Business
The other 'gram: Mysterious messaging platform Telegram keeps growing

The other 'gram: Mysterious messaging platform Telegram keeps growing

3/12/24 7:00PM

The other ‘gram

The biggest social media company you’ve (probably) never heard of is nearing a billion users. Telegram, a global social media and messaging giant that only ~1 in 4 Americans are actually familiar with, has just reached 900 million monthly active users globally, with CEO Pavel Durov touting a potential IPO.

Despite its relatively low profile in the US, the platform has been making waves in other countries since its launch in 2013 — largely thanks to its apparent emphasis on privacy and security, which has helped it notch hundreds of millions of downloads in India, parts of South America, and Russia, where the app was originally founded.

Group chats

Telegram is many things to many people. It’s a place to joke with friends; a means for freedom fighters to arrange protests; a valuable outlet to get news to readers where media is censored… but, it’s also a place where people go to buy guns, drugs, fake bank cards, and was (or maybe still is) a major platform for terror groups to organize and spread information on.

While that wide range of uses has landed Telegram in hot water with governments and lawmakers from Brazil to Iraq, it’s also supercharged its growth. Indeed, adding nearly a billion users in roughly a decade puts it in an elite category of apps — particularly considering that it reportedly only has 50 full-time staff, a pretty tiny group that now wields a substantial amount of global influence.

More Business

See all Business
business

Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

business

Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.