DIRS.INFO The most relevant business & tech news

☆ Washington Commanders accused of cheating ticket holders in DC attorney general lawsuit
▼ + stars: | 2022-11-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +5 min

It is the second lawsuit brought forth by D.C. Attorney General Karl Racine in the past week. In Thursday's filing, Racine alleged that since 1996, the Commanders sold premium seating tickets to D.C. fans, some of which required a security deposit. "In 2014, as part of a comprehensive review, Team management was instructed to send notices to over 1,400 customers with deposits and return all security deposits requested." Although the Commanders had returned some of the money to ticket holders, they still held nearly $200,000 in unreturned security deposits as of March 2022, he added. The lawsuit also alleges the Commanders forfeited thousands of dollars from D.C. residents' security deposits and converted the funds into revenue for the team.

☆ Kohl's pulls full-year outlook, citing retail volatility and economic headwinds
▼ + stars: | 2022-11-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The Kohl's logo is displayed on the exterior of a Kohl's store on January 24, 2022 in San Rafael, California. Kohl's on Thursday withdrew its full-year outlook, pointing to volatility in the retail environment and significant macroeconomic headwinds, on top of its "unexpected CEO transition." Kohl's also reported third quarter earnings on Thursday, with revenue dropping 7% to $4.28 billion. The company warned investors of this drop in revenue earlier this month when it provided preliminary results for the quarter. Kohl's has been under pressure from activist investors as its sales have declined and its stock has slumped.

☆ Lowe's reports revenue increase, beating Wall Street's expectations
▼ + stars: | 2022-11-16 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

A Lowe's employee walks through the store during the grand opening of the Lowe's store in San Francisco, California. Lowe's reported third-quarter earnings on Wednesday that beat analysts' expectations, with revenue up compared to the same period last year. The home improvement retailer also updated its guidance, lowering the top end of its revenue outlook to approximately $97 to $98 billion for the full year. The company said its earnings were driven by 19% growth in its professional segment, and that its do-it-yourself sales improved. Lowe's earnings report comes a day after Home Depot 's third quarter earnings beat analyst's estimates.

☆ Paramount Global shares jump after Warren Buffett's Berkshire Hathaway increases stake
▼ + stars: | 2022-11-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount Global 's stock got a boost Tuesday after Warren Buffett's Berkshire Hathaway upped its stake, a fresh signal that the media and entertainment company could be an acquisition target. Berkshire disclosed in public filings late Monday that it now owns more than 91 million shares in Paramount. Buffett's firm first disclosed its new stake in Paramount in May. Paramount is controlled through its class A shares by National Amusements, chairman Shari Redstone's holding company. Paramount owns "Top Gun: Maverick" movie studio Paramount Pictures, as well as the broadcast network CBS, cable channels including MTV and VH1, the premium network Showtime, and fledgling streaming service Paramount+.

☆ Home Depot posts better-than-expected quarter despite inflation
▼ + stars: | 2022-11-15 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

A customer wearing a protective mask loads lumber onto a cart at a Home Depot store in Pleasanton, California, on Monday, Feb. 22, 2021. Home Depot reported Tuesday its third-quarter revenue increased nearly 6% to $38.9 billion, beating analyst expectations, as the retailer continued to beckon customers despite rising costs and macroeconomic pressures. The company posted a profit of $4.3 billion, or $4.24 per diluted share, up from $4.1 billion, or $3.92 billion, from the same quarter last year. The company also expects comparable store sales to grow about 3% and an operating margin of approximately 15%. Home Depot said that while its customer transactions were down slightly more than 4%, its average ticket prices rose about 9% to $89.67.

☆ Bed Bath & Beyond's stock falls as retailer plans to issue shares to pay off some debt
▼ + stars: | 2022-11-14 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Bed Bath & Beyond said Monday it would issue shares to some of its bondholders in exchange for paying off a small portion of its roughly $1 billion debt load. Bed Bath & Beyond's shares fell more than 8% at about $3.60 on Monday following the announcement of its stock dilution. Bed Bath & Beyond has more than $1 billion in unsecured notes with maturity dates spread across 2024, 2034 and 2044. In August, Bed Bath & Beyond announced new debt funding that was expected to give it some breath room, especially with suppliers. Meanwhile, its chief accounting officer resigned and the company eliminated the chief operating officer and chief stores officer roles.

