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(Reuters) -Netflix has shut down the studio behind its mobile game "Squid Game: Unleashed", amid a shift in strategy for its video gaming unit. The studio's closure was confirmed by its co-founder and former CEO, David Rippy, in a LinkedIn post on Thursday. "Rough news, for sure, but I'm very grateful for the time we had at Netflix," Rippy said. The streaming giant, which has ventured into advertising and video games to diversify its revenue streams, acquired Boss Fight Entertainment in 2022 to broaden its offering. "After 10+ great years working at Boss Fight, the last few as part of Netflix, the time has come for the studio to close down," David Luehmann, a director of game development at the studio, said in another LinkedIn post. Netflix did not immediately respond to a Reuters request for comment. Boss Fight's two games, "Netflix Stories" and "Squid Game: Unleashed", will continue to be available on the streaming platform. Netflix, which named Alain Tascan as president of games last year, has a new strategy that will focus on party, narrative, kids and mainstream games. Netflix Co-CEO Greg Peters touted "Squid Game: Unleashed" during its earnings call earlier this week as an example of the types of narrative games it would like to make based on its own shows. (Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva)

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By Kritika Lamba and Arsheeya Bajwa (Reuters) -Two Grindr board members, part of an investor group that owns more than 60% of the company, have proposed to take one of the world's most recognized dating platforms for the LGBTQIA+ community private for about $3.46 billion. Shares of the company closed up nearly 19% on Friday. A deal would give board members Ray Zage and James Lu greater control of the popular LGBTQIA+ dating platform with millions of users in more than 190 countries, at a time when online dating companies are under immense pressure to rekindle growth. Grindr, along with industry leaders such as Tinder-parent Match Group and Bumble has wrestled with slowing user additions and rising criticism of "swiping fatigue," as younger users experiment with AI-driven and niche matchmaking alternatives. Zage and Lu originally acquired Grindr in June 2020, and led the company's public listing in November 2022. The consortium has secured significant expressions of interest to participate in financing, including multiple highly confident letters and contributions of equity, and is confident these will be sufficient to fund the acquisition, the shareholders said. "We are strong believers in the long-term outlook for the company — I have been a consistent buyer of shares in Grindr since listing, buying over $200 million of shares on the public market and am also willing to contribute additional equity to this deal," Zage said. The company's stock has been volatile since going public in 2022, trading below its debut levels for much of the last year. BID LIKELY TO SUCCEED The offer of $18 per share represents a 51% premium over the stock price on October 10, the day prior to when shareholders first informed the company of their intention to explore a going-private transaction, they said. The proposal is slightly below expectations, but investors likely had concerns around growth, which would be difficult to allay without a few sustained quarters of good performance, analysts at Raymond James said in a note. While Grindr would offer valuable assets for other players in the online dating industry, peers are more likely to focus on improving their existing businesses rather than turning to acquisitions, the analysts added. "We view today's bid as the most likely to cross the finish line." Last week, Grindr's board established a special committee of "disinterested and independent directors" to evaluate any definitive proposals, including committed financing, presented to the company. The committee is reviewing Friday's unsolicited offer, Grindr said. (Reporting by Kritika Lamba in Bengaluru and Arsheeya Bajwa; Editing by Alan Barona)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Two Grindr board members, part of an investor group that owns more than 60% of the company, have proposed to take one of the world's most recognized dating platforms for the LGBTQIA+ community private for about $3.46 billion. Shares of the company closed up nearly 19% on Friday. A deal would give board members Ray Zage and James Lu greater control of the popular LGBTQIA+ dating platform with millions of users in more than 190 countries, at a time when online dating companies are under immense pressure to rekindle growth. Grindr, along with industry leaders such as Tinder-parent Match Group and Bumble has wrestled with slowing user additions and rising criticism of "swiping fatigue," as younger users experiment with AI-driven and niche matchmaking alternatives. Zage and Lu originally acquired Grindr in June 2020, and led the company's public listing in November 2022. They have each served on the Grindr board of directors since the acquisition, with Lu serving as chairman during that time. The consortium has secured significant expressions of interest to participate in financing, including multiple highly confident letters and contributions of equity, and is confident that these sources will be fully sufficient to fund the acquisition, the shareholders said in a statement. "We are strong believers in the long-term outlook for the company — I have been a consistent buyer of shares in Grindr since listing, buying over $200 million of shares on the public market and am also willing to contribute additional equity to this deal," Zage said. The company's stock has been volatile since going public in 2022, trading below its debut levels for much of the last year. The offer of $18 per share represents a 51% premium over the stock price on October 10, the day prior to when shareholders first informed the company of their intention to explore a going-private transaction, they said. Last week, Grindr's board established a "special committee comprised of disinterested and independent directors in the event that a definitive, bona fide proposal, including committed financing, is presented to the company for evaluation," Grindr said. The committee is reviewing the unsolicited offer, Grindr said in a statement. (Reporting by Kritika Lamba in Bengaluru and Arsheeya Bajwa; Editing by Alan Barona)

