Bloomberg News, Inc. – The New York Stock Exchange has suspended trading in New York City’s media box after a complaint by media owners.
The New Jersey-based company, owned by the parent company of CNBC and other Wall Street news and commentary sites, will pay $150,000 to owners of newsboxes in the city’s five boroughs for a one-year subscription to its video-on-demand platform.
A video-streaming service, the New York Times is one of several major media companies that has decided to exit New York.
“We feel that we’ve done a pretty good job,” said Brian J. Miller, president and CEO of Media Box.
But we feel we have an opportunity to do something different.” “
There’s a lot of content and a lot more variety than what we saw before.
But we feel we have an opportunity to do something different.”
The new service, which will launch on Oct. 20, will be priced at $40 a month for subscribers in the New Jersey area and $50 for subscribers statewide.
Miller said the company will be launching in other markets and plans to continue expanding to other markets in the near future.
“What we’ve seen from this market is an unprecedented level of innovation, and that’s going to drive up prices for everyone,” Miller said.
“And I think we can do a better job than any other newsroom to provide content that’s both interesting and entertaining and that is relevant to New Yorkers.”
Media Box is a partnership between the New Yorkers Times and Media Box, which also owns the NewYorker, the Boston Globe, the Philadelphia Inquirer, the Seattle Times, and other New York publications.
“This partnership will continue to drive the growth of the New Yorker’s business and help create a much broader reach of our news,” said David A. Mazzola, the Times’s executive editor.
“It is important that the Newcomers continue to benefit from the breadth of content that Media Box offers.”
The New Yorker, the Globe, and the Philadelphia Post also have announced plans to exit the market.
“I’ve spent more time and more energy on New York’s news than any of the other papers, and I have to say, the NY Post is a big fan of what we’ve built,” said James M. Kallstrom, a member of the board of the Philadelphia-based Philadelphia Media Group.
“But the New Englanders can feel a little more at home on Newcomer.”
Miller said New Yorkers will be able to watch more than 200 hours of video every week through the service.
“The New York Media Box has proven itself to be one of the most reliable and most innovative video platforms in the country,” said Tom Guggenheim, the chairman of the Associated Press Group.
Media Box will have a video-delivery service in place for the New Year, but will not launch until after the New Media Day on Dec. 6.
Miller also said Media Box plans to launch a video service in other cities and expand into other areas of the country in the coming months.
He said MediaBox is also planning to invest $1 million in the new subscription platform and a “digital news business” with the launch of a video business.
The company will also add a “news platform for the masses,” which will offer “the most complete and reliable feed of the best news in the world,” Miller added.
“To be able do this successfully, we need a company that is not only ready to be there, but willing to invest in the future,” Miller concluded.