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After a reversal last year, global ad spending is forecast to snap back from the pandemic even faster than previously predicted, GroupM said in its latest forecast. Last year, global ad spending slipped 3.5% to $628 billion. Multinational and international marketers, such as Chinese companies spending abroad, are also accelerating digital ad spending, he added. Last year, the top five ad sellers—Google, Facebook, Amazon, Alibaba and ByteDance—generated $296 billion in ad revenue, or 46% of global ad spending, according to the report. Ten years earlier, the top five ad sellers—Google; Viacom and CBS; News Corp. and Fox; Comcast, and Disney —collected only 17% of global ad spending, GroupM said.
Persons: GroupM, Brian Wieser, Mr, Wieser, Alibaba, alex plavevski, Disney —, , Alexandra Bruell Organizations: WPP PLC, Amazon.com Inc, Inc, Facebook Inc, Multinational, Google, Facebook, Global, Viacom, CBS, News Corp, Fox, Comcast, Disney, , Tokyo Locations: Brazil, China, U.S, , Japan
Sen. John Boozman cashed out of Johnson & Johnson, among other stocks. Rep. Scott Franklin, a Republican of Florida, just made some of the biggest stock moves of 2021 — at least among members of Congress. Johnson & Johnson has also experienced vaccine production issues. Meanwhile, Sen. Shelley Moore Capito's husband, Charlie Capito, sold up to $15,000 worth of shares in Wells Fargo on May 10. Energy stocks are hotRep. Mark Green, a Republican from Tennessee, made two stock purchases in motor fuel distributor CrossAmerica Partners.
Persons: Sen, Elizabeth Warren . Rep, Scott Franklin, John Boozman, Johnson, we've, Pramila, Elizabeth Warren, Chris Evans, , Republican Sen, Richard Burr of, Tom Malinowski, John Sarbanes of, Ilhan Omar, Minnesota, Janice Schakowsky of, Chuy Garcia, Mark Pocan, Bill Clark, Roth, Danny Johnston John Boozman, Walt Disney, Morgan Chase, Boozman, Elaine Chao, Mitch McConnell, Carlos Barria Mitch McConnell, Trump, Mitch McConnell of, Chao, Wells Fargo, Shelley Moore, Charlie Capito, Mark Green, Green, James Langevin, rollin, rollin ', Earl Blumenauer isn't, Ann Wagner, Wagner, Arthur Byrant Organizations: Massachusetts Democrat, Stock, Republican, Democratic Rep, New, Democratic, Chuy Garcia of Illinois, Getty, Florida Republican, Roth IRA, Viatris Inc, AT, T Inc, AP, Apple, Bank of America, Comcast, Walt, Intel, HP, Dynamics, Honeywell, Union Pacific, Johnson, and Drug Administration, Former, Reuters, Carlos Barria Mitch McConnell fam, Wells Fargo & Company, Energy, CrossAmerica Partners, Shell Midstream Partners, Generac Holdings, Congressional, Caucus, AutoZone Inc, Trempealeau County Justice Center Locations: Washington, Massachusetts, Richard Burr of North Carolina, New Jersey, John Sarbanes of Maryland, Janice Schakowsky of Illinois, Wisconsin, Florida, Arkansas, Wells, Mitch McConnell of Kentucky, Wells Fargo, Tennessee, Rhode Island, Generac, Oregon, Middle America, The Missouri, Trempealeau, La Crosse , Wisconsin
Its tech could help hotels to automate more tasks and keep operations lean. It can help hotels automate tasks like booking, financial reporting and pricing, and staff training. Since the start of the pandemic, Life House has grown booking revenues by 189% and the number of hotel rooms under management by 271%. That could lead to financial pressure that would make a Life House operation more appealing to hotels. Courtesy of Life House Hotels"Of course, the staff positions that are experiencing a shortage are generally not automatable — housekeepers, for example," he said.
