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Kushner and Kloss take over Life magazineLife, the iconic photography-focused chronicler of the 20th century, has taken on many forms, including a weekly magazine, a website and the occasional special issue. Kushner and Kloss are buying the publication rights to Life from Dotdash Meredith, the print and digital publisher. The deal is being done through Bedford Media, the media start-up that Kloss leads as C.E.O. Life was once a central part of American culture, featuring the work of renowned photographers like Robert Capa and writing by top authors. (Ernest Hemingway’s “The Old Man and the Sea” first appeared in its pages.

Persons: Kushner, Kloss, Barry, Josh Kushner, Dotdash Meredith, Robert Capa, Ernest Hemingway’s “ Organizations: IAC, Bedford Media Locations: OpenAI

A settlement that could scramble the credit card businessA long-running fight between the credit card giants Visa and Mastercard and retailers in the United States is nearing an end, with the promise of lower fees for merchants. But the proposed class-action settlement could have wider consequences, including for the lucrative business of high-end credit cards — and for retailers. What’s in the settlement: Visa and Mastercard said on Tuesday that they had agreed to reduce swipe fees, costs associated with the use of a credit card, for about five years. Perhaps more important, merchants will be able to raise their prices based on the kind of card. For example, buying groceries with a higher-fee card — typically a premium card like the Chase Sapphire Reserve — could become more expensive than paying with a lower-end one.

Organizations: Visa, Mastercard, Chase Locations: United States

☆ The U.S. Investors Caught in the Scrum Over TikTok
▼ + stars: | 2024-03-26 | by ( Lauren Hirsch | ) www.nytimes.com time to read: +1 min

For years, the U.S. investors who backed ByteDance, the Chinese internet company that owns TikTok, have wrestled with the complexities of owning a piece of a geopolitically fraught social media app. A bill to force ByteDance to sell TikTok is winding its way through the Senate after sailing through the House this month. In December, a Missouri pension board voted to divest from some Chinese investments, following political pressure from the state treasurer. The Beijing-based company has grown into one of the world’s most highly valued start-ups, worth $225 billion, according to CB Insights. That’s a boon, at least on paper, for U.S. investors who put money into ByteDance when it was a smaller company.

Persons: it’s, ByteDance, Biden Organizations: Senate, General Atlantic, Susquehanna International Group, Sequoia Capital, Administration, U.S Locations: U.S, China, Missouri, Florida, Beijing, ByteDance

BlackRock’s chief wants to rethink a fiscal time bombAs the chairman and C.E.O. In his latest letter to investors, published on Tuesday, Fink weighs in on a new topic: a looming global retirement crisis, and what can be done to address it. The way retirement is handled around the world needs to change, Fink writes. In the U.S. in particular, people are living longer, a trend that’s likely to grow given the advent of weight loss drugs like Wegovy, Fink writes. But he adds that four in 10 Americans don’t have $400 in emergency savings, let alone proper retirement funds.

Persons: Larry Fink, Fink Organizations: BlackRock

Raised stakes in a firearms takeover contestA battle over Vista Outdoor, the company behind top ammunition brands like Remington and Camelbak water bottles, is escalating — and national security is becoming a bigger factor in the fight. MNC is offering $37.50 a share for all of Vista, up from a bid of $35 last month and 16 percent higher than where Vista’s stock closed on Friday. In a letter to Vista’s board reviewed by DealBook, the investment firm reiterated that it had lined up financing for its offer, despite questions by Vista about how solid those commitments were. Vista rejected MNC’s previous offer, saying a planned breakup of itself would be more valuable for shareholders. (Vista has agreed to sell its ammunition business to CSG for $1.9 billion, leaving its nonfirearm division, Revelyst, as a stand-alone public company.)

Persons: DealBook, Vista Organizations: Vista, Remington, MNC Capital, Czechoslovak, MNC, CSG Locations: U.S, Vista

☆ Trump's lawyers dance for him when he's in the courtroom. At a criminal trial, that could torpedo his chances of winning.
▼ + stars: | 2024-03-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +15 min

And at a criminal trial, causing a ruckus can bring its own consequences. In a criminal trial, Trump, along with his eager-to-please lawyers, must attend every day. he quipped in response to an argument from one of Trump's lawyers. Technically, Trump faces a maximum of four years in prison for each count he's charged with in his criminal case. The criminal trial will give Trump a chance to hold multiple campaign-boosting rallies before the hallway cameras each day.

