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 Weekly Digest

The Information You Missed This Week

By The Information Staff · Mar 10, 2018 8:01am PST · 1 comment

Good Morning!We found out this week that Alexa has the second-strangest laugh at Amazon. But Jeff Bezos’ laugh can’t be improved with a software fix. Good Morning!We found out this week that Alexa has the second-strangest laugh at Amazon. But Jeff...

The Information’s 411 — Clear Eyes, Whole Foods, Can’t Lose

By Tom Dotan · Mar 9, 2018 2:49pm PST

Jessica explains why media companies are investing less in tech. Priya talks about the battle between Amazon and Instacart over grocery deliveries. Tom analyzes Evan Spiegel's quixotic mission to make Snap break even. Jessica explains why media companies are investing less in tech. Priya talks about the battle...

Paramount Pictures' studio lot in Hollywood. Photo by AP.

Why Studios Should Leave Hollywood

By Matt Pressberg · Mar 9, 2018 9:40am PST · 1 comment

Last fall, CBS put its Television City compound in West Los Angeles on the market, saying that it was worth a lot of money that could be “used better elsewhere.” Other film and TV companies that own vast studio lots in the same area, such as 21st Century Fox, Viacom and Sony, should follow suit. These properties, which date to... Last fall, CBS put its Television City compound in West Los Angeles on the market, saying that it...

Chart by Mike Sullivan

Media’s Serious Cutback in Startup Investing

By Jessica E. Lessin · Mar 9, 2018 7:01am PST

Chart by Mike Sullivan

Media’s Serious Cutback in Startup Investing

By Jessica E. Lessin · Mar 9, 2018 7:01am PST

Last week, I argued which tech companies are most and least likely to buy media companies. It made me wonder how aggressive media companies have been in tech deal-making. So I looked at their investing patterns, and they surprised me.Traditional media companies last year appeared to invest their smallest amount in startups since 2012, according... Last week, I argued which tech companies are most and least likely to buy media companies. It...

Snap's co founders, Bobby Murphy and Evan Spiegel at the New York Stock Exchange last year. Photo by AP.

Spiegel Sets Ambitious Goal for Snap: Break Even This Year

By Tom Dotan · Mar 8, 2018 2:17pm PST

Snap CEO Evan Spiegel has told employees in a company-wide directive he wants the company to work toward break-even this year, an ambitious goal that could require Snap to aggressively cut costs.Snap last year lost $720 million, before interest, taxes and charges like stock compensation expenses, due mostly to heavy spending on research and... Snap CEO Evan Spiegel has told employees in a company-wide directive he wants the company to work...

Xiaomi chairman and CEO Lei Jun. Photo by Bloomberg

The China Tech Companies Headed for IPOs in U.S and Hong Kong

By Shai Oster, Juro Osawa and Yunan Zhang · Mar 8, 2018 7:01am PST · 3 comments

This is shaping up to a banner year for Chinese tech companies going public on overseas stock markets, bankers say. At least nine firms have announced plans to go public in either the U.S. or Hong Kong, aiming to raise at least $3 billion total. An additional 30 with valuations of at least $1 billion are in the pipeline. In contrast, just 13... This is shaping up to a banner year for Chinese tech companies going public on overseas stock...

Eventbrite CEO Julia Hartz. Photo: AP

Eventbrite Tries to Maintain Its Luster

By Cory Weinberg and Alfred Lee · Mar 7, 2018 11:52am PST

Last fall, Eventbrite CEO Julia Hartz made a big business bet to spend $200 million, the equivalent of the 12-year-old ticketing site’s revenue last year, to buy a competitor, Ticketfly, from Pandora. To do so, she had to raise $134 million in a previously unreported funding round, one that came with an unusual degree of concessions to... Last fall, Eventbrite CEO Julia Hartz made a big business bet to spend $200 million, the...

Instacart's founder/CEO Apoorva Mehta. Photo by Bloomberg.

