Pandemic . The ceo of opentable will be my guest. Rents are plummeting. Ceo joins us to talk about his ambition next. First, lets check of the market. The u. S. Stocks climbing today led by big tex. Big tech. We are waiting on the last jobs report before the election. How are investors handling this . Volatility is the theme of the year. Up dow at one point was nearly 1 , then down. That tells you theres a lot of uncertainty around the fact that we dont have another round of stimulus. The jobs report tomorrow, jobless claims today came down a little bit but still above pandemic levels. It looks as though september is expected to be less good than august. 875,000 jobs are expected to have been added in the month of september versus 1. 3 7 million added in the month of august. We will be looking for revisions also. Be aob picture is going to huge key to the economy going forward. All of this as we might be on the cusp of a second wave of layoffs. Yesterday, Goldman Sachs announced they are cutting 400 jobs. Not a huge percentage, but the idea that they are moving in that direction. Disney, 28,000 workers. The gap said they are hiring Seasonal Workers in the first half. Im not sure how that will work around the holiday and into the first half of 2021. The hiring will be done in a safe, virtual weight. If they are hiring 50,000 people, you have to believe that they think folks will be out in one form or another buying their product. Encouraginge especially there are signs of pocket the virus around. Going into winter, increasing concerns about that and the cold and flu season. I want to talk about big tech. Big tech led the gains today. Tex the nasdaq lead all day long. 1. 4 at oneout point. Investors signal signaling that they dont care about the subpoenas. Earlier, we broke the news that the Senate Committee panel was voting on this then they unanimously passed it to bring in Mark Zuckerberg and jack dorsey and others to talk about legal shield that is key to their business model. The fact that this is happening, i think it might be political. One of the statements i read said on the eve of an election, some political motivation here. The reason you are not seeing these stocks selloff, look at twitter off there. Social media being used so much on the eve of the election. It is probably thought that it is unlikely that the senate is inng to break up big tech or 2020 or 2021. We have had a couple of years where the ceos have been going for congress to testify. We have had shot across the bow. Those stocks are up in a big way. That was abigail doolittle. Thank you so much. More on subpoenas from washington. A Senate Committee has voted to subpoena the ceos of facebook, google, and twitter. They will be asked to testify on a legal shield that is key to their platforms business model. The Senate Committee compelling appearances by the three ceos after the companys would not agree to send them voluntarily. To discuss, we are joined by our tech lobbying reporter. What does this mean . Would they have to testify before congress . Abigail nailed. The republicans are pushing hard to bring in the ceos or type them in remotely ahead of the election they want to talk about their allegations of anticonservative bias and the way these companies moderate content on their platforms. They want to do that ahead of the election. To talk about how it is a Silicon Valley plot to bring down republican and rightwing talking points and they want to do it this month. Said, with this happen before the election . There will be a Different Senate very soon. Why now . Thats a great question. Theres a lot of effort on the republican side to push the political issues ahead of the election. Thats something you always get in election. The republicans are in control of the senate. The democrats dont want to do this ahead of the election they are looking forward to next year when they might be in control of the senate. Its not that they necessarily want to do it right now, if the republicans choose to bring them in and they probably can, its interesting to note that they have not yet issued the subpoenas. There are still negotiations going on, but they have proceeded to get the best authority that they can issue them if the ceos arent willing to come in. Meantime, the subcommittee has been working on their review of big tech on the back of the hearing with the ceos of apple, amazon, google, and facebook. Do we know when we will see that report and what will the speak . Time here is a busy in washington with the tech companies. Congressman ken but told bloomberg that its going to be next week. Were looking at a number of issues that they will be putting into this report. Its not clear that it will be bipartisan. Number of issues that we think could come up and the republicans might sign onto some of them but not others. Some republicans today said that dont want to sign up to breakups. One of the things we might be looking for and it might be democratic only is separating a marketplace from participant. Amazon also competes against them and there has been talk in democratic circles about separating those two ideas. About whats interesting the big tech scrutiny is its coming from both sides of the aisle. For different reasons. The republicans are concerned about free speech. The democrats are concerned about misinformation. I spoke with a senator from tennessee yesterday. Listen to her concerns yesterday in particular. That have to make certain the internet, if they are going to say they are the public square, we need to make certain theres a good cop on the beat in the public square. We need to address privacy issues. This is something that we are going to do on a bipartisan basis. We hope the house will join us on that. When it comes to finding out utilization of data, how we are handling much of what is happening with covid, we need more information. Again, the reasons are different