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☆ Subway has sold itself to a private equity firm
▼ + stars: | 2023-08-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Subway has sold itself to private equity firm Roark Capital, ending a six-month long search for a buyer. “This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” Subway CEO John Chidsey said in a statement. However, the Wall Street Journal reported the purchase price was “around $9.6 billion,” which would be slightly below the chain’s $10 billion asking price. Despite the sales turnaround, the number of US Subway stores declined to 20,576 last year according to Technomic. Another issue for Roark: Yearly sales at Subway US restaurants are still much lower compared to its sandwich-making rivals.

Persons: Roark Capital, ” Roark, Auntie Anne’s, Carvel, John Chidsey, Roark, Roark’s, Dunkin ’, Jimmy John’s, “ Roark, ”, Neil Saunders, GlobalData, ” Saunders, Trevor Haynes, He’s, Douglas Fry Organizations: New, New York CNN — Subway, Roark, Subway, Buffalo Wild Wings, Sonic, ” Subway, “, Wall Street Journal, ”, Inspire Brands, Inspire, US Subway, QSR Magazine, Jersey, Subway’s North Locations: New York, North America, Subway, Subway’s North America, Canada

☆ Peloton stock plunges after 20,000 members canceled subscriptions while waiting for recall
▼ + stars: | 2023-08-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

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☆ ‘Barbie’ is about to become America’s highest-grossing movie of 2023
▼ + stars: | 2023-08-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Leo Messi is coming to New York, and New Yorkers are paying through the nose to see him
▼ + stars: | 2023-08-22 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Seeing superstar soccer player Leo Messi’s debut in the New York area could cost you as much as a steak dinner at Peter Luger. Ticket reseller VividSeats told CNN that the average price for this weekend’s game is averaging $483. Kevin C. Cox/Getty ImagesFor the New York Red Bulls, Messi’s appearance is “trending as the Red Bull’s hottest ticket in over a decade,” a VividSeats spokesperson told CNN. Prices for MLS games where Messi is playing have surged since the 36-year-old entered American competition. Apple said that subscriptions to its soccer streaming package have soared since Messi joined in July.

Persons: Leo Messi’s, Peter Luger, VividSeats, Messi, Kevin C, Cox, He’s, “ Messi, ”, Apple Organizations: New, New York CNN, Saturday’s Inter Miami CF, Major League Soccer, New York Red Bulls, CNN, MLS, FC Barcelona, Inter Miami, Leagues, Liga MX, Adidas Locations: New York, Harrison , New Jersey, Manhattan, York

☆ Modelo is now beating Bud Light for the entire year
▼ + stars: | 2023-08-22 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Modelo Especial is now officially America’s best-selling beer, dethroning Bud Light from the top spot it has largely held for the past two decades. Year-to-date sales data through August 12 shows it was tight, but Modelo eked out the top spot with an 8.34 share vs. 8.28 for Bud Light. Summer has been a bright spot for the Mexican lager, with Modelo surpassing Bud Light in May, June and July monthly sales. Modelo has held a 9.1 share for the past four weeks as Bud Light slipped to a 7 share of off-premise beer sales. There’s been some “material improvement,” for the Anheuser-Busch (BUD) brand Bud Light, according to Beer Business Daily, a trade publication.

Persons: Bud Light, Bud Light’s, There’s, BUD, Bud, Dylan, ” BBD, Greg Gallagher, ”, ” Gallagher, influencer, Busch Organizations: New, New York CNN — Modelo, Modelo, Bud, Anheuser, Busch, Beer Business, Constellation Brands, Corona, Constellation, CNN, Molson Coors, TAP, Miller Lite, Coors, Light, Modelo Especial, Revenue Locations: New York, North America, Canada, United States

☆ Will Chinese deflation help cure the West’s inflation problem?
▼ + stars: | 2023-08-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The Chinese economy has hit a rough patch. What’s happening: Chinese consumer spending, factory production and investments in long-term assets like property or machinery all slumped last month. On Monday, the Chinese government surprised investors by deciding not to cut an important interest rate that influences mortgages. The beauty company is “mindful of the headwinds that have emerged in China’s economy,” said the report. And even still, many regional banks have struggled to prevent deposit outflows.

