Home / Business / DealBook Briefing: A Fox deal can keep Iger at Disney longer

DealBook Briefing: A Fox deal can keep Iger at Disney longer



What we know: Disney is in advanced discussions to buy the 20th Century Fox film and television studios, cable channels such as FX and Nat Geo, a stake in the British Sky station, the Star cable India and the media empire, and a share in Hulu.

What would happen to Mr. Murdoch's children

This is where it gets interesting. If there is an agreement, James Murdoch, who is currently C.E.O. Fox, could become a senior Disney executive, with a portfolio that would likely include the supervision of Sky and Star. Several news reports have said that James Murdoch could eventually succeed Bob Iger as the CEO of Disney, although they warned that There is a formal agreement.

His brother, Lachlan, would stay to oversee what's left of Fox, which would include Fox News Channel, the FS1 sports channel and the company's broadcast network.

The WSJ has more information about the dynamics between the brothers and their father, who remains deeply involved in the Fox administration:

Sometimes, James has felt like a CEO only in the title, according to some people who they know him These people say that James was never interested in the configuration, is ready for a new chapter in his career and has been on a different page from his father and brother.

But the FT, citing an unidentified person close to the family, said that a division of Murdoch's men would be "a very kind separation."

What comes next: An agreement could be announced as soon as next week. But Comcast is still in talks with Fox, although that deal could be more problematic from a regulatory perspective, given that the similar AT & T transaction with Time Warner has been sued by the Department of Justice.

Critic's corner

• "Even if you win Fox assets, buying a CEO as part of the package may be too cute even for Disney." (Lex)

• Peter Csathy, a media consultant, says that if Disney reaches an agreement with Fox, it would have a lot of exclusive content for its upcoming video streaming services. (Variety)

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Today's DealBook report was written by Andrew Ross Sorkin in Shanghai, and Michael J. de la Merced and Amie Tsang in London.

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Robyn Beck / Agence France-Presse – Getty Images

& # 39; A phone call and go & # 39;

The 7,500-word NYT investigation of the people who instigated and protected Harvey Weinstein over the decades uncovered a complex network of powerful business executives, agents, and gossip reporters who worked at the behest of the film mogul in misfortune.

Among those discussed in the article

• Talent agents at firms such as CAA and William Morris who heard many accusations against the producer of the film, but apparently made little to address the accusations. One, Bryan Lourd of CAA, tried to arrange a meeting with journalist Ronan Farrow, who was investigating Mr. Weinstein for The New Yorker.

American Media owned by the National Enquirer, and others in the tabloid press. The Enquirer and a constellation of "solvers" sought to buy the rights to the prosecutors' stories and then sit on the information; to collect information about accusers; or to exchange juicy stories with gossip writers in exchange for not writing about Mr. Weinstein's affairs.

• Attorneys like Steve Hutensky who works at the company for Miramax, and David Boies the superstar litigator, who helped structure numerous settlements with women who said they had been attacked by Mr. Weinstein.

• Private research firms such as Kroll and Beau Dietl & Associates who surveyed critics and potential informants.

Making Cameo appearances

Jeff Bezos who had spoken with Mr. Weinstein at the end of September – before the stories in the NYT and The New Yorker in the magnates were published, for Get tips on a next critical article on the Amazon study arm.

• The financier Paul Tudor Jones who sent Mr. Weinstein an e-mail the day before he was expelled from the studio with advice on how to rehabilitate his image. "Focus on the future, as the United States loves a great return story," Jones wrote to the film's producer.

The latest news on misconduct

• Venture capitalist Shervin Pishevar missed the investment firm and corporate boards he sits on, including Virgin Hyperloop One, amid accusations of sexual misconduct and aggression against him. (NYT)

• Facebook's Sheryl Sandberg praised the women's new openness to talk about misconduct, but added: "We must make sure that the accused people believe that there is a due process." (NYT)

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Wal-Mart Stores Inc. said it is changing its name to Walmart Inc.

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Alan Diaz / Associated Press

Wal-Mart is leaving the stores … and a little more.

Wal-Mart Stores Inc. said it is changing its name to Walmart Inc. The decision reflects Walmart's determination to convince shareholders and investors of its focus on selling products online.

Doug McMillon, CEO of Walmart, said in a blog post on the company's website, he said:

"Why the change? Because of our growing presence as a retailer serving customers without import how they choose to buy.

"Changing our corporate name from Wal-Mart Stores, Inc. to Walmart Inc. is just a symbol of how customers are buying us today and how they will buy us more and more in the future. Whether it's in our stores, on our sites, with our applications, using your voice or what comes next, there's only one Walmart when it comes to our customers. "

" Changing our corporate name to Walmart is a way to better reflect the path of our company to win the future of retail. "

The company in recent years has invested heavily, acquiring Jet.com, ModCloth and Bonobos, to expand its digital presence, and those efforts appear to be paying dividends." Walmart online sales rose 50 percent in the third. quarter.

Sales at the store account for more than 95 percent of Wal-Mart's revenues, the WSJ reported.

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The Kushner family's business has been involved in investment trust agreements real estate agent

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Doug Mills / The New York Times

Who is the biggest winner in the tax review?

There are two ways to answer that question.

In terms of industry in general: Probably a commercial real estate, the business where President Trump and his son-in-law Jared Kushner came from. The NYT notes that the industry avoided limits on issues such as interest deductions, while also obtaining a more generous depreciation schedule that allows homeowners to receive more income.

In terms of individual company: The FT says it is Apple, which could see its taxes cut by up to $ 47 billion. (As the FT kindly points out, that's more than the annual profit of any other US company)

About corporate alternative minimum tax …

Senator John Kennedy, Republican of Louisiana, is a lawmaker who believes that the provision, although hated by many companies, may have come to stay.

