Daily Crunch: SoftBank throws WeWork a lifeline

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1. WeWork confirms an up to $8 billion lifeline from SoftBank Group; names new executive chairman

Confirming earlier reports, The We Company and SoftBank Group have agreed to a new capital infusion, which will see SoftBank committing $5 billion in new financing and issuing a tender offer for another $3 billion in buybacks for shareholders.

After the closing and the tender offer, SoftBank will own approximately 80% of The We Company, according to a statement. However, it will not hold a majority of voting rights, thanks to WeWork’s convoluted ownership structure.

2. Former SAP CEO Bill McDermott taking over as ServiceNow CEO

When Bill McDermott announced he was stepping down as CEO at SAP a couple of weeks ago, it certainly felt like a curious move — but he landed on his feet pretty quickly.

3. Fabric raises $110 million Series B to expand its network of automated fulfillment centers in the US

Last October, Fabric opened its first micro-fulfillment center in Tel Aviv, giving an inside look into how the company’s system works: Robots move around the warehouse, picking up inventory so human workers can stay at a scanning station.

4. Snapchat beats in Q3, adding 7M users & revenue up 50%

The Snap-back continues.

5. Google’s Play Store is giving an age-rating finger to Fleksy, a Gboard rival

Do a search on Google’s Play Store in Europe and you’ll find the company’s own Gboard app has an age rating of PEGI 3. But if you do a similar search for the rival Fleksy keyboard app, you’ll find it has a PEGI 12 age rating.

6. How tech companies measure ‘legal’

Interviews with tech company general counsels — and a survey conducted by TechGC — reveal how innovative in-house attorneys measure both productivity and quality, and position their teams as central to advancing enterprise-wide goals. (Extra Crunch membership required.)

7. Somehow, ‘Dark Fate’ got me excited about the Terminator again

The new Terminator movie — in which Linda Hamilton returns to the role of Sarah Connor — is surprisingly good.

Written by Anthony Ha
This news first appeared on https://techcrunch.com/2019/10/23/daily-crunch-softbank-throws-wework-a-lifeline/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29 under the title “Daily Crunch: SoftBank throws WeWork a lifeline”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.