The 11th Hour Dispatch — Wednesday, October 10, 2018
BINGE WATCH
Grasping at straws or striking digital gold? Snapchat, in partnership with NBCUniversal, has launched a slate of shortform shows that will be housed under a new Originals section in Discover. Among the series that will be available to Snapchat’s dwindling 188 million users include shows from Keeping Up With The Kardashians producer Bunim/Murray and Friday Night Lights writer Carter Harris. Other shows include “supernatural soap opera” Dead Girls Detective Agency, college sitcom Co-Ed, and what’s sure to be a beautiful hot mess of a docuseries about Danielle “Cash Me Outside” Bregoli called Bringing Up Bhabie. All of the shows are shot vertically from the get-go and will be exclusive to Snapchat.
The app seems to be throwing announcements into the headlines left and right lately. Maybe it’s because it truly has a ton of interesting features on the horizon, but it might just be a last ditch attempt to hide its tanking stock price and internal leadership issues. We and our carpal tunnel ridden-thumbs will find out soon.
YOUNG MONEY
The massive Japanese conglomerate SoftBank is reportedly looking to invest $15-$20 billion in coworking darling WeWork, which would give it a majority stake in the company. SoftBank has already invested $4.4 billion in WeWork through its Vision Fund last August, an investment that gave it a 20% stake. WeWork was founded in 2010 and has raked in the dough since as it has expanded its coworking spaces to 22 countries. It’s currently on track to generate $2 billion in revenue in 2018, but it’s also burning through money like a maniacal influencer with a spare flamethrower.
BIG BUSINESS
Trouble in paradise continues. Tinder’s parent company IAC has filed a motion to dismiss a legal case brought on by Tinder’s own co-founders. The dating app is seeking $2 billion in damages through the lawsuit, which accuses two Wall Street banks of undervaluing Tinder and consequently decreasing the stock options that founders were owed. IAC, however, argues that Sean Rad and eight other co-founders of the dating app are simply acting because Tinder’s valuation has increased since it went public in 2017. In its motion, IAC said, “Plaintiffs now seek to re-litigate the valuation in court to try and reap even more.” This is the petty Silicon Valley legalese I signed up for.
NOTHIN’ BUT ‘NET
It’s official. Millennials have killed American cheese.
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