The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Art by Clark Miller.

Bargain Hunting in the Legacy Media Aisle

By Andrew A. Rosen · Jun 28, 2023 10:06am PDT · 10 comments

Last month Netflix poached the co-heads of AMC Networks’ Scripted Programming, responsible for spinoffs of the hit series “The Walking Dead” and “Interview With the Vampire,” as well as Apple TV+’s new drama “Silo.” Executive poaching is nothing new or unusual. But the move raises a provocative... Last month Netflix poached the co-heads of AMC Networks’ Scripted Programming, responsible...

Chart from FTX court filings.

Big Winners of the Bitcoin Boom; FTX’s Messy Web

By Aidan Ryan · Jun 28, 2023 9:00am PDT

Bitcoin is having a moment. Since the start of June, the most popular cryptocurrency by market capitalization has surged 12%. That jump has coincided with traditional financial firms, which have long been wary of crypto, embracing bitcoin in a big way. BlackRock, the world’s largest asset manager, applied for a bitcoin exchange-traded fund... Bitcoin is having a moment. Since the start of June, the most popular cryptocurrency by market...

Paul Singer, president and co-CEO of Elliott Management. Photo by Getty.

The Busiest Activist Investors in Tech

By Maria Heeter · Jun 28, 2023 6:00am PDT · 1 comment

It's not surprising that an analysis of activist investors shows Starboard Value and Elliott Management are among the most, well, active of activists. Both feature frequently in high-profile fights ranging from Salesforce to eBay. What is more surprising is that some smaller firms, such as Engaged Capital and Legion Capital Management,... It's not surprising that an analysis of activist investors shows Starboard Value and Elliott...

Photo by Shutterstock

Musk v. Zuckerberg and Silicon Valley’s Dangerous Road

By Jessica E. Lessin · Jun 27, 2023 5:00pm PDT · 4 comments

Photo by Shutterstock

Musk v. Zuckerberg and Silicon Valley’s Dangerous Road

By Jessica E. Lessin · Jun 27, 2023 5:00pm PDT · 4 comments

I’ll just say it: Things are starting to look ridiculous in Silicon Valley again. Two of our most at times admired, at times reviled tech leaders are getting ready to fight each other in a mixed martial arts cage match. And, as The Wall Street Journal reported today, boards and businesses across tech are dealing with a new problem: workplace... I’ll just say it: Things are starting to look ridiculous in Silicon Valley again. Two of our most...

Photo via Shutterstock

Creator Economy

Bloomberg to Publish More Audio on YouTube

By Alex Perry · Jun 27, 2023 3:18pm PDT

The term “pivot to video” has become a shorthand for the ill-fated strategic shifts undertaken by digital media companies such as Buzzfeed and Mic in the middle of the past decade to capitalize on Facebook’s prioritization of videos. Fast forward to 2023, and there’s a new pivot happening—this time with audio. The latest is Bloomberg, the... The term “pivot to video” has become a shorthand for the ill-fated strategic shifts undertaken by...

Jason Auerbach. Photo via Silicon Valley Bank, Getty and Foursquare.

The Software Banker With Private Equity on Speed Dial

By Michael Roddan and Maria Heeter · Jun 27, 2023 6:00am PDT · 1 comment

When Josh Rogers, CEO of data integrity firm Precisely, was looking for a buyer in 2021, he tapped Jason Auerbach, then a top investment banker at UBS. Auerbach ended up helping sell Precisely to private equity firms Clearlake Capital Group and TA Associates. Twelve months later, when Precisely needed to raise money, Auerbach—by this time... When Josh Rogers, CEO of data integrity firm Precisely, was looking for a buyer in 2021, he...

Photo by Getty

Deal Monday Returns With Spate of AI and Enterprise Acquisitions

By Martin Peers · Jun 26, 2023 5:00pm PDT

The deal market lives. For the second time this month, we woke up Monday morning to a big enterprise software acquisition. This time, it was IBM (remember that company?) buying data management firm Apptio for $4.6 billion from Vista Equity Partners. People with long memories of obscure enterprise software firms (you know who you are) will recall... The deal market lives. For the second time this month, we woke up Monday morning to a big...

Inside the Hyatt Regency hotel. Photo by Erin Woo.

