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- 📈 Rightmove Takeover? REA’s £5.4bn Gamble!
📈 Rightmove Takeover? REA’s £5.4bn Gamble!
Brazilian Ban Turns X into Ex
This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes
In today’s stories:
Rightmove Takeover? REA’s £5.4bn Gamble!
Seat Unique Scores £14.5M with Star Power!
Brazilian Ban Turns X into Ex
The summary: Rupert Murdoch's REA Group is eyeing a bold £5.4bn takeover of Rightmove, aiming to shake up the UK property market while making a daring comeback after past UK missteps.
The details:
Rightmove shares skyrocketed 25% after Rupert Murdoch’s REA Group hinted at a “transformational” takeover, valuing the UK firm at £5.4bn. No formal offer yet, but the clock’s ticking until the end of September.
Despite an 80% market dominance, Rightmove warned of a dip in 2024 customer numbers due to the housing market’s mortgage woes, though its first-half revenue still rose by 7% this year.
REA’s shares took a 7% tumble after the announcement, likely due to the prospect of equity raising. Meanwhile, the Australian property market has been keeping REA’s profits buoyant.
Founded in a Melbourne garage, REA has a colourful history, including dabbling (and faltering) in UK property before. Now, it’s back, eyeing Rightmove for a second round of international ambition.
Why it matters: Rupert Murdoch’s REA Group sniffing around Rightmove hints at a potential property power play, shaking up the UK market with a possible £5.4bn takeover. With Rightmove's dominance and a struggling housing market, the move could be a much-needed boost—or a bold gamble. Meanwhile, REA’s past UK misadventures make this feel like a curious case of “if at first you don’t succeed, try again—this time with billions.”
The summary: Seat Unique is shaking up the live events scene by connecting fans with premium tickets and hospitality packages, backed by star athletes and industry leaders, making sure every experience is unforgettable and hassle-free!
The details:
Seat Unique, the online platform connecting fans with premium tickets and hospitality packages, has secured a cool £14.5 million in Series A funding, led by Nickleby Capital and a star-studded sports line-up including Dame Jessica Ennis-Hill and Stuart Broad.
The funds will help expand the platform’s reach and enhance its offerings, ensuring fans and rights holders both enjoy the best of live events in style, all whilst keeping things proper and legitimate.
With Brits expected to splurge 50% more on experiences in 2024, Seat Unique is tapping into this "experience economy," focusing on top priorities like travel, food, and live music.
CEO Robin Sherry is chuffed with the company’s new advisors, including Dame Alison Rose, and the platform's mission to bring fans closer to unforgettable live moments, all while making ticket buying a tad more trustworthy.
Why it matters: Seat Unique is riding the wave of Britain’s obsession with unforgettable experiences, just as we're all spending more to make life a bit more thrilling. With trusted names and star athletes backing it, the platform is set to revolutionise the way we secure tickets without the faff of dodgy resales. In short, it’s making sure fans get the red-carpet treatment at live events, minus the fuss.
The summary: Elon Musk’s standoff with Brazil’s courts has turned X into a digital ghost town, sending legions of users flocking to Bluesky while Musk’s grandiose antics are met with a dose of legal reality and a cheeky reminder that even billionaires aren’t above the law.
The details:
Elon Musk vs. Brazil's Supreme Court: X, formerly Twitter, was blocked in Brazil after Musk refused to follow local laws, triggering a tech showdown between the billionaire and the country's judiciary.
Brazilian Exodus to Bluesky: With X users in the dark, over 500,000 Brazilians—including top influencer Felipe Neto—flocked to Bluesky, a rival platform welcoming its new members in Portuguese.
Musk's Melodrama: Musk compared Brazil’s Supreme Court judge Alexandre de Moraes to Voldemort, accused him of censorship, and even resorted to dog memes, as he claimed to champion free speech.
Brazilian Left Cheers: Progressive politicians applauded the court's decision, reminding Musk that even the world's richest aren't exempt from national laws.
Why it matters: Elon Musk's Brazilian blunder highlights the perils of thinking you're above the law, even when you’ve got more money than sense. As X disappears from Brazilian screens, it shows the world that billionaires can’t simply bully their way through sovereign countries. Meanwhile, Bluesky gets a tidy windfall of users, proving there's always another social network waiting in the wings when tech titans tumble.
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