The Information

Hillhouse Chairman Zhang Lei. Photo by Bloomberg

Tencent to Invest $500 Million in Hillhouse China Drugstores

By Wayne Ma · Oct 8, 2019 3:21pm PDT

Chinese internet giant Tencent is planning to invest about $500 million in Hillhouse Capital Group’s Chinese drugstore business, in a deal that values the unit at around $2.5 billion, a person familiar with the matter said.The potential investment would be another sign of how Tencent, which operates the ubiquitous WeChat social messaging... Chinese internet giant Tencent is planning to invest about $500 million in Hillhouse Capital...

A WeWork location in London. Photo: Bloomberg

WeWork Plans to Shed One-Third of Technology Employees

By Cory Weinberg · Oct 8, 2019 2:32pm PDT · 1 comment

WeWork expects to shed about 500 of the roughly 1,500 software engineers, product managers and data scientists employed in the company’s technology division, a person familiar with the matter said, as a result of layoffs and selling businesses. The job cuts could further dilute WeWork’s identity as a tech company in the real estate... WeWork expects to shed about 500 of the roughly 1,500 software engineers, product managers and...

Tubi CEO Farhad Massoudi. Photo courtesy of Tubi TV.

Video Streaming Service Tubi TV Looks to Raise $150 Million

By Tom Dotan and Jessica Toonkel · Oct 4, 2019 1:39pm PDT · 1 comment

Tubi TV, a free ad-supported video streaming service that shows old movies and TV shows, is in talks to raise around $150 million in a new round of funding, according to two people familiar with the plans. If successful, it would be by far the largest round raised by the service and would signal the interest investors have in the ad-supported... Tubi TV, a free ad-supported video streaming service that shows old movies and TV shows, is in...

Artie Minson, left, and Sebastian Gunningham. Photos courtesy of WeWork.

Inside WeWork’s Apologetic All-Hands

By Cory Weinberg · Oct 4, 2019 9:59am PDT

Artie Minson, left, and Sebastian Gunningham. Photos courtesy of WeWork.

Inside WeWork’s Apologetic All-Hands

By Cory Weinberg · Oct 4, 2019 9:59am PDT

WeWork co-CEO Artie Minson apologized to employees Thursday for the controversies that have roiled the company in recent weeks and for the layoffs ahead. He said he knows what it is like to lose a job in a corporate restructuring. “Actually, in a very public way—cover of the Wall Street Journal way,” he said, an apparent... WeWork co-CEO Artie Minson apologized to employees Thursday for the controversies that have...

Travis Kalanick in San Francisco in 2018. Photo by Bloomberg.

Travis Kalanick Looks to China for CloudKitchens Expansion

By Juro Osawa · Oct 4, 2019 7:01am PDT

Travis Kalanick is trying again in China. The former Uber CEO’s latest startup, kitchen-rental firm CloudKitchens, has quietly acquired six Chinese startups this year as he looks to expand the business into a global leader.Earlier this year, Kalanick bought a Shanghai-based startup called Jike Alliance, one of the leading players in... Travis Kalanick is trying again in China. The former Uber CEO’s latest startup,...

Former CEO of WeWork, Adam Neumann. Photo by Reuters.

‘The Crew Was Not Tipped’: The Fallout From WeWork’s Excesses

By Cory Weinberg and Jessica E. Lessin · Oct 3, 2019 10:03am PDT · 1 comment

Even though it was an early flight, Adam Neumann’s airplane was stocked with champagne and Don Julio 42 tequila. Neumann, along with his personal assistant, a WeWork real estate executive, a pair of architects and a rabbi who was close to Neumann were flying to Mexico City in June 2015. It was a year before the company opened its first... Even though it was an early flight, Adam Neumann’s airplane was stocked with champagne and...

Blockchain CEO Peter Smith. Photo: Bloomberg

Executive Departures Roil Crypto Firm Blockchain

By Jon Victor · Oct 2, 2019 7:02am PDT · 1 comment

Five years ago, the cryptocurrency startup Blockchain was seen as a rising star within the burgeoning field. Equipped with a conspicuous name and a practical-sounding plan to help consumers store crypto assets, it attracted $70 million in venture capital over several years from prominent funders.But behind the scenes, the London-based startup... Five years ago, the cryptocurrency startup Blockchain was seen as a rising star within the...

