The Brief – Wednesday 6 May: Press freedom hits all-time low, Pinterest and Paramount earnings

📰 Global press freedom hits an all-time low, as measured by Reporters Without Borders. For the first time in the index’s 25-year history, more than half the world’s countries now fall into the “difficult” or “very serious” categories for press freedom. (RSF)

📌 Pinterest reported 18% year-on-year revenue growth in Q1 to $1.01bn. Global monthly active users also increased 11% year on year to 631m. Adjusted Ebitda grew 20% to $207m. (Pinterest)

⛰️ Paramount reported 2% year-on-year revenue growth to $7.3bn in Q1. This was driven in part by 11% growth in its direct-to-consumer segment, itself led by 17% growth in Paramount+ revenue. (Paramount)

📱 Meta said it will expand safeguards for teen accounts to 27 EU countries and to Facebook in the US amid pressure from regulators to improve child safety standards. Advocates have warned Meta’s efforts to tackle teen safety have been “performative”, citing studies showing their lack of effectiveness. (Reuters)

➡️ Omnicom’s Omni and commerce CEO Duncan Painter, has left the company for an as-yet undisclosed “opportunity in the UK”. Christine Gambino will take over as CEO of Omni. Flywheel CEO Alex McCord will oversee Omnicom Commerce. (Adweek)

📰 The Nerve, the publication launched by former Observer journalists including Carole Cadwalladr, has hired two investigative journalists and two columnists as the title has expanded to reach 30,000 free and paying subscribers. The new hires include ex-LBC host Sangita Myska, writer Cory Doctorow, Good Law Project’s Alice McCool, and Law360’s Lucia Osborne-Crowley. (Press Gazette)

💸 X owner Elon Musk has agreed to pay a $1.5m settlement with the US Secreties and Exchange Commission over allegations he cheated then-Twitter shareholders by failing to disclose the 5+% stake he built in the company ahead of his acquisition. Musk’s net worth is estimated over $659bn. (Bloomberg)