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

The Information’s 411 — HBO Appomattox

By Tom Dotan · Nov 1, 2019 3:47pm PDT

Beejoli and Tom discuss the latest battle in the streaming wars as WarnerMedia unveiled HBOMax. Nick Bastone makes his first appearance to talk about how Google has tweaked its hiring strategy to focus less on culture fit. Beejoli and Tom discuss the latest battle in the streaming wars as WarnerMedia unveiled HBOMax....

Vimeo CEO Anjali Sud. Photo by Bloomberg

WTF: Women in Tech, Media & Finance

Five Questions for Anjali Sud, CEO of Vimeo

By Jessica Toonkel · Nov 1, 2019 12:08pm PDT · 1 comment

When Anjali Sud took over as CEO of Vimeo two years ago, the so-called streaming wars between the likes of Netflix, Hulu and others were heating up. Yet she saw that it was going to be an expensive proposition for Vimeo to try to compete. So she opted to focus on Vimeo’s strength—helping creators and businesses offer their own video... When Anjali Sud took over as CEO of Vimeo two years ago, the so-called streaming wars between the...

One of Fitbit's smart watches. Photo by Bloomberg

Facebook Held Talks to Buy Fitbit Before Google Struck Deal

By Alex Heath · Nov 1, 2019 9:26am PDT · 2 comments

Before Google reached a $2.1 billion deal to buy Fitbit, announced on Friday, Facebook held talks to acquire the smartwatch maker, according to two people familiar with the situation. But Facebook was interested in buying Fitbit at roughly half what Google proved willing to pay, one of the people with direct knowledge of the talks said.... Before Google reached a $2.1 billion deal to buy Fitbit, announced on Friday, Facebook held talks...

Chinese workers at a WeWork in Shanghai in 2017. Photo by AP

WeWork’s China Syndrome: Weak Demand, Stiff Competition

By Juro Osawa · Nov 1, 2019 7:01am PDT · 2 comments

Chinese workers at a WeWork in Shanghai in 2017. Photo by AP

WeWork’s China Syndrome: Weak Demand, Stiff Competition

By Juro Osawa · Nov 1, 2019 7:01am PDT · 2 comments

This spring, when WeWork was preparing to open its first co-working space in the ancient Chinese capital of Xi’an, local sales manager Gao Zhipeng had a problem. His boss in Beijing told him to recruit big global companies, likening WeWork to a five-star hotel for elite customers. But big global companies in Xi’an, such as Samsung... This spring, when WeWork was preparing to open its first co-working space in the ancient Chinese...

A protest by Google employees last year over the company's handling of harassment charges against former executives. Photo by Bloomberg.

Google Discourages Culture Fit in Hiring With ‘Googleyness’ Update

By Nick Bastone · Oct 31, 2019 11:23am PDT · 1 comment

When Google interviews job candidates, it has long considered a handful of attributes, including the applicants’ leadership, knowledge about the roles they are applying for and “general cognitive ability.” But in a move little noticed outside the company, Google has clarified the definition of the most sacred of those... When Google interviews job candidates, it has long considered a handful of attributes, including...

Photo: Katerra

SoftBank’s Latest Real Estate Headache: Setbacks at Katerra

By Cory Weinberg · Oct 31, 2019 7:01am PDT

Cameron Lamming, an executive at property developer RAR Hospitality, knew he was taking a risk when he hired Katerra, a construction startup without much of a track record, to design and build a new hotel in San Diego. But Katerra had recently raised nearly $1 billion from SoftBank’s Vision Fund, and the startup estimated it could build... Cameron Lamming, an executive at property developer RAR Hospitality, knew he was taking a risk...

Vudu's app on an iPhone. Photo by Bloomberg

Walmart Eyes Vudu Sale

By Jessica Toonkel, Priya Anand and Tom Dotan · Oct 30, 2019 11:18am PDT · 2 comments

Walmart is considering selling its 15-year old Vudu on-demand video service, say people familiar with the situation, a sign of how the digital video business has evolved from on-demand rentals and purchases to streaming.Word of Walmart’s desire to sell Vudu comes days before Disney and Apple each launch video streaming services meant to... Walmart is considering selling its 15-year old Vudu on-demand video service, say people familiar...

