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☆ Citadel Securities Taps Goldman's Jim Esposito As First-Ever President
▼ + stars: | 2024-05-30 | by ( Reed Alexander | Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Read previewCitadel Securities announced Thursday that Jim Esposito, a former cohead of the global banking and capital markets group at Goldman Sachs, is set to join the company as president in September. He will report to Peng Zhao, Citadel Securities' CEO, a spokesperson for the firm confirmed to Business Insider. "We are thrilled to welcome Jim to Citadel Securities during a period of significant expansion and opportunity for our firm." Bloomberg News earlier reported Esposito's appointment to Citadel Securities on Thursday. Ken Griffin, the billionaire hedge fund founder of both the asset manager Citadel as well as Citadel Securities, relocated his companies' headquarters to the Magic City in 2022.

Persons: —, Jim Esposito, Goldman Sachs, Peng Zhao, Esposito, Goldman, Jim, Ken Griffin, Zhao Organizations: Service, Citadel Securities, Business, Citadel, Apple, Goldman, . Citadel, BI, Bloomberg, Sunshine State, Magic City, Elliott Management Locations: South Florida, London, Miami, Chicago . Miami

Roku 65-inch Pro Series 4K QLED TV Roku's flagship Pro Series TV is a great all-around 4K QLED. AdvertisementShould you buy the Roku Pro Series TV? The Roku Pro series offers good image quality in a convenient, easy to use package. Ryan Waniata/Business InsiderThe Roku Pro Series is a worthy buy for anyone who wants a great midrange QLED TV. We tested a 65-inch Roku Pro Series model, but our overall impressions also apply to the 55- and 75-inch sizes.

Persons: Roku, 120Hz, Ryan Waniata, you've, U8N, Max, Roku's, It's, Hisense's U8N, You'll Organizations: Business, TCL, Shop, Walmart Shop, Dolby, Pro, TCL's, Samsung, Google, Processing Unit, Smart, AMD FreeSync Locations: Moana

☆ A national network of local news sites is publishing AI-written articles under fake bylines. Experts are raising alarm
▼ + stars: | 2024-05-30 | by ( Hadas Gold | ) edition.cnn.com time to read: +10 min

But a closer look at the bylines populating the local site and a national network of others — Sarah Kim, Jake Rodriguez, Mitch M. Rosenthal — reveals a tiny badge with the words “AI.” These are not real bylines. The outlet, Hoodline, is not the first or only news site to harness AI. Sports Illustrated deleted several articles from its website after they were found to have been published under fake author names. Keeping local news aliveOn Hoodline’s network of local news sites, it is difficult to find an article not written by the software. But the transformation at Hoodline shows that bigger solutions are needed to keep vital local news reporting alive.

Persons: Sarah Kim, Jake Rodriguez, Mitch M, Rosenthal —, ”, Hoodline, ” Zachary Chen, ” Chen, “ Nina, Mark Graham, Peter Adams, “, ” Adams, Chen, Danielle Coffey, ” Coffey, That’s, Felix Simon, ” Simon, Simon, Benjamin Toff, Hoodline San Francisco ’, Nuala, ” Bishari Organizations: CNN, Media, Tech, Gannett, Internet, Wayback Machine, News Literacy, LinkedIn, Media Alliance, News Corp, Reuters Institute for, Journalism, University of Oxford, Research, University of Minnesota, San Francisco Chronicle Locations: embarrassments, San Francisco, Philippines, Hoodline San

☆ Big oil shareholders could get a lot richer
▼ + stars: | 2024-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Big oil just got bigger, and shareholders could soon be getting richer. Dollar Tree will reopen these stores with its own products under its brand beginning in the fall, reports my colleague Nathaniel Meyersohn. Dollar Tree, a national company with mostly suburban locations, primarily offers discretionary merchandise like party supplies and home goods. Dollar Tree also owns Family Dollar, based mostly in cities. Family Dollar has underperformed Dollar Tree and other discount chains in recent years, and it’s closing 975 stores.