Persons: Rami Zeidan, Zeidan Organizations: Thayer Ventures, Tiger Global, Global Founders Capital, Comcast Ventures, House, Booking Holdings, US Chamber of Commerce, US Labor Department, Life Locations: Miami , Nantucket, Denver, Brooklyn, Bali, Chattanooga, Salida , Colorado, Wamego , Kansas, Miami Beach
You need to be methodical when it comes to growing your career, according to Bonin Bough, chief growth officer of social media app Triller. Bough, formerly an executive at Mondelēz International and PepsiCo, knows what Fortune 100 companies look for in leaders. Ambitious employees can give detailed outlines for their work projects, but many never sit down to write out a plan for their career, Bough said. One of your first steps should be to get to know your HR person, according to Bough. Check out this video to learn which two other people you will need to know if you want to put your career into overdrive.
Persons: Bonin Bough, Bough Organizations: Mondelēz International, PepsiCo, Comcast Ventures Locations: Bonin
REUTERS/Mike BlakeViacomCBS Inc (VIAC.O) and Comcast Corp (CMCSA.O) can succeed without acquiring other businesses, IAC (IAC.O) Chairman Barry Diller said during a Reuters Newsmaker event Thursday. The media and Internet mogul, who helped found Fox Broadcasting Company, described competing with Netflix (NFLX.O), which would require significant investment, a "fool's errand" at this point. He described Comcast as being in a “fantastic position” with a cable and broadband business that hedges against NBCUniversal. “I don’t think they have to do anything,” he said of whether Comcast needs to spin off a business or get bigger. The Internet and media mogul brushed off concerns about Netflix’s debt burden.
Persons: Barry Diller, Mike Blake ViacomCBS, Diller, , ” Diller Organizations: IAC, Inc, Wall Street Journal, REUTERS, Mike Blake ViacomCBS Inc, Comcast Corp, Reuters, Fox Broadcasting Company, Netflix, Discovery Inc, Discovery, Warner Brothers Discovery, MGM, MGM Resorts International, Comcast, NBCUniversal, Thomson Locations: Laguna Beach , California, U.S
TOKYO (Reuters) - Despite growing local opposition amid the coronavirus pandemic, the Tokyo Olympic Games that were postponed last year will get under way in less than two months - barring “Armageddon”, as one International Olympic Committee member said. Local ticket sales have typically accounted for 70-80% of the total at past Olympic Games. Analysts with the financial services firm Jefferies estimate the insured cost of the 2020 Olympics at $2 billion, including TV rights and sponsorship, plus $600 million for hospitality. In 2019, Japan hosted 31.9 million foreign visitors, who spent nearly 4.81 trillion yen ($44 bln). “If the (Olympic Games) trigger the spread of infections and necessitates another emergency declaration, then the economic loss would be much greater,” Kiuchi said.
Persons: Miraitowa, Stringer, NBCUniversal, Takahide Kiuchi, ” Kiuchi Organizations: Tokyo Olympic Games, Olympic, REUTERS, Tokyo, Local, Olympic Games, Olympics, Toyota, Bridgestone, Panasonic, Samsung, International Olympic Committee, IOC, Summer, Jefferies, Games, Variety, Comcast, Discovery Communications, Eurosport, HIT, Nomura Research Institute, Nomura Research Locations: TOKYO, Tokyo, Japan, Europe
Its tech could help hotels to automate more tasks and keep operations lean. It can help hotels automate tasks like booking, financial reporting and pricing, and staff training. Since the start of the pandemic, Life House has grown booking revenues by 189% and the number of hotel rooms under management by 271%. That could lead to financial pressure that would make a Life House operation more appealing to hotels. Courtesy of Life House Hotels"Of course, the staff positions that are experiencing a shortage are generally not automatable — housekeepers, for example," he said.
