Reddit Hopes to Raise $748M in IPO Aimed at $6.4B Valuation

Reddit is moving ahead with its IPO and plans to raise between $682 million and $748 million on a fully diluted valuation of between $5.8 billion and $6.4 billion. Although no date has been announced, the IPO is expected to take place sometime this month. According to a Securities and Exchange Commission filing Monday, Reddit says it will offer 22 million 15.3 million Class A common shares and 6.7 million insider shares from investors including CEO Steve Huffman and COO Jen Wong. Pricing will be between $31 and $34 per share. The proposed market cap is $4.9 billion to $5.4 billion. Continue reading Reddit Hopes to Raise $748M in IPO Aimed at $6.4B Valuation

Disney Celebrates 100 Years with Launch of TikTok Content

The Walt Disney Company is hosting a centennial bash on ByteDance-owned social video platform TikTok featuring custom content touching 48 of the studio’s iconic brands. Fans will be able to watch videos from across the Disney library, as well as create their own videos with Disney music and effects, play daily Disney trivia, and collect and trade “Character Cards” that will allow them to win unique profile frames. “We’re giving the passionate community of Disney enthusiasts on our platform a first-of-its-kind destination,” TikTok said of the celebratory “interactive experience.” Continue reading Disney Celebrates 100 Years with Launch of TikTok Content

Databricks Acquiring OpenAI Competitor MosaicML for $1.3B

Data management firm Databricks has agreed to purchase generative AI company MosaicML in a deal valued at $1.3 billion. The three-year-old generative AI startup has developed a platform it says makes it “fast, cost-effective, and easy” for companies to train LLMs and deploy tools to use them. MosaicML has privately raised roughly $64 million to date. Its last valuation was $222 million in January, which means it was purchased for a healthy 6x multiple in a move that appears to prime Databricks for what one brokerage calls an “inevitable” IPO. Continue reading Databricks Acquiring OpenAI Competitor MosaicML for $1.3B

TikTok Pulse Premiere Gives Publishers a 50 Percent Ad Cut

TikTok’s new Pulse Premiere will allow publishers to sell ads alongside their posts and keep half the revenue, a move to engage institutional creators in addition to the influencers and app-savvy individuals that have been the video-sharing platform’s mainstay. An offshoot of TikTok’s Pulse program revenue-sharing plan, available for the top 4 percent of creators’ posts, Pulse Premiere permits ads against all posts from publishers including Condé Nast, NBCUniversal and Vox Media. Advertisers have embraced TikTok to reach Gen Z. Sensor Tower predicts the ByteDance-owned company will secure 2.5 percent of the domestic digital ad market in 2023. Continue reading TikTok Pulse Premiere Gives Publishers a 50 Percent Ad Cut

Reddit Tests Split-View Text and Video Feeds, Other Updates

Reddit is introducing changes designed to make it easier for users to browse and navigate its communities. Currently testing is a concept that separates text and video into separate streams, dubbed “Read” and “Watch.” Users can toggle between the split-view feeds. In the current format, both “Read” and “Watch” will include recommendations as well as posts that users subscribe to. “In 2023, the product and design improvements you’ll see from us will simplify and streamline how people discover, join, and contribute (post, vote, comment) to communities and bring new ways to engage in conversations and content,” Reddit explains. Continue reading Reddit Tests Split-View Text and Video Feeds, Other Updates

TikTok May Team Up with TalkShopLive for a Holiday Launch

TikTok is said to be partnering with Los Angeles-based TalkShopLive to handle its live shopping initiative in North America after an in-house UK effort produced lackluster results. Due to hit the U.S. in time for the holiday season, TikTok Shop will be built on technology and support from TalkShopLive as it positions live-stream shopping hosted by influencers, brands and retailers selling products on the short-form video platform. Launched last year, TikTok Shop UK was the ByteDance company’s first such effort outside of Asia, where it is available in countries including Vietnam, Singapore and the Philippines. Continue reading TikTok May Team Up with TalkShopLive for a Holiday Launch

Adobe Will Purchase Digital Design Rival Figma for $20 Billion

Adobe announced it plans to purchase rival digital design suite Figma for $20 billion in cash and stock. The news was disclosed as part of its Q3 earnings report, which saw revenue of $4.43 billion, exceeding analysts’ expectations. Despite the healthy cashflow, Adobe says it may have to finance part of the deal, which will have to clear regulatory hurdles in a very pro-competition environment. Founded in 2011, Figma released its first product in 2015, leveraging the WebGL API to create real-time collaborative tools for web-based design teams “working together beyond company walls.” Figma lists Airbnb, Conde Nast and Github among its users. Continue reading Adobe Will Purchase Digital Design Rival Figma for $20 Billion