☆ Sam Bankman-Fried steps down as FTX CEO as his crypto exchange files for bankruptcy
▼ + stars: | 2022-11-11 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Sam Bankman-Fried's cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S., according to a company statement posted on Twitter. CNBC reached out to Adam Landis, founding partner of Landis Rath & Cobb LLP, who filed the Chapter 11 proceedings on behalf of FTX. FTX founder Sam Bankman-Fried admitted on Thursday that he "f---ed up." The Chapter 11 proceedings exclude the following subsidiaries: LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd., and FTX Express Pay Ltd.

The attorney general of Washington, D.C., on Thursday sued the Commanders and owner Dan Snyder, as well as the NFL and Commissioner Roger Goodell, for allegedly deceiving D.C. residents about the team's alleged toxic culture for its own financial gain. "The Commanders and the NFL secretly entered into an agreement about the investigation that the public didn't know about," Racine said, pointing to evidence gathered by his office. The attorney general is also seeking a court order that would release the findings from the 10-month investigation into the Commanders' workplace culture. Shortly after the House Oversight Committee sent a letter to the Federal Trade Commission, the Virginia attorney general and Racine opened up investigations into the team, too. Amazon founder and multibillionaire Jeff Bezos and rapper and music industry giant Jay-Z are reportedly interested in bidding on the team.

☆ Shares of Truth Social merger partner fall after Trump's candidates underwhelm in midterm elections
▼ + stars: | 2022-11-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Shares of the blank check company set to take Trump Media and its Truth Social platform public fell sharply Wednesday after candidates endorsed by the former president disappointed in high-profile midterm election races. Another presidential run could drive traffic to Trump's Truth Social platform, as the ex-president has agreed to post exclusively on the social media platform for eight hours before posting it anywhere else. DWAC has been working to secure enough shareholder support to extend the deadline for the merger with Trump Media until Sept. 2023, with the vote being pushed back multiple times. The merger also faces a criminal probe into possible securities violations over discussions that took place between DWAC and Trump Media prior to the deal announcement.

The AMC 25 Theatres in Times Square in New York is seen on Tuesday, July 8, 2014. AMC Entertainment on Tuesday reported another quarterly loss despite higher revenue from a year ago, as it spent more on operational costs. For the period ended Sept. 30, the company's net loss increased slightly to $226.9 million compared to the same period last year. Still, AMC said its overall per-patron metrics were up when it came to admissions revenue and increased consumer spending on food and beverages at its theaters. As of Tuesday, it sold roughly 14.9 million shares, which raised net proceeds of about $36.4 million.

☆ Warner Bros Discovery reports underwhelming revenue, says new streaming service coming earlier
▼ + stars: | 2022-11-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Discovery reported its third-quarter earnings on Thursday, missing analyst expectations, as it felt the effects of a tough advertising environment and costs associated with its post-merger restructuring. CEO David Zaslav also announced that the merged version of the company's HBO Max and Discovery+ streaming services will be coming in the spring, earlier than the previously announced summer release date. Here's what the company reported compared with analysts' expectations, according to Refinitiv:Revenue: $9.82 billion vs. $10.36 billion expectedThe company reported a loss per share of 95 cents, citing macroeconomic headwinds, particularly in advertising. Discovery is the result of a merger between AT&T's WarnerMedia and Discovery, which was completed earlier this year. Industry peer Paramount Global reported earnings on Wednesday, also missing analyst estimates as its TV and advertising revenue fell.

☆ Altice USA stock sinks after tough third quarter earnings
▼ + stars: | 2022-11-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Altice USA 's shares dropped more than 20% and trading in the stock was briefly halted Thursday, after the company posted a weak earnings report. Altice's net income for the third quarter fell to $85 million from about $267 million compared to the same period last year. Cable providers saw big gains in broadband subscribers during the early days of the pandemic, when lockdowns forced many to work and take classes from home. Altice said it lost 43,000 broadband customers during the quarter, as well as 82,000 cable-TV subscribers. On top of this, Altice has been spending heftily to deploy a fiber network for its broadband customers.

