Twitter Innovates to Lure New Users, Double Revenue by 2023

Since launching in 2006, popular social service Twitter has remained largely unchanged. The company is now planning a wide-ranging series of new products with the goal of attracting new users. They include ephemeral content, an audio chat service, a newsletter platform, moderation tools and, most recently, new options to pay for exclusive content from some users and to launch communities for specific interests. By 2023, the company hopes to double its user base from its 2019 level and its revenue from 2020 levels. Continue reading Twitter Innovates to Lure New Users, Double Revenue by 2023

High Profile Team Joins Forest Road in Pursuit of M&E Deals

Basketball legend Shaquille O’Neal, Martin Luther King III, and former Disney executives Tom Staggs, Kevin Mayer and Salil Mehta are among those who have formed a new special-purpose acquisition company. SPACs, often dubbed blank check companies, are a popular financial tool to raise money and list a company publicly without having to file for an initial public offering. According to a Security and Exchange Commission filing, the SPAC, Forest Road Acquisition, plans to raise $250 million for new media and entertainment deals. Continue reading High Profile Team Joins Forest Road in Pursuit of M&E Deals

Twitter Reports Increase in Daily Users But a Drop in Revenue

In the quarter ending June 30, Twitter’s number of daily users rose 12 percent from the previous quarter to 186 million, while revenue dropped 19 percent from a year earlier to $683 million. The former number surpassed the expectations of analysts polled by FactSet whereas the latter was below the predicted $702 million estimate. It adds up to a $1.23 billion loss, impacted by a reversal of a $1+ billion tax benefit in 2019. Twitter has not provided forecasts for revenue or operating income in its latest earnings report. Continue reading Twitter Reports Increase in Daily Users But a Drop in Revenue

Twitter Settles With Activist Investor, Dorsey Keeps Position

Twitter and activist investor Elliott Management have come to an agreement to keep chief executive Jack Dorsey in his position, at least for now. Elliott Management, a $40 billion hedge fund that has a 4 percent stake in Twitter, sought to oust Dorsey from his position, claiming that, by splitting his attention between Twitter and Square, the chief executive let the former company lose its competitive edge and slip behind rivals. On February 21, Elliott nominated four candidates for Twitter’s board to add to the pressure. Continue reading Twitter Settles With Activist Investor, Dorsey Keeps Position

Nielsen Will Split into Two Firms Following Activist Pressure

Following pressure from activist investor Elliott Management, Nielsen Holdings announced plans to split the media research firm into two independent publicly traded companies. Nielsen revealed it would create two separate companies by spinning off its Global Connect business. In a deal expected to close in 9-12 months, the two companies will be named Global Connect and Global Media. “Both the Global Media and Global Connect businesses are independently essential to the industries they serve, but each business has unique dynamics,” explained CEO David Kenny, who will stay on as chief exec of the Global Media business.  Continue reading Nielsen Will Split into Two Firms Following Activist Pressure