Business Briefs – April 16, 2019

Report: Israeli Video Startup Acquired for Over $150M

YERUSHALAYIM (Hamodia) – Video production platform Vimeo has announced that it will acquire Israeli video creation service startup Magisto. Terms of the deal were not disclosed, but reports in the Israeli media valued it at more than $150 million.

Following the acquisition, Vimeo and Magisto will work together to develop entirely new short-form video creation capabilities for the Vimeo platform, with the goal of helping individuals or businesses tell their stories with professionalism and ease, the government said.

“Magisto’s proprietary technology enables cutting-edge mobile apps and AI-powered editing tools which, combined with Vimeo’s scale and unmatched creator community, will empower more people to tell compelling stories through video, said Anjali Sud, CEO of Vimeo.

United Airlines’ Profit Doubles Despite Shutdown, 737 Woes

DALLAS (AP) – United Airlines said Tuesday that its first-quarter profit doubled to $292 million as it carried more passengers and limited costs other than fuel.

The results beat Wall Street expectations for a quarter that began with the partial government shutdown, which dinged travel by federal employees, and ended with Boeing 737 Max jets — United owns 14 — grounded around the world.

Workers Finish Making Replacement Parts at Idled GM Plant

LORDSTOWN, Ohio (AP) – A union official says a small contingent of workers has finished making replacement parts for the Chevy Cruze at a General Motors plant in Ohio where production of the compact sedan ended in March.

The idling of the Lordstown assembly plant outside Youngstown has resulted in the elimination of 1,700 union jobs. Around 100 workers remain inside the plant with more layoffs looming.