Trump, Son Removed From Social Media Firm’s Board Weeks Before Federal Subpoenas

Former President Trump and his son were among six board members removed from the board of Trump’s social media company weeks before it was hit with federal subpoenas, according to state records. Florida state business records showed Trump, Donald Trump Jr. and the four others were removed as board members of the Trump Media and Technology Group on June 8, based on a filing with the state’s Division of Corporations. Roughly three weeks later, the Securities and Exchange Commission and a grand jury in Manhattan subpoenaed the company.

Company Buying Trump’s Social Media App Faces Subpoenas

Shares of Digital World Acquisition Corp. dropped almost 10% Monday as the company revealed that it has received subpoenas from a grand jury in New York. The Justice Department subpoenas follow an ongoing probe by the Securities and Exchange Commission into whether Digital World broke rules by having substantial talks about buying the Trump Media & Technology Group starting early last year before Digital World sold stock to the public for the first time in September, just weeks before its announcement that it would be buying Trump’s company.

SEC Scrutinizing Musk’s Twitter Share Purchases

The Securities and Exchange Commission revealed on Friday that it had begun looking into Elon Musk’s purchases of Twitter stock in early April and whether he properly disclosed his stake and his intentions for the social media company.

THE PRICE POINT

SEC Football Will Move Millions From CBS To ABC Affils

When SEC football moves from CBS to ABC in the fall of 2024, CBS affiliates across the conference will lose the single most advertiser-friendly venue in their arsenals. Millions of dollars will move en masse to ABC affiliates, turning station budgets and revenue audits upside down. The halo CBS affiliates have enjoyed will move right along with those dollars.

SEC Investigating Trump’s Social Media SPAC Deal

The SEC is probing Digital World Acquisition Corp. — the publicly traded special purpose vehicle that plans to merge with former president Donald Trump’s social media startup.

Ex-Netflix Employees Accused Of $3.1 Million Insider Trading Scheme

Five people, including three former Netflix employees, used confidential subscriber growth information to illegally trade in Netflix stock, netting $3.1 million, according to a Securities and Exchange Commission complaint filed on Wednesday.

Big 12 Alleges ESPN Conspired To Lure Teams From Conference

Big 12 Commissioner Bob Bowlsby alleges conference media rights partner ESPN conspired to damage the league by luring Texas and Oklahoma to the SEC as detailed in a cease and desist letter sent to the network on Wednesday.

ABC-ESPN To Be Home To SEC In 2024

A new 10-year deal makes ESPN the exclusive media rights holder of SEC football and men’s basketball, and will end the conference’s relationship with CBS after three decades. CBS has been airing the league’s Saturday afternoon centerpiece game and football championship since 1996.

Comcast Fights Shareholder Probe Proposal

A shareholder resolution is asking Comcast to conduct an independent investigation of sexual harassment complaints and policies. The media giant has asked the SEC to block the proposal.

Comscore, Former CEO Charged With Fraud

The SEC accuses the media analytics firm of overstating revenue by $50 million, making false statements about performance.

Ianniello Gets $70M In Consolation Money

Viacom and CBS followed last week’s merger news with regulatory filings Monday that laid out some key details of their long-awaited reunion. Among them: Joe Ianniello, who lost out to Bob Bakish for the top job, is getting a $70 million bonus to stay on and head the CBS division. But his contract only goes through the end of 2020.

SEC Title Game A Huge Draw For CBS

CBS announced Sunday the game drew a 10.52 rating, an increase of 25% over last year’s SEC title game between Auburn and Georgia and the best rating for any non-bowl game since LSU and Alabama played a No. 1 vs. No. 2 matchup in November 2011. That Game of the Century got an 11.9 rating on CBS.

Snap Says DOJ, SEC Investigating Its IPO

The U.S. government is investigating whether Snap Inc. manipulated its $3.4 billion initial public offering. Snapchat’s parent company revealed Wednesday that the Department of Justice and the Securities and Exchange Commission have subpoenaed the company about potentially misleading claims it made in its March 2017 filing.

Trump Floats Plan For Half-Year Company Filings

President Trump said meetings with executives prompted him to ask the SEC to study letting public companies file financial reports every six months instead of every quarter.

Field Clears For Trump To Cut Regulations

Mary Jo White, the head of the Securities and Exchange Commission, on Monday announced that she would step down two years before the end of her term, clearing the way for President-elect Donald Trump to reshape the way Wall Street is regulated. Beyond the SEC, he could also dramatically alter the ideological landscapes at key agencies such as the FCC and the Federal Trade Commission, whose top officials are nearing the end of their terms.

ComScore Stock Sinks 35% Over Accounting

The stock of comScore — the media measurement company — was slammed Monday. The company, according to a SEC filing, was looking into “potential accounting matters.”

Netflix Gets SEC Notice Over Facebook Post

Neflix said Thursday that the Securities and Exchange Commission informed it that its staff is recommending civil action be brought against the company and CEO Reed Hastings. The reason: Hastings’ July 3 post in which he said Netflix’s online video viewing “exceeded 1 billion hours for the first time ever in June.”

Ascent To Take $1-2M Charge Over Integration