On Thursday, Elon Musk provided a proposal to purchase Twitter. But, after 24 hours, the social media giant’s board of directors plans to make it harder for the Tesla CEO to acquire the company.
Musk proposed to acquire all the shares of the social media company that he does not own for $54.20 per share, valuing the company at $41.4 billion. The offer has led to Twitter’s board adopting a limited-term shareholder rights plan called a “poison pill” the company announced in a press release.
As a result, the method conserves the right of Twitter shareholders other than Musk to acquire more shares at a relatively low price, effectively diluting Musk’s stake.
“The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of shareholders,” the company said in its statement.
The Twitter board will trigger the provision if Musk (or any other investor) acquires more than 15% of the company’s shares. Musk currently owns around 9% of Twitter’s shares.
Spotify Launches AI-Powered Voice Translation for Podcasts
“Voice Translation gives listeners around the world the power to discover and be inspired by new podcasters in a more authentic way than ever before.”
Spotify has announced it will debut an AI-powered voice translator, with the hope of eventually putting podcasts into numerous different languages for listeners around the globe.
The company’s CEO — Daniel Ek — shared a video to X showcasing the Voice Translation capabilities from English to Spanish featuring podcasters Steven Bartlett and Lex Fridman.
The program is currently in its pilot stage, with the company utilizing podcasts from Dax Shepard, Bill Simmons, and Monica Padman in addition to Bartlett and Fridman to generate translations in Spanish, French, and German.
“By matching the creator’s own voice, Voice Translation gives listeners around the world the power to discover and be inspired by new podcasters in a more authentic way than ever before,” says Spotify Vice President of Personalization Ziad Sultan. “We believe that a thoughtful approach to AI can help build deeper connections between listeners and creators, a key component of Spotify’s mission to unlock the potential of human creativity.”
New episodes of podcasts hosted by the platform will begin hitting feeds today, with users being able to find them in a Voice Translations Hub on the company’s app.
Michael Bloomberg Announces Succession Plan After Executive Shakeup
“At 81 years old, common sense says I should have succession plans.”
After an executive shakeup last month, Bloomberg founder Michael Bloomberg has announced plans for his media empire after he passes away.
In an appearance at a climate change summit hosted by The New York Times, Bloomberg revealed his media companies would be left to his foundation before being sold.
“I give virtually all of the company’s profits to the foundation, and the foundation gave away last year $1.7 billion,” said Bloomberg. “This year it will be a little bit more than that. But when I die, the foundation inherits the company. They — because of the tax laws — will have to get rid of it, sell it someplace or other over the first five years.”
He added “At 81 years old, common sense says I should have succession plans.”
In August, Vlad Kliatchko was named CEO of the company, with several other changes taking place on the Board of Directors. At the time, Bloomberg noted that he was likely to be interrogated about a potential succession plan.
“I’m sure these changes raise questions about me, so let me put them to rest: I’m not going anywhere,” the billionaire told employees in a memo at the time. “I’ve never used a title in the company, so I won’t change what I’ll be called – just ‘Mike.'”
CBS News Adds New Roles, Duties for Editorial Leaders
CBS News president Ingrid Ciprian-Matthews announced on Thursday the various changes.
On Thursday, Ingrid Ciprian-Matthews, the recently appointed president of CBS News, revealed several changes to the editorial leadership.
Terri Stewart is now the senior vice president of domestic newsgathering at CBS News. Furthermore, Stewart will oversee the domestic bureaus and manage bookings. Kaci Sokoloff will support her in this role.
Shuffling doesn’t stop there. London bureau chief Andrew Roy now oversees all CBS News international bureaus. Jose Diaz, who leads the network’s foreign desk, will now report to Roy.
David Reiter’s team at CBS News will extend their role to cover significant reporting beats beyond Washington, D.C. They will work with CBS Stations and the Innovation Lab to find prospects for joint national and local news coverage and continue producing special events programming.
Additionally, Kate Zuckerman was promoted to VP of affiliate relations and special events planning. Beth Boyle was elevated to national and planning editor, overseeing editorial content and managing desk operations.
CBS is adding two political investigative producers, led by Matt Mosk, to its growing investigative team. The group will now be incorporated into the Washington D.C. Bureau and report straight to bureau chief Mark Lima.
Finally, Ciprian-Matthews notified staff that the network is hiring an Executive Producer of Daily News.