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☆ Disney dodges the Trump question
▼ + stars: | 2024-11-14 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Last week, Warner Bros. "In a way, we've already consolidated," he said on the company's earnings call Thursday morning, in response to a question about M&A possibilities during Trump 2.0. Disney, like other media companies that have news organizations, has already drawn Trump's ire, during the 2024 campaign. During that fight, conservatives harped on the company, calling it too "woke," while liberals — including some Disney employees — felt the company wasn't forceful enough in standing up for diversity. AdvertisementIt's no surprise, then, that Iger didn't say the word "Trump" once during his call.

Persons: Bob Iger, Iger, he's, —, Trump, we've, Rupert Murdoch's Fox, David Zaslav, Zaslav, John Malone, Malone, it's, JD Vance, Matt Gaetz, Murdoch's, Kamala Harris, He's, Paramount's, Ron DeSantis, harped Organizations: Warner Bros, Discovery, Service, Trump, Disney, Comcast, Big Tech, of Justice, Time Warner, Murdoch's Disney, ABC, Paramount's CBS, Gov Locations: Hulu, Disney's, Florida

☆ Canada's Labor Minister ends coast-to-coast port labor turmoil, forcing unions back to work
▼ + stars: | 2024-11-12 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Canadian Labor Minister Steven MacKinnon has invoked federal powers to end work stoppages at the ports of Vancouver, Prince Rupert and Montreal, ordering binding and final arbitration between labor unions and ports ownership. Strike actions by unions and ports ownership lockouts had hit both coasts of the key U.S. northern trade partner. "The lockouts of the Canadian ports were causing ships to divert and contributing to congestion and delays throughout North America. Under section 107 of the Canada Labor Code, the Labor Minister can order binding arbitration to end labor disputes. Existing collective agreements will remain in place pending a new deal being reached between dockworker unions and the ports.

Persons: Steven MacKinnon, Vancouver , Prince Rupert, Prince Rupert, Vancouver and Prince Rupert, Stephen Lamar, Lamar, MacKinnon, Mackinnon Organizations: Canadian Labor, Canadian, Retail Council, Canada, CNBC, Local, U.S . Department of Transportation, American Apparel & Footwear Association, U.S . West Coast, Canada Labor, Labor, Canadian Pacific Kansas City, Canadian National Railway Co, Canada Industrial Relations Locations: Vancouver, Montreal, U.S, United States, Canada, North America

☆ Warner Bros. Discovery CEO David Zaslav thinks Trump will let him consolidate
▼ + stars: | 2024-11-07 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

David Zaslav wanted a new president that was open to M&A. And we still don't know if Trump will have problems with specific deals — like he did when AT&T wanted to buy Time Warner. AdvertisementDavid Zaslav wanted a new president who would make it easier for his company to buy other companies — or sell itself. The second version of the Trump administration may be a boon for media companies facing "generational disruption," the Warner Bros. AdvertisementBut even if the new Trump administration is more receptive to big deals, that doesn't make them a foregone conclusion.

Persons: David Zaslav, Trump, —, it's, Zaslav, John Malone, there's, Joe, Biden, Lina Khan, Jonathan Kanter, Shari, There's, Time Warner's, Rupert Murdoch's, Malone Organizations: Big Media, Time Warner, Service, Warner Bros, Discovery, Netflix, Federal Trade Commission, Department of Justice, Paramount, Trump, Trump's Department of Justice, Time Warner's CNN, T, Disney, CNN

Shomari Figures, the Black Democrat running in an Alabama congressional district redrawn last year by a court order, has won the seat over Republican Caroleene Dobson, NBC News projects. In 2023, the U.S. Supreme Court upheld an earlier ruling stating that Alabama’s district map likely discriminated against Black voters and mandated redrawing the 2nd District. The new area has a majority of Black voters — 47.6%, compared to 45% who are white. His late father, Michael Figures, was an Alabama state senator and his mother serves in that role now. Figures, 39, said he is happy to embrace the role of being an advocate for Black people in his state.

