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ORLANDO, Fla. (AP) — A privately owned high-speed passenger train service launched Friday between Florida's two biggest tourist hubs. The Brightline train is a $5 billion bet by owner Fortress Investment Group that eventually 8 million people annually will take the 3.5-hour, 235-mile (378-kilometer) trip between Miami and Orlando — about 30 minutes less than the average drive. Brightline, which began running its neon-yellow trains the 70 miles (112 kilometers) between Miami and West Palm Beach in 2018, is the first private intercity passenger service to begin U.S. operations in a century. The death is the privately owned railroad’s 12th in 2023 and its 98th since July 2017. The only other U.S. high-speed line is Amtrak’s Acela service between Boston and Washington, D.C., which began in 2000.

Persons: —, Orlando —, Ted White, That’s, didn't, Brightline Organizations: Fortress Investment Group, Orlando, West Palm Beach, Miami -, Delray Beach Police Department, Press, D.C, Amtrak Locations: ORLANDO, Fla, Miami, West Palm, Miami - Orlando, South Florida, Delray Beach, Southern California, Las Vegas, Boston, Washington

The only other U.S. high-speed line is Amtrak's Acela service between Boston and Washington, D.C., which began in 2000. Brightline began planning in 2012. A 2018 partnership with Richard Branson's Virgin Group to rebrand Brightline as Virgin Trains USA quickly soured. According to the lawsuit, Brightline says Virgin “ceased to constitute a brand of international high repute, largely because of matters related to the pandemic." He said Brightline’s accommodations “compare really well to some of the best trains” he’s taken in Europe, where high-speed rail between cities is common.

Persons: Florida's Brightline, It's, Mike Reininger, John Renne, Brightline, ” Renne, Richard Branson's, Virgin “, hasn’t, Eric Flowers, ”, ” Brightline, Reininger, ” Reininger, Robert Barr, You’ve, Barr Organizations: MIAMI, Fortress Investment, West Palm Beach, D.C, Amtrak, Florida Atlantic University's Center for Urban, Environmental Solutions, Miami -, Richard Branson's Virgin Group, Virgin Trains USA, Virgin, Orlando Locations: United States, Miami, Orlando, West Palm, Southern California, Las Vegas, Boston, Washington, Florida, Tampa, Jacksonville, Miami - Orlando, London, U.S, West, County, We’re, Vero, Brightline’s Miami, South, Florida’s, Europe

The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. The plaintiffs said Morgan Stanley convinced them to invest about $281 million, but hid details of a Brightline preferred share transaction that should have required the loan be prepaid at a "make-whole" amount they estimated at $750 million. Morgan Stanley was also accused of having swapped out one document with the signature of a Certares affiliate, to make it seem like the affiliate had read and agreed to the preferred share transaction. In a statement, Morgan Stanley said "the firm does not believe the claims have merit and will defend itself vigorously." The case is CK Opportunities Fund I LP et al v Morgan Stanley Senior Funding Inc et al, New York State Supreme Court, New York County.

Persons: Morgan Stanley, Andrew Kelly, Morgan, Brightline, Tatiana Bautzer, Jonathan Stempel, Rosalba O'Brien Organizations: New York Stock Exchange, REUTERS, Certares Management, Knighthead Capital Management, Brightline Holdings, Fortress Investment Group, Las, New York, Court, Thomson Locations: Manhattan , New York City, U.S, New York, Manhattan, Florida, Los Angeles, Las Vegas, Brightline, New, Court , New York County

[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023. In a statement, Fortress said it would work with Seven & i to support Sogo & Seibu's management to maintain its workforce "to the extent possible." It plans to invest more than 20 billion yen with partner Yodobashi to renovate Sogo & Seibu's stores, it said. Sogo & Seibu's workers had the support of labour groups from rival department stores including Takashimaya and Isetan Mitsukoshi (3099.T). The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.

Persons: Irene Wang, Fortress, Yodobashi, it's, Yasuhiro Teraoka, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral Organizations: Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson, & & ' Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro

[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023. Some 900 workers at the flagship Seibu store in the bustling district of Ikebukuro are protesting the sale of Sogo & Seibu, a unit of retail giant Seven & i (3382.T), to U.S. fund Fortress Investment Group. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union, and comes amid a labour shortage in Japan. Other Seibu and Sogo department stores were open for business as usual. The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.

