Disney Gains majority stake in Hulu; Evocharge acquired; Peerstreet offers new online loans
Electric vehicle charging equipment manufacturer Evocharge Inc., based in downtown, was acquired March 20 by heavy equipment control developer Phillips & Temro Industries Inc. Founded in 2009, Evocharge counts the City of Santa Cruz as one of its first government customers. Terms of the acquisition were not disclosed.
Burbank-based Walt Disney Co. has acquired a majority 60 percent stake in West Hollywood-based streaming firm Hulu following Disney’s March 20 acquisition of 21st Century Fox Corp.’s assets. The Verge reports the increased backing from Disney could help Hulu, which boasts 25 million subscribers, compete with Netflix Inc.’s near monopoly on the market. Disney is also reportedly pondering expanding Hulu into the European market, a move which could signal more original content and licensing of European series.
Manhattan Beach-based online real estate investment platform Peerstreet Inc. is offering a new product for residential rental property loans. According to Socaltech, the “residential for rent” loans now offered by Peerstreet are intended to match growth in the rental market by providing long-term financing options up to 30 years. Prior to this offering, Peerstreet only offered short-term bridge loans. To date, the firm has raised $50.6 million and has 185 employees.
Tech reporter Samson Amore can be reached at email@example.com or (323) 556-8335. Follow him on Twitter @samsonamore.
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