Persons: Republican Caroleene Dobson, Dobson, Obama, Michael, Maya Rupert, Terri Sewell, Kamala Harris, Joe Biden, they’ve Organizations: Democrat, Republican, NBC, U.S, Supreme, Black, Alabama, Republicans, District, Democratic Locations: Alabama, Alabama’s, Tuskegee, Montgomery, Mobile, Washington

☆ Trump’s return to power raises serious questions about the media’s credibility
▼ + stars: | 2024-11-06 | by ( Brian Stelter | ) edition.cnn.com time to read: +6 min

New York CNN —Donald Trump’s return to power is a hinge point for the American media – in ways big, small, and to be determined. A severe trust deficit exists between the Trump base and big institutional media outlets. “Maybe ‘misinformation’ is a lazy word that was never applied to press coverage of Biden’s health or the border. Thus, Trump’s reelection portends a new period of hostility with major media outlets that strive for impartiality as well as partisan outlets that oppose him. Further, will media outlets engage in self-censoring to appease Trump, and if so, how will readers and viewers who oppose Trump react?

Persons: New York CNN — Donald Trump’s, Kamala Harris, Matt Walsh, Trump, ”, we’ve, “, Dave Weigel, Harris, Scott Jennings, Trump’s, ” Jennings, Liz Cheney, Nikki Haley, Tim Walz, ‘, ’ ”, Ashley Allison, Rupert Murdoch, portends, ” Conde Nast, Roger Lynch Organizations: New, New York CNN, Trump, Republicans, CNN, ’ ” Liberal, Fox News, White Locations: New York, United States, America, York, Puerto Rico

☆ Activist Irenic backs Starboard's push to end News Corp's dual-class structure
▼ + stars: | 2024-11-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Activist Irenic Capital Management said Tuesday that it would back fellow dissident Starboard Value's push to dissolve the dual-class structure at Rupert Murdoch's News Corp , ahead of a closely watched shareholder meeting. Irenic wrote in its Tuesday letter to News Corp's board that while it opposed the dual-class structure, it remained supportive of management's efforts to "unlock immediate value." Irenic also wrote it believes the Murdoch family and other super-voting shareholders should be paid a premium if a conversion to a single-share structure happened. A vote to dissolve the dual-class structure at News Corp nearly a decade ago failed, although it was supported by 90% of non-Murdoch shareholders. The Murdoch family controls roughly 40% of the vote through a family trust and the supervoting Class B shares, making governance changes tough.

Persons: Jeff Smith's, Murdoch, Adam Katz's Irenic, Irenic, Glass Lewis Organizations: Irenic Capital Management, Rupert Murdoch's News Corp, Wall Street, News Corp

☆ Labor strikes shut down operations at Canada's container ports from East to West Coast, with U.S. trade left in limbo
▼ + stars: | 2024-11-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Key ports on Canada's West Coast, including its largest container port in Vancouver and the Port of Prince Rupert, were shut down by a labor strike on Monday. According to the Greater Vancouver Board of Trade, $800 million in trade flows through West Coast ports every day. Montreal processes 40% of all East Coast container traffic. Approximately $572 million in container trade arrives daily in the U.S. from Canada, according to U.S. Census data. A temporary loss of the Canadian West Coast trade gateway could push carriers to discharge import cargo along the already strained U.S. West Coast, said Alan Baer, CEO of OL USA, further increasing the dwell time of containers and elongating overall transits.

Persons: of Prince Rupert, Vancouver and Prince Rupert, Prince Rupert, Eric Byer, Paul Brashier, Alan Baer, Steve Lamar, Frank Morena, Steven MacKinnon Organizations: Greater, Greater Vancouver Board of Trade, Local, Port, Canadian Union of Public Employees, U.S . Department of Transportation, Alliance for Chemical, Canadian Pacific Kansas City, Canadian National Railway, Logistics, International, Warehouse Union of Canada, ITS Logistics, East, Canadian West, USA, U.S ., American Apparel and Footwear Association, British Columbia Maritime Employers Association, Federal Mediation, Conciliation Services, Canada, ILWU, U.S, Canadian Labor Locations: West Coast, Vancouver, of, Foreman, Greater Vancouver, U.S, Port of Montreal, Montreal, United States, of Vancouver, Canada, Canadian West Coast, Port, Midwest, Asia, U.S . West Coast, Los Angeles, Long Beach , California, British Columbia, American, British, East Coast

