TNB Tech Minute: Starboard Value Takes Stake in Bitcoin-Mining Company
WSJ Tech News Briefing
Deep Dive
Shownotes Transcript
How is AI pushing the boundaries of what's possible, not just in the way we live and work, but in addressing some of humanity's toughest challenges? Find out in the latest episode of AI That Means Business, a new podcast from Google and custom content from WSJ. Here's your TNB Tech Minute for Thursday, December 12th. I'm Belle Lynn for The Wall Street Journal.
We are exclusively reporting that activist investor Starboard Value has built a significant position in the Bitcoin mining operator Riot Platforms and
And is pushing for changes. That's according to people familiar with the matter. The exact size of Starboard's position couldn't be learned. But the people said Starboard has been in discussions with Riot's management team to push the company to convert some of its Bitcoin mining facilities into capacity for so-called hyperscalers or large data center users.
Riot has a market value of about $4 billion, with its stock price down about 20% year-to-date, even during a broad cryptocurrency rally. Riot said in a statement that it had spoken with Starboard on several occasions and welcomed its input, as well as the views of other shareholders.
Australia plans to implement a new charge on the owners of global tech platforms. It's an attempt to shore up local media outlets months after Facebook cut ties with traditional news providers. The government plans to charge platforms that choose not to enter or renew commercial agreements with local news publishers.
And the government said the charge will apply to large digital platforms operating significant social media or search services, irrespective of whether or not they carry news. News Corp Australia's chief executive said the move will, quote, provide a foundation for rebuilding the media industry. While Facebook owner Meta said in a statement that the proposal, quote, fails to account for the realities of how our platforms work.
MuseCorp owns Dow Jones, which is the publisher of The Wall Street Journal. And get ready to pay more for YouTube TV. YouTube said it would raise the monthly cost of its TV streaming service to $82.99 starting January 13th. That's up $10 from the current price.
The Alphabet-owned video platform said the increase was due to the rising cost of content. When YouTube TV made its debut in 2017, the company charged roughly $35 a month for the service. For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.