☆ Toho plans to release a new Japanese Godzilla film next year as the monster's audience grows
▼ + stars: | 2022-11-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

To capitalize on this moment, Toho, the Japanese film studio that owns the monster and licenses it to Legendary in the U.S., said it will produce a new Godzilla film a year from Thursday, the anniversary of the monster's first film. The new film comes as global audiences have more access to Godzilla content than ever before thanks to deep libraries of movies and TV series on streaming services. The recent box office success of U.S. studio Legendary's Monsterverse, which kicked off with a Godzilla film in 2014 and led to "Godzilla vs. Kong" in 2021, has also helped. The films, especially the most recent installment, have been among some of the most in demand on streaming services. "There's more access to Godzilla than ever before because of streaming services and the internet," said Bill Tsutsui, a historian and academic known for his expertise in Godzilla.

☆ LAPD captain warned CBS about Les Moonves sexual assault claim, NY attorney general says
▼ + stars: | 2022-11-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

James said she referred the matter to the California Attorney General's office. The investigation found text messages between the LAPD captain, top-ranking CBS executives and Moonves that revealed the allegations. The captain also worked with executives for several months to prevent the complaint from becoming public, according to the attorney general's release on Wednesday. Moonves left CBS in 2018 after allegations of sexual misconduct and cultural problems in the company. "As a publicly traded company, CBS failed its most basic duty to be honest and transparent with the public and investors."

☆ Paramount Global shares slide as results miss and TV revenue falls
▼ + stars: | 2022-11-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount Global on Wednesday reported $6.92 billion in revenue for its third quarter, an increase of 5% year-over-year. Yet the company's results missed expectations as it suffered from cord cutting and a drop in advertising revenue. Advertising revenue for the segment also dropped, a sign that macroeconomic headwinds are beginning to hit. Paramount said advertising revenue for its TV networks was down 3% to about $1.9 billion. The company noted it also restructured some of its international affiliate TV agreements during the quarter, which shifted revenue from pay-TV services to streaming.

☆ Fox earnings lifted by advertising revenue from free streaming service Tubi
▼ + stars: | 2022-11-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Fox Corp .'s bet on its free, ad-supported streaming service Tubi appears to be paying off for the company. On Tuesday, the company reported earnings for its first fiscal quarter, noting that Tubi helped boost its advertising revenue. Fox said its advertising revenue in the quarter was also propelled by political ads leading into the midterm elections. On a call with investors, Murdoch said that Tubi's revenue for the first time surpassed the advertising revenue generated by Fox Entertainment "in a meaningful way." Murdoch called the investment "very modest" when compared with premium subscription streaming services.

☆ New York Post website hacked, with racist and sexist headlines targeting politicians
▼ + stars: | 2022-10-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The New York Post's website and Twitter account were hacked Thursday, as racist and sexually explicit headlines about Rep. Alexandria Ocasio-Cortez and President Joe Biden were published. A New York Post spokesperson confirmed in an email to CNBC that the posts resulted from a hack. Representatives for the president, Ocasio-Cortez and Adams didn't immediately respond to requests for comment. Content management system Wordpress, which enables publishing to the New York Post site, didn't immediately respond to comment, either. The company, which also uses WordPress, suspended its website immediately.

☆ Comcast tops expectations as it squeezes out a small gain in broadband subscribers
▼ + stars: | 2022-10-27 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Comcast on Thursday reported third-quarter earnings that beat analyst estimates, despite seeing revenue slightly decline and continued softness in broadband customer growth. Still, it's a sign that cable broadband providers are facing increased competition from telecom and wireless internet companies. Meanwhile, Comcast's cable unit, which includes pay-TV, mobile and traditional phone services in addition to broadband, saw revenue increase 2.6% to $16.5 billion. The company said broadband revenue jumped 5.7% due to an increase in average rates and the number of its residential broadband customers. Peacock, the company's fledgling streaming service, surpassed 15 million paying customers, an increase of more than 70% year-to-date, the company Thursday.

☆ Netflix to get Nielsen ratings as streaming giant rolls out ad-supported plan
▼ + stars: | 2022-10-13 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Nielsen ratings are coming to Netflix Inc.Netflix announced Thursday that will start using Nielsen's digital audience measurement in the U.S. to give advertisers an understanding of its reach. It said the Nielsen ratings will start sometime in 2023, marking the first time the streaming giant will have the ratings available for its content. "It also raises interesting questions about the future evolution of the market, with TV and streaming converging, and learning to co-exist," Watts said. Amazon is the first streaming service to have the exclusive rights to a package of NFL games, which will last through 2033. A limited number of TV shows and movies won't be available on that plan due to licensing restrictions, the company said.

