Apple will invest up to $1.5 billion in Globalstar to fund the expansion of its iPhone communication services, the satellite provider said in a regulatory filing on Friday.
Shares of Globalstar jumped over 30%, while Apple was down around 1.4% a day after it forecast tepid quarterly revenue growth.
Under the funding agreement, Apple will commit $1.1 billion in cash and also purchase 20% equity in Globalstar for $400 million. The satellite company said it will use a portion of the funds to pay down debt.
The move is another in a line of partnerships between space firms and mobile service providers looking to provide satellite-based connectivity to customers in regions with limited network access.
Globalstar also said it will allocate 85% of its network capacity to Apple. The deal is expected to close on Tuesday.
The iPhone maker partnered with Globalstar in 2022 for a feature that would allow Apple users to send emergency messages from remote areas.
Ranveer Singh and Deepika Padukone welcomed their baby girl on September 8. The actors shared their daughter's first picture on Instagram on Friday, on the auspicious occasion of Diwali, and also revealed her name in the same post. "Dua Padukone Singh," Ranveer and Deepika wrote in a joint post. In the picture, they offered a glimpse of her tiny feet in a red ethnic outfit. The newest parents in town also explained the meaning of their daughter's name in the same post, and added the reason behind why she was named so.
"'Dua' : meaning a Prayer," read the caption. "Because She is the Answer to our Prayers. Our hearts are filled with Love & Gratitude. Deepika & Ranveer," it further read.
As soon as the post was shared, it was widely circulated and became viral in no time. Fans, friends, co-actors and colleagues from the fraternity filled the comments section with love. Alia Bhatt shared dropped a bunch of heart emojis, Saif Ali Khan and Soha Ali Khan's older sister Saba Pataudi wrote, "Beautiful, Mahsha'Allah," Zoya Akhtar wrote, "Beautiful," and added a heart emoji and Ram Charan's wife Upasana Konidela wrote, "Cutest." Internet users too showered love on the picture.
The Singham Again actors had shared the official announcement of their daughter Dua's birth in an adorable post on Instagram that read, "Welcome baby girl. 8-9-2024. Deepika & Ranveer." That post went viral too, with a lot of love from friends, actors and fans. Sonam Kapoor wrote, "Congratulations you both! How wonderful," while her husband Anand Ahuja wrote, "Many many many congratulations to you both and your families. Sending lots of love and happiness to the newest addition! Cant wait to meet her soon but till then hope everyone gets lots of time with her and as much rest as possible!." Among the others who wished were Alia Bhatt, Aditi Rao Hydari, Kareena Kapoor Khan, and even Hollywood actor Will Smith.
On the work front, Deepika Padukone and Ranveer Singh's film Singham Again released on Friday on Diwali.
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Walt Disney is forming a new group to coordinate the company's use of emerging technologies such as artificial intelligence and mixed reality, as the media giant explores applications across its film, television and theme park divisions.
The newly formed Office of Technology Enablement will be led by Jamie Voris, the film studio's chief technology officer who spearheaded development of Disney's app for the Apple Vision Pro mixed reality device, an email seen on Friday by Reuters showed. Eddie Drake will succeed Voris as the studio's CTO.
"The pace and scope of the advances in AI and XR (extended reality) are profound and will continue to impact consumer experiences, creative endeavors and our businesses for years to come - making it critical that Disney explore the exciting opportunities and navigate the potential risks," Disney Entertainment Co-Chairman Alan Bergman wrote.
"The creation of this group underscores our dedication to doing that."
Bergman noted the unit will focus on fast-moving areas of technology, such as AI and mixed reality, which blends the physical and digital worlds. It will not centralize work on these projects, but rather, ensure the various projects around the company fit with its broader strategy.
Voris will report to Bergman. The Office of Technology Enablement, which launches with a core leadership team, is expected to grow to about 100 employees, a person familiar with the matter said.
Reuters first reported Disney had formed a task force to study artificial intelligence and how it could be applied across the entertainment conglomerate.
Various divisions within Disney are exploring applications for augmented reality, which places digital elements into the real world; virtual reality, which immerses the user in a simulated environment; and mixed reality, which combines both.
Disney has been building expertise across the organization to capitalize on the emerging technology.
For example, Kyle Laughlin, a Disney veteran with a background in augmented and virtual reality and AI, returned to the company in March as senior vice president of research and development for Walt Disney Imagineering, the creative force behind Disney's theme park attractions. He briefly left Disney in 2019 to lead Amazon's Alexa Gadgets division.
As Meta and Snap unveiled a new generation of lightweight glasses that provide consumers a fashionable alternative to bulky VR goggles, Disney has been quietly assembling a team focused on how best to harness the technology to bring new experiences to the company's theme parks and consumers' homes, seven sources told Reuters.
Tech companies have sold about 1.7 million AR/VR headsets so far this year, data from market research firm IDC showed. Meta is still the clear market leader, with a 60.5% market share, but is starting to face pressure in the space from competitors like Sony, Apple and ByteDance.
Google also has been signaling this year that it may return to the AR/VR market.
