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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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New York Times:
Amazon paid a premium over other potential MGM buyers, including Apple and Comcast, to bolster Prime when old-line studios are less willing to license libraries — Metro-Goldwyn-Mayer, while diminished, commanded a premium price, with Amazon seeking to bolster its crucial Prime membership offering.
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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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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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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.
Discussion:
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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.
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@stephentotilo, @gameonysus, @sadboybarrett, @ethangach, @plante, @elisefavis, @ethangach, @gamedadjp, @futterish, @ethangach, @ethangach and @stevesaylor
John Hopewell / Variety:
HBO Max shares details of its June 29 launch in Latin America and the Caribbean, at a starting price of $3/month, including UEFA Champions League soccer games — Presenting its plans for Latin America on Wednesday at an online pre-launch presentation, HBO Max may have just given an inkling …
Discussion:
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Brian Armstrong / The Coinbase Blog:
Coinbase CEO Brian Armstrong announces Fact Check, a section of the Coinbase blog to combat misinformation and mischaracterizations about Coinbase or crypto — Every tech company should go direct to their audience, and become a media company. — As Coinbase and the cryptoeconomy grow …
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
Sarah Perez / TechCrunch:
Instagram launches a new shopping section called Drops, helping users find limited supply products, and will temporarily waive fees due to COVID-19 — Instagram today announced it's adding a new feature to help connect online shoppers to product drops through its app.
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:
@dylanbyers, @sarakgoo, Medialyte, @markstenberg3, @djtweets and @thekendallbaker
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