Persons: Irene Wang, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, it's, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral Organizations: Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro

☆ Japan sees rare strike as workers at landmark department store protest sale
▼ + stars: | 2023-08-31 | by ( Mariko Katsumura 清水律子 | Mariko Katsumura | ) www.reuters.com time to read: +4 min

The slogan on the banner in the centre reads, 'Sogo & Seibu, strike solidarity'. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union. Other Seibu and Sogo department stores were open for business as usual. "Considering the industry's difficulties, the conditions at Sogo & Seibu are not unique." Sogo & Seibu has been in the red for the last four years and has some 300 billion yen in debt.

Persons: Satomi Saito, Isetan Mitsukoshi, Daimaru, Wakana Shuto, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs Organizations: Sogo, Seibu, company's, Kyodo, Workers, Fortress Investment Group, Yodobashi Holdings, Yodobashi, Hankyu Hanshin, Rikkyo, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo

☆ Sogo & Seibu sale to go ahead, triggering rare workers' strike in Japan
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. The union intends to carry out its threat for a strike at the flagship Seibu Ikebukuro store in Tokyo on Thursday, according to a union member. A person with direct knowledge of Seven & i's plan said its board would meet on Thursday to officially decide on the sale. The union received no reply and would therefore carry out the strike on Thursday at the flagship store, where about 900 union members are employed, he said. Fortress had initially planned to spend around 250 billion yen ($1.71 billion) on the acquisition but is likely to have lowered that price to about 220 billion yen, the source said.

Persons: Toru Hanai, Fortress, Ritsuko Shimizu, Kantaro, Chang, Ran Kim, Simon Cameron, Moore Organizations: Holdings, REUTERS, Seibu, Fortress Investment, Labour, UA, Sogo's, Sogo, Thomson Locations: Tokyo, Japan, U.S

☆ Seven & i department store unit union to announce strike - NHK
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsTOKYO, Aug 28 (Reuters) - A labour union of Seven & i Holdings (3382.T) department store subsidiary Sogo & Seibu will notify management that it plans to strike in opposition to a planned sale of the unit, public broadcaster NHK reported on Monday. Japan-based Seven & i, operator of the world's largest convenience store chain, agreed last year to sell Sogo & Seibu to U.S. fund Fortress Investment Group. But the deal has been delayed amid opposition from workers, and company management cancelled a meeting for Friday last week where it was to decide on the sale, Kyodo had reported. Reporting by Rocky Swift Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Toru Hanai, Rocky Swift, Chang, Ran Kim Organizations: Holdings, REUTERS, Rights, Seibu, NHK, Fortress Investment, Kyodo, Thomson Locations: Tokyo, Japan, U.S

☆ How 4 Vice alums are building a new media company with ambitions to turn its journalism into film and TV
▼ + stars: | 2023-08-23 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Four top journalists have left Vice to start a new tech outlet, 404 Media. The founders discussed their plans to expand into filmed entertainment as well as other media. Behind the new venture are Jason Koebler, the former editor in chief of Vice's tech vertical, Motherboard, along with its executive editor Emanuel Maiberg, senior editor Samantha Cole, and senior staff writer Joseph Cox. "I'm very proud of our Vice work.There's a set process for how to turn something into a documentary." Vice's bankruptcy proceedings revealed high bonuses for execs while severance to laid-off workers was delayed and vendors went unpaid .

Persons: Jason Koebler, Emanuel Maiberg, Samantha Cole, Joseph Cox, Derek Mead, Mead, Koebler, Steven Spielberg's, They're, Ian Cheney, Cox Organizations: Earthbound Pictures, Amblin Television, Netflix, Vice, Ticketmaster, Fortress Investment Group

☆ Media and entertainment companies are finding more investment from the Middle East, but it can come with controversy. Here are 11 of the most notable deals.
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Insider broke down 11 top media companies with Middle Eastern backing or partnerships. Middle Eastern investment has poured into US media and entertainment, and US media companies have been eager recipients. Here's a rundown of 11 key Western media and entertainment companies, listed alphabetically, that have licensing and investment partnerships with Middle Eastern entities. Jimmy Finkelstein's news startup The Messenger has Middle Eastern funding via its acquisition of IMI-backed startup Grid, which is now shuttered. The North Road, Peter Chernin and Providence Equity's production roll-up, took a $150 million investment in January from the Qatar Investment Authority, Qatar's main investment vehicle, to support its expansion.

