Pruebas 2

Consolidation in the world of on-demand food ordering and delivery continues apace. Today, Just Eat Takeaway — the European company that only just got its own $7.8 billion merger approved by regulators in April of this year — officially announced that it has reached an agreement to acquire Grubhub in the U.S. for an enterprise value of $7.3 billion.

The company said the combined operation — which processed 593 million orders in 2019 — will have over 70 million combined active customers globally.

Under the terms of the deal, Grubhub shareholders will be entitled to receive American depositary receipts (“ADRs”) representing 0.6710 Just Eat Takeaway.com ordinary shares in exchange for each Grubhub share, representing an implied value of $75.15 for each Grubhub share (based on the undisturbed closing price of Just Eat Takeaway.com on June 9, 2020 of €98.602), the companies said. This gives Grubhub a total equity consideration (on a fully diluted basis) of $7.3 billion.

Matt Maloney, CEO and founder of Grubhub, will join the Just Eat Takeaway.com management board and will lead the combined group’s businesses across North America. Jitse Groen, CEO and founder of Just Eat Takeaway.com, will lead the combined business globally.

“Matt and I are the two remaining food delivery veterans in the sector, having started our respective businesses at the turn of the century, albeit on two different continents. Both of us have a firm belief that only businesses with high-quality and profitable growth will sustain in our sector. I am excited that we can create the world’s largest food delivery business outside China,” Groen said in a statement. “We look forward to welcoming Matt and his team to our company and working with them in the future.”

“When Grubhub and Seamless were founded, the online takeout industry didn’t exist in the U.S. My vision was to transform the delivery and pick-up ordering experience. Like so many other entrepreneurs, we started modestly – restaurant by restaurant in our Chicago neighbourhood. Today, Grubhub is a leader across North America,” Maloney said in a statement. “I’ve known Jitse since 2007 and his story is much like mine. Combining the companies that started it all will mean that two trailblazing start-ups have become a clear global leader. We share a focus on a hybrid model that places extra value on volume at independent restaurants, driving profitable growth. Supported by Just Eat Takeaway.com, we intend to accelerate our mission to be the fastest, best and most rewarding way to order food from your favourite local restaurants in North America and around the world. We could not be more excited.”

The deal caps off a tumultuous period for Grubhub, which as Maloney noted was also created through a combination with another rival, Seamless. The company has been in play for months and had been in acquisition talks with Uber’s Eats division.

Uber was in talks with Grubhub on and off for about a year, according to a source familiar with the deal. Uber was still negotiating with Grubhub as of Wednesday morning. However, sources told CNBC’s Peter Faber that Uber was preparing to leave the deal over antitrust concerns. Ultimately, discussions broke down over a variety of concerns, including expected regulatory scrutiny, the source told TechCrunch.

Grubhub announced the tie-up with Just Eat shortly after Uber confirmed publicly that it was walking away from the deal.

Uber didn’t comment on specifics of the merger. However, an official statement indicates that Uber still sees consolidation of the food delivery industry as a path to profitability.

“Like ridesharing, the food delivery industry will need consolidation in order to reach its full potential for consumers and restaurants,” an Uber spokesperson said in an emailed statement. “That doesn’t mean we are interested in doing any deal, at any price, with any player.”

Investor reception to the deal was mixed. Grubhub shares rose as much as 9% in after hours trading before settling to about 6.2% above closing price. Just Eat stock fell 10.79%. Meanwhile, Uber shares, which dropped 4.81% to close at $34.83, fell another 1.38% in after hours trading.

Online food delivery has been a tough gig: on one hand, very popular with consumers, but on the other, an extremely commoditised and competitive business, where companies need to spend huge amounts of money to gain and keep customers.

One solution to that cycle has been to take out rivals and get better economies of scale on operations. This has been the route so far with Just Eat Takeaway and Grubhub, which combined say they will be profitable and can now focus on improving margins further.

But for the others in the space, the big question now will have to be: which players will consolidate next? In the US, in addition to Uber Eats, there is also Postmates and Doordash, while the European market has Deliveroo, in addition to a plethora of smaller players in both markets.

