Legendary Entertainment, the production company behind "Dune," "Jurassic World," "The Dark Knight” and other box office hits, has sold a minority stake to private equity firm Apollo Global Management.
Why it matters: With the global rise of streaming spurring demand for more original content, private equity and strategic investors have flooded Hollywood.
People are getting paid to pick up their own pizzas.
The big picture: Worker shortages and increasing food prices are pressuring restaurants that deliver their own food to seek alternative routes to protect profits.
2021 was a record year for commercial real estate sales in the U.S., as investors scrambled to capitalize on how the pandemic is reshaping the economy.
Driving the news: Commercial property sales totaled $809 billion in 2021, nearly doubling 2020’s mark and topping 2019’s $600 billion, according to Real Capital Analytics data reported by the Wall Street Journal.
The New York Times on Monday said it bought Wordle, a viral online game that tasks players with identifying a new word puzzle each day. While full deal terms weren't disclosed, The Times noted that it paid "in the low-seven figures."
Why it matters: The company has been doubling down on games as a means to lure subscribers.
Employees at big box retailers are finding allies among activist investors, as some banners move to reduce paid sick days.
Why it matters: Retailers are prime targets for ESG (environmental, social and governance) activists, who are pushing companies to strengthen worker rights at a time when the pandemic has revealed how valuable these employees are to the industry.
VC firm 468 Capital has raised $400 million for its second seed-stage fund focused on European startups, and American ones with a connection to Europe.
Why it matters: The past year has been a record year for the European startup market, even attracting unprecedented levels of American venture capital.
As the financial crisis was unfolding in September 2008, a top buyout executive was nonplussed. He said that his firm could invest at a discount if stocks went down, and had long enough time horizons that it wouldn't be forced into fire sales of existing portfolio companies. And banks would work to avoid debt defaults.
Why it matters: It was arrogant. It was self-serving. It was largely correct.
Elliott Associates and Vista Equity Partners agreed to buy Citrix Systems (Nasdaq: CTXS), a Fort Lauderdale, Fla.-based provider of workplace virtualization software, for around $16.5 billion (including $3.5 billion of assumed debt). The firms then plan to merge Citrix with existing Vista portfolio company TIBCO Software.
Why it matters: This is partially a remote work play, and partially about the buyer believing they can thrive where past management struggled in converting customers from desktop licensees to cloud subscribers.
Cryptocurrency exchange Coinbase is adding Tobi Lütke, co-founder and CEO of ecommerce giant Shopify, to its board of directors, subject to final approval later this week.
Why it matters: With the widespread explosion of applications of cryptocurrencies and blockchain tech, it's no surprise to see Coinbase seek to add Lütke's expertise in online commerce and tech that's accessible even to solo entrepreneurs and small businesses.
Crypto derivatives giant FTX raised $400 million in Series C funding, the company announced Monday, nearly doubling its valuation to $32 billion over the course of six months.
Why it matters: The funding round highlights the ravenous investor appetite for crypto assets and it solidifies FTX's ability to stay private for longer.
Job growth numbers may be about to turn negative for the first time since President Biden took office, and the White House is seeking to get ahead of potential negative headlines.
The big picture: Vast numbers of Americans missed work this month due to the Omicron variant, and that is likely to drag down January jobs numbers. But the White House believes these effects will be temporary.