Persons: Stewart Glickman, ”, “ it’s, Stewart, Hess, McDonald’s, Joe Erlinger, “, Danielle Wiener, Bronner, they’re, Chris Kempczinski, ” Read, Nathaniel Meyersohn Organizations: CNN Business, Bell, New York CNN, ConocoPhillips, Marathon, Diamondback, Endeavor Energy Partners, “, McDonald’s, America, Mac, ” Locations: New York, multibillion, McDonald’s USA, U.S, Arizona , California , Nevada, Texas, Virginia, West Coast

☆ When do the 2024 NBA Finals start? Mavs vs. Celtics schedule, channel, start time and odds
▼ + stars: | 2024-05-30 | by ( Alex Andrejev | Law Murray | ) www.nytimes.com time to read: +6 min

The 2024 NBA Finals will feature the league’s best team all season against one of basketball’s most dominant duos. The Mavericks are making their first NBA Finals appearance since winning their only title in 2011. When do the NBA Finals start? In recent years, the league has set an NBA Finals schedule ahead of time for all seven games in consideration of its stakeholders, including broadcast partners and fans. Boston — with star players Jayson Tatum and Jaylen Brown — is back in the NBA Finals for the second time in three years.

Persons: Luka Dončić, Kyrie Irving, Celtics haven’t, They’ve, Tyrese Haliburton, Anthony Edwards, Dallas ’, Jayson Tatum, Jaylen Brown —, Porziņģis, Tatum, Brown, Dončić, Star Irving, There’s, Irving, Joe Mazzulla, Bill Russell, Russell, Jason Kidd, Kidd, Jaylen Brown, Brian Fluharty Organizations: Boston Celtics, Eastern, Dallas Mavericks, Western Conference, Los Angeles Lakers, Mavericks, NBA, Celtics, Indiana Pacers, Minnesota Timberwolves, ABC, Miami Heat, Cleveland Cavaliers, Eastern Conference, Boston, Miami, Cavaliers, Pacers, West . Dallas, LA Clippers, Oklahoma City Thunder, Timberwolves, Wolves, Dallas, Heat, Clippers, Lakers, Luka, Synergy Locations: Boston, Dallas, West

☆ NASA isn’t just creating a lunar time zone. It’s establishing an entirely new time scale
▼ + stars: | 2024-05-30 | by ( Jackie Wattles | ) edition.cnn.com time to read: +15 min

They’re also going to be communicating with one another or driving their moon buggies while on the lunar surface. Lunar clockworkWhat scientists know for certain is that they need to get precision timekeeping instruments to the moon. Exactly who pays for lunar clocks, which type of clocks will go, and where they’ll be positioned are all questions that remain up in the air, Gramling said. Focke Strangmann/APThe new time scale would underpin an entire lunar network, which NASA and its allies have dubbed LunaNet. But how future astronauts living and working on the lunar surface will experience time is a different question entirely.

Persons: aren’t, Cheryl Gramling, NASA’s, Gramling, Omer Tarsuslu, They’re, ” Gramling, Albert Einstein, Paco, Sao, Sundials, —, ”, Bruce Betts, Kevin Coggins, you’ve, ” Coggins, “, Bijunath, Patla, ” Patla, Focke Strangmann, It’s, “ It’s, Betts, Artemis III, Arizona State University “ It’ll Organizations: CNN, NASA, NASA’s Goddard Space Flight, Getty, White, Astronauts, Planetary Society, NASA’s Space Communications, Navigation, US National Institute of Standards, Technology, Vehicles, Physical, National, European Space Agency, International Astronomical Union, Reconnaissance, Arizona State University Locations: United States, China, Maryland, Kars, Turkey, Anadolu, German, Sao Miguel, Evora , Portugal, Germany, Malapert Massif

☆ China wants to turn the yuan into a global currency out of fear of sanctions, not domination
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Beijing's goal now is to minimize any impact from potential sweeping sanctions from the West in "extreme geopolitical scenarios," such as a military conflict over Taiwan, which China claims as its territory, wrote Liu. "Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

