Consumers are facing losses due to the deals made by the United Auto Workers with Ford, GM, and Stellantis. The iMac is expected to receive a new iteration after a long gap since 2021. Former Wikimedia Foundation CEO Katherine Maher is set to replace Paddy Cosgrave as the chief of Web Summit. However, several companies have already withdrawn from the conference. The US has been increasing its spending on weapons and defense, contributing to economic growth. Quartz offers premium weekend emails for analysis and curated reads. [83f15fdd]
In the entertainment industry, the first-look deal market is heating up. Wells Fargo fired over 12 people in its wealth and investment-management group for simulating keyboard activity. ABC is facing challenges with both the NBA Finals and NHL Stanley Cup series potentially ending soon, leaving primetime slots to fill. The Utah Hockey Club has decided to delay the decision on their new NHL team's name and mascot. The Big 12 conference is in talks with Allstate to rename the conference for $30M to $50M a year. Conor McGregor is out of the UFC 303 event due to an injury. A study shows that nearly 50% of teachers and students are using ChatGPT at least once a week. Microsoft is making cybersecurity a priority after a China-related attack and will tie 1/3 of bonuses for its top executives to their success in improving cybersecurity. The series submission volume for the Drama, Comedy, and Limited Series categories at the Tribeca Fest fell around 33% this year. The cast of The Sopranos reunited for the 25th anniversary of the series. Amazon's ad-tier strategy is impacting Netflix's pricing. The article also mentions new TV and movie projects, casting news, and trailers. [3ff77061]
Global M&A activity reached a decade low in 2023. The total number of deal announcements fell nearly 8% YoY in Q1 2024. However, there has been renewed hope for an M&A comeback in the second half of the year. Waste Management acquired Stericycle for $7.2B. Paramount's acquisition by Skydance is still uncertain as other potential buyers are reportedly interested. Q2 2024 has seen only 78 M&A announcements so far, potentially making it the worst-performing quarter since Q2 2020. High interest rates and inflation have made the cost of doing business more expensive, leading to fewer deals being announced. However, inflation is cooling and interest rates are expected to decline in the next year, which may open up more deal-making opportunities in late 2024 and 2025. [07c94342]
At the half-year mark of 2024, traditional media giants, except for Disney and Fox Corp., have experienced double-digit stock price declines. Big Tech and Netflix, on the other hand, have seen double-digit gains. Despite the expectation that Silicon Valley and Seattle would acquire vulnerable media companies, companies like Apple, Meta, Alphabet, and Netflix have not shown interest in buying traditional media companies. The tech set, including Facebook Meta, Netflix, Google Alphabet, Amazon, and Microsoft, have seen significant stock price increases. Media heavyweights, such as Paramount Global, Warner Bros. Discovery, AMC Networks, and Lionsgate, have struggled with losses due to repositioning production operations and channel platforms for the streaming age. The political and regulatory environment for mergers and acquisitions is volatile, making it difficult for horizontal combinations to be approved by the Biden administrationās Justice Department and Federal Trade Commission. The FTC has been blocking consolidation efforts across various industries. The 2024 presidential race and the administration's stance on M&A activity in mature industries like media have added to the challenges faced by media stocks. With limited options, most Big Media stocks are expected to remain underwater for the rest of 2024. [1bdb4e4e]