Volkswagen plans to take on Tesla’s Model X in China

Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.


Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.
Volkswagen plans to take on Tesla’s Model X in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: picture alliance, getty images
Keywords: news, cnbc, companies, cars, car, production, teslas, china, id, suv, volkswagen, vw, plans, groups, electric, roomz, model


Volkswagen plans to take on Tesla's Model X in China

Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles.

The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities.

VW said its ID ROOMZZ, which it presented in Shanghai on Sunday, will have three rows of seats and an operating range of up to 450 kms. The concept car is capable of a “level 4 autonomous driving”, VW said.

VW Chief Executive Herbert Diess said the ID ROOMZ will be the flagship electric car to be launched by Volkswagen in China.

“We plan to produce more than 22 million electric cars in the next 10 years,” Diess said, adding that around half of VW’s engineers were working on products destined for China.

Diess said the ID ROOMZ would eventually be rolled out to other markets.

To enhance the VW Group’s research and development capabilities, Volkswagen and its premium brand Audi will combine their R&D operations in China.

VW brand’s head of e-mobility Thomas Ulbrich said the carmaker will start ramping up production of 33 electric cars by mid-2023, using VW Group’s modular electric car (MEB) platform to build electric cars for the Skoda, Seat, Audi and VW brands.

Ulbrich said VW Group is converting 16 factories worldwide to enable mass production of electric vehicles, of which eight plants will be making VW branded car.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: picture alliance, getty images
Keywords: news, cnbc, companies, cars, car, production, teslas, china, id, suv, volkswagen, vw, plans, groups, electric, roomz, model


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Stock market winners list this year features odd bedfellows in ‘FANG’ and utility stocks

But the stock market is again in a phase where inequality issues among stocks, sectors and investment styles have become stark. This is why the FANG club and other popularly anointed growth stocks in its orbit do well when the market is clinging to “quality” and “defensive growth.” FANG (Facebook, Amazon, Netflix and Google parent Alphabet) plus Microsoft (now the largest stock in the market and very much grouped with FANG) make up 12.6 percent of the S&P 500 market value. For the entire S&P 500


But the stock market is again in a phase where inequality issues among stocks, sectors and investment styles have become stark. This is why the FANG club and other popularly anointed growth stocks in its orbit do well when the market is clinging to “quality” and “defensive growth.” FANG (Facebook, Amazon, Netflix and Google parent Alphabet) plus Microsoft (now the largest stock in the market and very much grouped with FANG) make up 12.6 percent of the S&P 500 market value. For the entire S&P 500
Stock market winners list this year features odd bedfellows in ‘FANG’ and utility stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: michael santoli, adam jeffery
Keywords: news, cnbc, companies, stocks, odd, names, way, winners, utility, features, fang, 500, groups, list, bedfellows, market, stock, real, sp, growth


Stock market winners list this year features odd bedfellows in 'FANG' and utility stocks

The markets are never fully democratic or egalitarian in their allocation of rewards and burdens. But the stock market is again in a phase where inequality issues among stocks, sectors and investment styles have become stark.

As in the broader society, this divide between haves and have-nots has triggered a debate about what it means for the long-term health of the market.

Even before the indexes staggered Friday, with the S&P 500 dropping 1.8 percent from a five-month high, the performance across the expanse of the market had been uneven, with select groups of stocks leading and many others wallowing.

The tape has shown a strong preference for very big companies over smaller ones, organic-growth vehicles over economically cyclical plays and groups offering a reliable stream of cash flow and income over all others.

Starting with the broad numbers, only a minority of stocks are in an uptrend, trading above their 200-day average, even as the broad indexes themselves have spent most of the past two months above theirs.

Jonathan Krinsky of Bay Crest Partners shows fewer than 40 percent of the inclusive Russell 3000 index are above their 200-day mark.

Source: Bay Crest Partners

This largely reflects the way small-cap stocks have rolled over in recent weeks, with new money congregating in the familiar giants of the Nasdaq. A one-month comparison of the Invesco Nasdaq 100 ETF (QQQ) and the small-cap Russell 2000 illustrates this split.

Source: Yahoo Finance

After leading the ferocious market bounce off the late-December bottom, value stocks and more cyclical names have given way to big growth names with less reliance on a pickup in economic activity.

Another way to view this: Stocks that act more like bonds are what investors prefer at the moment. Certainly this is behind the strong outperformance of the real estate and utilities sectors, which both hit fresh highs last week. Every S&P utility stock is above its 50-day average, as are 88 percent of real estate names and 78 percent of the consumer-staples sector.

But this is not just about dividend income holding appeal in a yield–scarce world. Big, dominant tech platforms and global branded-goods companies also get credit in the market’s unspoken logic as bond surrogates. Their cash flows are seen as durable and are expected to continue for many years to come.

This is why the FANG club and other popularly anointed growth stocks in its orbit do well when the market is clinging to “quality” and “defensive growth.” This also means the stocks that appear more expensive have been more in demand — making them more expensive. (Utilities, real estate, tech and staples — the strongest groups lately — are also the only ones with a premium valuation to the S&P 500.)

FANG (Facebook, Amazon, Netflix and Google parent Alphabet) plus Microsoft (now the largest stock in the market and very much grouped with FANG) make up 12.6 percent of the S&P 500 market value.

