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Insider Today: LinkedIn ghostwriter boom
  + stars: | 2024-04-28 | by ( Matt Turner | ) www.businessinsider.com   time to read: +4 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Meta CEO Mark Zuckerberg BIThis week's dispatchBig Tech takeawaysTesla, Meta, Microsoft, and Alphabet reported earnings last week. Microsoft: AI spend was also the name of the game at Microsoft. Alphabet also issued a $0.20 per share dividend — its first ever — joining its Big Tech peers like Microsoft, Apple, and Meta, in the dividend club. drbimages/Getty, LinkedIn, Tyler Le/BILinkedIn ghostwriting is boomingLinkedIn influencers are becoming more popular, with some amassing followings of millions of people.
Persons: , Herman Miller Eames, Mark Zuckerberg, Tesla, Meta didn't, Kevin C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Dominic Bugatto, Dani Widell, Hokyoung Kim, Tyler Le, Samu Hällfors Organizations: Service, Business, Big Tech, Meta, Microsoft, Apple, The, Airbnb, LinkedIn
Whispering in the ears of the billionaires and celebrities doing the buying, however, are investment bankers. Like other sports bankers BI interviewed for our list of top sports bankers, he exemplified a good-humored, approachable attitude, including joking about his many sports allegiances. Related stories"Earlier in my career, I made the mistake of telling Bob Kraft that I was a New York Jets fan," Carey told BI recently. They're obsessive Jets fans, and they're just fans because I'm a Jets fan," Neville told BI. So that's why we'll be Jets fans forever."
Persons: it's, Goldman Sachs, Greg Carey, everyone's, Carey, Colin Neville's, he's, David Beckham, Steve Ballmer, Joe Tsai, Ballmer, Tsai, Neville, Andrew Kline, Kline, Bob Kraft, I'm, Robert Tilliss, There's, Abramovich, Vladimir Putin, Todd Boehly, Joe Lenehan, Michael Arougheti, David Rubenstein's, doesn't, there's Organizations: NBA, JPMorgan, Business, The, PJT Partners, Chelsea FC, Baltimore Orioles, Sports, Goldman, Endeavor, WWE, Microsoft, Beckham's, Los Angeles Clippers, Brooklyn Nets, Barclays Center, St, Louis Rams, Los Angeles Rams, Golden State Warriors, Miami Heat, Harvard, US Rugby National, Cal, New York Jets, BI, Patriots, Giants, Rays, Chelsea, Circle, Atlanta Hawks NBA, New York Mets, NFL, soccer's Premier League, Russian, Chelsea football, LA Dodgers, Yankees, Manchester United Games, Jets, we'll Locations: European, Los Angeles, Berkeley, Barcelona, Ukraine, New York
Raine was an early investor in DraftKings — which helped establish the US sports-betting sector — and has been investing at a rate of about three companies a year. Raine is looking to take stakes in leagues with rights they can monetize in various ways and invest in growing, founder-led companies. Raine says college sports still hold a big opportunity for outside investors, even if the structure of college athletics adds complexity. In 2019, Raine helped the Pac-12 Conference explore raising private equity (which it ultimately decided against doing). Raine also helped the PGA Tour raise $3 billion this year through a for-profit entity.
Persons: Joe Ravitch, Jeff Sine's, It's, Raine, Colin Neville, that's, Garrett Gomes, Raine isn't, Banks, JPMorgan Chase, Neville Organizations: Imagine, Business, Apple, Premiere Lacrosse League, RCX Sports, Private, Florida State, Sixth, JPMorgan, CNBC, PGA Locations: DraftKings, Florida
The Swedish authorities on Wednesday closed a more than yearlong investigation into the undersea attack on the Nord Stream pipelines, citing a lack of authority to further pursue those responsible for sabotaging the critical piece of energy infrastructure intended to supply Western Europe with Russian gas. “Sweden does not have the jurisdiction to investigate this matter further,” the Swedish Security Service said in a statement on Wednesday. The series of underwater explosions ripped holes in three of the four strands of Nord Stream pipelines and led officials to conclude that they were most likely caused by a state actor. Some saw the attacks, which came close to damaging a cable supplying electricity from Sweden to Poland, as a warning that raised concern about what other infrastructure could be vulnerable. The blasts occurred in international waters but in the economic zones of Sweden and Denmark, which gave those nations a hook to investigate.
