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The Briefing

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

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Recent Editions

A DoorDash delivery person. Photo by Bloomberg
The Briefing

DoorDash’s Sky-High Valuation: The Information’s Tech Briefing

By Martin Peers · Dec 4, 2020 5:31pm PST
Next week is shaping up to be a big one for tech IPOs, with both DoorDash and Airbnb expected to hit the market. Both raise interesting questions for investors, given how each has fared through the pandemic. DoorDash’s offering arguably poses the biggest risks. The restaurant-meal delivery service on Friday raised its pricing range to... Next week is shaping up to be a big one for tech IPOs, with both DoorDash and Airbnb expected to...
WarnerMedia's film chief Ann Sarnoff. Photo by Bloomberg.
The Briefing

WarnerMedia Shakes Up Movie Business: The Information’s Tech Briefing

By Martin Peers · Dec 3, 2020 5:00pm PST
Last Christmas Eve, The Information’s Jessica Toonkel predicted that “2020 will be the year that a major studio, most likely Disney or AT&T’s WarnerMedia, breaks the mold and debuts some movies on its streaming service before they show up in theaters.” At the time it seemed a daring forecast, but then Covid happened,... Last Christmas Eve, The Information’s Jessica Toonkel predicted that “2020 will be...
Google CEO Sundar Pichai. Photo by Bloomberg
The Briefing

Big Tech’s Small Budget M&A Effort: The Information’s Tech Briefing

By Martin Peers · Dec 2, 2020 5:02pm PST · 1 comment
Big tech is in acquisition mode, despite antitrust scrutiny. It’s just that the deals aren’t for brand name companies or of any size. This week alone we’ve seen Google acquire data management firm Actifio, Facebook buy customer support service Kustomer and Amazon reportedly in talks to snap up podcasting firm Wondery. Each of... Big tech is in acquisition mode, despite antitrust scrutiny. It’s just that the deals...
Salesforce's Marc Benioff. Photo by Bloomberg
Salesforce Pays Up for Slack: The Information’s Tech Briefing
By Martin Peers · Dec 1, 2020 5:32pm PST
Salesforce's Marc Benioff. Photo by Bloomberg
The Briefing

Salesforce Pays Up for Slack: The Information’s Tech Briefing

By Martin Peers · Dec 1, 2020 5:32pm PST
Salesforce chief Marc Benioff could never be accused of underpaying for a company, as his proposed $27.7 billion cash-and-stock purchase of Slack demonstrates. Salesforce’s price for the enterprise messaging firm is more than a 50% premium over where Slack’s stock was trading before news of the deal broke. The idea that someone... Salesforce chief Marc Benioff could never be accused of underpaying for a company, as...
Slack's top executives the day the company went public. Photo by Bloomberg.
The Briefing

Salesforce Nears Slack Deal: The Information’s Tech Briefing

By Martin Peers · Nov 30, 2020 5:01pm PST
Salesforce appears to be closing in on its latest acquisition target, Slack. A deal may be announced Tuesday afternoon, CNBC reported today, with Salesforce paying a premium to Slack’s current price. That suggests Salesforce could pay more than $23 billion, the enterprise value of Slack implied by its closing price on Monday of $42.88. ... Salesforce appears to be closing in on its latest acquisition target, Slack. A deal may be...
Salesforce chief Marc Benioff. Photo by Bloomberg.
The Briefing

Salesforce Goes After Slack: The Information’s Tech Briefing

By Martin Peers · Nov 25, 2020 5:01pm PST
Just in time for the holidays, we have a possible big enterprise software merger. Salesforce’s interest in buying Slack, first reported by the Wall Street Journal, shouldn’t come as a surprise to anyone. We even predicted Salesforce could be a bidder for the workplace messaging service last January, along with several other companies... Just in time for the holidays, we have a possible big enterprise software merger....
Traders on the floor of the New York Stock Exchange. Photo by Bloomberg
The Briefing

