Core Insights - News Corp considered moving away from Google's advertising products in 2017 but estimated a loss of at least $9 million in revenue if they did so [1][4] - Google's dominance in the digital advertising market has led to a situation where it is essentially the only service used by publishers for ad deals, despite complaints about its tools being "clunky and slow" [2][5] - The Justice Department's antitrust case against Google highlights its control over ad tools and the significant revenue it siphons from the market, estimated at up to 35 cents of every dollar [6] Revenue and Market Share - In 2016, News Corp generated $83.3 million in ad revenue through digital ad tech tools, with $18.4 million coming from advertisers on Google's platform [3] - By the end of 2022, 70% to 80% of News Corp's ad deals were conducted through Google's tools, indicating a heavy reliance on Google's advertising ecosystem [4] Legal Proceedings - The Justice Department is pursuing a breakup of Google's ad tech business, including the divestment of its Ad Manager tool, as part of its antitrust case [7][8] - The trial is expected to last about four weeks, with US District Judge Leonie Brinkema overseeing the proceedings [8]

Nearly two-thirds of US shoppers said that stubborn inflation will prevent them from buying a new phone this year, according to a survey released Tuesday — putting a possible damper on Apple sales of its latest iPhone.The survey by WalletHub also found that nine in 10 who were polled said they think iPhones are overpriced.“When day-to-day living costs are already high, it’s hard for many people to justify an expensive phone upgrade,” WalletHub analyst Chip Lupo said in a statement. “Apple and other phone co ...

Starbucks’ new CEO Brian Niccol said he would focus on reinvigorating coffeehouse culture at the chain’s stores in the US as he takes the helm in the midst of patchy demand for its pricey lattes.Starbucks named Niccol as its CEO in a surprise move last month, replacing Laxman Narasimhan after the company’s comparable sales fell for the second straight quarter this year.In his first week at the job, Niccol said in an open letter he would initially focus on US stores delivering drinks and food on time and ele ...

JPMorgan Chase is focused on succession planning and has a cadre of “extremely” qualified people who are prepared to run the bank eventually, CEO Jamie Dimon said Tuesday.Dimon and his team spend a lot of time thinking about what happens after he retires, Dimon said, without giving a timeframe.“We all want to get that exactly right,” he told pension funds and institutional investors at a conference in New York.JPMorgan CEO Jamie Dimon said he and his team spend a lot of time thinking about what happens afte ...

Goldman Sachs shares dropped 4% after CEO David Solomon warned the Wall Street giant is facing a $400 million hit from the exit of a credit card venture as well as recent weakness in trading revenue.The Wall Street giant’s stock fell by just over $19 to $470 after Solomon told an industry conference in New York late Monday that the October quarter’s financial results will be hit by its exit from its consumer banking venture that began in 2022, including a joint credit card scheme with General Motors.But the ...

Google lost its bid to escape a $2.7 billion fine imposed by European Union regulators for illegally stifling rival online shopping services on Tuesday — the latest in a slew of legal setbacks for the tech giant.The European Commission initially imposed the fine in 2017 after determining that Google had violated the law by giving its own “comparison shopping service” priority placement in its search engine results while demoting links to smaller rivals in the region.The EU’s Court of Justice in Luxembourg d ...

Apple must pay $14.4 billion in back taxes to the Irish government after the European Union’s top court rejected the iPhone maker’s appeal of a landmark 2016 ruling — which CEO Tim Cook denounced at the time as “total political crap.”The European Court of Justice in Luxembourg on Tuesday upheld the decision by the European Commission that Ireland broke state-aid law by giving Apple an unfair advantage.“We are disappointed with today’s decision as previously the general court reviewed the facts and categoric ...

Apple unveiled its AI-enhanced iPhone 16 on Monday — but Wall Street is divided on whether it will be able to reverse a sales slump for the tech giant’s flagship product.  Dubbed “Apple Intelligence,” the firm’s AI push was front and center during the high-profile presentation at its Cupertino, Calif., headquarters. The latest model features an A18 chip designed to power large generative models and a customizable “action button” that can be paired with various tasks, such as voice translation, and a new ded ...

Justice Department attorneys took aim at Google’s alleged monopoly over the digital advertising market on Monday in an antitrust case that poses a major threat to the Big Tech giant’s business model.Opening arguments in the closely watched trial kicked off in a Virginia courtroom and drew a massive crowd of onlookers. US District Judge Leonie Brinkema will decide the outcome of the non-jury trial, which is expected to last about four weeks. 5 Karen Dunn (left) has faced scrutiny over her ties to Kamala Ha ...

Core Viewpoint - Big Lots has filed for Chapter 11 bankruptcy protection due to declining consumer spending and soft sales, planning to sell its assets and ongoing operations to Nexus Capital Management [1][2]. Group 1: Financial Performance - High inflation and interest rates have negatively impacted Big Lots' business, leading to a significant pullback in consumer purchases of home and seasonal products, which are crucial for revenue [2]. - Sales at stores open for at least a year have declined for nine consecutive quarters, indicating ongoing struggles in retail performance [2]. Group 2: Strategic Decisions - The board of Big Lots determined that selling to Nexus Capital was the best strategic move despite some improvement in performance [3]. - The company will continue operations during the court-supervised sale process but plans to close some stores without specifying details [4][5]. Group 3: Financing and Auction Process - Big Lots has secured commitments for $707.5 million in financing, including $35 million in new financing from current lenders, to support operations during the sale process [8]. - Nexus Capital will act as a "stalking horse" bidder in a court-supervised auction, with the sale subject to higher bids [6]. Group 4: Market Position and Challenges - Big Lots operates in a highly competitive market where other value retailers are outperforming in delivering low prices and compelling bargains [7]. - The company has received a notice from the New York Stock Exchange due to its stock price falling below $1 for 30 consecutive trading days, with shares dropping 40% to 30 cents in premarket trading [9].