Uber will acquire food-delivery startup Postmates in $2.6 billion all-stock deal, reports say

* Uber is set to acquire the food-delivery startup Postmates in a $2.6 billion all-stock deal, both The New York Times and Bloomberg reported Sunday. * Postmates was founded by Bastian Lehmann, Sam Street, and Sean Plaice in 2011 and says it has grown to include 600,000 merchants across all 50 states. * Last month, Uber lost out to the European food-delivery service Just Eat Takeaway in a deal to buy the US-based Grubhub for $7.3 billion. According to CNBC, Uber may have pulled out of the deal over antitrust concerns. * Visit Business Insider's homepage for more stories. Uber is set to acquire the food-delivery startup Postmates in a $2.6 billion deal, The New York Times and Bloomberg reported Sunday. People familiar with the matter told Bloomberg and The Times that the all-stock deal could be announced as soon as Monday. According to The Times, Uber is expected to merge Postmates with its popular homegrown food-delivery app Uber Eats. Pierre-Dimitri Gore-Coty, the vice president of Uber Eats, is expected to run the combined delivery business, according to both The Times and Bloomberg. Postmates was founded by Bastian Lehmann, Sam Street, and Sean Plaice in 2011 and says it has grown to include 600,000 merchants across all 50 states. Last month, Uber lost out to the European food-delivery service Just Eat Takeaway in a deal to buy the US-based Grubhub for $7.3 billion. According to CNBC, Uber may have pulled out of the deal over antitrust concerns. CNBC cited data from the analytics firm Second Measure indicating that Postmates made up about 10% of food-delivery sales in 2019, while Grubhub accounted for 32%. UberEats made up 20% of sales, while DoorDash led the market with 33%. Join the conversation about this story » NOW WATCH: Inside London during COVID-19 lockdown
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PayPal parts with top advertising executive after shifting its marketing strategy during the pandemic

* PayPal's chief creative officer Steve Simpson, its top advertising executive, left the company after about a year. * The move came after PayPal shifted its marketing strategy during the coronavirus pandemic, placing less emphasis on the brand and more on catering to small businesses, said a source with direct knowledge of the marketing operation. * Simpson's departure followed that of CMO and former Apple executive Allison Johnson in May. Both "decided to leave PayPal" as the company streamlines its global marketing functions, according to a PayPal spokeswoman. * Visit Business Insider's homepage for more stories. PayPal's highest-ranking ad executive Steve Simpson left earlier this month after just over a year as part of a restructuring of its global marketing business. Simpson, who was chief creative officer, was hired to make high-minded ad campaigns to help PayPal stand out from competitors like Square, Stripe, and Apple Pay. But this strategy chan...

TikTok confirms it will sue the US government, alleging Trump failed to provide 'due process' before issuing ban

* TikTok confirmed Saturday that the company planned to sue the US government over President Donald Trump's executive orders targeting the popular app. * A company spokesperson said TikTok experienced "a lack of due process as the administration paid no attention to facts and tried to insert itself into negotiations between private businesses." * TikTok, which has surged in popularity over the past year, was known as Musical.ly until it was purchased by the Chinese company ByteDance in 2017 and renamed. * The president on August 6 and August 14 signed executive orders targeting TikTok. * Visit Business Insider's homepage for more stories. TikTok on Saturday announced it plans to sue the US government over President Donald Trump's executive orders pertaining to its ownership, arguing the company was deprived of its due process rights. The president, who began targeting TikTok in July, issued an executive order August 6 making it illegal for American compani...

A pair of former champions headline UFC Fight Night: Munhoz vs Edgar — How to watch

* UFC Fight Night: Munhoz vs Edgar will be streamed live on August 22, exclusively through the ESPN+ streaming service. * In the main event, former UFC Lightweight champion Frankie Edgar will make his debut in the bantamweight division in the 27th match of his UFC career. * With 13 career wins by knockout or submission, 5th ranked Pedro Munhoz is the former Resurrection Fighting Alliance bantamweight champion and one of the UFC division's most formidible fighters. * Prelims are set to start at 6 p.m. ET and the main card is scheduled to begin at 8:30 p.m. ET. * Every UFC Fight Night event is included with an ESPN+ subscription, which costs $6.99 per month or $49.99 per year. Product Card Module: Monthly Subscription Service Card size: small Former UFC lightweight champion Frankie Edgar will make his bantamweight debut against #5 ranked Pedro Munhoz in the main event of UFC Fight Night: Munhoz vs Edgar on August 22. Munhoz has dominated opponents in his 18 career wins...

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