Persons: —, Donald Trump, they're, Trump, he's, Jean Carroll, Juan Merchan, Carroll, Roberta Kaplan, Carroll's, Arthur Engoron, shrewdly, TIMOTHY A, CLARY, Stormy Daniels, Melania Trump, Kaplan, Eliza Orlins, Orlins, there's, Susan Necheles, Steven Hirsch, Maggie Haberman's, huff, Lewis Kaplan, Alina Habba, Randy Zelin, they've, Engoron, Letitia James of, York —, Kaplan quizzed, Merchan, He's, Donald Trump's, Seth Wenig Merchan, Prosecutors, Zelin, OJ, I'm Organizations: Service, Secret Service, Business, Trump, New York, sophistry, Attorneys, Getty, Manhattan Criminal, Trump Organization, New York Times, Truth, New, AP, Merchan Locations: Manhattan, New York, New York City, Brooklyn, York, America, U.S, Trump

Are investors buying Nvidia’s latest A.I. Nvidia’s stock has soared more than fivefold since ChatGPT debuted in November 2022, a rally that has vaulted the chipmaker into the trillion-dollar market cap club on the back of investor fervor for artificial intelligence — and the high-end processors that power these models. But shares in Nvidia are down in premarket trading on Tuesday after investors gave the first day of the company’s annual developer conference (known as “A.I. Woodstock”) a tough grade. That’s even after the semiconductor company introduced its latest chip, which is capable of running increasingly complex computing models.

Persons: ChatGPT, A.I Organizations: Nvidia Locations: Woodstock

A different kind of battle for Third PointA small computer chip design company, R2 Semiconductor, has been notching wins in a potentially big patent fight against Intel over the past few months — a dispute that could force Intel to stop selling several chip lines in Europe. The context: R2 sued Intel, as well as two customers, Hewlett Packard Enterprise and Dell, in Germany, alleging that the chipmaker had infringed on a patent dealing with voltage regulation in semiconductors. A regional court in February issued injunctions against the sale of at least some Intel chips. And on March 8, a higher court rejected Intel’s effort to halt the decision. Meanwhile, a trial in Britain over the patent is set to begin next month.

Persons: DealBook, Dan, haven’t Organizations: R2 Semiconductor, Intel, Amazon Web Services, Fujitsu, Hewlett Packard Enterprise, Dell Locations: Europe, Germany, Britain

☆ What Must Nelson Peltz Do to Get Some Respect?
▼ + stars: | 2024-03-16 | by ( James B. Stewart | Lauren Hirsch | ) www.nytimes.com time to read: 1 min

At age 81, with over four decades of dealmaking and corporate cage-rattling under his belt, Nelson Peltz would seem to have pretty much everything. Until the hedge fund billionaire Ken Griffin came to Palm Beach, Fla., Mr. Peltz had the largest property tax bill in town, with an oceanfront estate estimated to be worth $334 million. He also has an undeniably full life apart from his business: He has two children from his first marriage. He also has eight children (including two sets of twins) with his wife since 1981, the former model Claudia Heffner. His eldest child from that marriage, Matt, is a partner and co-chief investment officer at Mr. Peltz’s Trian Partners.

Persons: Nelson Peltz, Ken Griffin, Peltz, Claudia Heffner, Matt, Peltz’s Organizations: Peltz’s Trian Partners Locations: Palm Beach, Fla, Bedford , N.Y

☆ Americans Invested Billions in Chinese Companies. Now Their Money Is Stuck.
▼ + stars: | 2024-03-16 | by ( Lauren Hirsch | Michael J. De La Merced | ) www.nytimes.com time to read: 1 min

When investors talk about “zombie” companies, they’re usually referring to distressed start-ups that are hobbling along, unable to grow and unlikely to ever return the money they’ve raised. But as deal makers feverishly debated efforts this week by lawmakers to force TikTok’s Chinese parent company, ByteDance, to sell the app, they talked about a new version: China zombies. China zombies may have booming businesses, but they’re unlikely to provide investors with any immediate return because they’re stuck in geopolitical cross hairs. It’s not just the investors in ByteDance who, after handing it more than $8 billion, are stuck. What looked like a mammoth growth opportunity just a few years ago — inspiring investors to pour money into companies like Ant Financial, PingPong and Geekplus — has turned hostile.

