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Renesas to buy IDT for $6.7B in cash; T-Mobile mulls 'wireless-first' TV service


MediaTalk | Season 2
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MediaTalk | Season 2
Ep.1: Broadcast's Big Year


MediaTalk | Season 2: Back in 2024!


Japan M&A By the Numbers: Q4 2023

Renesas to buy IDT for $6.7B in cash; T-Mobile mulls 'wireless-first' TV service

Top News

* Advanced chip services provider Renesas Electronics Corp. has agreed to acquire U.S. peer Integrated Device Technology Inc. for about $6.7 billion in cash, the companies said. Renesas will pay $49 per share in cash for all IDT outstanding shares, a premium of about 29.5% over IDT's common stock as of Aug. 30.

* Altaba Inc. plans to sell its entire 23.9% stake in Yahoo Japan Corp. and raise US$4.34 billion in the process, Bloomberg News reports. The investment company will reportedly offer shares of Yahoo Japan at ¥354 each and increase the deal size to incorporate its entire 1.36 billion shares. Altaba was established after Yahoo Inc. officially changed its name in 2017.

* T-Mobile US Inc. is considering plans to rebrand its Denver-based television company Layer3 TV Inc. as a "wireless-first" television service, Broadcasting & Cable reports. The U.S. carrier is planning to distribute the video service wirelessly to urban and rural areas via 5G technology.

* The U.S. Federal Trade Commission will hold two days of hearings to assess whether its enforcement priorities are up to date on topics ranging from consumer protection policy, antitrust law, data privacy and vertical mergers.


* MDC Partners Inc. unit Allison+Partners has acquired OneChocolate Communications, a PR and digital agency, for an undisclosed sum. Headquartered in London, OneChocolate has offices in Munich and San Francisco as well as its own Europe, Middle East and Africa partner network, embrace, according to a news release.


* Former Lions Gate Entertainment Corp. executive Julie Uhrman has joined Playboy Enterprises Inc. as president of media, The Wall Street Journal reported, citing a company statement. Uhrman will work to help the company increase its presence in streaming television, video games and virtual- and augmented-reality platforms. Uhrman previously was Lions Gate's executive vice president and general manager of the company's streaming TV business.

* CBS Corp. has put $120 million in a grantor trust for a possible severance payment to former Chairman, President and CEO Les Moonves, the company said in an SEC filing. The money, however, will go to the company if an ongoing probe determines that CBS is entitled to terminate Moonves' employment for a "cause under his employment agreement and Mr. Moonves does not demand arbitration with respect to such determination." As part of Moonves' exit, CBS will donate $20 million to one or more organizations supporting the #MeToo movement against sexual harassment and efforts to ensure equality for women in the workplace.

* Viacom Inc.'s BET Networks named Vince Hudson as executive vice president and chief brand officer for BET (US). In this newly created role, Hudson will oversee the BET brand and work to develop and implement brand strategy and campaigns, ensuring consistency across all brand activations, according to a news release. Hudson previously was with multinational beverages company Diageo.


* Comcast Corp. won the invalidation of two more TiVo Corp. patents, leaving TiVo with one patent in its ongoing legal dispute with Comcast, according to a report by Multichannel News. The U.S. Patent Trial and Appeal Board invalidated TiVo patents for "Updating Functionality of a Set-top Box Using Markup Language" and a patent for "Interactive Program Guide Systems and Processes." Comcast, meanwhile, has filed for a summary judgment of noninfringement against that final patent in a lawsuit filed in New York Southern District federal court.

* New research is raising fresh questions about the difference between reasonable and unreasonable network management practices. But some industry observers believe that such a debate may be too nuanced to matter in a post-net neutrality world.

* Rebecca Messina has joined Uber Technologies Inc. as chief marketing officer, reports. In this newly created role, Messina will work with its international marketing teams on the company's branding and marketing strategies.

* Twitter Inc. tapped Sarah Personette as its new head of global Twitter Client Solutions, according to a report by Personette previously served as COO at Refinery29.

* Alphabet Inc. unit Google LLC named Andrew Moore as head of Google Cloud AI, according to an official blog post. Moore will assume the position at the end of 2018, while Fei-Fei Li will return to her professorship at Stanford and will transition to being an AI/ML Advisor for Google Cloud.

