May 2011 Current Events: Business News

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Here are the key events in business news for the month of May 2011.

  • MTV Chief Resigns After 30 Years (May 5): Judy McGrath, the chief executive of MTV Networks resigns, ending the tenure of one of the most powerful women in television. McGrath leaves MTV Networks, which includes MTV, Comedy Central, Nickelodeon, and VH1, while both ratings and profits are surging. McGrath rejects an offer by MTV Networks that would greatly change her role, choosing instead to walk away.

  • OWN Ousts Chief (May 6): After just four months, Christina Norman is dismissed as the chief executive of the Oprah Winfrey Network. Despite the star power of Oprah Winfrey and an investment of several million dollars, the channel is receiving low ratings and is barely outperforming Discovery Health, the channel it replaced. Peter Ligouri, CEO for Discovery Communications, will take over at least until the end of 2011.

  • Lady Gaga Tops Power List (May 19): Dethroning Oprah Winfrey, Lady Gaga claims the top spot on Forbes magazine's annual Celebrity 100 list. Gaga, whose real name is Stefani Germanotta, moves up four positions from last year and knocks Oprah down to number two. Gaga's ranking is partly due to her earnings—an estimated $90 million over the last year. Also, she currently has 32 million Facebook fans and 10 million followers on Twitter.

2011 Current Events