Persons: Peter Chernin, Jeff Zucker, Uber, Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, hasn't, Mohammed bin Salman, SRMG, Abu, Abu Dhabi's, Jimmy Finkelstein's, BeIn, Stone, Ian Orefice, WBD Organizations: Providence, North, IMI, ex, CNN, Public Investment Fund, Blackstone, Washington Post, Saudi Crown, Saudi, Guardian, Media, Bloomberg Media, Saudi Research, Media Group, Media Investments, CNN Business, Abu Dhabi Media Investment Corporation, Sky News Arabia, Business, Independent, SRMG, Miramax, BeIn, Paramount, Qatar Investment Authority, Penske Media Corporation, Billboard, Variety, Penske, Vox Media, New York, Billboard Arabia, RedBird Capital, Mideast, MBC Group, MBC, Fortress Investment Group, Investment, Warner Bros Locations: Saudi Arabia, Qatar, UAE, West, Saudi, Abu Dhabi, ViacomCBS, SRMG

☆ The world is desperately short of affordable energy, we're trying to connect the dots: Wes Edens
▼ + stars: | 2023-08-17 | 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 EmailThe world is desperately short of affordable energy, we're trying to connect the dots: Wes EdensWes Edens, Fortress Investment Group co-Founder, joins 'Closing Bell Overtime' to talk rising interest rates' impacts on the economy, the energy sector, hydrogen energy, sports investing and more.

Persons: Wes Edens Wes Edens Organizations: Fortress Investment Group

☆ Watch CNBC's full interview with Fortress Investment Group Co-Founder Wes Edens
▼ + stars: | 2023-08-17 | 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 EmailWatch CNBC's full interview with Fortress Investment Group Co-Founder Wes EdensWes Edens, Fortress Investment Group co-Founder, joins 'Closing Bell Overtime' to talk rising interest rates' impacts on the economy, the energy sector, hydrogen energy, sports investing and more.

Persons: Wes Edens Wes Edens Organizations: Fortress Investment Group

When it comes to passenger rail in the the U.S., Americans have one option — Amtrak, which is often plagued with high ticket prices and delays. Brightline, which is owned by Fortress Investment Group, thinks that privatized passenger rail in the U.S. could be a better way. It was the first privately funded passenger rail built in the U.S. in over 100 years. Brightline is also making strides to create the first dedicated high-speed passenger rail line in the U.S. connecting Los Angeles to Las Vegas. "We are planning to make our project, as I call it, the blueprint for America's high-speed rail industry.

Persons: Brightline, Wes Edens, Mike Reininger, Sarah Watterson, Bent Flyvbjerg Organizations: Amtrak, Fortress Investment Group, West Palm Beach, Brightline, Nevada Department of Transportation Locations: U.S, Florida, Miami, West Palm, Orlando, Los Angeles, Las Vegas, America

☆ Essence Magazine was meant to be a place for 'Black girl magic.' Internally, some employees say it was more like 'Black girl tragic.'
▼ + stars: | 2023-07-13 | by ( Yoonji Han | ) www.businessinsider.com time to read: +34 min

"Essence is the most deceptive Black media company in America. Essence Magazine was first published in 1970 at a time when Black business and civil rights leaders called for greater self-determination and empowerment. The magazine was the brainchild of a group of four Black businessmen who identified a lack of publications for Black women in America. "And that is to serve Black women deeply, to serve women of color in a way that no one else has thought about." Essence CEO Michelle Ebanks, Richelieu Dennis, and Essence chief content & creative officer Moana Luu at the 2020 13th Annual ESSENCE Black Women in Hollywood luncheon.

Persons: Richelieu Dennis, Dennis, Susan Taylor, Taylor, —, Jason Kempin, wasn't, Essence Communications Michelle Ebanks, Rich Dennis, Arturo Holmes, Margarita Corporan, Forbes, let's, Black, didn't, Sandra Okerulu, Michelle Ebanks, Luu, Moana, Rich Polk, Wears, Danielle Young, Julee Wilson, Candace Montgomery, Wilson, Montgomery, Martha, Martha Dennis, Rechelle, Sophia, Richelyna, Alan Lescht, bristled, Ebanks, Joy Collins Profet, Readers, Essence's, Collins Profet, Caroline Wanga, — it's, Wanga, unappreciated, Travis Montaque, cofounders, Lionel Hahn, Yesha Callahan, Rich, That's what's, Yoonji Han Organizations: Black, Essence Magazine, Time Inc, Vogue, Sports, Essence Communications, Entertainment, New York Times, Meredith Corporation, Brands, Ventures, Upfronts, Babson College, The, Depot, PepsiCo, Accenture, Unilever, Inc, Magazine, Magazine's, Penske Media, Getty, Essence Ventures, Afropunk, Vice Media, Black Entertainment Television, Digital, Sports Illustrated, Media, Fortress Investment, NASDAQ, Trace Media, texturism, Hamptons, Readers, Employees, Staff, BET, Culture, Democracy, Inkwell, Essence Locations: America, Black, Liberia, Queens, shea, Moana Luu, Martinique, France, Paris, Philippines, Hollywood, Industry City, Brooklyn, Cannes

