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☆ Workday stock slips on light quarterly forecast
▼ + stars: | 2024-11-26 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

For the fiscal fourth quarter, Workday called for an adjusted operating margin of 25% on $2.03 billion in subscription revenue. Analysts polled by StreetAccount were looking for a 25.5% margin and $2.04 billion in subscription revenue. Subscription revenue totaled $1.96 billion, up around 16%, consistent with the $1.96 billion consensus among analysts surveyed by StreetAccount. In October Workday told employees that Doug Robinson, a co-president, will retireDuring the quarter, Workday acquired contract lifecycle management software startup Evisort. Workday's finance chief, Zane Rowe, called for $8.8 billion in fiscal year 2026 subscription revenue, good for 14% growth.

Persons: Carl Eschenbach, StreetAccount, Rowe, Rob Enslin, Doug Robinson, Zane Rowe Organizations: Allen & Company Sun Valley, U.S ., Google, SAP Locations: Sun Valley , Idaho, U.S

Trump defeated Democratic candidate Vice President Kamala Harris, and Republicans claimed a majority of the Senate in elections this week. "We know kind of where the world is headed in a Trump environment because we've seen it before," said Jeffrey Solomon, president of TD Cowen, on CNBC's "Money Movers" Wednesday. One M&A advisor, who also spoke to CNBC anonymously, noted that Trump's disdain for Big Tech companies — historically active deal-makers — might keep them on the sidelines. Apparent GOP opposition to the CHIPS Act means that semiconductor consolidation might be challenging, the advisor noted, while cautioning it is still too early to know what a Trump presidency would mean. That advisor noted that smaller banks had been getting gobbled up for "some time," but that the pace and size of those acquisitions would likely ramp up under a Trump presidency.

Persons: Donald Trum, Ronda Churchill, Donald Trump, Kamala Harris, Jeffrey Solomon, TD Cowen, Solomon, Trump, Lina Khan, Khan, Howard Gutman, Jonathan Miller, —, Jared Holz, Mizuho, Sen, Elizabeth Warren, David Zaslav, David Grogan Organizations: Republican, Nevada GOP, Afp, Getty, Trump, Democratic, Republicans, Biden administration's Department of Justice, Federal Trade Commission, CNBC, Dow Jones, MorganFranklin Consulting, Big Tech, Qualcomm, Intel, Integrated Media, Pharmaceutical, Biotech, Illumina, FTC, Maze Therapeutics, Sanofi, Senate, DOJ, Allen & Company Sun Valley Conference Locations: Florida, Nevada, Las Vegas , Nevada, Ronda, Trump, Sun Valley , Idaho

☆ Sam Altman’s Reddit stake now worth over $1 billion after post-earnings pop
▼ + stars: | 2024-10-29 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Sam Altman, CEO of OpenAI, at the Allen & Company Sun Valley Conference on July 9, 2024 in Sun Valley, Idaho. Sam Altman, the controversial CEO of OpenAI, has a stake in social media company Reddit that's worth over $1 billion as of post-market trading on Tuesday. Altman controls roughly 12.2 million shares of Reddit, a company he first invested in over a decade ago. Reddit shares soared about 20% in extended trading after the compny reported better-than-expected quarterly results and issued an optimistic forecast. Top shareholders were forbidden from selling Reddit shares for six months during the "lockup period," which expired in September.

Persons: Sam Altman, Altman, OpenAI's, Y, Reddit, Condé, Altman didn't, OpenAI, WilmerHale, — CNBC's Ari Levy, Cramer Organizations: Allen & Company Sun Valley Conference, Reddit, Condé Nast, Advance Magazine Publishers, Fidelity, OpenAI, CNBC Locations: Sun Valley , Idaho, Reddit's, Airbnb

☆ Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more
▼ + stars: | 2024-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +18 min

Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024. The previous Trump administration didn't pursue those types of consumer protections. In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.

