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

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Recent Editions

Art by Haejin Park. Photo by Bloomberg.

And the Holmesie Award Goes To…

By Annie Goldsmith and Jon Steinberg · Jan 7, 2022 7:00am PST · 6 comments

For 17 emotional weeks, the Elizabeth Holmes trial had all the makings of a primo soap opera: heartache, drama, sex, lies, twists, turns and one helluva femme fatale. We had main characters: disgraced Theranos chief Elizabeth; her bescarfed mother, Noel; her partner and Burning Man companion, Billy Evans; anti-keyboard crusader Judge Edward... For 17 emotional weeks, the Elizabeth Holmes trial had all the makings of a primo soap opera:...

Chart by Mike Sullivan

Media Valuations Sink, Unless Subscriptions Are in Play

By Sahil Patel · Jan 7, 2022 6:00am PST · 1 comment

The Athletic is selling to The New York Times for a little more than its last post-money valuation after a funding round in 2020. But valuations have held up better for subscription-focused businesses like the sports news site than for the broader digital media sector. Even with advertising sales on the rise and digital media firms seeking other... The Athletic is selling to The New York Times for a little more than its last post-money...

A virtual island in online blockchain game Nifty Island. Photo by Nifty Island.

How Blockchain Gaming Startup Nifty Island Plans to Take on the Metaverse

By Hannah Miller · Jan 6, 2022 5:10pm PST

Online gaming platform Nifty Island wants to use blockchain technology to become the crossroads of the metaverse. Online gaming platform Nifty Island wants to use blockchain technology to become the crossroads...

New York Times Co CEO Meredith Kopit Levien. Photo by Bloomberg.

What Buying The Athletic Says About NYT

By Martin Peers · Jan 6, 2022 5:00pm PST

New York Times Co CEO Meredith Kopit Levien. Photo by Bloomberg.

What Buying The Athletic Says About NYT

By Martin Peers · Jan 6, 2022 5:00pm PST

Folks throughout traditional media should take heart from The New York Times Co.’s $550 million purchase of The Athletic today. The deal crystallizes The Times’ remarkable recovery from the dark days of the 2008 financial crisis, which accelerated a dismantling of a onetime print-and-TV empire into a single newspaper. A dozen years ago, you... Folks throughout traditional media should take heart from The New York Times Co.’s $550 million...

Bryan Reisberg and Maxine, his internet famous corgi. Photo: @madmax_fluffyroad & @heylittlechonk

Creator Economy

Spotify’s Clubhouse Rival is a Ghost Town; An Interview With an Instagram-Famous Corgi Owner

By Kaya Yurieff · Jan 6, 2022 3:19pm PST

You have to wonder what’s happening with Spotify’s social audio app Greenroom. In a virtual media presentation at the annual CES consumer tech conference Wednesday, Spotify touted a half dozen recent efforts to make audio features more interactive, from video podcasts to revamped ads that feature a clickable “Shop Now” option. Notably... You have to wonder what’s happening with Spotify’s social audio app Greenroom. In a virtual media...

A meeting in Horizon Workrooms. Image: Meta

Decoding This Week’s Metaverse Backlash; Developments in Driver AR

By Mathew Olson · Jan 6, 2022 11:00am PST

As we near the end of the first week of 2022 and glide through what might as well be a hybrid Consumer Electronics Show, the metaverse is being mocked and torn into on Twitter. It would be a pity, however, if what is justifiable skepticism about the over-use of the term obscures the real potential of the underlying concept.Since Facebook’s... As we near the end of the first week of 2022 and glide through what might as well be a hybrid...

Photos by Bloomberg; AP. Art by Mike Sullivan.

Twitter Hasn’t Learned the Lessons of January 6

By Gwen Snyder · Jan 6, 2022 9:00am PST · 4 comments

Twitter has long banned the publication of users’ private information without their consent, a logical response to the very real harms of doxxing. Toward the end of last year, it extended that ban to include photos of private individuals—another seemingly logical move, but one that had immediate destructive effects. Far-right trolls... Twitter has long banned the publication of users’ private information without their...