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By Stephen Nellis SAN FRANCISCO (Reuters) -IBM said on Friday it can run a key quantum computing error correction algorithm on commonly available chips from Advanced Micro Devices, a step toward commercializing super-powerful computers. The U.S. stalwart is racing to develop quantum computing against Microsoft and Alphabet's Google, which announced a breakthrough algorithm this week. Quantum computers use what are known as qubits to tackle problems that would take conventional computers thousands of years to crack – problems such as how trillions of atoms react over time. However, qubits are prone to errors that can quickly overwhelm the useful computing work of a quantum chip. In June, IBM said it had developed an algorithm to run alongside quantum chips that can address such errors. In a research paper seen by Reuters to be published on Monday, IBM will show it can run those algorithms in real time on a type of chip called a field programmable gate array manufactured by AMD. Jay Gambetta, director of IBM research, said the work showed that IBM's algorithm not only works in the real world, but can operate on a readily available AMD chip that is not "ridiculously expensive."  "Implementing it, and showing that the implementation is actually 10 times faster than what is needed, is a big deal," Gambetta said in an interview. IBM has a multi-year plan to build a quantum computer called Starling by 2029. Gambetta said the algorithm work disclosed Friday was completed a year ahead of schedule. IBM shares closed up 7.88% at $397.46 on Friday after the news, and AMD shares closed up 7.63% at $252.92. (Reporting by Stephen Nellis in San Francisco; Editing by Christopher Cushing and David Gregorio)

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By Jessica DiNapoli NEW YORK (Reuters) -Snack maker Mondelez is using a new generative AI tool to cut costs for the production of marketing content by 30% to 50%, a senior executive told Reuters. The packaged-food manufacturer began developing the tool last year with ad company Publicis Groupe and IT firm Accenture. Mondelez expects that the tool will be capable of making short TV ads that would be ready to air as soon as next year's holiday season, and potentially for the 2027 Super Bowl, said Jon Halvorson, Mondelez’s global senior vice president of consumer experience. The Cadbury chocolate producer has invested more than $40 million in the tool, Halvorson said, adding that savings would grow if the tool is able to make more elaborate videos. Faced with tariffs and shrinking shopper budgets, Mondelez, like other consumer goods companies, is looking to adopt AI to slash fees paid to advertising agencies, and speed up how long it takes to develop and sell new products.  Rivals such as macaroni-and-cheese maker Kraft Heinz and Coca-Cola have also been trying out AI for ads. Coke in 2024 ran AI-created holiday ads, though the computer-created people in them were ridiculed by some consumers for lacking real emotion. Mondelez is not yet putting human likenesses in its AI-created content. It is using content generated by the new tool on social media for its Chips Ahoy cookies in the U.S. and Milka chocolate in Germany. An eight-second Milka video shows waves of chocolate rippling over a wafer, along with different backgrounds depending on which consumer Mondelez is targeting. The cost to do animations "is in the hundreds of thousands," Halvorson said. "This type of setup is orders of magnitude smaller." In the U.S., Oreo will use the tool for product pages on Amazon and Walmart in November. Mondelez plans to use the tool in the coming months for Lacta chocolate and Oreo in Brazil, and Cadbury in the UK, Halvorson said.  Tina Vaswani, vice president of digital enablement and data for the company, said humans will always check what the tool produces to avoid any mishaps. Mondelez has rules prohibiting highlighting unhealthy eating habits, vaping, overconsumption, emotionally manipulative language and the use of offensive stereotypes, according to a document shared by the Chicago-based company. (Reporting by Jessica DiNapoli in New York; Editing by Aurora Ellis)

