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Perlego raises $9M Series A for its textbook subscription service

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Perlego, the textbook subscription service, has raised $9 million in Series A funding.

Backing the round is Charlie Songhurst, Dedicated VC, and Thomas Leysen (Chairman of Mediahuis and Umicore). Perlego’s existing investors including ADV, Simon Franks and Alex Chesterman also reinvested on a pro-rata basis.

London-based Perlego says the additional funding will be used to develop the next generation of Perlego’s “smarter learning platform,” including adding new features that simplify and enhance the learning experience, as well as content libraries in non-English languages to enable further expansion to “strategic” European markets beyond its U.K. roots.

Pitched as akin to a “Spotify for textbooks,” Perlego enables students, and also professionals, who now make up 30% of users, to access textbooks on a subscription basis.

It houses over 300,000 eBooks, from over 2,300 publishers, and the service is cross-device — via the web and iOS and Android apps — and available in multiple languages. Along with U.K. publishers, Perlego now also includes content from key publishers in Germany, the Nordics and Italy.

For the students, the draw is obvious: text books are increasingly expensive to purchase, and public libraries are under resourced. In the U.K., Perlego gives readers access to its entire digital library for £12 per month. As long as the needed text books are available on the service, that is infinitely more affordable.

For publishers, Perlego claims to offer a distribution method that stems revenue losses caused by piracy and the buoyant used text book market — hence the comparison to Spotify’s positioning.

Publishers such as Pearson, Wiley and Sage are already on board, Perlego says it is seeing a 116% increase in new subscribers month-on-month, though it isn’t breaking out subscriber numbers.

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AT&T announces deal to spin off DirecTV into new company owned by… AT&T

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Enlarge / AT&T’s logo at its corporate headquarters on March 13, 2020 in Dallas, Texas.

Nearly six years after buying DirecTV for $48.5 billion, AT&T today announced a deal to sell a minority stake in the business unit and spin it out into a new subsidiary.

AT&T said its deal with private equity firm TPG Capital values the TV business at $16.25 billion. A press release said that AT&T and TPG “will establish a new company named DirecTV that will own and operate AT&T’s US video business unit consisting of the DirecTV, AT&T TV, and U-verse video services.”

AT&T will own 70 percent of the spun-off DirecTV company’s common equity while TPG will own 30 percent. DirecTV in its new form “will be jointly governed by a board with two representatives from each of AT&T and TPG, as well as a fifth seat for the CEO, which at closing will be Bill Morrow, CEO of AT&T’s US video unit,” the announcement said.

AT&T acknowledged that its DirecTV purchase didn’t work out as planned.

“With our acquisition of DirecTV, we invested approximately $60 billion in the US video business,” AT&T said in materials distributed to reporters. “It’s fair to say that some aspects of the transaction have not played out as we had planned, such as pay TV households in the US declining at a faster pace across the industry than anticipated when we announced the deal back in 2014. In fact, we took a $15.5 billion impairment on the business in 4Q20.”

Focus on 5G, fiber, and HBO Max

Separating DirecTV into a new unit will help AT&T focus on its key “strategic” areas of 5G mobile service, fiber Internet, and HBO Max, AT&T said.

“As the pay-TV industry continues to evolve, forming a new entity with TPG to operate the US video business separately provides the flexibility and dedicated management focus needed to continue meeting the needs of a high-quality customer base and managing the business for profitability,” AT&T CEO John Stankey said. “TPG is the right partner for this transaction and creating a new entity is the right way to structure and manage the video business for optimum value creation.”

The companies said they expect to close their transaction in the second half of 2021 and that it “is subject to customary closing conditions and to regulatory reviews.” AT&T said it expects to receive $7.6 billion in cash from the partial sale and that it will use the money to reduce its debt.

8 million TV customers fled AT&T

AT&T has lost over 8 million customers since early 2017 from its Premium TV services, which include DirecTV satellite, U-verse wireline video, and the newer AT&T TV online service. Total customers in that category decreased from over 25 million in early 2017 to 16.5 million at the end of 2020.

“Since AT&T closed the DirecTV acquisition in 2015, the business has generated cash flows of more than $4 billion per year, and the company expects this to continue in 2021,” today’s announcement said.

DirecTV’s deal with NFL Sunday Ticket apparently will not be disrupted, as AT&T said it will continue to “fund NFL Sunday Ticket for 2021 and 2022 (up to a $2.5B cumulative cap).”

Current video customers should not expect major changes, AT&T said.

“Existing AT&T video customers will become DirecTV customers at close and will be able to keep their video service and any bundled wireless or broadband services as well as associated discounts,” AT&T said. “AT&T and TPG are committed to a smooth transition and seamless customer experience and will work to further improve customer service and bring new features to DirecTV’s video services.”

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Armed with exploits, hackers on the prowl for a critical VMware vulnerability

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Hackers are mass scanning the Internet in search of VMware servers with a newly disclosed code-execution vulnerability that has a severity rating of 9.8 out of a possible 10.

