Supertool: S4’s Sorrell says AI ‘more effective than a 25-year-old media buyer’ May 11, 2023 S4’s chairman Sir Martin Sorrell is optimistic about the future of AI as his advertising agency embraces it to supercharge their productivity and reach. Sorrell said S4 had already seen an increase in viewing metrics because AI was helping employees speed up ad copywriting and aggregate data that makes it easier to hyper-personalise and target [...]
Disney shares fall on jitters over streaming subscriber losses May 11, 2023 Walt Disney shares fell five per cent on Thursday as a surprise drop in streaming subscribers fanned worries that the media and entertainment company’s success in stemming losses at the unit may be coming at the cost of growth. The decline was set to erase nearly $10bn (£7.9bn) from the company’s market value, based on [...]
Revolut finance chief quits for ‘personal reasons’ May 11, 2023 The finance chief of Revolut has quit the firm, he announced today, adding to the woes of the company as it struggles to earn a UK banking licence.
Softbank’s Vision Funds book record £31bn loss – but Alibaba sale helps cushion the blow May 11, 2023 Japanese investment giant Softbank continued to shed cash from its storied Vision Funds in the three months to March even as a slew of asset sales and tech rebound helped narrow losses across the firm.
Purplebricks shares tumble to just over 1p as rival Strike moots asset deal May 11, 2023 Troubled online estate agent Purplebricks has seen its shares plummet to yet another record low after revealing exclusive talks with rival Strike over a deal, but reiterated warnings there would be little to return to shareholders. The group’s stock crashed to just over 1p at one stage on Thursday following the announcement after the market [...]
Home REIT bidder slams ‘lack of engagement’ as deal deadline looms May 11, 2023 The potential bidder for beleaguered social housing investor Home REIT has slammed a “lack of engagement” from the firm as it called for a further extension to a deadline for any potential takeover.
ITV: Love Island and I’m A Celeb help maker reports 10 per cent ad revenue drop – and warns it’s only getting tougher May 11, 2023 ITV is looking for Love Island and the Rugby World Cup to boost revenues, which fell 10 per cent year on year in the first quarter. The broadcaster revealed a 10 per cent drop in advertising revenues and warned trading will get tougher in the second quarter as firms rein in marketing spend against a [...]
Man Group: London Hedge fund chief to retire with president set to take the reins May 11, 2023 The boss of London hedge fund firm Man Group, Luke Ellis, has announced he will step down later this year when the firm’s chief operating officer will step into the top role.
Morning in the City: News, market updates and more, live May 11, 2023 Good morning and welcome to the City A.M. liveblog on the day that Andrew Bailey and other members of the monetary policy committee are expected to hike the interest rate yet again.
‘I’m sick of the UK bashing – it’s an incredible place to start a business’ – why PrimaryBid chief Anand Sambasivan is still bullish on London May 11, 2023 The chief of fintech PrimaryBid tells Charlie Conchie why he's bullish on London's prospects despite a capital markets downturn