(Reuters) – AT&T Inc is committed to spend as much as needed on the media business of newly acquired Time Warner Inc, Chief Executive Randall Stephenson told CNBC on Friday, with a plan to invest $ 21 billion to $ 22 billion in the combined company.
FILE PHOTO: Chief Executive Officer of AT&T Randall Stephenson arrives at a U.S. District Court in Washington, D.C., U.S. April 19, 2018. REUTERS/Carlos Barria/File Photo
“We’re not going to be penny-wise and pound-foolish here,” Stephenson said in an interview on the financial news channel. “We intend to invest.”
The No. 2 U.S. wireless carrier closed its $ 85 billion acquisition of Time Warner on Thursday and now faces the task of integrating a media company into its operations as it seeks to rival Netflix Inc , Amazon.com Inc and other technology companies providing entertainment directly to customers.
That will be the job of John Stankey, who will lead the company’s combined entertainment business. Stephenson said on Friday AT&T intends to preserve Time Warner’s creative culture.
He acknowledged such differences in an email to AT&T and Time Warner employees late on Thursday, a copy of which was seen by Reuters.
“As different as our businesses are, I think you’ll find we have a lot in common,” wrote Stephenson. “We’re big fans of your talent and creativity. And you have my word that you will continue to have the creative freedom and resources to keep doing what you do best.”
Stephenson told CNBC he expects AT&T’s debt levels to come down quickly in about a year, returning to normal levels within four years at about 2.3 times earnings before interest, tax, depreciation and amortization.
Some analysts have raised concerns about the high level of debt the company took on to acquire Time Warner, about $ 180 billion at the close of the merger, Stephenson said.
AT&T’s spending plans include investing more in HBO, the premium TV channel with the hit show “Game of Thrones,” and expanding HBO’s direct-to-consumer platform, Stephenson said.
Reporting by Sheila Dang; Additional reporting by Diane Bartz in Washington; Editing by Bill Rigby
Many Chicagoans have responded positively to the piece, validating Chicago’s entrepreneurial excitement. A handful of people, however, responded with some resistance to the constant comparisons to to Silicon Valley, like this Medium post by Jason Fried, CEO of Basecamp: Chicago, be Chicago.
And for good reason–following another city’s playbook limits the space for originality. But on the other hand, resisting to target other cities is problematic and, to a some extent, dangerous.
Why? I’ll get to that in a second, but first I need to share a small part of my story:
I’m a twenty-something entrepreneur born and raised in Chicago. I founded MSTQ, a Chicago-based design and innovation firm, which has afforded me the opportunity to have a hand in some of Chicago’s most exciting tech startups. My work has given me a front row seat to Chicago’s growing tech scene, seeing first-hand this city’s immense potential for innovation.
But there was once a time where I felt a deep sense of wanderlust. Not too long ago, I had dreams of packing a single suitcase and buying a one way ticket out. Admittedly, I felt like there was something bigger than what Chicago had to offer, that Chicago wasn’t forward-thinking enough and that I had outgrown it.
The problem is I’m most definitely not the only aspirational, bright-eyed entrepreneur that has felt this way. Many of my most talented friends–friends with incredibly promising creative potential that I admired–have left Chicago for cities like New York, Los Angeles and, you guessed it, Silicon Valley.
Moreover, Chicago’s population has decreased for the third straight year. Meanwhile, urban populations are increasing everywhere else. While Chicago is still the third-most-populous metropolitan area in the US, it was the only one in the country’s top ten cities that saw a decrease rather than an increase in population, according to the Census Bureau.
So when influential figures in Chicago like Jason Fried resists comparisons to the very cities that are siphoning Chicago’s best native talent, they’re maintaining the status quo.
The crazy irony is that it was Fried himself who once preached the value of illuminating comparisons to competitors. In his book REWORK, here’s what he had to say about “picking fights”:
“If you think a competitor sucks, say so. When you do that, you’ll find that others who agree with you will rally to your side. Being the anti-_____ is a great way to differentiate yourself and attract followers. Taking a stand always stands out. People get stoked by conflict. They take sides. Passions are ignited. And that’s a good way to get people to take notice.”
So, why then, would you shy away from picking a fight with the biggest competitor?
The reality is, Silicon Valley is regarded as the tech and innovation capital of the world, bar none; it’s the modern day Rome of technology and innovation. And you know what they say–all roads lead to Rome, including the one from Chicago.
Insisting that young, ambitious Chicagoans like me ignore the success of the Valley hinders the ability to stand out and develop a sense of pride–a key ingredient in motivating the next generation of talent to stay in Chicago.
Shouldn’t there be a target to aspire to? A vision to rally around?
Look, I get it. Let’s build something that’s our own. Let’s stop copying other cities. Let’s be original. Let’s not inflate our rent prices. Let’s make Chicago winters cool.
