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☆ Inside TikTok's fight against the most powerful music label in the industry and what could happen next
▼ + stars: | 2024-01-31 | by ( Dan Whateley | ) www.businessinsider.com time to read: +6 min

Music licensing talks are heating up between TikTok and Universal Music Group as negotiations have left the conference room and entered the public sphere. "Their core mission is to generate as much money as they can from their recordings for their shareholders," David Herlihy, a copyright lawyer and music industry professor at Northeastern University, told BI. The company is in the process of launching a dedicated streaming app, TikTok Music, and has worked closely with artists on influencer listening parties, livestreams, and in-person events. But TikTok, as a global social giant, is an important product for music artists and labels. This is why the music industry is seeking to capture more value."

Persons: Taylor Swift, Ariana Grande, TikTok, It's, David Herlihy, David, Goliath, UMG, Tatiana Cirisano, Jonny Kaps, MIDiA's Cirisano Organizations: TikTok, Universal Music Group, Business, Hollywood, Warner Music Group, Sony Music Entertainment, Northeastern University, Music, MIDiA Research, YouTube, Universal, SiriusXM Locations: India, Australia

Rory McIlroy resigned from the PGA Tour board on Tuesday, an abrupt move that comes as the tour is trying to finalize an agreement to create a new commercial enterprise involving Saudi Arabia's national wealth fund. Asked if he liked having a seat the table, McIlroy said, “Not particularly, no. No player has been more outspoken than McIlroy about the PIF's financial backing of rival league LIV Golf, which attracted a number of major champions with enormous signing fees. LIV Golf recently completed its second year, and it remains unclear how the PIF's deal with the tour affects it. The remaining five player-directors on the 12-member board will elect a successor to serve McIlroy's term, which ends after next year.

Persons: Rory McIlroy, McIlroy, “, Jay Monahan, Ed Herlihy, ”, Rory —, —, Monahan, LIV, LIV Golf, Greg Norman, I’ve, ” McIlroy, Tiger Woods, ___ Organizations: PGA, Saudi, New York Times, Public Investment Fund, Tour Enterprises, PAC, Tiger Locations: Dubai, Saudi Arabia, Saudi

Rory McIlroy, the esteemed golfer who was among the most outspoken opponents of his sport’s swelling ties to Saudi Arabia, has resigned from the PGA Tour’s board. The tour confirmed his departure in a statement on Tuesday night. Mr. McIlroy, the men said, was “instrumental in helping shape the success of the tour, and his willingness to thoughtfully voice his opinions has been especially impactful.”Mr. McIlroy’s agent did not respond to a message seeking comment. The decision by Mr. McIlroy came about five months after the tour, following secret negotiations, struck an agreement with Saudi Arabia’s sovereign wealth fund to try to create a joint company that would end golf’s money-fueled war for supremacy. Most board members, including Mr. McIlroy, had no knowledge of the agreement or the talks that led to it until shortly before it was announced in June and upended the duel between the tour and LIV Golf, the league Saudi Arabia built with a blend of billions of dollars and marquee defections from the PGA Tour.

Persons: Rory McIlroy, “, Rory —, —, Jay Monahan, Edward D, Mr, McIlroy, ” Mr, LIV Golf Organizations: PGA, PGA Tour Locations: Saudi Arabia, Saudi

Cases of West Nile virus are increasing in the U.S., with health officials across several states urging residents to take precautions. According to the Centers for Disease Control and Prevention, 43 states have reported West Nile virus infections this year. "The trends we are seeing in our West Nile virus tracking data are unprecedented," Colorado epidemiologist Rachel Herlihy said in a statement last month. West Nile virus is the leading cause of mosquito-borne disease in the continental U.S., according to the CDC. There are no vaccines or treatments for West Nile virus in people.

Persons: Rachel Herlihy, “, Shawn M, LaTourette, Public Health Services Nilesh Kalyanaraman Organizations: Centers for Disease Control, New, Jersey Environmental, Maryland, Public Health Services, Health Locations: U.S, Colorado , California , Arizona , Nebraska, South Dakota, Colorado, West, Southwest, East, New Jersey, ”, Jersey, Maryland

☆ $13 billion hedge fund Schonfeld loses several senior technology and recruiting personnel
▼ + stars: | 2023-07-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Several leaders in Schonfeld's technology and recruiting teams have recently exited. Several leaders of multi-strategy hedge fund Schonfeld Strategic Advisors' technology and recruiting operations have exited the firm, according to people familiar with the matter. Steve Kordik, who headed up a team in North America responsible for supporting the trading technology platform, left in May. Tom Burdo, director of front-office technology talent acquisition, left in June. Schonfeld, which manages about $13 billion in outside money, grew from some 600 employees in mid-2021 to around 860 at the end of 2022, according to a filing with the Securities and Exchange Commission.

