Amazon Strikes a Deal with MGM, ZipRecruiter CEO on Direct Listing Today & Exclusive with Intuit CEO Post-Earnings

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 26 May 2021

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

CNBC’s Julia Boorstin joins the anchors to discuss the deal of the day: Amazon buying MGM for $8.45 billion. Then, The Verge’s Editor-in-Chief Nilay Patel joins to break down the deal further. CNBC’s Wilfred Frost live from the New York Stock Exchange provides updates on the ongoing Senate Banking Committee Hearing. Then, CNBC’s Julia Boorstin returns to interview Clear CEO Caryn Seidman-Becker with Clear coming in at number 19 on CNBC’s Disruptor 50 List. We also have an exclusive interview with Intuit CEO Sasan Goodarzi after the company reported its earnings yesterday. Later, ZipRecruiter CEO Ian Siegel joins to discuss the company’s direct listing today. Plus, CNBC’s Kate Rooney has the latest details on the crypto craze and meme stocks.

Transcript

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0:00.0	I'm John Ford. You're listening to CNBC's TechChack. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:07.0	Good Wednesday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford, Dear Drubosa and Julia Borsden.
0:12.4	Today, Amazon buys MGM, a reset on Amazon's streaming strategy this hour. Then meme stocks making a comeback why GME and AMC are all of a sudden
0:22.9	surging again. And then later, John, what to expect from MVIA after the bell tonight. Yeah,
0:28.3	Snowflake 2. And also ahead this hour, the CEOs, both Intuit and ZipRecoder, one with strong
0:33.7	earnings, the other making its public debut. This happening as attention turns towards small and medium business.
0:39.0	It's emerging as an important catalyst for reopening, with Intuit noting its total online
0:42.9	ecosystem grew 28%.
0:44.9	Then there's ZipRecruiter, with a customer base tilted heavily towards small and medium
0:48.4	business.
0:49.1	If you believe they'll be hiring, you're more likely to like the IPO.
0:52.4	Amazon also talking small and medium business,
0:55.0	highlighting in a tweet that nearly two million SMBs sell in the store, making 60% of revenue.
0:59.9	They certainly geared your want those to do well. They love to highlight those small and medium
1:05.8	size businesses, and we start with the deal of the morning. That's Amazon buying MGM for just
1:10.7	under $8.5 billion.
1:13.0	This is Amazon's second largest acquisition ever after Whole Foods in 2017.
1:17.6	It comes just days after Discovery and AT&T.
1:21.4	As those streaming wars continue to heat up, included in the deal,
1:25.3	the James Bond franchise, The Handmaid's Tale, Fargo, as well as Shark Tank,
1:29.6	Survivor, and the Real Housewives catalog. Netflix and Disney shares, they are falling slightly
1:35.4	on that announcement. Julia, some had thought that Prime Video served this wider ecosystem that
	...

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