Persons: Donald Trump, Kamala Harris, he's, Harris, Joe Biden's, Trump, Pete Buttigieg, Jonathan Kletzel, didn't, — Leslie Josephs Banks Big, JPMorgan Chase, Biden, Tobin Marcus, it's, Sen, JD Vance, they're, Lindsey Johnson, Hugh Son, Pablo Di Si, EVs, Joseph Spak, Harris hasn't, Mike Wayland, Drugmakers, Trump hasn't, Mariana Socal, Annika Kim Constantino, David Zaslav, John Malone, Time Warner, Simon, Simon & Schuster, Marc DeBevoise, Jonathan Miller, Elon Musk's, Musk, I'm, MAGA, I'm Dark MAGA, —, TikTok, — Lillian Rizzo, Alex Sherman, Michael Lynn, — Amelia Lucas Organizations: ABC, Getty, U.S, Trump, Treasury, Justice Department, Federal Trade Commission, Consumer Financial, Bureau, CNBC, The Biden Department of Transportation, Democratic, American Airlines, JetBlue Airways, Spirit Airlines, Industry, Boeing, JPMorgan, Securities and Exchange Commission, Currency, Federal Deposit Insurance Corporation, Biden, Wolfe Research, Bank, Republican, Bankers, Democratic Party, Consumer Bankers Association, Republicans, Volkswagen Group of America, Automotive News, Environmental Protection Agency, UBS, Mike Wayland Health, Commonwealth Fund, Medicare, Johns Hopkins Bloomberg School of Public Health, Annika Kim Constantino Media, Paramount Global, Skydance, Warner Bros, Discovery, Allen & Co, Sun, Media, Disney, Fox Corp, Time, Simon &, Random, MGM, FCC, Integrated Media, Twitter, Capitol, White, Lawmakers, Meta's Facebook, Alex Sherman Restaurants, National Restaurant Association, National Labor Relations Board, Social Security, Washington Post, Cornell University Locations: United States, PwC, JetBlue's, U.S, China, Ohio, Michigan, California

Comcast CEO Brian Roberts chose Shell to replace Steve Burke as NBCUniversal CEO in 2019. Soon, Shell, 59, will be at the helm of Paramount and paired with Ellison, who has already expressed his desire to transition Paramount into a more modern media company. The 10 p.m. hourAt Paramount, Shell will be given an asset mix similar to what he oversaw at NBCUniversal — save the theme parks. Wolf's shows were also significant moneymakers for NBCUniversal, according to a person familiar with the matter. Some media analysts, such as LightShed Partners' Rich Greenfield, have argued Paramount Global should shut down Paramount+ and instead license Paramount content to other streamers with more scale.

Persons: Jeff Shell, Eric Gaillard, NBCUniversal, David Ellison, Ellison, Comcast's NBCUniversal, Shell, Brian Roberts, Steve Burke, RedBird, Andrew Brandon, Gordon, Shell's, —, Skydance, NBC —, CNBC's David Faber, George Cheeks, Hollywood creatives, Dick Wolf, Kevin Dietsch, Stephen Colbert, it's, we've, Pluto, Rich Greenfield, Shell's playbook, We've, Peacock, Roberts, Andrew Wilson, Brian L, Eric Charbonneau, Wall, Mark Hoffman, Shepard Smith, Hoffman Organizations: NBCUniversal, Cannes Lions International, Creativity, Reuters, Paramount Global, Skydance Media, Shell, CNBC, Paramount, Fox, Comcast, NBCU International, Universal, Entertainment Group, RedBird Capital Partners, NFL, CBS, Paramount Pictures, NBC, Local, Journal, FBI, Hollywood, TV, Allen & Company Sun Valley, Getty, LightShed Partners, Warner Bros ., Viacom, WarnerMedia, Netflix, EA, Entertainment, Comcast Corporation, Universal Pictures, Invision, Bravo, MSNBC, MTV, VH1, Comedy Central, Fox News, NBC Sports, NBA, CBS Sports, Big Ten, UEFA Champions League Locations: Cannes, France, Shell, NBCUniversal, Sun Valley , Idaho, Toronto

OpenAI's $6.6 billion funding raise attracted some big names across the industry. The $6.6 billion round gave OpenAI a $157 billion post-money valuation and minted it into one of the most valuable startups in the world. MicrosoftMicrosoft invested a little under $1 billion into OpenAI's latest funding round, according to The Wall Street Journal report. FidelityFidelity also participated in OpenAI's latest funding round. AdvertisementAltimeter Capital ManagementAltimeter Capital Management also contributed to OpenAI's latest funding round, according to reports.

