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11:10 AM ET, May 26, 2021


 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.
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.
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 …
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.
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.
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 …
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 …
Jake Rudnitsky / Bloomberg:, 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
Benjamin Mullin / Wall Street Journal:
In a staff meeting, Jeff Zucker said a CNN streaming platform will launch within the next year, and he defended the lack of a suspension for Chris Cuomo  —  President Jeff Zucker also said during a town hall that he would consider his future at the cable network given CNN parent company's merger with Discovery
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
Ray Schultz / MediaPost:
The Economist launches its first online course, on politics, business, and tech, for £1,475, or $2,087, with experts including former Google CEO Eric Schmidt  —  The Economist is launching its new online executive education program, Economist Education, on Wednesday.
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 More News: 
Sarah Rappaport / Bloomberg:
How London theaters have adapted to lockdowns, quickly expanding streaming offerings; over 100,000 people in 90 countries paid up to $90 for an Old Vic show
Chris Willman / Variety:
OneOf, a music-focused NFT marketplace backed by Quincy Jones, raises $63M in seed, says its Tezos blockchain protocol uses less energy to mint NFTs than others
Canadian Press:
Facebook has signed deals with 14 Canadian publishers to pay for the ability to link to their news stories that are not already posted on its platform
 Earlier Picks: 
Sara Fischer / Axios:
AP and FanDuel sign an agreement to make FanDuel the exclusive provider of sports odds across the AP's global sports report
Sara Fischer / Axios:
Sources: NYT is looking into a full acquisition of The Athletic, not a merger or a joint venture
Times of India:
Delhi police visited two Twitter offices in India after demanding Twitter explain why a “manipulated media” tag was given to a BJP spokesperson's tweet
David McCabe / New York Times:
A new Florida law regulates how Twitter, YouTube, and others moderate speech, with fines for banning candidates; the law exempts companies that own theme parks