California's AB 3262 Is Quietly Shelved; GoodRx Files for IPO; Scopely Adds FoxNext Exec to Its Ranks
Tami Abdollah is dot.LA's senior technology reporter. She was previously a national security and cybersecurity reporter for The Associated Press in Washington, D.C. She's been a reporter for the AP in Los Angeles, the Los Angeles Times and for L.A.'s NPR affiliate KPCC. Abdollah spent nearly a year in Iraq as a U.S. government contractor. A native Angeleno, she's traveled the world on $5 a day, taught trad climbing safety classes and is an avid mountaineer. Follow her on Twitter.
Rachel Uranga covers the intersection of business, technology and culture. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake
- California Bill to Make Online Marketplaces Liable for Faulty Products is Shelved
- GoodRx To Enter NASDAQ as GDRX
- FoxNext Games Executive to Head Scopely's Business Operations
FoxNext Games Executive to Head Scopely's Business Operations
FoxNext Games Executive to Head Scopely's Business Operations
Scopely, the Culver City-based gaming company behind Scrabble Go and several other mobile games, has named former FoxNext Games executive Aaron Loeb as its chief business officer.
The move to bring in the veteran gaming executive came as part of Scopely's acquisition of FoxNext's gaming division, which it bought from Disney after then-CEO Bob Iger spun it off from 20th Century Fox.
Before FoxNext, Loeb was president at mobile gaming studio Kabam and its spinout Aftershock, following stints as vice president and group general manager at games publisher EA and CEO at Planet Moon Studios, a game developer.
Loeb will oversee several teams at Scopely, with a focus on "refining game development, tech quality and creative processes," according to the company statement. He will be based in the company's London offices, where Scopely has pushed its European expansion.
The move comes as the gaming industry has been growing rapidly. There are nearly 3 billion gamers worldwide – that's more people than live in China and India, the world's two most populous countries, combined. One big reason that number is so high? Mobile games. Those "gamers" range from professional esports players seeking fame and fortune to folks waiting for their lattes by twiddling at games like Scrabble Go and Candy Crush.
Earlier this year, nine-year-old Scopely raised a $400 million Series D, bringing its total funding raised to over $650 million. That cash helped to finance Scopely's acquisition of FoxNext Games in April. Scopely's other game titles include Yahtzee With Buddies, which has earned over $500 million in lifetime revenue according to a company statement, and Marvel Strike Force, which was developed by FoxNext.
In addition to its L.A. HQ and London office, Scopely has offices in Boulder CO, Tokyo, Dublin and Barcelona.
California's AB 3262 Is Quietly ShelvedCalifornia Could Soon Make Amazon, Other Online Marketplaces Liable for Defective Products
A California bill that would have held Amazon and other online marketplaces strictly liable for defective third-party products was quietly shelved over the weekend.
The bill, AB 3262, authored by Democratic Assemblyman Mark Stone of Santa Cruz, was expected to be voted on by the state Senate before session adjourns Monday. But the bill has spurred increasing opposition among the business community. A novel coronavirus scare among Republican senators after one had tested positive last week further delayed the vote.
Stone said in a statement that he recognized the complexity surrounding the purchase of flawed or falsely advertised products online but wanted to "move beyond the 'Buyer Beware' mentality, and toward an online policy that has been the law for brick-and-mortar retailers in California for decades."
Supporters of the measure have said it is crucial to leveling the playing field for such brick-and-mortar stores, but critics say that the bill places an unnecessary burden on small businesses and startups with tighter budgets to address such issues who are already under tremendous strain during a global pandemic.
"Unfortunately, despite promising ideas and potential paths for moving forward, AB 3262 will not advance in its present form by the legislative deadline," Stone said. "I am committed to continuing the conversation with the online industry, with my follow [sic] members in the legislature, and with California consumers, to create a strong and effective measure in the future that ensures that if a defective product is purchased online, the consumer has a remedy."
GoodRx To Enter NASDAQ as GDRX
Prescription discount GoodRX filed to go public Friday and is looking to raise $100 million. It will be traded on the NASDAQ under the ticker symbol "GDRX" later this year.
Co-founded by former Facebook executive Doug Hirsch in 2011, the Santa Monica company makes money by collecting fees from pharmacy benefits managers. It offers comparison pricing at different pharmacies and has been one of the most popular downloaded medical apps.
While some tech companies are going out for IPOs while losing money, GoodRx stands apart for its steady profit growth over recent years. It earned $54 million in profit for the first six months ending in June, up from $31 million over the same time last year, a 74% increase.
The company targets consumers who are paying for drugs out-of-pocket at drug stores, and many of them have fallen off during the pandemic, choosing instead to stay home or avoid the doctor. Second quarter use fell to 4.4 million from 4.9 million from the prior quarter, although usage appears to be picking up again.
Last year, GoodRx expanded into telehealth with HeyDoctor and, while patients have flocked to the new service during the pandemic, the division is less profitable than the prescription side of the business.
In its filings on Friday, the company laid out some of its biggest risks, including a model that's highly dependent on a drug pricing structure dictated by pharmaceutical manufacturers and wholesalers, insurance companies and benefits managers - all of which it has little control over. The company is also reliant on more than a dozen benefit managers, but their business is dominated by just three of them.
Earlier this year, Hirsch and co-founder Trevor Bezdek told CNBC they are "constantly worrying" about regulatory issues like single payer health care, competition and the industry souring on them.
"All we can do, and all we have done, is stayed true to our mission of helping provide more transparency to consumers," Bezdek told CNBC.
- Amazon May Soon Be Liable In California for Defective Items - dot.LA ›
- GoodRx Shares Soar 50% on Wall Street Debut - dot.LA ›
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Minutes into filling out my absentee ballot last week, I was momentarily distracted by my dog Seamus. A moment later, I realized in horror that I was filling in the wrong bubble — accidentally voting "no" on a ballot measure that I meant to vote "yes" on.
It was only a few ink marks, but it was noticeable enough. Trying to fix my mistake, I darkly and fully filled in the correct circle and then, as if testifying to an error on a check, put my initials next to the one I wanted.
Then I worried. As a reporter who has previously covered election security for years, I went on a mini-quest trying to understand how a small mistake can have larger repercussions.
As Los Angeles County's 5.6 million registered voters all receive ballots at home for the first time, I knew my experience could not be unique. But I wondered, would my vote count? Or would my entire ballot now be discarded?
My distractingly sweet dog, Seamus.
Photo by Tami Abdollah
You'll soon be able to take a rapid COVID-19 test before boarding a plane at Los Angeles International Airport.
Two design companies — one known for transforming shipping containers into pop-up businesses and homes, another that focuses on an eco-friendly approach to architecture — will erect modular COVID testing center at LAX by Nov. 1. New Jersey-based Clarity Labs will eventually staff those sites with technicians.
- FDA Approves Curative Inc's COVID-19 Test - dot.LA ›
- FDA Approves DxTerity's At-Home Test - dot.LA ›