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3/26/21: What’s Going On

News from around the business world.
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“Wall Street Journal owner News Corp is buying Investor’s Business Daily for $275 million, supplementing News Corp’s presence in the business news market. News Corp said in a statement that IBD has nearly 100,000 digital subscribers. The company publishes a once-a-week print edition but that accounts for only 10% of its revenues. Most of IBD’s revenues comes from its investor tools, research and analysis products, News Corp said.”

“Lawmakers blamed big technology companies for an array of societal problems Thursday, excoriating their CEOs for lack of accountability and building momentum for legislation to weaken the liability shield enjoyed by online platforms. In a combative House hearing stretching more than five hours, the chief executives of Facebook, Twitter, Alphabet and its Google unit were accused of running social media platforms that sow political discord, spread Covid-19 misinformation and create a dangerous environment for children.”

“Robinhood is building a platform to “democratize” initial public offerings, including its own, that would allow users of its trading app to snap up shares alongside Wall Street funds. The move could further erode Wall Street’s grip on stock market flotations. It would be easier to implement for Robinhood’s own IPO, given how companies and their investment bankers tightly control allocations to investors in new listings.”

Companies Raising Capital
NameAmountDescriptions
Linktree$45 Million“Link-In-Bio” Social Commerce Features Provider
DotPe$27.5 MillionIndian Startup Helping Businesses Come Online
Material$25 MillionA Company Creation Startup
Baton$10.5 MillionCreating Drop-Zones For Truckers To Hand Off Freight

“President Joe Biden set a goal of administering 200 million Covid-19 vaccine doses by the end of April, doubling his target for his first 100 days in office. The U.S. is on pace to meet the new goal, Biden said in opening remarks at his first formal news conference on Thursday.”

“Large U.S. banks that clear the next round of stress tests with sufficient capital will be allowed to resume dividend increases at the end of June, the Federal Reserve said, signaling an end to pandemic-era restrictions that dragged on financial stocks last year.”

“Chinese fintech company Linklogis Inc., backed by Tencent Holdings Ltd., is seeking to raise HK$8.3 billion ($1.07 billion) from an initial public offering in Hong Kong.”

“Madison Square Garden Entertainment has reached an agreement to acquire MSG Networks in an all-stock deal, confirming long-simmering press speculation.”

“Sports-media outlet the Athletic is in merger talks with news startup Axios, according to people familiar with the matter, part of a plan to build a larger online-publishing company that could include going public through a blank-check firm.”

“U.S. households cut spending by 1% last month, as cold weather struck much of the country, but are primed to pick up shopping again with the pandemic easing and a new round of stimulus money landing in bank accounts.”

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