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    OpenAI, Reddit teaming in deal that will bring Reddit’s content to ChatGPT

    By SHOOTUpdated:No Comments1129 Views
    Reddit Inc. signage is seen on the New York Stock Exchange trading floor, prior to Reddit IPO, Thursday, March. 21, 2024. OpenAI and Reddit are teaming up in a deal that will bring the social media platform's content to ChatGPT. Shares of Reddit jumped 17% before the market open on Friday, May 17. (AP Photo/Yuki Iwamura, File)

    By Michelle Chapman

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    OpenAI and Reddit are teaming up in a deal that will bring the social media platform's content to ChatGPT.

    Share of Reddit surged more than 10% before the market open on Friday.

    Reddit said in a blog post that the agreement will give OpenAI access to its data application programming interface, which provides real-time, structured, and unique content from the platform.

    Reddit users and moderators will also gain access to new artificial intelligence-powered features, and OpenAI will become a Reddit advertising partner.

    "Reddit has become one of the internet's largest open archives of authentic, relevant, and always up to date human conversations about anything and everything," Reddit co-founder and CEO Steve Huffman said in a statement. "Including it in ChatGPT upholds our belief in a connected internet, helps people find more of what they're looking for, and helps new audiences find community on Reddit."

    Reddit said the deal is consistent with other content arrangements, and doesn't change its data API terms or developer terms, which say that content accessed through Reddit's data API can't be used for commercial purposes without the platform's approval.

    Reddit said that API access is still free for non-commercial usage under its published threshold.

    "We are thrilled to partner with Reddit to enhance ChatGPT with uniquely timely and relevant information, and to explore the possibilities to enrich the Reddit experience with AI-powered features," Brad Lightcap, OpenAI chief operating officer, said in a statement.

    Reddit made its debut on Wall Street in March, with investors pushing the value of the company close to $9 billion seconds after it began trading on the New York Stock Exchange.

    Reddit has a large audience that religiously visits the service to discuss a potpourri of subjects that range from silly memes to existential worries, as well as get recommendations from like-minded people.

    OpenAI CEO Sam Altman accumulated a stake in Reddit as an early investor and it has made him one of the company's biggest shareholders.

    Michelle Chapman is an AP business writer

    Tags:ChatGPTOpenAIRedditSam Altman



    DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuit

    Friday, November 22, 2024
    Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)

    DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.

    The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.

    The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.

    DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.

    "While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.

    The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.

    The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.

    DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More

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