Reliance and Disney have completed their landmark Indian media merger, creating an $8.5 billion entertainment powerhouse in the country’s streaming and television markets. The deal, proposed in February, brings together Disney Star with Reliance-controlled Viacom18 under a joint venture that will control about 85% of India’s streaming market and roughly half of television viewership in […]
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Reliance, Disney complete India media merger valued at $8.5B
Архив рубрики: Mergers and Acquisitions
Lawmakers ask Department of Justice to investigate Warner Bros. Discovery merger
Four Democratic lawmakers have written to the Department of Justice to investigate Warner Bros. Discovery and launch an inquiry into alleged anti-competitive behavior. Democratic representatives Elizabeth Warren, Pramila Jayapal, David Cicilline and Joaquin Castro wrote that the merged company has harmed workers and reduced consumer choice. Warner Bros. Discovery was formed after WarnerMedia merged with Discovery Inc. in April 2022.
“We respectfully urge the Justice Department to investigate the state of competition in affected labor and consumer markets following consummation of this merger, which appears to have enabled Warner Bros. Discovery (WBD) to adopt potentially anticompetitive practices that reduce consumer choice and harm workers in affected labor markets,” the lawmakers wrote in the letter.
Warner Bros. Discovery did not respond to TechCrunch’s request for comment.
The lawmakers argue that Warner Bros. Discovery’s new ownership is “hollowing out an iconic American studio.” The letter outlines that many projects were cancelled by Warner Bros. Discovery not long after the merger, including “Batgirl,” which was canceled even though filming for the movie had already been completed. The letter also refers to the cancellation of popular shows like “Gordita Chronicles” and “The Time Traveler’s Wife.”
In addition, the lawmakers note that Primetime Emmy Award winner J. J. Abrams is now shopping elsewhere for a home for his TV show “Demimonde” which was initially picked up by HBO and then canceled before production began on the project.
The letter notes that consumers will likely never be able to watch shows purchased then cancelled by the company, and that Warner Bros. Discovery’s conduct amounts to a “catch and kill” practice that limits consumer choice.
The lawmakers also outline that the company’s actions are leaving workers with fewer choices for employment and advancement.
“Shortly after the merger was finalized, WBD began realizing a number of cost synergies that were used to justify the merger in the first place—including cuts to hundreds of jobs for working people,” the letter reads. “First, WBD cut the streaming platform CNN+. The CNN+ cut affected about 350 employees, and four months later, CNN laid off an additional 400 employees. WBD also enacted 100 layoffs in its company’s ad sales department as another cost-cutting effort related to the merger. In total, the aforementioned cuts affected thousands of people. Notably, WBD still has $3.5 billion in planned cuts—which does not bode well for workers.”
The letter ends by asking the Department of Justice to take another look at the transaction and take into consideration the actions that the company has taken since the merger was finalized a year ago. The lawmakers write that they hope the guidelines for the merger are updated to ensure they reflect the needs of workers, consumers and content creators in the media and entertainment industry.
The letter comes as Warner Bros. Discovery is expected to hold a press event sometime this week regarding its new direct-to-consumer streaming plan.
Warner Bros. Discovery continues to lose money despite success of ‘The Last of Us’ and ‘Hogwarts Legacy’
Lawmakers ask Department of Justice to investigate Warner Bros. Discovery merger by Aisha Malik originally published on TechCrunch
Lawmakers ask Department of Justice to investigate Warner Bros. Discovery merger
Mozilla acquires Active Replica to build on its metaverse vision
An automated status updater for Slack isn’t the only thing Mozilla acquired this week. On Wednesday, the company announced that it snatched up Active Replica, a Vancouver-based startup developing a “web-based metaverse.”
According to Mozilla SVP Imo Udom, Active Replica will support Mozilla’s ongoing work with Hubs, the latter’s VR chatroom service and open source project. Specifically, he sees the Active Replica team working on personalized subscription tiers, improving the onboarding experience and introducing new interaction capabilities in Hubs.
“Together, we see this as a key opportunity to bring even more innovation and creativity to Hubs than we could alone,” Udom said in a blog post. “We will benefit from their unique experience and ability to create amazing experiences that help organizations use virtual spaces to drive impact. They will benefit from our scale, our talent, and our ability to help bring their innovations to the market faster.”
Active Replica was founded in 2020 by Jacob Ervin and Valerian Denis. Ervin is a software engineer by trade, having held roles at AR/VR startups Metaio, Liminal AR and Occipital. Denis has a history in project management — he worked for VR firms including BackLight, which specializes in location-based and immersive VR experiences for brands.
