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☆ The Dominican Republic votes on Sunday. Here’s what to know
▼ + stars: | 2024-05-17 | by ( Jessica Hasbun | ) edition.cnn.com time to read: +10 min

Santo Domingo, Dominican Republic CNN —The Dominican Republic is days away from a general election that will see voters elect new lawmakers and the president as they weigh the nation’s economy and security. During his first term from 2020 to 2024, the Dominican Republic established a new record in the tourism industry, with more than 10 million tourists visiting the island in 2023. Former President of the Dominican Republic and presidential candidate of the People's Force party Leonel Fernandez greets supporters as he attends a closing campaign rally ahead of Sunday's election, in Santo Domingo, Dominican Republic, May 15, 2024. Martinez poses during an interview with EFE, in Santo Domingo, Dominican Republic, 13 May 2024. People wait in Ouanaminthe, Haiti to cross into Dajabon, Dominican Republic, Friday, May 17, 2024.

Persons: Santo Domingo, Dominican Republic CNN —, Luis Abinader, “ Abinader, ”, Bernardo Vega, Vega, National District Guillermo Moreno, Orlando Barria, Rosario Espinal, Abinader, Critics, Leonel Fernández, Fernandez, Leonel Fernandez, Henry Romero, “, Abel Martínez, Martinez, EFE, Pablo Flores, Flores, Matias Delacroix, Ney Segura Organizations: Dominican Republic CNN, Caribbean nation’s, Modern Revolutionary Party, National Police, Bank, National District, Dominican Liberation Party, Dominican, People's Force, Reuters, Force, People, Quarterly, United Nations, Santo, country’s National, US State Department, World Bank Locations: Dominican Republic, Dominican, Santo Domingo, Haiti, Port, Santiago, Caribbean, Ouanaminthe, Dajabon

☆ Katz: Not the time to jump into stocks with new money
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKatz: Not the time to jump into stocks with new moneyDavid Katz, Chief Investment Officer at Matrix Asset Advisors, discusses his top stock picks and market outlook.

Persons: Email Katz, David Katz Organizations: Asset

☆ Novavax stock jumps 50% as Sanofi deal kicks off turning point for struggling vaccine maker
▼ + stars: | 2024-05-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +1 min

Shares of Novavax jumped as much as 50% on Monday as Wall Street cheered the company's new multibillion-dollar deal with French drugmaker Sanofi that sparked a dramatic turnaround for the struggling vaccine maker. Novavax's stock almost doubled on Friday after it announced the licensing agreement with Sanofi. Under the agreement, Sanofi will take a less than 5% stake in Novavax. Sanofi, one of the world's largest vaccine makers, will co-market Novavax's Covid vaccine in most countries starting in 2025. The deal also allows Sanofi to use Novavax's Covid shot and flagship vaccine technology, Matrix-M adjuvant, to develop new vaccine products.

Persons: Novavax, Sanofi, John Jacobs Organizations: French, Sanofi, Novavax, CNBC Locations: Novavax

☆ Novavax signs multibillion-dollar deal with Sanofi to commercialize Covid vaccine, develop combination shots
▼ + stars: | 2024-05-10 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

A health worker prepares a dose of the Novavax vaccine as the Dutch Health Service Organization starts with the Novavax vaccination program on March 21, 2022 in The Hague, Netherlands. Novavax on Friday said it has signed a multibillion-dollar deal with French drugmaker Sanofi to co-commercialize the company's Covid vaccine starting next year and develop combination shots targeting the coronavirus and the flu, among other efforts. Part of the deal allows Sanofi to use Novavax's Covid shot and flagship vaccine technology, Matrix-M adjuvant, to develop new vaccine products. Novavax is also entitled to royalty payments on Sanofi's sales of its Covid vaccine and combination shots targeting coronavirus and the flu. Under the deal, Sanofi will also take a less than 5% stake in Novavax.

Persons: Novavax, Sanofi, John Jacobs, Jacobs Organizations: Dutch Health Service Organization, French, CNBC, Health, Pfizer, Moderna, Sanofi Locations: The Hague, Netherlands, Novavax

Shop at Amazon Shop at Walmart Shop at Best Buy What we like Check mark icon A check mark. Shop at Amazon Shop at Best Buy Shop at Samsung What we like Check mark icon A check mark. Unfortunately, the S95D's matte screen has one notable side effect: it hurts black-level performance in a bright room. In contrast, the elevated black levels caused by the S95D's matte screen are more pronounced and easier to notice. AdvertisementSamsung S95D vs. S95C: Price and availabilityThe S95C currently costs a lot less than the S95D.

