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☆ WWE to bring back 'SmackDown' to NBCUniversal's USA Network
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Apr 2, 2023; Inglewood, CA, USA; L to R; Solo Sikoa and Roman Reigns and Paul Heyman and during Wrestlemania Night 2 at SoFi Stadium. Mandatory Credit: Joe Camporeale-USA TODAY Sports/File Photo Acquire Licensing RightsSept 21 (Reuters) - WWE's "Friday Night SmackDown" will be back on USA Network late next year, after the wrestling company struck a new partnership deal with Comcast's (CMCSA.O) NBCUniversal to air more shows. WWE, part of TKO Group (TKO.N), will also produce four primetime specials per year for NBC as part of the five-year deal. "With Friday nights on USA, primetime specials on NBC, and the WWE hub on Peacock, we'll continue to use the power of our portfolio to super-serve this passionate fanbase," NBCUniversal Entertainment Chairman Frances Berwick said. USA Network is currently home to "WWE NXT" and "WWE Raw".

Persons: Sikoa, Paul Heyman, Joe Camporeale, we'll, Frances Berwick, Samrhitha, Saumyadeb Chakrabarty, Anil D'Silva Organizations: USA Network, WWE, NBC, Thomson Locations: Inglewood , CA, USA, SoFi, Bengaluru

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 20 (Reuters) - Shares of Klaviyo (KVYO.N) were set to open up to 23% above their IPO price on Wednesday, giving the marketing automation company a potential valuation of $11.4 billion. The stock was indicated to open between $35 and $37, compared with the initial public offering (IPO) price of $30. The Boston-based company's IPO of 19.2 million shares was priced above range on Tuesday, raising $576 million in proceeds, part of which will go to existing investors who cashed out some of their holdings. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Jaiveer Singh, Anil D'Silva, Vinay Dwivedi, Shounak Organizations: New York Stock Exchange, REUTERS, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

People gather ahead of the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio Jones Acquire Licensing RightsSept 20 (Reuters) - Walt Disney's (DIS.N) $60 billion spending plan on parks and cruises to stay ahead of growing competition has worried some Wall Street analysts with its long road to payoff. "Expanding parks and cruises tends to be a multi year undertaking as a result of which, revenue and margin acceleration lags the investment cycle," Barclays analysts said. The bump in parks spending also follows a quiet period for the business during the pandemic in 2020 and 2021, when the spread of COVID-19 forced park closures and hit attendance. That led Needham analysts to warn Disney could be basing its decision on "unsustainable and elevated profit margins."

Persons: Octavio Jones, Walt Disney's, Needham, Samrhitha Arunasalam, Aditya Soni, Anil D'Silva Organizations: Walt Disney, REUTERS, Wall Street, Walt Disney World, Netflix, Barclays, Analysts, ABC, Comcast, Disney, Nintendo, Thomson Locations: Orlando , Florida, U.S, Hulu, COVID, California, Florida, Bengaluru

☆ Klaviyo prepares for US market debut after pricing IPO above range
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. The offering gave Klaviyo a valuation of $9.2 billion. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds. A successful debut of Klaviyo would underscore a revival in the IPO market, which has been on ice for nearly 18 months after the end of an easy-money regime prompted investors to question the valuations of high-flying startups. However, their shares are still above their respective IPO prices.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Niket, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Arm Holdings, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

☆ Target to hire 100,000 workers, start holiday promotions in October
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

Shoppers wait in line at Target on the Thanksgiving Day holiday in Burbank, California, November 22, 2012. REUTERS/Jonathan Alcorn/File Photo Acquire Licensing RightsSept 19 (Reuters) - Target (TGT.N) said on Tuesday it would hire nearly 100,000 employees for the holiday season, a number that has been consistent over the last two years, and offer discounts as early as October to attract inflation-weary shoppers. In 2022, Amazon.com (AMZN.O) had announced plans to hire 150,000 employees across its operations for the holiday season, while retail bellwether Walmart (WMT.N) had said it would add 40,000 workers in seasonal and full-time roles. Macy's said on Monday it would hire more than 38,000 full and part-time seasonal workers, fewer than the 41,000 workers it had announced to hire in 2022. In a bid to draw shoppers, Target said it would start offering items under $25 across categories including apparel, home goods, and essentials and was hosting a "Deal of the Day" program starting October.

