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“#Bristol-Myers Squibb sued for $6.4B over delayed cancer drug” Bristol-Myers Squibb was sued for $6.4 billion on Thursday for allegedly delaying its Breyanzi cancer drug to avoid payments to shareholders of the former Celgene, which the drugmaker bought in 2019. According to a complaint in Manhattan federal court, Bristol-Myers failed to use contractually required “diligent efforts”…
“#Etsy buying Gen Z-oriented clothing app Depop for $1.63B” Etsy is making an outsize bet on Gen Z’s vintage clothing craze. The Brooklyn-based arts-and-crafts site said Wednesday it is buying the social shopping app Depop — which has a reputation for selling TikTok-worthy vintage clothing — for $1.63 billion in cash. London-based Depop, founded in…
“#WarnerMedia CEO Jason Kilar is sticking around for now” WarnerMedia CEO Jason Kilar — whose future has been in doubt since AT&T’s $43 billion deal to spin off its entertainment unit — will remain at the helm of the company until mid-2022, it emerged on Thursday. Kilar has told staffers that he will continue in…
“#Amazon’s deal to buy MGM puts it back in streaming game” Amazon’s big $8.45 billion bet on Hollywood studio MGM comes at a crucial time for the e-commerce giant, which had been losing ground to streaming rivals Netflix, Disney+ and Warner Media’s HBO Max. While the deal isn’t enough to knock Netflix off its throne,…
“#Amazon close to deal to buy Hollywood studio MGM: report” Jeff Bezos’ Amazon is getting close to a deal to buy MGM, the Hollywood studio behind hits like the James Bond and Rocky series and “The Handmaid’s Tale,” for $9 billion, according to a new report. Citing anonymous sources, the Wall Street Journal said the…
“#How Stank steered AT&T into multibillion-dollar disaster” On Friday, May 14, just hours before the telecom and media world was turned upside down, the two men at the center of that upheaval, AT&T chief John Stankey and his deal-making wingman and former boss, Randall Stephenson, met for a quiet dinner in Dallas, the home of…
“#Snap to buy AR company WaveOptics for over $500M” Snap Inc said Friday it will acquire WaveOptics, a British augmented reality technology company, for over $500 million. The deal, first reported by The Verge and confirmed by a Snap spokesman, will help the owner of photo messaging app Snapchat push its way into a future where AR eyewear could be ubiquitous….
“#NY Daily News parent Tribune approves Alden Global takeover” Shareholders of Tribune Publishing, parent company of the New York Daily News and one of the country’s largest newspaper chains, on Friday approved a takeover by hedge fund Alden Global Capital. Alden, which already owned one-third of Tribune, now takes full control of the New York…
“#Amazon negotiating deal to buy MGM Studios for $9 billion” Amazon is reportedly several weeks into negotiations on a deal to buy MGM, the Hollywood studio behind the “James Bond” franchise, for between $7 billion and $10 billion. The legendary studio — whose film and TV catalog includes everything from “Silence of the Lambs” to…
“#WarnerMedia-Discovery merger raises streaming questions” WarnerMedia’s deal to merge with Discovery will create a single, formidable new streaming service to compete with Netflix and Disney+ — or then again, maybe it won’t. Either way, the deal is expected to lead to savings for people who subscribe to both HBO Max and Discovery+, experts say. Currently,…