From mega-mergers to mass layoffs, this week in tech brought a whirlwind of major developments. A landmark deal between Reliance, Viacom18, and Disney is now completed, creating a new entertainment behemoth. Meanwhile, the global tech industry continues to grapple with layoffs as Boeing, AMD and Siemens announced significant job cuts. Additionally, Swiggy celebrated a successful IPO and a scammer posing as a police officer got a taste of his own medicine when he targeted a real cop. All this and other top news of the week.
Reliance Industries, Viacom18 and Disney complete merger
India’s largest merger and acquisition deal in the media and entertainment (M&E) sector has concluded, with the merger of Viacom18’s TV and digital businesses into Star India securing all necessary regulatory approvals in India and abroad. This new entity is poised to become India’s largest media and entertainment company, generating an estimated annual revenue of Rs 26,000 crore. The combined entity will leverage the strengths of both Reliance and Disney to deliver a wide range of content across television and digital platforms. Read here.
Boeing cuts 17,000 jobs, about 10% of its workforce
Boeing announced plans this week to lay off approximately 17,000 employees, equating to 10% of its global workforce. The cuts, which are expected to take effect in mid-January, are part of a broader effort to reduce costs and streamline operations. The aerospace giant has about 170,000 employees worldwide, many of them working in manufacturing facilities in South Carolina and Washington state. More details here.
AMD to lay off 4% of its global employees
AMD has announced that it is laying off approximately 4% of its global workforce. According to the chip giant, the job cuts are a part of a strategic shift to strengthen its position in the growing artificial intelligence (AI) chip market. Read the company’s complete statement on job cuts.
Siemens to cut up to 5000 jobs
Siemens became the third large company to have announced job cuts. The German technology giant announced plans to cut up to 5,000 jobs worldwide in its factory automation division following a steep decline in profits, CEO Roland Busch revealed. The company reported a 46% drop in profit at its flagship digital industries business, prompting the need for significant restructuring measures. What its CEO said.
Zomato CEO Deepinder Goyal’s message on Swiggy IPO
Zomato CEO Deepinder Goyal, In a display of sportsmanship within the competitive food delivery industry, took to social media to congratulate rival Swiggy on its successful initial public offering (IPO) debut. Goyal’s message acknowledged the significant milestone achieved by Swiggy and expressed his well wishes for the company’s future. Here’s what he said.
BSNL launches India’s first direct-to-device satellite service
State-owned telecom operator BSNL has launched the country’s first direct-to-device satellite internet service. The initiative aims to bridge the digital divide and provide high-speed internet access to remote and underserved regions across the nation. The Department of Telecommunications (DoT) India announced the launch of India’s first direct-to-device satellite internet service on X (formerly Twitter). See details.
Scammer pretending to be a police officer left shocked when real cop answers his call
A scammer posing as a police officer received an unexpected shock when their victim turned out to be a real police officer. The victim, a police officer, received a call from an individual claiming to be a senior police officer. The scammer attempted to extort money from the officer, using the usual tactics of intimidation and threats. Read how things unfolded.
Google Gemini AI app for iPhone now available to download
Google released a dedicated Gemini artificial intelligence app for iPhone users worldwide, featuring the new Gemini Live voice conversation capability and integration with other Google services. The free app, now available in the App Store in 35 languages, allows iPhone users to interact with Google’s Al chatbot through text, voice, or camera input without needing to access it through the main Google app. Click here to know about features.
Amazon founder Jeff Bezos and Lauren Sanchez may marry in December
Amazon founder Jeff Bezos and his fiancee, TV host Lauren Sanchez, are set to exchange vows in a lavish winter wedding in Aspen this Christmas. As per an insider to ‘The US Sun’, the couple is planning an extravagant celebration, sparing no expense to create a magical winter wonderland. The star-studded guest list is expected to include A-list celebrities and industry titans. Read more here.