Persons: —, Zoe Liu, Liu, Russia —, Xi, it's Organizations: Service, China Studies, Council, Foreign Relations, Business, Monetary, Financial, China's Bank of Communications, Renmin University Locations: China, Taiwan, London, Russia, Beijing, East Asia, Southeast, Central Asia

☆ Opportunistic credit investing: Strategic Value Partners' Victor Khosla on finding opportunities
▼ + stars: | 2024-05-30 | 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 EmailOpportunistic credit investing: Strategic Value Partners' Victor Khosla on finding opportunitiesVictor Khosla, Strategic Value Partners founder and CIO, joins 'Squawk Box' to discuss the state of the economy, latest market trends, debt issues and opportunities, private credit opportunities, and more.

Persons: Victor Khosla Organizations: Partners, Value Partners

☆ Apple slashed iPhone prices in China. Sales are bouncing back
▼ + stars: | 2024-05-29 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A rebound in Apple’s iPhone sales in China is gaining momentum, after the company aggressively cut prices in its largest overseas market to lure back consumers actively hunting bargains in a weak economy. The increase is a major acceleration from the 12% growth logged in March by foreign-branded smartphones, according to previous data from CAICT. But iPhone sales started to bounce back in March after Apple and its retail partners slashed prices, according to CAICT data. The hefty reductions are “the only way” for Apple to defend its market share in China, Jefferies analysts said earlier this week. That will help Apple regain its lost market share but is also likely to put pressure on its competitors to cut prices further.

Persons: Apple, Jefferies, “ Organizations: Hong Kong CNN, CNN, China Academy of Information, Communications Technology, Ministry of Industry, Information Technology, Global Times, Apple, Counterpoint Research, Huawei, Alibaba, Xiaomi Locations: China, Hong Kong

☆ Can Nvidia's astronomical growth last? One outperforming fund manager weighs in
▼ + stars: | 2024-05-29 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

For many investors, the million-dollar question is how far Nvidia can go or whether it can sustain its dramatic growth. Nick Griffin, chief investment officer at Munro Partners, has invested in Nvidia since 2019 — but even he is taken aback by the stock's astronomical run so far. Nvidia's outlook Griffin pointed to industry estimates that showed Nvidia is set to sell $100 billion of its AI accelerators in the next 12 months. Nvidia is currently the largest holding in Griffin's Munro Global Growth fund. Griffin also manages the Munro Concentrated Global Growth Fund and the Munro Global Growth Small and Mid Cap Fund.

Persons: Nick Griffin, CNBC's, Griffin, we've, there's, Munro Organizations: Nvidia, Munro Partners, Griffin's, Griffin's Munro Global, Fund Locations: Griffin's Munro

☆ Trade Tracker: Joe Terranova sells Morgan Stanley, Visa and Mastercard
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Joe Terranova sells Morgan Stanley, Visa and MastercardJoe Terranova, senior managing director at Virtus Investment Partners, joins CNBC's 'Halftime Report' to detail his latest trades.

Persons: Joe Terranova, Morgan Stanley, Mastercard Joe Terranova Organizations: Visa, Mastercard, Virtus Investment Partners

☆ ConocoPhillips is buying Marathon Oil in $22.5 billion deal
▼ + stars: | 2024-05-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +2 min

ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. Shares of Marathon (MRO) were up more than 10% in premarket trade, while Conoco (COP) stock was down about 2%. “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory,” Ryan Lance, ConocoPhillips CEO, said in a statement. Until 1962, Marathon Oil was called The Ohio Oil Company, which was founded in 1887 and was bought two years later by John D. Rockefeller’s Standard Oil.

