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| Hey Insiders, There's a ton happening on Wednesday, including DoorDash's new payment option for drivers, Steven Spielberg's production company some of its music rights, and TikTok footing the bill for creators suing the state of Montana. Plus, we look at Manchester United's earnings and how it relates to the current sale situation of the club. Christopher
p/chris951156 | |
| 1 | | DoorDash, the food delivery service, is shifting its business model to give drivers a choice on how they wish to be compensated. The company will now allow drivers to be paid hourly rather than strictly making money on the number of deliveries they make. More: - This could incentivize drivers to pick up smaller orders that they might have previously avoided for the small amount of earnings.
- The shift in compensation could answer concerns that drivers aren't paid fairly.
- Previously, the payment was a small amount of base pay plus compensation for miles driven.
- The hourly rate will only apply to active time, the time between picking up and dropping off the food. It will not include the time when drivers are waiting for their next order.
- Drivers will be able to toggle between the two payment methods, and tips will be applied on top of the hourly base pay.
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What the numbers say: Manchester United saw a jump in key financials in Q3 2023. It saw a 94.6% jump in Adjusted EBITDA over the past three months. Total revenue rose 11.3% from quarter to quarter. It lowered its operating loss by 78.4%. Matchday revenue saw a large boost, growing 39.8% as the Premier League season came to a close. Relevance: Manchester United PLC posted its Q3 2023 earnings yesterday and raised its projections for total revenue for the year, all while the owners are in the midst of seeking buyers to sell the club to. The club previously projected earnings between £590M to £610M but raised expectations to £630 million and £640 for the fiscal year 2023. Man U saw growth in the past quarter in commercial revenue as well while taking the biggest hit on broadcasting revenue. The Glazer family, the current owners, may not want to give up full ownership of the franchise after the positive outlook. The Premier League football team has received full ownership bids by U.K. billionaire Jim Ratcliffe and Sheikh Jassim Al Thani following a protracted bidding process that began in November. Comparing for nine months: The financials stand up compared to nine months ago. Commercial revenue is up 21.1%. Operating loss is 57% less over the past nine months. Broadcasting revenue is still hitting the club hardest, with a 20.3% loss over that timespan. | | | |
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| 3 | | General Mills, the cereal and breakfast food maker, posted underwhelming sales numbers in its most recent earnings announcement, citing the trimming of inventory at retailers. The company announced Wednesday that its top line rose 3% in the quarter. More: - The rise in top line is due to higher prices that food makers use to pass through higher costs to consumers.
- Volume fell 6%, as the biggest dropoffs were seen in North America and international retail markets.
- Inventory reduction in North America hurt sales performance for the quarter.
- Total sales for Q4 2023 came in at $5.03B, missing the Wall Street projections of $5.18B.
- The company says that it expects to see annual sales grow 3% - 4% in the next year, as it will adjust marketing and pricing.
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| 4 | | Looking to outbid DraftKings' latest offer, Fanatics upped its bid to purchase sports betting platform PointsBet's U.S. business by 50%. The sports apparel and betting company raised its offer to $225M, topping DraftKings' most recent bid of $195M. More: - PointsBet shareholders will vote on the new offer on Thursday night.
- "The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty," PointsBet Chairman Brett Paton said in a statement.
- PointsBet gave DraftKings until 6 p.m. Melbourne time on Tuesday to make a binding offer, and the company did not.
- If the deal is approved by PointsBet shareholders, it will give Fanatics much-needed real estate in the 15 states it operates sports gambling, as PointsBet is the seventh largest sports betting platform in the U.S.
- Fanatics CEO Michael Rubin said that he didn't see DraftKings' offer as a real threat, saying it was "a move to delay our ability to enter the market."
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| 5 | | Amblin Partners, Steven Spielberg's production company, has announced the sale of a 50% stake in its music publishing and master rights catalog to Multimedia Music. Multimedia Music specializes in acquiring the rights featured in movie and TV production. More: - The eight-figure deal gives Multimedia Music partial ownership of songs from films such as 1917, Green Book, Bridge of Spies, The Post, and more.
- It does not include music from some of Spielberg's early hit films, such as Jaws and E.T., which predate Amblin Partners.
- Multimedia Music partners James Gibb and Phil Hope said the company would help Amblin monetize its music rights and identify ways to increase its value.
- The company will also look to find ways to place the music in TV shows, films, and commercials.
- Songs by some of the most well-known composers, including Danny Elfman, John Williams, and Thomas Newman, were among the ones acquired.
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| 6 | | TikTok is footing the lawsuit bill for creators that are suing the state of Montana after it banned the social media app last month. Five social media creators sued the state for violating their First Amendment rights and overstepping their governmental reach. More: - The company had skirted the issue for weeks, but on Tuesday, Jodi Seth, a spokeswoman for TikTok, acknowledged the company was paying for the lawsuit.
- "Many creators have expressed major concerns both privately and publicly about the potential impact of the Montana law on their livelihoods," Seth said. "We support our creators in fighting for their constitutional rights."
- The creators have made it clear that the company is not paying them directly.
- The company is relying on the group of Montana residents to show how a ban can harm users rather than protect them.
Zoom Out: - Gov. Greg Gianforte (R) signed the bill last month, citing that TikTok's parent company, ByteDance, could use private user data to give the Chinese government information.
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| 7 | | Quick Hits: - Kubernetes doesn't need to be complex. Join us for a conversation about how to increase developer productivity & reduce your pull request time by 75%.*
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 | Freelance Editor | | Christopher Hachey is a freelance writer and editor based in the New York City area. He has spent most of the past 15 years in newsrooms covering all kinds of topics like sports, tech, business, finance, and commerce. He's now returning to his broadcast journalism roots by diving into podcasting news. Reach out to him at chris@inside.com | | This newsletter was edited by Aaron Crutchfield | |
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