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☆ The FTC wants to make it easier to cancel subscriptions just as streamer cancellations are peaking — read how Disney, Netflix, and more are pushing back
▼ + stars: | 2023-07-12 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Trade orgs for Netflix, Disney, and others oppose an FTC plan to make it easier for people to cancel subscriptions. The "click to cancel" proposal comes as streamers and other businesses face rising cancellation rates. The new rule would require companies to offer a simple mechanism for users to cancel subscriptions the same way they signed up. "I can't tell you how much time I've spent trying to cancel subscriptions I never wanted, let alone the cost!" And entertainment trade orgs are fighting the FTC's proposal, submitting comments to the FTC ahead of its June 23 deadline for public comment.

Persons: I've Organizations: Netflix, Disney, Companies, Federal, FTC, Amazon, Amazon Prime, Deloitte, Warner Bros, Discovery, & Television Association, Paramount, Sirius XM, Entertainment Software Association, ESA, Digital Media Association, Association, Sony Pictures Entertainment, Universal Pictures

☆ Disney, WBD, and more Hollywood companies are arguing that FTC plans to make it easier for consumers to cancel subscriptions violate streamers' free speech
▼ + stars: | 2023-07-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Trade orgs for Netflix, Disney, and others oppose an FTC plan to make it easier for people to cancel subscriptions. The "click to cancel" proposal comes as streamers and other businesses face rising cancellation rates. The FTC has gone after individual companies; it recently sued Amazon, alleging the etailer "tricked" people into signing up for Amazon Prime. The new rule would require companies to offer a simple mechanism for users to cancel subscriptions the same way they signed up. And entertainment trade orgs are fighting the FTC's proposal, submitting comments to the FTC ahead of its June 23 deadline for public comment.

☆ Futures inch lower on Fed policy caution, China data hits sentiment
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +3 min

Summary Futures down: Nasdaq 0.16%, Dow 0.13%, S&P 0.08%June 7 (Reuters) - U.S. stock index futures edged lower on Wednesday as investors remained cautious ahead of inflation data and the Federal Reserve's policy meeting next week, while worse-than-expected China exports data for May hit sentiment. U.S. shares have also been boosted by a rally in megacap stocks and a stronger-than-expected earnings season. However, some analysts say that profit-taking may be round the corner for big tech and other major growth stocks. ET, Dow e-minis were down 43 points, or 0.13%, S&P 500 e-minis were down 3.5 points, or 0.08%, and Nasdaq 100 e-minis were down 23.25 points, or 0.16%. Shares of Yext Inc jumped 18.4% premarket after the New York-based online marketing firm raised its annual earnings forecast.

Persons: Charalampos Pissouros, Wells Fargo, Shubham Batra, Vinay Dwivedi Organizations: Dow, Nasdaq, XM, Dow e, Netflix, Securities and Exchange Commission, Invest, Yext Inc, Thomson Locations: China, U.S, Coinbase, York, Bengaluru

☆ Casey DeSantis' mission on the 2024 campaign trail is to bring suburban women back to the GOP after Trump lost them
▼ + stars: | 2023-05-30 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +16 min

Ron DeSantis' wife, Casey DeSantis, is a chief confidant key to his political rise. He finished boasting about his "Florida Blueprint," and then his wife, Florida first lady Casey DeSantis, glided onstage. In the geography was Casey DeSantis' autobiography: raised in Troy, Ohio, and college-educated at the University of Charleston. As Florida's first lady, Casey DeSantis' initiatives included childhood emotional resiliency, child welfare, and — as a breast-cancer survivor herself — cancer research. "They did not want woke ideology shoved down the throats of their five years olds while they were in school," Casey DeSantis said.

☆ The DeSantis campaign will test whether Casey DeSantis can bring suburban women back to the GOP after Trump lost them
▼ + stars: | 2023-05-27 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +16 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). The Good Brigade/Getty ImagesThe Platinum Card® from American Express offers up to $240 in annual digital entertainment credits. More Information Earn 80,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. $300 SoulCycle At-Home Bike Credit: Get a $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card®. Amex Platinum Entertainment Credit Frequently Asked Questions (FAQ)Which streaming services can I use with the Amex Platinum digital entertainment credits?

