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☆ Vince McMahon locks in two-year contract as WWE looks for buyers
▼ + stars: | 2023-03-31 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada. Vince McMahon has pinned down a two-year employment contract at World Wrestling Entertainment . The WWE chairman's agreement dates back to Jan. 9, when he returned to the company, according to a securities filing. McMahon returned to WWE's board in January help with the sale negotiations. At the time, his daughter, Stephanie McMahon, had taken over as co-CEO of WWE, a family business for the McMahons.

☆ Valley National bidding for Silicon Valley Bank, Bloomberg reports
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

March 25 (Reuters) - Valley National Bancorp (VLY.O) is vying to buy Silicon Valley Bank (SIVB.O), Bloomberg News reported on Saturday. The regional bank has submitted a bid to the Federal Deposit Insurance Corp (FDIC), the report said, citing people familiar with the matter. Valley National Bancorp did not immediately respond to a request for comment. First Citizens BancShares Inc (FCNCA.O), one of the biggest buyers of failed U.S. lenders, has also submitted a bid for all of Silicon Valley Bank, a source told Reuters earlier this week. read moreAfter failing to sell SVB's private banking business alongside Silicon Valley Bank over the last two weeks, the FDIC has asked for separate offers for the bank and its private arm by March 24.

☆ Morning Bid: Banks queue round the block at Fed discount window
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Wayne ColeIt's been a slow day in Asian markets, no doubt with everyone tired and emotional after another rough week. The whole yield curve from one month to 30 years is now below the overnight Fed rate, which is something you see only once in a very blue moon. Rather, history shows the curve steepens like this just before recession arrives, as short-term yields dive in anticipation of rate cuts. Fed futures are currently 65% for no hike in May and 85% for a rate cut in July, a U-turn that the Fed is surely hoping to avoid. Yet the strains are showing in the Fed books as borrowing at its discount window as of Wednesday was a hefty $110.2 billion.

☆ Toshiba board accepts Japan Industrial Partners' $15 bln buyout proposal
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, March 23 (Reuters) - Toshiba Corp's (6502.T) board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. [1/2] The logo of Toshiba Corp is seen at the company's facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon/File Photo 1 2The fallout from that debacle eventually led to the strategic review and the buyout proposal. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ The long-running crisis at Japan's Toshiba
▼ + stars: | 2023-03-23 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +5 min

Faced with more than $6 billion in liabilities linked to Westinghouse, Toshiba decides to put prized chip unit Toshiba Memory up for sale. Nov. 2021 - Toshiba says it will split into three companies, one for energy, one for infrastructure and the third to manage its Kioxia stake. Feb. 2022 - Toshiba announces a new plan to split into two, spinning off only its devices unit. April 2022 - Toshiba sets up a special committee to resume a strategic review that could see it taken private. Under pressure from shareholders, Toshiba announces a special dividend of some $545 million.

☆ Toshiba board accepts Japan Industrial Partners' $15 billion buyout proposal
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: +3 min

Toshiba Corp's board has accepted a buyout offer from a group led by private equity firm Japan Industrial Partners, valuing the company at 2 trillion yen ($15.2 billion), the company said on Thursday. A successful deal would see the scandal-ridden industrial conglomerate taken private and firmly in domestic hands after much tension with overseas activist shareholders. Some 20 Japanese companies including financial services firm Orix Corp, chipmaker Rohm Co <6963.T> and Chubu Electric Power plan to take part in the deal, sources have said. Toshiba started an auction process about a year ago, receiving eight initial buyout proposals as well as two offers for capital alliances. The JIP consortium last month submitted a binding buyout proposal backed by $10.6 billion in loan commitments from major banks.