Persons: Ukraine — Organizations: Swedish Security Service Locations: Europe, Sweden, Ukraine, Russia, Poland, Denmark
AdvertisementAfter a period of "wild west" investing in AI, Blank believes activity will favor AI companies that respect artists' consent and compensation. It recently co-led a $1 million seed round in Conduiit, which centralizes entertainment companies' production finance operations. Endeavor Venture InvestmentsEndeavor Venture Investments is the venture arm of entertainment and sports behemoth Endeavor. SWaN & LegendThe Virginia-based VC firm has a broad consumer portfolio that includes a number of entertainment investments. With Hollywood in contraction, SWaN has largely hit pause on new entertainment investments to get its portfolio companies on a strong footing.
Persons: Michael Blank, Blank, Jon Miller, Miller, Slack, Garnet Heraman, BDMI, Urs Cete, Michael, TMRW, Tiger Woods, Rory McIlroy, Elysian Park Ventures Jay Adya, Grant Lamos, Tom Brady, Gotham Chopra, Michael Strahan, Jay Adya, Morgan, Kushaan Ahuja, Drew Glover, Glover, Alex Harris, they've, Noah Doyle, Payback India, Jed Katz, Rich Greenfield, Rich, Ilya Pozin, Jamie Seltzer, LightShed, Steve Cohen's, it's, Sri Chandrasekar, Tripp Shriner, Ishan Sinha, That's, Wondery, Ian Doody, Raine, Gordon Rubenstein, Joe Ravitch, Jeff Sine, , Fred Schaufeld, SWaN, that's, Oscar, Jose, Schaufeld, Sam Wick, Alex J, Investcorp, Paul Yoo, Edgar Bronfman Jr, Daniel Leff, Waverley, Leff Organizations: Service, Creative Artists, Connect Ventures, Business, Hollywood, Veteran, TPG, Integrated Media Co, Advancit, CAA, Bertelsmann, Waverley, Octopus Ventures, Accel, Facebook, Venture, Aperture Venture, Bertelsmann Digital Media Investments, Fremantle, Connect, CAA Connect Ventures, New Enterprises Associates, TMRW Sports, Disney, Universal, Elysian Park Ventures, Elysian, Sports, Endeavor Venture, Endeavor Venture Investments, behemoth Endeavor, Dapper Labs, Fiat Ventures, Fiat Ventures Fiat Ventures, Fiat, Payback, Rent, LightShed, Rich Greenfield Influential, LightShed Ventures, Pluto, Apple, Octopus Ventures Octopus Ventures, Investments, Corp, Etsy, Re, Point72 Ventures New York Mets, Range Media Partners, Point72 Ventures, Sri, Powerhouse, Athletic, The New York Times Co, Evolution Media, Creative Artists Agency, Astro, Rave Digital Media, Accel Entertainment, Jose Andrés Media, Berliner, UTA Talent, UTA, UTA Ventures, Ventures, VR, Amazon, PFL Locations: blockchain, , Conduiit, fintech, London, Australia, Papercup, Los Angeles, Virginia, UTA.VC
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESPN's performance in Q4 was 'extraordinary', says Fmr. CEO Steve BornsteinSteve Bornstein, Raine Group Senior Advisor, Former ESPN CEO, joins 'Closing Bell Overtime' to talk Disney quarterly earnings, what's next for ESPN and more.
Persons: Steve Bornstein Steve Bornstein, what's Organizations: ESPN
The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions. Together with other previously unreported deliberations, they shed new light on why SoftBank took a conservative approach in valuing Arm in the IPO. SoftBank, which had owned 75% of Arm, agreed to buy the remaining 25% from its $100 billion Vision Fund at a $64 billion valuation last month. Representatives for Arm, SoftBank, PIF, Mubadala and Raine either declined to comment or did not immediately respond to requests for comment. VISION FUND BOUNCEBACKThe Vision Fund returned to profitability in the latest quarter thanks to investors' excitement around artificial intelligence boosting the value of some of the startups in which it invested.
Persons: Dado Ruvic, Masayoshi Son, Raine Group, Son, SoftBank, Fund's, Abu Dhabi's Mubadala, Raine, Didi Global, Echo Wang, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: REUTERS, SoftBank, Wednesday, Arm Holdings, Nasdaq, Vision Fund, Investors, Saudi Arabia's Public Investment Fund, Vision, Reuters, Nvidia Corp, Thomson Locations: San Francisco, New York, Mubadala, China, United States
If the negotiations lead to a deal, the Japanese tech investor would be delivering a major, immediate windfall to VF1 investors, including Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment. SoftBank, which took Arm private for $32 billion in 2016, sold a 25% stake in the company to VF1 for $8 billion in 2017.
