Core Viewpoint - Tech billionaire Larry Ellison will gain control of CBS parent Paramount Global following Skydance Media's acquisition of the Redstone family's interest in the company, marking a significant shift in ownership and management structure [1][2]. Group 1: Acquisition Details - Skydance Media signed a deal to acquire Paramount Global in a two-step process, with Larry Ellison, the fourth richest person globally with a net worth of $176 billion, backing the proposal financially [2]. - The Ellisons, along with RedBird Capital Partners, will purchase National Amusements for $2.4 billion and invest over $6 billion into Paramount to acquire shares and reduce debt [2]. - Upon completion of the $8 billion merger, David Ellison will serve as Paramount's chairman and CEO, taking operational control of the business [3]. Group 2: Management and Strategy - David Ellison and his financial partners plan to implement a $2 billion cost-cutting strategy at Paramount following the acquisition [3]. - The decision to sell Paramount Global signifies the end of a decades-long family dynasty led by Shari Redstone, who previously orchestrated the merger of CBS and Viacom in 2019 [4].

Walt Disney was targeted by hackers who obtained sensitive internal company data including revenue figures from its Disney+ and ESPN+ streaming services as well as its Genie theme park passes, according to a report.A cyber-criminal operation known as “NullBulge” uploaded more than 1.1 terabytes of data in July that also included internal Slack messages in which employees sound off on the company’s battle with Florida Gov. Ron DeSantis over so-called “Don’t Say Gay” legislation.NullBulge, whom authorities be ...

Core Viewpoint - The Nordstrom family has made a $3.8 billion bid to take the company private, significantly lower than their previous offer of $8.4 billion in 2018, reflecting ongoing challenges in the department store sector due to declining mall traffic [1][2]. Company Summary - The Nordstrom family, which owns approximately 33.4% of the company's outstanding common stock, is partnering with Mexican department store chain El Puerto de Liverpool to offer $23 per share in cash for all outstanding shares [2][3]. - Under the proposed deal, the Nordstrom family would control 50.1% of the company [3]. - The company operates around 350 stores, including the off-price chain Nordstrom Rack [2]. Financial Performance - Nordstrom reported a 3.4% increase in sales for its 350 stores in the second quarter, with revenues reaching $3.9 billion and comparable sales up by 1.9% year-over-year [5][6]. - Despite the overall decline in department store sales over the past decade, Nordstrom's recent performance indicates some improvement [5][6]. Market Context - The department store sector is experiencing significant pressure, with other retailers like Macy's facing activist investor pressure to sell or go private [6]. - The recent bid from the Nordstrom family comes amid a trend of consolidation in the industry, exemplified by HBC's pending acquisition of Neiman Marcus for $2.65 billion [5]. Offer Dynamics - The $23 per share offer is close to the current stock price, which raises questions about the attractiveness of the bid [7]. - The involvement of El Puerto de Liverpool may provide leverage to negotiate a higher price, as the independent committee evaluates the proposal [8].

Nvidia has been served with subpoenas by the Justice Department as part of its ongoing investigation into potential antitrust violations by the Silicon Valley chipmaker that has dominated the artificial intelligence market.The antitrust watchdog had previously delivered questionnaires, and has now sent legally binding requests to Nvidia, according to Bloomberg News.The report added that other companies had also received subpoenas. 3 Nvidia, which is run by CEO Jensen Huang (above), has been subpoenaed by ...

