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Wake up to the shifts shaping the future.
From boardroom shakeups and billion-dollar bets to the latest tech breakthroughs rewriting the rules, The Company Brief is your front-row seat to the stories moving markets and mindsets.
We cut through the noise so you can stay ahead of the curve, one bold business move at a time.
Cryptocurrencies whipped by flight from risk
Cryptocurrencies were caught in a broad flight from risk assets on Friday, sending bitcoin and ether to multi-month lows as worries persisted about lofty tech valuations and bets on near-term Federal Reserve policy easing faded. Bitcoin, the world's largest cryptocurrency, fell 2.1%, breaking below $86,000 to hit a seven-month trough of $85,350.75 in Asian trading. Ether also slid more than 2% to its lowest in four months at $2,777.39. Both tokens were staring at weekly losses of roughly 8%. Cryptocurrencies are often used by investors as a barometer of risk appetite, and the sharp slide shows how fragile the mood in the market has turned in recent days, with high-flying artificial intelligence stocks tumbling and volatility spiking. Prices of Hong Kong-listed spot bitcoin ETFs launched by China AMC (3042.HK), Harvest (3439.HK), and Bosera (3008.HK), fell close to 7% each on Friday.
Paramount, Comcast and Netflix submit bids for Warner Bros Discovery
Warner Bros Discovery has received preliminary buyout bids from rivals Paramount Skydance, Comcast, and Netflix, a source familiar with the matter said on Thursday, kicking off a potential sale of the century-old Hollywood studio. The bids set the stage for a significant consolidation in the media industry and will determine the future of prized assets like HBO, the Warner Bros film library and the DC Comics universe. Paramount is expected to bid for all of Warner Bros Discovery, including its cable television networks. Paramount's bid is backed by the studio's controlling shareholder, billionaire Oracle co-founder Larry Ellison, who is among the world's richest men. The potential combination would enhance Paramount's presence in movie theatres, giving it a 32% share of the North American theatrical market, according to Comscore, and strengthen its streaming service by combining HBO Max with Paramount+.
Australia adds Amazon's Twitch to teen social media ban
Australia's internet watchdog on Friday said it would include Amazon. com-owned live streaming service Twitch in its upcoming teen social media ban, but will not add image-sharing platform Pinterest to the list. From December 10, Australia will become the world's first country to bar people aged 16 years and under from using social media, with penalties up to A$49.5 million ($32 million) for companies that fail to take "reasonable steps" to comply. The eSafety Commissioner said Twitch qualifies as a social media service because it is primarily used for livestreaming and posting interactive content that allows users - including children - to communicate with others.