Persons: Jonathan Alcorn, Macy's, Steve Sadove, Ananya Mariam Rajesh, Deborah Sophia, Rashmi Aich, Anil D'Silva Organizations: REUTERS, Mastercard, Challenger, Walmart, Thomson Locations: Target, Burbank , California, U.S, Bengaluru

☆ India-Canada relations: how could trade be affected as tensions rise?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru

Shoppers wait in line at Target on the Thanksgiving Day holiday in Burbank, California, November 22, 2012. REUTERS/Jonathan Alcorn/File Photo Acquire Licensing RightsSept 19 (Reuters) - Target (TGT.N) said on Tuesday it would hire nearly 100,000 employees for the holiday season, like in the past two years, and start offering discounts for the festive period as early as October. However, Amazon.com (AMZN.O) on Tuesday announced plans to hire 250,000 workers for the holiday season, higher than the 150,000 it planned to bring in last year. Macy's said on Monday it would hire more than 38,000 full and part-time seasonal workers, fewer than the 41,000 workers it had announced to hire in 2022. Major retailers, including Target, have warned of a hit to profit resulting from inventory theft.

Persons: Jonathan Alcorn, Macy's, Jessica Ramirez, Jane Hali, Sarah Henry, Henry, Ananya Mariam Rajesh, Deborah Sophia, Arun Koyyur, Anil D'Silva Organizations: REUTERS, Mastercard, Challenger, Tuesday, Retail bellwether Walmart, Associates, Target, Logan Capital Management, Thomson Locations: Target, Burbank , California, United States, Bengaluru

The IPO gave Instacart a valuation of nearly $9.9 billion, a fraction of the $39 billion it was worth in 2021, the company's last funding round. Reuters GraphicsSeveral startups' valuations have shrunk since 2022 as inflation, geopolitical tensions and the Federal Reserve's rapid rate hikes soured the economic climate. But a lukewarm reception to Neumora Therapeutics' (NMRA.O) IPO last week hinted at limited investor enthusiasm for new listings. Arm soared on its first day of trading but has dropped every day since then. Goldman Sachs and J.P. Morgan are the lead underwriters for Instacart's IPO.

Persons: Eric Cohn, Cheney Orr, Hogan, Riley, Instacart, Apoorva Mehta, Fidji Simo, Goldman Sachs, J.P, Morgan, Niket, Noel Randewich, Devika Syamnath, Anil D'Silva, Nick Zieminski, Richard Chang Organizations: Safeway, REUTERS, Nasdaq, SoftBank's Arm, San, Maplebear Inc, Reuters, Federal, Investors, Neumora Therapeutics, Instacart's, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru, Oakland , California

☆ Microsoft says product chief Panay to step down; Davuluri to lead Windows
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

Sept 18 (Reuters) - Microsoft's (MSFT.O) Pavan Davuluri will lead a team focused on Windows software, devices portfolio and semiconductor chips, the company said on Monday, while announcing the departure of longtime product chief Panos Panay. The team led by Davuluri will "build silicon, systems and devices that span Windows, client and cloud for an AI world," according to a staff email by Rajesh Jha, executive vice president of experiences and devices group at Microsoft. Davuluri will report to Microsoft Chief Executive Officer Satya Nadella, the email said. Microsoft is also creating a team to work on web services and Windows experiences with a focus on AI-based offerings. Reporting by Yuvraj Malik in Bengaluru and Stephen Nellis in San Francisco; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Pavan, Panos Panay, Davuluri, Rajesh Jha, Redmond, Satya Nadella, Yuvraj Malik, Stephen Nellis, Anil D'Silva Organizations: Microsoft, Reuters, Thomson Locations: Panay, Washington, Bengaluru, San Francisco

