Take-Two to acquire Zynga in $12.7B deal; Reddit selects banks for IPO

TOP NEWS IN TMT

* Take-Two Interactive Software Inc. agreed to acquire Zynga Inc. in a cash and stock transaction that represents a total enterprise value of approximately $12.7 billion. The deal is expected to close in the second calendar quarter, subject to the approval of Take-Two and Zynga stockholders, regulatory clearances and other closing conditions.

* Reddit Inc. tapped Morgan Stanley and The Goldman Sachs Group Inc. to work on its planned IPO, which was filed confidentially in December 2021, Bloomberg News reported, citing sources with knowledge of the matter. Reddit could be valued at up to $15 billion in the IPO, the details of which, including timing and valuation, could still change, according to the sources.

➤ Nexstar gaining CW control could also benefit network co-owners, analysts say

The potential transaction would further diversify the station group's revenue base while allowing Warner Media and ViacomCBS to continue shedding core assets and still secure fees as programming suppliers.

➤ MarketWeek: How Apple gets to $4 trillion; how Microsoft gets to $3 trillion

Ongoing demand for Apple's existing devices and services and potential revenue from lucrative new markets will allow the company to continue growing its market cap past the $3 trillion mark it briefly hit earlier this week.

➤ Economics of TV & Film: KBOX Week 1: Spider-Man leads strong start to 2022

The 2022 box office year got off to a promising start as people continued to fill theaters to catch "Spider-Man: No Way Home." Total week one box office was $247.4 million, up 826.6% from the $26.7 million grossed in 2021.

TECHNOLOGY

* The Competition Commission of India ordered an investigation into the news aggregation service of Alphabet Inc.'s Google LLC over allegations that it abused its dominant position in the online web search market to deny market access to news publishers in the digital advertising space.

* California's Department of Fair Employment and Housing filed an appeal against a federal judge's ruling that rejected its bid to intervene in Activision Blizzard Inc.'s proposed $18 million settlement with the U.S. Equal Employment Opportunity Commission over sexual harassment and discrimination claims, The Verge reported. The DFEH filed the motion to intervene in October 2021, saying Activision's settlement deal could enable the company to destroy evidence relevant to a separate, ongoing case filed by the state agency.

* Amazon.com Inc. shortened to seven days the isolation time for its U.S. workers that test positive for COVID-19 after the Centers for Disease Control and Prevention reduced its quarantine guidance for infected people to five days, The Wall Street Journal reported, citing a staff memo. Employees who isolate have access to up to 40 hours of paid leave.

* Apple Inc.'s supplier Foxconn will reopen its iPhone manufacturing facility in southern India on Jan. 12, Reuters reported, citing government officials. Apple will keep the factory on probation after it was closed in December 2021 due to protests over workers' living conditions.

* Tesla Inc. is raising the price of its "full self-driving" software for U.S. customers by $2,000, to $12,000, effective Jan. 17, The Verge reported, citing CEO Elon Musk. The software's monthly subscription price of $199 will also increase.

* Pixelworks Inc. promoted Vice President of Finance Haley Aman to CFO, effective Jan. 7. Aman replaces Elias Nader, who resigned Jan. 3.

INTERNET AND OTT

* Meta Platforms Inc. launched Privacy Center, a new hub for a limited number of Facebook desktop users in the U.S. that will provide learning material about privacy options and the company's data collection and usage practices. Meta plans to launch Privacy Center on other apps and platforms in the coming months.

* Meta Vice President of Global Communications John Pinette has left the company, The Wall Street Journal reported, citing Pinette's internal message to employees. He joined the company in 2019 and oversaw Meta's external communications.

* Google TV and Android TV have a combined over 110 million monthly active devices, up from 80 million in May 2021, 9to5Google reported, citing Google's spokesperson. Google attributed the growth to its more than 250 global partnerships, adding that it is working with seven of the top 10 smart TVs manufacturers worldwide.

* AutoWeb Inc. CFO and Executive Vice President Michael Sadowski resigned, effective Jan. 10. The digital marketing company's board appointed Carlton Hamer as the new financial chief.

FILM AND TV

* Walt Disney Co. will debut Pixar's upcoming film "Turning Red" exclusively on Disney+ on March 11, Variety reported, citing Disney's announcement. Disney Media & Entertainment Distribution Chairman Kareem Daniel said "flexibility" remains at the core of the company's distribution plans as the pandemic continues to affect the film industry's recovery.

* Allen Media Group LLC appointed Shaun Williams to the newly created role of CFO of Allen Media Studios. Williams joins from Solstice Studios LLC, where he also served as finance chief.

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