Persons: Rami Zeidan, Zeidan Organizations: Thayer Ventures, Tiger Global, Global Founders Capital, Comcast Ventures, House, Booking Holdings, US Chamber of Commerce, US Labor Department, Life Locations: Miami , Nantucket, Denver, Brooklyn, Bali, Chattanooga, Salida , Colorado, Wamego , Kansas, Miami Beach
The U.S. does not have enough high-skilled workers to meet demand for computer-related jobs, and employers are seeking immigrant talent to help fill that gap, according to a new report released Thursday. Employers continued to seek high-skilled immigrant workers to fill labor shortages during the pandemic. There were 371,641 foreign labor requests for computer-related jobs filed in 2020, NAE reported. The U.S. disproportionately relies on foreign-born talent in computer-related jobs. Seven of the 10 fastest-growing jobs for immigrant workers, as measured by Labor Certification Applications requests, were computer-related, NAE reported.
Persons: Muthumalla Dhandapani, Mike Bloomberg, NAE, Dick Burke, Andrew Lim Organizations: Comcast, U.S . Chamber, Commerce, Labor, Bureau of Labor Statistics, Glass Technologies, Employers, Labor Department, Global, Immigrants Locations: Sunnyvale, U.S, United States
Cooking at home can save you money. And if you are looking for a single ingredient that is affordable and can be used in countless dishes, you can start out with a whole chicken, according to celebrity chef Guy Fieri. The protein is easy to cook, offers plenty of variety and everything you don't eat can be used to make a stock for later, said Fieri. Check out this video to learn about the other protein and a vegetable that Fieri keeps in his kitchen if he's planning to cook at home. SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.
Persons: Guy Fieri Organizations: Comcast Ventures
June is Pride Month and it's the perfect time to learn more about LGBTQ+ entrepreneurship in the United States. Take this quiz, created by StartOut , to test your knowledge of LGBTQ+ entrepreneurship and how increasing economic empowerment for everyone means we all win. Register now: Invest in Pride: Ready. SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
Persons: Suze Orman Organizations: Invest, Comcast Ventures Locations: United States
Mogul Diller says ViacomCBS, Comcast don’t need deals to succeed
  + stars: | 2021-06-10 | by ( Helen Coster | ) www.reuters.com + 0.95   time to read: +2 min
Barry Diller, Chairman and Senior Executive of IAC/InterActiveCorp and Expedia, Inc., speaks at the Wall Street Journal Digital conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike BlakeViacomCBS Inc (VIAC.O) and Comcast Corp (CMCSA.O) can succeed without acquiring other businesses, IAC (IAC.O) Chairman Barry Diller said during a Reuters Newsmaker event Thursday. The media and Internet mogul, who helped found Fox Broadcasting Company, described competing with Netflix (NFLX.O), which would require significant investment, a "fool's errand" at this point. He described Comcast as being in a “fantastic position” with a cable and broadband business that hedges against NBCUniversal. The Internet and media mogul brushed off concerns about Netflix’s debt burden.
Persons: Barry Diller, Mike Blake ViacomCBS, Diller, , ” Diller Organizations: IAC, Inc, Wall Street Journal, REUTERS, Mike Blake ViacomCBS Inc, Comcast Corp, Reuters, Fox Broadcasting Company, Netflix, Discovery Inc, Discovery, Warner Brothers Discovery, MGM, MGM Resorts International, Comcast, NBCUniversal, Thomson Locations: Laguna Beach , California, U.S
The average American in their 60s has more than $200,000 in their 401(k). If you start contributing early enough in your career, you may be able to double or even triple that number by investing a small percentage of your paycheck each week. CNBC crunched the numbers, and we can tell you how much you will have for retirement if you save $100 per week in your 401(k) throughout your career. More from Invest in You:How Walmart and other big companies are trying to recruit more teenage employeesAmericans are more in debt than ever and experts say 'money disorders' may be to blameHow much money do you need to retire? Start with $1.7 millionSIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.