Rubrik CEO Bipul Sinha, left, and Rubrik adviser and former Cisco CEO John Chambers. Photo by Bloomberg

Big Tech Firm Eyed Rubrik As Possible Acquisition

By Kevin McLaughlin and Zoë Bernard · Oct 1, 2019 2:24pm PDT · 1 comment

Rubrik CEO Bipul Sinha, left, and Rubrik adviser and former Cisco CEO John Chambers. Photo by Bloomberg

Big Tech Firm Eyed Rubrik As Possible Acquisition

By Kevin McLaughlin and Zoë Bernard · Oct 1, 2019 2:24pm PDT · 1 comment

Rubrik, a startup backed by Silicon Valley luminaries that makes software for managing and recovering data, has had an approach from at least one large technology company about selling itself, according to one person with direct knowledge of the matter. The two companies held preliminary discussions that were underway sometime around... Rubrik, a startup backed by Silicon Valley luminaries that makes software for managing and...

A WeWork office in New York. Photo by Bloomberg

WeWork Puts Two More Businesses Up for Sale

By Cory Weinberg · Oct 1, 2019 1:33pm PDT · 1 comment

WeWork is putting two more recently acquired companies up for sale as it looks to raise cash, according to two people familiar with the matter. The latest on the block: Teem, which provides conference room scheduling software, and SpaceIQ, which makes workplace management software. WeWork bought Teem last fall for $94 million in cash, while... WeWork is putting two more recently acquired companies up for sale as it looks to raise cash,...

A Didi branch office in China. Photo by AP

Uber’s Stock Drop Weighs on Didi Chuxing’s Valuation

By Yunan Zhang, Shai Oster and Juro Osawa · Oct 1, 2019 7:01am PDT

Uber’s disappointing IPO and WeWork’s recent implosion are casting a shadow over another of SoftBank’s big bets: Chinese ride-hailing giant Didi Chuxing.Some of Didi’s existing shareholders are looking to sell their stakes on the secondary market at much lower prices than the company’s most recent $57 billion... Uber’s disappointing IPO and WeWork’s recent implosion are casting a shadow over...

A WeWork space in Tokyo. Photo by Bloomberg

As WeWork Rethinks Expansion, Landlords Hesitate on Deals

By Cory Weinberg · Sep 27, 2019 10:47am PDT

Harvest Properties, an Oakland, Calif.–based property developer, has always been cautious about the risks of leasing space to WeWork. But in recent months it had overcome those concerns and—until this week—was close to striking its biggest deal yet with the co-working giant. Harvest was going to lease hundreds of thousands of... Harvest Properties, an Oakland, Calif.–based property developer, has always been cautious...

JR Rivers. Photo courtesy of Cumulus

AWS Taps Ex-Cisco Exec to Drive Networking Push

By Kevin McLaughlin · Sep 27, 2019 7:00am PDT · 1 comment

JR Rivers. Photo courtesy of Cumulus

AWS Taps Ex-Cisco Exec to Drive Networking Push

By Kevin McLaughlin · Sep 27, 2019 7:00am PDT · 1 comment

In the latest sign of Amazon Web Services’s efforts to develop its own networking technology—used for routing data around the world—the cloud computing giant has hired a technology industry veteran who helped jumpstart the industry trend of do-it-yourself networking hardware. JR Rivers, a onetime Cisco executive who later... In the latest sign of Amazon Web Services’s efforts to develop its own networking...

Photo by Bloomberg

WeWork Puts Three Businesses Up for Sale

By Cory Weinberg · Sep 25, 2019 1:26pm PDT

WeWork will try to sell three companies it had acquired in the last few years that handle office cleaning services, group meetups and marketing services, according to two people familiar with the matter. It is a sign that the co-working space provider’s new management is moving aggressively to cut costs and raise cash.News of the proposed... WeWork will try to sell three companies it had acquired in the last few years that handle office...

