American media conglomerate invests $200m into BuzzFeed

Written on Wednesday, 23 November 2016 08:31
American multinational media company NBCUniversal has announced it is investing $200m into popular social media outlet BuzzFeed. BuzzFeed, which was founded by Jonah Peretti in 2006 – has become an incredible success since its inception a decade ago – and continues to grow on a daily basis. Its ability to engage audiences with a diverse range of content have made it a market leader for sharing video and editorial content online – to a specific target market who often don’t…
Samsung has extended its reach into the ‘connected car’ space by purchasing U.S auto parts manufacturer Harman International Industries for a whopping $8 billion. It is the largest deal in Samsung’s history, and could help the Korean tech giant move past the exploding Galaxy Note 7 smartphone fiasco that has hurt Samsung’s reputation and is expected to cost billions of dollars. Samsung said in a statement that its board had approved the all-cash purchase of the Connecticut-based auto firm for…
Dubai-based business tycoon Mohamed Alabbar, prominent in the real estate and property development industry of the United Arab Emirates and former director general of the Dubai Department of Economic Development, announced on November 13 the launch of a $1 billion regional e-commerce site in a joint venture with the Saudi sovereign wealth fund and other Gulf investors, called Noon.com. The new site is expected to go online in January with 50 percent investment from the Kingdom’s Public Investment Fund and…
French regulators penalized Altice telecoms group on Tuesday, November 8, for merging two mobile units without authorization. The telecoms group was fined 80 million Euros. The French Competition Authority said the fine was the stiffest ever "in Europe and the world" for this type of violation. Altice is a holding company owned by French-Israeli businessman Patrick Drahi. The company bought in 2014 France's second-largest mobile operator SFR for 17 billion euros, merging it into a cable and internet company it…
Facebook revealed its latest third quarter earnings on November 2, which showed a solid performance for the social media giant with growth in mobile ad revenues as the company expands into new services. Facebook’s profit increased 166 percent to $2.4 billion on revenue that surged to $7 billion from $4.5 billion during the same period in 2015. Facebook’s CEO and co-founder Mark Zuckerberg said in an earnings release that Facebook “had another good quarter. We’re making progress putting video first…
South Korean smartphone maker Samsung Electronics released its quarterly earnings on Thursday, October 27, revealing an expected fall in profits due to the highly damaging recall of the Galaxy Note 7 that hammered the company’s reputation. Samsung said its operating profit for the July-September period was at 5.2 trillion won ($4.6 billion), down 30 percent from last year. Samsung was prepared for its drop in profits after it killed its flagship device due to overheating batteries that burst into flames.…
Twitter announced on October 27 plans to cut nine percent of its workforce as it struggles on after failing to find a buyer. There was talk about Google or Salesforce purchasing the social network, but neither confirmed that it wasn’t pursuing the idea. Twitter reported a net loss for the quarter of $103 million, compared with a $132 million loss last year. The one area that Twitter has shown strength is in advertising, which saw the company’s revenue grow eight…
Apple posted its latest quarterly profits revealing an expected drop in iPhone sales which was expected. But the company made gains in services which offered hope for Apple as it moves away from its dependence on smartphones. The company said its profits fell 19 percent to $9 billion in the fiscal quarter ending September 24. Revenue dropped nine percent to $46.9 billion from $51.5 billion in 2015. Market forecasts more-or-less predicted Apple’s results which showed that iPhone sales – the…
Yahoo surprised everyone recently when it told Wall Street that its business actually got better after it announced that hackers stole information from 500 million of its users’ accounts. Yahoo’s page views on its properties and core verticals, as well as email messages sent, improved after the September 22 hack announcement, Yahoo said, according to its internal data. Is Yahoo telling fibs? A NY Post report highlighted that insiders suggested Yahoo’s chief executive Marissa Mayer and her senior management team…
SotBank, the Japanese multinational telecommunications and Internet corporation, recently said it hopes to raise as much as $100 billion or a new technology investment fund it has set up in partnership with the Kingdom of Saudi Arabia. About $25 billion will be invested in the SoftBank Vision Fund over the next five years, according to the company, while the Saudi public investment fund will “consider investing in the fund and becoming the lead investment partner.” Saudi’s contribution could amount to…
Ericsson announced its Q3 results on October 12 which were “significantly lower” than expected, according to CEO Jan Frykhammar. The unfavorable results come after a tumultuous period for the company which announced it will be axing 3,000 employees in its home country of Sweden. Shares in Ericsson lost more than a sixth of their value. Ericsson shares, which have lost more than half their value in the last 18 months, plunged more than 17.5 percent shortly after trading opened. Ericsson…
A U.S. appeals court recently handed Apple Inc. a victory in one of its patent battles with South Korean rival Samsung, reinstating a $119.6 million verdict for the iPhone manufacturer for patent infringement. Apple’s lawsuit accuses Samsung of infringing its patent for “slide to unlock” and auto-correction, among others. According to the ruling, Samsung failed to prove that some of the Apple innovations were “obvious” and thus not able to be patented, AFP reported. The opinion also said the court…
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