Persons: —, Sam Altman, OpenAI, Here's, Anderson Cooper, Josh Kushner, Instagram, Kushner, Altman, josh, SoftBank, Masayoshi Son, Son, Marco Bello, Wood, Morningstar, Bing, Jensen Huang, Sam Yeh, Elon Musk's, Brad Gerstner, Gerstner, Vinod Khosla, Vaughn Ridley, Khosla, MGX Organizations: Service, Allen & Company Sun Valley Conference, Getty, Capital, Business, VC, Wall Street, Reuters, Vision Fund, Venture, ARK Invest, ARK Venture Fund, SpaceX, Microsoft Microsoft, Wall, Rival Apple, Microsoft, Nvidia Nvidia, Nvidia, Tiger Global Management, Fidelity Fidelity, Elon, Elon Musk's xAI, Fidelity, Capital Management, . Khosla, Getty Khosla Ventures, Sun Microsystems, United Arab, Bloomberg Locations: OpenAI, Silicon Valley, OpenAI ., Tokyo, Saudi, ARK, AFP, IPOs, America, United Arab Emirates

☆ Oura, beloved by techies and athletes alike, is launching a new smart ring this month: Bloomberg
▼ + stars: | 2024-10-01 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +5 min

Oura Health Oy is releasing a new smart ring this month, Bloomberg reported. CEO Tom Hale told Bloomberg that he expects the company's annual sales to double this year, to around $500 million. In July, Samsung entered the smart ring space with the $400 Galaxy Ring, which tracks health metrics and features built-in AI capabilities. AdvertisementIn May, Samsung filed a preemptive lawsuit against Oura, declaring that its Galaxy Ring does not violate Oura's patents. Last month, analysts from research firm IDC said that the smart ring market could retain its "premium status as a select few brands still lead the category."

Persons: Tom Hale, —, Oura, Harry, Apple's, Oura's Hale, Avi Greengart, Greengart, Hale Organizations: Oura Health, Bloomberg, Service, Oura, WNBA, NASCAR, Sun Valley Conference, Samsung, Apple, CNBC, IDC, Global, —, Business Insider Locations: Finnish

☆ Affirm shares have best day in three years, surge 32% after earnings beat
▼ + stars: | 2024-08-29 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Max Levchin, co-founder of PayPal and chief executive officer of financial technology company Affirm, arrives at the Sun Valley Resort for the annual Allen & Company Sun Valley Conference, in Sun Valley, Idaho. Affirm shares soared nearly 32% on Thursday, notching their best day in almost three years, after the provider of buy now, pay later loans beat on the top and bottom lines in its earnings report. For the current quarter, Affirm sees revenue in the range of $640 million to $670 million. Analysts for Mizuho called it a "killer quarter" for Affirm in a note Thursday, and said the "prospect of turning GAAP operating income-positive" will be "a major milestone." Even after Thursday's rally, Affirm shares are still down about 15% for the year, while the Nasdaq is up 19%.

Persons: Max Levchin, LSEG, Jerome Powell Organizations: PayPal, Allen & Company Sun Valley Conference, Mizuho, Nasdaq, Federal, Bank of America, Apple Locations: Sun Valley , Idaho

☆ Murdoch family battle highlights Nevada’s secret trust boom
▼ + stars: | 2024-08-13 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The Murdoch family feud taking place in an obscure Nevada court highlights the state's surging popularity as a global center of family trusts and a friendly home to the world's biggest fortunes. The Western state's fast-growing industry of trust and estate attorneys, trust companies and facilitators keeps a deliberately low profile. Yet experts estimate the state likely has hundreds of billions of dollars in trust assets locked away in nondescript office buildings or trust companies, offering little to no visibility to the outside world. In the race among states to attract the hundreds of billions of dollar in new trust assets, Nevada has a comfortable lead. Perhaps its most powerful advantage, and the one with direct bearing on the Murdoch case, is trust flexibility.

