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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

BuzzFeed CEO Jonah Peretti. Photo by Bloomberg.
The Briefing

The Briefing: What BuzzFeed and Vice SPAC Talks Show

By Martin Peers · Mar 16, 2021 5:01pm PDT · 1 comment
It turns out SPAC deals aren’t a surefire way to riches for every company executive. That’s one takeaway from our report this morning that neither BuzzFeed nor Vice Media are likely to recapture their 2016-17 era peak valuations when they merge with a special purpose acquisition company to go public. Instead, shareholders in both... It turns out SPAC deals aren’t a surefire way to riches for every company executive....
Netflix Co-CEO Reed Hastings. Photo by Bloomberg.
The Briefing

The Briefing: Netflix Wins Oscar Nominations, Loses Wall Street

By Martin Peers · Mar 15, 2021 5:31pm PDT · 2 comments
This year’s Academy Awards ceremony on April 25 will air on Disney’s ABC network, as it has for many years. But it could well be Netflix’s show, judging by the 35 award nominations received by Netflix movies Monday morning, including 10 for “Mank.” Not only does Netflix dominate the streaming side of television,... This year’s Academy Awards ceremony on April 25 will air on Disney’s ABC network, as...
Microsoft president Brad Smith. Photo by Bloomberg.
The Briefing

The Daily Briefing: Behind Microsoft’s Attacks on Google

By Martin Peers · Mar 12, 2021 5:32pm PST
A public brawl between two big companies is always fun to watch. It doesn’t happen very often, as most business executives go to great lengths to avoid saying anything in public remotely colorful (that’s one reason why Elon Musk is so much fun to watch). So the war of words between Microsoft and Google on Friday, triggered by... A public brawl between two big companies is always fun to watch. It doesn’t happen very...
Democratic Senator Amy Klobuchar. Photo by Bloomberg
Why Tech Breakups Could Be Good for Shareholders: The Information’s Tech Briefing
By Martin Peers · Mar 11, 2021 5:02pm PST
Democratic Senator Amy Klobuchar. Photo by Bloomberg
The Briefing

Why Tech Breakups Could Be Good for Shareholders: The Information’s Tech Briefing

By Martin Peers · Mar 11, 2021 5:02pm PST
Democrats in Congress are starting work on changes to antitrust laws that would make it tougher for big companies—most obviously big tech firms—to do acquisitions. Along with antitrust action already begun, the legislation being discussed could even end up forcing tech giants to divest existing businesses. Tech firms are sure to... Democrats in Congress are starting work on changes to antitrust laws that would make it tougher...
Roblox's web site. Photo by Bloomberg
The Briefing

What Roblox’s Public Debut Says About Direct Listings: The Information’s Tech Briefing

By Martin Peers · Mar 10, 2021 5:31pm PST · 11 comments
Roblox stock soared on its first day as a public company, closing a touch below $70 and valuing the gaming firm at about $38 billion. Assuming the stock stays that high, it means a very quick profit for venture capitalists who bought stock in Roblox’s last private fundraising at $45 a share in January. And that points to a flaw in the main... Roblox stock soared on its first day as a public company, closing a touch below $70 and valuing...
Sen. Elizabeth Warren. Photo by Bloomberg
The Briefing

What U.S. Tech Is Missing Out On: The Information’s Tech Briefing

By Martin Peers · Mar 9, 2021 5:31pm PST
Our story today about Tencent’s enormous investment gains points to a path not taken by the U.S. tech giants in deploying their vast cash resources. The article revealed that Tencent has built up an investment portfolio of stakes in nearly 1,200 companies, the vast majority of which are privately held. Can you imagine the political... Our story today about Tencent’s enormous investment gains points to a path not taken by the...
An attendee at an Oculus conference in 2019 trying out the Quest virtual reality headset and controllers. Photo by Bloomberg.
The Briefing

Inside Facebook’s AR/VR Strategy: The Information’s Tech Briefing

By Martin Peers · Mar 8, 2021 5:02pm PST
Facebook CEO Mark Zuckerberg showed how much he is focused on the future, rather than on current-day topics like disinformation and content moderation, in an extensive interview he gave The Information about augmented reality and virtual reality. His ambitions sound grand—“one day I want people to be able to teleport around.”... Facebook CEO Mark Zuckerberg showed how much he is focused on the future, rather than on...
Microstrategy CEO Michael Saylor appearing virtually at a recent crypto conference. Photo by Bloomberg.
The Data Company Going All In on Bitcoin: The Information’s Tech Briefing
By Martin Peers · Mar 5, 2021 5:31pm PST · 4 comments
Microstrategy CEO Michael Saylor appearing virtually at a recent crypto conference. Photo by Bloomberg.
The Briefing