A Tale of Two VidCons

By Erin Woo · Jun 26, 2023 2:52pm PDT

Inside the Hyatt Regency hotel. Photo by Erin Woo.

Creator Economy

A Tale of Two VidCons

By Erin Woo · Jun 26, 2023 2:52pm PDT

I’m back in San Francisco and still recovering from last week’s VidCon. (Coffee, Emma Chamberlain-branded or not, sounds extremely compelling right about now.)By the numbers, VidCon was a success. Yesterday, VidCon announced that 55,000 people attended this year’s conference, up 10% from 2022 but still lower than pre-pandemic records.... I’m back in San Francisco and still recovering from last week’s VidCon. (Coffee, Emma...

Art by Mike Sullivan.

OpenAI Plans ChatGPT ‘Personal Assistant for Work,’ Setting Up Microsoft Rivalry

By Aaron Holmes · Jun 26, 2023 12:04pm PDT · 5 comments

In the span of half a year, ChatGPT has become one of the world’s best-known internet brands. Now its creator, OpenAI, has bigger plans for the chatbot: CEO Sam Altman privately told some developers OpenAI wants to turn it into a “supersmart personal assistant for work.” With built-in knowledge about an individual and their... In the span of half a year, ChatGPT has become one of the world’s best-known internet...

Orlando Bravo, founder and managing partner of Thoma Bravo. Photo by Getty.

Inside Thoma Bravo’s Software Playbook

By Rachel Graf · Jun 26, 2023 6:00am PDT · 4 comments

Until two weeks ago, Thoma Bravo had sold just one company worth more than $10 billion in the past three years, when it offloaded Ellie Mae to Intercontinental Exchange for $11 billion in 2020. That drought is why Thoma Bravo’s deal to sell its financial software firm, Adenza, to Nasdaq Inc. for $10.5 billion—nearly twice what it... Until two weeks ago, Thoma Bravo had sold just one company worth more than $10 billion in the...

Several mining companies are seeking to produce lithium from the Salton Sea in California. Photo: Marcio Jose Sanchez/AP

The Electric: Inside the White House Plan to Speed Battery Metals Mining

By Steve LeVine · Jun 26, 2023 4:30am PDT

U.S. auto and battery makers are racing to build battery assembly plants for the transition to electric vehicles. But mining companies and metals processors have moved excruciatingly slowly to establish a domestic supply chain of raw materials and finished electrodes for those batteries. They blame regulators who stretch out permit approvals,... U.S. auto and battery makers are racing to build battery assembly plants for the transition to...

Photo by Getty.

Apollo Leading More Than $1 Billion Debt Deal in Chipmaker Wolfspeed

By Maria Heeter · Jun 25, 2023 9:02am PDT

Photo by Getty.

Apollo Leading More Than $1 Billion Debt Deal in Chipmaker Wolfspeed

By Maria Heeter · Jun 25, 2023 9:02am PDT

A group of investors led by Apollo Global Management is making a more than $1 billion debt investment in Wolfspeed, a publicly traded semiconductor maker with a $6 billion market capitalization, according to a person with direct knowledge of the matter. The deal could be announced in the coming days and would be one of the largest direct lending... A group of investors led by Apollo Global Management is making a more than $1 billion debt...

Adobe Flies Towards Generative AI

Adobe Flies Towards Generative AI

By Jon Steinberg · Jun 24, 2023 6:00am PDT

Hi, welcome to your Weekend.For about 11 months after OpenAI released its text-to-image generator Dall-E 2 in April 2022, many of us wondered when Adobe would come to market with a rival product, which could be neatly integrated into design programs like Photoshop, Illustrator and Premiere. The wait felt long, especially considering how... Hi, welcome to your Weekend.For about 11 months after OpenAI released its text-to-image generator...

The DJI Mavic Mini 3 Pro Drone ($669). Art by Clark Miller.

Market Research

Tech on the Trail: Silicon Valley’s Favorite Smart Hiking Gear

By Beth Shapouri · Jun 24, 2023 6:00am PDT · 12 comments

Drew Romero’s hikes were weighing on him, literally. A Reston, VA-based senior software developer for technology consulting company Tkxel, Romero thought heavy accessories—battery packs and bottles of water—would hamstring him on a challenging five-day hike through a remote mountain range in Skardu in the Gilgit-Baltistan... Drew Romero’s hikes were weighing on him, literally. A Reston, VA-based senior software...

