Netflix's stock crashed Thursday after the streaming giant said it would no longer report subscriber growth numbers to Wall Street, and instead focus on delivering key financial metrics, like operating margin and profitability.
Why it matters: Despite blowing past Wall Street expectations on revenue, earnings and subscriber additions last quarter, investors were clearly jolted by the reporting change.
Essence magazine's corporate parent Sundial Media Group has agreed to buy women's lifestyle company Refinery29 from Vice Media, the company said Thursday.
Why it matters: The deal offers Refinery29 a lifeline after a tumultuous few years under the Vice Media brand.
To all the tortured poets out there: Your time has come.
State of play: Taylor Swift's 11th studio album, "The Tortured Poets Department," arrives at midnight.
"The lead-up to release day has been littered with puzzles, Easter eggs and other hallmarks of Swift's ever-theorizing fan base," NBC News reports.
Zoom in: In the run-up, Swift released playlists arranged around the stages of grief, intensifying speculation that this will be a breakup album, Axios Nashville co-author Adam Tamburin writes.
💭 Nathan's thought bubble: I thought every Taylor album was a breakup album.
Limited partners in Silicon Valley venture firm Shasta Ventures have until the end of Monday to decide whether to approve a continuation fund, Axios has learned.
Why it matters: More VCs may try to to follow a similar path as the dearth of exits continues, and firms struggle to raise new funds (as Shasta hasn't since 2017).
A Supreme Court decision that came down Wednesday could complicate the diversity, equity and inclusion, or DEI, landscape even further.
Why it matters: The court's decision in Muldrow v. City of St. Louis comes as DEI efforts inside companies, in government offices and at universities are under attack.
CalMatters, a nonprofit news outlet focused on California politics, policy, and community issues, has acquired The Markup, a nonprofit news site focused on technology and data privacy investigations.
Why it matters: With a combined workforce of 100, the deal creates a local, nonprofit news powerhouse in California.
A jury found Avraham "Avi" Eisenberg guilty on all three counts of fraud and manipulation in a $110 million crypto trade scheme using the Mango Markets platform.
Why it matters: The case was the first known test for a jury to decide whether existing U.S. laws governing fraud and market manipulation apply to the world of decentralized finance (DeFi).
American universities and colleges are beefing up their strategic communications efforts given the onslaught of public backlash and political scrutiny that shows no signs of tapering off.
Why it matters: Higher ed is the latest industry to learn the hard lessons about crisis communications and how no institution is immune from big, divisive issues.
WSJ Magazine is out today with a spotlight on one of America's most beloved — and the media's most feared — publicists, Tree Paine.
Why it matters: "Paine has guided Swift through some of the more tumultuous moments of her career... [and] at almost every turn, Paine presents Swift — arguably the most famous woman on the planet, a billionaire with a private jet — as a relatable underdog fighting for her voice to be heard," writes Allie Jones for WSJ Mag.
American universities and colleges are beefing up their strategic communications efforts given the onslaught of public backlash and political scrutiny that shows no signs of tapering off.
Why it matters: Higher ed is the latest industry to learn the hard lessons about crisis communications and how no institution is immune from big, divisive issues.
Vista Equity Partners, the private equity founded by Robert Smith, is closing on more than $20 billion for its eighth flagship fund, according to a letter sent to investors and obtained by Axios.
Why it matters: Vista extended its fundraising to rake in more capital than its initial $17 billion. This is the firm's largest fund to date.
The UAW and Mercedes-Benz agreed to a vote in May over whether the automaker's sprawling factory in Tuscaloosa County, Ala., should be unionized.
Why it matters: The union is on a mission to organize 13 non-unionized automakers in the U.S. after winning record contracts from General Motors, Ford and Stellantis following a simultaneous strike in 2023.
Elon Musk is asking Tesla shareholders to approve two proposals that would be unthinkable at almost any other public company: Moving the corporate headquarters out of Delaware, and giving the CEO billions in pay that's already been stripped from him by a Delaware judge.
Why it matters: The votes are effectively a referendum on Elon exceptionalism. He seems to be confident he's going to win them both, on the grounds that keeping Elon happy — at almost any price — is ultimately in shareholders' best interests.
