US Congress says no to Amazon & Facebook
Plus, ViacomCBS to launch Paramount+ in Europe & Penn National to buy Score
Hello there,
Congress has told Amazon (AMZN) and Facebook (FB) to give up trying to remove FTC Chair, Lina Khan, from the company’s antitrust cases.
Why this matters: If you don’t know, Amazon and Facebook have been dealing with a lot of antitrust issues and the Federal Trade Commission Chair, Lina Khan, is not a fan of the companies and their practices. Both companies filed petitions to remove her from their cases but Congress has shot back at them, saying that their efforts look like they are trying to bully the regulators and avoid accountability. Amazon and Facebook haven’t said a word but it would be interesting to see how they respond to this. (Barron's)
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ViacomCBS to launch Paramount+ in Europe
ViacomCBS (VIAC) has struck a deal to launch their Paramount+ streaming service with Comcast's Sky.
Why this matters: Traditional cable companies with streaming services have to really square up to compete with streaming giants Netflix (NFLX) and Disney+ (DIS). ViacomCBS’s move to launch their streaming service in Europe is welcome news - more markets equal more eyeballs and more subscribers. The company is looking to expand Paramount+ into 45 markets by the end of 2022 with Europe being their first stop. (Yahoo Finance)
Penn National to buy Score
Penn National (PENN), one of the biggest operators of casinos and racetracks in the US, has agreed to buy Score Media & Gaming for $1.74 billion.
Why this matters: This deal allows Penn to move into the Canadian betting market as Score’s app, theScore, is the top sports app in Canada and No. 3 in North America. The companies have had a strategic partnership since 2019 so this deal looks like a step in the right direction. Score Media started out with a cable channel but CEO John Levy decided to bet the future on digital: first with a sports website and app then moving and flourishing in sports betting. (Yahoo Finance)
That’s it from us
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