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

The Startup Trap Quibi Fell Into (and I Almost Did Too)

By Jessica E. Lessin · Oct 24, 2020 7:47am PDT · 9 comments

This week, Tom and Jessica broke the news that Quibi founder Jeffrey Katzenberg had told people the video startup might have to shut down and then—a day later—reported the shutdown officially. I’m very proud of their excellent work, and I have to admit that I have a love-hate relationship with digital media startup stories. I... This week, Tom and Jessica broke the news that Quibi founder Jeffrey Katzenberg had told people...

Facebook CEO Mark Zuckerberg speaks via videoconference during a congressional committee's tech CEOs hearing in late July. Photo by Bloomberg

Next Week’s Earnings Traffic Jam: The Information’s Tech Briefing

By Martin Peers · Oct 23, 2020 5:31pm PDT

It may be hard to believe, but next week is the last week before the election. Perhaps for that reason, the five big tech firms all decided to release their September quarter profit details next week. That’s fine, except that four of them—Amazon, Alphabet, Apple and Facebook—decided to do it on the same day, Thursday, at about... It may be hard to believe, but next week is the last week before the election. Perhaps for that...

The Information’s 411 — Quibi, We Hardly Knew Ye

By Tom Dotan · Oct 23, 2020 1:28pm PDT

Nick Bastone and Christopher Stern join to talk about the DOJ's antitrust suit against Google and where things go from here. And Jessica Toonkel and Tom dive into the brief life and sudden death of video streaming service Quibi. Nick Bastone and Christopher Stern join to talk about the DOJ's antitrust suit against Google...

Zillow CEO Richard Barton. Photo courtesy of Zillow. Photo illustration by Mike Sullivan

Tech Firms Leapt Into Remote Work. Now Comes the Hard Part

By Cory Weinberg · Oct 23, 2020 11:56am PDT · 2 comments

Zillow CEO Richard Barton. Photo courtesy of Zillow. Photo illustration by Mike Sullivan

Tech Firms Leapt Into Remote Work. Now Comes the Hard Part

By Cory Weinberg · Oct 23, 2020 11:56am PDT · 2 comments

Over the summer, Zillow Group joined a swarm of companies telling employees they would never have to return to their offices on a regular basis. This marked a reversal for the online home-buying firm, which had leased some of Seattle’s most expensive real estate and added amenities like air hockey and pingpong. But after a few weeks... Over the summer, Zillow Group joined a swarm of companies telling employees they would never have...

Microsoft CEO Satya Nadella, left, and Slack CEO Stewart Butterfield. Photos by Bloomberg

Microsoft Bashes Slack Complaint in European Antitrust Filing

By Mark Di Stefano and Nick Wingfield · Oct 23, 2020 6:01am PDT

Microsoft has privately told European competition authorities that Slack’s antitrust complaint against the tech giant was motivated essentially by sour grapes. In a recent confidential filing, Microsoft told the European Commission, which oversees competition regulation, that Slack brought its complaint against Microsoft because the... Microsoft has privately told European competition authorities that Slack’s antitrust...

McAfee's headquarters in Silicon Valley. Photo by Bloomberg

McAfee’s Dismal Return to Public Market: The Information’s Tech Briefing

By Martin Peers · Oct 22, 2020 5:31pm PDT

It’s a reflection of the strength of the IPO market that tech companies with less-than-stellar growth are managing to go public. Today, for instance, shares of cybersecurity firm McAfee began trading—its second stint on the public market, coming a decade after being acquired by Intel. It was not a happy return. McAfee shares fell... It’s a reflection of the strength of the IPO market that tech companies with...

Mark Zuckerberg. Photo by Bloomberg; photo illustration by Mike Sullivan

Facebook’s Oversight Board for Content Won’t Play Role in November Election

By Alex Heath and Mark Di Stefano · Oct 22, 2020 8:50am PDT

After significant delays, the independent group Facebook created to officiate disputes about content posted by its users is ready to start hearing cases. But the group, called the Oversight Board, is launching too late to meaningfully evaluate controversial posts related to the U.S. elections on Nov. 3. And while Facebook is giving considerable... After significant delays, the independent group Facebook created to officiate disputes about...