Persons: they’re, — Organizations: Ant Locations: China, ByteDance

What’s next for ByteDance’s U.S. investors? DealBook has spoken with people in the know about what these investors, including financial giants like the Susquehanna International Group, can do, with billions of dollars on the line. Mnuchin, a former Treasury secretary, told Andrew on CNBC on Thursday that he was in talks with a “combination of U.S. investors” about a TikTok deal. He added that he had spoken with some of the investors in ByteDance, TikTok’s Chinese parent, about possibly rolling over their stake. of the video game giant Activision Blizzard, also reportedly has been looking for potential partners for a bid.

Persons: What’s, ”, DealBook, Steven Mnuchin, Andrew, Bill Ford, Bobby Kotick Organizations: ByteDance’s U.S, U.S, Susquehanna International Group, CNBC, Activision Locations: Beijing, China, ByteDance

Though its fate in the Senate is unclear, anti-China sentiment and pressure on lawmakers from the White House could force the issue. That belies the technical and legal hurdles in selling TikTok, as well as divisions within the U.S. tech community over the proposed legislation. The heads of the chamber’s Intelligence Committee — Mark Warner, Democrat of Virginia, and Marco Rubio, Republican of Florida — support the bill. So do the sometimes progressive John Fetterman, Democrat of Pennsylvania, and the hawkish Ted Cruz, Republican of Texas. It’s long overdue to push back and this bill does exactly that,” Fetterman posted on social media.

Persons: Mark Warner, Marco Rubio, John Fetterman, Ted Cruz, ” Fetterman Organizations: TikTok, Senate, chamber’s Intelligence, Democrat, Republican Locations: Washington, China, Virginia, Florida, Pennsylvania, Texas

☆ Big Appeal, and Big Question Marks, in Possible TikTok Sale
▼ + stars: | 2024-03-14 | by ( Lauren Hirsch | David Mccabe | ) www.nytimes.com time to read: +1 min

TikTok is one of the most popular and largest social media apps around the globe — with great brand recognition and loyal users. That’s the conundrum facing TikTok as Washington lawmakers push a bill that would force the app’s Chinese parent company, ByteDance, to sell it or face having it banned in the United States. The bill passed the House on Wednesday but could face an uphill climb in the Senate. Rumors are already swirling on Wall Street about who could be interested in buying TikTok. The U.S. president, according to the bill passed by the House, would have to affirm that a deal cut the app off from ByteDance.

Persons: Steven Mnuchin, Mr, Mnuchin Organizations: CNBC, U.S Locations: Washington, United States, U.S, ByteDance

TikTok faces a crucial voteThe House is set to vote on Wednesday on a bill that would ostensibly present ByteDance, the Chinese owner of TikTok, with an ultimatum: sell TikTok’s U.S. operations, or have the app barred. But there’s a fight brewing over whether it’s actually possible for ByteDance to sell TikTok — or if the bill is effectively a ban disguised as a call for divestment. Does the bill allow for a sale? The proposal forbids any deal that allows TikTok’s U.S. and foreign operations to cooperate on a content recommendation algorithm or share data. While TikTok says it already walls off the data of U.S. users from its parent company, it’s not clear the company could operate without any foreign support.

Persons: it’s, ” TikTok, TikTok Organizations: TikTok’s U.S Locations: U.S, United States

Trump’s TikTok U-turnTikTok users have continued to flood the social media platform — and lawmakers’ inboxes — with pleas to halt a bill that would force its Chinese owners to divest or face a ban in the U.S.That effort to keep TikTok online has now attracted some unlikely backers, including Donald Trump. A recap: Last week, a powerful House committee voted 50-0 to remove TikTok from U.S. app stores by Sept. 30 unless its Beijing-based parent company, ByteDance, sold its stake. President Biden said on Friday that he’d sign the bill if it reaches his desk — even as his campaign has embraced the platform. But Trump has potentially scrambled the political calculus in Washington. Starting last week, the former president has pushed back against a TikTok ban, arguing that such a move would strengthen Meta’s Facebook — the “true Enemy of the People!” (Remember that as president, Trump issued an executive order ordering ByteDance to divest its American assets.)