Persons: I've, Slim, Steven Cohen, it's Organizations: Business, Samsung, Shop, Walmart Shop, Dolby, Sony, Amazon, Samsung TV

☆ The husband and wife team behind 'The Fall Guy' reveal how their own love affair inspired stars Emily Blunt and Ryan Gosling
▼ + stars: | 2024-05-03 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +8 min

Their latest film, "The Fall Guy," looks to continue that streak of success. 'The Fall Guy' evolved from film noir to action rom-comRyan Gosling plays stuntman Colt Seavers in "The Fall Guy." Eric Laciste/Universal Pictures"The Fall Guy" movie adaptation had been bouncing around Hollywood for decades, with everyone from Nicolas Cage to Dwayne "The Rock" Johnson attached to star. AdvertisementIn "The Fall Guy," Gosling's Colt must clear his name after footage appears to implicate him in the death of another stuntman. AdvertisementThe Taylor Swift song "All Too Well" wasn't originally in the movieRyan Gosling and Emily Blunt in "The Fall Guy."

Persons: —, David Leitch, Kelly McCormick, they've, Shaw, Guy, it's, Lee Majors, Colt Seavers, Ryan Gosling, Jody Moreno, Emily Blunt, Leitch, McCormick, who's, Brad Pitt, McCormack, Gosling, Blunt's, Eric Laciste, Nicolas Cage, Dwayne, Johnson, David, Blunt, Jody, Emily, " Leitch, Ryan, Leitch David Leitch, Kiss, Yungblud, I'm, Tom Cruise's, Taylor, Colt, Harry Nilsson's, Taylor's Organizations: Service, Business, Pictures, Universal, Colt, deepfakes, Hollywood Locations: Hollywood

Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and Wall Street Journal. A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value. Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale.

Persons: Skydance, hasn't, David Ellison's Skydance, Shari Redstone, It's, Redstone's, Bob Bakish Organizations: Paramount, Sony, Apollo, Skydance, RedBird Capital, KKR, Sony Pictures, Apollo Global Management, Paramount Global, The New York Times, Wall Street Journal, Hollywood, Matrix Asset Advisors, Aspen Sky Trust, Redstone Locations: Apollo

☆ After Meta’s ‘year of efficiency,’ industry leaders root for year of innovation
▼ + stars: | 2024-05-01 | by ( Rachel Curry | ) www.cnbc.com time to read: +5 min

With many companies maintaining the "efficiency" mindset, and hiring for tech jobs remaining low, according to the iCIMS Insights April 2024 Workforce Report, innovation is at risk. Madan says companies tend to act based on fear of missing out, but this behavior can stall technological innovation. This process can be messy, which is why experts say any conversation centered around efficiency must also include innovation. Digital transformation is a core pillar of business strategy for 84% of technology and business leaders, according to the TEKsystems report. On the innovation front, he added, "The best organizations are the ones that synthesize human input with AI collaboration."

Persons: It's, Mark Zuckerberg, Ricardo Madan, they've, Zuckerberg, Madan, Chris Duffey, Duffey, Duffy Organizations: Meta, IBM, Tech, Adobe, Google, Bureau of Labor Statistics Locations: Menlo Park, Meta, California, TEKsystems, U.S

☆ Shari Redstone is playing M&A war games with removal of Paramount CEO Bob Bakish
▼ + stars: | 2024-04-29 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

The decision to remove Bakish as CEO comes as Paramount Global closes in on a merger agreement with Skydance Media. A number of large common shareholders, including Gamco Investors, Ariel Investments, Matrix and Aspen Sky Trust have publicly criticized the deal, arguing it destroys value for common shareholders. Paramount Global shares jumped about 5% in premarket trading Monday. Typically, Paramount Global shareholders, such as Gabelli, would compare an offer to the standalone company's prospects — hence his comments about not seeing a sale at all. But by removing Bakish, Redstone and the Paramount Global board are now throwing the status quo into chaos.

