Snapchat Files for IPO

Snapchat

Snap Inc., the parent company for Snapchat, has filed for an IPO:

Snap today filed its S-1 paperwork with the Securities and Exchange Commission (SEC), triggering the process to go public. The company aims to raise $3 billion in the initial public offering (IPO) and will subsequently trade on the New York Stock Exchange under the symbol SNAP.

The filing also discloses that Snapchat paid $158 million to their ousted co-founder Reggie Brown:

As part of the settlement, Snap said it agreed to pay Brown a total of $157.5 million in cash, $50 million of which was paid in 2014 and $107.5 million of which was paid in 2016. The settlement ended up being much less than the $500 million Brown originally asked for.

Snapchat has been arguably the most interesting new startup in years, now the question is: will it be the next Facebook and dominate or the next Twitter and struggle to find its footing?

Tom DeLonge to Direct New Sci-Fi Feature ‘Strange Times’

Tom DeLonge

The Hollywood Reporter has the news that Tom DeLonge will be directing the upcoming sci-fi- feature Strange Times:

The Blink-182 founder is set to direct a sci-fi feature that centers on a rebellious group of San Diego skateboarders, who take it upon themselves to investigate extreme paranormal activity around town, only to embark on an adventure that they could have never imagined.

And:

DeLonge’s band, Angels & Airwaves, will record new, original music for the film, which is slated to begin production in the fall.