Last week, AMC marked its earnings report with a somber note. The movie theater giant warned of losses reaching up to $2.4 billion, courtesy of COVID-19-related closures, adding that “substantial doubt exists about our ability to continue as a going concern for a reasonable period of time.”

AMC isn’t alone. The pandemic has had a devastating impact on theaters that rely on in-person foot traffic for the vast majority of their income. And as they’ve waited to reopen, some theaters have marked the time with mournful marquees and virtual screenings.

Now, as America begins the slow, deliberate process of reopening, movie theaters have outlined their own plans to return to normal. But it seems clear that like so many other industries, the theatrical movie business remains very uncertain.

The process will come in stages and take into account guidance from bodies like the CDC and state and local officials, as the indoor, close-quartered setups are particularly susceptible to potential transmission of the highly contagious novel coronavirus.

It’s clear that theater owners and industry shareholders are eager to start working again, but a much larger and more important question remains: Are Americans ready to return to theaters? After months of hearing about the risks of transmission, coupled with the virus’s harrowing symptoms, the cost-benefit analysis is a difficult one for movie fans who consider the theater experience a simple and essential life pleasure.

Along with the theaters’ own precautions, states will be implementing additional restrictions. In California, Governor Gavin Newsom issued guidelines under which theaters can reopen starting on June 12. Those guidelines include allowing 25% of theater capacity or a maximum of 100 attendees per theater — whichever is lower. Theater owners should:

Reconfigure, close, or otherwise remove seats from use to ensure physical distancing of at least six feet between attendees. This may require seating every other row or blocking off or removing seats in a “checkerboard” style (use each row but make sure no one is directly behind other patrons) so that distances are maintained in all directions. Members of the same household may be seated together but should maintain at least six feet of distance from other households.

Face coverings will be mandatory and theaters are encouraged to use disposable seat covers. Public water fountains will be turned off, doors should be propped open and the flow of traffic needs to be established. It’s not exactly a carefree film-going experience, but precautions should be welcomed.

It’s been nearly three months since AMC closed all of its locations. In July, the country’s largest theater chain plans to reopen “almost all” of its U.S. and U.K. locations, information that marked a rare bit of positive news for the company’s stock, which jumped 14% last Wednesday. AMC CEO Adam Aron said the chain plans to reopen 97-98% of its theaters by the middle of next month, though he added that the company’s plans are “fluid” — a fair assessment, given the ever-changing nature of our knowledge about COVID-19. (For one thing, New York City —  the country’s second-largest movie market — does not yet have a date for reopening theaters.)

Similarly, Cinemark says that it plans to reopen its theaters across the U.S. in four phrases, with the first phase starting on June 19. And the National Association of Theatre Owners — an industry trade organization — put global theater reopening at between 90 and 95%, globally during the same time frame.

The timing isn’t accidental. Christopher Nolan’s upcoming “Tenet” is set for a July 17 release. The Warner Bros. film, with a reported budget of more than $200 million, will serve as something of a trial balloon, to determine whether the benefits outweigh the risks for cautious film fans.

Other studios have begun announcing plans to reenter the market as well, including Sony/TriStar’s Selena Gomez vehicle, “The Broken Hearts Gallery,” which is slated for a July 1 release — an extremely optimistic gamble for the studios. But given Nolan’s blockbuster track record, and his devotion to the theatrical experience, “Tenet” is largely regarded as the true bellwether for the industry, followed by Disney’s delayed release of “Mulan” on July 30.

The pandemic prompted studios to launch theatrical films like Pixar’s “Onward” to VOD and streaming services much more quickly than usual, as well as circumventing theaters entirely for releases like “The Lovebirds” and “Artemis Fowl.” For the most part, studios have treated this as a temporary strategy, but NBCUniversal has been particularly bullish about the VOD success of “Trolls World Tour,” leading to tension with theater owners.

Can a big-budget Hollywood film make a profit if theaters are operating at reduced capacity? Analysts have suggested that it might work, since theaters were rarely at full capacity before the pandemic (particularly on weekdays). And with no other big releases to compete with during their initial weeks of releases, “Tenet” and “Mulan” will be able to run on many more screens than normal.

But that’s assuming moviegoers will come out, while many are wondering whether the pandemic represents the beginning of a new normal for an industry already struggling to cope with shifting consumer desires.

