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12/22/20: What’s Going On

Facebook, Google and more from around the business world.
(Turtix)
(Turtix)
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“Facebook Inc. and Alphabet Inc.’s Google agreed to “cooperate and assist one another” if they ever faced an investigation into their pact to work together in online advertising, according to an unredacted version of a lawsuit filed by 10 states against Google last week. The suit, as filed, cites internal company documents that were heavily redacted. The Wall Street Journal reviewed part of a recent draft version of the suit without redactions, which elaborated on findings and allegations in the court documents.”

“MGM Holdings Inc., the movie studio behind the “James Bond” franchise, is exploring a sale, betting that its library of content will prove attractive to companies pursuing growth in streaming video. Closely held MGM has tapped investment banks Morgan Stanley and LionTree LLC and begun a formal sale process. The company has a market value of around $5.5 billion, based on privately traded shares and including debt.”

“The parent company of Oscar, the online health insurance company, confidentially filed with the Securities and Exchange Commission to go public in an initial public offering. The startup has raised an estimated $1.64 billion to date, PitchBook data shows. Among Oscar’s co-founders is Joshua Kushner, brother of Trump administration adviser Jared.”

Companies Raising Capital
NameAmountDescription
Horizon Robotics$700 MillionChinese Rival To Nvidia (Seeking The Money)
Casa Verde Capital$100 MillionInvestment Fund Co-Founded By Snoop Dogg
Liberis£70 millionEmbedded Finance Provider For SMEs

“The Covid-19 vaccine from Pfizer Inc. and its German partner BioNTech SE was cleared for use by the European Union’s drug agency, a major step in efforts to tame the disease in a region that is fighting a deadly winter surge, as the bloc also tries to keep out a new mutation in the coronavirus found in Britain.”

“The U.S. economy grew at a record pace in the third quarter, fueled by more than $3 trillion in pandemic relief, the government confirmed on Tuesday, but appears to have lost momentum as the year drew to an end amid raging new Covid-19 cases and dwindling fiscal stimulus.”

“The coronavirus-relief bill passed by Congress on Monday will likely spur a stronger economic recovery in the second half of 2021, though it may be arriving too late to stave off a further slowdown this winter, analysts say.”

“Google has invested in three India-based startups as part of its ambitions to capture the next billion internet users, Reuters and other media outlets reported.”

“China’s ByteDance is in talks to buy into mobile games publisher CMGE Technology Group Ltd, as the owner of short video app TikTok moves to strengthen its next pillar of growth.”

“Sales of previously owned homes slipped in November from a month earlier, as the supply of homes for sale fell to a new low. Existing-home sales fell 2.5% in November from October to a seasonally adjusted annual rate of 6.69 million.”

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