You might be aware that Netflix started out as a DVD-by-mail business. Yesterday, the company announced that it will shut down this part of its business. The surprising part of this story is not that it will cease operating the service but that some people are still using it. Who are these strange people that are tech savvy enough to order a DVD off the internet, but not tech savvy enough to have discovered streaming? Maybe they just like waiting.

The lowdown

• 🍿 Netflix beats earnings but provides a lower-than-expected forecast.

• 🦊 Fox News settles its defamation case with Dominion for $788 million.

• 📉 Goldman Sachs profits fall 19% as bond trading slumps.

Featured stories

THG whipsaws after takeover offer, widening loss

On Monday, online retailer THG's shares rose 44% after the company announced it received a takeover bid from PE firm Apollo. THG did not, however, disclose the terms of Apollo's preliminary proposal.

THG was listed on the London Stock Exchange in 2020 with an opening valuation of about £5.4 billion, but its share price has fallen about 90% since its IPO. CEO Matthew Moulding believes being listed on the LSE is part of the reason for the collapse in its valuation.

Now he has another good reason for the crumbling valuation – THG announced its operating losses widened to £495 million last financial year, up from £137 million in 2021 ($). THG’s share price fell 17% on the news and Moulding took to LinkedIn to list those that were to blame without mentioning the loss.

The content we're consuming today

• WSJ: AI Can Write a Song, but It Can’t Beat the Market ($).

• FT: What’s the DIF for the big banks? ($).

• The Verge: Netflix is shutting down its original DVD business after 25 years.

Off-balance sheet items

• If you are looking for something to read now that you are nearly at the bottom of today’s newsletter, take a look at the just announced shortlist for the International Booker Prize.

The bottom line