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WeWork Publicly Unveils IPO Filing

A recent report that WeWork was preparing to unveil its IPO filing this week has proved true, with the co-working space company having done just that. WeWork just unveiled its S-1 filing with the SEC, revealing much previously unknown info and metrics of its business. Key takes from WeWork's S-1 filing include:
527,000 members as of Q2 2019 end, up from 401,000 in 2018 and 87,000 in 2016. More than 50% of WeWork's members are outside the US.528 WeWork locations (across 111 cities) worldwide, up from 425 (across 100 cities) in 2018 and 111 (across 34 cities)  in 201638% of the Global Fortune 500 are customers$1.54 billion revenue in the first half of this year, but with a $905 million loss in the same period. This is up from $764 million revenue in the first half of 2018 and a $723 million loss in the same period$320 million sales and marketing spend in the first half of this year, up from $140 million in the first half of 2018$3.3 billion revenue run rate (as of Q2 end), up fr…

Medium Said to Express Interest in Acquiring New York Magazine

Medium founder and CEO Evan Williams

image : Christopher Michel on Flickr

Online publishing platform Medium has reportedly expressed interest in acquiring New York Magazine and other media properties to beef up its content. Bloomberg reports its chief executive Evan Williams who previously led Twitter has made discussions with Pam Wasserstein, the CEO of the magazine's parent company, New York Media.

According to Bloomberg, the talks were preliminary and unlikely to go further. Even if it crumbles, it signals Medium is serious about boosting content on its platform in the coming year. The blogging platform switched to a subscription model last year and laid off about a third of its staff. Williams termed the ad system “broken” at the time saying it served the interest of corporations and not users.

Evan Williams co-founded and was previously chairman and CEO at Twitter

image : (cc) Ken Yeung -- www.thelettertwo.com on Flickr

The Wall Street Journal reported New York Media was considering a sale this August which implies possibility of an acquisition in coming time. Even if Medium doesn't do this, Media properties have been scooped up by notable buyers in previous times, Salesforce CEO Marc Benioff and wife Lynne purchased Time Magazine from its parent company Meredith for $190 million in cash, Amazon CEO Jeff Bezos purchased The Washington Post for $250 million in 2013, Laurene Powell Jobs took a majority stake in the Atlantic magazine last year through her organization, Emerson Collective.

Williams has said the number of Medium subscribers are accelerating while noting that quality content is key to retaining this subscribers who pay $5 per month or $50 per year for the service. Medium has been building an in-house editorial team that commissions narrative long-form stories and writings from professional journalists on diverse topics like politics, health, startups, music, poetry, photography, psychology, art and neuroscience among others.




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