WeWork's former CEO Adam Neumann and his wife Rebekah. Photo by AP

Neumann’s Downfall Upends WeWork’s Tight Leadership Circle

By Cory Weinberg · Sep 25, 2019 1:03pm PDT

Adam Neumann ran WeWork as something of a family-and-friends affair. Of the 20 or so executives who reported to him, half a dozen were either family members or close friends, including his wife Rebekah. With his departure on Tuesday as CEO, the future of many of those close associates is now in doubt.Already his wife, who only recently was... Adam Neumann ran WeWork as something of a family-and-friends affair. Of the 20 or so executives...

A WeWork location in Tokyo. Photo: Bloomberg

WeWork, Bankers Have Discussed Laying Off One-Third of Workforce

By Cory Weinberg · Sep 24, 2019 9:34am PDT · 5 comments

As WeWork investors jousted over Adam Neumann’s future at the company he built, a parallel debate by WeWork executives and bankers has centered on just how deeply WeWork should cut costs to save its business.In recent days, a group of executives from WeWork’s parent company and bankers have been discussing ways to reduce costs,... As WeWork investors jousted over Adam Neumann’s future at the company he built, a parallel...

Inside Travis Kalanick’s ‘Bigger Than Uber’ Next Act

By Amir Efrati · Sep 23, 2019 7:00am PDT · 1 comment

Inside Travis Kalanick’s ‘Bigger Than Uber’ Next Act

By Amir Efrati · Sep 23, 2019 7:00am PDT · 1 comment

Uber co-founder Travis Kalanick’s newest startup is known as CloudKitchens. But a better name might be WeWork for Food. Operating through a small startup he bought last year, and supported by hundreds of millions of dollars in loan facilities arranged with Goldman Sachs and other banks, Kalanick in the past 18 months has snapped up or... Uber co-founder Travis Kalanick’s newest startup is known as CloudKitchens. But a better...

Facebook's Ime Archibong. Photo by Bloomberg

Facebook’s App Factory Aims for Teens With Two New Apps

By Alex Heath · Sep 19, 2019 10:08am PDT

A new subsidiary of Facebook has quietly released two teen-oriented apps and tapped a veteran executive to lead the group behind them, The Information has learned.Ime Archibong, a high-profile executive at the company who previously led Facebook’s relationships with outside developers, recently changed roles to become head of New Product... A new subsidiary of Facebook has quietly released two teen-oriented apps and tapped a veteran...

As NBCUniversal Preps Streaming Service, Cable Firms Push Back

By Jessica Toonkel and Beejoli Shah · Sep 18, 2019 10:28am PDT · 1 comment

NBCUniversal’s planned entry into the streaming video market may prove costlier than it expected.When the Comcast-owned entertainment company in January unveiled plans to launch its own streaming service, it planned to differentiate the offering from rivals like Netflix and Disney+ by making the ad-supported service free to all cable and... NBCUniversal’s planned entry into the streaming video market may prove costlier than it...

Snap CEO Evan Spiegel. Photo by Bloomberg

Snap Courts Publishers for News Tab

By Alex Heath and Jessica Toonkel · Sep 17, 2019 12:57pm PDT · 1 comment

Snap is in early talks with media companies about powering a dedicated news section inside the Snapchat app, according to six people familiar with the talks.The planned news section represents a do-over of sorts for its efforts to present real-time, breaking news from a handful of trusted news partners. While news from those partners is... Snap is in early talks with media companies about powering a dedicated news section inside the...

Marc Andreessen, cofounder of Andreessen Horowitz. Photo by Bloomberg

Andreessen Horowitz Returns Slip, According to Internal Data

By Zoë Bernard · Sep 16, 2019 7:02am PDT · 6 comments

Marc Andreessen, cofounder of Andreessen Horowitz. Photo by Bloomberg

Andreessen Horowitz Returns Slip, According to Internal Data

By Zoë Bernard · Sep 16, 2019 7:02am PDT · 6 comments

One of Silicon Valley's best-known venture firms, Andreessen Horowitz, saw its performance slip significantly after the blockbuster results of its initial fund, internal data show, illustrating just how cutthroat venture capital has become as even big names struggle to deliver outsized returns. The funds the firm raised in 2010 and... One of Silicon Valley's best-known venture firms, Andreessen Horowitz, saw its performance...