Persons: Rupert Murdoch, Lachlan Murdoch, Drew Angerer, Robert Frank, Murdoch, Steven Oshins, Oshins, Thomas Piketty, Emmanuel Saez, Gabriel Zucman Organizations: News Corp, Fox News, Century Fox, Allen & Company Sun Valley Conference, Getty, IRS, Division Locations: Sun Valley , Idaho, Nevada, South Dakota, Tennessee , Delaware, U.S

☆ Jeff Bezos' family office is making big investments in AI
▼ + stars: | 2024-08-02 | by ( Robert Frank | ) www.cnbc.com time to read: +1 min

Jeff Bezos at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, on July 10, 2024. All of the investments made this year by Bezos' family office — called Bezos Expeditions — have been in artificial intelligence, according to exclusive data provided to CNBC by FINTRX, a private wealth intelligence platform. While the amounts he invested are not disclosed, Bezos Expeditions participated in funding rounds totaling more than $1 billion. In February, Bezos Expeditions invested in Figure AI, the humanoid-robot company that also counts Nvidia and Microsoft as investors. In July, he invested in a $300 million Series A round of Skild AI, which is focused on making AI systems for machines and robotics devices.

Persons: Jeff Bezos, Robert Frank, Bezos, — Organizations: Allen & Company Sun Valley, CNBC, FINTRX, Bezos Expeditions, Amazon, Expeditions, Nvidia, Microsoft Locations: Sun Valley , Idaho, Los Angeles

☆ Warner Bros. Discovery is counting on deregulation to unlock media deals — if there's even appetite
▼ + stars: | 2024-07-26 | by ( Alex Sherman | ) www.cnbc.com time to read: +10 min

If you ask Zaslav, though, the reason Roberts and other potential buyers of media assets aren't interested is because the government has scared them away. Or, perhaps, legacy media companies are simply undesirable assets to own. He extended the life of his previous company, Discovery Communications — and probably his own tenure running a media company — by merging it with AT&T's WarnerMedia in 2022. Without a deal, Discovery would have wallowed as a subscale content provider and owner of declining cable networks. Discovery with another legacy media company, such as Paramount Global , Fox or Disney , or NBCUniversal, if it were spun off from Comcast.

Persons: David Zaslav, David Grogan, Brian Roberts, " Roberts, Comcast's, Roberts, Zaslav, Shari Redstone, Rob Kindler, Paul, Weiss, they've, Kindler, haven't, Morgan Stanley's, Donald Trump's, There's, Joe Biden's, Simon, Simon & Schuster, JD Vance, Lina Khan's, Lina Khan, Biden, Vance, Kamala Harris Organizations: Allen & Company Sun Valley Conference, CNBC Comcast, Warner Bros, Discovery, Allen & Co, Sun, Paramount, Skydance Media, CNBC Redstone, Starz, AMC Networks, Vice Media, Discovery Communications, NBA, Apple, Paramount Global, Fox, Disney, Comcast, CNBC, Google, Scripps Networks Interactive, Time Warner, Scripps, Viacom, CBS, Sky, AMC, IFC, Sundance, Lionsgate, Media, Republican, Democratic, Donald Trump's Department of Justice, Simon &, Random, MGM, Federal Trade, & $ Locations: Sun Valley , Idaho, RemedyFest

☆ Willow Bay, Bob Iger to take controlling stake in NWSL's Angel City FC at a $250 million valuation
▼ + stars: | 2024-07-17 | by ( Jessica Golden | ) www.cnbc.com time to read: +1 min

Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world's most valuable women's professional sports team. On Wednesday, Angel City of the National Women's Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million. The club said Bay and Iger will invest an additional $50 million in the club's future growth. Bay will serve on and have full control of the Angel City FC board, the team said. Last year, Angel City FC generated the highest revenue of any women's team in the world.