☆ Founder of TikTok owner ByteDance jumps to top of China’s rich list as number of billionaires shrinks
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

SHANGHAI — ByteDance founder Zhang Yiming is China’s richest person, with personal wealth of $49.3 billion, an annual rich list showed Tuesday, although counterparts in real estate and renewables have fared less well. Zhang, 41, who stepped down in 2021 as chief executive of ByteDance, the Beijing-based parent company of TikTok, becomes the 18th individual to be crowned China’s richest person in the 26 years since the Hurun China Rich List was first published. He overtook bottled water magnate Zhong Shanshan, who slipped to second place as his fortune dropped 24%, to $47.9 billion. Despite a legal battle over its U.S. assets, ByteDance’s global revenue grew 30% last year to $110 billion, Hurun said, helping to propel Zhang’s personal fortune. The number of billionaires on the list dropped by 142 to 753, shrinking more than a third from its 2021 peak.

Persons: Zhang Yiming, Zhang, China Rich, Zhong Shanshan, Hurun, Pony Ma, Colin Huang, ”, Rupert Hoogewerf, Lei, Hoogewerf Organizations: SHANGHAI, ByteDance, PDD Holdings Locations: Beijing, China

☆ China lost 36% of its billionaires to years of economic troubles and crackdowns
▼ + stars: | 2024-10-30 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +7 min

According to Hurun's 2024 rich list, China lost 432 billionaires since the high of 1,185 in 2021. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," said Rupert Hoogewerf, Hurun's Chairman and Chief Researcher. AdvertisementThat led, among other things, to regulatory crackdowns on tech platform companies and campaigns against China's rich entrepreneurs.

Persons: —, crackdowns, China's superrich, Zhang Yiming, Bytedance, Yiming, Zhong Shanshan, Rupert Hoogewerf, Robin Zeng, Li, Kerry Brown, Xi, Jack Ma, Alibaba, Brown, Joel Gallo, China shouldn't, it's Organizations: Service, Reuters, King's College London, Ant Group, & Partners, Bloomberg, New York University Shanghai, Communist Locations: China, Taiwan, Greater China

☆ TikTok’s founder is now China’s richest person. But the country’s total number of billionaires has shrunk
▼ + stars: | 2024-10-30 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

CNN —China has a new richest person – and it’s the entrepreneur behind the wildly popular, and controversial, app TikTok. Zhang Yiming, 41, co-founder of TikTok’s parent company ByteDance, topped the 2024 Hurun China Rich List, released Tuesday. His wealth reached $49.3 billion, as assessed by research, media and investment group Hurun Inc, which publishes the ranking of the country’s richest people. ByteDance also holds China’s popular news app Toutiao and Douyin, TikTok’s sister app in China. Billionaires on the declineOverall, the number of US-dollar billionaires in China shrank to 753, down 142 from the previous year.

Persons: Zhang Yiming, Zhang’s ascendency, Hurun, TikTok, it’s, –, Zhang, Liang Rubo, ByteDance, Zhong Shanshan, Zhong, Ma, Rupert Hoogewerf, ” Organizations: CNN, Hurun Inc Locations: China, India, Britain, Canada, Australia, Beijing, Hong Kong, Macao, Taiwan

☆ ByteDance founder tops China's rich list for the first time, beating Tencent and Nongfu heads
▼ + stars: | 2024-10-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

ByteDance founder Zhang Yiming for the first time has emerged as China's richest person, according to a list compiled by Hurun Research Institute, leaving behind Nongfu Spring Chairperson Zhong Shanshan who has topped the rankings for three years. Midea founder He Xiangjian and CATL's CEO Zeng Yuqun took fifth and sixth places on the list. "The Hurun China Rich List has shrunk for an unprecedented third year running, as China's economy and stock markets had a difficult year," said Rupert Hoogewerf, Hurun report chairman and chief researcher. The current rich list predominantly comprises entrepreneurs from the technology, consumer electronics and new energy space, from what used to be dominated by real estate developers, Hoogewerf noted. "The stories of the individuals on the Hurun China Rich List tell the story of the Chinese economy," he said.