☆ Microsoft should throw billions at Apple to make Bing the default iPhone search engine, says a former Google exec
▼ + stars: | 2023-03-22 | by ( Hugh Langley | ) www.businessinsider.com time to read: +2 min

A former Google exec thinks Microsoft should outbid Google to land the default iPhone search spot. Landing the default search spot on the iPhone could disrupt Google's search dominance. If Microsoft wants to really throw Google's business into turmoil, it should offer Apple billions of dollars to become the iPhone's default search engine. Google currently pays an estimated $15 billion a year to be the default search engine on the more than 1 billion Apple devices globally, including the iPhone. While Google has launched its competitor to ChatGPT, known as Bard, it is not currently integrated into Google Search.

California banking regulators on March 10 closed Silicon Valley Bank in the largest U.S. bank failure since the 2008 financial crisis. Kurt Gwynne, an attorney for the FDIC as receiver for Silicon Valley Bank, disputed at Tuesday's hearing that regulators had done anything improper. Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. Glenn said he was prepared to allow SVB Financial to use up to $100 million for investment activity. Silicon Valley Bank was SVB Financial's largest asset, accounting for more than $15.5 billion of SVB Financial's $19.7 billion in total assets.

☆ Merchandise from Credit Suisse such as hats, bags and gold bars are being sold online
▼ + stars: | 2023-03-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

A ski hat adorned with Credit Suisse's logo had received as many as 46 bids on online Swiss marketplace Ricardo.ch by Tuesday, March 21. From ricardo.chAs many as 46 bidders were angling Tuesday to buy a blue and red Credit Suisse ski hat, priced at 111 Swiss francs ($120) on online Swiss marketplace Ricado.ch. One seller has listed a black cap, adorned with “Credit Suisse Risk Management Intern 2023,” for 35 Swiss francs ($38) on online reseller Tutti.ch. Vintage Credit Suisse stamps, notepads and watches are also being offered for sale. Hats, bags and gold bars emblazoned with Credit Suisse's logo popped up on resale sites just hours after the 167-year-old bank was taken over by rival UBS.

March 20 (Reuters) - U.S. scientific instruments maker Thermo Fisher Scientific Inc (TMO.N) and South Korea's Celltrion Inc (068270.KS) are among those competing to acquire the biopharma solutions business of medical device maker Baxter International Inc (BAX.N), according to people familiar with the matter. Baxter, which has a market value of $19 billion, had total debt of $16.6 billion as of the end of December. Private equity firms, including KKR & Co (KKR.N) and Carlyle Group (CG.O), have also expressed interest in the Baxter business, the sources said. Baxter said in January it was exploring alternatives for its biopharma solutions business and would also spin off its kidney care units. Baxter's biopharma solutions unit supports drugmakers in the formulation, development and commercialization of drugs typically given by infusion or injection, such as biologics and vaccines.

☆ Signature Bank buyer gets a crisis dividend
▼ + stars: | 2023-03-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The failure of lender Signature Bank (SBNY.O) has forced them to abandon their consolidation-skeptic principles, resulting in a sizeable crisis dividend for Signature’s new owner. Bank mergers almost never happen so quickly, and nobody knows that better than Community Bancorp boss Thomas Cangemi. A study by the St. Louis Federal Reserve found that failed bank selloffs did lessen competition, but not by much. Community Bancorp said it has taken on $13 billion in loans and $25 billion in cash as part of the deal. The FDIC has been given equity appreciation rights in New York Community Bancorp that could be worth up to $300 million.

☆ Don't bother writing a 'love letter' to home sellers. They're a waste of time and someone could get screwed.
▼ + stars: | 2023-03-18 | by ( Aj Latrace | ) www.businessinsider.com time to read: +10 min

Moved by the note, dubbed a "love letter" in real-estate parlance, Byington decided to sell the house to her. Elizabeth Scire's "Barbie House" love letter to the seller. EtsyLove letters risk discriminationDeeply personal and emotionally written love letters, however, open sellers and their agents up to legal risks. In a 2020 blog post, the National Association of Realtors said love letters would be more accurately described as "liability letters." In September 2021, Oregon became the first state to enact a law that banned the practice of writing or sharing real-estate love letters during the homebuying process.

