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Monday, Aug 15, 2022

Silicon Beach Report July 11: Bird Seeks More Cash as Revenue Falls

LauncherOne test successful; Lions Gate adds another global partner; Bird raising additional $300 million

Bird Facing Fiscal Difficulties

Crunchbase News cites a report in The Information finding that revenue is falling and losses are mounting at Santa Monica-based scooter operator Bird Rides Inc. According to the report, Bird lost nearly $100 million in the first quarter of 2019. The company is now seeking a new $300 million round of funding.

Lions Gate Adds France TF1 Content to Libraries

Santa Monica-headquartered Lions Gate Entertainment Corp. added French studio TF1 to its “global collective of 13 production and distribution partners,” Variety reports. The group, called Globalgate Entertainment, was created to promote non-English programming and recruit new content partners.

LauncherOne Drop Test a Success

Virgin Orbit’s drop test of its LauncherOne rocket announced yesterday was successful, the Long Beach company reports. According to Socaltech, the Richard Branson company aims to drop rockets from LauncherOne that will quickly propel into space from a high altitude. The technology is intended to be used to send small satellites into orbit.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.


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