Persons: Here's Organizations: CNBC, Walmart, Comcast Ventures Locations: Invest
Here's how making a budget can compensate for a loss in income
  + stars: | 2021-06-08 | by ( Robert Exley Jr. | ) www.cnbc.com sentiment -0.95   time to read: +1 min
Your budget may be overdue for an update, and it's especially important to reevaluate if your income has changed over the last year. A loss of income can be the perfect time to reevaluate how you handle your money, according to Delano Saporu, founder of New Streets Advisors Group. Check out this video for a full breakdown of how you can adjust your finances to accommodate a change in income. CHECK OUT: Why January is a particularly great time to invest your money via Grow with Acorns+CNBC. Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
Persons: Delano Saporu Organizations: New Streets Advisors, Trump, Comcast Ventures Locations: Invest
LGBTQ small business owners are confident about their post-pandemic recovery, but more than 78 percent don’t have a succession plan in place, according to a new CNBC + Acorns and NGLCC Small Business Owner Financial Health Survey. “We have a number of same-sex couples that may or may not have children, so there may not be a hereditary succession plan,” he said. That’s a very real concern for many small business owners, who may have to figure out the best vehicle in which to save, since any 401(k) plans would be from former employers. Debt and credit concernsThe survey also found that 45 percent of LGBTQ small business owners don’t stick to a personal budget each month. “While small business owners may have been knocked down, they have not been knocked out,” said Nelson, who applauded the resilience of the LGBTQ business community.
Persons: Justin Nelson, , , Nik Kacy, ” Kacy, Kacy, NiK Kacy, That’s, David Goldstein, doesn’t, NGLCC’s Nelson, ” Nelson, Nelson Organizations: Financial Health, National LGBT Chamber of Commerce, LGBT Business Enterprises, Google, Washington , D.C, House, CNBC, Comcast Ventures, NBC, Twitter, Facebook Locations: Washington ,
Op-ed: Quality TV news could be a casualty of the streaming wars
  + stars: | 2021-06-07 | by ( Tom Rogers | ) www.cnbc.com + 0.00   time to read: +8 min
ESPN, which has been slow out of the gates into streaming, has recently signed renewal deals for substantial amounts of professional sports programming that give it flexibility to air those offerings on the ESPN+ streaming service. In addition, Amazon recently agreed to pay the NFL $10 billion just to air Thursday Night Football on its streaming service over the next ten years. So, while the streaming wars heat up, and legacy television channels lose both viewing audience and subscribers, no one is really focused on what this means for television news. Providing a separate news bundle to households who otherwise subscribe to Peacock could drive broad uptake of news content while also driving enhanced distribution of the broader entertainment streaming service. Right now, there is no obvious answer to saving TV news as pay-TV subscribership declines, but let's not allow quality television news to become collateral damage in the entertainment streaming wars.
Persons: HBO Max, Peacock, Tom Rogers Organizations: Netflix, Disney, HBO, Apple, Paramount, Amazon, Time Warner, Sports, ESPN, NFL, CNN, CNBC, MSNBC, Fox News, News, TV, FCC, Comcast, Sky News, NBC, Fox, Fox Nation, Fox News Channel, NBC Cable Locations: Hulu, United States, Switzerland
2021 progress: In January, Apple announced the launch of several projects related to its $100 million commitment through REJI. On top of the $5 million commitment, Cisco employees also gave $800,000 to groups in the Fighting Racism and Discrimination Fund, which Cisco matched. Other notable updates: Beyond the $100 million commitment, Comcast has since committed $1 billion over 10 years to help close the digital divide between high- and low-income communities. It created a $1 million fund in Brazil and a $2 million fund in Europe for Black founders outside the U.S. Peloton has not yet provided an update on its $20 million commitment to address its own job opportunity gap.