☆ SAP raises 2025 outlook, launches 5 bln euro share buyback
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 16 (Reuters) - SAP (SAPG.DE) on Tuesday raised its 2025 total revenue outlook for continuing operations by around 4 billion euros ($4.40 billion) and announced a share buyback of up to 5 billion euros, boosted by strong demand for its cloud business. For 2025, the company now expects revenue of more than 37.5 billion euros with cloud revenue of more than 21.5 billion euros. It now sees non-IFRS operating profit of around 11.5 billion euros. "Our strong, resilient cloud growth drives accelerating total revenue and operating profit growth," Chief Executive Christian Klein said in a statement. Last month, SAP reported first-quarter revenue above analysts' expectations, backed by 24% growth in its cloud business revenue.

☆ SiriusXM CEO Jennifer Witz on Q1 earnings after raised guidance despite revenue troubles
▼ + stars: | 2023-04-27 | 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 EmailSiriusXM CEO Jennifer Witz on Q1 earnings after raised guidance despite revenue troublesJennifer Witz, SiriusXM CEO, joins 'Squawk on the Street' to discuss the growth prospects from Sirius XM, consumer's willingness to receive price increases and more.

☆ Howard Stern says Tucker Carlson was likely 'nothing' to Rupert Murdoch and just another 'worker bee' in his giant corporation
▼ + stars: | 2023-04-27 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +3 min

Carlson forgot that he was just a "worker bee" in media mogul Rupert Murdoch's company, Stern said. Radio icon Howard Stern said ousted Fox News star Tucker Carlson was likely "nothing" to Fox Corp. chair Rupert Murdoch and that he forgot he was just another "worker bee" in the billionaire media mogul's gigantic company. "You're nothing because he's still gonna' have billions upon billions upon billions of dollars and own a giant corporation. You're a worker bee. Murdoch himself made the call to get rid of Carlson, Fox News' top-rated host, people familiar with the situation had told the Los Angeles Times.

☆ CNN is axing Laura Coates' 11 p.m. anchor slot to save on costs, according to sources, and insiders are concerned about on-air representation
▼ + stars: | 2023-04-18 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +6 min

CNN is still shifting its late night lineup, and Laura Coates will no longer anchor solo at 11 p.m.Coates is said to be "stunned" and "disappointed" by losing the opportunity. On paper, Coates would seem like the ideal figure to fill the network's 11 p.m. slot, particularly as CNN already shared a press release about her appointment to the role in January. CNN and news industry insiders who commented for this story spoke on the condition of anonymity because they're not authorized to speak to the press. "They pulled her off to save money," said one person familiar with internal conversations at CNN. The network's only Black solo anchors now are Abby Phillip, who helms the high-profile "Inside Politics Sunday," and Fredricka Whitfield, who also hosts a weekend show.

☆ Buyouts are getting complicated
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

The terms say that the buyer cannot be forced to close before Oct. 15 – seven months after the deal’s announcement. A Tuesday proxy filing shows that’s to give Platinum enough time to sort out its debt financing. Qualtrics, meanwhile, sold in March for $12.5 billion – but it turns out it almost got more. An unnamed bidder offered $21 per share, more than the $18.15 that Qualtrics accepted from Silver Lake and CPP Investments. Buyouts are getting done, but they’re also getting complicated.

☆ Who is trans advocate Dylan Mulvaney?
▼ + stars: | 2023-04-13 | by ( Scottie Andrew | ) edition.cnn.com time to read: +7 min

She became famous on TikTok, where she pivoted from musical theater to advocacy when she came out as trans. But when she started posting videos sponsored by Bud Light, Olay and Nike, her accounts became flooded with anti-trans hate. After cultivating a sizable following during the pandemic, Mulvaney came out as a trans woman in March 2022. From time to time we produce unique commemorative cans for fans and for brand influencers, like Dylan Mulvaney. Mulvaney says she tries to tune out anti-trans hateDylan Mulvaney presented an award at the PFLAG National 50th Anniversary Gala in March.

