CNN+, the streaming service launched by the Cable News Network just three weeks ago, will shut down on April 30. The shutdown comes after reports that the high-profile project had reached just 10,000 daily users. It didn’t help that WarnerMedia is merging with Discovery for the explicit purpose of consolidating their streaming services into one cohesive whole.
The service, which reportedly cost about $100 million to launch, will only have survived for 32 days, stealing Quibi’s title for its most infamous and quick shutdown. CNN said employees at risk will receive 90 days of pay and benefits and opportunities to work elsewhere within the Warner Bros. Moving Discovery Empire.
On the one hand, it always seemed like a chore to ask people to pay Netflix prices for even premium cable news. With the exception of top brands like NYT and WSJ, or the mega-billionaire-backed Washington Post, paid journalism has been completely undermined. On the other hand, it’s a shame to see something bold and potentially paradigm-shifting “do a Quibi” so soon.
— Dan Cooper
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Amazon will share its logistical power with others, at a price.
Amazon has launched Buy with Prime, a service that allows rival online retailers to take advantage of Prime’s fast shipping. It means any ecommerce platform can add a Prime button to its page and make items available for delivery within the next or two days. The program starts with sellers who already use Amazon’s fulfillment service, before rolling out to sellers who are not on Amazon at all. This is another neat way for Amazon to fold its competitors under its own umbrella, but since the SEC is investigating how Amazon uses the data it collects on third-party sellers, one that deserves extra scrutiny.
The Boring Company also received new funding.
The boring company
What has Elon been up to in the past 24 hours, you ask?
Well, in a new SEC filing, the billionaire has said he has received support to make his hostile bid on Twitter. That includes $13 billion in debt financing from lenders like Morgan Stanley and another $12.5 billion in loans leveraged against Musk’s Tesla stock. It’s thought that the rest of the money will come from Musk himself, although we’re not willing to bet that even someone as passionate about posting as the old Elon would spend over $21 billion to do so.
The Boring Company, meanwhile, has raised new financing in the amount of $675 million, valuing the company at $5.7 billion. That money will go toward hiring more engineers to build more of the company’s signature taxis-in-a-tunnel Loop projects. At the same time, the company said its second-generation tunnel boring machine can cut up to a mile of tunnel per week. It also made the incredible claim that its third-generation hardware will be capable of cracking up to seven miles of rock in a day.
Was it such a big surprise since the video was called I Crashed My Plane.
Trevor Jacob / YouTube
Trevor Jacob is a former Olympic snowboarder turned YouTube and published a well-crafted video titled I Crashed My Plane in December 2021. The beautifully shot clip, with multiple cameras positioned on the pilot’s side wing and tail, sees the plane seemingly come to a halt in mid-air. Jacob then climbs out of the cabin and parachutes to the ground. Unfortunately for him, the FAA accused Jacob of deliberately crashing the plane for online influence and revoked his pilot’s license. If Jacob doesn’t return it to officials, he could face a daily fine of up to $1,644.
The FAA was also in the news yesterday for accidentally triggering an emergency evacuation of Congress. FAA officials reportedly failed to notify the Capitol’s police and security services of a planned parachute demonstration by the United States Army’s Golden Knights over Nationals Stadium. No one was injured and the Golden Knights followed proper procedure, avoiding restricted airspace and communicating with air traffic control at all times. But that didn’t stop House Speaker Nancy Pelosi from saying the FAA’s failure to communicate was “outrageous and unforgivable.”
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