Persons: ”, Jason Pride, Michael Reynolds, Lisa Shalett, Edward Moya, Estee Lauder, Moya, “, Elisabeth Buchwald, Moody’s, ‘ Barbie ’, “ Barbie ”, Jordan Valinsky, Greta Gerwig, “ Oppenheimer, “ Barbie Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Morgan Stanley Wealth Management, European, Apple, Intel, Ford, Starbucks, Nike, Saudi, Comerica Inc, National Bancorp, UMB Financial Corp, Bank of New York Mellon, State, Northern Trust, & $ Locations: New York, China, Europe, Beijing, Asia, Russia, Saudi Arabia, Silicon

☆ Adobe co-founder Jon Warnock is dead at 82
▼ + stars: | 2023-08-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —John Warnock, co-founder of Adobe, has died aged 82, the software company announced on Sunday. Warnock helped start the revolutionary company in 1982 with the late Charles Geschke, and transformed Adobe into a software powerhouse that became the backbone of the internet. “John’s brilliance and technology innovations changed the world,” Adobe CEO Shantanu Narayen said in a letter sent to employees. “I had an amazing teacher in high school who, essentially, completely turned me around,” Warnock said. “He was really good at getting you to love mathematics, and that’s when I got into it.”A cause of death wasn’t revealed.

Persons: New York CNN — John Warnock, Warnock, Charles Geschke, ”, Shantanu Narayen, ” Warnock, Geschke, ” Narayen, Warnock’s, Barack Obama, “, wasn’t Organizations: New, New York CNN, Adobe, of Technology, Innovation, Marconi, University of Utah Locations: New York, Salt Lake City

☆ ‘Blue Beetle’ unseats ‘Barbie’ from the top of the US box office
▼ + stars: | 2023-08-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Trader Joe's crackers recalled because they contain metal
▼ + stars: | 2023-08-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Trader Joe’s says it’s not adding self-checkout lines to its stores
▼ + stars: | 2023-08-17 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Self-checkout kiosks are invading several chains, like Target and Kroger. In a recent company released podcast, Trader Joe’s President Jon Basalone said a rumor that the quirky grocery chain was adding them was as “false as false can be.” He added: “We believe in people. Ignoring the trendsNot jumping on the self-checkout trend isn’t the only thing that Trader Joe’s has ignored despite their competitors doing it. But Trader Joe’s stores are already overcrowded since the chain squeezes a limited number of items into small stores, many on city street corners. Additional people inside stores or cars in parking lots could make Trader Joe’s unbearable and adding curbside pickup would also be difficult to implement for these reasons.

Persons: New York CNN —, Jon Basalone, We’re, ” Basalone, “, ”, Bryan Palbaum interjected, ” Palbaum, Basalone, they’d, Sylvain Charlebois, it’s, Joe’s, Matt Sloan Organizations: New, New York CNN, Target, Kroger, Agri, Food, Dalhousie University, CNN Locations: New York, Nova Scotia

Blue Shield of California will no longer use CVS Health’s Caremark as its pharmacy benefit manager and instead will partner with several companies, including Amazon Pharmacy and Mark Cuban Cost Plus Drug Company. They have come under fire from other players in the health care industry and from Congress because of their opaque practices. Most adults take at least one prescription drug annually, while more than a third take at least three, Blue Shield said, citing Centers for Disease Control and Prevention data. CVS Caremark will continue to work with Blue Shield, providing specialty pharmacy services for members with complex conditions. The company bought online pharmacy PillPack in 2018, launched its own Amazon Pharmacy in 2020 and last year created a virtual health care clinic.

Persons: ” Paul Markovich, Mark Organizations: New, New York CNN, CVS, Amazon Pharmacy, Cuban, Plus Drug Company, Pharmacy, Blue, for Disease Control, ”, Mark Cuban, Plus, CVS Health, Amazon Locations: New York, California

☆ 'Barbie' is Warner Bros.' highest-grossing domestic movie ever
▼ + stars: | 2023-08-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Boston Market New Jersey restaurants ordered closed for unpaid wages
▼ + stars: | 2023-08-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —New Jersey ordered more than two dozen Boston Market locations to close Tuesday because regulators found “multiple violations of workers’ rights,” including failure to pay wages, and fined the restaurant chain nearly $2.6 million. The privately owed chain was also slapped with an additional $1.2 million in liquidated damages and $570,000 in administrative fees and penalties. Boston Market didn’t immediately respond for comment. The chicken chain is dealing with is a $12 million lawsuit from food distributor US Foods alleging that Boston Market owes it $11 million in unpaid bills from the past two years. Boston Market had more than 1,000 locations across the United States just a few years ago.

Persons: ”, Joseph Petrecca, NJDOL, Rohan, it’s Organizations: New, New York CNN —, Boston, New Jersey Department of Labor, Workforce Development, Boston Markets, Boston Market, NJDOL’s, Boston Market Boston, Engage Brands, Rohan Group, Companies, Foods, Arizona and Massachusetts . Boston Locations: New York, Jersey, Arizona and Massachusetts, United States

☆ Janet Yellen explains her ‘magic mushroom’ experience in China
▼ + stars: | 2023-08-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —US Treasury Secretary Janet Yellen ate a “magic mushroom” on a recent trip to Beijing, but the aftereffects don’t sound that special. CNN’s Erin Burnett spoke to her Monday, asking about the “mushroom experience” that set off a social media frenzy and dramatically boosted business for a Yunnan restaurant chain, where Yellen ate the local jian shou qing. I learned that later,” Yellen said about the group dinner that clarified that she didn’t organize nor did she do the ordering. Yellen’s July trip to the Yunnan restaurant chain, called Yi Zuo Yi Wang (In and Out), garnered attention for the highly sought-after mushroom prized for its unique properties. Rather, the chain specializes in Yunnan food, a popular regional cuisine from part of southwestern China that borders Vietnam, Laos and Myanmar.