Persons: Hess, ” Ryan Lance, John D, Lee Tillman, ” Tillman Organizations: London CNN, Big Oil, ConocoPhillips, Oil, Marathon Oil, Occidental, Diamondback Energy, Endeavor Energy Partners, Marathon, Financial Times, Devon Energy, Ohio Oil Company Locations: Conoco, Houston, multibillion

☆ Jim Chanos calls suit accusing him of embezzling funds 'baseless and defamatory'
▼ + stars: | 2024-05-29 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Famed short seller Jim Chanos called a lawsuit accusing him of embezzling funds for personal use, "false, baseless and defamatory." "As Mr. Conlon knows, the internal loan was paid off in 2021, and since 2019 I have put over $30 million into my company," Chanos said in the statement. "Indeed, all of my fellow management company partners have lost money over the past few years, none more than me. Mr. Conlon is simply trying to mitigate his losses by this crude shakedown attempt." Meanwhile, the suit said Chanos' girlfriend, Crystal Conners, was the sales agent on the transaction, which would have made $540,000 at standard commission rates, Bloomberg reported.

Persons: Jim Chanos, Chanos, CNBC's Scott Wapner, Sean Conlon, Conlon, Conlon didn't, Tesla, Crystal Conners Organizations: Chanos, Conlon Holdings, Bloomberg News, Enron, Bloomberg Locations: Chicago, New York, Miami

☆ Clean Energy Ventures raises $305 million to back early-stage climate startups
▼ + stars: | 2024-05-29 | by ( Pippa Stevens | ) www.cnbc.com time to read: +1 min

Clean energy stocks may be underperforming in the public market, but there is still great appetite for companies focused on decarbonization in private markets — with Clean Energy Ventures' new fund serving as the latest example. The climate tech firm said Wednesday that it raised $305 million for its second fund, five years after closing its first fund. This latest fund was oversubscribed — the initial target stood at $200 million — but interest from limited partners including The Grantham Foundation, Builders Vision and Carbon Equity led to a higher raise. The firm is already putting the new money to work, focusing on technologies that go beyond the traditional green investments of solar and wind. Co-founder and managing partner Daniel Goldman identified industrial decarbonization as one compelling vertical — specifically emissions-reducing technology for the cement and steel industries.

Persons: Daniel Goldman Organizations: Clean Energy Ventures, The Grantham Foundation, Builders Vision, Carbon Equity, CNBC

☆ Fed doesn't have much reason to cut: Canyon Partners' Josh Friedman
▼ + stars: | 2024-05-29 | 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 EmailFed doesn't have much reason to cut: Canyon Partners' Josh FriedmanJosh Friedman, Canyon Partners co-founder and co-CEO, joins 'Closing Bell' to discuss the headwinds still affecting commercial real estate.

Persons: Josh Friedman Josh Friedman Organizations: Partners, Canyon Partners

☆ GameChanger's AI tech is helping support youth sports and showcase more than 7 million games annually
▼ + stars: | 2024-05-29 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +5 min

This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. AdvertisementFor "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future. Users capture more than 7 million games annually through the smartphone app, with more than 750,000 teams using the platform each year. The company is also planning to expand its engineering and product teams to bolster its AI competency.

Persons: —, We've, GameChanger's livestreaming, Sameer Ahuja, GameChanger, Ahuja, What's, he's Organizations: Service, Dick's Sporting, Resource, for Child, Health, Little League, USA Baseball, Coaches Locations: New York City

After finally dropping below 7% earlier this month, 30-year mortgage rates have been holding relatively steady in the mid-to-high 6% range, according to Zillow data. Once the Fed is able to start lowering rates, mortgage rates are expected to fall. Mortgage rates are expected to go down this year, but they might not drop as much as initially expected. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal, Consumer, Mortgage, Zillow, Association, Sky Locations: March's, Chevron

☆ This retirement planning gap is 'hidden in plain sight,' Harvard professor says
▼ + stars: | 2024-05-29 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Yet, there's a notable lack of attention and concern given to the social aspect of retirement, experts said. It's a facet of retirement planning that's almost "hidden in plain sight," said Robert Waldinger, a clinical professor of psychiatry at Harvard Medical School. Money is the "obvious" focus when it comes to retirement planning, Waldinger said. Put another way: "Social connections are really good for us" and "loneliness kills," Waldinger explained in a 2015 TED Talk titled "What makes a good life?" "Some people say, 'It's too late for me'" to make new social connections, Waldinger said.