Persons: Dado Ruvic, Abu Dhabi's Mubadala, Didi Global, VF1, SoftBank, Masayoshi Son, Raine, VF2, Son, Echo Wang, Anirban Sen, Greg Roumeliotis, Mark Porter Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund, WeWork Inc, Alibaba Group, HK, Deutsche Telekom, Mobile U.S, Amazon.com Inc, Reuters, Nvidia Corp, Thomson Locations: Arm, New York
Yet its previous losses prevented SoftBank from securing outside investors for Vision Fund 2 (VF2), whose $56 billion in capital came from the Japanese firm and its management, including Chief Executive Masayoshi Son. A big windfall for VF1 investors could boost SoftBank's chances of tapping them for capital again in the future. It has been considering raising a third Vision Fund. VF1's investment committee and SoftBank's investment advisory board, attended by fund investor representatives, are handling the negotiations, one of the sources added. SoftBank, VF1 and Arm declined to comment.
Persons: SoftBank, Abu Dhabi's Mubadala, Didi Global, VF1, Masayoshi Son, Raine Organizations: Financial Times, Vision Fund, Nasdaq, Saudi Arabia's Public Investment Fund
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney and ESPN are best positioned to figure out new sports media model: Fmr. ESPN CEO BornsteinSteve Bornstein, Former ESPN CEO and Raine Group Senior Advisor, joins 'Closing Bell Overtime' to talk Disney earnings, ESPN's move into sports betting and more.
Persons: Steve Bornstein, ESPN's Organizations: Disney, ESPN, Group
CNN —Golf’s power structure took a sharp shift to the players Tuesday when Tiger Woods was named as the sixth player director on the powerful PGA Tour policy board. The move gives the players a one-seat advantage on the board after the controversial merger in June between the PGA Tour and Saudi-backed LIV Golf. Five of the policy board members are independent directors, with professional backgrounds in law and business. “I am honored to represent the players of the PGA TOUR. Many elite PGA golfers accepted highly lucrative offers from LIV Golf, including Phil Mickelson, Dustin Johnson, Sergio Garcia and Bubba Watson.
Persons: Tiger Woods, LIV Golf, ” Woods, Jay, Monahan, Woods, Rory McIlroy, Webb Simpson, Patrick Cantlay, Charley Hoffman, Peter Malnati, McIlroy, LIV, , Golf, Phil Mickelson, Dustin Johnson, Sergio Garcia, Bubba Watson, Sen, Richard Blumenthal, Greg Norman, ” Monahan, Colin Neville, Neville, Ben Morse Organizations: CNN, Tour, PGA Tour, LIV, PGA, Washington Post, Saudi Public Investment Fund, Capitol Hill, Saudi, Premier Golf League Locations: Saudi, Connecticut
Latest 'deadline' looms in Man Utd takeover saga
  + stars: | 2023-06-09 | by ( Mitch Phillips | ) www.reuters.com   time to read: +4 min
LONDON, June 9 (Reuters) - Manchester United fans can be forgiven if they refrain from eagerly checking the news on Friday as the latest "deadline" looms in the meandering seven-month saga of the club's sale that is beginning to resemble the final series of TV's Succession. That comes two months after a "third and final offer" was said to have been tabled. Media reports in the UK suggested that the Glazers are seeking six billion pounds ($7.5 billion), which would be a world record for any sports club or franchise, but that neither bid is that high. Further bids followed, up to the Qatari's earlier this week, which is said to include clearing nearly a billion pounds of club debt and a commitment to a major redevelopment of Old Trafford. Reporting by Mitch Phillips, editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.