that you have lawmakers from both sides of the aisle concerned about big tech. Thatig of a concern is it they are getting scrutiny from all sides . Its going to be a really fan fascinating thing here. You have all things on the table that senator blackburn was talking about. Privacy, section 230, ties to china. Those are things on the table next year and they are on the table regardless of whether Vice President widened biden wins or donald trump wins. Theres going to be a push forward on these things. Youepublicans are in power, will have other things. That was ben brody covering all things big tech in washington. Coming up, Indoor Dining has just reopened in San Francisco and new york at limited capacity. Were going to talk to the ceo of opentable about how they are supporting restaurants during this time. Emily restaurants across San Francisco and new york were able to reopen Indoor Dining today. In a sector hit hard by covid, the Restaurant Industry is willg that indoor diners increase revenue and sustain establishments in the colder months. We are joined by the ceo of opentable. This is a tumultuous time for restaurants. Great news that they can open even at limited capacity. Opentable has been forthright about how this will be for the industry. Just how bad is it . What trends are you seeing . Where are you seeing pickups and slowdowns . Its pretty bad. Virus, even before the virus, they were operating on than margins. Thin margins. It is a devastating time, and if you look at restaurants in San Francisco or the bay area, it has been wrenching there because of the virus and the fires. The Outdoor Dining activity has decreased because the outdoor air quality is so poor. There has never been a more difficult time to be in the restaurant business. Opentable, our mission is to help restaurants forge through this crisis as best we can. To that effect, we waived our subscription and reservation fees and launched a myriad of products to help restaurants run more productively, efficiently, and safely. You told us that you see one in four restaurants completely closing out of this. That reservations are down 80 . Is that still the case . In markets like San Francisco, dining activity is for the compared to 43 rest of the u. S. As a whole. In markets like new york, down 89 . Seattle is down 81 . Chicago is down 75 . There are a lot of big cities in the u. S. That have been really impacted in terms of dining activity. We do see pockets of growth and activity. As restrictions lift and people feel so safer and more comfortable, they enjoy dining out. In a recent survey, we found respondents 25 of are dining out at least once a week. There are rumors of hope glimmers of hope. Outdoor dining is really picked up. If you look at dining in september of this year versus last year, we saw an increase 18 times in parties sitting outside. How do you expect the Restaurant Industry to look different after this . We dont know when life is going to go back to normal. We dont know what normal life is going to look like. Are people going back to restaurants . Will it ever be the same . We are going through an evolution of what dining out means. I think there has never been a more important time for online reservations or Restaurant TechnologyCompanies Like opentable helping restaurants to run safely and more efficiently. Some of the trends that we are currently seeing during covid are likely here to stay. Restaurants love taking online reservations because it makes their business run more efficiently and seamlessly. Fords like contactless pay not having to check in with the host or online menus, those are all things that we will continue to see. Also, the rise of delivery and takeout as we have seen during covid, i think it will persist as well. It has become a meaningful and significant part of restaurants, businesses, and p l. And diners have become more used to it. There are interesting things happening. Restaurants that never took reservations are taking them out. Winter is around the corner. Lot. Ave a on your plate so to speak. What are you speaking expecting in the next month given that these restaurants have been relying on an outdoor experience to make rent . The coming of winter and colder months is very much a concern for many of our restaurant partners. I have to say, the level of innovation and ingenuity that we have seen from the restaurants is nothing short of brilliant. We are hearing stories of Outdoor Dining bubbles or yurts or tents. Sophisticated air purification systems for Indoor Dining. I mentioned the prevalence of takeout and delivery. Restaurants are doing everything they can and being super scrappy and having to figure out how to stay afloat. It will be hard. The winter will be difficult. It is encouraging to see how creative restaurants are doing this. Even in San Francisco, restaurants like epic statehouse, water bar or the malt, they have transformed their Outdoor Dining areas and it has been remarkable to see. Human creativity has been remarkable to watch during this pandemic. That was the ceo of opentable. Thank you so much for joining us. Big ad technother acquisition. What it means for the world of streaming. This is bloomberg. Accelerating the shift to streaming, ad tech is in. Transunion announcing is building tropical buying tropic today. True optic today. Our guest is here to discuss what this means. Is great to have you back on this show. Tropic has a lot of interesting data. Optik why is Credit Bureau buying tru optik . Transuniony like works with helping consumers and companies that understand how to leverage data and functions as a safe haven. Not a transunion employee, but i believe they understood people, way the companies, brands are leveraging data is dramatically shifting to streaming media and the power of advertising. Leader in data Service Connected tv and streaming media in the home. It was a tremendous way to