Connect with us

Media

Media Beat: November 11, 2021 | FYIMusicNews – FYI Music News

Published

 on


Canadian publishing industry calls on Ottawa to limit market concentration amid U.S. federal antitrust lawsuit

Canadian publishers, authors and industry leaders are calling on Ottawa to follow the lead of the U.S. Justice Department to protect independent Canadian publishers, as the American government takes two major publishers to court for anti-competitive dealings.

In a bid to fend off further consolidation in an already concentrated market, the Biden administration said on Nov. 2 it was suing publishing giant Penguin Random House to prevent it from acquiring rival Simon & Schuster for US$2.2-billion. The merger would see the Canadian operations of the two companies combined. – Irene Galea, The Globe and Mail

Shaw rises on Rogers decision, narrowing gap with takeover bid

Shaw Communications Inc. rose as much as 3.1% after a Canadian court gave Edward Rogers board control of Rogers Communications Inc. — settling, for now, a legal dispute that was threatening to delay a takeover deal between the two companies.  

It was the biggest jump for Shaw since March 16, the day after it announced the deal to be taken over by Rogers for $40.50 a share. – Derek Decloet, Bloomberg

Levelling the playing field: The rise of litigation funding in Canada

The prohibitively high cost of litigation is arguably one of the main barriers to access to justice in Canada. As in many other legal markets, the soaring cost of legal fees has created an impediment to even well-resourced parties bringing the most meritorious of claims. “Litigation funding” or “third-party funding” is a way of surmounting this barrier. Litigation funding has become a very well-established, judicially recognized, and commercially useful tool in the United Kingdom, Australia, and in the United States, but is a relatively nascent phenomenon in Canada. While the first approval of a private-funding arrangement in Canada occurred in 2009 (Hobsbawn v ATCO Gas and Pipelines Ltd., (14 May 2009), Calgary 0101-04999 (Alta QB)), the Supreme Court of Canada (the “SCC”) in 2020 has commented that the jurisprudence in this area is “still evolving” (9354-9186 Québec Inc. (Bluberi) v Callidus Capital Corp, 2020 SCC 10. [Bluberi] at para 95). – Maria Decker, Above The Law

Why Facebook’s Metaverse is DOA

People have been talking about this future for decades and it never really comes close to what anyone has envisioned. The question is, why is there a renewed focus? It comes down to this: If we had a metaverse that dictated our relationships, a place where we kept assets and interacted with politics, then whoever controls that metaverse is the closest thing we have to a scientific god. The reason this is getting so much attention is because everyone is freaked out by the idea of a scientific god named Mark Zuckerberg. – James D. Walsh, The Intelligencer

The battle for the last unclaimed land on earth

Bir Tawil belongs to no country; or rather, it belongs to two and neither of them wants it. It is the last unclaimed, habitable land on earth. 

Wedged in at the border of Egypt and Sudan, a unique geopolitical oddity is carved out of the sand. A diplomatic void without parallel, it has captured the imagination of thrill-seekers, filmmakers and wannabe statesmen alike.  – Robert O’Connor, Vice

Not a game show: Ex-TV star at center of Lebanon-Saudi row

George Kordahi was popular among TV viewers in the Middle East for his dapper charm. He schmoozed with beautiful women, dropped jokes and recited lines of Arabic poetry — all the while weighing in with his political opinions about the region’s events.

Now the former host of the game show “Who Wants to Be a Millionaire” is Lebanon’s information minister, and those opinions have landed Kordahi at the center of his country’s worst-ever crisis with Saudi Arabia. – Sarah El Deeb, AP

Adblock test (Why?)



Source link

Continue Reading

Media

Trump's social media venture says it has raised $1B – Vancouver Sun

Published

 on


He is working to launch a social media app called TRUTH Social that is at least several weeks away.

Article content

Donald Trump’s new social media venture said on Saturday it had entered into agreements to raise about $1 billion from a group of unidentified investors as it prepares to float in the U.S. stock market.

Advertisement

Article content

The capital raise, details of which were first reported by Reuters on Wednesday, underscored the former U.S. president’s ability to attract strong financial backing thanks to his personal and political brand. He is working to launch a social media app called TRUTH Social that is at least several weeks away.

Digital World Acquisition Corp, the blank-check acquisition firm that will take Trump Media & Technology Group Corp public by listing it in New York, said it will provide up to $293 million to the partnership with Trump’s media venture, taking the total proceeds to about $1.25 billion.

