Good morning! Oracle is moving to Texas soon and Hyundai is set to buy the controlling interest in Boston Dynamics. Meanwhile, AMC has just secured a $100 million shot in the arm.
BUSINESS
Oracle: To Texas, We Go
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There must be something in Texas’ air. First, HP Enterprise made the move. Then, Elon Musk headed that way as well. And, now, Oracle is following suit.
In a statement to TechCrunch, Oracle confirmed its move from Redwood Shores, California, to Austin.
And, while Oracle has remained pretty tight-lipped about the move in general, it did say that that “many” of its employees can choose their office location or continue to WFH either part-time or full time.
Oracle and HP Enterprise aren’t the only ones heading to Texas:
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Charles Schwab, a massive brokerage company, announced that it’s making the move to Dallas after a merger with TD Ameritrade.
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In 2019, Google said that it was planning significant expansion in Austin.
BUSINESS
Hyundai to Boston Dynamics: Welcome to the Family
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Boston Dynamics — the robot-maker — has confirmed that Hyundai is buying controlling interest.
Here’s the deal:
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The purchase values the company at $1.1. billion and gives Hyundai an 80% stake, with SoftBank controlling the other 20%.
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This is Boston Dynamics’ third-change of hands in just seven years. Started as a research firm, it was sold to Google in 2013. But, when Google X Robotics essentially went kaput, the robot-maker became a subsidiary of Japanese investment titan, Softbank.
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The deal is expected to be signed, sealed, and delivered by June.
BUSINESS
AMC’s $100 Million Boost
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AMC — the largest theater chain in the world — has just secured a $100 million investment from Mudrick Capital Management to help it survive the pandemic.
But, the chain is still not out of the woods yet:
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It’ll still need at least $750 million to fund cash requirements through 2021.
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According to the company, its estimated cash and cash equivalents only amounted to about $320 million (as of November 30) and this will likely be depleted during January.
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The chain cited a spike in coronavirus cases, delays of major movie releases, and direct/simultaneous release of movies to the streaming markets as some of its downfalls.
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As AMC bluntly puts it, if the company isn’t able to secure additional sources of liquidity, it’s likely headed for bankruptcy proceedings.
APPENDIX
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Not 2020. Roblox is delaying its IPO until 2021 as the recent IPOs by DoorDash and Airbnb have made it difficult to price shares accurately.
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Twitter: here’s my Squad. Twitter has announced that it’s acquiring Squad — the screen-sharing social app.
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Let’s get physical! Lululemon reported Q3 sales of $1.1 billion — up 22% from a year ago as the demand for workout gear skyrocketed.
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It’s a sad state of affairs. About 17% of the restaurants in the US — or about 111,000, — have permanently closed this year, with thousands more on the brink.
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Sales of sports cards at public auction are at an all-time high this year with over 10 cards sold for $500,000 or more. It’s time to raid your attics and garages to find these hidden gems.