Persons: Vincent Aniello, Schonfeld, Steve Kordik, Renee Kenas, Radhika Arora, Tom Burdo, Point72, buildout, Colin Lancaster, Mitesh, It's, Toby Kung, Derry Herlihy, Goldman Sachs, Riccardo Riboldi Organizations: Advisors, Securities and Exchange Commission, LinkedIn, Citadel, Derry, Delta Locations: North America, Macquarie

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

☆ Saudi adviser proposed giving Tiger Woods and Rory McIlroy ownership of LIV Golf teams, documents show
▼ + stars: | 2023-07-11 | by ( Wayne Sterling | ) edition.cnn.com time to read: +2 min

CNN —Prior to a truce between the PGA Tour and LIV Golf last month, an adviser to the Saudi Public Investment Fund proposed that Tiger Woods and Rory McIlroy could own LIV Golf teams and play in the Saudi-backed tour, according to a 276-page report released by the US Senate Permanent Subcommittee on Investigations on Tuesday. In an April 26 meeting, PCP Capital Partners, a Saudi PIF adviser, presented a slideshow to PGA Tour board member Jimmy Dunne and PGA Tour Policy Board Chairman Edward Herlihy entitled “The Best of Both Worlds.”The slideshow proposed that McIlroy and Woods would own LIV Golf teams and participate in at least 10 LIV Golf events, documents showed. A May 24 email also revealed PGA Tour officials intended to fire LIV Golf CEO Greg Norman after the merger. Norman has been an advocate for the rival Saudi tour and a fierce public critic of the PGA Tour. The framework agreement between the Saudis and the PGA Tour needs to be approved by the PGA Tour’s 10-member policy board.

Persons: LIV, Woods, Rory McIlroy, Jimmy Dunne, Edward Herlihy, McIlroy, Yasir Al, Greg Norman, Norman, Jay Monahan’s, PIF, Roger Devlin, Dunne, Delvin, Rumayyan, ” Devlin, Devlin, “, McIlroy “ Organizations: CNN, PGA, Saudi Public Investment Fund, LIV Golf, US, Capital Partners, Tour, Augusta National, International Golf Federation, Saudi, PGA Tour, LIV, Fund, Al Locations: Saudi, Saudi Arabia, Dubai, Rumayyan

Golf becomes a geopolitical trophyThe shock news that the PGA Tour plans to join forces with LIV Golf, the upstart circuit that it has spent the past year feuding with, rattled the normally staid world of golf. Saudi Arabia, LIV’s backer, now stands to hold enormous sway over golf, as it invests billions to extend its presence throughout pro sports — and beyond. It’s an additional sign of how the kingdom is seeking to assert its role as a growing geopolitical and global business power. Covert jet-setting talks led to the golf deal. Those on the Saudi side included the banker Michael Klein, a longtime adviser to the kingdom.

Persons: LIV Golf, LIV, Jay Monahan, Ed Herlihy, Wachtell, Jimmy Dunne, Piper Sandler, Michael Klein Organizations: PGA Tour, PGA, Allen & Company Locations: Saudi Arabia, what’s, Saudi

☆ PGA Tour agrees to merge with Saudi-backed rival LIV Golf
▼ + stars: | 2023-06-06 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +13 min

The PGA Tour has agreed to merge with Saudi-backed rival LIV Golf in a deal that would see the competitors squash pending litigation and move forward as a larger golf enterprise. With LIV Golf in the midst of its second, groundbreaking season, the PGA TOUR, DP World Tour and PIF will work together to best feature and grow team golf going forward. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other "inside the ropes" responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.

Persons: LIV, LIV didn't, Yasir Al, Rumayyan, Jay Monahan, PIF, CNBC'S David Faber, LIV Golf, Brooks Koepka, Phil Mickelson, Bubba Watson, Monahan, Team Captain Brooks Koepka, Ricky Elliott, Osama Bin Laden, Donald Trump, nobody's, Trump, CNBC's David Faber, Jessica Golden, Kevin Durant, James Pitaro, LIV –, we've, Jay, Keith, Ed Herlihy, Herlihy, Jimmy Dunne, Keith Pelley Organizations: Nexstar, Nexstar Media Group, CW Network, CW, Wrestling, Endeavor Group, PGA Tour, CNBC, Saudi Arabia Public Investment Fund, PGA, European PGA, U.S, Team, Royal Greens, & Country Club, King Abdullah Economic, Saudi, CBS Sports, LIV, ESPN, Public Investment Fund, Al, Rumayyan, Strategic Alliance Locations: U.S, Saudi, Jeddah, King Abdullah, King Abdullah Economic City, Saudi Arabia, Los Angeles, RIYADH, PONTE, BEACH , Florida

NEW YORK, May 4 (Reuters) - The practice of short selling is coming under increased scrutiny as shares of regional banks remain under pressure, with some calls for more regulatory oversight of the practice. Short sellers, who borrow shares they expect to fall and hope to repay the loan for less later to pocket the difference, have profited from the banking crisis. During the financial crisis, short selling was temporarily banned in the U.S., although a New York Federal Reserve review later showed the curb did not achieve the intended effect. The SEC declined to comment on Thursday when asked if it should impose a short selling ban. While some market participants criticized the practice, others, like non-profit group Better Markets, said short sellers warned markets about the challenges regional banks were facing.

☆ A new sign of panic in the US banking industry: Law firm Wachtell Lipton calls on SEC to crack down on short selling of bank stocks.
▼ + stars: | 2023-05-04 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

Influential law firm Wachtell Lipton says the SEC needs to respond by stopping bets against bank stocks in the form of short sales. Read the law firm's memo here. On Thursday, the law firm Wachtell Lipton sent a memo to clients asking the Securities and Exchange Commission to crack down on the short selling of bank stocks. Calls for limits on short selling can be seen as a sign of stress in the financial system. Other longer-term solutions may include reinstitution of the traditional up-tick rule, and aggressive enforcement combating abusive short sales, market manipulation and groups acting in concert.

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