Persons: Jassim bin Hamad, Briton Jim Ratcliffe, Sheikh Jassim, Glazer, Todd, Ratcliffe, Joel, Avram Glazer, Glazers, Erik ten Hag, United's, Mitch Phillips, Toby Davis Organizations: Manchester United, Daily Mail, Reuters, Guardian, United, Media, Premier League club Chelsea, Washington Commanders NFL, Raine Group, Ineos Grenadiers, Britain's Times, Group, Champions League, Manchester, Inter Milan, Premier League, FA Cup, Thomson Locations: Thani, Briton, Qatar, Old Trafford, Old Trafford . Manchester, France, Switzerland
June 4 (Reuters) - A pro-Ukraine group of Russian partisans on Sunday said it had captured several Russian soldiers during a cross-border raid and would hand them over to Ukrainian authorities. The Russian Volunteer Corps made the claim in a video statement released on Telegram. The brief clip showed what appeared to be around a dozen Russian soldiers being held captive, with two lying on hospital beds. The group said earlier it had taken two soldiers prisoner. Reporting by David Ljunggren; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
Persons: David Ljunggren, Lisa Shumaker Organizations: Sunday, Russian Volunteer Corps, Thomson Locations: Ukraine
Pro-Ukraine Russian partisans plan to give prisoners to Kyiv
  + stars: | 2023-06-04 | by ( ) www.reuters.com   time to read: +3 min
KYIV, June 4 (Reuters) - A pro-Ukraine group of Russian partisans on Sunday said it had captured several soldiers during a cross-border raid into southern Russia and would hand them over to Ukrainian authorities. The Russian Volunteer Corps made the claim in a video statement released on Telegram in the wake of a raid into the Russian region of Belgorod. The one minute and 26 second video clip showed what appeared to be around a dozen Russian soldiers being held captive, with two lying on hospital beds. The governor of Belgorod, Vyacheslav Gladkov, earlier agreed to meet the group if the soldiers were still alive. Members of the Russian Volunteer Corps are seen, amid Russia's attack on Ukraine, near the Russian border, in Ukraine May 24, 2023.
Persons: Moscow, Vyacheslav Gladkov, Gladkov, Vladimir Putin, Putin, Dan Peleschuk, Caleb Davis, David Ljunggren, Gareth Jones, Will Dunham Organizations: Sunday, Russian Volunteer Corps, Corps, of Russia Legion, Russia Legion, REUTERS, Thomson Locations: Ukraine, Russia, Russian, Belgorod, Viacheslav, Novaya Tavolzhanka
April 11 (Reuters) - Manchester United will accept a third round of bids from prospective buyers at the end of the month as the Premier League club's owners explore a sale, sports industry news site Sportico reported on Tuesday. Manchester United and Raine Group, the investment bank running the bidding process, did not immediately respond to a Reuters request for comment. United's American owners, the Glazer family, launched a formal sale process late last year, with several bids received in February and March. Any sale would likely exceed the biggest sports deal so far, the $5.2 billion including debt and investments paid for Chelsea. Reporting by Aadi Nair in Bengaluru; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.
Watch CNBC’s full interview with The Raine Group's Joe Ravitch
  + stars: | 2023-04-11 | 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 EmailWatch CNBC’s full interview with The Raine Group's Joe RavitchJoe Ravitch, The Raine Group co-founder and partner, joins ‘Closing Bell: Overtime’ to discuss its acquisition of boutique bank Code Advisors and betting on Silicon Valley.
Breakingviews: EV double-SPAC provides only weak recharge
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +2 min
Electric-van developer Arrival just unveiled a merger with a special-purpose acquisition company, valuing it at $524 million. The twist: It already went public via a blank-check deal in 2021, at a valuation some 10 times higher. Arrival’s fall mirrors other EV hopefuls like Canoo (GOEV.O), Faraday Future Intelligent Electric (FFIE.O) and Lordstown Motors (RIDE.O). Arrival’s latest merger promises $283 million of it from Kensington Capital Acquisition Corp. V’s (KCGI.N) trust account. British startup Wejo (WEJO.O)tried a similar second-SPAC gambit, though it anticipates backing its transaction with private investment.
China investment drowns out decoupling rhetoric
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +2 min
MUMBAI, April 10 (Reuters Breakingviews) - International companies are reinforcing President Xi Jinping’s message that China is open for business. Japan Display’s (6740.T) shares soared 21% on Monday after the Apple (AAPL.O) supplier said it would provide its OLED technology to China’s HKC. And Europe’s Airbus (AIR.PA) just moved to double capacity in China, agreeing to push ahead with a second China assembly line despite failing to win any new orders during French President Emmanuel Macron’s recent state visit. The new commitments provide a reminder that multinational companies are making – and want to make more – money in the People’s Republic. At least some of the decoupling rhetoric is being drowned out.