From Alan Rappeport and Tom Kaplan of the NYT:

Mr. Kennedy said that "in a perfect world," the corporate alternative minimum tax would be repealed, but said that concerns about the deficit could not allow that to happen. "That's only half the equation, the other half is can we pay it?" He said.

Floating tax

• Some Republicans are still trying to get larger limits on deductions for state and local taxes. (Politico, WSJ)

• Of the Republicans' plans to cut so-called SALT deductions, which would disproportionately hurt residents in high-tax states and mainly of a Democratic bent, Harvard economist Lawrence Katz said: "No one can be a blue state more. "(NYT)

• The Trump administration wants lawmakers to move even faster in tax legislation. (Politician)

• The European Union has put 17 countries on a black list of tax haven. (WSJ)

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Howard Schultz of Starbucks and Jack Ma of Alibaba in Shanghai.

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Aly Song / Reuters

The view from Shanghai.

Over the past few days, Andrew was in town, where he met Jack Ma at the opening of the world's largest Starbucks.

Mr. Ma took some veiled shots at Amazon: "Amazon comes to China, they've been here for almost 15 or 20 years, but you do not see them anywhere." The reason, Mr. Ma said, was that they did not "correctly".

However, the question of North Korea was too complicated for him. "Leave the job for President Xi and Donald Trump, because I'm focusing on my business," said Mr. Ma.

Additional credit: Starbucks, which has doubled in China, is opening a new store there every 15 hours.

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Aly Song / Reuters

The technology that will boost the police state of China in the future.

The Wuzhen Internet World Conference was not just a meeting to showcase the latest in Chinese gadgets, such as a version of the Consumer Electronics Show. He also offered a vision of how new advances in artificial intelligence and facial recognition can be used to track citizens, and how they have been widely accepted.

Paul Mozur of NYT:

Investors and analysts say that China's fervent fervor for collecting such data, combined with its huge population, could eventually give its artificial intelligence companies an advantage over Americans. If Silicon Valley is marked by a libertarian streak, China's vision offers something of an antithesis, one where technology is meant to reinforce and be guided by the steady hand of the state.

More in Chinese technology

• The country is leading the charge with electric cars, offering global automakers to attract financial carrots and threatening them with heavy regulatory levers. (NYT)

• Smartphone maker Xiaomi remains shy about when it will be made public and when it could start selling phones in the United States. (Axios)

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Mark Blinch / Reuters

The flyaround technology

• Google blocked YouTube from Amazon's Fire TV and Echo Show devices with a screen that said there had been a "lack of reciprocity" by Amazon. (Mercury News)

• YouTube is hiring more human reviewers to remove videos that violate their guidelines, and have been teaching their computers to do the same. (NYT)

• Verizon & # 39; s Oath, which now owns Yahoo, is in a legal battle with Mozilla over a search agreement reached by the former Yahoo C.E.O. Marissa Mayer (Recode)

• The British health secretary said about the new Facebook platform for children: "Get away from my children, please, Facebook and act responsibly!" (Politico)

Someone in C.F.P.B. He is a Harry Potter fan.

From a NYT report on how employees have been mandated by Mick Mulvaney at the regulator:

Some employees, including some of the agency's senior officials, have welcomed their new leader. Others, pointing out Mr. Mulvaney's previous hostility towards the agency and its mission, silently resist. A small group calls itself "Dumbledore's Army," according to two of the people who were familiar with their discussions.

The Speed ​​Read

• Nestlé agreed to buy Atrium Innovations, a Canadian manufacturer of vitamins, for $ 2.3 billion, including the assumption of debt, to expand its range of consumer health products. (WSJ)

• UnitedHealth has reached an agreement of $ 4.9 billion to purchase a unit of the DaVita kidney dialysis firm that administers clinics and outpatient surgical centers. (CNBC)

• The Federal Trade Commission questions the proposed agreement for Tronox, a chemical manufacturer based in Stamford, Connecticut, to buy Cristal, a Saudi-owned company, saying the merger would result in significant competition lower in the sector (NY Post)

• The Federal Reserve is ready to raise its benchmark interest rate next week, but inflation remains problematic, increasing more slowly than what is considered a healthy rate. Charles Evans and Robert Kaplan discussed the subject. (NYT)

• ChemChina's foreign objectives differ from those of its Chinese counterparts: it uses them to increase its market share in its home country. (FT)

• Stephen Schwarzman has some advice for Blackstone's new recruits: work life is not "Mad Men". (Bloomberg)

• Paul Singer acquired a 5.3 percent stake in the German company Uniper, which is subject to a purchase offer of 8,000 million euros, or $ 9.5 billion, from Fortum of Finland. (FT)

• Two of the offers to become the home of Amazon's second headquarters contained ideas that blurred the lines between public and private, and set a new precedent. (Economist)

• Bridgepoint, the private equity firm that owns Pret A Manger, raised 5,500 million euros, or 6,500 million dollars, six months before the target for its last fund and rejected an additional 5,000 million euros from capital, according to two people with knowledge of fundraising. (FT)

• An association of commercial producers and movie theater owners has filed a federal lawsuit accusing the casting directors, who have been trying to organize a labor union, of violating antitrust laws. (NYT)

Every day of the week, DealBook reporters in New York and London offer commentary and analysis on the most important business news of the day . Do you want this in your email inbox ? Here is the record.

You can find real-time updates of DealBook coverage throughout the day at nytimes.com/dealbook.

Followers Andrew Ross Sorkin @ andrewrsorkin Michael J. de la Merced @ m_delamerced and Amie Tsang @amietsang on Twitter.

We would love to receive your comments as we experiment with the writing, formatting and design of this report . Send your thoughts and suggestions by email to bizday@nytimes.com.

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