Persons: ’ inboxes, Donald Trump, Biden, Trump Organizations: Facebook Locations: U.S, Beijing, Washington

Biden goes on the offensivePresident Biden sought to reinvigorate his re-election campaign, delivering an animated and mostly gaffe-free State of the Union address that put the economy and business front and center. In the prime-time slot, he pitched Bidenomics as delivering for Americans, and outlined a policy wish list that may appeal to progressive voters and some in his party but which could also put him at loggerheads with big corporations. Heading into a November rematch with Donald Trump, Biden sought to frame the presidential race in stark terms for the democracy while holding business to account. Among the areas that could rankle business leaders: a call to raise the minimum tax on multinationals to 21 percent. He also singled out “Big Oil, private jets, and massive executive pay” in his speech as areas ripe for boosting tax revenue.

Persons: Biden, Donald Trump, ” Organizations: Oil

Inflationary pressure and presidential politicsPresident Biden and Donald Trump dominated Super Tuesday, setting the stage for a rematch of the 2020 election. One topic that’s high on the agenda for voters: Inflation. Inflation is kryptonite for any politician, and especially for Biden. Trump again pounded the president on high prices, an issue that’s lifting the Republican in polls even as a range of indicators show that the economy is performing strongly. (The White House is putting the blame on corporations that “try to rip off Americans.” Watch for that theme at Thursday’s State of the Union address.)

Persons: Biden, Donald Trump, Jay Powell, Trump Organizations: Super, Biden, ” Locations: Thursday’s State

Two names are likely to draw attention: LeBron James, the superstar basketball player, and Drake, the rapper. James and Drake are committing additional capital as “strategic investors,” and are expected to use their marketing power to help the tour broaden its audience. James and the PGA Tour commissioner, Jay Monahan, were at the home of Tom Werner, F.S.G.’s chairman, recently discussing just that, DealBook hears. Fans may see the stars around the greens, perhaps in the same way Drake is a frequent courtside presence at Toronto Raptors games. I remember some of my best childhood memories was being on the golf course with my uncle,” Drake said in a statement to DealBook.

Persons: LIV Golf, wasn’t, LeBron James, Drake, Steve Cohen, Arthur Blank, Marc Lasry, James, Jay Monahan, Tom Werner, F.S.G, ’, DealBook, ” Drake, “, ” Organizations: Fenway Sports Group, PGA, PGA Tour, Toronto Raptors Locations: Saudi

☆ Activist Investor’s Group Raises Bid for Macy’s
▼ + stars: | 2024-03-03 | by ( Lauren Hirsch | Jordyn Holman | ) www.nytimes.com time to read: +1 min

The activist investor group that is seeking to buy Macy’s increased the pressure on the department store chain on Sunday, raising its offer and disclosing additional details about its financing plans. Arkhouse Management and Brigade Capital Management said in a news release that they were now offering $24 per share, valuing the retailer at $6.6 billion. The new offer is up from the $21 a share they last put forward and a 33.3 percent premium to Macy’s closing share price of at $18.01 on Friday. Arkhouse and Brigade named additional investors they had brought on as equity partners, Fortress Investment Group and One Investment Management. The investor has since nominated nine people to Macy’s board.

Persons: Arkhouse Organizations: Arkhouse Management, Brigade Capital Management, Brigade, Fortress Investment Group, One Investment Management Locations: Macy’s

From Silicon Valley to Wall Street to Washington, the blockbuster case that Elon Musk filed against OpenAI and its C.E.O., Sam Altman, has become Topic A. It is the business world’s hottest soap opera. But among lawyers, the case has become something of a fascination for a different reason: It poses a series of unique and unusual legal questions without clear precedent. And it remains unclear what would constitute “winning” in a case like this, given that it appears to have been brought out of Musk’s own personal frustration and philosophical differences with Open A.I, a company he helped found and then left. The lawsuit — which pits one of the wealthiest men in the world against the most advanced A.I.