Persons: Zhang Yiming, Zhong Shanshan, Zhang, Zhong, ByteDance, Hurun, Ma Huateng, Colin Huang, Xiangjian, Zeng Yuqun, Rupert Hoogewerf, Hoogewerf, ByteDance's Zhang, Huang Organizations: Hurun Research Institute, Nongfu, Research Locations: Shanghai, China

☆ The Washington Post and LA Times just stepped into a bigger political mess than the one they tried to avoid
▼ + stars: | 2024-10-25 | by ( Peter Kafka | ) www.businessinsider.com time to read: +7 min

The Washington Post's non-endorsement of Donald Trump or Kamala Harris has kicked up controversy. AdvertisementExplaining the non-endorsement decision in LAAt the Los Angeles Times, owner Soon-Shiong posted on Twitter/X on Wednesday trying to explain the paper's non-endorsement. Earlier this summer, the Times' editorial board had already declared that Trump was "patently unfit for office" and "an imminent threat to democracy." "The non-endorsement undermines the integrity of the editorial board and every single endorsement we make, down to school board races. AdvertisementBut no matter what their intentions truly are, the Post and Times' non-endorsements are going to be seen as political statements — no matter what.

Persons: Donald Trump, Kamala Harris, —, it's, Patrick Soon, Jeff Bezos, Will Lewis, Dia Dipasupil, Marty Baron, Donald Trump's, Lewis, Bezos, I've, Shiong, Trump, Mariel Garza, hadn't, Nika Organizations: Washington, LA Times, Service, Los Angeles Times, Post, New York Times, Editorial, Times, Columbia Journalism Locations: New, New York, LA, Gaza

Billionaires Darwin Deason, Michael Dell, and Tony Pritzker are trying to offload homes right now. It can take a long time for extremely expensive or unique homes to find buyers. AdvertisementBillionaires regularly want to offload their homes, but the housing market can present some unique challenges for the wealthiest home sellers. At least two billionaires have found buyers for their homes this fall. A handful of billionaires, however, have homes they're still trying to sell.

Persons: Darwin Deason, Michael Dell, Tony Pritzker, —, Gordon Getty, Getty, Rupert Murdoch's Organizations: Service, of Wings, Media, Fox Corporation, News Corp Locations: Boston, Berkeley, San Francisco, Manhattan, California

☆ The CEO of Perplexity said the AI-powered search engine isn't trying to replace the news
▼ + stars: | 2024-10-23 | by ( Melia Russell | ) www.businessinsider.com time to read: +5 min

Perplexity CEO Aravind Srinivas addressed the lawsuits the company is facing from news publishers. At a WSJ conference appearance, Srinivas said Perplexity was previously in conversations with Dow Jones. "Let's talk about the elephant in the room," Aravind Srinivas, cofounder and CEO of Perplexity, opened his interview at Wall Street Journal's Tech Live conference. People are directly going to [The] New York Times, The Wall Street Journal," Srinivas said. So, for example, a user can ask Perplexity about a shoe company that has just gone public on Wall Street.

Persons: Aravind Srinivas, Srinivas, Perplexity, Dow Jones, —, Rupert Murdoch's Dow Jones, Mark Penn, Deepa Seetharaman, Anthropic, Claude, It's, OpenAI Organizations: Service, Tech, New York Post, Journalism, New York Times, Street, Microsoft Locations: New York

☆ Rupert Murdoch’s news outlets sue Perplexity AI for allegedly engaging in ‘massive freeriding’
▼ + stars: | 2024-10-21 | by ( Liam Reilly | ) edition.cnn.com time to read: +3 min

