Uber, Waymo Settle Lawsuit for $245 Million, 4 Days into Trial

Uber Technologies has settled a year-old lawsuit brought by Alphabet’s self-driving vehicle unit Waymo, which claimed that Uber stole and used trade secrets. In the agreement, Uber said it would not use Waymo technology in its autonomous vehicles and make certain that no such Waymo components were already in use. The ride-hailing firm also agreed to give Waymo 0.34 percent of its equity, equal to about $245 million, based on a valuation of $72 billion. The companies settled four days after the trial started. Continue reading Uber, Waymo Settle Lawsuit for $245 Million, 4 Days into Trial

Music Publisher Files $1.6 Billion Copyright Suit Against Spotify

Wixen Music Publishing filed a $1.6 billion copyright lawsuit in a California federal court against popular music streamer Spotify. Wixen claims that the Stockholm-based service used thousands of songs — including those by the Doors, Tom Petty and Neil Young — without a direct or compulsory license and without compensating the music publisher. According to Reuters: “Wixen also alleged that Spotify outsourced its work to a third party, licensing and royalty services provider the Harry Fox Agency, which was ‘ill-equipped to obtain all the necessary mechanical licenses.’” Spotify, which has grown in value to $19 billion, recently filed IPO documents with the SEC. Continue reading Music Publisher Files $1.6 Billion Copyright Suit Against Spotify

Snapchat Debuts 30 Original Shows but Metrics Still a Mystery

In the wake of Instagram copying one of its most popular features, Stories, Snapchat pivoted to original video content, believing it crucial to the company’s long-term success. To produce this content, Snapchat turned to numerous television networks, including A+E Networks, Discovery, ESPN, NBCUniversal and Turner (owner of CNN, TBS and TNT). NBCUniversal, which invested $500 million in Snap’s IPO, is particularly bullish on Snapchat Shows. But Snapchat doesn’t reveal metrics, raising questions about the success of Shows. Continue reading Snapchat Debuts 30 Original Shows but Metrics Still a Mystery

Chinese Tech Giant Tencent Buys 12 Percent Stake in Snap

Less than one day after Snap Inc. posted disappointing quarterly results and its stock subsequently plunged, the company revealed that Chinese Internet titan Tencent Holdings recently purchased a 12 percent stake in Snap. Chinese tech companies such as Tencent, Alibaba Group and Baidu have been investing in U.S. firms. According to Morningstar analyst Ali Mogharabi, Snap’s main problems include declining user growth and competition from the more established Instagram. Disappointing ad revenue is reportedly also disappointing investors. Continue reading Chinese Tech Giant Tencent Buys 12 Percent Stake in Snap

Roku May Be Prepping to Stream Video on Third-Party Devices

Roku has taken an important step in its long-time efforts to evolve from a hardware-based to a services-based model. Although the company will not comment, sources say that Roku is preparing to begin streaming videos on third-party devices from rivals Apple and Google. Those same sources say that the initial efforts will likely focus on mobile devices. Most consumers still think of Roku as a hardware company, but Roku recently began licensing its operating system to TV manufacturers and making money on advertising. Continue reading Roku May Be Prepping to Stream Video on Third-Party Devices

DigitalOcean Provides Cloud Services for Smaller Businesses

Cloud computing startup DigitalOcean, based in New York City, is taking on industry leaders Amazon Web Services, Microsoft Azure and Google Cloud by targeting smaller developers and startups. According to CEO and co-founder Ben Uretsky, DigitalOcean is offering simple and flexible solutions for smaller companies that may not necessarily need the same business-class services as larger companies. While it is not currently planning an IPO, DigitalOcean indicates it is on a $175 million annualized run rate (ARR) for this year. Continue reading DigitalOcean Provides Cloud Services for Smaller Businesses

Goldman Sachs Exploring Creation of a Bitcoin Trading Desk

Goldman Sachs Group, in the early stages of considering whether to start a trading operation for Bitcoin, could become the first blue-chip Wall Street company to deal directly in the virtual currency. If it does so, it will give Bitcoin more credibility among investors. Bitcoin and other virtual currencies were first used and are still perceived as commonly used for illegal activities. The currency is still controversial, banned by China and deemed a “fraud” by J.P. Morgan Chase & Co. chief executive James Dimon. Continue reading Goldman Sachs Exploring Creation of a Bitcoin Trading Desk

Former Uber CEO Tries to Thwart Effort to Reduce His Power

In the latest drama at the troubled Uber, former chief executive Travis Kalanick appointed two new directors — former Xerox chief executive Ursula Burns and former Merrill Lynch chief John Thain — to the board, without informing new chief executive Dara Khosrowshahi or current board members. The likely trigger for Kalanick’s action was a proposal that included reducing his voting power and increasing Khosrowshahi’s. By adding two members to the nine-member board, Kalanick attempted to gain new allies. Continue reading Former Uber CEO Tries to Thwart Effort to Reduce His Power

