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Dropbox prices IPO above range; DOJ asks judge to block AT&T/Time Warner deal


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Dropbox prices IPO above range; DOJ asks judge to block AT&T/Time Warner deal

Top news

* Dropbox Inc. priced its initial public offering of 36 million shares of its common stock at $21 per share, above the estimated price range of $18 to $20 per share. The collaboration platform creator said it plans to begin trading on the Nasdaq Global Select Market on March 23 under the symbol DBX.

* Craig Conrath, a lawyer representing the U.S. Department of Justice, asked U.S. District Judge Richard Leon to block AT&T Inc.'s proposed merger with Time Warner Inc., arguing that it would hurt rivals and customers, Reuters reports. "Time Warner would be a weapon for AT&T because AT&T's competitors need Time Warner," Conrath argued during opening statements at the antitrust trial. A lawyer representing the companies, however, shrugged off the concerns and said the DOJ was "fundamentally stuck in the past" with arguments that were "divorced from reality."

TV Networks

* Byron Allen's Entertainment Studios Inc. acquired Weather Group LLC, parent company of The Weather Channel (US) and Local Now streaming service. Allen bought the Weather Group through his company Allen Media LLC. Financial details of the transaction were not disclosed.

* With a snowstorm leading to the cancellation of a glitzy nighttime event for advertisers in New York, Crown Media Family Networks executives and stars instead broadcast their programming messages from Central Park via Facebook Live.


* Facebook Inc. founder and CEO Mark Zuckerberg said he is prepared to testify before the U.S. Congress "if it is the right thing to do," following concerns about the misuse of users' personal data. During an interview with CNN (US), Zuckerberg apologized and acknowledged that he needed to be more visible in responding to the matter. Zuckerberg also outlined steps to address the data breach, including increased transparency about apps with access to user data as well as more limitations on the amount of data that can be accessed by app developers.

* Australia-based BetaShares Global Sustainability Leaders Exchange Traded Fund has dropped Facebook from the index and from the ETF as well. The Responsible Investment Committee of the fund cited the recent data breach and other previously identified issues as reasons, according to a news release. Swedish bank Nordea Bank AB (publ) has also said it will not let its sustainable funds unit buy additional stock in Facebook in light of the privacy concerns.

* CEOs from Apple Inc., Alphabet Inc.'s Google Inc. and International Business Machines Corp. will be attending the China Development Forum, an annual event in China, later this month, Bloomberg News reports. The event, co-chaired by Apple CEO Tim Cook, comes as concerns about a trade war between the U.S. and China have intensified.

* The Internet Association, a trade group that represents global internet companies on matters of public policy, filed a motion to intervene in the consolidated lawsuit against the Federal Communications Commission's ruling on net neutrality. In December 2017, the FCC voted 3-2 to overturn the Open Internet Order of 2015. The order became official in February.

The day ahead

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

In Asia, the Hang Seng decreased 2.45% to 30,309.29, and the Nikkei 225 declined 4.51% to 20,617.86.

In Europe, around midday, the FTSE 100 was down 0.56% to 6,913.57, and the Euronext 100 was down 1.37% to 995.91.

On the macro front

The durable goods orders report, the new home sales report and the Baker-Hughes Rig Count report are due out today.

Featured news

The Daily Dose Europe: Spanish broadcasters to launch joint OTT; Telecom Italia board in shakeup: Spanish broadcasters RTVE, Atresmedia and Mediaset España are planning to launch an over-the-top service, while eight members of Telecom Italia SpA's board are stepping down amid activist investor Elliott Management Corp.'s push for changes at the Italian telco.

The Daily Dose Asia-Pacific: Naspers to sell 2% of stake in Tencent; RCom in talks to sell enterprise biz: Naspers Ltd. plans to sell 2% of its stake in Tencent Holdings Ltd., while Reliance Communications Ltd. entered into negotiations to sell its enterprise communications assets for about US$1.2 billion.

The Program Guide: ABC loses Indianapolis 500 after 54 years; Netflix to stream motor series: Stories about ABC (US) losing the Indianapolis 500, YouTube Red's new drama film and Netflix Inc.'s first global original motor series are included in this edition of The Program Guide.

Hires and Fires: Meredith to cut 1,200 jobs; FremantleMedia CEO to join YouTube: Meredith Corp. has cut about 200 positions, with 1,000 more to be slashed over the next 10 months. FremantleMedia Ltd. CEO Cécile Frot-Coutaz is stepping down to join Google unit YouTube as head of operations in Europe, the Middle East and Africa.

Hires and Fires Europe: FremantleMedia CEO stepping down; Tricolor TV chief quits: S&P Global Market Intelligence presents a biweekly rundown of executive and board changes in the European media and communications industries.

Featured research

Economics of Networks: Cable Program Investor: Table of contents for Issue No. 244, published March 2018.

Economics of TV & Film: Kagan Box Office Report – Week 11: It was another down week at the box office as the week 11 new release films were unable to contend with "Black Panther." Total week 11 box office was down 16.7% from $227.0 million in 2017 to $189.1 million in 2018.

Multichannel Trends: Cable stocks down double-digits since Feb. private market value update: Cable stocks added to their year-to-date losses in March as top MSOs Comcast and Charter Communications Inc. logged high single-/low double-digit declines, weighing heavily on the weighted average share price for a core group of five public operators.

Consumer Insights: 2018 France survey summary report: VOD viewing continues to grow: Viewing of video-on-demand content is on the increase in France, due in large part to a surging subscription VOD market.

Global Multichannel: Global markets update – Poland, Hungary, Dominican Republic, North America: Kagan has published updated Global Multichannel & Broadband analysis for three markets and one regional summary.

Global Multichannel: Japan broadband outlook: fiber to further subscriber and ARPU growth: Japan leads the East Asian region with the highest average blended monthly ARPU of $29.84 in 2017, and ranks as the world's third-largest fixed-broadband market after China and the United States.

The Daily Dose is updated as of 7 a.m. ET. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.