"The Times" is hailing Facebook's share slide yesterday as the largest in corporate history. The social media giant saw $119bn wiped off its value in a single day of trading after it admitted user growth was stalling in the wake of the Cambridge Analytica scandal.

Spotify has beaten expectations to add 8m premium subscribers streaming platform over the past three months, bringing the total number to 83m, "The Telegraph" writes.

Nike has been permanently barred from using the LNDR shorthand tag for its "Nothing Beats A Londoner" campaign. It follows legal action from a company called LNDR which claimed the use of the four-letter acronym infringed its intellectual property, "Campaign" reports.

The former head of the SNP, Alex Salmond, who controversially fronted a talk show on Russia Today, has been thwarted in his attempt to become the next Chairman of Johnston Press. According to The Drum, a Norwegian investor, who owns 20% of the company insisted Salmond was too "politically infected" to take on the role.

Sky has credited much of a 6% increase in annual ad revenue to a 29% rise in AdSmart revenues, "Campaign" reveals. The platform allows advertisers to target demographic and locations across the country, rather than pay for conventional, national ads.

Sky's annual results show a 5% revenue gain for the past year as income exceeded GBP13.6bn. The Drum makes the point that the very positive results come as competition to buy the broadcaster and telecoms group hots up between Fox and Comcast.

"The Times" has calculated that a staggering $150bn was wiped off the value of Facebook last night after the social media giant warned that user growth was stagnating in the wake of the Cambridge Analytica scandal.

Having just lost UKTV's ten channels, Virgin Media is at risk of losing ITV channels. "The Guardian" reveals that an ongoing dispute over carriage fees and video-on-demand rights could see the channels pulled from the cable operator within days.

The Advertising Association has announced that its next President will be Unilever's marketing boss, Keith Weed. The new role starts from September 1st, "Campaign" reports.

The bad news on the high street continues as "The Guardian" brings news that a fifth of British retailers admit they will be shedding staff in the next three months as shoppers increasingly opt to shop online rather than visit a store.