Time Warner made some actual news in its quarterly earnings announcement yesterday. In addition to beating analysts’ estimates for the quarter, Time Warner also announced it has acquired a 10% stake in Hulu. The Wall Street Journal reports that means channels such as CNN, TNT and the Cartoon Network will be available on Hulu’s streaming service. The WSJ notes that the Time Warner deal also valued Hulu at $5.8 billion, triple what it was just four years ago. And as more cable customers decide to cut the cord, streaming services such as Hulu may only get more important.
A streetcar named success.
Kansas City has a new streetcar line, and Slate’s Moneybox column says it’s already a huge success. Other cities’ splashy streetcar systems have come up short, Slate notes. But KC’s new line is already drawing as many riders as lines in much larger cities. One reason for the success: fares are free. The Kansas City streetcar is funded by new taxes in the streetcar district, not by fares.
A Florida company has become the first private entity to receive U.S. regulatory approval to land on the moon. Space.com reports Moon Express plans to land a rover on the moon late next year. The company is hoping to win the Google Lunar X Prize. To win the prize, a private company has to land a rover on the moon, and travel at least 500 meters across its surface. Space.com reports 16 teams are still in the hunt for the prize.
Time, Inc. will lay off about 110 staffers as it reorganizes its advertising operations. CNN Money reports the layoffs amount to 1.5% of the company’s total workforce. In a statement, Time said the layoffs were part of “realigning our organizational structure to better leverage our content creation, sales and marketing and brand development operations.”
“KC streetcar” by flickr user Jason Doss, CC license CC by 2.0.