Core Viewpoint - Constellation Brands is facing significant challenges due to weak wine demand, leading to a potential asset write-down of up to $2.5 billion and a drastic reduction in earnings outlook for the year [1][2]. Financial Outlook - The company has nearly halved its earnings outlook to a range of $3.05 to $7.92 per share, down from initial expectations of $14.63 to $14.93 per share [2]. - Total sales outlook has been revised down to between 4% and 6%, from a previous estimate of 6% to 7% [2]. Market Conditions - CEO Bill Newlands highlighted ongoing macroeconomic headwinds, particularly rising unemployment, as factors contributing to a slowdown in consumer demand for products [3][6]. - A sales decline of 4% to 6% is expected in the wine and spirits division, contrasting with earlier expectations of flat sales [3]. Strategic Adjustments - The company plans to adjust pricing and enhance marketing efforts to mitigate sales challenges in the wine and spirits sector [4]. - Despite the struggles in the wine division, Constellation anticipates a sales growth of 6% to 8% in its beer division [4]. Sales Performance - The demand drop has been particularly pronounced in the top five states for the beer business, which account for over half of Constellation's total sales volumes [7]. - The company had previously raised its profit outlook in July due to improved margins and strong beer sales [7]. Stock Performance - On the day of the announcement, Constellation shares rose by 2%, and the stock has increased by 0.7% year-to-date [8]. - The company has a market capitalization of $44.99 billion [8].

Toyota has recalled more than 43,000 trucks in the US over defects that could increase the risk of a car crash. The Japanese automaker recalled 43,395 2023-2024 Sequoia Hybrids sold in the US after identifying a risk with the vehicles’ tow hitches.Toyota has recalled its 2023-2024 Sequoia Hybrid vehicles due to a defect with the rear tow hitches. Getty ImagesThe tow hitch is a part located on the back of the truck that is used to connect the car to a trailer in order to be towed.The resin tow hitch on the S ...

Core Viewpoint - Intel is planning to present a strategy to its board aimed at cutting unnecessary businesses and revamping capital spending to improve its financial performance, which has significantly declined in recent times [1][4]. Group 1: Business Restructuring - The plan includes selling off businesses, particularly the programmable chip unit Altera, which Intel can no longer afford to support financially [1][7]. - Intel has already separated its foundry business from its design business and has been reporting these segments' financial results separately since Q1 of this year [2][3]. - The mid-September board meeting is crucial for determining which businesses Intel will retain and which will be sold off [5][7]. Group 2: Financial Performance - Intel's market capitalization has dropped below $100 billion, a significant decline compared to Nvidia's $3 trillion valuation [3]. - The company reported a disastrous second-quarter earnings report in August, leading to a pause in dividend payments and a 15% staff reduction aimed at saving $10 billion [5][6]. - Intel expects to cut capital spending to $21.5 billion in 2025, a 17% decrease from the current year [4]. Group 3: Advisory and Strategic Planning - Intel has engaged Morgan Stanley and Goldman Sachs to advise on which businesses to sell and which to retain [4]. - The proposal does not currently include plans to split Intel's contract manufacturing operation but may be discussed in the future [2][8]. - Potential buyers for the Altera unit include infrastructure chipmaker Marvell, indicating interest from other companies in acquiring parts of Intel's business [7][8].

David Solomon is sharpening the axe again. The Goldman Sachs CEO will slash more than 1,300 jobs as part of the bank’s ongoing review to cull poor performers, the Wall Street Journal reported on FridayGoldman’s cuts will affect between 3% and 4% of Goldman’s 45,000-strong workforce, the Journal added, citing people familiar with the matter. The cuts are part of the bank’s annual performance reviews that cull those believed to have performed poorly. Getty ImagesThe layoffs have already started and will conti ...

Disney CEO Bob Iger said he is laser-focused on finding his replacement by the time he steps down in 2026 — after his previous CEO pick blew up.Iger told Kelly Ripa on her podcast earlier this month that the search has “obsessed” him following his return to the top job in 2022. “I think it would be safe to assume that I think about [CEO succession] all the time,” he told Ripa. “I could say that ‘I’m obsessed with it’ would be probably an understatement, and actually, the board and I established when I retur ...

Amazon is hopeful that selling its goods through TikTok, Facebook, Instagram and Snapchat will reignite sluggish e-commerce growth as American shoppers pare back spending in a hyper-inflationary environment.The Seattle-based online retailer held two years of high-stakes negotiations with the CEOs of other tech giants, which culminated in a partnership despite dissent within Amazon’s ranks, according to a report.Andy Jassy, the CEO of Amazon, met separately with his Meta counterpart Mark Zuckerberg as well a ...