☆ Clorox's first-quarter results to see 'material impact' from cyberattack
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly Acquire Licensing RightsSept 18 (Reuters) - Pine-Sol maker Clorox (CLX.N) said on Monday its first-quarter results could see a "material impact" from a cybersecurity attack last month that damaged portions of its IT infrastructure and caused widescale disruption to its operations. The household staples maker said on Aug. 14 that unauthorized activity on its computer network forced it to take its systems offline, causing delays in order processing. The company did not give a breakdown of the financial impact and said it was still evaluating the situation. Clorox shares were down more than 2% in premarket trading. Reporting by Granth Vanaik in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: coronavirus, Andrew Kelly, Clorox, Granth, Anil D'Silva Organizations: REUTERS, Thomson Locations: New York State, Brooklyn, New York City , New York, U.S, Bengaluru

☆ Strike looms as talks between UAW, Detroit Three drag on
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

[1/4] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 12 (Reuters) - The United Auto Workers (UAW) union has warned of a coordinated strike against the Detroit Three automakers, if an agreement is not reached on a new contract covering some 150,000 workers. Negotiations over a new deal began in July but the three automakers - General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) - and the UAW have made little headway on the terms of the contract. ET on Sept. 14 (0359 GMT the next day). Here is a timeline of events beginning with the election of the new UAW chief in March:Reporting by Ananta Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Ananta Agarwal, Anil D'Silva Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Bengaluru

☆ UPS CEO says new labor deal with Teamsters to cost less than $30 bln - CNBC
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

UPS vehicles are seen at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies United Parcel Service Inc FollowSept 12 (Reuters) - United Parcel Service's (UPS.N) new five-year deal with Teamsters-represented workers will cost less than the $30 billion that was outlined by the union, Chief Executive Officer Carol Tome said in a CNBC interview on Monday. The contract, which covers about 340,000 UPS workers in the United States, would increase wage and benefit costs at a 3.3% compound annual growth rate over the life of the agreement, UPS Chief Financial Officer Brian Newman said earlier. Last month, the Atlanta-based company cut its full-year revenue and profitability targets, citing higher-than-expected labor costs as well as business lost during the tumultuous contract talks with Teamsters. Reporting by Priyamvada C and Baranjot Kaur in Bengaluru; Editing by Varun H K and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Carol Tome, Brian Newman, Newman, Priyamvada, Baranjot Kaur, Varun, Anil D'Silva Organizations: REUTERS, United Parcel Service, Teamsters, CNBC, UPS, Atlanta -, Thomson Locations: Brooklyn , New York City, U.S, United States, Atlanta, Bengaluru

☆ Potential UAW strike could cut production, push up vehicle prices, analysts say
▼ + stars: | 2023-09-11 | by ( Priyamvada C | ) www.reuters.com time to read: +3 min

Sept 11 (Reuters) - A prolonged coordinated strike by the United Auto Workers (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled "Here's what the Big Three and the corporate media's NOT telling you about car prices," Fain said "corporate greed" was responsible for rising car prices.

Persons: Tyson Jominy, Jominy, Garrett Nelson, J.P, Morgan, Jimmy Bhullar, Jim, Farley, Mary, Barra, Dan Ives, Tesla, Bryan DeBoer, Shawn Fain, Fain, Priyamvada C, Nathan Gomes, Abhijith, Anil D'Silva Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Toyota, Honda, Volkswagen, Deutsche Bank, GM, Ford, Lithia Motors, Thomson Locations: ., U.S, Bengaluru

☆ JetBlue agrees to sell Spirit assets in Boston, Newark to Allegiant
▼ + stars: | 2023-09-11 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/Illustrations/File Photo Acquire Licensing RightsSept 11 (Reuters) - JetBlue Airways Corp (JBLU.O) said Monday it had agreed to sell all of Spirit Airlines (SAVE.N) assets at Boston and Newark Liberty airports to Allegiant (ALGT.O), as it works to win approval for its tie-up with Spirit. JetBlue said it had agreed to transfer two gates in Boston, two gates in Newark, and 43 takeoff and landing authorizations in Newark to Allegiant. JetBlue said in July it would not challenge a U.S. judge's May order that it end an alliance with American Airlines. JetBlue argued terminating its alliance with American renders "entirely moot" the government's objections to its deal to buy Spirit.

