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1/4/21: What’s Going On

Quibi, Bitcoin and more from around the business world.
(Ascannio)
(Ascannio)
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“Quibi is in advanced talks to sell its content catalog to Roku Inc., as the short-form streaming service winds down its operations following an unsuccessful run. Quibi, which was founded by the movie mogul Jeffrey Katzenberg, raised $1.75 billion with an ambitious plan to develop high-end content for mobile phones. But the service, which launched in April, never gained traction and Quibi said in October that it was shutting down.”

“Bitcoin fell sharply on Monday, losing ground from a record high of $34,800 touched a day earlier, with traders citing volatility in highly leveraged futures markets. Bitcoin fell more than 14% after earlier touching as high as $33,670, wiping out more than half its 20% rally from New Year’s Eve to a record $34,800 on Sunday. Bitcoin was last down 8% at $30,542.”

Companies Raising Capital
NameAmountDescription
Katerra$200 MillionVertically Integrated Construction Industry Startup
CRED$81 MillionCredit Card Payments Rewards App

“PSA Group shareholders approved the car company’s merger with rival Fiat Chrysler Automobiles NV at a meeting Monday, a step critical to moving the trans-Atlantic tie-up into its final stages.”

“ViacomCBS Inc. said Monday it has reached a distribution agreement with Walt Disney Co.’s Hulu that puts many of its most popular cable channels on the live-TV video-streaming service.’

“MGM Resorts International is seeking to buy British gaming company Entain PLC, in the latest move by a casino operator to double down on the red-hot online-gambling business.”

“The December jobs report will be the main economic data release during a busy first week of the year, along with a look at the trade deficit on Thursday.”

“Chinese regulators are reviewing equity investments held by Ant Group Co Ltd in dozens of companies, intensifying a crackdown on billionaire Jack Ma’s financial technology empire.”

“Tencent’s online games were removed and then reinstated on Huawei’s app store on Friday in a dispute over revenue sharing by the Chinese companies.”

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