streaming video leader Netflix Inc. But it likely will not feature the New York Times Co.
Mark Thompson, chief executive of the biggest U.S. newspaper by subscribers, warned that relying on third-party distribution can be dangerous for publishers who risk losing control over their own product.
"We tend to be quite leery about the idea of almost habituating people to find our journalism somewhere else," he told Reuters in an interview on Thursday. "Were also generically worried about our journalism being scrambled in a kind of Magimix (blender) with everyone elses journalism."
Thompson, who took over as New York Times CEO in 2012 and has overseen a massive expansion in its online readership, warned publishers that they may suffer the same fate as television and film makers in the face of Netflix's Hollywood insurgence.
"If I was an American broadcast network, I would have thought twice about giving all of my library to Netflix," Thompson said in response to questions about any talks with Apple to participate in the iPhone maker's new news service.
Thompson declined to comment on any conversations with Apple. But he used the tale of how Netflix made huge inroads into Hollywood to explain why the Times has avoided striking deals with digital platforms in which it had little control over relationships with customers or its content.
"Even if Netflix offered you quite a lot of money. ... Does it really make sense to help Netflix build a gigantic base of subscribers to the point where they could actually spend $9 billion a year making their own content and will pay me less and less for my library?" he asked.
In 2007 the answer for Hollywood was yes. In exchange for billions of dollars, studios helped Netflix launch a fledgling streaming video service by licensing their libraries of shows and movies, but that decision may have sown the seeds of their own demise.
By 2016, Time Warner Inc was forced to sell itself to AT&T Inc and Rupert Murdoch sold his 21st Century Fox film and TV studios to Walt Disney Co.
Apple is the latest company to offer a direct-to-consumer streaming video, along with a news subscription service, by leveraging the power of its more than 1 billion devices.
Through its subscription news service, Apple will charge about $10 monthly for access to a variety of magazine and newspaper content, according to media reports. Apple is expected to take 50 percent of the revenue. The Wall Street Journal has agreed to join Apple's service, according to a recent New York Times report. News Corp, owner of the Journal, was not immediately reachable for comment.
A monthly digital subscription to the New York Times costs $15, and Thompson said he has no plans to give that up to participate on other platforms such as Apple's.
Last year, the Times generated over $700 million in digital revenue, close to the companys target of $800 million in annual digital sales by 2020. Digital ad revenue surpassed print ad revenue for the first time in the fourth quarter of 2018. The Times has plowed investment back into its newsroom, which at 1,550 journalists is now at its largest ever.
Despite the company's insistence on keeping readers on its own products and platforms, Thompson said it has experimented on other services, highlighting content the Times developed just for Snap Inc's Snapchat app, which helped reach new, younger readers.
These new audiences, he said, will play a big role in helping the Times reach its new target of 10 million subscribers by 2025. (Reporting by Kenneth Li Editing by Bill Rigby)