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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TechCrunch, Forbes, Insider, The Guardian, Mediaite, New York Times, @pkafka, CNBC, Gizmodo, Protocol, @jesserpound, @sherman4949, Personanondata, Wall Street Journal and CNN, 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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@lalpert1, US Securities and Exchange Commission, American Press Institute, @karenkho, Editor and Publisher, New York Post, @elaheizadi, @mattdpearce, @nickconfessore, @amlwhere, @karenkho, @eric_hontz, @barry, @danielleiat, @charlesornstein, @elyssacherney, @jimfriedlich, @davidrlurie, @joshpcain, @gaufre, @hartfordcourant, @ryanchittum, @tomscocca, @tomscocca, @jeremylittau, @rhodes_dawn, @maghielse, @joshschwerin, @mightygodking, @timothypmurphy, @elaheizadi, @saragregory, @rumormill, @robertchannick, @jeremylittau, @stacydavisgates, @kevincarey1, @ctguild, @daveweigel, @athertonkd, @byjonharris, @kenbensinger, @johnrussell99, Columbia Journalism Review, The Wrap, New York Post, The Hill and Chicago Sun-Times
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David Folkenflik / @davidfolkenflik:
[Thread] Union members at multiple Tribune newspapers say they have been told that Alden Global Capital intends to seek voluntary buyouts company-wide — News: Union members at multiple Tribune newspapers say they're told Alden Global Capital intends to seek voluntary buyouts company-wide. Note: Alden just loaded Tribune w $278MM in debt for its $630+ acquisition of newspaper chain. Imagine layoffs ensue if buyout goals not met.
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@benyt
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, ScreenRant, The Wrap, @mosseri, @sarahfrier, BBC, Bloomberg, The Verge, @instagram, @producthunt, @kerrymflynn, @taylorlorenz 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, @glennkesslerwp, @yelix, Vanity Fair, @akilahobviously, @davidfolkenflik, @jayrosen_nyu, @theferocity, @brettmmurphy, @kimmasters, @emmadaly, @cdelshad, @david_c_steele, @jayrosen_nyu, @parrillaga, @janinezacharia, @mgerrydoyle, @dankennedy_nu, New York Times, @penenberg 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.
Discussion:
The Root, @johnrobinson, @columbiajourn, @nhannahjones, @kreissdaniel, @mikeogling, @adamserwer, @jelani9, @khalilgmuhammad, @thegrio, New Republic, TheGrio and The Hill
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
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 »
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
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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