The Athletic founder Alex Mather.

NYT To Buy The Athletic for $550 Million

By Jessica Toonkel · Jan 6, 2022 7:15am PST · 9 comments

The Athletic founder Alex Mather.

NYT To Buy The Athletic for $550 Million

By Jessica Toonkel · Jan 6, 2022 7:15am PST · 9 comments

The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal valued at around $550 million, the company announced, confirming The Information's report earlier today. The deal is a major acquisition for the Times, giving it a new pocket of subscription customers to the New York Times, which has set an ambitious... The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal...

From left: Will Smith and Jada Pinkett Smith, Blackstone's Joe Baratta, Kevin Mayer, Tom Staggs and Reese Witherspoon. Photos by Bloomberg; AP. Art by Mike Sullivan

Inside Blackstone’s Plans to Create an Entertainment Empire

By Jessica Toonkel · Jan 6, 2022 6:00am PST · 1 comment

Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. The big TV companies, such as ViacomCBS and Discovery, were bleeding viewers as people cut the cord to cable television and streaming powerhouses like Netflix grew ever bigger.... Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he...

Traders on the floor of the New York Stock Exchange in November. Photo by Bloomberg.

2021’s Mammoth Venture Year

By Martin Peers · Jan 5, 2022 5:00pm PST

The final numbers for 2021 venture capital investments are in—and it was a whopper of a year. Crunchbase reported today that global venture funding nearly doubled last year to $643 billion compared to 2020. In tech, an industry that loves superlatives, that’s a truly astounding increase. Total venture funding had hovered around $300 billion for... The final numbers for 2021 venture capital investments are in—and it was a whopper of a year. ...

OpenSea CEO Devin Finzer. Photo by OpenSea. Art by Mike Sullivan.

Why OpenSea’s $13 Billion Valuation Isn’t as High as it Seems

By Hannah Miller · Jan 5, 2022 4:53pm PST

OpenSea is opening 2022 with a mega deal, picking up where 2021 crypto funding left off. The marketplace for non-fungible tokens said Tuesday it raised new funding at a post-investment valuation of $13.3 billion. That’s significantly greater than the investment offers the startup was getting as of November and is more than eight times higher... OpenSea is opening 2022 with a mega deal, picking up where 2021 crypto funding left off. The...

Patreon CEO Jack Conte. Photo: Patreon

Patreon Says Creator Lifetime Earnings Hit $3.5 Billion

By Kaya Yurieff · Jan 5, 2022 3:58pm PST · 3 comments

Patreon CEO Jack Conte. Photo: Patreon

Creator Economy

Patreon Says Creator Lifetime Earnings Hit $3.5 Billion

By Kaya Yurieff · Jan 5, 2022 3:58pm PST · 3 comments

The pandemic shutdowns meant boom times for Patreon. The nearly nine-year-old company benefited from a spike in activity from online performers and fans and raised $245 million in funding in less than a year. But like many of the companies that saw a pandemic boost, Patreon is now tasked with keeping that growth going, especially as a parade of... The pandemic shutdowns meant boom times for Patreon. The nearly nine-year-old company benefited...

Photo by AP.

Gopuff to Launch Private Label Products as DoorDash Rival Heads Toward IPO

By Berber Jin · Jan 5, 2022 1:58pm PST

Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label goods as it expands its product offerings ahead of a public listing as early as the second half of this year, said a person with direct knowledge of the matter. The startup, last valued at $15 billion by investors, will first focus on selling its own... Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label...

A scene from Sony's Horizon Call of the Mountain VR game. Image: Guerrilla/Firesprite Games

How Sony’s PlayStation VR2 Measures Up to Meta’s Quest 2

By Mathew Olson · Jan 5, 2022 11:00am PST

On Tuesday night, Sony officially released hardware specifications for the PlayStation VR2, its upcoming headset for the PlayStation 5 console. The specifications aren’t mind-blowing, but they’re in many ways a step above what most current VR owners have today. From here, we can begin to get a good understanding of how the PlayStation VR2 might... On Tuesday night, Sony officially released hardware specifications for the PlayStation VR2, its...