This Year’s Biggest Tech Stock Winners

By Ross Matican · Oct 22, 2020 6:02am PDT

This Year’s Biggest Tech Stock Winners

By Ross Matican · Oct 22, 2020 6:02am PDT

This has been a tumultuous year for tech stocks, which as a sector have lifted the overall market’s recovery from the pandemic swoon in March. The tech stocks that have gained the most haven’t been the big companies such as Amazon, but the smaller ones in the niche businesses that are benefiting the most from the pandemic—most... This has been a tumultuous year for tech stocks, which as a sector have lifted the overall...

Jeffrey Katzenberg unveiling Quibi at CES earlier this year. Photo by Bloomberg

Quibi’s Short Life and Sudden Death: The Information’s Tech Briefing

By Martin Peers · Oct 21, 2020 5:30pm PDT

The sudden death of Quibi, the short-form video streaming service launched by Hollywood veteran Jeffrey Katzenberg six months ago, is sure to generate plenty of “I-told-you-so’s” from people in the entertainment and tech industries. For weeks, we’ve been hearing from senior entertainment executives that Quibi’s... The sudden death of Quibi, the short-form video streaming service launched by Hollywood veteran...

Apple CEO Tim Cook, left, and with then-Chief Design Officer Jony Ive in 2018. Photo: Bloomberg

Airbnb Taps Jony Ive for Design Help

By Zoë Bernard and Cory Weinberg · Oct 21, 2020 4:05pm PDT

Airbnb has hired famed former Apple designer Jony Ive as a creative consultant ahead of its initial public offering, CEO Brian Chesky said Wednesday. The hire is the most significant in a series of moves that has shaken up Airbnb’s creative team, a key department in a company known for its emphasis on branding. The company told employees... Airbnb has hired famed former Apple designer Jony Ive as a creative consultant ahead of its...

Quibi CEO Meg Whitman. Photo by Bloomberg

The Investors Who Face Big Losses From the Quibi Collapse

By Tom Dotan and Jessica Toonkel · Oct 21, 2020 2:27pm PDT · 9 comments

On Wednesday, video startup Quibi told its investors that it will shut down, a dramatic collapse of a digital media startup that launched just six months ago. Now those investors—from Quibi CEO Meg Whitman to Google, Facebook and J.P. Morgan—are facing losses and figuring out what they may recoup from the flop. Quibi revealed to... On Wednesday, video startup Quibi told its investors that it will shut down, a dramatic...

Actor Tye Sheridan, from left, with filmmaker Zach Wechter and Quibi chief product officer Tom Conrad during a keynote at CES in January. Photo by Bloomberg

Quibi to Shutter in Stunning End to Ambitious Venture

By Tom Dotan and Jessica Toonkel · Oct 21, 2020 12:39pm PDT · 10 comments

Actor Tye Sheridan, from left, with filmmaker Zach Wechter and Quibi chief product officer Tom Conrad during a keynote at CES in January. Photo by Bloomberg

Quibi to Shutter in Stunning End to Ambitious Venture

By Tom Dotan and Jessica Toonkel · Oct 21, 2020 12:39pm PDT · 10 comments

Jeffrey Katzenberg’s video streaming service Quibi is shutting down, said a person familiar with the situation, bringing down the curtain on the short-form video streaming service just six months after it launched. The closure is a stunning end to Katzenberg’s hopes of creating a new category of video entertainment, short... Jeffrey Katzenberg’s video streaming service Quibi is shutting down, said a person familiar...

A sign for Palantir hangs over the New York Stock Exchange on the day it went public last month. Photo by Bloomberg.

Cost of Direct Listings May Be a Lower Valuation

By Ross Matican · Oct 21, 2020 6:02am PDT · 3 comments

How do you define a successful direct listing? That’s a question more people might be asking, three weeks after Palantir and Asana went public by directly listing their existing shares rather than selling new stock in an initial public offering. Their listings brought to five the number of companies to go public using this route, including... How do you define a successful direct listing? That’s a question more people might be...

Snap's Jared Grusd. Photo by Erin Beach.

