Media Insider: Tasty Driving BuzzFeed Video, Snapchat Seeks $4 Billion in IPO, AT&T in Talks to Buy Time Warner
Welcome to Media Insider, PR Newswire’s round up of journalism, blogging and freelancing stories from the week.
Snapchat Seeks To Raise As Much As $4 Billion In IPO (Bloomberg Technology)
Snapchat, now corporately known as Snap Inc., is moving forward with its intention to go public. For its initial public offering, the company will seek to raise as much as $4 billion, according to Bloomberg Technology. Details are not yet public, but the valuation with such an IPO could range from about $25 to $40 billion. Morgan Stanley and Goldman Sachs Group Inc. will lead the offering for the tech startup, which could be the biggest for a social media company since Twitter Inc. in 2013.
BuzzFeed’s Tasty food videos are dominating the digital world, after being introduced on Facebook just 15 months ago. The brand boasts nearly 1.7 billion video views on Facebook, and accounts for 37 percent of BuzzFeed’s video views, according to Digiday. The short, shareable videos of delectable goodness — composed by a team of 75 people — are having measurable impact. It’s the fastest-growing part of BuzzFeed’s entertainment division. The digital media company plans to grow Tasty by adding a variety of formats, including country-specific editions and videos featuring notable chefs.
Report: AT&T In Talks To Buy Time Warner (CNN Money)
Media and tech companies may soon converge again, with reports of an AT&T takeover of Time Warner surfacing. The acquisition, if approved after regulatory review, would cement AT&T as a dominant media company, according to CNN money. In addition to current big names under the AT&T brand, such as DirecTV and U-Verse, a takeover would grant the telecom company control over household names like CNN and HBO. The purchase would immediately make AT&T a media giant, with ample control over programming and content distribution — something AT&T CEO Randall Stephenson has already made known he wants for AT&T’s future.
Gannett is set to complete a 2% workforce reduction to help manage costs, as the company moves forward with its transition into a national digital media company. According to USA Today, other media companies have had to make similar cuts, due in part to declining sales in print advertising. Gannett’s layoff will affect workers at its headquarters in McLean, Va., and others across the country by the end of this week. Bob Dickey, president and CEO, said that while the decision was difficult, the company remains committed to reinvesting in employees and company growth.
NBCUniversal is a fan of BuzzFeed, to say the least. The media conglomerate is investing around $200 million into BuzzFeed, for the second time around, despite investors becoming more wary about financing digital media companies, reports Recode. Though NBCU execs declined to comment, BuzzFeed rep Carole Robinson commented on the “great relationship” between the two companies and how it is a part of the digital media company’s plan to grow.