☆ Stunning endorsement: DeSantis ally Rep. Byron Donalds backs Trump for president in 2024
▼ + stars: | 2023-04-06 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +4 min

Byron Donalds, who has said he'd be interested in becoming governor of Florida, has endorsed Trump. Ron DeSantis, has endorsed Donald Trump for president in 2024. "President Trump is the leader in the clubhouse right now," he said. He added, however, that he thought DeSantis could beat Trump in a primary. "The current legal problems have rallied more Republican voters around Donald Trump," Donalds said.

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

The remainder was equity checks by the private equity firms. Typically, debt accounts for between 60% and 80% of the deal consideration, allowing the buyout firms to juice returns. REFINANCING RISKTo be sure, a handful of private equity firms have already been accustomed to this kind of refinancing risk. An upside to the shift toward equity financing, dealmakers say, is that the companies owned by the private equity firms have more cushion to absorb losses if their business deteriorates. Many of the leveraged buyouts that became bankruptcies in the wake of the 2008 financial crisis were the result of private equity firms saddling companies with debt to the hilt.

☆ SAP agrees to sell Qualtrics stake for $7.7 bln
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

BERLIN, March 13 (Reuters) - Software group SAP (SAPG.DE) said on Monday it had agreed to sell its stake in data analytics firm Qualtrics (XM.O) for $7.7 billion as part of the acquisition of Qualtrics by funds affiliated with financial investor Silver Lake. "At a purchase price of US$18.15 in cash per share, the transaction corresponds to a Qualtrics equity value of approximately US$12.5 billion on a fully diluted basis," SAP said in a statement. "SAP's stake will be acquired for approximately US$7.7 billion," it added. Writing by Paul Carrel; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ SAP-controlled Qualtrics accepts $12.5 bln offer from Silver Lake, CPPIB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Qualtrics International Inc (XM.O) said on Monday it will go private after the customer survey software maker's controlling shareholder, SAP SE (SAPG.DE), accepted a $12.5 billion bid from an investor consortium led by Silver Lake and Canada Pension Plan Investment Board (CPPIB). SAP agreed to the consortium's $18.15-per-share offer for Qualtrics, saying it would get about $7.7 billion for its stake. Qualtrics said earlier this month it would negotiate on an exclusive basis with Silver Lake and CPPIB until March 15 to see whether a deal could be finalized. Silver Lake Partners currently holds a 13.94% stake in Qualtrics. In 2018, SAP bought Qualtrics for $8 billion and three years later listed it in New York.

☆ I'm a tech recruiter who helps Black professionals get jobs at companies like Deloitte and Shopify. Here's my advice for getting the salary you deserve.
▼ + stars: | 2023-03-10 | by ( Pauleanna Reid | ) www.businessinsider.com time to read: +8 min

He partners with firms including Deloitte, DraftKings, and Shopify to recruit Black tech talent. Now I partner with firms like Deloitte, DraftKings, Dynatrace, Loliware, Shopify, and Automatic to recruit Black tech talent. I've helped more than 360 Black people land jobs in tech, so I've had a lot of opportunities to learn what drives success in this space. Being vocal about my goal to get more Black people jobs in tech on Twitter helped me gain visibility and trust among Black job seekers. The best way to let someone know you're serious about your salary expectations is to let them know you have an offer pending.

☆ Sirius XM to Cut 8% of Workforce
▼ + stars: | 2023-03-07 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Sirius XM Holdings Inc. is reducing its head count by 8%, or 475 roles, as it continues to cut costs and focus on profitability. The satellite-radio giant said in a letter to employees Monday morning that the job cuts would affect nearly every department.