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WASHINGTON (Reuters) -U.S. Energy Secretary Chris Wright this week directed federal energy regulators to consider a rule aimed at speeding up the connection of power-hungry data centers to electric grids.  Wright sent the Federal Energy Regulatory Commission a rule on Thursday that allows customers to file joint, co-located load and generation interconnection requests. The energy department said the rule would reduce study times and costs for improving the grid, while reducing the time needed for additional power to come online. The rule also pushes FERC to mull whether reviews for grid projects, which sometimes take years, can be done in 60 days.  As U.S. power demand spikes for the first time in two decades on artificial intelligence, President Donald Trump's administration is trying to boost power capacity, mainly from fossil fuel and nuclear plants, and grid access for the data center industry.   Energy secretaries can direct FERC, an independent panel of the Energy Department set to have a 3-2 Republican majority, to consider rules, but cannot force it to adopt them.  Edison Electric Institute, which represents publicly-traded electric utilities, said it supported Wright's effort, saying it would strengthen the grid and drive down costs for customers.  An environmentalist slammed the move. "Pushing FERC to rubber-stamp connections in just 60 days while the government's shut down and Trump builds a $300 million White House ballroom shows (how) out of touch his administration is from everyday Americans," said Camden Weber of environmental group Center for Biological Diversity. Wright also urged FERC to consider a rule to remove burdens for preliminary hydroelectric permits.  Malcolm Woolf, president and CEO of the National Hydropower Association, praised Wright's move. "It is incumbent upon FERC, the Trump Administration, and Congress to ensure that third parties, such as Federal resource agencies, do not unduly inhibit hydropower development and instead foster its necessary growth to meet current challenges."      (Reporting by Timothy Gardner; additional reporting by Laila Kearney and Nichola Groom; editing by Diane Craft)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

WASHINGTON (Reuters) -U.S. Energy Secretary Chris Wright this week directed federal energy regulators to consider a rule aimed at speeding up the connection of power-hungry data centers to electric grids.  Wright sent the Federal Energy Regulatory Commission a rule on Thursday that allows customers to file joint, co-located load and generation interconnection requests. The energy department said the rule would reduce study times and costs for improving the grid, while reducing the time needed for additional power to come online. The rule also pushes FERC to mull whether reviews for grid projects, which sometimes take years, can be done in 60 days.  As U.S. power demand spikes for the first time in two decades on artificial intelligence, President Donald Trump's administration is trying to boost power capacity, mainly from fossil fuel and nuclear plants, and grid access for the data center industry.   Energy secretaries can direct FERC, an independent panel of the Energy Department set to have a 3-2 Republican majority, to consider rules, but cannot force it to adopt them.  Edison Electric Institute, which represents publicly-traded electric utilities, said it supported Wright's effort, saying it would strengthen the grid and drive down costs for customers.  An environmentalist slammed the move. "Pushing FERC to rubber-stamp connections in just 60 days while the government's shut down and Trump builds a $300 million White House ballroom shows (how) out of touch his administration is from everyday Americans," said Camden Weber of environmental group Center for Biological Diversity. Wright also urged FERC to consider a rule to remove burdens for preliminary hydroelectric permits.  Malcolm Woolf, president and CEO of the National Hydropower Association, praised Wright's move. "It is incumbent upon FERC, the Trump Administration, and Congress to ensure that third parties, such as Federal resource agencies, do not unduly inhibit hydropower development and instead foster its necessary growth to meet current challenges."      (Reporting by Timothy Gardner; additional reporting by Laila Kearney and Nichola Groom; editing by Diane Craft)

