Edgar Bronfman Jr. has recently made an offer for a controlling stake in Paramount Global, aiming to challenge Skydance Media for ownership of National Amusements, the holding company founded by Sumner Redstone. His bid includes a proposal for National Amusements and Paramount Global common shareholders, with the potential for Shari Redstone to remain involved with
Business
Cava recently raised its full-year outlook after reporting strong traffic in its restaurants, leading to better-than-expected quarterly earnings and revenue. The company’s shares saw a 7% increase in extended trading, with its market cap reaching approximately $11.6 billion by the end of the quarter. During the quarter that ended on July 14, Cava exceeded Wall
Boeing’s Starliner capsule, which delivered NASA astronauts to the International Space Station (ISS) in early June, is now set to return to Earth without its crew on board. This decision, announced by NASA, comes as a surprise and marks a significant shift in plans for the spacecraft. Originally intended to bring the astronauts back, the
Amid a rise in Covid cases this summer, the Biden administration announced on Friday that it will be providing free at-home Covid-19 tests to American households starting in late September. This initiative comes as a response to the heightened spread of the virus in the U.S. and aims to assist in keeping families safe during
The future of Paramount Global remains shrouded in uncertainty as the special committee has decided to extend the “go shop” period by 15 days to review a competing offer from Edgar Bronfman Jr. originally offered $4.3 billion for National Amusements, the controlling shareholder of Paramount. This bid includes Bronfman acquiring a minority stake in Paramount,
Ford Motor recently announced that they are delaying the production of a next-generation all-electric pickup truck at a new plant in Tennessee and canceling plans for a three-row electric SUV. Instead, the company will prioritize the development of hybrid models and electric commercial vehicles. Ford will be focusing on producing a new electric commercial van
Alaska Airlines recently announced that its plan to acquire Hawaiian Airlines has successfully cleared the U.S. Justice Department. This comes after the antitrust regulators completed their investigation of the deal without filing a lawsuit to block the merger. The $1.9 billion agreement between the two carriers was announced eight months ago, marking a significant step
Boeing announced on Monday that it has temporarily stopped flight tests of its 777X aircraft after discovering damage in a structure of one of the wide-body planes. The company revealed that the damage was found in a custom part located between the engine and the airplane structure during routine maintenance checks. As a result of
Starbucks, once a coffee giant, is facing multiple challenges that have led to a decline in sales and customer satisfaction. The rise of mobile orders, operational inefficiencies, and a lack of adaptation to shifting consumer behavior are all contributing factors to the company’s struggles. With the appointment of Brian Niccol as the new CEO, the
The recent discovery by Gilead Sciences of a dangerous drug-counterfeiting operation involving its HIV medications has shed light on a disturbing trend in the pharmaceutical industry. The operation, allegedly orchestrated by Peter Khaim, a known medical fraudster, targeted patients in New York and New Jersey by tampering with and reselling counterfeit Gilead medications. This scheme,