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Disney offers concessions to EU in Fox deal; Hurricane damages Verizon network

Top News

Walt Disney Co. has proposed antitrust concessions to the European Commission as part of its efforts to win approval for its $71.3 billion deal to buy 21st Century Fox Inc. entertainment assets, Variety reports. The European regulator has extended its deadline for reviewing the merger to Nov. 11 from Oct. 19. Details about the concessions offered were not disclosed, according to the report.

* Verizon Communications Inc.'s network suffered an "unprecedented amount of fiber damage" due to Hurricane Michael, resulting in severe outages in areas of the Florida Panhandle, The Wall Street Journal reports, citing company spokeswoman Karen Schulz. "As soon as we get fiber repaired there's another cut in it," Schulz said. "It's certainly taking longer than we would want it to."

* Sharp declines in big tech stocks weighed on the broader technology, media and telecommunications sector for the week ended Oct. 12, which marked one of the most volatile trading weeks of the year to date. U.S. stocks plunged to record lows as trade war fears and concerns about global growth fueled a general market rout.


* Alphabet Inc. unit Google LLC told U.S. lawmakers it is "thoughtfully considering a variety of options" on how to offer services in China, The Intercept reports, citing a letter from Google CEO Sundar Pichai to six U.S. senators. Two of the addressed lawmakers — Sens. Mark Warner, D-Va., and Marco Rubio, R-Fla. — had earlier requested information from Pichai about a censored search engine the company is reportedly developing for China.

* Facebook Inc. revealed that "access tokens" of about 30 million users were stolen in a data breach in September, fewer than the social media giant's initial estimate of 50 million. Of the roughly 30 million users, 14 million were the most affected, according to an official blog post. They had their usernames and contact details accessed, along with data such as their gender, religion and relationship status, as well as the last 10 places they checked into and 15 most recent searches.

* Facebook expanded its gaming hub to mobile and just launched on Android in a beta test, TechCrunch reports. Through the app, viewers can find gaming content, connect with creators, join communities and play instant games.

Film & TV

* Lions Gate Entertainment Corp. struck a deal to sell Netflix Inc. comedy "BoJack Horseman" to international channels, Variety reports. The company's distribution division will sell the show's first three seasons dubbed into 11 languages.

* Lions Gate Television Inc. and BBC Studios Los Angeles will jointly create original programming and scripted formats for the U.S. market, according to a news release. The BBC Studios production unit in Los Angeles is known for scripted shows such as "Getting On" and "The Night Of," as well as unscripted series such as "Dancing with the Stars" and "Life Below Zero."

* Sony Corp.'s "Venom" continued to lead the domestic box office with $35.7 million for the Oct. 14 weekend box office, followed by Warner Bros.' "A Star Is Born" at No. 2 with $28 million and Universal's "First Man" at the third spot with $16.5 million, according to comScore Inc. Sony's "Goosebumps 2: Haunted Halloween" was No. 4 with $16.2 million, while Warner Bros.' "Smallfoot" took the fifth spot with $9.3 million.


* "Marvel's Iron Fist" will not return for a third season on Netflix, Variety reports, citing a joint statement from the streaming giant and Marvel Television. The second season of the series premiered on Netflix in September.

* Netflix acquired global rights to Hebrew-language series "When Heroes Fly" from Keshet International Ltd., reports. All 10 episodes of the drama series will become available with subtitles to Netflix subscribers around the world in early 2019.

The day ahead

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

In Asia, the Hang Seng dropped 1.38% to 25,445.06, while the Nikkei 225 fell 1.87% to 22,271.30. In Europe, around midday, the FTSE 100 shed 0.06% to 6,991.79, and the Euronext 100 dropped 0.38% to 985.06.

On the macro front

The retail sales report, the Empire State Manufacturing Survey and the business inventories 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: Google, others could face UK ads probe; CK Hutchison weighs Italy towers sale: Tech companies such as Google and Facebook could face an investigation from U.K. regulators over digital advertising, while Hong Kong-based conglomerate CK Hutchison Holdings Ltd. is considering a potential sale of its mobile phone towers portfolio in Italy.

The Daily Dose Asia-Pacific: India hikes taxes on electronic devices; CK Hutchison mulls sale of Italy towers: India on Oct. 12 increased import tariffs on several electronic and communication devices, while Hong Kong-based CK Hutchison Holdings is considering options for its mobile phone towers in Italy.

Data Dispatch: 'Venom' to lose a little sting as 'First Man' lifts off: Debut film "First Man" is tracking to offer some box office challenge to the Oct. 12 weekend's two strongest sophomore holdovers, "Venom" and "A Star is Born," but the returning films are favored to retain top billing.

The Best Of: Media & Comm, most read: Lions Gate prime M&A target; Telcos in 5G auction: Stories about content demand making Lions Gate prime M&A target and cable giants sitting out of 5G high-band spectrum auction are included in the most read stories for the week ended Oct. 12.

The Best Of: Media & Comm, editor's picks: NFL stems ratings decline; 'First Man' lifts off: Stories about the National Football League stemming the audience erosion of the past two seasons and debut flick "First Man" set for a successful launch are among the editor's top five story picks for the week ended Oct. 12.

Featured research

Wireless Investor: Sweden mobile projections, 2018-2028: Sweden spectrum-sharing arrangements is helping to lay the foundation for 5G expansion in 2019.

Consumer Insights: How Americans get their news: Only one-third watch TV cable news: This is the first article in an eight-part series focused on News in America. This installment highlights how Americans get their news.

Global Multichannel: Dominican Republic broadband revenue up in 2017 despite slowdown in ARPU: Kagan estimates that at the end of 2017, the Dominican Republic reached 707,175 broadband households, or a 23.5% penetration rate, generating an average revenue per user of $24.14 per month.

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