☆ U.S. regulators willing to share losses for sale of SVB, Signature Bank - FT
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

March 17 (Reuters) - U.S. regulators are willing to consider the prospect of the government backstopping losses at Silicon Valley Bank and Signature Bank (SBNY.O) if it helps push through a sale, the Financial Times reported on Friday, citing people briefed on the matter. The FDIC did not comment on the Financial Times report. [1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. The Financial Times said Blackstone Group and Apollo Global Management (APO.N) have expressed interest in buying parts of SVB's loan book. SVB Financial Group (SIVB.O), the parent company of Silicon Valley Bank, earlier on Friday filed for a court-supervised reorganization under Chapter 11 bankruptcy protection.

☆ Mexican finance minister says "satisfied" with Citibanamex sale
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

MERIDA, Mexico, March 17 (Reuters) - Mexico's government is "satisfied" with the sale process of Citigroup's (C.N) Mexican retail bank Citibanamex, Finance Minister Rogelio Ramirez de la O said on Friday, adding that the bank is now in the due diligence process with potential buyers. Billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) and the head of Mexico's Mifel bank Daniel Becker (MIFEL.UL) are the last two bidders for the bank. "We have not been aware that either of the two have left (the process)," the finance minister said. Reuters had previously reported that Grupo Mexico had emerged as the front-runner to buy the consumer banking unit over rival bidder Becker, having secured a $5 billion debt package for its proposed, citing sources. In February, Citigroup's Chief Executive Jane Fraser met with Mexican President Andres Manuel Lopez Obrador amid the bank's attempt to finalize the sale of its local unit.

The Biden administration and CFIUS are pushing for a sale of TikTok in the US. The Chinese government could also block a TikTok sale outright before bidding kicks off. But the list of companies that would actually consider buying TikTok is small, experts told Insider. "I think Microsoft would be one of the only big money, big company possibilities." Ultimately, separating TikTok's US operations, whether in a sale to a big tech firm or a spin off, is complicated.

☆ U.S. FDIC weighs backstop on bank auctions to attract smaller peers - source
▼ + stars: | 2023-03-17 | by ( Kanjyik Ghosh | ) www.reuters.com time to read: +1 min

March 17 (Reuters) - U.S. regulators are considering retaining ownership of securities owned by Signature Bank (SBNY.O) and Silicon Valley Bank (SIVB.O) to allow smaller banks to participate in auction for the collapsed lenders, a source familiar with the matter said on Friday. Many of the fixed income securities that SVB and Signature Bank invested in, such as Treasuries, have been worth less since the Federal Reserve raised interest rates. Signature Bank and Silicon Valley Bank did not immediately respond to Reuters requests for comment. Reuters on Wednesday reported that regulators at the FDIC have asked interested banks in acquiring SVB and Signature Bank to submit bids by March 17. SVB Financial Group (SIVB.O), the parent company of Silicon Valley Bank, earlier on Friday filed for a court-supervised reorganization under Chapter 11 bankruptcy protection.

[1/3] Turkey's President Tayyip Erdogan and Finland's President Sauli Niinisto shake hands during their meeting in Ankara, Turkey March 17, 2023. The parliaments of all 30 NATO members must ratify newcomers. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan told reporters after meeting with Niinisto, adding he hoped parliament would endorse the bid before May 14 elections. Washington and other NATO members had hoped the two Nordic countries would join the alliance at a NATO summit set for July 11 in Vilnius. Turkey's parliament is expected to ratify Finland before it closes in mid-April ahead of the parliamentary and presidential votes scheduled for May 14.

[1/3] Turkey's President Tayyip Erdogan and Finland's President Sauli Niinisto shake hands during their meeting in Ankara, Turkey March 17, 2023. The parliaments of all 30 NATO members must ratify newcomers. "We have decided to initiate the ratification of Finland's accession process to NATO in our parliament," Erdogan told reporters after meeting with Niinisto, adding he hoped parliament would endorse the bid before May 14 elections. Amid simmering tensions with Sweden, Erdogan signalled in January that Turkey could endorse Helsinki ahead of Stockholm. Washington and other NATO members had hoped the two Nordic countries would join the alliance at a NATO summit set for July 11 in Vilnius.