The Data Company Going All In on Bitcoin: The Information’s Tech Briefing

By Martin Peers · Mar 5, 2021 5:31pm PST · 4 comments
The number of public companies with core exposure to bitcoin is growing. Today bitcoin miner Cipher Mining Technologies said it would merge with a SPAC called Good Works. The big one, Coinbase, is planning to go public soon. And then there is Microstrategy, a publicly traded data analytics software firm that has basically mortgaged its future on... The number of public companies with core exposure to bitcoin is growing. Today bitcoin miner...
Jack Dorsey (left) and Jay Z. Photos by Bloomberg; AP
The Briefing

Dorsey Gives Jay-Z a Square Deal: The Information’s Tech Briefing

By Martin Peers · Mar 4, 2021 5:30pm PST
Square’s steady revenue growth and surging stock price has, until now, made it a bona fide business success for Jack Dorsey, much more so than the CEO’s other company, Twitter. But Square’s bizarre decision to buy a majority stake in music streaming service Tidal for nearly $300 million suggests Dorsey is losing focus. Perhaps... Square’s steady revenue growth and surging stock price has, until now, made it a bona fide...
A sign at Google's Mountain View campus. Photo by Bloomberg.
The Briefing

Google’s Privacy PR Move: The Information’s Tech Briefing

By Martin Peers · Mar 3, 2021 5:31pm PST
Google made headlines with its announcement today that it is doubling down on its commitment to stop tracking people as they browse across the web, a step “towards a more privacy-first” web, as Google calls it. In many ways, though, this seems more of a PR move than anything substantive. It certainly won’t do much to guarantee... Google made headlines with its announcement today that it is doubling down on its commitment to...
Instacart CEO Apoorva Mehta. Photo by Bloomberg.
The Briefing

Instacart’s Latest Funding Hints at High-Priced Public Debut: The Information’s Tech Briefing

By Martin Peers · Mar 2, 2021 5:30pm PST
Price expectations for Instacart’s public debut just went up, by a lot. The grocery delivery firm raised a fresh round of funding—its third since last June—at a valuation of $39 billion. That’s $9 billion above the IPO valuation some reports last November said Instacart’s bankers were planning. And of course,... Price expectations for Instacart’s public debut just went up, by a lot. The grocery...
Zoom CEO Eric Yuan in front of the Nasdaq the day Zoom went public in 2019. Photo by Bloomberg.
Zoom Now Printing Money: The Information’s Tech Briefing
By Martin Peers · Mar 1, 2021 5:30pm PST
Zoom CEO Eric Yuan in front of the Nasdaq the day Zoom went public in 2019. Photo by Bloomberg.
The Briefing

Zoom Now Printing Money: The Information’s Tech Briefing

By Martin Peers · Mar 1, 2021 5:30pm PST
Zoom Video Communications provided another reminder of why it’s been such a hot stock during the pandemic. The company, whose brand name is now synonymous with video calls, revealed it has become a cash machine over the past 12 months. Zoom generated $1.4 billion from its videoconferencing service in fiscal 2021. The fascinating question... Zoom Video Communications provided another reminder of why it’s been such a hot stock...
Tampa Bay Buccaneers running back Clyde Edwards-Helaire during the Super Bowl earlier this month. Photo by AP.
The Briefing

Why NFL Deals Call Out for TV Network Mergers: The Information’s Tech Briefing

By Martin Peers · Feb 26, 2021 5:31pm PST
Nothing sums up the creative bankruptcy of the television industry better than today’s news—which broke in Sports Business Journal—that Disney, ViacomCBS, NBCUniversal and Fox are close to wrapping up renewals of their deals to carry National Football League games on their broadcast TV networks. Disney, owner of ESPN and ABC,... Nothing sums up the creative bankruptcy of the television industry better than today’s...
Jack Dorsey. Photo by Bloomberg
The Briefing

