Kraft Heinz appoints Steve Cahillane as new CEO ahead of company split
Kraft Heinz has appointed a former Kellanova executive as its new chief, signaling a leadership change in the company.
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First Brands Collapse Sparks Financial Turmoil and Investigations
The article discusses First Brands Group's financial difficulties, highlighting concerns over cash flow and the company's need for financial support, as reported by the Financial Times.
business5 months ago
US Startup Lyten Acquires Northvolt's Assets in Bankruptcy
A small California-based startup has acquired assets from a failed European battery company, highlighting strategic moves in the tech and energy sectors.
Kraft Heinz Considers Breakup Amid Sluggish Sales
Kraft Heinz is considering a potential breakup as part of its strategic review, aiming to explore options to enhance shareholder value and streamline operations.
Streaming Surges to Record High in November Amid TV Usage Boom
In November, overall TV usage reached a nine-month high, driven by major events like the presidential election and the World Series. Despite this, cable and broadcast TV lost some viewing share, while streaming services hit a new record, accounting for 41.6% of TV usage. Notably, YouTube, Prime Video, and the Roku Channel achieved their highest usage levels to date. Cable news saw a spike during election week but only a slight month-to-month increase overall. Broadcast networks also saw a slight increase in viewing time but lost share to streaming.
Charlie Rose Settles Long-Standing Sexual Harassment Lawsuit
Charlie Rose has settled a sexual harassment lawsuit filed by three former CBS employees just before the trial was set to begin. The terms of the settlement were not disclosed, but the accusers acknowledged that different interpretations of Rose's conduct were possible. The lawsuit, which alleged repeated harassment and unwanted advances, was dismissed with prejudice, preventing it from being refiled. Rose, who was fired from CBS in 2017 following multiple allegations, continues to maintain a YouTube channel.
Netflix Film Executive Niija Kuykendall Steps Down
Netflix film executive Niija Kuykendall is set to leave the company at the end of the year after a three-year tenure. Kuykendall, who joined Netflix in 2021, managed faith-based, young adult, and holiday features, and her upcoming projects include Tyler Perry's 'The Six Triple Eight' and Malcolm Washington's 'The Piano Lesson.' Her departure follows that of her former boss, Scott Stuber, and she is recognized for her contributions to diversity and representation in the film industry.
Top 10 Billionaires Gain $64 Billion Post-Trump Election
Following Donald Trump's victory in the 2024 presidential election, the world's ten richest individuals saw their wealth increase by a record $63.5 billion in a single day. Elon Musk, a prominent Trump supporter, led the gains with a 10.1% increase in his net worth, reaching $290.3 billion. Bernard Arnault, the only non-U.S. billionaire in the top ten, experienced a slight decrease in his fortune.
Costco Raises Membership Fees for First Time in 7 Years
Costco announced a membership fee increase starting September 1, with basic memberships rising by $5 and executive memberships by $10. The executive membership will also see an increase in the maximum annual 2% reward from $1,000 to $1,250. While some shoppers are annoyed, many understand the hike, especially with recent employee pay raises.
Netflix Faces $50M Defamation Lawsuit Over 'Baby Reindeer' Portrayal
Fiona Harvey has filed a $120 million defamation lawsuit against Netflix, claiming the series "Baby Reindeer" falsely depicts her as a convicted stalker and sexual assailant. Harvey alleges Netflix did not verify the show's claims, which she says are untrue and damaging. The lawsuit seeks injunctive relief and accuses Netflix of negligence and violating publicity rights.
Netflix and Ava DuVernay Resolve 'When They See Us' Defamation Case
Netflix and Ava DuVernay have settled a defamation lawsuit with former NYC prosecutor Linda Fairstein over her portrayal in the series "When They See Us." The settlement includes moving a disclaimer to the beginning of each episode and a $1 million donation to the Innocence Project, with Fairstein receiving no money. The case, closely watched for its potential impact on biographical content, was set to go to trial next week.
"Adani Group's Financial Surge: Profits Soar, Debt Falls, Shares Rally"
The Adani Group's credit profile has significantly improved as its net debt to Ebitda ratio has declined to 2.19 times in FY24, with cash reserves at an all-time high of Rs 59,791 crore. The group's credit ratings have seen substantial upgrades, and its diversified debt capital book shows balanced exposure to domestic and global markets. Chairman Gautam Adani highlighted the group's resilience and strong recovery, with market capitalization reaching Rs 17.94 lakh crore.
"Wall Street Journal Faces Layoffs Amid AI Deal and Record Profits"
The Wall Street Journal has continued laying off journalists despite record profits, a surge in paid subscribers, and a lucrative $250 million licensing deal with OpenAI. The layoffs, part of a broader reorganization led by Editor in Chief Emma Tucker, have sparked protests from the newsroom's union. Tucker claims the changes are necessary for digital growth and high-quality journalism, but staff morale is low, and the union is negotiating for better pay and protections against AI use.
Trump's Stock Climbs Amid Jury Deliberation
Shares of Trump Media and Technology Group experienced volatility after former President Trump was found guilty on all 34 counts in a criminal hush money trial. Despite the conviction, Trump Media shares have risen over 7% this week. CEO Deven Nunes has called for an investigation into alleged stock manipulation. The company reported a significant operating loss for the first quarter but has seen its stock price increase by more than 180% this year.
Ramaswamy Pushes BuzzFeed for Conservative Hires and Job Cuts
Vivek Ramaswamy, who owns an 8.3% stake in BuzzFeed, is pushing for a major overhaul of the struggling media company, including hiring prominent figures like Bill Maher, Tucker Carlson, Charles Barkley, and Aaron Rodgers. Ramaswamy criticized BuzzFeed's past journalistic decisions and called for a complete rethinking of its content. BuzzFeed CEO Jonah Peretti has rebuffed these demands, citing misunderstandings about the company's operations. BuzzFeed's stock has seen a recent uptick, but the company continues to face financial challenges.