With Active Replica, Ervin and Denis sought to build a platform for virtual events and meetings built on top of Mozilla’s Hubs project. Active Replica sold virtual event packages that included venue design, event planning, live entertainment and tech support.
Prior to the acquisition, Active Replica hadn’t publicly announced outside funding. Ervin and Denis have assumed new jobs at Mozilla within the past several weeks, now working as senior engineering manager and product lead, respectively.
“Mozilla has long advocated for a healthier internet and has been an inspiration to us in its dedication and contributions to the open web. By joining forces with the Mozilla Hubs team, we’re able to further expand on our mission and inspire a new generation of creators, connectors, and builders,” Ervin and Denis said in a statement. “Active Replica will continue to work with our existing customers, partners and community.”
Mozilla launched Hubs in 2018, which it pitched at the time as an “experiment” in “immersive social experiences.” Hubs provides the dev tools and infrastructure necessary to allow users to visit a portal through any browser and collaborate with others in a VR environment. Adhering to web standards, Hubs supports all the usual headsets and goggles (e.g. Oculus Rift, HTC Vive) while remaining open to those without specialized VR hardware on desktops and smartphones.
Hubs recently expanded with the launch of a $20-per-month service that did away with the previously free service, but introduced account management tools, privacy and security features. According to Mozilla, the plan is to roll out additional tiers and reintroduce a free version in the future, along with kits to create custom spaces, avatar and identity options and integrations with existing collaboration tools.
Mozilla’s forays into the metaverse have been met with mixed results. While Hubs is alive and kicking as evidenced by the Active Replica acquisition, Meta shuttered Firefox Reality, its attempt to create a full-featured browser for AR and VR headsets, in February 2022. In explaining why it decided to close up Firefox Reality, Mozilla said that while it does help develop new technologies, like WebVR and WebAR, it doesn’t always continue to host and incubate those technologies long-term.
Mozilla acquires Active Replica to build on its metaverse vision by Kyle Wiggers originally published on TechCrunch
Mozilla acquires Active Replica to build on its metaverse vision
MTG acquires mobile racing game studio Hutch Games for up to $375 million
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Sweden’s MTG is making a significant acquisition in the mobile gaming industry. The company is acquiring Hutch Games, the London-based game studio behind popular mobile racing games such as Rebel Racing, F1 Manager and Top Drives.
The acquisition is an important one for MTG as the company is spending $275 million right away and setting aside another $100 million for performance-based payments.
If you’re not familiar with MTG, you probably know its portfolio companies. Over the past few years, MTG has acquired ESL and DreamHack to become an esports leader.
MTG has also acquired InnoGames and Kongregate for their popular web-based and mobile games. And it sounds like MTG isn’t done just yet, as the company plans to acquire more companies in the near future.
MTG explains why the acquisition makes sense in its announcement. Hutch Games isn’t focused on a single game. It has built a portfolio of successful games, which is always a good sign for future growth.
The game studio has also licensed some well-known brands, such as F1. And MTG believes that F1 Manager, Top Drives and Rebel Racing still have a lot of growth potential. Free-to-play mobile games have become games-as-a-service, so you want to keep them popular over the long run.
When it comes to long-term potential, Hutch Games also has more games in the pipeline for 2021 and 2022. Finally, it’s a cost-effective studio, as most employees are developers.
During the first nine months of 2020, Hutch Games generated $56.3 million in revenue and $13.3 million in earnings before interest and taxes (EBIT). Hutch Games investors included Backed VC, Index Ventures, Initial Capital and angel investor Chris Lee.
As you can see, free-to-play games can be lucrative. That’s why there will be some consolidation in the future. Some companies will use their deep pockets or take advantage of debt to build out big portfolios and the real estate of your home screen, one game at a time.
MTG acquires mobile racing game studio Hutch Games for up to $375 million
Old-school social networks Tagged and Hi5 bought by MeetMe for $60M
Like bizzaro Facebooks, Tagged and Hi5 launched in 2004 to help you meet new people instead of connecting you with friends you already know. Through social games and paid dating features, they earned a surprising amount of revenue despite being relatively unknown. Tagged bought Hi5 in 2011 before branching out into standalone social app development and renamed the parent company If(we). But… Read More
Old-school social networks Tagged and Hi5 bought by MeetMe for $60M