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In today's ExchangeWire news digest: Disney announce plans to expand their ad-supported streaming offering; advanced TV firm Cadent is set to be purchased by PE firm Novacap; and Lyft reports positive Q2 results despite tricky conditions.
Entertainment giant Disney has announced plans to roll out an ad-supported streaming tier to more territories. Customers in the UK, Canada, and parts of Europe will be able to take out the new Disney+ subscription package, which is already available in the US, from November.
Disney will further follow in the footsteps of rival Netflix, which introduced an ad-supported option last year, by clamping down on password sharing. The changes come after a mixed few months for the House of Mouse: despite managing to halve Disney+’s 2022 losses and recording a 4% year-over-year revenue increase in Q2, the firm recorded a USD$460m (~£361.6m) for the same period. The media giant's also saw underwhelming ticket sales for recent releases.
Private equity firm Novacap has announced plans to purchase Cadent. The acquisition, which is reportedly valued at around USD$600m (~£471.7m), will see the advanced TV firm change hands from Lee Equity Partners after reportedly encountering offers from a number of PE firms.
According to Cadent CEO Nick Troiano, Novacap’s reputation for spurring growth for telecommunications companies is what sealed the deal for his firm. Cadent is now eyeing a transition from linear TV to omnichannel, having recently acquired defunct sell-side platform tech provider EMX Digital.
Despite a challenging second quarter, Lyft has reported positive financial results. The ride-hailing service reduced losses from USD$377.2m to USD$114.3m (~£296.3m – ~£89.9m) and increased revenue 3% to USD$1.02bn (~£801.3m). The company also exceeded analysts forecasts in its Q3 outlook, and has managed to grow its market share.
Q2 proved a period of upheaval for Lyft, as new CEO David Risher joined in mid-April and slashed Lyft’s workforce by 24%. However, the company managed to net more riders as it brought its prices in line with those of rival Uber. Further changes could be afoot at the firm, with Risher reportedly looking to offload or find an investor for the company’s fleet of bicycles.
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