Sunday Updates: New PTON Management, FWONA, NFL Rights (Issue #13)
Before we jump into this week’s Sunday Updates if you missed the Liberty Media Formula One Deep Dive go and check that out! Liberty CEO Greg Maffei’s comments on the deep dive below 👇
Recent Updates:
Peloton Interactive (NASDAQ: PTON — $3.44 billion) is now working on trying to retain employees by offering cash bonuses and altered stock packages. These new changes were catalyzed by the new CEO Barry McCarthy who was put in place in February after expenses were too high under co-founder John Foley. McCarthy is a former Spotify and Netflix executive (meaning he understands the streaming industry and will help grow Peloton’s increasingly important streaming market). With new management Peloton announced a $800 million cut in annual costs and the lay-offs of 2,800 corporate employees (~20% of corporate employees).
Because of the fall in stock price many employees prefer cash bonuses. As of July 1st instead of stock packages employees are receiving cash bonuses as long as they stay with the company through January 23rd. This is meant to steady the company and flatten out costs by not gaining or losing any of their workforce in the near future.
The Trade Desk (NASDAQ: TTD — $22.19 billion) stock fell almost 20% in the month of June. This is meaningfully worse than market as a whole. This was in the wake of few details given about whether or not The Trade Desk would be partnering with Netflix for their ad-supported service. The core of the business is unchanged and this seems to be an overreaction by the market.
Streaming News:
NFL says it will partner with a streaming service for rights. The official decision is expected to come out this fall
Season One of Trigger Point is now out on Peacock
Season One of Moonhaven is now out on AMC+
Recent Threads:
Tweets Of The Week:
Until Next Time,
Soren
Disclaimer: Soren Peterson has a holding in Google and Liberty Media Formula One two companies followed by this newsletter. Soren Peterson and The Streaming Jungle are not responsible for any financial results, this is not financial advice. Always do your own research.