Uber Finally Hits $90 Billion Market Cap; The Information’s Tech Briefing

By Martin Peers · Nov 24, 2020 5:00pm PST
Most major tech stocks rallied with the rest of the stock market on Tuesday, as the Dow Jones Industrial Average passed the 30,000 mark for the first time. Some tech stocks hit highs nearly as symbolic as the Dow’s closing level. Uber, for instance, rose 2.4% to $51.26, its highest price ever and putting its market capitalization at $90... Most major tech stocks rallied with the rest of the stock market on Tuesday, as the Dow Jones...
Travelers at San Francisco Airport. Photo by Bloomberg
The Tech Industry’s Diaspora: The Information’s Tech Briefing
By Martin Peers · Nov 23, 2020 5:32pm PST
Travelers at San Francisco Airport. Photo by Bloomberg
The Briefing

The Tech Industry’s Diaspora: The Information’s Tech Briefing

By Martin Peers · Nov 23, 2020 5:32pm PST
The stock market is acting like the Covid vaccines have already been administered. Meanwhile, in the real world, what could be a long-term consequence of the pandemic is unfolding: there are signs the San Francisco Bay Area is losing its iron grip on the tech industry. We ran a story today on high-profile tech CEOs such as Dropbox’s Drew... The stock market is acting like the Covid vaccines have already been administered. Meanwhile, in...
The Nasdaq's New York office. Photo by Bloomberg
The Briefing

Wish’s IPO Filing Rounds Out Busy Week: The Information’s Tech Briefing

By Martin Peers · Nov 20, 2020 5:32pm PST
E-commerce firm Wish filed to go public on Friday, the fifth high-profile tech firm to do so in the past week, and confirmation that the last few weeks of the year will be a busy time for IPOs. What’s notable is that four of the five companies—Wish, DoorDash, Roblox and Affirm—have enjoyed a burst of faster growth thanks to the... E-commerce firm Wish filed to go public on Friday, the fifth high-profile tech firm to do so in...
BuzzFeed CEO Jonah Peretti. Photo by Bloomberg
The Briefing

BuzzFeed Snags HuffPo: The Information’s Tech Briefing

By Martin Peers · Nov 19, 2020 5:31pm PST
Consolidation in digital media took a small step forward today when BuzzFeed announced it will acquire HuffPost from Verizon. It’s an elegant combination from a historical perspective: Media investor Ken Lerer and BuzzFeed CEO Jonah Peretti were both involved in founding HuffPost 15 years ago. But whether the deal helps BuzzFeed amass more... Consolidation in digital media took a small step forward today when BuzzFeed announced it will...
Apple CEO Tim Cook. Photo by Bloomberg
The Briefing

Apple’s Tax Cut: The Information’s Tech Briefing

By Martin Peers · Nov 18, 2020 5:31pm PST · 1 comment
Apple is cutting taxes! Well, at least it’s cutting the infamous “Apple tax,” the commission it charges app developers on money they make through the App Store. In future, developers earning less than a million dollars in proceeds will only pay 15% of the money as a commission, half of what they typically pay now. In its... Apple is cutting taxes! Well, at least it’s cutting the infamous “Apple tax,”...
Facebook CEO Mark Zuckerberg appearing at the Judiciary Committee hearing today. Photo by Bloomberg.
Senators Grill Tech CEOs Again: The Information’s Tech Briefing
By Martin Peers · Nov 17, 2020 5:34pm PST
Facebook CEO Mark Zuckerberg appearing at the Judiciary Committee hearing today. Photo by Bloomberg.
The Briefing

Senators Grill Tech CEOs Again: The Information’s Tech Briefing

By Martin Peers · Nov 17, 2020 5:34pm PST
Another day, another congressional hearing for tech CEOs. Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey (complete with that beard) were at it again, appearing before a congressional committee on Tuesday to discuss Section 230 of the Communications Decency Act—the law that gives internet platforms immunity from liability for what... Another day, another congressional hearing for tech CEOs. Facebook CEO Mark Zuckerberg and...
Airbnb CEO Brian Chesky. Photo by Bloomberg
The Briefing

Airbnb Unveils IPO Filing: The Information’s Tech Briefing

By Martin Peers · Nov 16, 2020 5:32pm PST
Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating comparison, in a few weeks’ time, between the public offerings of the travel firm and DoorDash. Investors will get to choose between one company whose business was slammed by the Covid-19 pandemic, and another that enjoyed a bonanza. The former, of... Airbnb disclosed its IPO paperwork Monday afternoon, setting up what should be a fascinating...
DoorDash CEO Tony Xu. Photo by Bloomberg
The Briefing

