Someone familiar with the business relationship told Wall Street Journal reporters that ‘Greensill had $5 billion in loans outstanding to his GFG Alliance of companies’. British businessman Sanjeev also finds himself embroiled in the situation. According to the Wall Street Journal, the company seized operations just last week, when Credit Suisse prevented investors from moving money ‘in or out the $10 billion in supply-chain investment funds’. The company promoted itself as a tech start-up ‘that competed with traditional banks such as Citigroup Inc. joined the podcast fray in a deal with Walt Disney Co.'s Marvel Entertainment to develop exclusive podcasts for its satellite radio and music streaming services.UK-based financial services provider Greensill Capital – once valued at $4 billion – has filed for insolvency protection, with The Wall Street journal reporting that the company now leaves ‘a trail of losses for investors and bank depositors’. It is betting that owning and distributing original content will eventually help improve margins - the service pays out about 70% of its revenue to music rights holders - and help it keep more listeners on its platform longer. Spotify has spent over $600 million on podcast companies and content over the past year and a half as it seeks to reposition itself as more of a full-service audio company versus a music streaming company.
The deal for DC content gives Spotify a greater presence in scripted, narrative podcasts. Earlier this year it acquired sports and pop culture outlet the Ringer last month it struck a licensing deal worth more than $100 million for "The Joe Rogan Experience" to come to its platform exclusively this fall The Wall Street Journal reported on Wednesday that the company reached a deal with Kim Kardashian West for a new criminal-justice podcast.
The multiyear agreement comes amid a flurry of deals for the streaming giant as it seeks to expand its podcast content and have more original shows exclusive to its service. The podcasts could be used as a testing ground for new film and TV concepts, according to a person familiar with the matter. and DC, and will also work to create new and original material. The companies will base narratives on existing characters - such as Harley Quinn and the Joker - from Warner Bros.
Warner Bros., a unit of AT&T Inc., will develop and produce the programming in collaboration with Spotify, which will market, advertise, and distribute the shows exclusively on its platform.
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