New York CNN —Rupert Murdoch’s Dow Jones, the parent company of the Wall Street Journal, and the New York Post sued Perplexity on Monday, accusing the generative AI company of illegally scraping its reporting and diverting traffic to its own platforms. The News Corp-owned companies accused Perplexity of training its so-called answer machine with copyrighted material, using scraped human-created news content to generate responses to users’ questions, allowing them to circumvent the publishers’ websites. “Perplexity proudly states that users can ‘skip the links’ — apparently, Perplexity wants to skip the check.”A Perplexity spokesperson did not immediately respond to a CNN request for comment. Earlier this year, News Corp inked a massive deal with ChatGPT creator OpenAI, licensing its news content in an agreement reported to be worth more than $250 million. The Times also sued OpenAI last year for copyright infringement, accusing the company of using its reporting to train its chatbots without permission, claiming billions of dollars in damages.

Persons: Rupert Murdoch’s Dow Jones, Perplexity, Robert Thomson, ” Thomson, “ Perplexity, —, OpenAI, Thomson, Sam Altman, “, ” Organizations: New, New York CNN, Wall Street Journal, New York Post, News Corp, CNN, Corp, Artificial Intelligence, New York Times, Times Locations: New York

☆ Harris entered October with big cash edge over Trump
▼ + stars: | 2024-10-21 | by ( David Wright | Fredreka Schouten | ) edition.cnn.com time to read: +4 min

The Harris campaign has touted its small-dollar donations, saying that nearly two-thirds of the money raised in September came from grassroots donors. The Harris campaign outspent Trump on advertising in September, about $196 million to $73 million. Mellon’s September contribution accounted for more than 60% of the money the super PAC took in last month. Wealthy Democrats also rally to HarrisThe new filings Sunday night also showed some of the Democratic Party’s wealthiest supporters and other notable names rallying to support Harris’ campaign. In August, FEC records show Larsen making a $1 million contribution to the super PAC in XRP, his company’s digital currency.

Persons: Kamala Harris, Donald Trump’s, Harris, outraised, Harris ’, Tim Walz, –, Joe Biden, outspent, Timothy Mellon, Mellon, Robert F, Kennedy Jr, ’, Dustin Moskovitz, Christian Larsen, Larsen, JB Pritzker, Stephen Mandel, Susan, James Murdoch, Kathryn, Murdoch, Rupert Murdoch, James, Kathryn Murdoch, CNN’s Alex Leeds Matthews Organizations: CNN, Democratic Party, Republican, Federal, Commission, outraised Trump, White, Minnesota Gov, Democratic, Trump, outspent Trump, Inc, PAC, Democrats, Democratic Party’s, FF PAC, Facebook, Labs, FEC, Fox, News Corp Locations: Boston, Greenwich , Connecticut, XRP, Illinois

☆ Trump reveals ‘people from Fox’ helped him write Al Smith dinner speech
▼ + stars: | 2024-10-18 | by ( Hadas Gold | ) edition.cnn.com time to read: +3 min

New York CNN —Former President Donald Trump said Friday that Fox News staffers helped him write his speech for the Al Smith charity dinner, in which he cracked jokes and insulted his opponent, Vice President Kamala Harris. Trump made the comment during an interview on “Fox and Friends,” in which he was asked about his monologue. Host Steve Doocy said Democrats historically “turn to the guys from ‘Saturday Night Live’ or the ‘Tonight Show;’ they write all their material,” before asking Trump who helped write his speech. “I had a lot of people, a couple people from Fox actually, I shouldn’t say that. “I’m going to see Rupert Murdoch,” Trump said.

Persons: Donald Trump, Al Smith, Kamala Harris, Trump, “, Steve Doocy, ’, ” Trump, Harris, Sean Hannity, Rupert Murdoch, “ I’m, he’s, I’m, don’t, ‘ Rupert, Murdoch, MAGA, Globalist RINO, Suzanne Scott, Jessica Tarlov, Richard Fowler, Patrick Murphy, ’ Wolf, Keisha Lance Bottoms Organizations: New, New York CNN, Fox News, “ Fox, Trump, Fox, CNN Locations: New York, Fox