☆ Former Essence Magazine employees say they witnessed a 'hellish' and 'dehumanizing' culture at the leading publication for Black women in America
▼ + stars: | 2023-07-13 | by ( Yoonji Han | ) www.businessinsider.com time to read: +34 min

On June 28, 2020, a group of women using the name Black Females Anonymous published a damning public letter that shook Essence magazine, the leading publication for Black women in America, to the core. Essence magazine was launched in 1970 at a time when Black business and civil-rights leaders called for greater self-determination and empowerment. The magazine was the brainchild of a group of four Black businessmen who identified a lack of publications for Black women in America. "And that is to serve Black women deeply, to serve women of color in a way that no one else has thought about." Essence CEO Michelle Ebanks, Dennis, and Essence chief content and creative officer, Moana Luu, at the 2020 13th Annual Essence Black Women in Hollywood luncheon.

Persons: Richelieu Dennis, Dennis, haven't, Susan Taylor, Taylor, —, Jason Kempin, wasn't, Michelle Ebanks, Rich Dennis, Arturo Holmes, Margarita Corporan, Forbes, let's, didn't, Sandra Okerulu, Ebanks, Luu, Moana, Rich Polk, Wears, Danielle Young, Julee Wilson, Candace Montgomery, Wilson, Montgomery, Martha, Martha Dennis, Rechelle, Sophia, Richelyna, Alan Lescht, bristled, Joy Collins Profet, Readers, Essence's, Collins Profet, Caroline Wanga, — it's, Wanga, unappreciated, Travis Montaque, cofounders, Lionel Hahn, Yesha Callahan, Rich, That's what's, Yoonji Han Organizations: Black, Time Inc, Vogue, Sports, Essence Communications, Entertainment, New York Times, Meredith Corporation, Essence, Inc, Brands, Ventures, Upfronts, Babson College, The, Depot, PepsiCo, Accenture, Unilever, Magazine, Magazine's, Penske Media, Getty, Essence Ventures, Afropunk, Vice Media, Black Entertainment Television, Digital, Sports Illustrated, Media, Fortress Investment, NASDAQ, Trace Media, texturism, Readers, Employees, Staff, BET, Culture, Democracy, Inkwell Locations: America, Black, Liberia, Queens, shea, Moana Luu, Martinique, France, Paris, Philippines, Hollywood, Industry City, Brooklyn, Cannes

☆ Why Japan is lagging behind in generative A.I. — and how it can create its own large language models
▼ + stars: | 2023-07-07 | by ( Audrey Wan | ) www.cnbc.com time to read: +7 min

But the nation is lagging behind in the generative AI race and is trying to create its own large language models. Generative AI has been the trendiest topic in tech since OpenAI made waves with its chatbot ChatGPT. Key to generative AI development are large language models which underpin the likes of ChatGPT and Baidu's Ernie Bot, capable of processing vast data sets to generate text and other content. Japanese companies pursuing generative AIBig Tech players have also joined the fray to boost Japan's standing in generative AI. While it has yet to catch up in the generative AI space, Japan is making its first stride with these private sector efforts.

Persons: Goldman Sachs, Ernie Bot, Noriyuki Kojima, Kojima, Fumio Kishida, Sam Altman, Masayoshi, Son, Amir Anvarzadeh, Anvarzadeh, CyberAgent, Bloom Organizations: Getty, Japan, Technology, Reuters, Microsoft, Google, Ministry of Economy Trade, Industry, IMD, Nikkei, Tokyo Institute of Technology, Tohoku University, Fujitsu, Riken, Japanese, Big Tech, SoftBank Group, SB Energy, Toyota Tsusho, Fortress Investment, Vision Fund, Asymmetric Advisors, NTT, Local Locations: Japan, China, Europe, Nikkei Asia, Government, Tohoku, Hokkaido, SoftBank

☆ Vice Media, once worth billions, set to be acquired out of bankruptcy by its creditors for $225 million
▼ + stars: | 2023-06-22 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

CNN —Vice Media, the once-high flying digital media company valued at billions of dollars, is set to be acquired out of bankruptcy by three investment companies, including Fortress Investment Group, for $225 million. Bruce Dixon and Hozefa Lokhandwala, co-chief executives of Vice Media Group, informed staff of the decision in a memo Thursday morning. The acquisition agreement is the latest in a tumultuous period for Vice Media, which was once held up as the future of the business. Vice Media filed for Chapter 11 bankruptcy in mid-May. A person familiar with the matter told CNN that GoDigital was preparing to submit a bid between $300 million and $350 million.

