Media News Daily: Top Stories for 03/21/2025

X Raises $1 Billion in New Equity, Valuation Climbs to $32 Billion

Elon Musk’s social media platform X, formerly Twitter, has raised $1 billion in new equity funding, boosting its valuation to $32 billion. Bloomberg reported that some of the funds will be used to reduce the company’s debt, which stood at $12.5 billion after Musk’s 2022 acquisition. Musk and Darsana Capital Partners, which previously bought some of X’s debt, contributed to this round. Despite being far below the $44 billion Musk paid, the platform claims it is close to breaking even, reporting $2.6 billion in revenue for 2024. Still, advertising revenue remains down from its 2021 peak of $5 billion, and Fidelity has marked down its investment by 71%. Musk continues to leverage legal threats and political influence in efforts to restore ad revenue. (Read More) (MediaPost Rating)

Ziff Davis Acquires The Skimm, Will Integrate into Everyday Health Group

Digital media company Ziff Davis has acquired The Skimm, a newsletter-focused news brand aimed at millennial women. The deal places The Skimm under Ziff Davis’s Everyday Health Group, though it will continue to operate as a standalone brand with its current 75-person staff. Founded in 2012, The Skimm became known for its accessible news digests and community-based outreach like “Skimmbassadors.” While subscriber numbers have declined from 7 million to 5 million across six newsletters, the company claims it retains an engaged audience. Financial details of the acquisition were not disclosed. The Skimm plans to expand its health and wellness coverage moving forward. (Read More) (Nieman Lab Rating)

Meta, Google Seek Trump Administration’s Help to Oppose Australian Media Fees

Meta, Google, and other tech giants have formally requested U.S. government assistance in pushing back against Australia’s News Media Bargaining Code. The law requires digital platforms to pay local publishers for news content shared on their services. Initially passed in 2021, it has funneled over $200 million annually to Australian news outlets. Meta previously complied under duress but is now attempting to exit these deals. The companies argue that the code is a coercive tax targeting successful U.S. businesses. With hopes that the Trump administration will adopt a protective stance toward American firms, tech platforms aim to pressure Australia to revise the law. The U.S. is reviewing public comments before taking action. (Read More) (Social Media Today Rating)