Persons: Win McNamee, George Floyd, Airbnb, it's, Tim Cook, Brooks Kraft, Apple, Cook, Siebert Williams Shank, Aaron Levie, Box, Levie, Joelle Emerson, HBCUs, Black, John D, Harris II, Brian Roberts, LeBron James, Ava DuVernay, Mark Zuckerberg, Zuckerberg, he's, Derek Chauvin, Facebook, Roy Austin, Google Sundar Pichai, Pichai, Geert Vanden Wijngaert, Bob Swan, Lyft, Colin Kaepernick, Microsoft Satya Nadella, Charles Pertwee, Satya Nadella, Reed Hastings, Siebert, Williams, Shank, John Foley, Christal Morris, Juneteenth, Reddit, Alexis Ohanian's, Ohanian's, Michael Seibel, Combinator, Paula Price, who's, Shopify, Slack, Stewart Butterfield, Jen Rubio, Raheem, Donald Trump's, Trump, SoftBank, Hollie Adams, TikTok, Mutale Nkonde, Twitter, Jack Dorsey, Uber, Dara Khosrowshahi, Khosrowshahi, Erica Ellis, — CNBC's Jennifer Elias, Ursula Burns Organizations: Lincoln, NAACP, Foundation, Advancing Justice, Black Employee Network, Apple Apple, Developers, Steve Jobs, Apple Inc, Apple’s Racial Equity, Justice, Black, Apple, Equal, Initiative, Apple Developer Academy, Michigan State University, Harlem Capital, Co, NAACP Legal Defense, Educational Fund, Gideon's Army, Black Excellence Network, Spelman College, Cisco, Matter Foundation, Raytheon International, Comcast, NBCU Academy, CNBC, Facebook, Getty, U.S, Thurgood Marshall College Fund, Minneapolis Police, Advisory, Google, Inc, Bruegel, Union, Bloomberg, YouTube, Center for Policing Equity, Opportunity Finance Network, for Policing Equity, Justice Database, Fund, Tech Exchange, Intel, UNESCO, Obama Foundation, Greater Houston Community Foundation, Amnesty International, National Urban League, North Carolina Central University, National Action Network, Bail Fund, Council, Alliance, NFL, Microsoft, Microsoft Corp, Nokia Oyj, Matter, Innocence, Leadership Conference, Freedom Fund, FDIC, Southern, Resilience Fund, Netflix, Black U.S, United Negro College Fund, Morehouse College, Posse Foundation, Netflix Fund, Creative Equity, PayPal, Association for Enterprise Opportunity, Economic Opportunity Fund, Optus Bank, Economic Development Fund, Northern Trust Institutional Government Fund, National Association of Black Accountants, York Urban League, Business, Center, North, Justice Task Force, Black Health Alliance, HOPE, Community, Salesforce, Lens, Industry, Group, Academies, BET, Twitter, Smithsonian National Museum of, Initiative and National Association of Black Journalists, Finance, National Museum of, Groups, Fellows, Uber, MDI Locations: Washington , DC, Cupertino , California, REJI, Detroit, Atlanta, Black, U.S . Black, U.S, Brussels, Belgium, Brazil, Europe, North, Lake, Minneapolis, HBCUs, Singapore, Finland, South Carolina, New York City, North America, London, microgrants, Twitter's, Canada, Mansfield
Providence Equity founder Jonathan Nelson has invested in 170 companies over 30 years, helping grow the cable and telecoms landscape. Veteran media investor Jonathan Nelson is a pioneer in streaming, having poured $100 million into the launch of Hulu . While most companies are focused on digital, Providence remains a fan of a very old analog business model. "We were well positioned, and it's one of the great accomplishments and disappointments all in one deal: Hulu," Nelson said. He'll be judged the way other media companies are judged, not with mobile multiples.