Persons: Bob Bakish, CNBC's David Faber, Shari Redstone, David A, Skydance, Mario Gabelli, That's, —, Bakish Organizations: Paramount, CNBC, Paramount Global, Skydance Media, Gamco Investors, Ariel Investments, Aspen Sky Trust, National Amusements, Allen & Company Sun Valley, Grogan, Amusements, New York Post, Bloomberg, Street Journal, Skydance, Apollo Global, Sony, New York Times, Apollo, Foreign Investment, U.S, Communications, Charter Locations: Sun Valley , Idaho, U.S, United States

☆ The best thing my dad ever did was let me see him cry
▼ + stars: | 2024-04-28 | by ( Allison Snyder | ) www.businessinsider.com time to read: +3 min

We are out of balance because we don't see beyond the binaries, we don't see how no matter the gender, feminine and masculine exist within each of us. He taught me masculine thingsOn a camping trip when I was 4 years old, Dad sat with his friend while I played with his friend's 3-year-old son. "Stand up for yourself," Dad urged with his eyes, and when I didn't, the boy hit me again and again. When I looked at Dad the third time, he said, "Hit him on the damn nose!" Dad was deliberate in fostering the masculine in his daughters, and he wasn't the only source of that messaging.

Persons: —, Dad, Jimmy Stewart Organizations: Service

☆ Americans Went All-In on Self-Storage. That Demand Is Suddenly Cooling.
▼ + stars: | 2024-04-26 | by ( Martha C. White | ) www.nytimes.com time to read: +1 min

Peter Chu, a retired lawyer living in Portland, Ore., pays nearly $400 a month for his storage unit in Seattle, where he used to live. That rate has gone up by roughly $150 since 2022. Mr. Chu is caught in an industry that was booming a few years ago during the coronavirus pandemic but now finds it has built way too many rental units. As the industry cuts so-called street rates to entice new customers, its existing customers are paying substantially higher rates that are sometimes raised twice or more in a year. “It was really attractive in the moment, but as soon as you go through planning, building, by the time you deliver, you’re kind of in a different market,” he said.

Persons: Peter Chu, Chu, Tyson Huebner, ” Organizations: Mr Locations: Portland ,, Seattle, Phoenix, Atlanta

Samsung 65-inch S95D 4K OLED TV This exceptional high-end TV is the brightest OLED we’ve ever tested. I've seen this kind of behavior on a few other OLED TVs, but it's more extreme on this model than on competitors. However, there is speculation that the brand could sell versions of its 2024 OLED TVs with WRGB panels instead. Steven Cohen/Business InsiderBased on my initial testing, the Samsung S95D is an excellent option for anyone who wants a high-end OLED TV. Ultimately, buyers seeking a premium viewing experience can't go wrong with any high-end OLED TV.

Persons: It's, Slim, HLG, Steven Cohen, I've, wonky, upscaling, you'll, there's, that's, S95C Organizations: Business, Samsung, LG, Sony A95L, Shop, Dolby, HLG Smart, Samsung TV, Forza, Sony Locations: La

☆ Why this Goldman partner is on a mission to convince bankers to get more sleep
▼ + stars: | 2024-04-05 | by ( Reed Alexander | ) www.businessinsider.com time to read: +9 min

Goldman Sachs partner Brian Robinson at 200 West Street. The sign that Goldman Sachs partner Brian Robinson created. Robinson's mission to revamp leadership — from his high C's to neon sign creations — appears to be rubbing off on clients and colleagues alike. He is currently making one for a Goldman partner with a fifth-floor office who asked for a customized sign to hang in that workspace, he said. The goal, he said, is for the signs to stand on the walls of Goldman Sachs "for years and decades to come."