☆ Google raises price of YouTube TV to $73 a month, blaming content costs
▼ + stars: | 2023-03-16 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Google announced a price increase for its YouTube TV subscription on Thursday. It's increasing from $65 per month to $73 per month starting in April, according to an email sent to subscribers on Thursday. YouTube TV is Google's cable replacement. Google hasn't announced pricing for its Sunday Ticket bundle, but it cost $80 per month under its previous owner, DirecTV. Google will also lower the price of an add-on to access higher-resolution 4K streams from $20 per month to $10 per month, according to the email.

SVB said on Monday it was considering strategic alternatives for its assets but did not disclose bankruptcy as one of the potential options. SVB has not made any final decisions on the path it will take and is still attempting to find buyers for assets without filing for bankruptcy, the people said.A bankruptcy filing is only one option SVB is considering. The financial firm is also exploring other restructuring and recapitalization alternatives built around its investment bank and venture capital business, one of the people said. SVB's investment bank and venture capital business are separate divisions of the company from Silicon Valley Bank, which California regulators closed last week after a run by depositors. Reuters reported on Wednesday that the FDIC hired Piper Sandler Companies (PIPR.N) as adviser to sell Silicon Valley Bank.

☆ A Detroit man paid just $3,300 for 2 abandoned homes and transformed them for his family to live in. See inside the impressive renovation.
▼ + stars: | 2023-03-14 | by ( Alcynna Lloyd | Libertina Brandt | ) www.businessinsider.com time to read: +2 min

In June 2017, Vincent Orr won an abandoned home from the Detroit Land Bank Authority for just $2,100. Orr transformed both homes into livable spaces with only $100,000. In 2017, Vincent Orr, 33, a native Detroiter, won a home for his mother through Auction for $2,100 — and that was just the beginning of his adventures in real estate. While Orr is currently leasing the home to a family member, he is still renovating the property. In an interview with Insider, Orr explained how he transformed both spaces with just $100,000.

☆ Advent International joins list of suitors for sandwich chain Subway - Sky News
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Buyout firm Advent International is among a list of firms that remain in contention to buy sandwich chain Subway, Sky News reported on Monday. The firm joins rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital - the joint owner of Asda - and TPG, according to the report. Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others. Advent International and Subway did not immediately respond to Reuters' requests for comment. The Wall Street Journal in January reported that a potential sale could value Subway at more than $10 billion.

☆ Streamers are spending big on sports rights from soccer to MMA, and a surge in Spanish-language viewing has 'opened up a whole different market'
▼ + stars: | 2023-03-13 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Fox scored 16.7 million viewers for the World Cup final in November; Peacock had 9 million for its Spanish-language coverage. Soccer's UEFA Champions League offers the next big Spanish-language rights opportunity. "The World Cup has opened up a whole different market for Spanish-language rights," said one sports exec. That gives Peacock Spanish-language streaming rights to this year's FIFA Women's World Cup along with the men's World Cup in 2026, which is being co-hosted in Canada, Mexico, and the US. "Spanish-language rights have been going up consistently," Irwin Raij, the co-chair of law firm Sidley Austin's entertainment, sports, and media group, told Insider.

With assets of around 5.5 billion pounds and deposits of around 6.7 billion pounds, SVB UK is a minnow compared to HSBC. The situation was urgent because SVB UK had lost almost half of its deposits in the 48 hours leading up to its rescue, the source said. Officials from the Bank of England and Treasury along with board members from SVB UK were then locked in talks. HSBC also plans to inject 2 billion pounds of liquidity into SVB UK, a spokesperson for HSBC said. Advisory firm Rothschild, which advised SVB UK according to sources, also declined to comment.

☆ The next big prize in sports streaming will be Spanish-language rights to soccer and more — here's why NBCUniversal's Peacock has a running start
▼ + stars: | 2023-03-08 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

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