Connect with us

News Print & Digital

BuzzFeed Raising About $200M to Purchase Complex Networks

BuzzFeed has held discussions with Complex, which Verizon and Hearst control, for the last few months.

Published

on

Last month, reports surfaced over BuzzFeed potentially having interest in purchasing Complex Networks

Now that appears to be occurring as the media outlet raises about $200 million in convertible bonds. The Information reports that BuzzFeed is preparing to make an offer for the modern entertainment company. 

According to the report, the financing helps BuzzFeed fund the acquisition of Complex Networks. Furthermore, negotiations between both parties occur at an equity value of around $300 million, meaning the company’s value hasn’t risen much. 

BuzzFeed has held discussions with Complex, which Verizon and Hearst control, for the last few months. Should the deal be completed, the purchase would grow BuzzFeed’s revenue by about 30-percent in advertising and commerce-related marketing. 

The Information adds that that the two sides are “getting close to a resolution.” An announcement from both media outlets is “possible in the next few weeks,

Complex Networks owns various sites, such as Complex, which emphasizes pop culture news and sports; Sole Collector, a website for hardcore sneaker collectors; and Pigeons & Planes, specializing in music news.

“We have no news to announce today and can’t confirm or comment on potential acquisitions or other plans,” a BuzzFeed spokesman said when requested for comment last month over the company’s interest in Complex Networks. 

News Print & Digital

Kara Swisher: Elon Musk “Has to Be” Rethinking Buying Twitter at $54 a Share

Swisher does believe a deal will occur with Twitter seeing Musk as its new owner despite these claims. However, she thinks the entrepreneur might have another idea: reprice the bid.

Published

on

Elon Musk made headlines a couple of weeks ago with his decision to purchase Twitter for $44-billion; however, New York Times reporter Kara Swisher stated on the latest episode of The Interview that the Tesla CEO is having second thoughts. 

“He has to be. This price is too high,” Swisher said. “[Twitter] is not worth $54 a share. It’s crazy. It’s like throwing money down a hole.”

Swisher does believe a deal will occur with Twitter seeing Musk as its new owner despite these claims. However, she thinks the entrepreneur might have another idea: reprice the bid.

“He should walk away, pay the billion-dollar breakup fee and then wait until it declines. He could pick it up for $15 billion versus $45 billion. That’s a nice savings. There’s a lot you can do with $30 billion,” Swisher said. 

Walking away from the deal for the social media company might not be easy. But, either way, Musk is undoubtedly taking a hard look at his bid of $54.20 per share by what Swisher is conveying, wrapping up that her relationship with the possible new owner of Twitter as an “up and down” one.

“We’ve had beefs,” Swisher said. “He hasn’t returned my emails. He usually does. He’s talking to right-wing people. He’s friends with Mike Cernovich. Good for him. He’s making new friends. I don’t care. I have four children; I don’t need Elon Musk.”

Continue Reading

News Print & Digital

New Texas Law Will Make It Illegal to Block, Ban Posts on Social Media Outlets

Texas lawmakers ruled last week that makes it illegal to block, ban, remove, deplatform, demonetize, and de-boost posts on social media platforms.

Published

on

Texas lawmakers have put Big Tech on notice following a ruling last week that makes it illegal to block, ban, remove, deplatform, demonetize, and de-boost posts on social media platforms with 50 million or more US monthly users.

The 15-word ruling will most likely set the stage for an intense debate in the Supreme Court and could further divide a nation struggling to interpret free speech and the First Amendment.

According to MSN, Texas’s law, HB 20, which seeks to address the perceived imbalance, was blocked in December by a district court judge who ruled it was unconstitutional under the First Amendment.

Trade organizations NetChoice and the Computer Communications Industry Association have appealed directly to the Supreme Court, according to The Verge. In a statement, NetChoice counsel Chris Marchese said the law strips private online businesses of their speech rights.

“The First Amendment prohibits Texas from forcing online platforms to host and promote foreign propaganda, pornography, pro-Nazi speech, and spam,” he added.

The Texas attorney general’s that the appeals court made the right decision and said it would continue defending the Texas law.

Continue Reading

News Print & Digital

Ted Sarandos to Staffers: Quit Netflix if You Find It Hard to Support Our Content

The Netflix CEO sent an internal memo discussing the diversity of its products and suggested that some content may conflict with people’s personal beliefs. 

Published

on

As streaming giant Netflix continues to hemorrhage subscribers, the company has reportedly told its employees to find a new job if they’re offended by some of the content that is being created.  

According to Variety, CEO Ted Sarandos sent an internal memo discussing the diversity of its products and suggested that some content may conflict with people’s personal beliefs. 

“Depending on your role, you may need to work on titles you perceive to be harmful,” the memo said. “If you’d find it hard to support our content breadth, Netflix may not be the best place for you.”

According to the company’s first-quarter earnings report, Netflix lost 200,000 subscribers during the January-March period. Some employees staged a walkout when Dave Chapelle railed against transgenderism. At that time, the company vowed not to silence its artists. 

Sarandos reiterated that Netflix supports individualism and respects the principles and values of its subscribers. 

“While every title is different, we approach them based on the same set of principles: We support the artistic expression of the creators we choose to work with; we program for a diversity of audiences and tastes; and we let viewers decide what’s appropriate for them, versus having Netflix censor specific artists or voices,” the memo added.

Continue Reading
Advertisement
Advertisement

Trending

Copyright © 2021 Barrett Media.