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By David Shepardson WASHINGTON (Reuters) -A subsidiary of Chinese battery company Gotion has abandoned a plan to build a $2.4 billion plant in Michigan to produce key materials for electric vehicle batteries, the state said on Thursday. The plan, first announced in October 2022, was expected to create 2,350 factory jobs but came under criticism from some lawmakers for the company's Chinese ownership. The Michigan Economic Development Corporation (MEDC) said none of a $125 million state grant for the project was ever disbursed and it will pursue repayment of another $23.6 million state award that went toward purchase of the property. Germany's Volkswagen is the largest single shareholder in Gotion Inc's parent company, owning about 30% of Gotion High-Tech. U.S. lawmakers said last month China maintains "effective control" through multiple individual shareholders. Gotion Inc's head of corporate and public affairs, Benjamin Howes, would not address specific questions on the plant but said in a statement the firm "remains firmly committed to its mission of driving America's clean energy future" including at a plant in Illinois. Volkswagen was not available to comment. In March 2024, Gotion sued Green Township in Michigan for allegedly breaching an agreement to build the plant. The MEDC last month sent Gotion a letter saying it was in default on its grant agreement because there had been no actions on the project site in more than 120 days. The state had given Gotion 30 days to resolve the default. A lawyer acting for Gotion Inc said in a letter to the MEDC seen by Reuters that it was "utterly false" to accuse the company of abandoning the project. He added because of a "barrage of attacks that Gotion has had to endure at this site" and Green Township's opposition, that a better course of action was to suspend the default for six months to have "an open and candid discussion about the viability of the project and the long-term plan for this site." Over the last year, Americans' waning enthusiasm for electric cars led automakers to delay or scrap factory projects. After recent EV policy changes by the Trump administration, automakers are further retrenching. Representative John Moolenaar, a Michigan Republican who chairs a select committee on China, praised the withdrawal of state support for the project. He had worked with residents in Green Township to oppose the project and bar U.S. government subsidies for Chinese-affiliated battery companies like Gotion. (Reporting by David Shepardson; Additional reporting by James Pomfret in Hong Kong; Editing by Elaine Hardcastle and Christopher Cushing)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Two Grindr board members, part of an investor group that owns more than 60% of the company, have proposed to take one of the world's most recognized dating platforms for the LGBTQIA+ community private for about $3.46 billion. Shares of the company were up over 22%. A deal would give board members Ray Zage and James Lu greater control of the popular LGBTQIA+ dating platform with millions of users in more than 190 countries, at a time when online dating companies are under immense pressure to rekindle growth. Grindr, along with industry leaders such as Tinder-parent Match Group and Bumble has wrestled with slowing user additions and rising criticism of "swiping fatigue," as younger users experiment with AI-driven and niche matchmaking alternatives. Zage and Lu originally acquired Grindr in June 2020, and led the company's public listing in November 2022. They have each served on the Grindr board of directors since the acquisition, with Lu serving as chairman during that time. The consortium has secured significant expressions of interest to participate in financing, including multiple highly confident letters and contributions of equity, and is confident that these sources will be fully sufficient to fund the acquisition, the shareholders said in a statement. "We are strong believers in the long-term outlook for the company — I have been a consistent buyer of shares in Grindr since listing, buying over $200 million of shares on the public market and am also willing to contribute additional equity to this deal," Zage said. The company's stock has been volatile since going public in 2022, trading below its debut levels for much of the last year. The offer of $18 per share represents a 51% premium over the stock price on October 10, the day prior to when shareholders first informed the company of their intention to explore a going-private transaction, they said. Grindr did not immediately respond to a Reuters request for comment. Last week, Grindr's board established a "special committee comprised of disinterested and independent directors in the event that a definitive, bona fide proposal, including committed financing, is presented to the company for evaluation," Grindr said. (Reporting by Kritika Lamba in Bengaluru and Arsheeya Bajwa; Editing by Alan Barona)

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(Reuters) -A consortium of Grindr shareholders who own more than 60% of its outstanding shares, including George Raymond Zage III and James Fu Bin Lu, has submitted a non-binding proposal to take the dating app private, offering $18 per share. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan Barona)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)