Persons: Dado Ruvic, Robin Hayes, judge's, David Shepardson, Mehr Bedi, Anil D'Silva, Mark Potter Organizations: Airlines, jetBlue Airways, REUTERS, JetBlue Airways Corp, Spirit Airlines, Newark Liberty, Spirit, JetBlue, Hollywood International Airport, Broward County Aviation Department, The Justice Department, U.S, American Airlines, US Airways, Thomson Locations: Boston, Allegiant, Newark, Fort Lauderdale, Massachusetts, New, LaGuardia, Frontier, U.S, Washington, Bengaluru

☆ Tesla jumps as analyst predicts $600 billion value boost from Dojo
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsSept 11 (Reuters) - Tesla rallied 6% on Monday after Morgan Stanley said its Dojo supercomputer could power a near $600 billion surge in the electric-car maker's market value by helping speed up its foray into robotaxis and software services. The Wall Street brokerage upgraded Tesla's stock to "overweight" from "equal-weight" and replaced Ferrari's U.S.-listed shares with it as "top pick". That is about 76% higher than Tesla's market value of about $789 billion, based on the stock's close of $248.5 on Friday. Morgan Stanley raised its revenue estimate for Tesla's network services business to $335 billion in 2040 from $157 billion earlier.

Persons: Matthew Childs, Tesla, Morgan Stanley, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Medha Singh, Savio D'Souza, Sherry Jacob, Phillips, Rashmi Aich, Anil D'Silva Organizations: REUTERS, Dojo, Ford, Motors, Thomson Locations: London, Britain, Ferrari's U.S, Bengaluru

☆ Moderna ties up with Immatics to boost cancer vaccine development
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Syringes with needles are seen in front of a displayed Moderna logo in this illustration taken, November 27, 2021. Moderna said the companies would use Immatics' drug discovery platform to develop mRNA-based cancer vaccines, and also study its own cancer vaccine for use in combination with Immatics' cancer therapy IMA203. Moderna is already developing a cancer vaccine with Merck (MRK.N), which was shown to cut the risk of recurrence or death by 44% in patients with deadly skin cancer melanoma, in a mid-stage trial. Under the terms of collaboration, Moderna will lead the development and commercialization of the cancer vaccines resulting from the collaboration, while Immatics will be responsible for pre-clinical and potential early-stage studies. Immatics will also receive research funding and is eligible for development, regulatory, and commercial milestone payments that could exceed $1.7 billion, Moderna said.

Persons: Dado Ruvic, Moderna, Immatics, Christy Santhosh, Anil D'Silva, Shounak Organizations: REUTERS, Moderna, Merck, Thomson Locations: COVID, Bengaluru

☆ Factbox: Impact of possible strikes on Detroit Three automakers
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

A strike would ground production to a halt, costing billions of dollars in losses for automakers as well as their suppliers. UAW workers have struck work for two days at GM and for one day at Chrysler in 2007. Prior to 1976, strikes were frequently used as a bargaining tool at Detroit Three. STRIKE IMPACTThe Detroit Three automakers account for about 40% of U.S. new light vehicle sales by units, according to J.P. Morgan. STRIKE TOLLTen-day strikes at all three automakers could cost manufacturers, workers, suppliers and dealers more than $5 billion, according to economic consulting firm Anderson Economic Group.

Persons: Rebecca Cook, Kristin Dzizcek, Morgan Stanley, Morgan, Sam Fiorani, Anderson, Mehr Bedi, Nathan Gomes, Joe White, Anil D'Silva Organizations: General Motors, REUTERS, Ford Motor, UAW, DETROIT, United Auto Workers, Detroit Three, GM, Ford, Chrysler, Chicago Federal Reserve, Detroit, IHS, AutoForecast Solutions, Intelligence, Deloitte, Alliance for Automotive Innovation, Anderson Economic, Deutsche Bank Research, Thomson Locations: Detroit , Michigan, U.S, United States, Bengaluru, Detroit

☆ Alibaba's grocery unit IPO put on ice amid disappointing valuation - Bloomberg News
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Alibaba said in May that Freshippo's IPO would be completed in six to 12 months and that it was also considering listing its logistic unit, Cainiao. Alibaba's capital management committee, which is overseeing the breakup of the company, recently decided to wait for a more favorable market before moving forward with a Freshippo IPO and will prioritize listings of other units, the report added. Reuters reported last year that Freshippo was seeking to raise funds at a valuation of about $6 billion, much lower than a hoped-for valuation of up to $10 billion earlier. The Freshippo business is a supermarket chain in China and also offers services like dine-in and 30-minute home delivery. Reporting by Shubhendu Deshmukh and Yuvraj Malik in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Alibaba, Freshippo, Shubhendu Deshmukh, Yuvraj Malik, Anil D'Silva Organizations: REUTERS, Holding, Bloomberg, Reuters, Thomson Locations: HK, Hong Kong, China, Bengaluru

