What you need to know in advertising today

Facebook lost more than one hundred billion dollars in market value in a matter of hours on Wednesday after the internet company told investors to expect revenue growth rates to decline for the remainder of the year.

Shares of Facebook plunged more than 20% in after hours trading, as executives recapped second quarter results that fell short of Wall Street expectations and delivered a financial forecast that seemed to catch investors by surprise.

To read more about Facebook’s tumble, click here.

In related news:

Facebook’s market value plunged by $148 billion after Zuckerberg and company warned of a growth slowdown. At one point, the company’s stock was down nearly 24%, and its valuation had fallen by a whopping $148 billion. 

Facebook’s user growth has stalled, or gone in reverse, in its most profitable markets. In the US & Canada, Facebook’s MAUs are flatlining, unchanged at 241 million from the first quarter of 2017.

In other news:

“This is a major event”: Experts are anticipating the biggest sports media bidding war in 30 years if Disney lands Fox. It must sell the regional sports networks that Fox owns to avoid anticompetitive conflicts, which means that 22 regional sports networks will be up for auction if the Disney deal closes.

AB InBev has a new global chief marketing officer. Pedro Earp, the head of its three-year-old ZX Ventures innovation unit is replacing Miguel Patricio, and the brewer is also combining ZX with its marketing department. 

Hearst Magazines has promoted Troy Young to the role of president. Young, who was the company’s digital chief, replaces David Carey, who will become chairman of Hearst Magazines.

Viacom is reportedly eyeing AwesomenessTV, the youth-focused online media joint venture between NBCUniversal, Verizon and Hearst, reports Bloomberg. The talks are in advanced stages and could conclude in just a couple weeks. 

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