Top News:
Annie Palmer / CNBC:
Amazon says it will acquire MGM Studios for $8.45B — - Amazon is buying MGM Studios, the companies announced, marking Amazon's most ambitious move yet into the entertainment business. — The acquisition is Amazon's second-largest acquisition since it paid $13.7 billion for Whole Foods in 2017.
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Peter Kafka / Vox:
With its MGM acquisition, Amazon doesn't want to compete with streamers like Netflix but reduce Prime subscriber churn by providing enough blockbuster content — Amazon isn't competing with Netflix, but it is spending billions trying to figure out Hollywood. Maybe 007 can help.
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Forbes, Insider, Mediaite, The Guardian, @pkafka, Substack, New York Times, contextisking.com, CNBC, @jesserpound, @sherman4949, Gizmodo, Protocol, Personanondata and Wall Street Journal, more at Techmeme »
Robert Channick / Chicago Tribune:
SEC filing: Alden took out two loans, totaling $278M, in the Tribune Publishing deal and removed CEO Terry Jimenez; Tribune was debt-free — It didn't take long for Alden Global Capital to put its imprint — and significant debt — on Tribune Publishing, after closing its $633 million acquisition …
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Sarah Perez / TechCrunch:
Facebook and Instagram now give users options to hide Like counts across all posts and to hide their own public Like counts from others — Facebook this week will begin to publicly roll out the option to hide Likes on posts across both Facebook and Instagram, following earlier tests beginning in 2019.
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About Facebook, @mosseri, ScreenRant, The Wrap, BBC, @instagram, @producthunt, The Verge, @kerrymflynn, @taylorlorenz, Bloomberg, @sarahfrier and @samsheffer, more at Techmeme »
Erik Wemple / Washington Post:
Emily Wilder was wronged by AP editors, who were less concerned with work product than about “appearances”, defined by groups like Stanford College Republicans — On May 18, the Associated Press reported on the arrest of an arson suspect over a Los Angeles wildfire …
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Politico, @sopandeb, Editor and Publisher, @ashtonpittman, @aaronwherry, @glennkesslerwp, @jeremymbarr, @yelix, @akilahobviously, Vanity Fair, @theferocity, @davidfolkenflik, @kimmasters, @jayrosen_nyu, @emmadaly, @david_c_steele, @jayrosen_nyu, @mgerrydoyle, @dankennedy_nu, @parrillaga, @janinezacharia, @cdelshad, @brettmmurphy, New York Times, @penenberg, Cathy Young, The Intercept and Associated Press
Katie Robertson / New York Times:
Over 200 academics, journalists, and sports figures including UNC alumni sign a letter criticizing UNC's failure to give Nikole Hannah-Jones tenure — More than 200 writers and cultural figures signed a letter opposing the University of North Carolina's failure to give the Times Magazine correspondent tenure with her position there.
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Mark Stenberg / Adweek:
Axios says its Local program now has 350,000+ subscribers and is on pace to generate between $4M and $5M by the end of 2021 — Led by Axios, local is going national. The “smart brevity” news publisher announced Monday that it planned to expand the number of cities it serves as part …
Discussion:
Medialyte, @dylanbyers, @sarakgoo, @markstenberg3, @djtweets and @thekendallbaker
Mark Sweney / The Guardian:
Amazon partners with UK's National Theatre to stream four high-profile stage shows, including Phoebe Waller-Bridge's Fleabag, available in the UK and Ireland — Cumberbatch and McKellen among big names to appears in live-recorded stage shows to feature on Prime
Javier Espinoza / Financial Times:
Sources: European Commission will open a formal antitrust probe into Facebook to investigate if it's undermining competition in the online classifieds market — European Commission will investigate if Facebook is undermining competition in the online classifieds market
Discussion:
Wall Street Journal, @valentinapop, New York Post and Engadget, more at Techmeme »
Steven Strom / Fanbyte:
Sources: IGN staffers say morale is at an all-time low after Ziff Davis' president characterized a dispute over a post takedown as purely an editorial issue — “Our morale has never been this low,” IGN employees say a week after confronting their parent company. At stake: editorial independence.
Discussion:
@ethangach, @ethangach, @ethangach, @ethangach, @gameonysus, @sadboybarrett, @gamedadjp, @futterish, @stevesaylor and @elisefavis
Bloomberg:
Chinese gaming company NetEase's music streaming arm files for an IPO in Hong Kong, that source says could raise ~$1B; filing shows it had 180M+ MAUs in 2020 — - CICC, Credit Suisse and BofA are working on the offering — Co. has secured licensing deals with Universal Music, Sony
Discussion:
Music Business Worldwide, more at Techmeme »
Jake Rudnitsky / Bloomberg:
Ivi.ru, Russia's most popular video streaming service, raises $250M from VTB Group, Roman Abramovich, and others, after pausing IPO plans earlier this year — - New investors contributed about 70% to Ivi funding round — Ivi delayed IPO after proposal to limit foreign ownership
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