YY CEO Li Xueling, holding the hammer, at the New York Stock Exchange last year when YY's subsidiary Huya went public. Photo by Bloomberg

As TikTok’s Growth Slows, a Chinese Rival Gains Ground

By Yunan Zhang · Oct 30, 2019 7:00am PDT · 1 comment

YY CEO Li Xueling, holding the hammer, at the New York Stock Exchange last year when YY's subsidiary Huya went public. Photo by Bloomberg

As TikTok’s Growth Slows, a Chinese Rival Gains Ground

By Yunan Zhang · Oct 30, 2019 7:00am PDT · 1 comment

ByteDance, the Chinese developer of TikTok, the worldwide hit downloaded more than a billion times, was the first Chinese company to challenge Facebook and Snap on the global stage. But now, ByteDance is facing a Chinese challenger of its own, a short-form video-sharing app called Likee.Launched two years ago and now owned by Nasdaq-listed YY... ByteDance, the Chinese developer of TikTok, the worldwide hit downloaded more than a billion...

SoftBank CEO Masayoshi Son. Photo by Bloomberg

Tougher Foreign Investment Rules Worry Investors, Companies

By Christopher Stern · Oct 29, 2019 10:01am PDT

Private equity firms such as SoftBank’s Fortress Investments, companies such as Toyota and sovereign wealth funds are scrambling to convince the U.S. Treasury Department to carve out exemptions to tough new restrictions on foreign investment in some U.S. companies slated to go into effect early in 2020.The long anticipated rules... Private equity firms such as SoftBank’s Fortress Investments, companies such as Toyota and...

Alibaba Chairman Jack Ma at a promotional event for "Green Book" in Beijing earlier this year. Photo by AP

What Trade War? Hollywood Movies Invade China

By Wayne Ma · Oct 29, 2019 7:01am PDT · 1 comment

Although China is buying less food and tech from the U.S. because of the trade war, one U.S. import is still strong: Hollywood films. The number of foreign films imported into China has risen steadily over the past few years. The trend was most pronounced last year, when the total reached 124 compared to 108 in 2017. So far this year, the... Although China is buying less food and tech from the U.S. because of the trade war, one U.S....

Disney's direct to consumer chief Kevin Mayer, far left, with the cast of Disney's 'Lady and the Tramp' at a screening sponsored by Disney Plus. Photo by AP

As Streaming Land Grab Heats Up, Companies Try Giveaways

By Jessica Toonkel · Oct 28, 2019 10:02am PDT · 3 comments

The video streaming wars are entering a new, more costly phase: new entrants are literally giving away their services.Disney, Apple, AT&T’s WarnerMedia and Comcast’s NBCUniversal have each said they will offer their upcoming streaming services for no charge to large groups of potential customers. Disney, for instance, last week... The video streaming wars are entering a new, more costly phase: new entrants are literally giving...

Mary Meeker, Mamoon Hamid and John Doerr. Photos by Bloomberg (Meeker and Doerr), Kleiner Perkins (Hamid)

Mixed Returns for Kleiner Perkins: Weak Venture Funds, Strong ‘Growth’

By Zoë Bernard · Oct 28, 2019 7:00am PDT · 1 comment

Mary Meeker, Mamoon Hamid and John Doerr. Photos by Bloomberg (Meeker and Doerr), Kleiner Perkins (Hamid)

Mixed Returns for Kleiner Perkins: Weak Venture Funds, Strong ‘Growth’

By Zoë Bernard · Oct 28, 2019 7:00am PDT · 1 comment

Kleiner Perkins—the venture firm once celebrated for early stakes in Amazon, Google and Genentech—has a long way to go in its quest to claw its way back to the top of Silicon Valley investors. But recent, previously unreported data on the performance of its funds from the past nine years show there are also some bright spots for the... Kleiner Perkins—the venture firm once celebrated for early stakes in Amazon, Google and...

Where Were WeWork’s Bankers?

By Jessica E. Lessin · Oct 26, 2019 8:47am PDT · 1 comment

This week’s chapter in the drama of WeWork involved a widely-expected bail out plan from SoftBank that was, as many commentators have pointed out, quite remarkable.It was SoftBank at its most head-scratching. With the company running out of cash, WeWork’s largest investor moved up a $1.5 billion investment, loaned the company another... This week’s chapter in the drama of WeWork involved a widely-expected bail out plan from...