Persons: Elon Musk, Sam Altman, OpenAI, —, Morgan Chu Organizations: OpenAI, Microsoft Locations: Silicon, Washington

☆ This Season, Mix Texture and Transparency
▼ + stars: | 2024-03-01 | by ( Mark Kean | Raphael Hirsch | ) www.nytimes.com time to read: 1 min

Models: Dhillon Rai Green at Kult London, Itshak Vanunu at the Troopers, Maoro Bultheel at Noah MGMT, Lawal Badmus at PRM, Ahmed Adem at Cheyma Hadji. Hair by Matt Mulhall at Streeters. Set design by Suzanne Beirne. Photo assistants: Shane Ryan, Wynston Shannon. Styling assistants: Storm Foster, Max Kallio

Persons: Dhillon Rai Green, Itshak Vanunu, Maoro Bultheel, Noah MGMT, Lawal, Ahmed Adem, Cheyma Hadji, Matt Mulhall, Gemma Smith, Suzanne Beirne, Julia Lange ., Percy, Alex Dow, Shane Ryan, Wynston Shannon, King Owusu, Storm Foster, Max Kallio Organizations: Percy Works Locations: Kult, PRM, Cheyma

Musk takes aim at OpenAIThe gloves have really come off in one of the most personal fights in the tech world: Elon Musk has sued OpenAI and its C.E.O., Sam Altman, accusing them of reneging on the start-up’s original purpose of being a nonprofit laboratory for the technology. Yes, Musk has disagreed with Altman for years about the purpose of the organization they co-founded and he is creating a rival artificial intelligence company. But the lawsuit also appears rooted in philosophical differences that go to the heart of who controls a hugely transformative technology — and is backed by one of the wealthiest men on the planet. The backstory: Musk, Altman and others agreed to create OpenAI in 2015 to provide an open-sourced alternative to the likes of Google, which had bought the leading A.I. start-up DeepMind the year before.

Persons: Elon Musk, OpenAI, Sam Altman, Musk, Altman, Ilya Sutskever Organizations: Google

☆ March in a presidential election year may kick off a weak period. Here's why that could be a buying opportunity
▼ + stars: | 2024-03-01 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Seasonally speaking, stocks could be in for a pullback as the calendar turns to March in a presidential election year. In every March since 1950, the S & P 500 historically rises 1.1%, but the same month in presidential election years scores a smaller 0.4% advance on average. Currently, the S & P 500 is trading around the 5,100 level. But Hirsch advised investors to watch S & P 500 support levels closer to 4,800, the prior all-time high, or 4,600, the high from the summer of 2023. That's because Hirsch anticipates the S & P 500 will rise to 5,500 by year end, so any dips may prove a buying opportunity for investors.

Persons: Jeffrey Hirsch, Russell, Hirsch, it's, you've, —, Hirsch isn't, Katie Stockton, Sam Stovall, Stovall Organizations: Dow Jones Industrial, Nasdaq, CFRA Research

More questions for OpenAISam Altman has been back as OpenAI’s C.E.O. for three months, running one of the world’s most important tech companies at the forefront of the artificial intelligence boom. But a report by The Wall Street Journal that the S.E.C. is investigating whether Altman misled investors is a reminder that OpenAI and its hyper-ambitious chief face a level of scrutiny that could dent their global plans. isn’t the only regulator looking at the Altman drama: Federal prosecutors in Manhattan have also been asking questions, according to The Journal.

Persons: OpenAI Sam Altman, Altman, Altman’s Organizations: Wall Street Journal Locations: Manhattan

Innovation on wheelsHas Apple really crashed the car? The tech giant has killed its electric vehicle project as it pivots to artificial intelligence, prompting many observers to declare the venture a major failure for the company. Here’s a contrarian thought: That critique misses a wider point about how Apple innovates, because the company has used the project to power a whole ecosystem of products and services that have been unmitigated successes. Reports emerged about the secret effort, code-named Project Titan, in 2014, and the company has never publicly acknowledged its existence. There had been an wider internal debate about getting into the car business.

Organizations: Apple

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