Simulation of Meta's Project Nazare augmented reality glasses. Credit: Meta

Meta Platforms Halts VR and AR Operating System Project

By Sylvia Varnham O'Regan · Jan 5, 2022 6:00am PST · 11 comments

Facebook parent company Meta Platforms has stopped development of a new software operating system to power its virtual reality devices and upcoming augmented reality glasses, according to two people familiar with the decision. Shelving the project, which had been underway for several years and involved hundreds of employees, marked a setback for... Facebook parent company Meta Platforms has stopped development of a new software operating system...

Adam Neumann. Photo by Bloomberg.

Adam Neumann's Return

By Martin Peers · Jan 4, 2022 5:00pm PST

Adam Neumann. Photo by Bloomberg.

Adam Neumann's Return

By Martin Peers · Jan 4, 2022 5:00pm PST

Talk about Teflon coated. Adam Neumann, the WeWork co-founder who made hundreds of millions from his train wreck of a company, is building a new real estate empire, according to The Wall Street Journal. Just imagine how the shareholders and (mostly former) employees of WeWork are feeling about that news!According to The Journal’s report, Neumann... Talk about Teflon coated. Adam Neumann, the WeWork co-founder who made hundreds of millions from...

FTX founder and CEO Sam Bankman-Fried. Photo by Bloomberg. Art by Mike Sullivan.

Crypto IPO Preview for 2022: Kraken, BlockFi, FTX

By Hannah Miller · Jan 4, 2022 4:29pm PST

Coinbase’s direct listing in April was one of crypto’s biggest moments last year. Now, it’s time to take a look at what other crypto companies could potentially follow suit with a public debut this year. Coinbase’s direct listing in April was one of crypto’s biggest moments last year. Now, it’s time...

Forerunner Ventures founder Kirsten Green. Photo: Forerunner Ventures

Creator Economy

Forerunner’s Kirsten Green Says ‘There’s More Money Than There Are Good Deals’

By Kaya Yurieff · Jan 4, 2022 3:16pm PST

Last year brought a frenzy of investments and new startups to the creator economy. Now comes the reality check. The market isn’t big enough for all of these upstarts, according to Kirsten Green, founder and managing partner of Forerunner Ventures. “There will be winners and losers,” she said in an interview with The Information. “That’s... Last year brought a frenzy of investments and new startups to the creator economy. Now comes the...

Will Smith. Photo by AP

Blackstone-backed Media Company Takes Stake in Will Smith’s Westbrook

By Jessica Toonkel · Jan 4, 2022 12:06pm PST

The Blackstone-backed media company led by former Disney executives Kevin Mayer and Tom Staggs is acquiring a minority stake in Will Smith and Jada Pinkett Smith’s entertainment company, Westbrook, according to people familiar with the situation. This is the latest in a string of deals for the two media veterans, who have been building out... The Blackstone-backed media company led by former Disney executives Kevin Mayer and Tom Staggs is...

Mojo headquarters in Saratoga, CA. Photo: Mojo Vision

Another $45 Million for AR Contact Lenses; The Latest From CES

By Mathew Olson · Jan 4, 2022 11:00am PST

Mojo headquarters in Saratoga, CA. Photo: Mojo Vision

Another $45 Million for AR Contact Lenses; The Latest From CES

By Mathew Olson · Jan 4, 2022 11:00am PST

This morning, Saratoga, CA-based startup Mojo Vision announced that it has raised an additional $45 million for its Series B-1 funding, bringing the total for the round to $96 million. New investors—including Amazon’s Alexa Fund and enterprise AR player PTC—evidently have some faith in Mojo’s progress toward AR contact lenses.As I’ve noted in... This morning, Saratoga, CA-based startup Mojo Vision announced that it has raised an additional...