☆ Billionaire Barry Diller thinks Elon Musk has a 'form of megalomania' and is backing Trump after being rejected by Biden
▼ + stars: | 2024-10-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Barry Diller suggested Elon Musk endorsed Donald Trump due to "rejection" by the Biden administration. AdvertisementBarry Diller thinks Elon Musk is backing Donald Trump because he's bitter about being rejected by the Democrats, the billionaire told the "Fire and Fury" podcast. "Why he has gone this way, I think, is out of some weird bitterness and rejection by the current administration," Diller told presenters Michael Wolff and James Truman. Musk was once a supporter of Joe Biden, but the pair have often sparred verbally since Biden took office in 2021. At The New York Times' DealBook Summit the same month, Musk told departing advertisers to "go fuck yourself."

Persons: Barry Diller, Elon Musk, Donald Trump, Biden, Michael Wolff's, Musk, —, Diller, Michael Wolff, James Truman, Joe Biden, Rupert Murdoch, Twitter, X, It's, he's Organizations: IAC, Service, Democrats, Trump, America PAC, SpaceX, Republicans, Fox, Paramount, Democratic Party, Twitter, Disney, Apple, The New York Times, CNN, Forbes, Business Locations: Pennsylvania

☆ Dior and Gucci owners suffer $14 billion wealth crash as luxury stocks slide
▼ + stars: | 2024-10-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The ultra-rich owners of the world's leading luxury brands took a hit to their fortunes on Tuesday. LVMH shares fell as much as 7% in Paris on Tuesday, slashing the value of his stake by about $13 billion, before paring their decline to 3%. Arnault ranked as the world's fourth-richest person with a $197 billion net worth at Monday's market close, per the Bloomberg Billionaires Index. Pinault was 83rd in the wealth rankings with a $24 billion fortune at Monday's close, down more than $11 billion this year. For example, the Dumas family owes most of its estimated $150 billion fortune to Hermès stock, which slid 3% on Tuesday.

Persons: Bernard Arnault, —, LVMH Moët Hennessy Louis Vuitton, Dior, Arnault, François Pinault, Gucci, Kering, Pinault, Dumas, Johann Rupert's, Cartier, Piaget, Remo Ruffini isn't, Forbes, Chanel isn't, Alain, Gérard Wertheimer, they're Organizations: Service, Bloomberg Locations: LVMH, Paris, China, Monday's

☆ Activist investor Starboard has just informed Pfizer it has taken a significant stake
▼ + stars: | 2024-10-07 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Starboard Value has taken a significant stake in Pfizer, said people familiar with the matter. Starboard has recently taken positions in Starbucks and Match. The activist investor has informed Pfizer that it has taken a significant stake in the drugmaker, people familiar with the matter told Business Insider. The Wall Street Journal earlier reported the Starboard stake. It also has a stake in Rupert Murdoch's News Corp and has pushed for a breakup of the media conglomerate.

Persons: — Organizations: Pfizer, Service, pharma, Street, Rupert Murdoch's News Corp

☆ UK's Rightmove rejects sweetened $8.3 billion bid from Murdoch's REA Group
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: +2 min

Rupert Murdoch looks on as he walks on the day of the hearing on the contentious matter of succession of Rupert Murdoch's global television and publishing empire, in Reno, Nevada, U.S. September 23, 2024. British real estate portal Rightmove rejected a sweetened $8.29 billion takeover bid from Rupert Murdoch's Australian property listing firm REA Group on Monday, saying the fourth bid still undervalued the company. That gave Rightmove an implied value of 781 pence per share, about a 3% increase over the previous bid. Rightmove said that during the discussions, REA had requested to extend the deadline to allow it to consider a potential fifth proposal. The U.K. company looks primed for a steady recovery from a property market downturn as the potential for more rate cuts boosts sentiment in the U.K. housing sector.

