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FCC approves Nexstar-Tribune deal; Apple slams EU order; Endeavor details IPO

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FCC approves Nexstar-Tribune deal; Apple slams EU order; Endeavor details IPO

Top news

* The U.S. Federal Communications Commission approved Nexstar Media Group Inc.'s proposed $6.4 billion acquisition of Tribune Media Co., which represents the final regulatory approval needed to close the transaction. The FCC also approved Nexstar's divestiture of 21 local television stations to TEGNA Inc., E.W. Scripps Co. and Circle City Broadcasting I Inc.

* Apple Inc. slammed the European Union's order to reimburse $14 billion to Ireland in back taxes and launched a legal challenge against the 2016 ruling, Reuters reported. In a statement, the tech giant said the order "defies reality and common sense," and accused the European Commission of using its powers to combat state aid to modify the national law in an effort to change the international tax system. Ireland is also challenging the commission's decision.

* Hollywood talent agency Endeavor LLC plans to offer 19,354,839 shares of its class A common stock for its proposed IPO, with a price range between $30 per share and $32 per share. At the midpoint of that range, Endeavor projected it would raise about $546.8 million in net proceeds. The company's net proceeds from this offering will be about $632.3 million if the underwriters exercise their option to purchase additional shares in full.

* Analysts are optimistic about demand for Apple's low-cost iPhone 11 model, noting that China, in particular, represents a key growth opportunity for the device. Wedbush Securities technology analyst Daniel Ives said preorder demand for the new iPhones looks "good out of the gates," noting that the lower-priced iPhone 11 model, in particular, should serve as a "catalyst" for consumers who did not upgrade last year.

Spectrum

* The FCC approved initial commercial deployments for five Spectrum Access Systems in the 3.5 GHz mid-band spectrum on Sept. 16. The spectrum is also known as the Citizens Broadband Radio Service band, which wireless operators say is crucial for 5G deployment. Amdocs Inc., CommScope Holding Co. Inc., Federated Wireless Inc., Alphabet Inc.'s Google LLC and Sony Electronics Inc. were the companies approved for deployment by the FCC.

Internet & OTT

* Amazon.com Inc.'s Prime Video will launch on Altice USA Inc.'s Altice One entertainment and connectivity platform in the coming months. The entire Prime Video catalog, including Amazon Originals, will be available to Altice's Optimum and Suddenlink customers across the U.S. through the Prime Video app.

* Facebook Inc. announced changes to live video broadcasting, Facebook's Watch Party and Creator Studio in a latest update targeting video creators and publishers, TechCrunch.com reported. During a session at the International Broadcasting Convention in Amsterdam, the social media giant said the latest updates offer better ways to prep for and simulcast live broadcasts and option to schedule Instagram/IGTV content for up to six months in advance.

* Netflix Inc. secured the global streaming rights to "Seinfeld," Variety reported. The streaming giant struck a five-year deal with Sony Pictures Television Inc., which will commence in 2021. Hulu LLC currently controls the domestic streaming rights to the sitcom, while Amazon distributes the series internationally.

* América Móvil SAB de CV's Nuestra Vision, a Spanish language channel that offers Mexican content in the U.S., launched a free digital mobile app for Apple's iOS and Google's Android devices. The app offers access to the channel's content library of more than 2,300 movies.

* YouTube LLC will phase out YouTube Leanback, its TV-optimized browser interface, Oct. 2, Variety reported. The move is part of the video platform's increased focus on its native TV apps.

Technology

* Apple is providing an investment of $250 million from its advanced manufacturing fund to Corning Inc., which supplies glass to Apple for products such as the iPhone and Apple Watch, according to a news release. The iPhone maker previously awarded $200 million to Corning in May 2017. The funding supports Corning's research and development into glass processes, equipment and materials.

* Qualcomm Inc. completed the acquisition of the remaining interest in RF360 Holdings Singapore Pte. Ltd., its joint venture with Japan-based equipment maker TDK Corp. The total purchase price, including the initial investment, payments to TDK based on sales by the joint venture, and development obligations, will be about $3.1 billion.

* Google is set to unveil its Pixel 4 smartphones at an Oct. 15 event in New York City, Engadget reported. The Alphabet unit could also unveil a Nest Mini smart speaker at the event.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng fell 1.23% to 26,790.24, and the Nikkei 225 gained 0.06% to 22,001.32.

In Europe, around midday, the Euronext 100 was up 0.03% to 1,084.79.

On the macro front

The Redbook Index for retail sales, the industrial production report, the housing market index and the Treasury International Capital report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

Featured news

The Daily Dose Europe: Netflix, Canal Plus tie-up; Comcast's Metrological buy; Google penalty in Russia: Vivendi unit Canal Plus agreed to add Netflix content to its TV bundles, U.S. cable giant Comcast acquired Dutch app developer Metrological Group, and Google paid a fine in Russia for allowing access to websites banned in the country.

SoftBank unit's smart home deal; new LG CEO; Foxconn founder's presidential bid: A special purpose acquisition company owned by SoftBank's Fortress Investment will merge with Blackstone Group's smart home technology unit, LG Display named its new CEO and Foxconn founder Terry Gou dropped out of Taiwan's presidential race.

Data Dispatch: Analysts debate AT&T's M&A strategy as shareholder agitates for change: While debt analysts agreed AT&T is in a precarious leverage position, they also said its diversification strategy could yield positive outcomes in an evolving media landscape.

The US Week Ahead: Top antitrust officials to testify as big tech faces pressure: Joseph Simons, chairman of the FTC, and Makan Delrahim, head of the DOJ's antitrust division, will both testify at a Senate Committee on the Judiciary subcommittee hearing amid mounting regulatory scrutiny toward big tech.

M&A Replay: Comcast acquires Dutch app developer; CenturyLink buys Streamroot: CenturyLink acquired video delivery technology provider Streamroot, while Comcast acquired Dutch app developer Metrological Group.

M&A Replay: SoftBank to up stake in Brazil's Banco Inter; Alibaba buys NetEase's Kaola: Softbank agreed to nearly double its stake in Brazilian digital lender Banco Inter, while Alibaba bought NetEase's import online shopping platform Kaola for about US$2 billion.

The Week in OTT: Netflix scores 23 Creative Arts Emmy wins; MoviePass shuts down: Netflix won 23 awards at the 2019 Creative Arts Emmy event and movie ticket subscription service MoviePass shut down Sept. 14.

Featured research

The Best Of: Kagan research and analysis, editor's picks: Presenting the editor's top picks from Kagan's exclusive research and analysis for the week ended Sept. 13.

Economics of Internet: Online video projections could near $30B in next decade: We have updated our online video projections with Disney+ added to the model.

Economics of Internet: State of Japan OTT video: Subscription: The Japanese media market is characterized by high levels of free-to-air television penetration. Local and international over-the-top video services have priced themselves as an affordable supplement to free-to-air content.

Economics of Advertising: Farm publications still essential, have smaller role later in buying lifecycle: The use of print farm publications diminishes later in a farmer's purchasing process, and dwindling advertising and circulation metrics for farm publications continues.

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