Snapchat’s Indian Users Rise 150% as Growth Stalls in Home Market

By Alex Heath · Oct 21, 2020 5:00am PDT · 1 comment

Snapchat, which once faced a boycott in India, has more than doubled its users there in the last year as it has benefited from “changes in the competitive landscape” and a stream of deals with local celebrities, media companies and mobile carriers, said a senior executive. The messaging app’s users rose 150% in the country... Snapchat, which once faced a boycott in India, has more than doubled its users there in the last...

Google CEO Sundar Pichai. Photo: Bloomberg

The Real Threat to Google and Alphabet Isn’t Antitrust Case

By Nick Bastone and Christopher Stern · Oct 20, 2020 5:45pm PDT

The just-filed U.S. antitrust case against Google’s web search dominance likely will take years to be resolved and, even if successful, may not cut into Google’s business by much. Instead, competition from powerful companies such as Amazon and Facebook as well as young foes like TikTok pose the biggest risk to Google’s... The just-filed U.S. antitrust case against Google’s web search dominance likely will take...

Attorney-General Bill Barr. Photo by Bloomberg

Google’s Antitrust Moment: The Information’s Tech Briefing

By Martin Peers · Oct 20, 2020 5:31pm PDT

Attorney-General Bill Barr. Photo by Bloomberg

Google’s Antitrust Moment: The Information’s Tech Briefing

By Martin Peers · Oct 20, 2020 5:31pm PDT

The day finally arrived: The current swell of antitrust investigations of big tech resulted in an actual case with the filing of the U.S. Department of Justice’s lawsuit against Google. Years from now though, when Google’s influence declines—which it almost certainly will eventually—this lawsuit isn’t likely to be... The day finally arrived: The current swell of antitrust investigations of big tech resulted in an...

Jeffrey Katzenberg. Photo by Bloomberg

Katzenberg May Shut Down Quibi as Options Run Short

By Tom Dotan and Jessica Toonkel · Oct 20, 2020 4:19pm PDT · 3 comments

Jeffrey Katzenberg may be nearing the end of the road with his mobile video streaming service Quibi. He recently tried to sell its catalog of programming to companies such as NBCUniversal and Facebook. Both passed, according to several people familiar with the matter. Meanwhile, Katzenberg has told people in the industry that he may have to... Jeffrey Katzenberg may be nearing the end of the road with his mobile video streaming service...

L to R: Rashida Jones, Rebecca Blumenstein, Lydia Polgreen, Marc Lacey, S. Mitra Kalita. Photos by NBC, Hubert Burda Media, AP, Cornell and CNN.

Who Could Lead CNN if Zucker Leaves

By Jessica Toonkel · Oct 20, 2020 9:00am PDT

As WarnerMedia CEO Jason Kilar overhauls the media firm to make it more digitally savvy and consumer focused, he is expected to zero in on its news and sports business, particularly CNN, for a shakeup, according to people familiar with the situation. What could trigger a restructuring of the business is the possible departure of news and sports... As WarnerMedia CEO Jason Kilar overhauls the media firm to make it more digitally savvy and...

Art by Sam Lessin

Modest Proposals

How to Prevent Social Media’s Editorial Role From Becoming Censorship of Speech

By Sam Lessin · Oct 20, 2020 6:00am PDT · 6 comments

While you can quibble with the details, the social platforms did the right thing in initially limiting the distribution of last week’s New York Post article on Hunter Biden. As others have noted, in the wake of the 2016 election, platforms like Facebook and Twitter were forced to make certain commitments to increasing moderation of... While you can quibble with the details, the social platforms did the right thing in initially...

Tesla CEO Elon Musk. Photo by Bloomberg

The Role of Tech Founders in Stock Performance: The Information’s Tech Briefing

By Martin Peers · Oct 19, 2020 5:30pm PDT · 1 comment

Tesla CEO Elon Musk. Photo by Bloomberg

The Role of Tech Founders in Stock Performance: The Information’s Tech Briefing

By Martin Peers · Oct 19, 2020 5:30pm PDT · 1 comment

Are founder-led firms necessarily better bets for investors than those led by managers? An article on Reuters concluded as much, reporting that “Major founder-led tech firms have seen their share prices double so far this year, comfortably beating a 7.8% gain for the S&P 500 index” and also doing better than those led by hired... Are founder-led firms necessarily better bets for investors than those led by managers? An...