Persons: Bob Iger, Willow Organizations: Walt Disney Co, Allen & Company Sun Valley Conference, Angel City Football Club, National Women's Soccer League, Angel City FC, ACFC Locations: Sun Valley , Idaho, Willow, Angel City

☆ Billionaires and millionaires at Sun Valley showed off the must-have accessory of the summer: colorful sunglasses
▼ + stars: | 2024-07-15 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +5 min

Read previewLast week, the ultrawealthy flocked to Idaho for Allen & Co.'s annual Sun Valley Conference. Pops of red and the classic tech-bro vest were in at Sun Valley 2024, but the weekend's standout style trend was a smaller accessory: tinted sunglasses. AdvertisementColorful sunglasses were the hit accessory of Sun Valley 2024Oprah Winfrey and Gayle King at the Sun Valley Conference 2024. Diane von Furstenberg and Barry Diller at the Sun Valley Conference 2024. Lauren Sánchez and Jeff Bezos at the Sun Valley Conference 2024.

Persons: —, Oprah Winfrey, Gayle King, Kevork Djansezian, you'll, Winfrey, Diane von Furstenberg, Barry Diller, Brian Grazer, Jeff Bezos, Lauren Sánchez, Kim Appelt, Appelt, Justin Bieber's, Pattie Mallette, Holly, you've, Holly Sharma, Linda Farrow, Gucci, Linda Farrow's, Kadri Organizations: Service, Allen & Co, Sun Valley Conference, Business, Sun, Valley Conference Locations: Idaho, Sun

☆ What billionaires and CEOs are wearing at this year's Sun Valley conference: Red, white, and corporate vests
▼ + stars: | 2024-07-13 | by ( Lakshmi Varanasi | Madeline Berg | ) www.businessinsider.com time to read: +1 min

Execs and celebs headed to the Sun Valley Conference this week, giving us a look into their style. The conference, known as 'summer camp for billionaires,' typically has a casual dress code. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEvery July, executives in tech, media, and finance flock to the small resort town of Sun Valley, Idaho, for the Allen & Co. Sun Valley Forum — aka "summer camp for billionaires." Attendees usually adhere to a simple dress code of t-shirts, vests, and athleisure for conference sessions in between the rounds of golf, schmoozing, and dealmaking.

Persons: — Organizations: Sun, Service, Allen, Co, Business Locations: Sun Valley , Idaho

☆ The NFL is open to private equity team ownership of up to 10%, Commissioner Roger Goodell says
▼ + stars: | 2024-07-11 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

"We've had a tremendous amount of interest [from private equity firms], and we believe this could make sense for us in a limited fashion, probably no more than 10% of a team. The National Football League is considering allowing minority private equity ownership for its 32 teams of up to 10%, Commissioner Roger Goodell said in an exclusive CNBC interview Thursday. "I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." Private equity incentives around reaching investment targets and exit thresholds could alter the motivations for ownership in ways that make the bigger sports leagues uncomfortable. Private equity firms, tasked with finding investment vehicles to make returns on their assets under management, may be better suited to minority ownership.

Persons: Roger Goodell, Goodell, CNBC's Julia Boorstin, We've, Josh Harris, Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, They're, Ted Leonsis, You'll Organizations: National Football League, Allen & Company Sun Valley, National Basketball Association, Major League Baseball, National Hockey League, Major League Soccer, NFL, Allen & Co, Sun Valley Conference, CNBC, Apollo Global Management, Washington, Summit, Washington , D.C, NBA, Blackstone Group, Philadelphia 76ers, New Jersey Devils, Women's Soccer League, Washington Capitals, Wizards, Mystics, ESPN Locations: Sun Valley , Idaho, Washington ,

☆ WBD CEO David Zaslav: Over the next year or two we're going to see more media consolidation
▼ + stars: | 2024-07-10 | 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 EmailWBD CEO David Zaslav: Over the next year or two we're going to see more media consolidationCNBC's Julia Boorstin talks what she is hearing from top media execs at the Allen & Co. Sun Valley Conference kicks off.

