Although we briefly discuss FaZe Holdings and Rumble earnings in the story above, there was much more media and entertainment news today. We did our best to summarize them here. ๐
European Union regulators approved Microsoft’s Activision Blizzard acquisition. However, the market still seems unsure that other hurdles will be mounted as $ATVI shares are still trading well below the proposed price. ๐ฎ
In other gaming news, Amazon is reportedly making another Lord of the Rings MMORPG, while HBO continues working on its Game Of Thrones game.
As for the lottery market, the global leader of iLottery solutions and services, NeoGames, was acquired by Australia’s Aristocrat Leisure for $1.2 billion. As for gambling, Fanatics is making its official foray into sports betting by acquiring PointsBet’s U.S. business in a $150 million deal. ๐ซ
A new company founded by Pluto TV co-founder Ilya Pozin, called Telly, is offering 500,000 freeย 55-inch TVs to consumers. However, the bottom of the two-screen display will play a steady stream of ads. With mid to high-quality televisions already pretty cheap, it’ll be interesting to see how this experiment plays out. ๐บ
Are consumers willing to continue paying for things with their attention? Does a constant stream of ads disturb the viewing experience? We’ll have to wait and see the answer to these questions.ย
Vice Media filed for Chapter 11 bankruptcy this morning in a move many expected. At its peak, the media brand was valued at $5.7 billion but has struggled to live up to expectations since. However, after failing to secure a buyer, filings with the Southern District of New York show Vice has agreed to an asset purchase agreement led by a “Fortress Consortium” of previous investors/lenders. ๐ค
A federal appeals court in New York ruled that Elon Musk will still require a “Twitter sitter” as part of his revised agreement with the Securities & Exchange Commission (SEC). ๐
Verizon’s chief marketing officer Diego Scotti is leaving the company after eight years to “explore new challenges.” It joins the recent departures of chief creative officer Andrew McKechnie and chief media officer Tony Wells. ๐ฑ
And lastly, another billionaire is staking his claim in the media industry. The youngest self-made billionaire, Austin Russell, now owns an 82% stake in Forbes Global Media Holdings. The deal values the company at roughly $800 million, about a year after it called off its SPAC plans. ๐ฐ