Persons: —, Bruce Dixon, Hozefa Lokhandwala, ” Dixon, Lokhandwala, ”, Shane Smith, Nancy Dubuc, Monroe, GoDigital Organizations: CNN —, Media, Fortress Investment, Soros Fund Management, Monroe, Vice Media, “, Soros, GoDigital Media Group, CNN Locations: Fortress

☆ Fortress Investment Group Set to Acquire Vice Out of Bankruptcy
▼ + stars: | 2023-06-22 | by ( Lauren Hirsch | Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Mr. Lokhandwala and Mr. Dixon said in their note that they expected the sale to close in July; the company would then begin operating under new ownership. In the past, bidders sought to acquire Vice Studios, the film and TV production business; Virtue, its ad agency; and i-D, one of the company’s magazines. Vice, which had unsuccessfully sought to sell itself for years, filed for bankruptcy in May, with Fortress, as one of its lenders, in pole position to take over the company. It had since sought run a sale of the business in bankruptcy to see if it could kick up further interest. As the sale process proceeds, Vice has some pressing issues to sort out.

Persons: ”, Lokhandwala, Dixon, “ Organizations: Fortress, Vice, “ Bama, American Gladiators, ESPN

☆ Bankrupt Vice Media plans sale to Fortress Investment-led group
▼ + stars: | 2023-06-22 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

June 22 (Reuters) - A group of buyers including Fortress Investment Group may take over Vice Media after the consortium's $225-million offer for the bankrupt company emerged as the only "qualified" bid on the table, according to a legal filing. Popular with millennial audience through its websites Vice and Motherboard, Vice Media filed for bankruptcy protection last month in a move that capped years of financial difficulties and top-executive departures. GoDigital Media told Reuters in an emailed statement that it made a higher bid for Vice but the offer was turned down by the sellers. "We think Fortress's decision is the wrong choice, and the company, employees, partners and consumers will suffer," GoDigital said. Fortress and Vice did not immediately respond to Reuters' requests for comment on the potential deal, which must be approved by the bankruptcy judge.

Persons: GoDigital, Privately, James Murdoch's, Yuvraj Malik, Jonathan Stempel, Dietrich Knauth, Shailesh Kuber, Krishna Chandra Organizations: Fortress Investment, Media, U.S, Fortress, GoDigital Media, Reuters, Systems, TPG, Technology, Ventures, Antenna Group, Big Tech, Facebook, Google, Thomson Locations: Manhattan, Bengaluru, New York

☆ Vice Media declares Fortress Investment Group the winning bidder in bankruptcy sale
▼ + stars: | 2023-06-22 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

(Photo by Hutton Supancic/Getty Images for SXSW)Vice Media has declared Fortress Investment Group's stalking horse bid of $225 million the winning offer for the company as it emerges from bankruptcy. Vice received multiple bids for the company, but none of them "rose to the level of being deemed a superior bid," according to an internal memo obtained by CNBC. Vice will present the sale to bankruptcy court on Friday and expects the acquisition to close then, the company said in the memo. The sale closes a chapter for the digital media company that was valued at $5.7 billion in 2017. Vice owns a series of assets including Vice News, Vice Studios, Refinery29 and an ad agency called Virtue.

Persons: Hutton Supancic, Fortress, GoDigital, Craig Greiwe, Spokespeople Organizations: Media, Investment, CNBC, Soros Fund Management, Monroe Capital, News, Vice Studios, Cannes Lions Locations: Viceland, Austin , Texas

☆ US patent tribunal sides with Intel again in $2.2 billion VLSI case
▼ + stars: | 2023-06-13 | by ( Blake Brittain | ) www.reuters.com time to read: +2 min

(Reuters) - A U.S. Patent Office tribunal ruled for Intel Corp on Tuesday on the chipmaking giant’s bid to invalidate a patent that represented $1.5 billion of a $2.18 billion verdict it lost to VLSI Technology LLC in 2021. REUTERS/Dado Ruvic/Illustration/file photoThe Patent Trial and Appeal Board invalidated the computer chip-related patent after canceling another VLSI patent that accounted for the remainder of the Texas federal court verdict last month. A jury ruled for Intel in 2021 in another Texas patent case in which VLSI had sought $3.1 billion in damages. The patent board proceeding decided on Tuesday was initiated by South Dakota-based Patent Quality Assurance LLC. The case is Patent Quality Assurance LLC v. VLSI Technology LLC, Patent Trial and Appeal Board, No.