☆ Major League Baseball strikes sponsorship deal with CBD maker Charlotte's Web
▼ + stars: | 2022-10-12 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

The league is teaming up with Charlotte's Web Holdings Inc., a maker of CBD products, in an exclusive multi-year partnership. Charlotte's Web makes CBD products like gummies and topical sprays. Charlotte's Web will become the "Official CBD of Major League Baseball." The agreement between MLB and Charlotte's Web came after a "rigorous approval process," the league said in a release. Although the Food and Drug Administration has not certified CBD products, their popularity has grown exponentially.

☆ NBCUniversal CEO Jeff Shell says movie business benefiting from new release model
▼ + stars: | 2022-10-04 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

CEO of NBC Jeff Shell arrives for the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho. NBCUniversal CEO Jeff Shell said Tuesday the company's movie business is performing well on the hybrid model of releasing some films simultaneously in theaters and on streaming services, while waiting to make others available for viewers at home. That changed when the Covid-19 pandemic shut down theaters, leading some companies to release films directly on streaming services for a period of time. "That construct of the windowing combined with the fact that streamers really want movies, movies are driving platforms, has in my opinion made the movie business economically better," Shell said. Some evaluated releasing movies directly on streaming services on a case-by-case basis, which Shell said NBCUniversal continues to do.

Gabby Jones | Bloomberg | Getty ImagesBenefits of bundlingFor consumers that buy many streaming services already, purchasing a bundle of them for a discount would be an instant money saver. For corporations, pushing together streaming services reduces the number of people who cancel each month, known in the industry as churn. But those companies also offer their own competing streaming services – The Roku Channel, Prime Video and Apple TV+, respectively – which could deter broader partnerships. Wireless companies already offer promotional pricing to streaming services as sign-up bonuses. From the standpoint of niche services, Peacock hasn't come to them with a coherent strategy, according to several people familiar with the talks.

☆ Disney reaches deal with activist investor Third Point, will add former Meta executive to its board
▼ + stars: | 2022-09-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The Disney+ website on a laptop computer in the Brooklyn borough of New York, US, on Monday, July 18, 2022. On Friday, Disney said in a public filing that, with Third Point's support, it would add Everson to its board ahead of its board meeting in November. The deal comes weeks after Third Point took a new stake in Disney representing about 0.4% of the company and urged the media company to spin out its sports property, ESPN. Disney has reached a deal with activist investor Dan Loeb's Third Point, which includes adding former Meta executive Carolyn Everson to its board of directors, the companies said on Friday. With Everson, who will officially take her seat on November 21, Disney will have 12 board members.

☆ NFL replaces Pro Bowl with weeklong skills competitions and a flag football game
▼ + stars: | 2022-09-26 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Signage for the NFL Pro Bowl is seen at Allegiant Stadium on Sunday, Feb. 6, 2022, in Las Vegas. (Chase Stevens/Las Vegas Review-Journal/Tribune News Service via Getty Images)The NFL said it is eliminating the Pro Bowl in favor of a week's worth of skill competitions and a flag football game. In what's now called "The Pro Bowl Games," players from both conferences will showcase their football and non-football talents in a weeklong series of competitive events, replacing the full-contact Pro Bowl game that started in 1951. The multiday event will be held in Las Vegas in February, and will culminate with a flag football game to take place at Allegiant Stadium, where the Las Vegas Raiders play. Manning will also take part in the coaching staff for the flag football game.

Over the past two years, however, Bed Bath has tested vendor relationships by making late payments, pushing aggressively into private labels and losing shoppers. Those tensions have intensified as financial troubles mounted, according to the former Bed Bath executives. Make or breakA customer carries a shopping bag outside a Bed Bath & Beyond Inc. store in Charlotte, North Carolina. Bed Bath already had a significant debt load prior to the new financing. Growing troublesCustomers carry bags from Bed Bath & Beyond store on April 10, 2013 in Los Angeles, California.

Search resuls for: "Lillian Rizzo"

25 mentions found