Trump Media & Technology Group, the company behind Truth Social, has entered into a Standby Equity Purchase Agreement allowing it to sell up to $2.5 billion in new shares. This move could convert the company's high paper value into actual cash, potentially securing a financial windfall for Trump, who owns nearly 60% of the company. The deal, facilitated by Yorkville Advisors, could dilute existing shares but might also provide capital for strategic acquisitions or dividends. The announcement led to a 10% drop in the company's share price in after-hours trading.
OpenAI and News Corp have agreed on a multi-year deal worth an estimated $250 million to incorporate News Corp's journalism into ChatGPT, allowing OpenAI to access current and archived content for AI model training. This partnership highlights the growing trend of AI companies paying for premium content to enhance their models, amidst a backdrop of legal and ethical concerns from other publishers.
Alex Rodriguez and his business partner Marc Lore have secured financial backing from Dyal Capital Partners to complete the purchase of an 80-percent ownership stake in the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx from tycoon Glen Taylor. The deal hit a snag when Carlyle Group, the initial source of funding, exited the deal, but Dyal Capital Partners stepped in to provide the necessary funds. This financial maneuver allows Rodriguez and Lore to take ownership without using their own money, potentially enabling them to make business decisions that could impact the teams' future.
Steward Health Care has announced a financing deal to stabilize its operations, including the resumption of elective cases, amidst mounting financial struggles. The company is considering transferring one or more hospitals to other operators and has received bids in a merger and acquisition process to bring in an equity partner. Steward Health Care is facing demands for unpaid rent and lawsuits alleging failure to pay for goods and services at some of its locations. The company spokesperson cited the COVID-19 pandemic's impact and stated that Steward is working on an action plan to strengthen its liquidity and continue providing healthcare services.
Turkish Airlines has placed an order for 200 Airbus aircraft, worth tens of billions of dollars, in a move that will significantly expand its fleet. The deal includes a mix of narrow-body and wide-body planes, and is seen as a major boost for the aviation industry.
Giannis Antetokounmpo has agreed to a three-year, $186 million contract extension with the Milwaukee Bucks, keeping him with the team until the 2027-28 season. The deal includes a player option in the final year and allows Antetokounmpo to benefit financially in the future. The extension comes as a surprise to many, as it was expected that negotiations would happen next offseason. The Bucks' general manager, Jon Horst, successfully secured the extension while maintaining flexibility for future growth.
UBS, a Swiss multinational investment bank, has reported a record profit of $29 billion, largely driven by its deal with Credit Suisse. The financial deal between the two banks has significantly contributed to UBS's success in the banking sector.