Instacart’s Blueprint for Fighting Amazon

By Priya Anand · Mar 7, 2018 7:02am PST · 1 comment

Instacart's founder/CEO Apoorva Mehta. Photo by Bloomberg.

Instacart’s Blueprint for Fighting Amazon

By Priya Anand · Mar 7, 2018 7:02am PST · 1 comment

Now that Amazon.com is delivering Whole Foods groceries ordered online in several major markets, including San Francisco, life is about to get much tougher for Instacart. The online grocery delivery service—valued at more than $4 billion by investors—once had an exclusive agreement to fulfill orders of perishable food from Whole... Now that Amazon.com is delivering Whole Foods groceries ordered online in several major markets,...

The creators and stars of "McMafia" at a press event in January. Photo by AP.

Networks Taking a Gamble on Streaming Services

By Tom Dotan · Mar 6, 2018 10:31am PST

Cable channel AMC last week premiered a new series, “McMafia,” about the global underworld. In the past, cord-cutters who can’t watch AMC could have waited to catch the show on Hulu, where most AMC shows end up. But “McMafia” is headed for AMC’s subscription-streaming service, Sundance Now, a previously... Cable channel AMC last week premiered a new series, “McMafia,” about the global...

Red-Hot Crypto Market Fuels Coinbase Growth

By Sarah Kuranda and Mike Sullivan · Mar 6, 2018 7:01am PST · 1 comment

When a surge in bitcoin trading overwhelmed the servers at Coinbase in December, it was clear that rocketing interest in cryptocurrency was driving a flood of business to the exchange. Now, data from analytics firm Second Measure reveal just how sudden and steep the growth at Coinbase has been.Coinbase, one of the biggest exchanges for trading... When a surge in bitcoin trading overwhelmed the servers at Coinbase in December, it was clear...

A Chrysler Pacifica hybrid outfitted with Waymo's self-driving technology, displayed at the North American International Auto Show in Detroit. Photo by AP

Uber Seeks Deal for Waymo Cars

By Amir Efrati · Mar 5, 2018 10:15am PST · 2 comments

Now that the legal fight between Uber and Waymo is over, Uber wants to resurrect an old idea—partnering with Waymo to deploy self-driving cars, say people familiar with the situation.Since Dara Khosrowshahi became CEO last fall, Uber executives have signaled to Waymo a desire to allow Uber’s customers to ride in Waymo’s... Now that the legal fight between Uber and Waymo is over, Uber wants to resurrect an old...

Art by Sam Lessin

The Double-Edged Sword of Using Blockchains for Identity Portability

By Sam Lessin · Mar 5, 2018 7:01am PST · 16 comments

Art by Sam Lessin

Modest Proposals

The Double-Edged Sword of Using Blockchains for Identity Portability

By Sam Lessin · Mar 5, 2018 7:01am PST · 16 comments

For as long as I can remember a strong cohort of technologists have agitated for identity portability between internet services. Their theory goes that individuals should “own” the reputation and identity data about them stored inside platforms and be able to take that information with them between services. They believe portability... For as long as I can remember a strong cohort of technologists have agitated for identity...

The Weekly Digest

The Information You Missed This Week

By The Information Staff · Mar 3, 2018 8:01am PST

Good Morning!The frontrunner for Best Picture at Sunday’s Oscars is Three Billboards Outside Ebbing, Missouri, a disturbing movie about injustice in America. Or as Silicon Valley sees it, a cautionary tale about wasting ad dollars. Good Morning!The frontrunner for Best Picture at Sunday’s Oscars is Three Billboards...

The Information’s 411 — Google’s Apartment Plex

By Tom Dotan · Mar 2, 2018 1:31pm PST

Cory talks about Google's efforts to build housing in the San Francisco Bay Area as it grows like a weed. Tom explains how Handy survived the gig economy startup die-off of 2015 and turned into a profitable business. Cory talks about Google's efforts to build housing in the San Francisco Bay Area as it grows...

