Online shopping giant Amazon is buying MGM, the movie and TV studio behind James Bond, “Legally Blonde” and “Shark Tank,” with the hopes of filling its video streaming service with more stuff to watch, AP reports.
E-commerce fraud prevention startup Forter has raised $300m in a funding round led by hedge fund Tiger Global Management, more than doubling its valuation to $3bn in about six months. Adage Capital Management and billionaire-investor Daniel Loeb's Third Point Ventures also participated, Forter said on Tuesday, as quoted by Reuters.
Weeks before Bill and Melinda Gates announced their divorce in early May, the foundation bearing their names sold off hundreds of millions of dollars' worth of stock in Apple and Twitter, Business Insider reported.
US plane maker Boeing announced plans to restore production of its 737MAX carriers as market demand for jets with medium range is picking up, Reuters reported. Boeing plans to increase its output capacity to as much as 42 jets per month by the end of the autumn of 2022. The company bets on a rapid growth in flight business that would offset both technological and Covid-19 related health concerns. Boeing plans a first step recovery with 31 jets per month by next March.
US Colonial Pipeline confirmed it had paid $4.4 million ransom to hackers in order to be able to restart normal operations, BBC reported. The hack attack succeeded in shutting down temporarily the pipeline and switched it offline. The boss of Colonial Joseph Blount admitted to the Wall Street Journal that he authorised the payment on 7 May because of uncertainty over how long the shutdown would continue.
UK announced that the long awaited merger between the broadband company Virgin Media and Telefonica's British mobile network O2 has received a green light, Reuters reported. The deal will result in establishing of a new telecommunication giant with a combined value of 31.4 billion pounds. It took several months before the UK antitrust body gave a go ahead to the deal.
Ryanair won two victories in its fight against billions of euros extended in state aid to rivals as Europe's second-highest court annulled the support given to KLM and Portugal's TAP on the grounds that regulators failed to justify the huge cash injections.