complement their strengths with our strengths. Disney recently sold a company it had acquired through buying 20 for century fox. M a indoorso more space happening in general. What is that . Even for covid, the growth of advertising across streaming media. Streaming audio is growing just as fast if not faster. With webhave seen , you haveing away seen an arms race start to better be able to understand how to leverage data across the connected home. It to reach individuals and you look at the strategy of the media companies, it has been how can they better operate or adapt to where the consumers are going . Where both tru optik and transunion have played has been impartial unbiased sources of truth for data and insight. Tru optik in the connected world. As part of the arms race of wanting to stay impartial, this deal is allowing them to stay true to who they are and Service Media companies and agencies and brands that are still dying to figure out how to have consistency across these capabilities. Emily you have such a unique view into trends in the new media landscape. You are off and on the show talking about disney versus netflix and how this will play out. Disney just laid off 28,000 people yesterday. Well they arehow doing and whether it will make for the parks. Who is going to be left standing of the streaming players . Who will perhaps not thrive through the crisis . Answer might be counter to what other people say, but pretty much everybody who is providing ad supported content that is widely distributed is in. I think there is room for new entrants in that. Differentiator over the next are theving 24 months ones who have the ability to scale with accuracy and security. Having relevant advertising, that provides more value to the consumer and the advertiser. It all circled back to the content wars are going to be the if you wars created dont have the ability to monetize your content, youre going to be in trouble. We are the first acquisition just a few weeks ago signal then now with tru optik, we will be able to service the needs of all of all these big companies. Congratulations to you. We will be tracking your progress. Coming up with the flexibility of moat work, americans are leaving cities in droves for more affordable and safer pastors. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Back. Welcome plunging innts are highcost cities from new york to San Francisco. Now, places that were less popular before the pandemic are suddenly in high demand as americans turned toward remote work. Data on Barclays Says otherwise. Ated what is myth . Is people dont need to be worried about the general decline in cities. Emily looks at we have lost you. Can you hear me . Yes i have you now. What exactly is happening in urban areas . Most you are talking about urban areas in the u. S. , they continue to see prices along with the suburbs. Only new york and San Francisco have seen a price drop since march. Emily talk to us about where you see these prices going. As someone who lives in an urban area, there does seem to be a desire to leave the city and a desire for greater flexibility. The fact that more workers are of able to work from home, potentially forever, there is sometimes that ability. How do you see this playing out . The places where people are going now seem to be places where they get more access to the amenities they like such as restaurants, bars, cultural institutions, things to do. Because of covid, those things are closed in big cities. People are willing to pay more to go places where those things are still open. Thats bad for the big cities right now, but it does suggest , you will has passed see people want to come back and have the sings again. The other side of it is, the numbers we are talking about in terms of the longterm shift to work from home are still pretty modest. Scale want to put it on a in terms of prices, for most of the past decade, urban prices grew 1 2 faster than houses. We think the shift of migration could ring those in line. So the going forward, they both rise but they rise together. Since march, both prices are up but urban is trailing by less than 1 . Should you buy or sell or stay put right now . We think one of the big stories for postcovid is that affordability is going to stay high for a long time and that is going to boost prices in cities and suburbs. Emily thats fascinating and also counterintuitive. Coming up later, we have the former ceo of dillow. Zillow. The senate subpoenaed the ceos of facebook, google, and twitter. The antitrust subcommittee will be issuing a report next week. It may be bipartisan or not. We havent had a chance to read it. What we learned today is that the experts, the professors, the former regulators, the people who studied this see a problem with hightech and the anticompetitive behavior of five of the platforms. That while most return on capital has stayed stagnant for the last 5060 years, big foreman hightech big pharma and hightech have grown. There have been some any conversations about them of speech and how big these companies are. How they are able to navigate section 230 for example. There are issues talked about more on the left and on the right. Bias and the regulation of speech on these platforms is talked about a lot by conservative. They feel like they are being we feel like we are being discriminated against. The left, they talk about the size of these companies and the danger of having companies that big. My view is that if we do the thet thing with reducing anticompetitive behavior of these companies, we will see an impact on free speech. We have a lot of different sources of tv and newspaper for information. We dont complain about bias in those arias in those areas, because we know were going to get a different viewpoint. Its when one platform controls and there is no other platform that can give a different viewpoint that we know we have a problem.