☆ SAP ends pointless M&A roundtrip with Qualtrics
▼ + stars: | 2023-03-07 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

For SAP Chief Executive Christian Klein, an exit would cap a relatively pointless M&A roundtrip. In theory, SAP could have supercharged the groups’ combined revenue by offering its software to Qualtrics’ customers and vice versa. Silver Lake, a specialist in tech buyouts, is well-placed to keep that growing. One potential hiccup is that Qualtrics’ fairly paltry EBITDA limits how much debt Silver Lake can use. SAP paid $8 billion in cash for Qualtrics in 2018, and subsequently offloaded a minority stake through an initial public offering in 2021.

☆ Qualtrics gets $12.4 bln buyout offer from Silver Lake, Canada's CPPIB
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Software maker Qualtrics International Inc (XM.O) said on Monday it has received a $12.4 billion go-private offer from private equity firm Silver Lake Management and Canada Pension Plan Investment Board (CPPIB). The offer values Qualtrics at $18.15 per share, a premium of nearly 6% to the stock's last closing price. They have gained 8.8% since the start of February when Silver Lake first expressed its interest in Qualtrics. Qualtrics and Silver Lake have entered into an exclusivity agreement for the deal talks, which ends on March 15. Silver Lake already holds a near 4.2% stake in Qualtrics.

☆ SiriusXM cuts 8% of its workforce as part of a broader reorganization
▼ + stars: | 2023-03-06 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +6 min

"We are entering into a new phase for our Company," CEO Jennifer Witz said in an email to employees on Monday. In November, the CEO had told the company that as part of their 2023 plans there would be a review of the company. "However, today's decision to reduce our workforce was required in order for us to maintain a sustainably profitable company," Witz said. After a review of our business, we have made the decision to reduce the size of our workforce by 475 roles, or 8%. However, today's decision to reduce our workforce was required in order for us to maintain a sustainably profitable company.

☆ Ron DeSantis admits getting married to Casey DeSantis at Disney World ended up being 'kind of ironic'
▼ + stars: | 2023-02-25 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +5 min

Ron and Casey DeSantis got married at Walt Disney World in 2009, Insider first reported. In the interview, Casey DeSantis acknowledged that the revelation, which came ahead of Election Day, "created a lot of news." The comments confirm Insider's reporting, after interviewing a wedding guest, that Casey DeSantis "wanted something all-inclusive and put together." Casey DeSantis said in the SiriusXM Patriots interview that she didn't know DeSantis would wind up going into politics. "We went out and we had a beer," at family sports restaurant Beef o' Brady's, Casey DeSantis said in the forthcoming interview.

☆ Buyout barons reach deep into their bags of tricks
▼ + stars: | 2023-02-15 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Feb 15 (Reuters Breakingviews) - Debt necessity is proving to be the mother of private equity invention. With the cheap borrowing that fueled record-breaking years of leveraged buyouts gone, firms are digging deeper into their bags of tricks. Private equity firm Silver Lake, which bought a stake alongside the IPO, said it might take control. Besides putting private equity firms into weaker negotiating positions, the competing incentives also threaten conflicts of interest with limited partners. ...THERE’S A WAYIf the U.S. Federal Reserve avoids engineering a recession, private equity should be able to revert to its tried-and-true formula soon enough.

☆ John Malone prepares for a victory lap
▼ + stars: | 2023-02-01 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

Now the cable cowboy’s Liberty Media (FWONA.O) empire is trotting out its trademark financial razzle-dazzle to try and wring additional value out of its assets. Malone, Liberty Media’s chairman, is as renowned for his dizzying array of specialized equity issues, spinoffs and splits as he is for the telecom and entertainment companies that have been subjected to the intricate machinations. It excludes broadcaster Discovery, spun off from Liberty Media in 2005, and international broadband provider Liberty Global (LBTYA.O), hived off a year earlier. A more logical starting point would be 2001, when Malone carved Liberty Media out of telecom giant AT&T (T.N). Likewise, Liberty Media’s accompanying shakeup of its tracking stocks stands to further spotlight the value of Formula One.

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