Persons: Jose Luis Pelaez, there's, that's, Robert Waldinger, Waldinger, General, David Sbarra, Sbarra, It's, Yochai Shavit, Shavit, it's Organizations: Social Security, Finances, Allianz Life, Harvard Medical School, Waldinger, Harvard, TED, U.S, Laboratory, University of Arizona, Finance, Stanford University Center, Longevity, CNBC Locations: People

☆ Opinion | You Can’t Perform a Good Marriage
▼ + stars: | 2024-05-29 | by ( Jessica Grose | ) www.nytimes.com time to read: +1 min

I saw the new Netflix documentary series “Ashley Madison: Sex, Lies & Scandal,” anticipating just some prurient garbage to half-watch before drifting off to sleep. That’s because ashleymadison.com is a website for married people looking to find partners in infidelity — its tagline is “Life is short. The heart of the series comes from the couples who were affected. Though one couple that had an open marriage seemed unruffled by the invasion of privacy, two other families are featured that were devastated by the hack. One of those couples is Sam and Nia Rader, a Texas-based Christian vlogging couple who had gone viral a few times before the hack.

Persons: Ashley Madison, ”, Daniel Victor, Nia Rader, ” Sam Rader, “ vlogging, John Gibson, Christi Gibson Organizations: Netflix, YouTube, Disney Locations: Texas, Louisiana

Activist investor Nelson Peltz has sold his entire stake in Disney , a person familiar with the matter tells CNBC. Peltz sold all of his Disney stock at roughly $120 dollars a share, the person said, making about $1 billion on the position. The exit comes weeks after Peltz's Trian Partners lost a proxy battle at Disney in early April as shareholders reelected the company's full slate of board nominees. Peltz had long taken issue with Disney governance. "We are proud of the impact we have had in refocusing this Company on value creation and good governance," Trian said in a statement following the April shareholder vote.

Persons: Nelson Peltz, Peltz, Peltz's Trian, Jay Rasulo, Bob Iger, Trian, Disney didn't Organizations: Disney, CNBC, Peltz's Trian Partners Locations: refocusing

☆ DOJ charges Chinese national with operating 'world's largest botnet' that stole $5.9 billion in Covid relief funds
▼ + stars: | 2024-05-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Bureau of Investigation Director Christopher Wray said it is "likely the world's largest botnet ever." The botnet hacked into over 19 million IP addresses in nearly 200 countries, the DOJ announcement said. In particular, the botnet targeted Covid relief programs and filed an estimated 560,000 false unemployment insurance claims, stealing $5.9 billion. The DOJ partnered with the FBI and other law enforcement agencies internationally to dismantle the botnet and arrest Wang. The charges come as U.S. law enforcement agencies try to update protocols to keep up with more sophisticated cybersecurity threats.

Persons: Wang, Christopher Wray, S, Axelrod, they're, Wray Organizations: US Department of Justice, Department of Justice, DOJ, Federal Bureau of, FBI, Export Enforcement, U.S . Department of Commerce's, of Industry, Security, Treasury Department, Treasury, Code, Tulip Biz, Company, Lily Suites Company Locations: Washington , DC, U.S, China

☆ Amazon is hunting for more brand collaborations with a slew of new exec appointments. Read the full memo.
▼ + stars: | 2024-05-29 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Read previewFresh off bringing ads to Prime Video, Amazon is looking for more ways to get brands involved in its original TV shows and films. The company also made several other appointments to develop projects that are funded by or focused on brands and work on integrating ads into Prime Video entertainment. AdvertisementHer future role at Freevee had been the subject of internal speculation after Amazon added advertising to Prime Video. With this in mind, I am pleased to share that Lauren Anderson's remit is expanding to support those efforts for Amazon MGM Studios. Finally, Lauren will continue her oversight of Amazon MGM Studios 1P FAST Programming delivered to Prime Video and Freevee.