* Facebook Inc.'s Instagram unit is testing a video tagging feature for users, reports, citing a company confirmation. If launched, the feature will let users tag friends in video posts and photos.

The day ahead

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

In Asia, Hang Seng dropped 0.72% to 26,422.55, while the Nikkei 225 rose 1.30% to 22,664.69.

In Europe, around midday, the FTSE 100 fell 0.63% to 7,233.61, and the Euronext 100 shed 0.27% to 1,030.63.

On the macro front

The Redbook Index for retail sales and the U.S. Labor Department's Job Openings and Labor Turnover Survey are due out today. The National Federation of Independent Business' index of small business optimism increased to 108.8 in August from 107.9 in July.

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 Asia-Pacific: Altaba to sell entire Yahoo Japan stake; Google to comply with Indian data norms: Altaba will sell its entire stake in Yahoo Japan at ¥354 a share, while Google said it will comply with the Reserve Bank of India's directive to store data locally.

The Daily Dose Europe: Deutsche Telekom unit to cut 5,600 jobs; Sky Italia executive to join Fremantle: T-Systems International GmbH targets to lay off about 5,600 jobs, while a Sky Italia SRL executive will transfer to FremantleMedia Ltd. as its COO.

M&A Replay: Getty family to resume control of Getty Images; Nielsen buys SuperData Research: The Getty family will resume full control of its namesake visual content company Getty Images Inc. after acquiring a majority stake held by private equity firm Carlyle Group LP. Nielsen Holdings PLC completed its acquisition of SuperData Research Holdings Inc.

The week in OTT: Apple wins Emmy for 'Carpool Karaoke;' Netflix adds new content: Apple Inc. won an award for Apple Music's "Carpool Karaoke" at the Creative Arts Emmy Awards, while Netflix Inc. continued to add new content to its lineup.

M&A Replay: European deals: EU clears Apple-Shazam deal; Hutchison completes Wind Tre buyout: The European Commission has approved Apple's proposed acquisition of British music recognition app Shazam Entertainment Corp., while CK Hutchison Holdings Ltd. has completed the purchase of VEON's 50% stake in Italian mobile operator Wind Tre SpA.

The Week Ahead Europe: European Parliament to vote on contentious copyright laws: The European Parliament will vote Sept. 12 on plans for an overhaul of copyright laws affecting the entire European Union, known as the Directive on Copyright in the Digital Single Market, amid fierce opposition from the tech industry.

Q&A: Iflix content chief does not believe in Netflix's pan-regional approach in Asia: In an increasingly crowded OTT space in Asia, regional player @5289488 is betting big on hyperlocal, original content, the company's global director of original programming, Mark Francis, told S&P Global Market Intelligence.

Featured research

Economics of Advertising: Can comScore break Nielsen's near-monopoly on ratings?: The new management team at comScore has deep connections in the ad industry that will be critical to beefing up its cross-measurement ratings system. However, it will be difficult to displace Nielsen Media Research's near-monopoly on ratings.

Economics of Networks: Premium network subscribers rise in Q2 thanks to OTT: Over-the-top net adds more than made up for multichannel video losses of premium networks in the second quarter.

Multichannel Trends: Telco segment's revenue spiral follows subscribers in long-term forecast: The telco video space is positioned to lose two-thirds of its annual revenue by 2028 as consumers cut the cord and the top telcos recalibrate their entertainment ambitions.

Global Multichannel: IPTV boosts Asia-Pacific multichannel growth while cable loses subscribers: An overview of the Asia-Pacific multichannel sector.

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. 7.

Global Multichannel: Mexico residential broadband speed forecast: Higher speeds gaining revenue share: Mexico's $2.94 billion residential broadband market is dominated by plans offering speeds between 10 Mbps and 100 Mbps. Higher speed plans are poised to gain revenue share in the near term.

Economics of Advertising: Europe's top commercial TV networks: Decline in viewing causes CPM inflation: A lack of major international televised sports events and the continued decline in viewing were key contributors to rising CPMs on the flagship channels of Europe's major commercial TV networks in 2017.

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