Persons: Janet Yellen, CNN’s Erin Burnett, Yellen, jian shou qing, ” Yellen, Erin Burnett, Yi Zuo Yi Wang, Jian shou qing, ”, Yellen’s Organizations: New, New York CNN Locations: New York, Beijing, Yunnan, China, Vietnam, Laos, Myanmar

☆ Cable and broadcast TV viewing falls below 50% for the first time
▼ + stars: | 2023-08-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

In July, linear TV made up less than half of all TV viewing, according to Nielsen. Both broadcast and cable “each represented record low shares” of total viewership, the firm’s report said, making up just 49.6% combined. Meanwhile streaming services, such as Netflix and YouTube, grew last month to a record high of 38.7% of all total TV watching. Broadcast viewership dropped 3.6% in July, making up just 20% of all TV viewership, and cable viewing dropped 2.9%, making up 29.6%. Year-over-year, broadcast viewership slid 5.4% and cable TV dropped 12.5%.

Persons: Nielsen, Meghan Markle, Peacock Organizations: New, New York CNN, Nielsen, Netflix, YouTube, Amazon Prime, Hulu, Disney, Entertainment, CNN, Warner Bros, Paramount Locations: New York

☆ Driverless cars stall in San Francisco, causing a brief traffic jam
▼ + stars: | 2023-08-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —San Francisco residents were caught off guard this weekend after Cruise self-driving cars caused a traffic jam, according to social media posts. The obstruction came a few days after California regulators approved robotaxi companies to operate their driverless cars 24/7 throughout the city. One account, FriscoLive415, said the incident was a “complete meltdown.”Witnesses told CNN affiliate KPIX-TV that the driverless cars were blocking intersections Friday evening for about 15 minutes, causing concern that driverless cars could impede emergency vehicles from accessing the area. That means residents and visitors to San Francisco will be able to pay a fare to ride in a driverless taxi, ushering in new automated competition to cab and ridehail drivers. The San Francisco Police Officers Association, San Francisco Deputy Sheriffs’ Association and the San Francisco Fire Fighters Local 798 all wrote letters to the CPUC expressing concerns that autonomous vehicles could impede emergency responders.

Persons: FriscoLive415, Cruise, it’s “, ”, ” Cruise, Cruise didn’t, ” Aaron Peskin, Peskin, Drew Pusateri, Tracy McCray Organizations: New, New York CNN, Twitter, CNN, San, Supervisors, Los Angeles Times, California Public Utilities Commission, Waymo, San Francisco Police, Association, San Francisco, Sheriffs ’ Association, San Francisco Fire Fighters, “, San Francisco Fire Department Locations: New York, San Francisco, California, Beach, San Francisco’s, North Beach

☆ Dunkin is releasing spiked versions of their iced coffees and teas
▼ + stars: | 2023-08-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +6 min

After setting the internet abuzz last week, Dunkin’ will officially announce Monday the debut of Dunkin’ Spiked Iced Coffees and Iced Teas, which are both scheduled to roll out in the coming weeks. The two malt-based beverages, scheduled for an early September release, will feature eight flavors between them, all based on the chain’s iced coffee and tea flavors. Last year, Pabst Blue Ribbon axed their hard coffee flavor drink because of poor sales. The slightly sweet ice tea flavor is being sold in a six-pack of 12-ounce cans and a single 19.2-ounce cans. Dunkin' Spiked iced tea is coming out in late August.

Persons: New York CNN —, Dunkin ’, Dunkin, RTDs, ” Duane Stanford, ”, Samuel Adams, Dave Williams, Bump, ” Dunkin, Scott Murphy, ” Stanford, “, Bravo’s, Brian Gilbert Organizations: New, New York CNN, Beverage Digest, CNN, Boston Beer Company, Bump Williams Consulting, Pabst, Ribbon, Molson Coors, La, Dunkin Locations: New York, Kahlua, Florida , Massachusetts, Texas, England

☆ Target recalls 2.2 million candles that pose a safety threat
▼ + stars: | 2023-08-11 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Target is recalling 2.2 million candles following reports that the glass jars containing them are “breaking or cracking during use,” resulting in one minor injury. In an alert issued Thursday, the Consumer Product Safety Commission said that the recalled Threshold candles are a 5.5-ounce, 1-wick scented candles and several dozen 20-ounce 3-wick candles of various scents. The CPSC said that “consumers should immediately stop using the recalled candles” and return them to a Target location for a refund or contact the store for a return label to return it by mail. It’s the second recall for various Threshold candles in a few months. In May, Target recalled nearly five million candles because of similar problems.

