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Sony in Talks to Acquire Elden Ring Maker Kadokawa

Sony is in advanced talks to acquire Kadokawa, the Japanese entertainment company behind the massively popular video game "Elden Ring," according to two sources familiar with the matter, as reported by Reuters. The sources, who spoke on condition of anonymity because the discussions are private, indicated that a

TikTok Parent ByteDance Valued Itself at $300 Billion

ByteDance, the parent company of TikTok, has assigned itself a valuation of approximately $300 billion in a recent share buyback offer, according to a report by The Wall Street Journal. This valuation, one of the highest in the company's history, comes despite the looming threat of a TikTok
TikTok Parent ByteDance Valued Itself at $300 Billion

Disney's Streaming Success Begins to Offset Cable Losses

Walt Disney is showing signs of a turnaround, with its streaming business posting its second consecutive quarterly profit, reports Reuters. This progress suggests that CEO Bob Iger's strategy of focusing on streaming is starting to pay off, potentially offsetting declines in the company's traditional television business.

Spotify Beats Estimates on Cost Cuts, Steady User Growth

Spotify, the audio-streaming giant, has forecast fourth-quarter profit above Wall Street estimates, buoyed by cost cuts and strong subscriber growth in the crucial holiday season, reports Reuters. The Swedish company has been actively pursuing a path to profitability, implementing cost-cutting measures including employee layoffs, reducing podcast spending, and trimming marketing

Apple Enters Smart Home Battle

Apple Inc., aiming to bolster its presence in the competitive smart home market, is set to launch a new product category: a wall-mounted display that serves as a command center for the home, reports Bloomberg. The device, code-named J490, is expected to be unveiled as early as March, according to

Bumble Posts First Quarterly Sales Drop Since Going Public

Dating app operator Bumble Inc. has reported its first decline in quarterly sales since going public in 2021, as the company warns that it will take longer than expected to boost its sluggish growth rate, reports Reuters. Bumble's struggles stem from the impact of persistent inflation and high

Netflix Offices Raided in Tax Fraud Investigation

French and Dutch authorities raided the offices of streaming giant Netflix in both countries on Tuesday, as part of a preliminary investigation into tax fraud and money laundering, reports Reuters. The investigation, opened by France’s Parquet National Financier (PNF) in November 2022, focuses on potential tax irregularities within the
Netflix Offices Raided in Tax Fraud Investigation

EU Agrees to Hike VAT on Airbnb, Uber After Estonia Drops Veto

The European Union has reached an agreement to reform VAT rules that will impose tax hikes on online platforms offering short-term rentals and ridesharing services, such as Airbnb and Uber, reports Euronews. This comes after Estonia, home to ride-sharing app Bolt, dropped its opposition to the proposal. Estonia had previously

US Regulators Call for Probe into Temu and Shein

Popular online retailers Temu and Shein are facing mounting scrutiny over the safety of products sold on their platforms. Two US Consumer Product Safety Commission (CPSC) commissioners are now urging a formal investigation into the companies, citing concerns over the alleged sale of dangerous items, including some posing risks to

Lyft Slashes Jobs, Scales Back Bikes and Scooters in Efficiency Push

Ride-hailing company Lyft announced another round of layoffs on Wednesday, as reported by the Wall Street Journal, this time targeting its bikes and scooters division. The move comes as CEO David Risher continues his efforts to streamline operations and boost profitability at the Uber rival. While Lyft will maintain its