Spotify is one step closer to going public. The music streaming company has reportedly filed confidential papers for its direct listing.
Cheddar spoke with Axios business editor Dan Primack, who broke the story. He says the “direct listing” could mean the offering is different from what we saw from high-profile IPOs like Snap last year.
“This will be a much slower sort of offering, this isn’t the situation where you should be expecting a massive pop necessarily,” he said. “It’s the sort of thing where insiders will be allowed to sell whenever they want to sell. You won’t be having the traditional lockups on early employees...Chances are [Spotify has] done deals ahead of time with some big mutual funds.”
Spotify will list shares directly at the New York Stock Exchange, bypassing the traditional IPO process and avoiding underwriting fees. Primack, though, says several banks will still be involved.
The documents were filed at the end of last month, but the news comes after separate reports that Spotify also faces a $1.6 billion copyright lawsuit. The music publisher that controls licenses to thousands of songs from artists such as Tom Petty, The Doors, and Neil Young, claims Spotify doesn’t have rights to distribute the content.
How that lawsuit plays out could be one of the risks looming over the company’s listing.
“All indications are that they want to go [public] in Q1,” Primack said. “It’s unclear how the lawsuit is going to play into it, but that’s the plan right now. This thing should be out by the end of March.”
For full interview [click here](https://cheddar.com/videos/spotify-enters-2018-with-a-bang).
TikTok said it's investing billions of dollars into the southeast Asia market, one of the company's biggest, over the next few years.
Cava CEO Brett Schulman Talks IPO Debut
Ed Siddell, CEO and chief investment officer with EGSI Financial, joined Cheddar News to discuss Thursday's positive trading session in what Siddell called "a year of momentum" as investors continue to digest a heavy amount of news that includes monetary policy, inflation concerns, banking fears and some positive economic data.
Rivian is expanding into New York City and launching its first showroom there. Cheddar News took a look at the showroom in NYC that the company is calling "spaces," which is intended to be experiential retail locations to woo new customers.
Rebecca Walser, certified financial planner and wealth strategist, offers tips on how to avoid money mistakes, develop healthy spending habits, and pay off debts.
The U.S. Department of Agriculture said Wednesday it hopes to weed out false or misleading animal-welfare claims on meat and poultry packaging with new guidance and testing.
Stocks swept higher Thursday, revving the longest rally for Wall Street in a year and a half into a higher gear.
If you're looking for food that's good for you and the planet, look no further than the new Isle of Us café and marketplace in the Upper East Side. Cheddar's own Shannon LaNier is on the scene with more.
The price of one kitchen staple is dropping at a historic rate. In May, egg prices had their largest monthly decline in 72 years. Ricky Richardson, CEO of South Carolina-based Eggs Up Grill, joined Cheddar News to discuss the state of play in the egg industry as prices fall while food costs overall are on the rise again. Egg prices are "returning to more normal levels now, we're running down about 40% on a year-over-year basis," he said.
Best Cost-Saving Tips for Home Improvement