Persons: Target Organizations: New, New York CNN, Consumer Product Safety Commission Locations: New York

☆ Tapestry and Capri are combining in an $8.5 billion deal
▼ + stars: | 2023-08-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Tapestry Inc., which owns Kate Spade and Coach, announced Thursday that it’s acquiring Capri Holdings, the parent company of Michael Kors and Versace. The $8.5 billion deal could help them better compete against their higher-end European rivals. Under terms of the deal, Capri shareholders will get $57 per share. Coach changed its parent name to Tapestry in 2017 and Michael Kors switched to Capri after it bought Versace in 2018. Those warning signs have “put pressure on Tapestry and Capri, both of which are now looking to international markets to bolster growth,” Saunders said.

Persons: New York CNN — Michael Kors, Kate Spade, Michael Kors, Versace, Stuart Weitzman, Jimmy Choo, Neil Saunders, ”, Jean, Jacques Guiony, ” Saunders Organizations: New, New York CNN, Tapestry Inc, Capri Holdings, ”, Capri Locations: New York, United States

☆ As drinkers shift to spirits, Molson Coors acquires a bourbon maker
▼ + stars: | 2023-08-08 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

Molson Coors, best known for brewing Coors Light and Miller Lite, is acquiring Blue Run Spirits, a cult favorite high-end bourbon and rye whiskey brand, for an undisclosed price, exclusively told to CNN. It’s part of the company’s pivot to becoming a broader beverage company focusing on drinks beyond beer, especially since US spirit sales surpassed beer sales last year for the first time ever. Blue Run is a Kentucky-based startup that makes premium bourbon whiskeys with prices ranging from $100 to $250 for a bottle. Molson Coors is buying buzzy bourbon brand Blue Run for an undisclosed price. Molson Coors' whiskey and bourbon portfolio now consists of three brands.

Persons: Mike Montgomery, Molson, Devon McKinney, ” Montgomery, “, ”, it’s, Molson’s, Michelle St, Jacques, David Coors, Molson Coors, Blue, Lisa Hawkins Organizations: New, New York CNN, Molson Coors, Coors, CNN, Blue, Nike’s Air Force, Molson, Topo, Co, bourbons, Molson Coors Montgomery, Coors Spirits Co, “ Beer Locations: New York, Kentucky, Topo Chico, Montgomery, United States

☆ Thousands of flights are delayed or canceled following severe storms
▼ + stars: | 2023-08-08 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Even Zoom is making its staff return to the office
▼ + stars: | 2023-08-07 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Vince McMahon subpoenaed in sexual misconduct investigation
▼ + stars: | 2023-08-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Federal law enforcement agents executed a search warrant and subpoenaed World Wrestling Entertainment executive chairman Vince McMahon last month as part of an investigation into claims of sexual misconduct, the company announced this week. Following his departure, the WWE disclosed multiple expenses that McMahon hadn’t reported, totaling $19.6 million. Many of the payments are related to the company’s investigation of his alleged sexual misconduct, and the company’s board last year formed a special committee to investigate. The Wall Street Journal in July 2022 reported McMahon paid tens of millions of dollars to four women to cover up “allegations of sexual misconduct and infidelity.” McMahon has denied the allegations. So far, he has repaid the WWE $17.4 million, the company reported Wednesday.

Persons: Vince McMahon, McMahon, McMahon hadn’t, ” McMahon Organizations: New, New York CNN, Wrestling Entertainment, WWE, Street, Endeavor Group, UFC Locations: New York

☆ CVS is laying off 5,000 workers
▼ + stars: | 2023-08-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: 1 min

☆ Miller Light brewer benefits from Bud Light’s turmoil
▼ + stars: | 2023-08-01 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

That’s a drastic change from the same quarter a year ago, when Bud Light sales were higher than Coors Light and Miller Light sales combined. Net income for the second quarter grew to $342 million, up from $47 million in the same period a year earlier. Since then, sales of Bud Light have been consistently falling by more than 20% every week (compared to the same week prior) since April. In May, the seemingly unthinkable happened: Modelo Especial displaced Bud Light from its top-selling spot in the United States for the first time, ending a roughly two-decade run for Bud Light. The beer giant is set to announce earnings — which will fully cover the Bud Light sales slide — on Thursday.

Persons: Bud, That’s, Molson Coors, Bud Light’s, Bud Light Organizations: New, New York CNN, Molson Coors, Miller, Coors, Anheuser Busch, TAP, Light, Modelo Especial, Bud Light, Molson, Bud, Constellation Brands, Corona Locations: New York, United States

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