But instilling the belief that Chicago can be better than the best requires learning from and acknowledging the best. If today’s leaders in Chicago are going to preach a philosophy to its next generation of tech leaders, let it be Kobe Bryant’s perspective on comparisons to Michael Jordan:
“When you’re looking at players out there now, you’re saying, ‘OK, there’s not a next Michael Jordan.’ It’s not about the surface stuff. It’s about: Are they approaching the game the way he did?”
That way, the next generation of tech talent can not only better understand the formula for success, but also the Chicago’s unique strengths in comparison. And in Fried’s words, picking a fight with the best might inspire them to rally around the potential for the Second City to be first in innovation.
As any entrepreneur should know, good sleep is essential to good business.
High-quality sleep sustains the energy levels you need to grow a company. It enhances cognitive function so your brain operates at its best. It helps you recover from grueling days so you don’t burn out . And it’s consistently linked to improved performance and productivity in the workplace.
So what’s the antidote to this productivity-killing sleep deprivation? One of the best strategies for ensuring you consistently get a good night’s sleep is to create a sleep log. While that might sound like one more thing to add to your already-overwhelming to-do list, the effort pays for itself. Here’s why every entrepreneur should keep a sleep diary–plus how to do it right.
The Benefits of Keeping a Sleep Diary
It holds you accountable to getting enough sleep
If you don’t track how many hours you’ve slept each night, then it’s easy to start cutting back on sleep without even realizing it. Before you know it, you’re catching only four or five hours of shut eye in the pursuit of more working hours. You may be vaguely aware of the fact that you’re feeling awfully tired lately, but you won’t realize the full scope of your sleep deprivation unless you actually count how much time you spend sleeping.
Bottom line? Tracking your sleep lets you quickly identify when you’re not getting enough of it. This gives you the opportunity to course correct before things get dire.
It helps you identify obstacles to quality sleep
Speaking of course correction: Keeping a detailed sleep log enables you to identify the behavioral or environmental patterns that might be interfering with your ability to sleep well each night.
For instance, if you keep track of your caffeine consumption habits along with your sleep quality, you might notice that consuming caffeine after 6 pm consistently disrupts your sleep, while consuming caffeine earlier in the day keeps you in the clear. This allows you to curate your daily habits so they serve your nighttime sleep quality.
It provides valuable info to your doctor (if necessary)
If you tweak your habits to facilitate high-quality sleep but still struggle to fall and stay asleep each night, there’s a chance you’re dealing with a sleep disorder. In that event, having a written record of your sleep habits will be enormously helpful to a medical professional.
Handing over this written log not only saves your doctor time; it may also save you money that would otherwise be spent on diagnostic questions that were already answered by your diary. And if you do start treatment for a sleep disorder, the sleep log will let you keep track of whether the treatment is working.
All told, keeping a sleep diary can help you improve your sleep quality in a number of ways. And that has major ramifications for your cognitive function, learning capacities, energy levels, and productivity.
How to Keep a Sleep Diary
Ready to create a sleep diary? Keep the following guidelines in mind:
Track how much you slept each night. Write down when you got in bed, how long it took you to fall asleep, when you woke up to start your day, and whether (and why) you woke up at all during the night.
Track quality in addition to quality. Each morning, rate how well you slept the night before. You can use a simple scale of 1 to 5, with 1 representing poor quality sleep and 5 representing very good quality sleep.
Track lifestyle factors. What you do during your day can have a major impact on the sleep you get at night. Jot down how much caffeine and alcohol you consumed (and when you consumed it), what and when you ate, if and when you exercised, whether you’re experiencing any emotional stressors, if and when you napped, your daily activities, and any drugs or medication you may have taken.
Track environmental factors. Note the temperature of your bedroom, the bedding you used, whether the room was dark or light, whether the room was quiet or loud, and so on.
If all that sounds daunting, don’t worry. There are plenty of sleep diary templates available, and they make it easy to track these factors in one place. (Not sure where to start? Give this template from the American Academy of Sleep Medicine a try.)
Keeping a sleep diary is one of the best ways to ensure you’re consistently getting high-quality sleep. And that is one of the best things you can do for yourself when you’re trying to make it big.
SAN FRANCISCO/WASHINGTON (Reuters) – A 20-year-old Florida man was responsible for the large data breach at Uber Technologies Inc last year and was paid by Uber to destroy the data through a so-called “bug bounty” program normally used to identify small code vulnerabilities, three people familiar with the events have told Reuters.
FILE PHOTO – The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu
Uber announced on Nov. 21 that the personal data of 57 million passengers and 600,000 drivers were stolen in a breach that occurred in October 2016, and that it paid the hacker $ 100,000 to destroy the information. But the company did not reveal any information about the hacker or how it paid him the money.
Uber made the payment last year through a program designed to reward security researchers who report flaws in a company’s software, these people said. Uber’s bug bounty service – as such a program is known in the industry – is hosted by a company called HackerOne, which offers its platform to a number of tech companies.