Abraham Shafi, CEO of IRL (left), and Masayoshi Son, CEO of Softbank.

Social App IRL, Which Raised $200 Million, Shuts Down After CEO Misconduct Probe

By Mark Matousek · Jun 23, 2023 3:34pm PDT · 20 comments

Last year, the CEO of messaging app IRL repeatedly said it had 20 million monthly active users, who chatted about shared interests and planned real-world events together. Today, a spokesperson for the startup said an investigation by the board of directors concluded 95% of those users were “automated or from bots.” As a result of the... Last year, the CEO of messaging app IRL repeatedly said it had 20 million monthly active users,...

Photo by Getty.

TikTok Inks U.S. Warehouse Partnerships in Bid to Rival Amazon and Temu

By Ann Gehan and Theo Wayt · Jun 23, 2023 11:45am PDT · 4 comments

Photo by Getty.

TikTok Inks U.S. Warehouse Partnerships in Bid to Rival Amazon and Temu

By Ann Gehan and Theo Wayt · Jun 23, 2023 11:45am PDT · 4 comments

TikTok has signed logistics deals to ensure that the products people buy on its app arrive smoothly at their front doors—a key part of the video app’s efforts to transform itself into a shopping destination. It’s currently testing the fulfillment services with U.S. sellers, a person familiar with the matter said. TikTok is... TikTok has signed logistics deals to ensure that the products people buy on its app arrive...

Photo-illustration by Clark Miller. Photos by Aurelien Meunier/Getty Images (Victor Wembanyama), Megan Briggs/Getty Images (Cavinder sisters), Bob Levey/Getty Images (Shohei Ohtani)

The New Ballgame

The Messi Model: How One ‘Extraordinary’ Contract Could Shift the Power Balance in Sports

By Daniel Kaplan · Jun 23, 2023 11:00am PDT · 7 comments

Former National Basketball Players Association Executive Director Michele Roberts has never attended a soccer game. She says with a laugh that if Lionel Messi appeared in her Harlem living room, she’d call the police to report an intruder, because unlike most people on the planet, she has no idea what he looks like. But Roberts is... Former National Basketball Players Association Executive Director Michele Roberts has never...

Google CEO Sundar Pichai in May. Photo by Getty Images

AI Boomerang: Google’s Internal Critic Returns From Rival OpenAI

By Jon Victor and Amir Efrati · Jun 23, 2023 9:15am PDT · 4 comments

Jacob Devlin, a prominent artificial intelligence researcher who left Google for rival OpenAI in January after complaining internally about how the company trained its Bard AI chatbot software, has returned to his old job, according to a person with knowledge of the situation. Google’s willingness to hire Devlin back, despite the fact his... Jacob Devlin, a prominent artificial intelligence researcher who left Google for rival OpenAI in...

Adobe chief strategy officer Scott Belsky. Photo-illustration by Clark Miller, using Adobe Firefly.

Can Adobe Catch the AI Bug?

By Margaux MacColl · Jun 23, 2023 9:00am PDT · 1 comment

Six months ago, Adobe’s chief strategy officer, Scott Belsky, was in a New York conference room with around two dozen top marketing executives. They had gathered to discuss how artificial intelligence could transform advertising, allowing them to turn a string of words into a visual ad. At first, Belsky thought they were on the same page... Six months ago, Adobe’s chief strategy officer, Scott Belsky, was in a New York conference...

Photo by Getty.

Pro Weekly: Non-U.S. Creator Startups Face Their Own Funding Struggles

By Kalley Huang · Jun 23, 2023 8:00am PDT

Photo by Getty.

Pro Weekly: Non-U.S. Creator Startups Face Their Own Funding Struggles

By Kalley Huang · Jun 23, 2023 8:00am PDT

Welcome back!When streetwear company Parade World launched Moetic in July 2022, executives considered its London headquarters a strength. Moetic, a fashion marketplace where creators could launch storefronts with recommended items, could connect with fashion companies across the continent. But as dealmaking slowed last year, Moetic struggled to... Welcome back!When streetwear company Parade World launched Moetic in July 2022, executives...