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Time Inc. nears sale; Apple wins patent ruling in China

Top News

* Time Inc. is close to a sale that could value the media company at more than $20 per share, or about $2 billion, Bloomberg News reports, citing people familiar with the matter. Among those interested in the company are a group that includes Pamplona Capital Management, Meredith Corp., and at least two other parties, according to the report.

* Beijing Intellectual Property Court overturned a ruling that held that Apple Inc. infringed on the patents of Shenzhen Baili Marketing Services Co., The Wall Street Journal reports. The initial ruling resulted in a sales ban of Apple's iPhone 6 and iPhone 6 Plus in China which was immediately lifted pending Apple's appeal.

Internet & OTT

* Netflix Inc. agreed to fund four more feature length films starring Adam Sandler. The comedian's Happy Madison Productions will produce each film, which will premiere exclusively on Netflix, the company said.

* Google Inc.'s YouTube continued to lose advertisers as more companies pulled ads from the video sharing website, The Hollywood Reporter reports. PepsiCo, Wal-Mart Stores and Starbucks confirmed that they have stopped running ads on YouTube after the Alphabet Inc. unit's automated programs placed their brands on five videos containing racist content.

* Google is working to launch an app that will let a small group of users edit images together, TechCrunch.com reports. While Google confirmed that it was testing such an app, sources familiar with the details said the company had considered unveiling it at its I/O event in May, though a specific launch date has yet to be set.

TV Networks

* AT&T Inc. is offering DIRECTV customers live MLB Network (US) Showcase games in 4K Ultra HD. Starting with a game on April 4, DIRECTV subscribers with the CHOICE package or higher and compatible 4K UHD equipment will be able to watch up to 25 MLB games on DIRECTV channel 106, the company said.

Film & TV Programming

* Walt Disney Co.'s "Beauty and the Beast" continued to dominate the domestic box office with $88.3 million for the March 26 weekend, followed by Lions Gate Entertainment Corp.'s "Power Rangers" at No. 2 with $40.5 million, and Warner Bros.' "Kong: Skull Island" at the third spot with $14.4 million, according to comScore Inc. Sony Corp.'s "Life" took the fourth spot with $12.6 million, while 20th Century Fox's "Logan" was No. 5 with $10.1 million.

Technology

* As expected, Apple opened new stores in Miami; Cologne, Germany; and Nanjing, China, the company said. The new store in Miami is the company's fifth store in the city.

The day ahead

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

In Asia, the Hang Seng slid 0.68% to 24,193.70, while the Nikkei 225 fell 1.44% to 18,985.59.

In Europe, around midday, the FTSE 100 was down 0.65% at 7,289.48 and the Euronext 100 0.20% lower at 967.06.

On the macro front

The Dallas Fed manufacturing survey is due out today.

Featured news

MarketWeek: Google parent dips amid advertisers' boycott; Snap rebounds: As Google apologized to a growing number of advertisers concerned their ads were appearing next to extremist content, shares of parent Alphabet dipped during the week that ended March 24.

Data Dispatch: Small cap new media companies undervalued, analysis finds: Small cap new media companies represent some of the most undervalued stocks in the sector, according to an analysis of S&P Capital IQ consensus estimates.

Data Dispatch: Broadcast stocks among most undervalued in media, analysis finds: Several TV and radio broadcasting stocks are among the most undervalued in the media and entertainment sector, according to an analysis of S&P Capital IQ consensus estimates.

Data Dispatch: Sprint most overvalued stock among communications peers, analysis finds: Sprint Corp. ranked as the most overvalued communications stock in a recent analysis, while its peers in the wireless space were closer to fairly valued, according to S&P Capital IQ consensus estimates data.

CAPITAL Letters: Media, communications stocks outperforming post-election Trump rally: All three of SNL Kagan's broad media and communications sectors have outperformed the S&P 500 in the post-election Trump rally, but it has been a mixed showing for large market caps.

Best of SNL: Media & Comm, editor's picks: Take a look at the media and communications editor's top five picks for the week ended March 24.

Best of SNL: Media & Comm, most read: S&P Global Market Intelligence presents the five most read media and communications articles for the week ended March 24.

Washington Watch: Pai pressed to address Trump's fake news claims against TV, print media: Members of the press and members of Congress have both asked FCC Commissioner Ajit Pai to pick a side in the battle between President Donald Trump and certain media outlets.

Startup Spotlight: A new twist on the in-home theatrical release proposition: Startup XCINEX believes its product can solve many of the problems that have kept a digital streaming product out of the theatrical release window.

The Daily Dose Europe: UK govt wants access to WhatsApp; Ofcom slaps £42M fine on BT: U.K. Home Secretary Amber Rudd calls for intelligence agencies to have access to chat apps, including WhatsApp, while British Telecom will face £42.3 million in fines over breach of contract.

Featured research

Economics of Internet: YouTube MCNs see strong mobile viewing in Q4 2016: YouTube multi-channel networks such as BroadbandTV, Fullscreen and Maker Studios have amassed large audiences of young, engaged viewers who increasingly turn to their phones when it comes to viewing video content.

The Daily Dose is updated as of 7 a.m. ET. Some external links may require a subscription.