Thursday, June 28th, 2018

Ride-sharing Company Lyft, is Now Worth Over $15 Billion
Company Blog Post

The company announced on Wednesday that it has raised $600 million in a round that was led by Fidelity Capital. The company is now valued at $15.1 billion.

Lyft has been gaining momentum in the second half of 2018 with its recently launched new passenger app, its new commitment to make all Lyft rides carbon neutral, and its partnership with Magna to develop and scale autonomous vehicle technology.

Senator Investment Group LP joined Fidelity in the new round of funding.

Blackberry Teams Up with Samsung to Roll Out Digital Solutions
Blackberry Press Release

Blackberry announced on Wednesday that it has entered into a multi-year strategic relationship with Samsung Electronics.

Both companies look to collaborate on developing and rolling out solutions that will help accelerate the digital transformation of their shared business customers.

The extended relationship builds on the companies’ multi-year partnership which was first announced in 2014.

Kroger Opens a New Headquarters for its Digital Team
Company Press Release
Ocado Announcement
Home Chef Announcement

Kroger announced on Wednesday that its new digital headquarters will be located in downtown Cincinnati.

The new headquarters is expected to employ more than 1,000 people over the next three years.

Earlier this year, the company announced that it is working with Ocado and merged with Home Chef to grow its digital business. The company has been in increased competition in the digital space against rivals such as Amazon, Target, and Walmart.

Live Nation Acquires a Concert and Festival Promoter
Company Press Release

Live Nation, a live entertainment company that owns Ticketmaster announced on Wednesday that it has acquired a majority stake in Red Mountain Entertainment.

Red Mountain Entertainment is a regional concert and festival promoter in the United States. The company has worked with artists such as John Mayer, The Rolling Stones, and Chris Stapleton.

The deal looks to grow live entertainment offerings in concert promotions, festival promotion and production, and venue consulting throughout the Southeastern United States.

Terms of the deal were not disclosed.

Chipotle Announces Plans to Shut Down More Than 60 Stores
Company Press Release

Reuters reported on Wednesday that Chipotle looks to close up to 65 underperforming restaurant locations.

According to a company press release, the location shutdowns are part of a restructuring plan that is expected to cost the company $115 to $135 million.

The plan is part of an effort to revamp its marketing communication, leverage digital sales, and engage with customers through a new loyalty program expected to launch in 2019.

Chipotle employs more than 70,000 people and operates more than 2,400 restaurants in the United States, Canada, the United Kingdom, France, and Germany. The company does not franchise its locations as it owns and operates all of its restaurants.