Sept 7 (Reuters) - Insulet Corp's (PODD.O) shares hit an over three-year low on Thursday on concerns that strong demand for a new class of diabetes drugs that also aid in weight loss could hit sales of its insulin pumps. CEO James Hollingshead said at the Wells Fargo Healthcare Conference that GLP-1 drugs, which are used to treat type-2 diabetes and obesity, could delay the onset of insulin dependency in diabetes patients. GLP-1s are highly effective weight-loss drugs that some analysts predict could become a $100 billion market by 2030. Shares of Massachusetts-based Insulet fell about 12% to $170.87 and were on track to wipe off about $1.6 billion from the company's market capitalization if losses hold. Insulet manufactures and sells insulin delivery devices, which eliminate the need for multiple daily injections for people with insulin-dependent diabetes.

Persons: James Hollingshead, Novo, Trang Ly, Bhanvi, Anil D'Silva Organizations: Wells, Healthcare Conference, New England, of Medicine, Massachusetts, Thomson Locations: Bengaluru

The deal is seen as a bet on the future of natural gas in a regulated market even as energy companies and consumers are transitioning to a greener future by phasing out fossil fuels. But some analysts were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. Enbridge struck the deal just over a month after CEO Greg Ebel told analysts the company saw 'tuck-in' acquisition opportunities 'across the board'. By late morning, Enbridge shares were down 5.5% at C$45.50, while the benchmark Canadian share index was off 0.5%. Enbridge is selling new shares at a discount of 7.2% to its Tuesday close to part-fund the transaction.

Persons: Chris Helgren, Moody's, Morningstar, Stephen Ellis, Ellis, Enbridge, Greg Ebel, Wells, Mrinalika Roy, Denny Thomas, Anil D'Silva, Alexandra Hudson Organizations: REUTERS, Enbridge, Dominion Energy, East Ohio Gas, Public Service Co, Management, TC Energy, Alexandra Hudson Our, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, company's, Bengaluru

REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 6 (Reuters) - Comcast (CMCSA.O) has moved up the date for the sale or purchase of its remaining stake in Hulu to Disney (DIS.N) to Sept. 30 this year, CEO Brian Roberts said on Wednesday. Disney owns two-thirds of Hulu, while Comcast owns the rest. Under a 2019 agreement, either company can trigger a sale or purchase of Comcast's 33% stake to Disney as early as January 2024. Hulu had 48.3 million subscribers at the end of the most recent quarter, compared with 24 million paid subscribers for Comcast's Peacock streaming service and 105.7 million global subscribers for Disney+. (This story has been corrected to say that Comcast has pulled forward the date, not extended, in the headline.

Persons: Mike Blake, Brian Roberts, ” Roberts, Roberts, Goldman Sachs, ”, Samrhitha, Helen Coster, Arun Koyyur, Anil D'Silva, Nick Zieminski Organizations: Comcast NBC, REUTERS, Comcast, Disney, “, Technology, Hulu, Thomson Locations: Los Angeles , California, U.S, Hulu, Bengaluru, New York

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. Analysts, however, were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. "I don't see how you can keep piling more issuance - debt and equity - on this company at these rates. Enbridge shares provisionally closed down 5.9% at C$45.31, while the benchmark Canadian share index was off 0.9%. "While Enbridge paid a reasonable price, high leverage and funding gap could act as overhang," Wells Fargo analysts said in a note.