Persons: Dado Ruvic, Kathi Vidal, OpenSky, Benjamin Fernandez, Wilmer Cutler Pickering Hale, Dorr, Bruce Slayden, Slayden Grubert, Babak, Kenneth Weatherwax, Weatherwax Read Organizations: Reuters, U.S . Patent, Intel Corp, VLSI Technology, REUTERS, U.S ., Appeals, Federal Circuit, Intel, SoftBank Group Corp, Fortress Investment Group, Assurance, OpenSky Industries, Lowenstein, Tech Locations: Texas, Delaware, Northern California, South Dakota

The Patent Trial and Appeal Board invalidated the computer chip-related patent after canceling another VLSI patent that accounted for the remainder of the Texas federal court verdict last month. A jury ruled for Intel in 2021 in another Texas patent case in which VLSI had sought $3.1 billion in damages. The patent board proceeding decided on Tuesday was initiated by South Dakota-based Patent Quality Assurance LLC. An attorney for Patent Quality Assurance did not immediately respond to a request for comment. The case is Patent Quality Assurance LLC v. VLSI Technology LLC, Patent Trial and Appeal Board, No.

Persons: Kathi Vidal, OpenSky, Benjamin Fernandez, Wilmer Cutler Pickering Hale, Dorr, Bruce Slayden, Slayden Grubert, Babak, Kenneth Weatherwax, Weatherwax Read, Blake Brittain Organizations: Intel, USPTO, U.S . Patent, Intel Corp, VLSI Technology, U.S ., Appeals, Federal Circuit, SoftBank Group Corp, Fortress Investment Group, Assurance, OpenSky Industries, Lowenstein, Tech, Thomson Locations: Texas, Delaware, Northern California, South Dakota, Washington

A younger member of the Tisch family spent nearly $20 million in recent days buying up more shares of Loews Corp ., according to securities filings and VerityData. Benjamin Tisch, the son of Loews CEO James Tisch, bought about $18.8 million worth of stock over three days. Loews — The conglomerate's senior vice president Benjamin Tisch scooped up about $18.8 million worth of stock from May 31 to June 2. It is first buy on record for Benjamin Tisch. StepStone Group — Head of strategy Michael McCabe bought $2.2 million worth of the asset management firm's stock in the first five days of June.

Persons: Tisch, Benjamin Tisch, James Tisch, Michael McCabe, Daryl Bible, Bible, Christopher Rondeau, Jan De Witte, Eric Schwartz Organizations: Loews Corp, Loews, CNA Financial, CNA, Fortress Investment Group, VerityData, StepStone, —, T Bank, Truist, Integra LifeSciences

☆ Abu Dhabi's Mubadala to buy majority stake in Fortress Investment from SoftBank
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Abu Dhabi's Mubadala Investment Co will acquire a majority stake in U.S. asset manager Fortress Investment Group from Japan's SoftBank Group Corp (9984.T). Financial terms of the deal were not disclosed, Mubadala and Fortress Investment said in a joint statement on Monday. After the completion of the deal, Fortress' management will own a 30% stake in the company, while Mubadala Capital will hold the rest, according to the statement. Fortress management will hold a class of equity that entails it to appoint a majority of seats on the board. Fortress will appoint Drew McKnight and Joshua Pack as co-CEOs and Pete Briger as chairman, the companies said.

☆ Vice Media's bankruptcy has 'killed the ad pipeline' for the company, sources say, as questions about its future roil staffers
▼ + stars: | 2023-05-18 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Vice Media filed for Chapter 11 bankruptcy on May 15, leaving current and laid-off staffers anxious over what's next. One advertising source told Insider, "The bankruptcy has killed the ad pipeline." Employees who were laid off in recent weeks are demanding answers about how the company's bankruptcy will affect the terms of their departure. One of the former execs told Insider they were just keeping their fingers crossed that payments come through. A person close to the company said Vice Media intends to pay severance and COBRA, subject to court approval.

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