Persons: Goldman Sachs, Brian Robinson, Goldman, Robinson, It's, Robinson —, David Solomon, John Waldron, Robinson's, —, He's, he's, Carlyle Organizations: Service, Wall Street, Business, Wall, Deutsche Bank Locations: Americas, Manhattan, London, New York

☆ Opinion | The Birth Dearth and the Smartphone Age
▼ + stars: | 2024-04-05 | by ( Ross Douthat | ) www.nytimes.com time to read: +2 min

My newsroom colleagues Jason Horowitz and Gaia Pianigiani have a lovely report this week about family-friendly policies in the Italian province of Alto Adige-South Tyrol, which has the highest birthrate of any region in an aging, depopulating Italy. Their story is a portrait not just of a particular policy matrix but also the culture that policy can help foster. Some of what Carney describes is a set of habits that’s beyond the reach of policy. (I don’t think there’s much the government can do to persuade parents to “Have Lower Ambitions for Your Kids,” to select one of his more striking chapter titles.) But some of the sense of overwhelmingness that comes with modern parenting seems like it could be mitigated, not just through a once-a-year benefit or tax credit, but also through small consistent signals of support: the family discount on groceries, the convenient in-home child care option, the open play space, the flexible work space.

Persons: Jason Horowitz, Gaia Pianigiani, —, “, Tim Carney, conspires, Carney Organizations: Italy’s, ”, The Washington Examiner Locations: Italian, Alto Adige, South Tyrol, Italy

☆ ‘The Matrix’ has a fifth film in the works and, no, this is not a simulation
▼ + stars: | 2024-04-03 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +2 min

The beloved “Matrix” movie franchise is expanding with an upcoming fifth installment, with the film’s original co-writer and co-director Lana Wachowski leading the charge as executive producer. According to a press release from the film’s studio Warner Bros. Motion Picture Group sent on Wednesday, Oscar-nominated screenwriter Drew Goddard will write and direct the film alongside his producing partner Sarah Esberg. (Warner Bros. Motion Picture Group is a subsidiary of CNN’s parent company, Warner Bros. “The Matrix” premiered in 1999 and stars Reeves, Laurence Fishburne, Hugo Weaving and Carrie-Anne Moss. It went on to win four Academy Awards and spawned three sequels, including “The Matrix Reloaded” and “The Matrix Revolutions” in 2003, and “The Matrix Resurrections” in 2021.

Persons: Lana Wachowski, Oscar, Drew Goddard, Sarah Esberg, Jesse Ehrman, Warner, Goddard “, Lana, Lilly, Wachowski, Keanu Reeves, Reeves, Goddard, ’, Laurence Fishburne, Hugo Weaving, Carrie, Anne Moss Organizations: CNN, Warner Bros, Warner Bros ., Motion Locations: ”

☆ Opinion: 25 years later, ‘The Matrix’ is less sci-fi than tech reality
▼ + stars: | 2024-03-30 | by ( Opinion Rizwan Virk | ) edition.cnn.com time to read: +11 min

In 2003, Oxford philosopher Nick Bostrom imagined a “technologically mature” civilization could easily create a simulated world. With simulated worlds far outnumbering the “real” world, the likelihood that we are in a simulation would be significantly higher than not. Remember, the simulations would be so good that you wouldn’t be able to tell the difference between a physical and a simulated world. Either the signals are being beamed directly into your brain, or we are simply AI characters inside the simulation. Already, millions of humans are chatting with AI characters, and millions of dollars are pouring into making AI characters more realistic.

Persons: Virk, X, CNN — It’s, ”, Lana, Lilly Wachowski, Philip K, Dick, Tessa, Morpheus, Laurence Fishburne, Keanu Reeves, Nick Bostrom, Elon Musk, Smith, Hugo Weaving, Carrie Ann, Moss, Musk, OpenAI, it’s, Reeves ’ Organizations: Labs, MIT, Physics, Eastern, Arizona State University’s College of Global Futures, Center for Science, CNN, Apple, Trinity Locations: zenentrepreneur.com, Oxford, Silicon, Silicon Valley

☆ 26-year-old is one of first Gen Z women to hold public office in the U.S., works at Google and is getting her MBA—how she balances it all
▼ + stars: | 2024-03-30 | by ( Morgan Smith | ) www.cnbc.com time to read: +7 min

Amiwala, who grew up and attended school in Skokie, thought a local school board might be a better fit for her interests and experience after losing her first race. "It made me more determined to get involved in politics as a form of activism," Amiwala tells CNBC Make It. She won her second term on the school board in April 2023, a position she will hold until 2027. CNBC Make It: How do you balance your board of education work with your job at Google and attending business school? CNBC Make It: Have you had any unique experiences as one of the first Gen Z elected officials in the U.S.?