Persons: Chris Helgren, Ryan Bushell, Enbridge, Greg Ebel, Morningstar, Stephen Ellis, Ellis, Wells, Alan Armstrong, Mrinalika Roy, Nia Williams, Denny Thomas, Anil D'Silva, Alexandra Hudson, Devika, Marguerita Choy Organizations: REUTERS, Dominion Energy, Ohio Gas, Public Service Co, Newhaven Asset Management, Management, TC Energy, Williams Companies, Barclays CEO Energy, Power Conference, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, Newhaven, Enbridge, New York, Bengaluru

☆ Factbox: Subway to sell itself to Roark Capital
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsAug 24 (Reuters) - Roark Capital snapped up Subway in a $9.55 billion deal, sources said on Thursday, after it outbid several private-equity groups. The pair then started franchising Subway restaurants, with the first outlet outside of Connecticut being opened in Massachusetts a year later. For 2022, Subway posted a 9.2% year-over-year increase in same-store sales, thanks to its "Subway Series" menu - a lineup of 12 new signature sandwiches. In March, Goldman Sachs' (GS.N) asset management arm, PE firms Bain Capital, TPG, TDR Capital, Advent International and Roark Capital emerged among the list of suitors for the sandwich chain. Reuters reported earlier this week, citing sources that Roark Capital was in the lead to acquire the chain for well over $9 billion after attaching conditions to some of the windfall the two families that own it would get.

Persons: Thomas White, Roark Capital, Fred DeLuca, Peter Buck, DeLuca, Buck, Arby's, Quiznos, Burger, Jared Fogle, Chidsey, John Chidsey, Morgan, Goldman Sachs, Roark, Deborah Sophia, Granth Vanaik, Varun, Anil D'Silva Organizations: REUTERS, Subway, KFC, Bain Capital, TPG, TDR, Advent International, Roark Capital, Reuters, Thomson Locations: Bridgeport , Connecticut, Connecticut, Massachusetts, Bahrain, Subway, United States, Burger, U.S, North America, Bengaluru

REUTERS/Alyssa Pointer/File Photo Acquire Licensing RightsAug 24 (Reuters) - Warner Bros Discovery (WBD.O) said on Thursday it was adding a new offering to its Max streaming platform, a round-the-clock news service called CNN Max, in the United States on Sept. 27. CNN Max will leverage the news network's global reporting resources, and will also offer new original programs, such as "CNN Newsroom with Jim Acosta, Rahel Solomon, Amara Walker and Fredricka Whitfield," Warner Bros Discovery said in a statement. It will function like a channel within the Max streaming platform. CNN Max will seek to capitalize on the immediacy of breaking news and analysis, differentiating CNN Max from the short-lived CNN+ streaming service, which launched in March 2022 and featured lifestyle programs. CNN's parent, Warner Bros Discovery, has been working to increase how much time subscribers spend on its Max streaming service, augmenting its HBO scripted series with Discovery's reality shows to keep viewers watching.

Persons: Alyssa Pointer, CNN Max, Jim Acosta, Rahel Solomon, Amara Walker, Fredricka Whitfield, Axios, CNN's, Max, Anthony Bourdain, Stanley Tucci, Yuvraj Malik, Dawn Chmielewski, Helen Coster, Anil D'Silva, Chizu Nomiyama, Jonathan Oatis, Will Dunham Organizations: Warner Bros . Discovery, REUTERS, Warner Bros Discovery, CNN, Max, P Global Market Intelligence, Español, CNN International, Fox News, MSNBC, Nielsen, Thomson Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S, United States, Italy, Bengaluru, Dawn, Los Angeles, New York

☆ Kohl's beats profit estimates on cost cuts, leaner inventory
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

Aug 23 (Reuters) - Kohl's Corp (KSS.N) beat estimates for quarterly profit on Wednesday, as leaner inventories, lower costs and fewer discounts helped the department store chain counter a broader retail slowdown. Inventory declined 14% during the quarter as Kohl's undertook stock clearance, leading to a 61 basis points drop in gross margin. "It managed to sell more excess inventory and reduced its expenses, which helped it beat expectations," Insider Intelligence analyst Zak Stambor said. "While Kohl's is still in the early innings of its turnaround plan, it appears to be moving in the right direction," Stambor said. The company earned 52 cents per share in the second quarter ended July 29, above analysts' estimates of 22 cents.

Persons: Tom Kingsbury, Kohl's, Zak Stambor, Stambor, Savyata Mishra, Anil D'Silva Organizations: Kohl's, Insider, Retailers, Thomson Locations: Kingsbury, Bengaluru

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