Wall Street Journal
- Rupert Murdoch weighed merging his media empire, News Corp NWSA and Fox Corp FOX, nearly a decade after the companies split.
- People familiar with Murdoch's proposal said the combined company would have more balance sheet strength to pursue acquisitions. The companies could join forces in sports betting, they added.
- Lachlan Murdoch, co-chair of News Corp and executive chair and CEO of Fox, would likely see a significant expansion of his responsibilities.
- Activist investor Starboard Value LP owning a sizable stake in Splunk Inc SPLK, plans to push the software maker to take action to boost its stock price.
- Starboard's stake is just under 5%.
- Starboard founder and CEO Jeff Smith will appear at an activist-investing conference on October 18 and will likely detail the fund's thesis.
- Earlier this year, when Splunk was without a CEO, and its shares had plummeted following a series of disappointing earnings reports, it attracted takeover interest from at least Cisco Systems, Inc CSCO.
- Goldman Sachs Group Inc GS is planning a significant reorganization to combine its biggest businesses into three divisions.
- Goldman will combine its investment banking and trading businesses into one unit while merging asset and wealth management into another.
- French carmaker Renault ADR's RNLSY electric and hybrid vehicle sales in 2022 have almost doubled as a percentage of the brand's European sales.
- The automaker assured it is well equipped to shift to electric vehicles (EVs) by 2030.
- In 2021, Renault's EVs constituted 25% of its European sales and around a third in the first half of 2022.
- Kroger Co KR agreed to acquire Albertsons Companies Inc ACI for $34.10 per share.
- However, the U.S. Federal Trade Commission (FTC) could challenge the deal amid intensified antitrust scrutiny under the Biden administration.
- "There is a significant risk of a challenge," said Andre Barlow of the law firm Doyle Barlow and Mazard PLLC. "This is the type of deal that the FTC wants to discourage."
- Hyundai Motor Company GDR (OTC: HYMTF) is planning to break ground on a $5.5 billion electric vehicle and battery plant in the U.S. on October 25.
- The automaker is expected to begin commercial production in 1H of 2025 with an annual capacity of 300,000 units.
- The metaplant in Savannah, Georgia, is part of Hyundai's commitment of $10 billion by 2025 to foster future mobility in the U.S., including EV production.
- Mercedes-Benz Group ADR MBGYY is partnering with an energy company to tap wind energy off the Baltic Sea starting in 2027.
- The move is believed to ease the automobile manufacturer's energy needs amid a European crisis.
- Last month, Mercedes revealed plans to build a wind farm at its Papenburg test track in northern Germany.
- Apple Inc's AAPL iPhone 14 models are seeing a dip in delivery lead times compared with the previous iPhone 13 models.
- Lead times for the iPhone 14 Pro models moderated in the sixth week of the Apple Product Availability Tracker by JPMorgan compared with the fifth week.
- The iPhone 14 Pro Max lead times are at par with the Pro.
- Rapper Kanye West has agreed to buy conservative-leaning alt-tech microblogging and social networking app Parler, which touts as a platform promoting free speech.
- Announcing the deal, Parlement Technologies, parent of Parler, said the parties intend to enter into a definitive purchase agreement soon, with the closure expected in the fourth quarter.
- Jane Manchun Wong, a security researcher, highlighted how false narratives are spread on Twitter Inc TWTR, saying that the social media platform "is still a great place to spread misinformation" and target audiences outside the U.S.
- Wong tweeted about the geographical limitations of Birdwatch, Twitter's community-driven program that was launched to reduce the spread of misinformation on the platform.
- The feature enables users to identify information in tweets they believe are misleading and write notes that provide additional context.
- Apple Inc puts its plans to use memory chips from China's Yangtze Memory Technologies Co. (YMTC) on hold after completing an intensive monthslong process to certify the company's 128-layer 3D NAND flash memory for use in iPhones.
- Amid tighter export controls imposed by the U.S. against the Chinese tech sector early this month, Apple has decided not to go forward with YMTC's memory chips for its products.
- Trump Media & Technology Group (TMTG), which owns the Truth Social platform, lost no time in firing Will Wilkerson after he shared with the Washington Post a whistleblower complaint he filed with the SEC in August.
- In the whistleblower complaint, the executive reportedly alleged that TMTG relied on fraudulent misrepresentations to raise money through a Special Purpose Acquisition Company, violating federal securities laws.
- Nikola Corp NKLA founder Trevor Milton was convicted of fraud over allegations that he lied to its investors about the company's technical achievements.
- A federal jury convicted Milton of one count of securities fraud and two counts of wire fraud. He may now face a maximum prison sentence of 20 years.
- Vodafone Group Plc VOD and Altice created a joint venture (FibreCo) to deploy fiber-to-the-home (FTTH) to up to 7 million homes over six years.
- FibreCo looks to invest up to €7 billion, which will likely finance 70% by debt.
- The 50-50 fiber venture with French billionaire, Patrick Drahi's Altice, will build fiber optic lines to up to 7 million homes in Germany.
- Honeywell International Inc HON lifted its outlook for business jet deliveries of up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook, while the usage in 2022 is expected to climb 9% higher.
- "The business aviation industry is greatly benefitting from a wave of first-time users and buyers due in part to changing habits brought on by the COVID-19 pandemic," said Honeywell Aerospace President, Americas Aftermarket, Heath Patrick.
- Credit Suisse Group AG CS will pay $495 million as a final settlement with the New Jersey Attorney General (NJAG) related to its Residential Mortgage-Backed Securities (RMBS) business, with transactions dating back to before 2008.
- The Attorney General alleged over $3 billion in damages in a litigation case filed in 2013.
- Comcast Corp's CMCSA Spectator division looks to shut down its video game-centric television and online network G4 after mass layoffs less than a year after its return.
- G4 failed to gain traction despite attempts over the past several months.
- The closure will affect a few dozen employees and contract workers. Comcast said it would assist them with outplacement and consider some for internal opportunities.
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