Persons: Rupert Murdoch, Rupert Murdoch's, REA, Rightmove, Andrew Fisher, Hamish McLennan, Rightmove's Organizations: REA Group, Murdoch's News Corp, REA, OnTheMarket Locations: Reno , Nevada, U.S, British, U.K

☆ Audacy completes its financial restructuring and now plans to go private
▼ + stars: | 2024-09-30 | by ( Liam Reilly | ) edition.cnn.com time to read: +7 min

CNN —Radio network Audacy on Monday shared that it completed its financial restructuring, successfully reducing its approximately $1.9 billion of funded debt by 80%, to $350 million. The radio giant had filed when it disclosed it was entering a restructuring agreement to reduce debt. Audacy is the second largest radio company in the United States behind iHeartMedia and ahead of Cumulus. Audacy, an internet radio conglomerate, operates hundreds of music, news and sports radio stations. The company, founded in 1968 as Entercom Communications, merged with CBS Radio in 2017, before rebranding as Audacy in 2021.

Persons: David Field, Audacy, ”, strongmen Soros, Soros, Rupert Murdoch, ” Soros, Ajit Pai, Donald Trump, George Soros, Chip Roy, ” Roy, Sen, Ted Cruz, Jessica Rosenworcel, Elon Musk’s, ” “ Soros, “ George soros, ” It’s Organizations: CNN — Radio, “, Bloomberg, Fund Management, FCC, Soros Fund Management, Soros, Democratic, Open Society, New York Post, Cumulus Media, iHeartMedia, Cumulus, CNN, Republican, Rothschilds, fcc, Entercom Communications, CBS Radio Locations: Philadelphia, Hungarian, United States, Texas, U.S

☆ EchoStar to sell Dish to DirecTV, combining major pay-TV providers
▼ + stars: | 2024-09-30 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +3 min

EchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters. The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach. Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The possibility of a merger between Dish and DirecTV has been rumored for decades.

Persons: Hamid Akhavan, CNBC's, Akhavan, EchoStar, — CNBC's Lillian Rizzo, Alex Sherman Organizations: DirecTV, Dish, Reuters, T, TPG, General Motors, Hughes Electronics, Federal Communications Commission, Rupert Murdoch's News Corporation

☆ Rupert Murdoch’s property group REA ends chase to buy Rightmove after multiple rejected offers
▼ + stars: | 2024-09-30 | by ( April Roach | ) www.cnbc.com time to read: +2 min

LONDON — Rupert Murdoch's Australian property firm REA Group said Monday it would no longer seek to buy the U.K.'s Rightmove after the property portal rejected a fourth takeover proposal. "We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. Rightmove, meanwhile, said Monday in a separate statement that its board unanimously rejected REA Group's fourth offer proposal on the grounds that it "materially undervalued Rightmove and its future prospects." REA Group, in which News Corp owns a more than 61% interest, operates a number of property websites in Australia, as well as several brands in India and the U.S. The company sold its real estate site PropertyFinder Group to Rightmove rival Zoopla in 2009, during the Global Financial Crisis.

Persons: Rupert, REA, Owen Wilson, Rightmove, REA Group's, It's, Andrew Fisher, Zoopla, Karen Gilchrest Organizations: Rightmove, REA, Murdoch's News Corp, Reuters, REA Group, News Corp, U.S Locations: London, Rightmove, Melbourne, Australia, India

☆ Opinion | No Turkish Delight for New York’s Mayor
▼ + stars: | 2024-09-28 | by ( Maureen Dowd | ) www.nytimes.com time to read: +1 min

Cindy Adams, The New York Post gossip G.O.A.T., feted her 94th birthday at her rococo Park Avenue apartment in April. I was mesmerized looking around at an amazing web of scheming New York power brokers. A spidery crop of tabloid Gotham villains uneasily circling one another and eating animal crackers and ice cream in the red-lacquered, Ming dynasty’d-out lair of the tabloid queen. Bill O’Reilly was there with an assistant who was handing out cards awarding a free subscription to his substack. Nearby was Robert Thomson, the top lieutenant and best friend of Rupert Murdoch, the mogul who fired O’Reilly for sexual misconduct at Fox News.

Persons: Cindy Adams, you’re, Joey Adams, Roy Cohn’s louche, dynasty’d, Woody, Yi, Bill O’Reilly, Robert Thomson, Rupert Murdoch Organizations: The New, The New York Post, Gotham, Fox News Locations: The New York, New York

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