Google Cracks Down on Remote Work
In an effort to bring employees back into the office, Google has shifted its remote work policy. Staff must work in the office at least three days a week. Those not meeting the daily in-office minimum could see their performance reviews hurt. Employees are frustrated—Some said tying attendance to performance reviews felt unnecessary, and others pointed out the new guidance as frustratingly vague, especially for teams broadly distributed across territories.1
Comcast and Disney Continue to Battle Over Hulu
Beginning in 2024, Comcast has the option to compel Disney, the majority owner of Hulu, to purchase its one-third stake, or alternatively, Disney has the authority to demand that Comcast sell its stake. Despite the mutual interest in reaching a deal, there has been a significant valuation gap between both parties regarding Hulu in recent years, amounting to tens of billions of dollars. By early 2024, both companies will reassess the value of Hulu. If they remain far apart in their valuations, an independent third party will be engaged to make a final determination.2
Retail Media Ad Revenue to Grow Larger Than TV
The rapid growth of global advertising revenue generated by retailer-owned e-commerce sites, known as retail media, is projected to surpass television revenue by 2028. This indicates the significant expansion of retail media as a medium, highlighting its increasing dominance in the advertising industry.GroupM, the world's biggest media buyer, expects advertising revenue from retail media channels to grow 9.9% to reach $125.7 billion in 2023 and surpass television revenue in 2028 when it will represent 15.4% of total ad revenue.3
USDA Announces $714 MM in Grants for Rural High-Speed Internet
The Biden-Harris Administration has announced a funding allocation of over $700 million aimed at connecting rural areas to high-speed internet. The initiative, led by the U.S. Department of Agriculture, seeks to bridge the digital divide and improve access to essential online services in remote communities. This funding underscores the administration's commitment to promoting digital equity and expanding internet connectivity across the United States. The announcement includes investments in Alaska, Arkansas, Arizona, California, Georgia, Idaho, Kansas, Kentucky, Minnesota, Missouri, Montana, New Mexico, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Utah, and Washington.4
Largest Transactions Closed
- Qualtrics International Inc.
- Silver Lake Technology Management, L.L.C.; Canada Pension Plan Investment Board
- Cvent Holding Corp.
- Blackstone Inc.; Abu Dhabi Investment Authority
- Momentive Global Inc.
- Symphony Technology Group, LLC
- Sumo Logic, Inc.
- Francisco Partners Management, L.P.
- Wyatt Technology Corporation
- Waters Technologies Corporation
- Thomson Reuters Elite
- TPG Inc.
- Pavilion Payments
- PCP Managers, L.P.
- Winsight, LLC
- Informa plc
- OpsRamp, Inc.
- Hewlett Packard Enterprise Company
- Lookout Life
- F-Secure Oyj
Other Financial Buyer Transactions Closed
- Noted Media
- Black Dog Venture Partners
- Kelso & Company, L.P.
- Harvest Partners, LP
- MudShare Limited Liability Company
- Lionfield Capital LLC
- Portfolio of tower assets of Antenna Sites, Inc.
- Everest Infrastructure Partners, Inc.
- 1010data, Inc.
- Symphony Innovation, LLC
- S&W Payroll Services, L.L.C.
- Growthcurve Capital, LP
- PACIV, Inc.
- Blackford Capital Associates II, Inc.
- Finstead, Inc.
- Blend Financial Inc.
- Cloud Coach International, Ltd.
- Main Capital Partners B.V.
Other Strategic Buyer Transactions Closed
- Benefits Science LLC
- MultiPlan Corporation
- Neeva, Inc.
- Snowflake Inc.
- Giphy, Inc.
- Shutterstock, Inc.
- Global Traffic Technologies, LLC
- Miovision Technologies Incorporated
- Neosec, Inc.
- Akamai Technologies, Inc.
- Micro-Mode Products, Inc.
- ITT Inc.
- Berbix Inc.
- Socure Inc.
- The Switch Enterprises, LLC
- Tata Communications (Netherlands) B.V.
- eAgile Inc.
- CCL Industries Inc.
- YouAppi Inc.
- Affle International Pte. Ltd.
Source S&P Capital IQ as of 7/6/2023 and PCE Proprietary Data
This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.
EBIT - Earnings Before Interest and Taxes