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Judge Pulls Plug on Streaming JV
Venu Sports, the $42.99-a-month sports streaming service planned by Disney’s [DIS] ESPN, Fox [FOXA] and Warner Brothers [WBD], has been blocked by a US district judge just a week before its planned rollout. Judge Margaret Garnett in New York granted an injunction to halt the launch in response to an antitrust suit filed in February by FuboTV [FUBO] alleging its business could “suffer irreparable harm” if Venu went ahead.
Half of Fortune 500 Fear AI
56% of Fortune 500 companies have identified artificial intelligence (AI) as a risk factor in their latest annual filings, according to research from Arize AI cited by the Financial Times, up from 9% in 2022. The paper also reports that water consumption in Virginia’s ‘Data Center Alley’ has increased by two-thirds since 2019, with AI set to further increase compute demand. Elsewhere, OpenAI has removed a network of Iranian accounts using ChatGPT to attempt to influence the US election.
Fortnite Makes iPhone Return
One of the world’s most popular video games, Fortnite, is set to return to iOS devices after four years of legal wrangling from its developer, Epic Games — but only in the EU. The bloc’s new Digital Markets Act will force Apple [AAPL] to allow alternative app stores, such as the new Epic Games Store, onto its devices. In China, the country’s leading games developer, Tencent [TCEHY] is slashing development costs by using AI to quickly generate animations and 3D backgrounds.
Foxconn Hiring Practices Investigated
Apple supplier Foxconn [FXCOF] has defended its Indian arm’s hiring practices following investigations after a Reuters report suggested it rejects married women for iPhone assembly jobs. “Women make up a big part of our workforce here,” said Chairman Young Liu. Elsewhere, South Korean AI chipmakers Rebellions and Sapeon Korea have reached a merger agreement, in a bid to challenge Nvidia’s [NVDA] dominance over the industry. Hedge funds Citadel and D.E. Shaw sold off Nvidia holdings ahead of August’s stock market rout, US regulatory filings reveal.
Ericsson OKs Iconectiv Sale
Ericsson [ERIC] has agreed to sell its US call-routing business iconectiv to a private investment arm of Koch Industries for SEK10.6bn (approximately $1bn). The deal is expected to deliver one-time earnings of approximately SEK8.8bn when it closes in the first half of 2025, according to Bloomberg. The sales process for iconectiv began in 2020, when it was valued at $1.5bn–2bn.
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