Persons: Bushra Amiwala, Amiwala, she's, hasn't, I've, that's Organizations: Skokie School, of Education, Muslim, U.S, House, DePaul University, CNBC, Assembly, Google, Northwestern's Kellogg School of Management Locations: U.S, Skokie, Skokie , Illinois, Cook County, Chicago, Illinois

At his day job, Lyndon J. Barrois Sr. uses high-tech software to create visual effects for movies like “Happy Feet” and “The Matrix: Revolutions.” But in his free time, he prefers working with a decidedly less sophisticated medium: discarded gum wrappers. The wrappers are a nostalgic choice for Barrois, who started sculpting as an antsy 10-year-old with a Hot Wheels collection and a pet peeve. “You’d look in and see the steering wheel and the seats and like … where’s the driver?” he recalled, adding an emphatic expletive. Barrois fidgeted with clay, aluminum foil, phone wires, even old chewing gum pulled from the bottom of church pews, twisting each material into tiny drivers for his cars. He soon expanded his repertoire to miniature athletes and finally landed on the perfect material in his mom’s Wrigley gum wrappers.

Persons: Lyndon J, Barrois, ”, Wrigley

☆ Top bank analyst Mike Mayo sees Citigroup rallying more than 30%
▼ + stars: | 2024-03-25 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Citigroup will likely complete its organizational streamlining efforts this week — which marks a major milestone for the banking giant, according to Wells Fargo's Mike Mayo. In light of these structural changes, Mayo raised his price target on Citigroup shares to $80 from $70 on Sunday, suggesting shares could rally 31.5% from Friday's close. Mayo thinks that the bank's simpler structure should provide more confidence that it can meet its targets down the line. "Investors take note — this meets a major Citi milestone," Mayo wrote in his note. Year to date, Citigroup shares are up 18.5%.

Persons: Wells, Mike Mayo, Jane Fraser, Mayo Organizations: Citigroup, Citi Locations: Friday's

☆ Sydell L. Miller, Self-Made Eyelash and Hair Care Mogul, Dies at 86
▼ + stars: | 2024-03-14 | by ( Alex Traub | ) www.nytimes.com time to read: +1 min

Sydell L. Miller, a self-made beauty mogul who went from the stay-at-home wife of a Cleveland salon owner to a Palm Beach mansion so immense that it was said to take an hour to walk through all of its rooms, died on Feb. 25 at her home in Cleveland. Her daughter Stacie Halpern confirmed the death. Ms. Miller had various health issues, including serious heart problems dating to the early 1990s; Ms. Halpern said that a combination of factors had recently caused her mother’s health to decline. Ms. Miller and her husband, Arnold Miller, created two dominant brands: Ardell, the industry standard for abundant and shapely false eyelashes, and Matrix Essentials, which has often been described as the nation’s largest manufacturer of salon products and was the primary source of Ms. Miller’s fortune. In 1994, two years after her husband’s death, Bristol Myers Squibb bought Matrix from Ms. Miller for $400 million.

Persons: Miller, Stacie Halpern, Halpern, Arnold Miller Organizations: Bristol Myers Squibb Locations: Cleveland

☆ Andrew Tate was detained in Romania over a UK arrest warrant — and his fans are already spreading conspiracies
▼ + stars: | 2024-03-12 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +7 min

The Tate brothers, who live in Romania, reject all allegations, but now face extradition to the UK. AdvertisementAndrew Tate, the self-described misogynist influencer, has been detained and handed an arrest warrant by British authorities — and his fans are already spreading unfounded conspiracy theories about why. Tate and his brother Tristan now face extradition to the UK by authorities in Romania, where they both live. A clip from their Rumble show, Tate Speech, that the Tate brothers live-streamed on March 11 has also been circulating. Romania has detained Andrew Tate and his Brother Tristian Tate over UK sêx abuse charges just after this statement .

