Briefing

Apple’s Not HomePod for the Holidays

(Bloomberg)

It would have been a great holiday gift for the Apple lover in your family, but the HomePod won’t be out until next year, thanks to supply issues. The same thing happened last year when the release of AirPods hit delays. The big question is whether Apple has any time to waste. The Amazon Echo has a big head start and Google’s Home has firmly planted itself in the arena. The bar just got that much higher for this device if it wants to win over consumers. –Reed


Stitch Fix Has Muted Finish to First Day of Trading

(The Information)

It was Stitch Fix’s first day of trading, and the stock closed a notch above its $15 IPO price, retreating from an early pop up to $16.90. The IPO price was below the $18 to $20 range the company initially expected. While this isn’t a great showing on Stitch Fix’s first day—particularly at a time when so few venture-backed companies are going public—early investors and some employees are still seeing big paper returns. –Priya


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Murdoch Would Keep Best of Fox

(The Information)

The media frenzy over the Murdochs possibly selling Fox is understandable but seems to misunderstand a key point. The businesses Rupert Murdoch would reportedly hold onto—Fox News, the Fox broadcast network and sports channels—are the most valuable parts of the company. Fox News’ take of subscription revenue this year will be $1.67 billion, for instance, twice that of FX, which would be sold, according to S&P Global Market Intelligence estimates. As for Fox broadcast, it becomes more valuable if cable operators get out of TV as is likely long term.

Yes, sale of the Fox studio is symbolic. But its profit contribution is small. Selling the BSkyB stake is simply a recognition that opposition to a full buyout won’t go away. In other words, Murdoch is selling assets with the least growth potential. What we should be focusing on is what he will do with the cash he gets from the assets he does sell. –Martin


Apple Diversity Chief Leaves After Few Months in Role

(Bloomberg)

Apple’s diversity chief Denise Young Smith has left the company after only a few months in the role, which will be taken over by Deloitte’s Christie Smith. Ms. Young Smith will join the faculty of Cornell University’s New York technology campus. Ms. Young Smith’s move comes after she reportedly made comments about how blond, blue-eyed men can be diverse in terms of life experience, which some interpreted as justifying a lack of diversity within Apple’s leadership. –Serena