Media and Telecom Sector
Take-Two Interactive beat revenue expectations and reaffirmed the target release window for GTA VI, while Paramount Skydance topped sales estimates despite missing net profit targets. Meanwhile, Meta faced a $567 million court order in child safety litigation, and Trump Media unwound its recent crypto venture following substantial asset markdowns.
Trump Media and Technology Group terminated its planned Cronos (CRO) treasury venture with Crypto.com and Yorkville Acquisition Corp., abandoning an initiative intended to create a publicly traded vehicle to accumulate and stake billions of dollars in tokens. Crypto.com's native token CRO fell as much as 5% to $0.051 following the news. Under interim CEO Kevin McGurn, the company is unwinding its 2025 crypto expansion—which included $105 million in direct CRO purchases—after crypto markdowns contributed to a $406 million quarterly loss earlier this year. The partners also scrapped plans to integrate "Truth Predict" prediction markets into Truth Social, replacing back-end infrastructure development with a simple marketing agreement that refers users to Crypto.com. Saturation in corporate digital asset treasuries drove the retreat. Instead of managing complex crypto vehicles, Trump Media is focusing on data licensing for high-frequency trading clients and completing its planned merger with fusion energy company TAE Technologies before the end of 2026. The firm remains the 14th-largest corporate Bitcoin holder with 9,542 BTC on its balance sheet, though it transferred 2,628 of those tokens—worth $165 million—to Crypto.com custody addresses without selling them.
HCLTech has completed its acquisition of Hewlett Packard Enterprise's Telco Solutions business, bringing nearly 1,400 specialized telecom engineers across 39 countries into its organization. The transaction, originally disclosed in December 2025 and finalized on August 1, 2026, builds on HCLTech's 2024 integration of HPE's Communications Technology Group. Under the deal, the IT services firm absorbs HPE's software intellectual property, client contracts, and integration frameworks for telecommunications networks. The target unit equips HCLTech with proprietary software for Operational Support Systems, 5G Subscriber Data Management, and Home Subscriber Servers. HCLTech is targeting telecom operators that are converting legacy infrastructure into software-defined, AI-managed networks. The integration expands the company's nearshore delivery operations across Japan, Spain, Romania, Italy, India, and Latin America. HCLTech reported $14.8 billion in consolidated revenue for the twelve months ending June 2026.
Myspace owners Tim and Chris Vanderhook are planning another relaunch of the legacy social network, according to cnbc.com reporting on their appearance in the documentary "Myspace." The brothers, who co-founded Viant Technology and bought the platform in 2011, previously attempted a overhaul in 2013. That effort failed to retain advertisers or stop user migration to Facebook. It generated over $150 million in cumulative losses. Myspace peaked in 2008 with 115 million monthly visitors before falling into irrelevance. The owners have not disclosed a timeline or detailed product specifications for the rollout. To survive, any new iteration must attract Gen Z and older users alike to generate advertising revenue against dominant incumbent platforms.