The $1 billion will be raised through a private investment in public equity (PIPE) transaction from “a diverse group of institutional investors,” Trump Media and Digital World said in a statement. They did not respond to requests to name the investors.

Advertisement

Article content

Trump Media inked its deal with Digital World to go public in October at a valuation of $875 million, including debt. The social media venture is now valued at almost $4 billion based on the price of Digital World shares at the end of trading on Friday. Trump supporters and day traders snapped up the stock.

Many Wall Street firms such as mutual funds and private equity firms snubbed the opportunity to invest in the PIPE. Among those investors who participated were hedge funds, family offices and high net-worth individuals, Reuters reported on Wednesday. Family offices manage the wealth of the very rich and their kin.

Some Wall Street investors are reluctant to associate with Trump. He was banned from top social media platforms after the Jan. 6 attack by his supporters on the U.S. Capitol amid concerns he would inspire further violence. The Capitol attack was based on unsubstantiated claims of widespread fraud in last year’s presidential election.

Advertisement

Article content

“As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech,” Trump said in a statement on Saturday.

The deal also faces regulatory risk. U.S. Senator Elizabeth Warren asked Securities and Exchange Commission Chairman Gary Gensler last month to investigate the planned merger for potential violations of securities laws around disclosure. The SEC has declined to comment on whether it plans any action.

We apologize, but this video has failed to load.

Trump Media and Digital World said the per-share conversion price of the convertible preferred stock PIPE transaction represents a 20% discount to Digital World’s volume-weighted average closing price for the five trading days to Dec. 1, when Reuters broke news of the capital raise.

Advertisement

Article content

If that price averages below $56 in the 10 days after the merger with Digital World has been completed, the discount will grow to 40% with a floor of $10, the companies added. Digital World shares ended trading on Friday $44.97.

Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company’s website.

Investors attending the confidential investor road shows were shown a demo from the planned social media app, which looked like a Twitter feed, Reuters reported.

FIRST-QUARTER ROLLOUT

Since Trump was voted out of office last year, he has repeatedly dropped hints that he might seek the presidency in 2024.

Special purpose acquisition companies such as Digital World had lost much of their luster with retail investors before the Trump media deal came along. Many of these investors were left with big losses after the companies that merged with SPACs failed to deliver on their ambitious financial projections.

TRUTH Social is scheduled for a full rollout in the first quarter of 2022. It is the first of three stages in the Trump Media plan, followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts, according to the news release.

In a slide deck on its website, the company envisions eventually competing against Amazon.com’s AWS cloud service and Google Cloud.

Advertisement

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Adblock test (Why?)



Source link

Continue Reading

Media

Trump social media company claims to raise $1bn from investors – The Guardian

Published

 on


[unable to retrieve full-text content]

Trump social media company claims to raise $1bn from investors  The Guardian



Source link

Continue Reading

Media

Trump's new social media company says it has $1 billion in funding lined up – National | Globalnews.ca – Global News

Published

 on


Donald Trump‘s new social media company and its special purpose acquisition company partner say the partner has agreements for $1 billion in capital from institutional investors.

The former president launched his new company, Trump Media & Technology Group, in October. He unveiled plans for a new messaging app called “Truth Social” to rival Twitter and the other social media platforms that banned him following the Jan. 6 insurrection at the U.S. Capitol.

TMTG’s plan is to become a publicly listed company through a merger with the publicly traded Digital World Acquisition Corp., a special purpose acquisition company whose sole purpose is to acquire a private company and take it public.

Read more:

Trump tested positive for COVID-19 days before Biden debate, ex aide says

The institutional investors were not identified in a press release issued Saturday by Trump Media and Digital World. The money would come from “a diverse group” of investors after the two companies are combined, it said.

Digital World said in the release that the $1 billion is above the $293 million (minus expenses) that it may invest.

“I am confident that TMTG can effectively deploy this capital to accelerate and strengthen the execution of its business, including by continuing to attract top talent, hire top technology providers, and roll out significant advertising and business development campaigns,” Digital World CEO Patrick Orlando said in the release.

Trump is listed as chair of TMTG. He will get tens of millions in special bonus shares if the combined company performs well, handing the former president possibly billions of dollars in paper wealth.

© 2021 The Canadian Press

Adblock test (Why?)



Source link

Continue Reading

Trending