Tupperware Brands boxes itself into a corner
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +2 min
TORONTO, April 10 (Reuters Breakingviews) - Tupperware Brands’ (TUP.N) options are looking less airtight. As with other direct selling companies, it casts doubt over its business model, as well as how speedily it can remake itself as consumer habits shift. An earnings misstatement, which has left it late in filing its annual report, could cause creditors to declare Tupperware has violated its debt covenants. Even if Tupperware can appease its creditors or find new investors, the rise of e-commerce has dented the fortunes of companies that lean on direct selling. Compared with the company’s heyday, customers have more options for food storage, more places to buy from, and less time for Tupperware parties.
Saudi $5 bln gaming play only works on some levels
  + stars: | 2023-04-06 | by ( ) www.reuters.com   time to read: +2 min
LONDON, April 6 (Reuters Breakingviews) - Saudi Arabia is defriending read more Uncle Sam on oil, while deploying its video-game war chest in his backyard. Savvy Games, owned by the country’s Public Investment Fund, announced on Wednesday that it was buying U.S. mobile games specialist Scopely for $4.9 billion. Though privately held Scopely doesn’t disclose its financials, Savvy looks to be getting a good price. Less clear is how Scopely contributes to Saudi’s aims of becoming the “ultimate global hub” for gaming and pivoting its economy away from fossil fuels. If Saudi wants to create jobs from the rapid growth of domestic game consumption, it needs to turn its games M&A into gaming boots on the ground.
Raine Group Acquires Code Advisors, a Boutique Bank
  + stars: | 2023-04-05 | by ( Lauren Thomas | ) www.wsj.com   time to read: 1 min
Code Advisors co-founder Quincy Smith is set to join Raine’s San Francisco office as a partner. The Raine Group, a merchant bank focused on media, technology and telecommunications deals, agreed to acquire San Francisco boutique investment bank Code Advisors, in a bid to strengthen its footing in Silicon Valley. Code Advisors co-founder Quincy Smith is set to join Raine’s San Francisco office as a partner, while Code co-founder Michael Marquez will become a special adviser helping manage Code’s existing investment portfolio while exploring new initiatives within Raine, the companies said.
Dealmaker Raine Group bucks the M&A blues
  + stars: | 2023-04-05 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, April 5 (Reuters Breakingviews) - Amid a dealmaking drought, The Raine Group’s rainmakers are creating some flow themselves. And now it has unveiled an acquisition of its own, buying Code Advisors, a technology-focused boutique M&A firm co-founded by former CBS executives Quincy Smith and Michael Marquez. It is the first purchase for Raine since it was co-founded by a group including Joe Ravitch and Brandon Gardner in 2009 in the aftermath of the last big downturn. Since then, Raine has ballooned to 170 people with about 20 partners advising on transactions such as last year’s 4.25 billion pound ($5.3 billion) sale of Chelsea Football Club. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Citigroup, JPMorgan, Wells Fargo, and Bank of America were among the banks advising on the deal. Earlier this year, some pegged the merger market getting back into the swing of things by mid-year. When you think about it, the WWE-UFC deal might be the best way to get the market going again. Fight for media rights: Both UFC and WWE have streaming deals with ESPN and NBCUniversal's Peacock, respectively. The crypto community is now pitching itself as playing a key role in AI development thanks to its decentralized nature.
April 3 (Reuters) - World Wrestling Entertainment Inc (WWE.N) will combine with Endeavor Group-owned (EDR.N) mixed martial arts franchise UFC to form a new, publicly listed entertainment giant valued at about $21 billion, the companies said on Monday. Hollywood power broker and Endeavor CEO Ari Emanuel will take the helm at the merged entity. In January, WWE said it would explore strategic options that could include a sale, shortly after long-time CEO McMahon's return to the company. McMahon had retired in July last year as the company's CEO and chair, following an investigation into his alleged misconduct. Co-CEO Stephanie McMahon, who single-handedly managed the mantle when her father exited, resigned a week after he returned in January.
Endeavor and WWE did not immediately respond to requests for comment on Sunday. The deal could be announced as early as this week, the sources said. Endeavor shareholders will own 51% of the combined company, while WWE shareholders would get 49%, the sources said. Endeavor is led by Hollywood power broker Ari Emanuel, who earlier this month declined to answer questions about a possible deal. In January, WWE said it would explore strategic options that could include a sale, shortly after Vince McMahon's return to the company.
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