Former Condé Nast Editor Plans a Vanity Fair for the Substack Era

A new publication from a Vanity Fair veteran aims to attract writers with a revenue-sharing plan. The project has attracted backing from private equity firms.

By Edmund Lee and Lauren Hirsch

Gold Futures Settle Lower As Bond Yields Rise

Gold prices drifted lower on Wednesday, weighed down by higher bond yields and rising optimism about an economic recovery.

The dollar’s weakness helped limit gold’s downside. The dollar index eased to a low of 91.85 a little past noon and was last seen at 91.66, down 0.21% from the previous close.

After settling with a moderate loss, gold futures fell further after the Federal Reserve’s Beige Book showed economic activity in the U.S. accelerated to a moderate pace from late February to early April.

Looking ahead, the Fed said outlooks were more optimistic than in the previous report, boosted in part by an acceleration in COVID-19 vaccinations.

The yield on the 10-year U.S. Treasury Note rebounded from three-week lows and went up by 1.5 basis points, rising to 1.64%.

Gold futures for June ended lower by $11.30 or about 0.7% at $1,736.30 an ounce.

Silver futures for May ended up by $0.4% at $25.520 an ounce, while Copper futures for May gained 2.4%, settling at $4.13 per pound.

Data released by the Labor Department showed import prices in the U.S. saw another notable increase in the month of March. The report said import prices surged up by 1.2% in March after jumping by 1.3% in February. Economists had expected import prices to climb by 1%.

White House Correspondents’ Association Cancels Annual Dinner For Second Year In A Row

The White House Correspondents’ Association has officially cancelled its annual dinner for the second year in a row due to the Covid-19 pandemic.

In a letter to members on Wednesday, the WHCA said that “we have worked through any number of scenarios over the last several months, but to put it plainly: while improving rapidly, the Covid-19 landscape is just not at a place where we could make the necessary decisions to go ahead with such a large indoor event.”

Plans are to hold an in-person event on April 30, 2022.

The decision is not a surprise, as it was clear that continued Covid restrictions would prevent such a large gathering at its typical time, late April. The organization still plans to announce its annual awards, which are typically part of the annual dinner.

The last WHCA dinner was on April 27, 2019 at the Washington Hilton. Last year’s dinner was at first delayed and then canceled due to the pandemic.

Donald Trump did not attend any of the dinners during his presidency, breaking with a long tradition, as he routinely attacked the press and, at times, called them the “enemy of the American people.” There has been some expectation that Joe Biden will restore the tradition and attend, along with a return of a heavy turnout of celebrities due to the change in administrations.

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NFL changes offseason program, implements hybrid setup amid players’ pushback on in-person workouts

A day after groups from several NFL teams released statements through the NFL Players Association announcing their intention of boycotting voluntary workout programs, the league has informed teams of the implementation of guidelines allowing for a hybrid setup that will feature both virtual and in-person sessions this spring and summer. 

Offseason programs are set to kick off April 19. In the memo issued to teams, the league announced that this phase of the calendar will consist of 100% virtual participation with no on-field action. During this time, players can still satisfy requirements to earn workout bonuses in their contracts and will be eligible to earn the daily $275 offseason program per diem, which is required by the collective bargaining agreement. 

Weight rooms will remain open to players who desire to work out at team facilities as they have been throughout the offseason. According to the league, roughly 400 players have used team facilities to work out.

MORE: BYU quarterback Zach Wilson is the buzz of the NFL draft. But does his potential warrant the hype?

Liberty Media CEO Greg Maffei’s 2020 Pay Package Totaled $47 Million, Up From $44 Million Year Earlier

Liberty Media CEO Greg Maffei saw his total compensation rise to $47 million last year from $44 million in 2019 on large option and stock grants.

Maffei’s base pay was $871,880 but he received an option award worth nearly $25 million and a stock award of $8.3 million, according to the company’s proxy statement filed with the SEC Wednesday. He was also granted non-equity incentive compensation – a cash payment – of $11.7 million.

Liberty Media, founder John Malone’s complex holding company based in Denver, owns interests in a range of media, communications assets through three tracking stocks: the Liberty SiriusXM Group, the Braves Group and the Formula One Group. Maffei signed a new five year employment agreement with Liberty in December of 2019.

Liberty SiriusXM Group includes Liberty’s stakes in SiriusXM and Live Nation Entertainment; Braves Group includes the Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball club, the Atlanta Braves’ stadium and associated real estate projects; Formula One Group consists of Liberty Media’s subsidiary F1 and other minority investments, including Liberty Media Acquisition Corporation (a SPAC), AT&T and an inter-group interest in the Braves Group.

Malone, who is the chairman of Liberty’s board of directors, saw his total compensation dip slightly to $1.1 million from $1.4 million.

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