Billionaire Patrick Drahi snaps up Sotheby’s in $3.7 billion deal

Billionaire Patrick Drahi snaps up Sotheby’s in $3.7 billion deal
PARIS/BOSTON (Reuters) – Patrick Drahi, the billionaire behind telecoms and media group Altice, agreed on Monday to buy Sotheby’s in a deal worth $3.7 billion, marking the storied art auction house’s return to private ownership after 31 years. FILE PHOTO: Employees take telephone bids during a contemporary art day auction at Sotheby’s in London, Britain, October 6, 2017. REUTERS/Toby Melville/File... Read More

Wall St. moves higher; Fed policy meeting on the horizon

Wall St. moves higher; Fed policy meeting on the horizon
(Reuters) – U.S. stocks ticked higher on Monday, with the tech-heavy Nasdaq powering ahead, as investors awaited a pivotal Federal Reserve meeting for clues on the path ahead for interest rates. Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., June 5, 2019. REUTERS/Brendan McDermid The central bank is expected to leave borrowing... Read More

Hedge fund Third Point calls on Sony to spin off semiconductor unit

Hedge fund Third Point calls on Sony to spin off semiconductor unit
(Reuters) – Daniel Loeb’s activist hedge fund Third Point LLC called on Sony Corp on Thursday to spin off its semiconductor business and sell off stakes in Sony Financial and other units, in order to position itself as a leading global entertainment company. FILE PHOTO: Journalists wait for Sony Corp’s new President and Chief Executive Officer Kenichiro Yoshida’s news conference... Read More

Wall Street set to open lower as trade tensions weigh

Wall Street set to open lower as trade tensions weigh
(Reuters) – Wall Street was set to open slightly lower on Wednesday as worries of a protracted U.S.-China trade war was heightened by Washington’s tough stance, but losses were limited by tame inflation data that supported the case for an interest rate cut. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York,... Read More

KKR offers 40% premium to buy out Axel Springer minorities

KKR offers 40% premium to buy out Axel Springer minorities
FRANKFURT (Reuters) – Funds controlled by U.S. private equity investor KKR on Wednesday offered 63 euros a share to buy out minority shareholders in Axel Springer in a deal agreed with the German publisher’s main shareholders. FILE PHOTO: CEO of German publisher Axel Springer SE Mathias Doepfner holds a speech during the annual news conference in Berlin, Germany, March 8,... Read More

Mattel rejects renewed merger bid from rival MGA Entertainment

Mattel rejects renewed merger bid from rival MGA Entertainment
(Reuters) – Toymaker Mattel Inc last week rejected another merger offer from Bratz doll maker MGA Entertainment Inc, MGA’s chief executive officer, Isaac Larian, said on Tuesday. FILE PHOTO: The Mattel company logo is seen at the 114th North American International Toy Fair in New York City, U.S., February 21, 2017. REUTERS/Stephanie Keith MGA Entertainment made the proposal in a... Read More

The media has a big problem, Reuters Institute says: Who will pay for the news?

The media has a big problem, Reuters Institute says: Who will pay for the news?
LONDON (Reuters) – News organizations are being challenged by technology giants and unsettled by a broader lack of trust but they have a much deeper problem: most people don’t want to pay for online news, the Reuters Institute found. FILE PHOTO: Front pages of newspapers and magazines are displayed on an iPhone during the grand opening and media preview of... Read More

Infineon revs up auto business with $10 billion Cypress deal

Infineon revs up auto business with $10 billion Cypress deal
FRANKFURT (Reuters) – Germany’s Infineon has agreed to buy Silicon Valley-based Cypress Semiconductor for $10 billion, in an expensive move by Europe’s largest chip-maker to expand further in next-generation automobiles and Internet technologies. Investors swiftly gave the deal a thumbs-down on concerns that Infineon was paying a heavy price just as the chip business was weakening, pushing its shares 9% lower... Read More