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08 Aug

Paramount Takes $6 Billion TV Network Charge, Joins Warner Bros.

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Paramount Global, the parent of Nickelodeon, MTV and other channels, took a second-quarter impairment charge of $5.98 billion on its cable networks, in yet another sign of weakness in the traditional TV industry.The company made the decision after reevaluating the businesses in light of declining profit projections, shifts in the cable-TV subscriber marketplace and the recently agreed-to merger with Skydance Media, according to a statement Thursday. Source link lol

07 Aug

Warner Bros. Takes $9.1 Billion Writedown on TV Networks

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Warner Bros. Discovery Inc., the parent of CNN and TNT, posted a second-quarter charge of $9.1 billion after writing down the value of its traditional TV networks.The company, created in 2022 when Discovery Inc. acquired WarnerMedia, has concluded that cable channels like CNN and TNT are no longer worth what they were when the $42 billion merger was completed. Source link lol

07 Aug

Nextdoor Projects Improved Revenue Growth Amid Product Overhaul

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Nextdoor Holdings Inc. reported second-quarter revenue that beat analysts’ estimates and projected stronger-than-expected sales growth, pointing to improvements in the company’s advertising technology as a key driver of sales. Chief Executive Officer Nirav Tolia also announced plans for a “complete transformation” of Nextdoor’s core social network to increase usage and turn the neighborhood-focused platform into a service that people are drawn toward daily, not just for key life moments. Source link lol

07 Aug

WPP Sells $775 Million Stake in PR Firm FGS Global to KKR

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WPP Plc agreed to sell its stake in communications consultancy FGS Global to KKR & Co Inc. for $775 million as the British advertising agency streamlines its business to make room for investments in newer technologies. The sale of the approximately 50% stake gives FGS Global an enterprise value of $1.7 billion, the company said in a statement on Wednesday. KKR will increase its stake in the company to about 80% from 30%. Source link lol

07 Aug

Google’s Search Dominance Faces Limited Risks Despite Antitrust Ruling

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A federal judge ruled Monday that Google illegally monopolized the search market. Now the hard part: what to do about it. But first... Source link lol

07 Aug

Instacart Posts Sales Beat, Issues Strong Earnings Outlook

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Instacart posted better-than-expected sales in the second quarter, signaling that the grocery-delivery business has a strong enough user base to support its longer-term bet on advertising.Revenue gained to $823 million, far surpassing analysts’ expectations of $806 million. The value of orders placed during the quarter totaled $8.19 billion, also beating estimates. That’s even while the San Francisco firm reported that overall orders grew at a slower pace than expected. Source link lol

07 Aug

Reddit Sales Exceed Analysts’ Expectations on Advertising Growth

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Reddit Inc. said it expects steady revenue growth from new data licensing partnerships and advertising technology, charting its path forward as a newly public company.Current-quarter sales will be $290 million to $310 million, Reddit said Tuesday in a statement. Analysts had forecast $281.8 million, according the average of estimates compiled by Bloomberg. Source link lol

06 Aug

Elon Musk’s X Sues Advertisers Over Alleged Boycott

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X today filed a lawsuit against a group of major advertisers for allegedly conspiring to withhold advertising dollars from the social media platform, which, since Elon Musk’s takeover, has been seen as more amenable to hosting controversial content.The suit, filed in federal court in Texas, says dozens of advertisers followed the recommendation of a key advertising coalition, Global Alliance for Responsible Media (GARM), to boycott buying ads on X since Musk bought the company. The suit says this turn of events cost the company billions of dollars in revenue. The lawsuit seeks unspecified damages for violation of US antitrust law.The…

06 Aug

Could Antitrust Ruling Against Google Bring Breakup of the Company?

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Alphabet Inc.’s Google lost the biggest antitrust challenge it has faced when a US judge found Aug. 5 that it illegally monopolized the search market. It was a major win for the US Justice Department and state attorneys general and could result in the breakup of the 25-year-old company. Judge Amit Mehta of the US District Court for the District of Columbia ruled that $26 billion in payments that Google made to other companies to make its search engine the default option on smartphones and web browsers effectively blocked any other competitor from succeeding in the market. Mehta’s ruling came…

06 Aug

Instacart Pushes Overseas With Smart Cart Deal in Austria

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Instacart is making its first international push outside the US and Canada by testing its smart shopping carts in Europe, a move the company said will lay the foundation for growth beyond its core grocery delivery service.Instacart’s high-tech shopping carts, called Caper Carts, will be used in ALDI South Group’s grocery store in Sattledt, Austria, the companies said Tuesday in a statement. The carts — an effort Instacart began through a $350 million acquisition in 2021 — include self-checkout and are equipped with cameras and sensors to detect items. They have been deployed at metro and suburban branches of US…