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Google acquires video platform; IRS sues Facebook over Ireland asset transfer

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Google acquires video platform; IRS sues Facebook over Ireland asset transfer

TOP NEWS

*Alphabet Inc.'sGoogle Inc. acquiredvideo streaming and monetization platform Anvato, which will join the internet giant'scloud division for an undisclosed amount. The Google Cloud Platform and Anvatoteams will collaborate on cloud solutions that help businesses in the media andentertainment industry scale their video infrastructure efforts and deliverhigh-quality, live video and on-demand content to consumers on a range ofconnected devices, according to a poston the Google Cloud Platform blog.

*The U.S. Internal Revenue Service filed a suit against social media giant to compel the company toproduce documents for a federal investigation into the company's federal incometax liability. The suit, filed July 6 in San Francisco, centers around thecompany's transferal of rights associated with its worldwide business toFacebook Ireland Holdings Ltd. during the tax period ending Dec. 31, 2010.

Multichannel

* has "greatassets" and is "substantially undervalued" due to the boardroomturmoil plaguing the company, billionaire John Malone reportedly said at aconference for media and technology executives. Malone, who is known forhelping to engineer deals in the space, is thought by analysts to be interestedin Viacom and possibly AMCNetworks Inc. and Scripps Networks Interactive Inc., Bloomberg News reports.

*Meanwhile, Mario Gabelli, Viacom's second-largest holder of voting shares, toldReuters that he believes CEO Philippe Dauman cannot win his with the Redstone family forcontrol of the company. "He has to leave," Gabelli reportedly said ofDauman in an interview. "It's a matter of when, not if."

*Tennis Channel(US)'s legal fight against Comcast Corp. was dealt a blow after an appeals courtupheld a previous ruling that the Tennis Channel had failed to prove it hadbeen treated unfairly and unlawfully by Comcast. A July 5 from the U.S. Court of Appealsfor the D.C. Circuit further explained that Tennis Channel failed to show theFCC "acted arbitrarily and capriciously" when it denied TennisChannel's petition for further proceedings.

*Patrick Dolan, the son of Cablevision Systems Corp. founder Charles Dolan, hasentered into an agreement to purchase a majority stake in Newsday Media Groupfrom Altice NV for anundisclosed amount, according to a news release. Under the deal, an entity led by PatrickDolan has bought 75% of Newsday Media, which includes the flagship Newsdaypaper, with Altice retaining a 25% interest in the company.

Internet & OTT

* EUmember states approved the transatlantic data pact known as the ,following revisionsdemanded by the EU. The European Commission said in a that the new agreement is"fundamentally different" from the scrapped accord, due to stricterobligations to companies handling data, among other provisions. The U.S. government alsosubmitted a written guarantee that it will not engage in indiscriminate masssurveillance of European citizens' data, and that U.S. agencies accessing suchdata will be subject to clear limitations, safeguards and oversight.

*Philippines-based Globe Telecom struck a partnership with Netflix, allowing theoperator to offer the streaming service on its mobile and broadband platforms,according to a newsrelease. Globe subscribers with a Netflix account will be able tocharge the monthly subscription to their mobile or broadband accounts.

*Scripps Networks' HGTV(US) and FoodNetwork (US) launched new "watch and shop" apps forAmazon.com Inc.'sFire TV and Fire TV Stick, according to a news release. The new apps, which are free to downloadthrough August, will let subscribers watch original home and food lifestylevideos, browse products related to topics highlighted in the shows, selecttheir shipping preference and purchase the products they want, all throughtheir Fire TV remotes.

The day ahead

Earlymorning futures indicators pointed to a higher opening for the U.S. market.

InAsia, the Hang Seng was down 0.69% to 20,564.17, and the Nikkei 225 fell 1.11%to 15,106.98.

InEurope as of midday, the FTSE 100 had fallen 0.06% to 6,529.69, and theEuronext 100 was up 0.42% to 829.07.

On the macro front

Theemployment situation report, the consumer credit report and the Treasury STRIPSreport are due out today.

Featured news

: Philippines-basedGlobe Telecom formed a partnership with Netflix to offer the streaming serviceto its customers, while Singtel launched the OTT video portal app Cast over its4G network in Singapore.

: "TheSecret Life of Pets" is expected to unseat "Finding Dory" as thetop earner of the July 8 weekend, riding the momentum that has led animatedanimals to the top of the box office several times in 2016.

: S&P Global Market Intelligencepresents a weekly rundown of executive changes in the media and communicationsindustries.

: Alphabet acquiredMoodstocks, a Paris-based machine-learning company that develops imagerecognition technology, while Vivendi SA and Orange are in discussions over a possibleshare swap.

Featured research

: Gigabitbroadband technologies, new services like VR they will enable, and challengestheir launch poses for cable operators were among the most discussed topicsduring the June 28-30 gathering in Warsaw, Poland.

: DTV is a joint venture between Japanese telco NTT Docomoand Japanese media company Avex Group offering video through subscriptions andrentals.

: On July 7, Sky became the first telecom operator inthe U.K. to bundle fixed telephony, broadband and over-the-top video withoutrequiring consumers to commit to a fixed-term contract.

: While 5G is not expected to launchcommercially until 2020, a look back at LTE build outs illustrates how quicklythe big four carriers can upgrade a nationwide network.

: The use of ad-blockingsoftware has quickly moved from the tech fringes to mainstream users, driven inno small part by the desire to avoid video ads at popular over-the-top videodestinations and social platforms.