Roku Goes Public Today, Sets its IPO Price at $14 per Share

Video streaming device maker Roku begins trading today on Nasdaq, setting its IPO price at $14 per share, which would give it a $1.3 billion stock market value. The 15-year-old company is competing with the likes of Amazon, Apple and Google that all offer streaming video boxes featuring popular apps such as Netflix and Hulu. Roku’s devices provide access to Amazon, Netflix, YouTube and dozens of online channels, but competition is a major consideration with today’s tech investors. Snap Inc., for example, the year’s biggest tech IPO, has watched its shares plummet in value as Facebook’s Instagram rolled out Snapchat-like functionality. Continue reading Roku Goes Public Today, Sets its IPO Price at $14 per Share

SoftBank Leads Investment In Uber That Could Hit $10 Billion

SoftBank Group wants to buy 17 percent to 22 percent of Uber Technologies, via a combination of share purchases from the company and a tender offer to employees and investors. The deal would only work if SoftBank can convince Uber’s shareholders to sell their stock at a discount. According to sources, the bank’s investment could total as much as $10 billion, which would make it the largest-ever single investment in a private venture-backed startup. SoftBank also wants two board seats, adding to Uber’s nine current directors. Continue reading SoftBank Leads Investment In Uber That Could Hit $10 Billion

Roku Delivers Free, Ad-Supported Movies on New Channel

Owners of Roku streaming players, sticks and TVs will now have access to a new service — “The Roku Channel” — that offers free, ad-supported streaming of movies and TV shows. The channel, which will roll out in phases “over the coming weeks,” features content that Roku has licensed directly from studios including Lionsgate, MGM, Paramount, Sony and Warner Bros. — and movies from other channel publishers currently on the Roku platform such as American Classics, FilmRise, Nosey, OVGuide, Popcornflix, Vidmark and YuYu. Roku expects additional publishers to participate in the future.

Continue reading Roku Delivers Free, Ad-Supported Movies on New Channel

Uber Is Expected to Name Expedia’s Khosrowshahi as CEO

The Uber board has settled on Expedia CEO Dara Khosrowshahi as the ride-hailing giant’s next chief exec. Khosrowshahi was the third candidate behind Hewlett Packard Enterprise CEO Meg Whitman and former GE chief Jeff Immelt. “Called the ‘truce’ candidate by one person close to the board and the ‘compromise’ choice by another — due to extensive infighting between ousted CEO Travis Kalanick and Uber’s big investor Benchmark,” reports Recode, “Khosrowshahi will now try to settle the turbulent waters at the company riven by” numerous issues including a report from former Attorney General Eric Holder regarding a sexist company culture; allegations of regulatory wrongdoings, a lawsuit filed by Waymo, its publicized management shakeup, and declining employee morale. Continue reading Uber Is Expected to Name Expedia’s Khosrowshahi as CEO

Spotify Strikes Licensing Deal with Warner Music, Preps IPO

Music streaming service Spotify, which is planning its IPO for late 2017/early 2018, just signed a new global licensing deal with Warner Music Group. Terms were not disclosed. The company earlier reached long-term agreements with Universal Music Group and Sony Music; Warner was the last of the big three labels Spotify needed to go public. The online music pioneer is reportedly planning a nontraditional IPO in which it will offer shares directly to the public rather than the standard method of going through Wall Street banks. Continue reading Spotify Strikes Licensing Deal with Warner Music, Preps IPO

MoviePass Cuts Subscription to $10/Month, AMC Fights Back

Early Netflix executive Mitch Lowe is now in charge of MoviePass, and he plans to drop its movie ticket subscription price to $9.95, which will let customers go to one showing per day at any theater in the U.S. that accepts debit cards. In return, MoviePass pays theaters the full price of each ticket, with the exception of 3D or IMAX screens. The company just sold a majority stake to Helios and Matheson Analytics, a publicly traded data firm. AMC has stated it wants to block MoviePass subscribers. Continue reading MoviePass Cuts Subscription to $10/Month, AMC Fights Back

Rovio Said to Be Planning a $2B IPO as Early as Next Month

Finland-based Rovio Entertainment Oy, maker of the “Angry Birds” mobile games and movie, is said to be planning an IPO valued at $2 billion as early as September. “A listing would test investors’ appetite for entertainment software, a group whose shares have declined an average of 18 percent from their offer prices following IPOs this year,” reports Bloomberg, citing social gamer King Digital Entertainment (creator of “Candy Crush”) and South Korean publisher Netmarble Games (maker of “Lineage” and “Stone Age”) as examples. A successful IPO for Rovio could help finance “The Angry Birds Movie 2,” slated for a 2019 release. Continue reading Rovio Said to Be Planning a $2B IPO as Early as Next Month

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