In today's ExchangeWire news digest: major US workers' union opposes the proposed Kroger-Albertsons merger; ByteDance delays bringing its shopping platform to the US; and Disney+ loses 4 million subscribers as SVOD subscriptions cool.
UFCW unanimously opposes Kroger-Albertsons
A proposed USD$24.6bn (~£19.4bn) deal to merge Kroger and Albertsons has been rejected by the United Food and Commercial Workers International Union (UFCW). The union announced that delegates representing 1.3 million of its members unanimously agreed to oppose mergers such as Kroger-Albertsons on the basis that they “pose a threat to essential workers, their families, and the communities they serve.”
ByteDance delays US rollout of shopping platform
TikTok-parent ByteDance has postponed extending its shopping platform to the US as data privacy concerns steer merchants away from joining. Originally intended to launch in Spring 2023, TikTok’s live streaming e-commerce feature will not rollout in the US until June at the earliest as the company works around merchants’ concerns that the app could be banned in the country.
Disney+ drops 4 million subscribers
Entertainment powerhouse Disney has revealed that its flagship streaming service Disney+ lost 4 million subscribers in the first quarter of 2023. Competitor platforms Netflix and Warner Bros. Discovery recorded modest increases of 1.75 million and 1.6 million subscribers respectively, indicating a cooling of the streaming boom.
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Fact of the Day
+30% – the increase in TikTok's revenue in 2022.