Persons: Andrew, Tristan Tate, Tate, —, Andrew Tate, Tristan, Mateea Petrescu, John Cena, Tristian Tate, Romania's, 🚨, nline, ake, ord, ince Organizations: Service, BBC, Appeal, Tate, Reuters, YouTube, ust Locations: Romania, Bucharest, Instagram, uman

BUCHAREST, Romania (AP) — Online influencer Andrew Tate was detained in Romania and handed an arrest warrant issued by British authorities, his spokesperson said Tuesday. Tate, 37, and his brother Tristan Tate were detained Monday evening for 24 hours on allegations of sexual aggression in a U.K. case dating back to 2012-2015, spokesperson Mateea Petrescu said. But four years later we were told the U.K. authorities would not prosecute him,” they state on their campaign page. Romanian prosecutors formally indicted all four in June last year and they have denied the allegations. After their arrest in Romania, the Tate brothers were held for three months in police detention before being moved to house arrest.

Persons: Andrew Tate, Tristan Tate, Mateea Petrescu, Tate, “, ”, ” Petrescu, Tristan Organizations: British, Tate, Court, Crown Prosecution Service Locations: BUCHAREST, Romania, Bucharest, ’, Westminster, Bucharest Municipality, Ilfov County

☆ GM cuts Chevy Blazer EV price as sales restart following software issues
▼ + stars: | 2024-03-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Scott Mlyn | CNBCDETROIT — General Motors is reducing the price of its new Chevrolet Blazer EV by thousands of dollars as it restarts sales of the vehicle Friday following an 11-week stoppage to address software issues. Current 2024 Blazer EV models will start at $50,195, or $6,520 less than when it first went on sale in August. "There is not this singular, predominant root cause that causes all of these issues," Cetinok told CNBC during an interview. Still no Apple CarPlayIn addition to fixing the software issues, GM added or changed some features following early customer feedback. More expensive "RS" models of the Blazer EV will be reduced by $5,620 to starting prices of $54,595 for all-wheel drive, or $56,170 for rear-wheel drive.

Persons: Scott Mlyn, Baris, Cetinok, Price Organizations: Electric, CNBC DETROIT —, Motors, Chevrolet, GM, CNBC, Apple, Blazer SS EV, Android Auto, Blazer, Apple Inc

☆ Vineyards Use AI, IoT Tools to Make Wine Effectively, Sustainably
▼ + stars: | 2024-03-07 | by ( Bella Sayegh | ) www.businessinsider.com time to read: +10 min

The company's president and winemaker, Chris Kajani, wanted to stay connected with customers and distributors amid shutdowns and social-distancing practices. AdvertisementIn March 2020, Kajani started reworking her operations, hosting virtual tastings, keeping in contact with members of the vineyard's wine club, and meeting with distribution partners using a Cisco videoconferencing platform. Chris Kajani, the winemaker and president of Bouchaine Vineyards, is using technology to improve harvesting. Jyotsna Bhamidipati for BIRemy, a former wine technical consultant, said that buying wine without knowing what's good can be overwhelming. AI-powered tools are making headway in the commercial wine market by helping vineyards find optimal wine blends.

Persons: Chris Kajani, Kajani, Vintners, McClenehan, Alexandre Remy, Remy, Jyotsna, Vaughn Walton, Walton, Piper, Pied Piper, Katerina Axelsson, Axelsson Organizations: Cisco, Bouchaine, Atlas Wine, Oregon Wine Research, Oregon, University's Oregon Wine Research Institute, OSU, BI Remy Locations: Napa , California, Bouchaine, Somerset , California, Oregon, California, America, Walton

☆ BowFlex files for bankruptcy
▼ + stars: | 2024-03-05 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Peloton isn’t the only at-home exercise equipment company feeling the pain: BowFlex is too, announcing Tuesday that it has filed for bankruptcy. BowFlex blamed its bankruptcy on the “post-pandemic environment and persistent macroeconomic headwinds” and said it received interest from “multiple” companies but chose Johnson Health Tech because it will “maximize value for our stakeholders through this process.”A $25 million debtor-in-possession financing will allow BowFlex (BFX) to operate normally and keep its employees paid. Johnson Health Tech makes similar exercise equipment under the Matrix, Horizon Fitness and Vision Fitness brands. Washington-based BowFlex makes several products, including treadmills, ellipticals and its well-known home-gym contraption that lets people do more than 70 weight-based exercises. Peloton said last month that its turnaround plan isn’t going as planned and NordicTrack-owner iFit scrapped its plans to go public in 2022.

Persons: BowFlex, Johnson, iFit Organizations: New, New York CNN, Johnson Health Tech, Fitness, Nautilus Locations: New York, Taiwan, Washington

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