The Information’s 411 — Finding Humanity in (HBO’s) Silicon Valley

By Tom Dotan · Oct 25, 2019 2:59pm PDT

We interview Thomas Middleditch and Zach Woods, the stars of HBO's Silicon Valley. Ahead of the final season premiere on October 27, they reflect on how the tech industry has changed during the course of the show's run, how they searched for the humanity in the Valley, and why they think the show sticks the landing. We interview Thomas Middleditch and Zach Woods, the stars of HBO's Silicon Valley. Ahead of...

Stephen Gillett, executive advisor to Google CEO Sundar Pichai and founder of Chronicle. Photo by Graham Hancock

The Big Interview

Why Google Gobbled Up Alphabet Cybersecurity Company

By Nick Bastone · Oct 25, 2019 7:01am PDT

Four years ago, Google’s founders, Larry Page and Sergey Brin, created a new conglomerate called Alphabet that was supposed to help it better incubate companies at arm’s length from the search giant—from Waymo, its self-driving vehicle startup, to Loon, its provider of internet access via aerial... Four years ago, Google’s founders, Larry Page and Sergey Brin, created a new conglomerate...

The Information’s 411 — Why IPOs Aren’t One-Size-Fits-All

By Tom Dotan · Oct 24, 2019 3:30pm PDT

Subscriber Summit Podcast

The Information’s 411 — Why IPOs Aren’t One-Size-Fits-All

By Tom Dotan · Oct 24, 2019 3:30pm PDT

Cory Weinberg talked to Lauren Cummings of Morgan Stanley, Will Connolly of Goldman Sachs and Scott Stanford of Acme about the future of the IPO, why direct listings make sense for some companies and whether SoftBank will stick with companies it has backed as they go public. This on-stage interview took place at our annual Subscriber Summit at... Cory Weinberg talked to Lauren Cummings of Morgan Stanley, Will Connolly of Goldman Sachs and...

Sony's Vue streaming service being demonstrated at the E3 convention in 2015. Photo by Bloomberg

Sony Explores Sale of Vue, Signaling Shift on Streaming

By Jessica Toonkel and Tom Dotan · Oct 24, 2019 12:28pm PDT · 1 comment

Sony Corp. is exploring the sale of its Playstation Vue service, which offers a slimmed-down version of cable TV delivered over the internet, said people familiar with the situation. Sony’s move is the latest sign that the four-year-old trend toward cheaper cable-like streaming services also promoted by YouTube, DirecTV and Dish Network... Sony Corp. is exploring the sale of its Playstation Vue service, which offers a slimmed-down...

WeWork’s Biggest Losers—and Remaining Winners

By Cory Weinberg · Oct 24, 2019 10:15am PDT · 4 comments

SoftBank has given WeWork a new lease on life. But some of the company’s biggest shareholders, including Hony Capital, Fidelity and thousands of employees—as well as SoftBank itself—are now in the red.WeWork’s new valuation of $11.60 a share is below what was paid by every outside investor who put money into WeWork since... SoftBank has given WeWork a new lease on life. But some of the company’s biggest...

Commuters using mobile devices while waiting for a bus in Manila. Photo by Bloomberg.

China’s Online Lenders See Opportunity in Southeast Asia

By Juro Osawa · Oct 24, 2019 7:15am PDT · 2 comments

At its height two years ago, WeShare was one of China’s hottest online lending startups, handling $9 billion in loans for 25 million users. Then it all came crashing down when the Chinese government intensified its crackdown on the vibrant but unruly segment of internet finance. Last year, WeShare’s loan transactions plunged 83%.Now,... At its height two years ago, WeShare was one of China’s hottest online lending startups,...

The Information’s 411 — Why Instacart’s Apoorva Mehta Is Leaning In on Advertising

By Tom Dotan · Oct 23, 2019 3:45pm PDT

Subscriber Summit Podcast

The Information’s 411 — Why Instacart’s Apoorva Mehta Is Leaning In on Advertising

By Tom Dotan · Oct 23, 2019 3:45pm PDT

Jessica Lessin spoke to Instacart CEO Apoorva Mehta about the company's growing ad business, potential regulations on gig-workers, and how he discovered that Amazon had bought its biggest customer Whole Foods. This on-stage interview took place at our annual Subscriber Summit at the Rosewood Sand Hill Hotel in Menlo Park on October 17,... Jessica Lessin spoke to Instacart CEO Apoorva Mehta about the company's growing ad business,...