Persons: Jonathan Nelson, WarnerMedia's Jason Kilar, Nielsen, Nelson, Jason Kilar —, Hulu, Rich Greenfield, James Bond, Apple isn't, David [ Zaslav, He'll, who's, HBO Max Organizations: Providence Equity, Warner, Hulu, Providence Equity Partners, Netflix, Vodafone, MasMovil, Google, Facebook, Services, Providence, Theatre Group, Amazon, Fox, NBC, Disney, LightShed Partners, Warner Bros ., MGM, James, Apple, Hollywood, Sony, Comcast, DirecTV, AOL, Yahoo, Housing Warner, Discovery, Warner Bros, HBO Locations: Providence, Spain, DoubleVerify, Europe, London
Billy and Akaisha Kaderli retired in 1991 at the age of 38. The couple, now 68, have watched their nest egg grow from $500,000 to more than $1 million, while still managing to fund their lifestyle. The strategy they use is pretty simple: Track every dollar you spend, and invest in index funds and ETFs. Check out this video to learn more about the five budgeting techniques these retirees use to grow their money. SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.
Persons: Billy, Akaisha Kaderli Organizations: Comcast Ventures
Really, a budget is just a list. It's most efficient to build this kind of budget on a spreadsheet somewhere — whether it's Microsoft Excel or a Google doc. The more you track your spending and keep an eye on it, the better you'll get at homing in on your monthly expenses. Check out this video for a step-by-step guide to making a budget that will work for you. More from Invest in You:Check out I Made $,1000 by Taking Pictures with This Easy Side Hustle via Grow with Acorns+CNBC.
Organizations: Microsoft, Comcast Ventures Locations: Invest
The Week in Business: Biden’s Big Budget
  + stars: | 2021-05-30 | by ( Charlotte Cowles | ) www.nytimes.com + 0.52   time to read: +2 min
(May 30-June 5)Paging Dr. GoogleGoogle is teaming up with the hospital chain HCA Healthcare to develop algorithms for patient care by mining health records. HCA said that its patient records would be stripped of identifying information before Google data scientists gained access to them. Mr. Biden has said he will pay for his agenda by raising taxes on corporations and high earners, but the plan also projects high budget deficits for at least a decade. On the Road AgainTreasury Secretary Janet Yellen will meet with the Group of 7 finance ministers in London later this week to discuss the nations’ next steps in the global economic recovery. Before her departure, she asked for more Treasury funding to oversee several key efforts in the U.S. economic recovery.
Persons: James Bond —, HBO Max, Giacomo Bagnara What’s, Biden, Mr, Janet Yellen, Yellen Organizations: Hollywood Metro, Goldwyn, Mayer, Amazon, Netflix, HBO, Apple, Comcast, Google Google, Healthcare, Group Locations: United States, London, U.S
Here are the next media mergers that make the most sense
  + stars: | 2021-05-29 | by ( Alex Sherman | ) www.cnbc.com + 0.00   time to read: +3 min
Rafael Henrique | LightRocket | Getty ImagesNBCUniversal and LionsgateBuying Lionsgate would help Comcast's NBCUniversal on two different fronts. Lionsgate owns shows including "Mad Men," "Orange is the New Black," "Nashville" and "Zoey's Extraordinary Playlist." Second, Lionsgate owns premium network Starz, which would fit seamlessly with NBCUniversal's offerings. Unlike NBCUniversal, ViacomCBS doesn't have a large cable news network. While ViacomCBS also owns a movie studio, Paramount has been a much smaller box office presence than Universal in recent years.