CVE-2021-21974, as the security flaw is tracked, is a remote code-execution vulnerability in VMware vCenter server, an application for Windows or Linux that administrators use to enable and manage virtualization of large networks. Within a day of VMware issuing a patch, proof-of-concept exploits appeared from at least six different sources. The severity of the vulnerability, combined with the availability of working exploits for both Windows and Linux machines, sent hackers scrambling to actively find vulnerable servers.

“We’ve detected mass scanning activity targeting vulnerable VMware vCenter servers (https://vmware.com/security/advisories/VMSA-2021-0002.html),” researcher Troy Mursch of Bad Packets wrote.

Mursch said that the BinaryEdge search engine found almost 15,000 vCenter servers exposed to the Internet, while Shodan searches revealed about 6,700. The mass scanning is aiming to identify servers that have not yet installed the patch, which VMware released on Tuesday.

Unfettered code execution, no authorization required

CVE-2021-21972 allows hacker with no authorization to upload files to vulnerable vCenter servers that are publicly accessible over port 443, researchers from security firm Tenable said. Successful exploits will result in hackers gaining unfettered remote code-execution privileges in the underlying operating system. The vulnerability stems from a lack of authentication in the vRealize Operations plugin, which is installed by default.

The flaw has received a severity score of 9.8 out of 10.0 on the Common Vulnerability Scoring System Version 3.0. Mikhail Klyuchnikov, the Positive Technologies researcher who discovered the vulnerability and privately reported it to VMware, compared the risk posed by CVE-2021-21972 to that of CVE-2019-19781, a critical vulnerability in the Citrix Application Delivery Controller.

The Citrix flaw came under active attack last year in ransomware attacks on hospitals and, according to a criminal indictment filed by the US Justice Department, in intrusions into game and software makers by hackers backed by the Chinese government.

In a blog post earlier this week, Klyuchnikov wrote:

In our opinion, the RCE vulnerability in the vCenter Server can pose no less a threat than the infamous vulnerability in Citrix (CVE-2019-19781). The error allows an unauthorized user to send a specially crafted request, which will later give them the opportunity to execute arbitrary commands on the server. After receiving such an opportunity, the attacker can develop this attack, successfully move through the corporate network, and gain access to the data stored in the attacked system (such as information about virtual machines and system users). If the vulnerable software can be accessed from the Internet, this will allow an external attacker to penetrate the company’s external perimeter and also gain access to sensitive data. Once again, I would like to note that this vulnerability is dangerous, as it can be used by any unauthorized user.

The researcher provided technical details here.

Positive Technologies

CVE-2021-21972 affects vCenter Server versions 6.5, 6.7, and 7.01. People running one of these versions should update to 6.5 U3n, 6.7 U3l, or 7.0 U1c as soon as possible. Those who can’t immediately install a patch should implement these workarounds, which involve changing a compatibility matrix file and setting the vRealize plugin to incompatible.

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Verizon and AT&T dominate spectrum auction, spending combined $69 billion

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Verizon and AT&T dominated the US government’s latest spectrum auction, spending a combined $68.9 billion on licenses in the upper 3GHz band.

Verizon’s winning bids totaled $45.45 billion, while AT&T’s came in at $23.41 billion. T-Mobile was third with $9.34 billion as the three biggest wireless carriers accounted for the vast majority of the $81.17 billion in winning bids, the Federal Communications Commission said in results released yesterday. US Cellular, a regional carrier, was a distant fourth in spending, at $1.28 billion, but came in third, ahead of T-Mobile, in the number of licenses won.

The auction distributed 280MHz worth of spectrum in the “C-Band” between 3.7GHz and 3.98GHz. This spectrum will help carriers boost network capacity with mid-band frequencies that cover large geographic areas and penetrate walls more effectively than the higher millimeter-wave frequencies that provide the fastest 5G speeds to very limited geographic areas.

Mid-band spectrum doesn’t match the geographic coverage and obstacle penetration properties of the low-band spectrum below 1GHz, which was used extensively to deploy 4G networks. But there’s more spectrum available in the mid-band than in the low-band. Carriers are using a mix of low-, mid-, and high-band spectrum for 5G.

“It is essential to America’s economic recovery that we deliver on the promise of next-generation wireless services for everyone, everywhere,” FCC acting Chairwoman Jessica Rosenworcel said in the results announcement. “This auction reflects a shift in our nation’s approach to 5G toward mid-band spectrum that can support fast, reliable, and ubiquitous service that is competitive with our global peers. Now we have to work fast to put this spectrum to use in service of the American people.”

T-Mobile and US Cellular

Licenses are being distributed in 14 blocks of 20MHz each in 406 “partial economic areas” across the US, for a total of 5,684 licenses. Verizon Wireless (referred to as “Cellco Partnership” in the FCC auction) won 3,511 licenses in 406 areas, AT&T won 1,621 licenses in 406 areas, and T-Mobile won 142 licenses in 72 areas.

US Cellular’s $1.28 billion in winning bids accounts for 254 licenses in 99 areas, suggesting that it purchased licenses in parts of the US with lower demand from the big carriers. Overall, 21 bidders won spectrum licenses, which last 15 years.

Winning bidders must make down payments by March 10 and final payments by March 24, with the money going into the US Treasury.

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