iWorld
Panamsat and BT partner to deliver video and broadcast services in Europe and the US
USA: PanAmSat which claims to be the premier provider of global video and data broadcasting services via satellite and BT Broadcast Services have announced the formation of a strategic alliance for the distribution of digital video services in Europe, the US and other markets. By leveraging and combining the power of each company’s network, PanAmSat and BT now offer customers a turnkey solution for the global distribution of digital video content.
President and CEO Panamsat Joe Wright said, “For our large video customers, it all comes down to two issues: service reliability and global distribution of digital content. On the first, PanAmSat has the youngest and most reliable fleet in the business. On the second, our agreement with BT provides customers with one of the most extensive capabilities for the global distribution of digital video content in the market. Through the agreement with BT, we have significantly increased the breadth and depth of our offering in Europe. We can now market digital solutions for Europe, as well as provide expanded capabilities to our existing customers around the world.”
Under the terms of the agreement, PanAmSat customers will be able to distribute video programming via BT’s teleports and across their international fiber network. In addition, PanAmSat customers will be able to access a wide range of BT’s broadcast services and distribution platforms in Europe. BT’s customers will be able to take advantage of PanAmSat’s compressed digital video services, extensive satellite neighborhoods and teleports. With reciprocal access to certain resources, PanAmSat and BT will offer customers worldwide video distribution as one bundled solution.
Jon Romm, BT’s executive vice president, broadcast sales said, “This agreement is good for our customers as it enables the facilities of both BT and PanAmSat to be offered together in a single solution to broadcasters and content owners all over the world. The synergies of our networks provide a winning formula.”
BT Broadcast Services claims to be one of the world’s leading suppliers of global broadcast solutions, providing a comprehensive range of terrestrial and satellite based multimedia transmission solutions as well as content and customer management services.
The group offers flexible, cost-effective tailor-made services to an international client base including broadcasters, news agencies, production companies, special event organisers, and large corporations around the world. The company claims to deliver technically advanced services based on the latest video and Internet technologies, including video streaming, digital terrestrial television, high speed Internet access via satellite and digital business TV.
iWorld
Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
