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Substack Says It'll Legally Defend Writers 'Targeted By the Government'

3 months 1 week ago
Substack has announced it will legally support foreign writers lawfully residing in the U.S. who face government targeting over their published work, partnering with the nonprofit FIRE to expand its existing Defender program. The Verge reports: In their announcement, Substack and FIRE mention the international Tufts University student who was arrested by federal agents last week. Her legal team links her arrest to an opinion piece she co-wrote for the school's newspaper last year, which criticized Tufts for failing to comply with requests to divest from companies with connections to Israel. "If true, this represents a chilling escalation in the government's effort to target critics of American foreign policy," Substack and FIRE write. The initiative builds on Substack's Defender program, which already offers legal assistance for independent journalists and creators on the platform. The company says it has supported "dozens" of Substack writers facing claims of defamation and trademark infringement since it launched the program in the US in 2020. It has since brought Substack Defender to writers in Canada and the UK.

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Stablecoin Issuer Circle Files For IPO

3 months 1 week ago
Circle, the issuer of the USDC stablecoin, has filed for an IPO aiming for a $5 billion valuation. It marks the company's second attempt at going public amid renewed momentum in the crypto sector and signs of recovery in tech IPO markets. CNBC reports: A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York. Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier. A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

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YouTube Could Be Worth $550 Billion as Analyst Crowns Platform 'New King of All Media'

3 months 1 week ago
MoffettNathanson has crowned YouTube the "New King of All Media" as the Alphabet-owned video platform has become a major force in Hollywood, dominating time spent watching TV. From a report: The firm estimates that YouTube as a standalone business could be worth as much as $550 billion -- or nearly 30% of the tech giant's current valuation. The figure is based on the firm's analysis of enterprise value as a multiple of revenue in 2024 for Netflix (10.5x revenue), Meta (8.8x), Roku (2.4x), Warner Bros. Discovery (1.4x), Fox (1.3x) and Disney (1.3x). In 2024, YouTube was the second-largest media company by revenue at $54.2 billion, trailing behind only Disney. However, the MoffettNathanson analysts predict YouTube will take the top spot in 2025, becoming a leader in both engagement and revenue. "YouTube has the potential to become the central aggregator for all things professional video, positioning itself to capture a share of the $85 billion consumer Pay TV market and the ~$30 billion streaming ex. Netflix market in the U.S.," they wrote in a Monday research note. "On monetization, when comparing YouTube's massive TV screen engagement to its estimated TV revenue, it remains significantly under-monetized relative to its scaled reach and differentiated offering. This signals a substantial runway for improving its monetization strategy."

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