JPMorgan Chase Company Update
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JPMorgan Chase has agreed to acquire the owner of Zagat, a restaurant review guide, because the largest bank in the United States hopes to win a larger share of consumers paying when they eat out.
The U.S. bank stated that it acquired The Infatuation. In just over a decade, it has grown from a “Where to Eat” blog focused on New York to a restaurant and bar commenting media and event empire. The amount of acquisition Undisclosed.
During this period, hotel-centric companies have been struggling PandemicBecause of concerns about the rapidly spreading Delta variant, many consumers still avoid going to restaurants and large gatherings.
Once the transaction is completed, JPMorgan Chase is likely to integrate the media content generated by The Infatuation’s multiple platforms into its existing consumer products, which are already connected to restaurants and other venues.
Last year, the Chase brand partnered with reservation platform Tock to launch a food and beverage center with access to more than 4,000 restaurants. The bank’s Sapphire Reserve and Preferred credit card holders can also get discounts at restaurants and bars.
JPMorgan Chase said in a statement: “The transaction aims to accelerate the company’s investment in catering and further demonstrates JPMorgan’s commitment to providing customers with excellent benefits, useful content and unique experiences.”
Banks are vying for a large amount of credit card spending, which has rebounded as consumers relax their wallets after months of Covid restrictions. This can also build customer loyalty, as traditional benefits such as cash back, airline miles and loyalty points are becoming more and more expensive for banks.
After the pandemic stimulus program curbed demand for loans, lending institutions tried to attract consumers to charge more on credit cards, so the reward rate reached a new high last year. However, analysts say that the cost of incentives has become so high that they may exceed the lender’s income on basic card exchange fees.
The JPMorgan Chase transaction is equivalent to American Express’s decision to acquire digital restaurant reservation platform Resy in 2019. American Express is known for providing exclusive privileges with high-end credit cards, and recently launched an exclusive dining plan for cardholders through Resy.
Obsessed, that’s Launched in 2009 Written by Chris Stang and Andrew Steinthal, its platform has millions of users every month and is especially popular among millennials. About three years ago, it acquired Zagat from Google Singer, which bought the Wine Red Guide from founders Tim and Nina Zagat for $151 million in 2011.
In addition to restaurant reviews covering more than 50 U.S. cities and foreign locations, The Infatuation also hosts on-site dining events, including cross-strait food festivals.
Infatuation will continue to operate as an independent business with a unique management team. Stang will continue to serve as CEO.
“The cooperation with JPMorgan Chase provides us with a rare opportunity to reach out to more people around the world and continue to implement The Infatuation’s mission, which is to provide the most useful and trustworthy advice on dining and travel. ,” Stang said.