Persons: —, execs, Lauren Anderson, Anderson, Freevee, James Marsden, hasn't, Vernon Sanders, Lauren Anderson's, Lauren, Christel Miller, Jenny Falkoff, Alysia Russo, Benoit Landry, Benoit's, Justin Holt, Justin, Claudine Atout, Traci Blackwell, Kara Smith, Vernon Organizations: Service, Amazon MGM, Business, Prime, Amazon MGM Studios, Brands, Hulu, Marriott, MGM Studios, Studios, Amazon, Film, Ad, MGM, FAST

☆ The data center boom is leading to a power crunch. These stocks are ahead of the curve, TD Cowen analysts say
▼ + stars: | 2024-05-29 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

Several stocks are well-positioned to benefit from any power supply bottlenecks resulting from rapid growth in data centers, according to 11 analysts at TD Cowen who compiled a 169-page report. As a result, they're building data centers where power is available, investing in transmission lines and exploring the use of nuclear energy . Brookfield Renewable Partners , an international renewable power producer and developer, is another beneficiary of the data center boom. "The recently signed framework agreement... is a clear example of BEP's exposure to corporate [power purchase agreement] momentum associated with data center demand. That will contribute to the energy supply needed to power data centers.

Persons: Cowen, Michael Elias, Elias, FactSet, TD Cowen, Sean Steuart, it's, Cowen's David Deckelbaum, Coterra Organizations: Amazon, Oracle, Digital Realty Trust, Digital Realty, Digital, Brookfield Renewable Partners, Microsoft, Brookfield, NuScale Power Corp, Reactor, Regulatory, Energy, Coterra Energy Locations: Northern Virginia, Silicon, Tuesday's, U.S, Europe, Brookfield, Appalachia

☆ George Clooney and Brad Pitt reunite in action-packed ‘Wolfs’ trailer
▼ + stars: | 2024-05-29 | by ( Marianne Garvey | ) edition.cnn.com time to read: +1 min

CNN —Banter, comedy, action, Clooney and Pitt. Former co-stars and real-life friends George Clooney and Brad Pitt become reluctant partners when they are both hired as fixers for the same job in the new trailer for the upcoming movie, “Wolfs.”The Apple Studios movie also stars Amy Ryan, Austin Abrams and Poorna Jagannathan. Prior to the first full trailer, a teaser for the movie showed Clooney and Pitt sitting quietly in a car together. WOLFS – Official Trailer (HD)In the trailer, Clooney’s character is called to dispose of a body. Pitt arrives nexts to discover he was sent to deal with the same problem, then finds drugs complicating the matter even more.

Persons: Clooney, Pitt, We’re, George Clooney, Brad Pitt, Amy Ryan, Austin Abrams, Poorna Jagannathan, Joel, Ethan Coen’s “, Steven Soderbergh’s “, WOLFS, ” Clooney, nexts, Jon Watts Organizations: CNN, Apple Studios Locations: ”

☆ AST SpaceMobile partners with Verizon, adding to AT&T coverage deal for satellite internet to phones
▼ + stars: | 2024-05-29 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Satellite-to-phones service provider AST SpaceMobile announced a partnership with Verizon on Wednesday, adding to the company's recent deal with AT&T to provide remote coverage across the United States. AST SpaceMobile is building satellites to provide broadband service to unmodified smartphones, in the nascent "direct-to-device" communications market. The company's chairman and CEO, Abel Avellan, touted AST's agreements with Verizon and AT&T as "essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity." Verizon's deal effectively includes a $100 million raise for AST, as well, in the form of $65 million in commercial service prepayments and $35 million in debt via convertible notes. The companies said that $45 million of the prepayments "are subject to certain conditions" such as needed regulatory approvals and signing of a definitive commercial agreement.

Persons: Abel Avellan, Kalapala Organizations: AST, Verizon, AT Locations: United States

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