Coronavirus Updates: Endeavor May Cut Epic Games; Tinder's New COVID-19 Strategy

Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.

  • Mega talent agency Endeavor seeks sale of Epic games in bid to restructure amid COVID-19
  • Forget swiping left and right on Tinder to meet a match. The app now wants to take you on a virtual date

    Mega talent agency Endeavor seeks sale of Epic games in bid to restructure amid COVID-19

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    Hollywood appears to be poised for dealmaking as COVID-19 rearranges priorities and business models. Endeavor Group Holdings Inc., the Tinseltown talent agency and owner of Ultimate Fighting Championships, is said to be close to sell off investments as a way to streamline their overall business. Bloomberg News reported that Endeavor, led by Chief Executive Ari Emanuel, is looking into selling part of its stake of Epic Games. The North Carolina-based video game maker is known for its popular Fortnite franchise, and was once valued at about $15 billion.

    Endeavor built a sprawling empire of media, sports and entertainment assets predicated on the growing value of live events, according to Bloomberg. It operates the mixed martial arts league UFC and stages hundreds of live events all over the world. The temporary pause on such events in most parts of the world has forced Endeavor to lay off, furlough or cut salary for about one-third of its workforce, and prompted credit ratings to downgrade its debt.

    Forget swiping left and right on Tinder to meet a match. The app now wants to take you on a virtual date

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    Love in the age of pandemic: Tinder wants to match you to your perfect mate, but also facilitate the first date. The West Hollywood-based dating app told shareholders Wednesday it will launch a video chat function later this year to virtually allow users to meet. The app has an estimated 57 million people who log on to the service globally, all of them swiping left and right before being allowed to contact matches.

    Match group also owns a number of other dating apps including Hinge and OkCupid. Though, the new video function will only be rolled out on Tinder in late summer. Match reported Tuesday that it saw usage growth spike across all its dating brands during the first quarter, and generated more than $544 million in revenue — a 17% increase year-over-year.


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    Netflix Facing Another Round of Layoffs: Report

    Christian Hetrick

    Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

    Netflix Facing Another Round of Layoffs: Report

    Netflix could have another round of layoffs as early as this week, according to Variety.

    The streaming giant, which has seen its stock price plummet more than 70% this year, already cut 150 positions across its organization in May. The upcoming layoffs could be similar in size, with impacted employees expected to be informed at the end of this week, Variety reported Monday.

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    LA Tech ‘Moves’: Jam City Shakes Up Games Leaders, Viant Lures Amazon Vet

    Kristin Snyder

    Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

    LA Tech ‘Moves’: Jam City Shakes Up Games Leaders, Viant Lures Amazon Vet
    Photo by James Opas | Modified by Joshua Letona

    “Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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    This Week in ‘Raises’: Metropolis Lands $167M, Alpha Edison Seeks $340M for New Fund

    Kristin Snyder

    Kristin Snyder is an editorial intern for dot.la. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.

    Raises
    Image by Joshua Letona

    In this week’s edition of “Raises”: a local fintech startup raised $167 million to make it much easier to pay for parking spots, while software startups in Santa Barbara and Irvine also landed large funding rounds.

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