Conference Call Transcript

Tetras, Circle Executives Discuss State of Crypto Market

By The Information Staff · Mar 2, 2018 10:01am PST · 1 comment

The cryptocurrency market has been changing at breakneck speed, and we aren’t just talking about the highs and lows of bitcoin prices. In just a few short months, the sector has seen an influx of new technology, types of investors and startups. Signs of consolidation among firms in the fragmented market are emerging: On Monday digital... The cryptocurrency market has been changing at breakneck speed, and we aren’t just talking...

Disney CEO Robert Iger with Apple CEO Tim Cook and Apple executive Eddy Cue at Sun Valley in 2016. Photo by Bloomberg.

The Tech Company Most (and Least) Likely to Buy a Media Company

By Jessica E. Lessin · Mar 2, 2018 7:01am PST · 2 comments

Disney CEO Robert Iger with Apple CEO Tim Cook and Apple executive Eddy Cue at Sun Valley in 2016. Photo by Bloomberg.

The Tech Company Most (and Least) Likely to Buy a Media Company

By Jessica E. Lessin · Mar 2, 2018 7:01am PST · 2 comments

Scuttlebutt around which Silicon Valley tech giant will be the first to buy a big media company is heating up again. The lion's share of this speculation comes from media executives, who would be all too keen to sell for the right price. Tech companies will be able to pay far more for content than media companies can, and it’s only a... Scuttlebutt around which Silicon Valley tech giant will be the first to buy a big media company...

Union Fears Could Curtail Construction Startup Prospects

By Cory Weinberg · Mar 1, 2018 12:17pm PST · 3 comments

Here’s the next battleground over tech’s impact on jobs: building sites.New startups aiming to automate home construction, such as SoftBank-backed Katerra, are setting off alarm bells among labor unions in the construction industry. Worried about the potential impact on jobs and wages, unions are jostling to try to block developments... Here’s the next battleground over tech’s impact on jobs: building sites.New startups...

An iPic theater in Pasadena, Calif. Photo by JoVe DX/ Flickr

The Outlier Movie Theater Chain That Buddied Up to Netflix

By Matt Pressberg · Mar 1, 2018 7:01am PST

Most movie theater chains have refused to show movies made by Netflix, seeing it as a competitor. But not iPic Entertainment, which struck a deal with Netflix to show its films “Beasts of No Nation” and “Mudbound” in its theaters. For iPic, the films were just a way to get customers in the door so they can partake... Most movie theater chains have refused to show movies made by Netflix, seeing it as a competitor....

Google's Mountain View campus. Photo by Bloomberg.

Google Talks to Katerra, Other Startups for On-Campus Apartments

By Cory Weinberg · Feb 28, 2018 11:53am PST · 2 comments

Google is considering whether to hire one of an emerging group of construction startups to build thousands of apartments it is planning for employees and others in the San Francisco Bay Area, according to a letter it sent to startups and real estate developers this month. If Google goes ahead, it would give a big lift to the startups, which... Google is considering whether to hire one of an emerging group of construction startups to build...

At top, from left: Joshua Ashley Klayman, Mitzi Chang, Lee Schneider
Bottom row, from left: Brian Klein, Nathana O’Brien Sharma, Cassandra Borchers

The Lawyers Calling the Shots in the Crypto World

By Sarah Kuranda · Feb 28, 2018 7:01am PST · 2 comments

At top, from left: Joshua Ashley Klayman, Mitzi Chang, Lee Schneider
Bottom row, from left: Brian Klein, Nathana O’Brien Sharma, Cassandra Borchers

The Lawyers Calling the Shots in the Crypto World

By Sarah Kuranda · Feb 28, 2018 7:01am PST · 2 comments

Lee Schneider, partner at law firm McDermott Will & Emery, has been a financial services and technology attorney for 25 years. A year and a half ago, he happened to get involved in a project involving the legal questions surrounding digital tokens. Now, that’s almost all he focuses on. “Ever since then, blockchain has swallowed... Lee Schneider, partner at law firm McDermott Will & Emery, has been a financial services and...