Persons: David Zaslav, Julia Boorstin Organizations: Allen, Co, Sun Valley Conference

☆ Warner Bros. Discovery CEO David Zaslav talks sports streaming bundle 'Venu'
▼ + stars: | 2024-07-10 | 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 EmailWarner Bros. Discovery CEO David Zaslav talks sports streaming bundle 'Venu'CNBC's Julia Boorstin talks what she is hearing from top media execs at the Allen & Co. Sun Valley Conference kicks off.

Persons: David Zaslav, Julia Boorstin Organizations: Warner Bros, Discovery, Allen, Co, Sun Valley Conference

☆ Here's the who's who of business moguls descending on Sun Valley in rural Idaho for a weeklong summer camp for billionaires
▼ + stars: | 2024-07-10 | by ( Hannah Getahun | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

The Allen & Co. Sun Valley Conference draws the ultrawealthy to Idaho for a weeklong retreat. & Co. draws the ultrawealthy to Idaho for a weeklong retreat. The event allows business leaders to connect — and potentially strike some deals. AdvertisementInvestment firm Allen & Co.'s Sun Valley Conference is again drawing in the world's ultra-wealthy for a weeklong retreat in the idyllic Idaho wilderness from July 9 to July 13. This story is available exclusively to Business Insider subscribers.

Persons: Sam Altman, Shari Redstone, Bob Iger, — Organizations: Allen, Co, Sun Valley Conference, Disney, Service, Investment, Sun, Conference, Business Locations: Idaho

Billionaires and business moguls are touching down in Sun Valley for the Allen & Company conference. The annual event, known as 'summer camp for billionaires,' draws the biggest names in tech and media. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe annual cacophony over Sun Valley, Idaho, has officially begun as billionaires and business moguls descend to coopt the small town — population: 1,783 — for the annual Allen & Company Sun Valley Conference.

Persons: —, Jeff Bezos Organizations: Allen & Company, Service, Allen & Company Sun Valley Conference, Washington Post, ABC, Disney Locations: Sun Valley, Sun Valley , Idaho, Sun

☆ Media, tech titans head for Sun Valley with streaming alliances top of mind
▼ + stars: | 2024-07-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

In past years, media companies chased high subscriber numbers in an attempt to best each other. Nathaniel S. Butler | National Basketball Association | Getty ImagesWith the NBA's media rights negotiations still ongoing, sports will remain a topic of conversation at this year's gathering. League commissioners, especially the NFL's Roger Goodell, are often attendees of the Sun Valley conference. Discovery has been weighing whether to match a competing offer for the media rights as the league looks to finalize smaller package deals. Sports remain the glue holding the traditional pay-TV bundle together, and has proven invaluable for streaming services, too.

Persons: Drew Angerer, Discovery's David Zaslav, Bob Iger, Dana Walden, Alan Bergman, Josh D'Amaro, Hugh Johnston, Ted Sarandos, Greg Peters, Andy Jassy, Jeff Bezos, Tim Cook, it's, Shari Redstone, Neil Begley, Redstone, David A, Barry Diller —, Paramount —, Jeff Shell, Max, Jonathan Miller, Begley, Sun, Mark Boidman, Dwyane Wade, Nathaniel S, Butler, Roger Goodell, Miller, Donald Trump, Joe Biden, Andrew Harnik Organizations: Getty Images Media, titans, Allen, Co, Warner Bros, Netflix, Apple, Amusements, Paramount Global, Paramount, Moody's Investors Services, Co . Media, Technology Conference, Grogan, CNBC, Media, Shell, Disney, Hulu, ESPN, Fox Corp, Integrated Media, Hollywood, Solomon Partners, Sports, NBA, National Basketball Association, Getty, League, Sun, NFL, YouTube, Amazon Locations: Sun Valley , Idaho, Sun, Idaho, Atlanta

☆ Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.

Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, —, hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep

☆ Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.

Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho

☆ Shari Redstone is playing M&A war games with removal of Paramount CEO Bob Bakish
▼ + stars: | 2024-04-29 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

The decision to remove Bakish as CEO comes as Paramount Global closes in on a merger agreement with Skydance Media. A number of large common shareholders, including Gamco Investors, Ariel Investments, Matrix and Aspen Sky Trust have publicly criticized the deal, arguing it destroys value for common shareholders. Paramount Global shares jumped about 5% in premarket trading Monday. Typically, Paramount Global shareholders, such as Gabelli, would compare an offer to the standalone company's prospects — hence his comments about not seeing a sale at all. But by removing Bakish, Redstone and the Paramount Global board are now throwing the status quo into chaos.

Persons: Bob Bakish, CNBC's David Faber, Shari Redstone, David A, Skydance, Mario Gabelli, That's, —, Bakish Organizations: Paramount, CNBC, Paramount Global, Skydance Media, Gamco Investors, Ariel Investments, Aspen Sky Trust, National Amusements, Allen & Company Sun Valley, Grogan, Amusements, New York Post, Bloomberg, Street Journal, Skydance, Apollo Global, Sony, New York Times, Apollo, Foreign Investment, U.S, Communications, Charter Locations: Sun Valley , Idaho, U.S, United States

☆ Insider Today: 'Stopover' travel hack
▼ + stars: | 2024-04-27 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. One 38-year-old woman told Business Insider that instead of skipping treats, she lost 140 pounds in two years by eating more high-protein foods. On the agenda:This story is available exclusively to Business Insider subscribers. "We're Here": In this wholesome Max series, famous drag queens travel to small-town America where they give out makeovers. More of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor-in-chief, in New York.

Persons: —, Anneta, Jeff Bezos, Eduardo Parra, Nick Goldson, Tyler Le, she's, Jenny Chang, Rodriguez, Brad Gilbert, Zendaya, Megan Tjelle, Tjelle, messier, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Washington Post, Allen & Company Sun Valley Conference, That's, Soho House, Madrid Airport, Europa Press, Getty, Warner Bros, Hulu, Netflix Locations: Hailey , Idaho, Cecconi's, West Hollywood, Madrid, Chicago, Chilean, America, New York

☆ Disney beat back activist investor Nelson Peltz. Now the real work begins
▼ + stars: | 2024-04-04 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

That would mark a milestone for the company, which launched Disney+ on Nov. 12, 2019. It would be the first time Disney showed it can make money from Disney+, Hulu and ESPN+. Disney will need to sustain and grow streaming profit to justify Iger's five-year-old strategy to go "all in" on the segment. Disney has already offered ESPN+, a sports streaming service that has some but not all of ESPN's content. Trian Partners' Nelson Peltz, who failed to join Disney's board Wednesday after securing just 31% of the vote, publicly questioned what he has called Disney's "woke" content strategy.

Persons: Bob Iger, Sun Valley , Idaho David A, Iger, Disney, they've, Cowen, Doug Creutz, Needham, Laura Martin, Gabby Jones, David Greenbaum, Sean Bailey, Alan Bergman, Indiana Jones, Nelson Peltz, Peltz, shouldn't, Bob Chapek, He'll, Bergman, Jimmy Pitaro, Josh D'Amaro, Dana Walden, They've, Cowen's, you've, That's, it's, — CNBC's Sarah Whitten, Needman's Martin Organizations: Disney, Allen & Company Sun Valley Conference, Grogan, CNBC Disney, Disney Disney, Hulu, ESPN, Co, Warner Bros . Discovery, Fox, CNBC, Athletic, Bloomberg, Getty, Marvel, Star Wars, Searchlight, Walt Disney Motion, Disney Entertainment, Century Fox, Sony, Disney's Marvel Studios, Trian Partners, Financial Times, Resorts, Iger Locations: Sun Valley , Idaho, Brooklyn , New York, Iger, Parks, Disney

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