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- Wiz Rejects Massive Deal
Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Wiz says no deal
👉Comcast earnings are in
👉Senators attack merger
Wiz: No Deal
Wiz has walked away from a $23 billion acquisition deal with Google, pursuing an IPO and targeting $1 billion in annual recurring revenue. This deal would have nearly doubled Wiz's $12 billion valuation. Founded in 2020, Wiz rapidly grew, reaching $100 million in annual recurring revenue in 18 months and $350 million last year.
Source: Bloomberg
Wiz’s cloud security products have attracted large firms and would have helped Google compete with Microsoft. Alphabet’s cloud segment, led by CEO Thomas Kurian, faces intense competition from Microsoft and Amazon.
🎯GRIT TAKE: Wiz's decision to walk away … upgrade to VIP now to read the full GRIT Take!
EARNINGS: Comcast
Comcast reported mixed results on Tuesday, with revenue missing estimates due to tough comparisons for its film studio and theme parks. However, Peacock, the company's streaming service, showed growth. Comcast’s stock fell nearly 3% in premarket trading. Net income dropped 7.5% to $3.93 billion, or $1 per share. Adjusted EBITDA fell 1% to $10.17 billion.
Source: CNBC
Revenue decreased nearly 3% to $29.69 billion. The content and experiences segment, including NBCUniversal TV, theme parks, and Universal Pictures, saw a 7.5% drop. Despite customer losses in key units, they were not as severe as expected. Peacock's paid subscribers increased 38% to 33 million, boosting revenue by 28% to $1 billion. Losses for Peacock improved significantly to $348 million from $651 million last year.
SENATORS: Attack Merger
A group of Democratic senators is raising concerns over T-Mobile’s $4.4 billion proposal to acquire most of US Cellular. They are urging the Justice Department and the FCC to scrutinize the deal, which would boost T-Mobile's rural coverage and add four million customers.
Source: NBC
Senators Elizabeth Warren, Amy Klobuchar, Chris Murphy, Bernie Sanders, Cory Booker, and Richard Blumenthal argue it will increase costs and limit choices for consumers. U.S. Cellular will keep 70% of its spectrum and towers, leasing some to T-Mobile. The senators also suggest undoing T-Mobile’s merger with Sprint, claiming it reduced competition and raised prices.
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