Reuters was unable to establish the identity of the hacker or another person who sources said helped him. Uber spokesman Matt Kallman declined to comment on the matter.
Newly appointed Uber Chief Executive Dara Khosrowshahi fired two of Uber’s top security officials when he announced the breach last month, saying the incident should have been disclosed to regulators at the time it was discovered, about a year before.
It remains unclear who made the final decision to authorize the payment to the hacker and to keep the breach secret, though the sources said then-CEO Travis Kalanick was aware of the breach and bug bounty payment in November of last year.
Kalanick, who stepped down as Uber CEO in June, declined to comment on the matter, according to his spokesman.
A payment of $ 100,000 through a bug bounty program would be extremely unusual, with one former HackerOne executive saying it would represent an “all-time record.” Security professionals said rewarding a hacker who had stolen data also would be well outside the normal rules of a bounty program, where payments are typically in the $ 5,000 to $ 10,000 range.
HackerOne hosts Uber’s bug bounty program but does not manage it, and plays no role in deciding whether payouts are appropriate or how large they should be.
HackerOne CEO Marten Mickos said he could not discuss an individual customer’s programs. “In all cases when a bug bounty award is processed through HackerOne, we receive identifying information of the recipient in the form of an IRS W-9 or W-8BEN form before payment of the award can be made,” he said, referring to U.S. Internal Revenue Service forms.
According to two of the sources, Uber made the payment to confirm the hacker’s identity and have him sign a nondisclosure agreement to deter further wrongdoing. Uber also conducted a forensic analysis of the hacker’s machine to make sure the data had been purged, the sources said.
One source described the hacker as “living with his mom in a small home trying to help pay the bills,” adding that members of Uber’s security team did not want to pursue prosecution of an individual who did not appear to pose a further threat.
The Florida hacker paid a second person for services that involved accessing GitHub, a site widely used by programmers to store their code, to obtain credentials for access to Uber data stored elsewhere, one of the sources said.
GitHub said the attack did not involve a failure of its security systems. “Our recommendation is to never store access tokens, passwords, or other authentication or encryption keys in the code,” that company said in a statement.
‘SHOUT IT FROM THE ROOFTOPS’
Uber received an email last year from an anonymous person demanding money in exchange for user data, and the message was forwarded to the company’s bug bounty team in what was described as Uber’s routine practice for such solicitations, according to three sources familiar with the matter.
Bug bounty programs are designed mainly to give security researchers an incentive to report weaknesses they uncover in a company’s software. But complicated scenarios can emerge when dealing with hackers who obtain information illegally or seek a ransom.
Some companies choose not to report more aggressive intrusions to authorities on the grounds that it can be easier and more effective to negotiate directly with hackers in order to limit any harm to customers.
Uber’s $ 100,000 payout and silence on the matter at the time was extraordinary under such a program, according to Luta Security founder Katie Moussouris, a former HackerOne executive.
“If it had been a legitimate bug bounty, it would have been ideal for everyone involved to shout it from the rooftops,” Moussouris said.
Uber’s failure to report the breach to regulators, even though it may have felt it had dealt with the problem, was an error, according to people inside and outside the company who spoke to Reuters.
“The creation of a bug bounty program doesn’t allow Uber, their bounty service provider, or any other company the ability to decide that breach notification laws don’t apply to them,” Moussouris said.
Uber fired its chief security officer, Joe Sullivan, and a deputy, attorney Craig Clark, over their roles in the incident.
“None of this should have happened, and I will not make excuses for it,” Khosrowshahi, said in a blog post announcing the hack last month.
Clark worked directly for Sullivan but also reported to Uber’s legal and privacy team, according to three people familiar with the arrangement. It is unclear whether Clark informed Uber’s legal department, which typically handled disclosure issues.
Sullivan and Clark did not respond to requests for comment.
In an August interview with Reuters, Sullivan, a former prosecutor and Facebook Inc (FB.O) security chief, said he integrated security engineers and developers at Uber “with our lawyers and our public policy team who know what regulators care about.”
Last week, three more top managers in Uber’s security unit resigned. One of them, physical security chief Jeff Jones, later told others he would have left anyway, sources told Reuters. Another of the three, senior security engineer Prithvi Rai, later agreed to stay in a new role.
Reporting by Joseph Menn in San Francisco and Dustin Volz in Washington; Additional reporting by Heather Somerville and Stephen Nellis in San Francisco; Editing by Jonathan Weber and Bill Rigby
Last year, India’s capital city of New Delhi recorded nearly 16,000 cases of dengue infections, the highest in recent years. The culprit: mosquitoes, which flourish in areas with uncovered garbage and stagnant water that are common in developing countries, and spread the dreaded virus as they multiply quickly. LG hopes to help its customers fight the airborne menace with a new line of LCD TVs that feature mosquito-repelling technology. And it’s not as kooky an idea as you think. The company explained in a statement, “The LG Mosquito Away TV, developed as per the Indian insights by consumers, is equipped…