Twitter Announces Deals with FOX Sports and NBCUniversal

Twitter has entered into a deal with FOX Sports, which will create and distribute exclusive content on the social platform for all upcoming FIFA World Cup Qatar 2022 and FIFA Women’s World Cup Australia & New Zealand 2023 tournaments. Appearing at the IAB NewFronts this week, Twitter also talked-up new and expanded deals with media partners NBCUniversal, E! News, Condé Nast, Essence and Sean “Diddy” Combs’ Revolt Media. The NewFronts announcements are important for Twitter, which accepted a buyout offer by Elon Musk that has some advertisers worried. Continue reading Twitter Announces Deals with FOX Sports and NBCUniversal

40 Blue-Chip Media Partners Join Snapchat to Stream News

Snapchat’s new feature, Dynamic Stories, uses RSS feeds from 40 media partners to automatically generate Stories that will appear in its Discover section. Early partners include Axios, Bloomberg, CNN, Condé Nast, ESPN, The Wall Street Journal and Vice. Publishers are already seeing results, Snapchat reports, with The Washington Post reaching more than 1.1 million Snapchatters with coverage of the war in Ukraine. Using RSS automation, Snap is lowering the barrier to entry for legitimate news publishers by eliminating the need for manual updates. After their initial appearance the Stories will update in real time. Continue reading 40 Blue-Chip Media Partners Join Snapchat to Stream News

DOJ’s Probe Into Google Focuses on Third-Party Ad Tools

The Justice Department is advancing its antitrust probe of Google with a more specific focus on how its third-party advertising business works with advertisers and publishers. The DOJ is also posing more detailed questions to executives inside the company, its rivals, advertising agencies, ad technology companies and publishers among others. Those questions center around Google’s integration of its ad server with its ad exchange, and Google’s requirement for advertisers to use its tools to buy ad space on YouTube. Continue reading DOJ’s Probe Into Google Focuses on Third-Party Ad Tools

Google Updates Algorithm, Guidelines to Aid Original Stories

Publishers complain that their news scoops, when posted online, are quickly nabbed and recycled by other publications, leading to a loss in traffic. To stem the flow, Google made changes to its algorithm and its guidelines to favor original reporting. Google vice president of news Richard Gingras said that the company would make it easier for readers to “find the story that started it all.” He later added that the shift also benefited Google Search and Google News in its efforts to “retain the trust of [its] users.”

Continue reading Google Updates Algorithm, Guidelines to Aid Original Stories

Apple Reportedly Pitching its Texture Service to Newspapers

In March, Apple purchased digital magazine service Texture, described as a Netflix for magazines, which lets subscribers read as many stories as they want from dozens of magazines for $10 per month. Now, according to sources, Apple — led by senior vice president of Internet software and services Eddy Cue — wants to add daily news and is in talks with The New York Times, Wall Street Journal and Washington Post about adding their stories to the app. The move is part of Apple’s increased interest in content. Continue reading Apple Reportedly Pitching its Texture Service to Newspapers

Apple Plans to Purchase Digital Magazine Distributor Texture

Apple announced that it is acquiring Next Issue Media LLC and the company’s digital subscription service, Texture. For $10 per month, Texture provides subscribers with access to all or part of more than 200 magazines on Apple and Android devices. The deal will give the tech giant an additional business line that provides recurring revenue, similar to Apple Music. It could also help Apple’s relationship with publishers. Texture was originally created to give publishers more control over digital distribution, but was later rebranded as a service that offers curated articles based on subscribers’ interests. Continue reading Apple Plans to Purchase Digital Magazine Distributor Texture

Google Debuts AMP Stories With Publisher Content for Mobile

Google is taking a step in the direction of Snapchat and Instagram Stories, with new technology for mobile devices that lets users easily create and publish visual-centric stories. Dubbed AMP stories, the technology, to debut first as a developer preview, features swipeable slides of text, photos, graphics and videos. Time Warner’s CNN, Condé Nast, Meredith Corp. and Vox Media were among the publishers that aided in its development. AMP stories does not yet allow advertising, unlike Apple News and Facebook Instant Articles. Continue reading Google Debuts AMP Stories With Publisher Content for Mobile

Publishers Retool Strategies for Distributing Content Online

Print publishers are learning from their freshman mistakes in creating online presences. Condé Nast, for example, debuted its video hub The Scene in July 2014, but by offering content from The New Yorker, Vanity Fair, Vogue and media partners such as ABC News, ended up overwhelming viewers and diminishing traffic. The publisher successfully refocused The Scene to target 18-to-34-year old women on Facebook, and now other publishers are also focused on distributing content on Facebook, YouTube and other popular digital platforms. Continue reading Publishers Retool Strategies for Distributing Content Online