Persons: Rafael Henrique, LightRocket, Comcast's NBCUniversal, NBCUniversal, John Feltheimer, Peacock, John Malone, WarnerMedia's Warner, Shari Redstone's, ViacomCBS, Malone, there's Organizations: HBO Max, Discovery Communications, Getty, Lionsgate, Starz, Comcast, CNBC, CNN, MSNBC, WarnerMedia's, WarnerMedia's Warner Bros, CBS, NBC, Paramount, Universal, Warner Bros, Disney, AMC Networks
Belarus was courting its patron Russia on Friday amid ongoing international outrage over the forced landing of a commercial flight to seize a Belarusian journalist. As the West moved to isolate the former Soviet bloc country, Belarusian President Alexander Lukashenko was set to meet Russian President Vladimir Putin in the Black Sea resort of Sochi. Russian President Vladimir Putin and Belarusian President Alexander Lukashenko talk during another meeting in Sochi, Russia in September 2020. On Wednesday, he threatened to flood western Europe with drugs and migrants if sanctions were imposed on his country for the forced landing of the Ryanair flight. “Neither the Russian aviation authorities nor the Russian services and agencies have anything to do with what happened in Belarus with the Ryanair flight,” he said Friday.
Persons: Alexander Lukashenko, Vladimir Putin, Lukashenko, brazenly, Jens Stoltenberg, Roman Protasevich, Sophia Sapega, Protasevich, , , Dmitry Peskov, Peskov, , demurred, Putin Organizations: Soviet, NATO, ” NATO, Sky News, News, Comcast, NBC News, Belarusian, West, Ryanair, European Union, United Nations, Union, Belarus, EU, NBC, Air, Austrian Airlines, Kremlin, International Civil Aviation Organization Locations: Belarus, Russia, Belarusian, Black, Sochi, British, Minsk, Poland, Lithuania, Greece, Soviet, United States, United Kingdom, Europe, Moscow, Air France, Austrian, Vienna, Russian
Most people are allowed to contribute up to $19,500 to their 401(k) plan in 2021, but the limit often changes from year to year to keep up with inflation. CNBC crunched the numbers, and we can tell you how much you will have for retirement if you wait until you are in your 30s to max out your 401(k) contribution. The numbers do not account for future changes to contribution limits, employer matches, taxes or any curveballs life may throw at you. More from Invest in You:How Walmart and other big companies are trying to recruit more teenage employeesAmericans are more in debt than ever and experts say 'money disorders' may be to blameHow much money do you need to retire? Start with $1.7 millionSIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.
Organizations: CNBC, Walmart, Comcast Ventures Locations: Invest
Consumer finance startup Acorns to go public in over $2 billion SPAC deal
  + stars: | 2021-05-27 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Reuters) -Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp in a deal valuing the savings and investing app at about $2.2 billion. Launched in late 2014, Acorns helps users invest in stocks and bonds and operates on a subscription-based model. Shares of Pioneer Merger were up nearly 3.6% on Thursday. The special-purpose acquisition company (SPAC) raised about $403 million in an initial public offering earlier this year. SPACs are shell companies that raise funds via a listing to acquire a private company to take it public, allowing such targets to sidestep a traditional IPO.
Organizations: Reuters, Merger Corp, Greycroft, TPG, BlackRock Inc, PayPal, BlackRock, Comcast Corp, Comcast, CNBC, U.S . Securities, Exchange Commission, Acorn Holdings Inc, Nasdaq, OAKS Locations: United States, The Irvine , California
Savings and investing app Acorns plans to go public by merging with a blank-check company. The fintech start-up announced a deal Thursday to combine with Pioneer Merger Corp., a publicly traded special purpose acquisition company, or SPAC. The merger values Acorns at roughly $2.2 billion and is expected to close in the back half of this year. Kerner and Pioneer's sponsor each plan to contribute 10% of their personal ownership in Acorns as a gift to eligible Acorns customers. Acorns' most popular offerings let customers automatically invest the spare change from debit or credit card purchases into index funds.
Persons: Noah Kerner, Kerner, Ashton Kutcher, Jennifer Lopez, Dwayne Johnson, John Christodoro, Christodoro, SPACS Organizations: Pioneer Merger Corp, Nasdaq, OAKS, Wellington Management, BlackRock, PayPal Ventures, Comcast, CNBC, PayPal, Pioneer, Research Locations: BlackRock, Irvine , California
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