For example, a new study from Performance Research and Full Circle Research Co. points to a population that isn’t exactly rushing to get their butts back into seats. Seventy percent of respondents said they would rather watch a movie at home versus the theater if both options were available now. Compare that to 13% who chose the theater option. Naturally, things will likely shift in one direction over the course of the next month, and year, but such figures are — at least — troubling for theater chains.

Similarly, we conducted an extremely non-scientific Twitter poll, asking readings when they would consider seeing a movie in theaters. Of the 2,445 people who have responded to the still ongoing poll as of press time, 41% said they would wait for a COVID-19 vaccine, 23% plan to wait for next year and 20% and 15.3% chose this summer and fall/winter, respectively. It’s not a precise metric by any measure, but it does speak to a public set to approach such activities with an abundance of caution.

The entire industry will be watching the performance of films like “Tenet” closely. If those early trial balloons fail to fly, it will spell more difficult times ahead for Hollywood.

 

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Over the past few months, COVID-19 has brought much of the fundraising community to a standstill. However, amidst it all India’s hyper0growth telco Reliance Jio Platforms has put its fundraising efforts into full gear.

Over the past three months, Jio has raised over $15.5 billion from a cohort of investors that include prominent financial institutions like KKR and Silver Lake Partners, massive sovereign wealth funds like Saudi Arabia’s Public Investment Fund, and some of the biggest names in tech including Facebook.

The recent deals have cemented Mukesh Ambani’s ambition to make his oil-to-retails giant Reliance Industries (India’s most valuable firm) a top homegrown internet giant.

On Friday, he said he plans to publicly list Reliance Jio Platforms and Reliance Retail, the largest retail chain in the country — also controlled by him — in the next five years.

As Reliance Jio Platforms, which has become the India’s top telecom operator with over 388 million subscribers in less than four years, continues its funding spree, at Extra Crunch we are doubling down on our focus on covering everything Jio from here and out.

As we’ve attempted to get up to speed on the company, we’ve compiled a supplemental list of resources and readings that we believe are particularly helpful for learning the story of Jio, which remains a mysterious firm to many.

El sábado, la United Launch Alliance (ULA) está apuntando a un tiempo de despegue de 8:24 AM EDT (5:24 AM PDT) para uno de sus cohetes Atlas V que transportan el vehículo de prueba orbital X-37B de la Fuerza Espacial de los Estados Unidos, que es un avión espacial alado totalmente autónomo que se parece un poco a una versión reducida del transbordador espacial.

Esta es la sexta misión para el X-37B, aunque es la primera volada bajo la supervisión de la Fuerza Espacial de los Estados Unidos, ya que el avión espacial fue operado previamente por la Fuerza Aérea antes de la formación del nuevo ala de los Estados Unidos. fuerzas armadas.

El X-37B lleva a la lista varias misiones para los EE.UU., aunque sus objetivos específicos están realmente clasificados. El vehículo de prueba sin tornillos pasa largos períodos en la órbita que rodea la Tierra mientras lleva a cabo estas misiones, con su misión más larga hasta la fecha siendo un récord de 780 días para su vuelo que aterrizó el 27 de octubre.

Manténgase atento a las actualizaciones, ya que las condiciones climáticas podrían significar que este lanzamiento se lleva a una fecha de copia de seguridad.

On Saturday, the United Launch Alliance (ULA) is targeting a liftoff time of 8:24 AM EDT (5:24 AM PDT) for one of its Atlas V rockets carrying the U.S. Space Force’s X-37B orbital test vehicle, which is a fully autonomous winged spaceplane that looks a little like a scaled down version of the Space Shuttle .

This is the sixth mission for the X-37B, though it’s the first flown under the U.S. Space Force’s supervision, since the space plane was previously operated by the Air Force before the formation of the new wing of the U.S. armed forces.

The X-37B runs various missions for the U.S., though its specific aims are actually classified. The uncrewed test vehicle spends long periods on orbit circling the Earth while conducting these missions, with its longest mission to date being a record 780 days for its flight that landed on October 27.

Stay tuned for updates, as weather conditions could mean this launch gets pushed to a backup date.