Dorsey Makes His Case to Wall Street: The Information’s Tech Briefing

By Martin Peers · Feb 25, 2021 5:32pm PST
It’s a good thing Jack Dorsey isn’t running for public office. Promising big changes when you’ve been in the job for more than five years tends to prompt skeptical questions. But in this case, investors seem to be willing to give Dorsey the benefit of the doubt. In what was a bit of a bloodbath on Wall Street today, Twitter was... It’s a good thing Jack Dorsey isn’t running for public office. Promising big changes...
Kevin Hartz, backer of the SPAC called One, which announced a merger today. Photo by Bloomberg.
The Briefing

Watching for Peak SPAC: The Information’s Tech Briefing

By Martin Peers · Feb 24, 2021 5:01pm PST
Have we hit peak SPAC yet? You could have asked that question any day over the past few weeks, or months. But lately things truly seem to be hitting a new level. Four new SPAC mergers were unveiled today alone, according to SPACInsider. Adult entertainment service Stripchat said it was planning a SPAC. We reported that a Chinese private... Have we hit peak SPAC yet? You could have asked that question any day over the past few weeks, or...
Snap CEO Evan Spiegel. Photo by Bloomberg
Spiegel’s Long View Pays Off For Snap: The Information’s Tech Briefing
By Martin Peers · Feb 23, 2021 5:31pm PST
Snap CEO Evan Spiegel. Photo by Bloomberg
The Briefing

Spiegel’s Long View Pays Off For Snap: The Information’s Tech Briefing

By Martin Peers · Feb 23, 2021 5:31pm PST
You have to hand it to Snap CEO Evan Spiegel: He took the long view and turned out to be right. A little over two years ago, Snap stock was trading as low as $4.99 and user growth was flatlining. In a memorable story in The Information, we described tensions on the board over the company’s failure to meet Wall Street’s expectations... You have to hand it to Snap CEO Evan Spiegel: He took the long view and turned out to be right. A...
The Discovery+ home screen on a smartphone. Photo by Bloomberg
The Briefing

Streaming’s Fuzzy Picture: The Information’s Tech Briefing

By Martin Peers · Feb 22, 2021 5:00pm PST · 1 comment
All those worries about the impact of cord-cutting seem to be in the rear-view mirror. The latest group of stocks to take flight are the traditional entertainment companies, proving that for media investors, it doesn’t matter how troubled your business is as long as you have a streaming story to tell. Take TV firm Discovery, whose stock... All those worries about the impact of cord-cutting seem to be in the rear-view mirror. The latest...
Photo by Bloomberg
The Briefing

Microsoft’s LinkedIn Puzzle: The Information’s Tech Briefing

By Martin Peers · Feb 19, 2021 5:31pm PST
You might think our scoop today that Microsoft’s LinkedIn plans to enter the gig economy market of connecting businesses with white-collar freelancers would have unnerved investors in Fiverr and Upwork, the two public companies now in that market. Apparently not: Stocks of both rose about 5% on Friday. Perhaps investors see... You might think our scoop today that Microsoft’s LinkedIn plans to enter the gig economy...
News Corp chairman Rupert Murdoch. Photo by Bloomberg.
The Briefing

Australia Kerfuffle Wins Facebook Friends: The Information’s Tech Briefing

By Martin Peers · Feb 18, 2021 5:00pm PST · 1 comment
The Australian government has managed the seemingly impossible, turning Facebook into a sympathetic creature for many tech pundits who have relentlessly pilloried the social network over the past few years. Commentary today and yesterday supported Facebook’s decision to block news content in Australia rather than give in to the proposed... The Australian government has managed the seemingly impossible, turning Facebook into a...
Facebook CEO Mark Zuckerberg. Photo by Bloomberg
Facebook’s Australian High Noon: The Information’s Tech Briefing
By Martin Peers · Feb 17, 2021 5:32pm PST · 1 comment
Facebook CEO Mark Zuckerberg. Photo by Bloomberg
The Briefing

Facebook’s Australian High Noon: The Information’s Tech Briefing

By Martin Peers · Feb 17, 2021 5:32pm PST · 1 comment
We’re about to find out just how important news is to Facebook’s audience and, by extension, to the social network itself. Facebook is restricting the posting or sharing of news content in Australia in response to the Australian government’s proposed news media code governing how internet companies pay for news content. At the... We’re about to find out just how important news is to Facebook’s audience and, by...