Snap signs $100 million deal with Time Warner, Garcetti, Musk discusses tunnel possibility and cloud service company wants $550 million.
Venice-based Snap Inc. has signed a $100 million deal with New York-based Time Warner for content and advertising. Time Warner will create up to 10 original shows a year for Snap and purchase advertising for HBO, Warner Bros. and its Turner networks over the next two years. Shares of Snap rose about 3 percent to $18.08 after the announcement.
SpaceX founder Elon Musk tweeted that he had “promising conversations” with L.A. Mayor Eric Garcetti on Sunday, hinting at the possibility of a Boring Co. express tunnel line from Union Station to LAX airport, TechCrunch reports. Musk mentioned in the tweet that acquiring permits would be the hardest part of creating the tunnels that would carry cars, bikes and pedestrians.
Hollywood-based j2 Global announced plans to raise $550 million in a senior unsecured debt offering on Friday, SoCalTech reports. The cloud service and digital media company said it plans to use the private offering money to pay off an existing note facility and for general corporate purposes including acquisitions.