Host Jack Benjamin welcomes columnist Nick Manning and reporter Ella Sagar to examine Warner Bros Discovery's latest earnings, Reddit's forthcoming IPO and why agency-client relationships at holding companies have become less transparent over time.

On digital publishers making cuts and lay-offs, Manning said: "One thing that is a shame for all of us is that content costs money and good content costs even more money. And those companies who get the most advertising revenue are the ones that do not have any cost of content at all because it is all user-generated.

"The big issue, for me, is how the advertising money is gravitating towards those with the lowest content costs."

The trio also discuss the decline of Vice Media, Walmart's purchase of Vizio and a leadership change at Global.

Highlights:

00:41: The "unhealthy trend" of principal-based trading

04:05: What's the solution for declining transparency in media buying?

11:47: Warner Bros Discovery's "big mixed bag" of earnings

20:18: Why is Reddit going public now?

24:05: The "enshittification" and business prospects of social media platforms

30:54: Quick hits – Vice.com ceasing publishing, Walmart purchasing smart TV maker Vizio and Stephen Miron leaving Global

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