Now Magazine publisher Media Central Corporation Inc. files for bankruptcy
The parent company that controls Now Magazine has voluntarily filed for bankruptcy, stating it has $2.25-million in liabilities and just $352 in total assets.
Toronto-based publishing company Media Central Corp. Inc., which is listed on the Canadian Securities Exchange and in Germany, said its debt includes a $1-million convertible debenture held by a group of investors. Earlier this month, the company said it was trying to reach an agreement with the debtholders after it defaulted on the loan.
The bankruptcy filing will not affect the company’s two flagship publications, Now Magazine, published in Toronto by subsidiary Now Central Communications Inc., and Georgia Straight, published by Vancouver Free Press Publishing Corp., according to the company.
While Media Central said Now Magazine will continue publication as usual, the news and entertainment magazine’s acting editor, Radheyan Simonpillai, posted on Twitter at the beginning of March that Now was scaling back its print publications as a cost-saving measure as it transitions its audience online.
In 2019, the company launched digital cannabis publication CannCentral, and the following year opened eCentralSports, an e-gaming media outlet. Media Central did not say whether the two websites would continue operating.
Media Central’s voluntary bankruptcy follows a series of leadership and other changes at the company.
On March 9, Media Central announced chief financial officer Carmelo Marrelli had resigned effective Jan. 25, after less than a year in the role. In the same release it said its 2020 auditors, Fazzari + Partners, had resigned.
In mid-March, the company said in a statement that it was still defending itself against a civil claim for $250,000 dating back to July, 2020, brought by a former employee.
Following the bankruptcy filing, Kirk MacDonald, formerly president of Media Central, will remain in his role as president of the company’s subsidiaries. Manos Pavlakis, David Daniels, and Carolyn Wall have resigned from their positions on the company’s board of directors, according to a news release.
The company did not respond to requests for comment from The Globe and Mail.
Myanmar military dissolves Suu Kyi’s NLD party: State media – Al Jazeera English
Party of Myanmar leader Aung San Suu Kyi among 40 political parties dissolved after failing to meet registration deadline, according to state television.
Myanmar’s military-controlled election commission has announced that the National League for Democracy Party (NLD) would be dissolved for failing to re-register under a new electoral law, according to state television.
The NLD led by Nobel laureate Aung San Suu Kyi was among 40 political parties dissolved on Tuesday after they failed to meet the ruling military’s registration deadline for an election, according to state television.
In a nightly news bulletin, Myawaddy TV announced the NLD among those who had not signed up to the election and were therefore automatically disbanded. The NLD has said it would not contest what it calls an illegitimate election.
The army carried out a coup in February 2021 after the NLD won the November 2020 parliamentary elections and subsequently jailed its leader Suu Kyi.
Suu Kyi, 77, is serving prison sentences totaling 33 years after being convicted in a series of politically tainted prosecutions brought by the military. Her supporters say the charges were contrived to keep her from actively taking part in politics.
The party won a landslide victory in the 2020 general election, but less than three months later, the army kept Suu Kyi and all the elected lawmakers from taking their seats in parliament.
The army said justified the coup saying there was a massive poll fraud, though independent election observers did not find any major irregularities.
Some critics of Senior General Min Aung Hlaing, who led the takeover and is now Myanmar’s top leader, believe he acted because the vote thwarted his own political ambitions.
No date has been set for the new polls. They had been expected by the end of July, according to the army’s own plans.
But in February, the military announced an unexpected six-month extension of its state of emergency, delaying the possible legal date for holding an election.
It said security could not be assured. The military does not control large swaths of the country, where it faces widespread armed resistance to its rule.
This is a breaking story. More to follow.
Gautam Adani acquires 49% in Quintillion Business Media for Rs 48 crore
Billionaire Gautam Adani’s AMG Media Networks has acquired about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about Rs 48 crore.
In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in May last year.
The transaction was completed on March 27 for “Rs 47.84 crore”, it said.
Quintillion Business Media runs the news platform Bloomberg Quint, now called BQ Prime.
Adani group had set up AMG Media Networks for its foray into businesses of “publishing, advertising, broadcasting, distribution of content over different types of media networks”.
In May last year, it had signed a shareholders’ agreement with Quintillion Media Ltd (QML) and QBML.
In September 2021, it hired veteran journalist Sanjay Pugalia to lead its media company Adani Media Ventures.
Twitter source code partially leaked online, court filing says
GitHub removed code shared without permission after request by social media giant, court filing says.
Twitter’s source code has partially leaked online, according to a legal filing by the social media giant.
Twitter asked GitHub, an online software development platform, to remove the code after it was posted online without permission earlier this month, the legal document filed in the US state of California showed on Sunday.
GitHub complied with Twitter’s request to remove the code after the social media company on March 24 issued a subpoena to identify a user known as “FreeSpeechEnthusiast”, according to the filing with the US District Court of the Northern District of California. San Francisco-based Twitter noted in the filing that the postings infringe on the platform’s intellectual property rights.
The filing was first reported by The New York Times.
The leak of the code is the latest hiccup at the social media giant since its purchase by Elon Musk, whose tenure has been marked by mass layoffs, outages, sweeping changes to content moderation and heated debate about the proper balance between free speech and online safety.
Musk, who bought Twitter for $44bn last October, said recently that Twitter would open the source code used to recommend tweets on March 31. Musk, who also runs Tesla and several other companies, said the platform’s algorithm was overly complex and predicted people would find “many silly things” once the code was made public. It is not clear if the leaked source relates to the code used to recommend tweets.
“Providing code transparency will be incredibly embarrassing at first, but it should lead to rapid improvement in recommendation quality,” he wrote on Twitter. “Most importantly, we hope to earn your trust.”
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