DoorDash’s IPO Moves Step Closer: The Information’s Tech Briefing

By Martin Peers · Nov 13, 2020 5:32pm PST
DoorDash’s IPO filing on Friday painted a portrait of a company long underappreciated now coming into its own. The filing sets the scene for what should be a heavily sought-after IPO in a few weeks’ time, probably occurring around the same time as Airbnb’s offering, of which we expect to hear more details in the next few days.... DoorDash’s IPO filing on Friday painted a portrait of a company long underappreciated now...
President Trump. Photo by Bloomberg
The Briefing

TikTok Drama Winding Down: The Information’s Tech Briefing

By Martin Peers · Nov 12, 2020 5:00pm PST
The first season of the TikTok drama just concluded. That’s one interpretation from the Commerce Department’s decision, reported in the Wall Street Journal, to not enforce a ban that would have prevented Apple and Google from making TikTok available in their app stores. Now the question is whether the saga comes back for a second... The first season of the TikTok drama just concluded. That’s one interpretation from the...
SoftBank CEO Masayoshi Son. Photo by Bloomberg
SoftBank’s $20 Billion Tech Stock Portfolio: The Information’s Tech Briefing
By Martin Peers · Nov 11, 2020 5:30pm PST
SoftBank CEO Masayoshi Son. Photo by Bloomberg
The Briefing

SoftBank’s $20 Billion Tech Stock Portfolio: The Information’s Tech Briefing

By Martin Peers · Nov 11, 2020 5:30pm PST
SoftBank is expanding its investor presence in the tech world. In addition to playing a major role as a backer of startups through its Vision Fund, the Japanese investment firm is now playing the market—by buying major tech stocks. The firm’s profit report for the six months to Sept. 30 on Wednesday gave new details about its public... SoftBank is expanding its investor presence in the tech world. In addition to playing a major...
Amazon CEO Jeff Bezos appearing before a congressional committee in late July. Photo by Bloomberg
The Briefing

Amazon’s Turn in Antitrust Dock: The Information’s Tech Briefing

By Martin Peers · Nov 10, 2020 5:30pm PST
Europe’s filing of antitrust charges against Amazon marks the second, long-anticipated move in the U.S.-European antitrust assault on big tech. In the U.S., a Federal Trade Commission case against Facebook looms, to add to the lawsuit the Justice Department filed against Google a few weeks ago. The FTC is also investigating Amazon in the... Europe’s filing of antitrust charges against Amazon marks the second, long-anticipated move...
The New York Stock Exchange. Photo by AP
The Briefing

Zoom Gets Hits by Wall Street’s Vaccine Rally: The Information’s Tech Briefing

By Martin Peers · Nov 9, 2020 5:31pm PST
No, Covid has not been cured. But a vaccine that works may be the next best thing, which is certainly the stock market’s interpretation of Monday’s vaccine news from Pfizer. The Dow Jones Industrial Average rose 973 points or 3.4% by the close. Notably, though, the reaction from tech stocks was very mixed. Stocks that had rallied... No, Covid has not been cured. But a vaccine that works may be the next best thing, which is...
Election count demonstrators marching in Washington on Friday. Photo by Bloomberg.
The Briefing

Election Uncertainty Starts to Lift: The Information’s Tech Briefing

By Martin Peers · Nov 6, 2020 5:31pm PST
As the results of Tuesday’s election come into focus, some of the uncertainty hovering over the world has begun to lift. That is good for business, which can begin to prepare for life under what appears likely to be a Biden administration. We’ll have more to say on that in the next few days, when the outcome is more certain than it... As the results of Tuesday’s election come into focus, some of the uncertainty hovering over...
Discovery CEO David Zaslav. Photo by Bloomberg
The Great Ad Shift From TV to Digital: The Information’s Tech Briefing
By Martin Peers · Nov 5, 2020 5:32pm PST · 1 comment
Discovery CEO David Zaslav. Photo by Bloomberg
The Briefing

The Great Ad Shift From TV to Digital: The Information’s Tech Briefing

By Martin Peers · Nov 5, 2020 5:32pm PST · 1 comment
As much as the pandemic has given a boost to video streaming services, it appears to have sped up the decline of traditional TV. That’s become clear from third-quarter earnings showing shifts in the ad market, including reports out today from Roku and Discovery Communications. Discovery, which owns cable channels such as Discovery Channel,... As much as the pandemic has given a boost to video streaming services, it appears to have sped up...