Navan, a platform that promises to simplify the business of corporate travel and expenses, is still dallying towards its long-slated IPO, with the company’s CEO forecasting that the business will reach profitability this year and is “not far” from going public.
Counting Heineken, Shopify, Zoom, and Pinterest among its customers, Navan’s made a splash in the working world, as a growing list of organizations use the online booking platform to lighten the logistical hassle of organizing hotels, flights, corporate cards, and other expenses for their employees.
The company started life in 2015 as TripActions, but changed its name to a portmanteau of “navigate” and “avant” (apparently as in "avant-garde") in 2023, and whispers of a potential IPO have abounded for years. After seeing its valuation soar above $1B in 2018 and growing further since, the company has reportedly considered going public in 2023, 2024, and 2025 — despite Covid’s impact on the travel industry — cutting its workforce and building its leadership team ahead of the rumored offering.
System overload
Navan could be viewed as another ripple in the ever-growing wave of software services that companies use to outsource some of their more time-sapping internal processes. There’s all-in-one platforms like Oracle and Workday, which is used — and seemingly semi-despised — by more than 50% of Fortune 500 companies; payroll and HR management tools like Gusto; Workable and Greenhouse which are for applicant tracking; Checkr which runs background checks; and a meme-sparking array of others that do almost everything else.
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Amazon is testing adding GM electric vans to its EV delivery fleet dominated by Rivian
Rivian may have some competition in its electric delivery van division: Bloomberg reports that Amazon is testing a small number of GM’s BrightDrop vans for its fleet.
According to Amazon, the test currently only includes a dozen of the vehicles. Amazon’s fleet also contains EVs from Ford, Stellantis, and Mercedes-Benz.
GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.
The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.
GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.
GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.
The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.
GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.
Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring
Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.
WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.
The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.
If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.
The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.
If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.