That’s about one-eighth of the index, comprised of five stocks. The blended price/earnings multiple on 2019 forecast profits of FANG-plus-Microsoft is 29.5. For the entire S&P 500, the P/E is 16.6. For the 495 S&P 500 names aside from FANG-plus-Microsoft, the multiple is 14.8.


Company: cnbc, Activity: cnbc, Date: 2019-03-25  Authors: michael santoli, adam jeffery
Keywords: news, cnbc, companies, stocks, odd, names, way, winners, utility, features, fang, 500, groups, list, bedfellows, market, stock, real, sp, growth


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China’s new social media craze: Paying to be given compliments online

One group administrator who spoke to CNBC said they offer a service where you can invite another person into a group, and that individual will be given custom-made compliments. The administrator, who asked to remain anonymous, said they charge 15 yuan for three minutes or 25 yuan for five minutes of praise in the WeChat group. You are then invited to one of the groups on WeChat alongside the other person you have nominated. CNBC found a number of postings on Chinese social networking site Douban


One group administrator who spoke to CNBC said they offer a service where you can invite another person into a group, and that individual will be given custom-made compliments. The administrator, who asked to remain anonymous, said they charge 15 yuan for three minutes or 25 yuan for five minutes of praise in the WeChat group. You are then invited to one of the groups on WeChat alongside the other person you have nominated. CNBC found a number of postings on Chinese social networking site Douban
China’s new social media craze: Paying to be given compliments online Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: arjun kharpal, justin chin, bloomberg, getty images, -a kuakuaqun user, encouraging a cnbc reporter to enjoy his time in a
Keywords: news, cnbc, companies, yuan, number, online, paying, social, group, craze, groups, media, praise, chinas, person, given, wechat, administrator, compliments, spare


China's new social media craze: Paying to be given compliments online

“This is awesome! Now you have more spare time. Take this opportunity to enjoy your ‘me time.’ One can be very happy by himself. And you have us here!”

There appears to be varying business models, however. One group administrator who spoke to CNBC said they offer a service where you can invite another person into a group, and that individual will be given custom-made compliments. It could be a friend or partner, for example.

The administrator, who asked to remain anonymous, said they charge 15 yuan for three minutes or 25 yuan for five minutes of praise in the WeChat group. You can send in additional information such as details of your relationship with a person and their likes and dislikes. You are then invited to one of the groups on WeChat alongside the other person you have nominated. And then the compliments begin.

The administrator said he runs the side business in his spare time with friends.

There are also free groups. CNBC found a number of postings on Chinese social networking site Douban for praise groups. On one of the posts, a number was listed. CNBC added that number and the person — known by their WeChat alias “Abelard” — then pulled us into the free praise group they run.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: arjun kharpal, justin chin, bloomberg, getty images, -a kuakuaqun user, encouraging a cnbc reporter to enjoy his time in a
Keywords: news, cnbc, companies, yuan, number, online, paying, social, group, craze, groups, media, praise, chinas, person, given, wechat, administrator, compliments, spare


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China’s new social media craze: Paying to be given compliments online

One group administrator who spoke to CNBC said they offer a service where you can invite another person into a group, and that individual will be given custom-made compliments. The administrator, who asked to remain anonymous, said they charge 15 yuan for three minutes or 25 yuan for five minutes of praise in the WeChat group. You are then invited to one of the groups on WeChat alongside the other person you have nominated. CNBC found a number of postings on Chinese social networking site Douban


One group administrator who spoke to CNBC said they offer a service where you can invite another person into a group, and that individual will be given custom-made compliments. The administrator, who asked to remain anonymous, said they charge 15 yuan for three minutes or 25 yuan for five minutes of praise in the WeChat group. You are then invited to one of the groups on WeChat alongside the other person you have nominated. CNBC found a number of postings on Chinese social networking site Douban
China’s new social media craze: Paying to be given compliments online Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: arjun kharpal, justin chin, bloomberg, getty images, -a kuakuaqun user, encouraging a cnbc reporter to enjoy his time in a
Keywords: news, cnbc, companies, yuan, number, online, paying, social, group, craze, groups, media, praise, chinas, person, given, wechat, administrator, compliments, spare


China's new social media craze: Paying to be given compliments online

“This is awesome! Now you have more spare time. Take this opportunity to enjoy your ‘me time.’ One can be very happy by himself. And you have us here!”

There appears to be varying business models, however. One group administrator who spoke to CNBC said they offer a service where you can invite another person into a group, and that individual will be given custom-made compliments. It could be a friend or partner, for example.

The administrator, who asked to remain anonymous, said they charge 15 yuan for three minutes or 25 yuan for five minutes of praise in the WeChat group. You can send in additional information such as details of your relationship with a person and their likes and dislikes. You are then invited to one of the groups on WeChat alongside the other person you have nominated. And then the compliments begin.

The administrator said he runs the side business in his spare time with friends.

There are also free groups. CNBC found a number of postings on Chinese social networking site Douban for praise groups. On one of the posts, a number was listed. CNBC added that number and the person — known by their WeChat alias “Abelard” — then pulled us into the free praise group they run.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: arjun kharpal, justin chin, bloomberg, getty images, -a kuakuaqun user, encouraging a cnbc reporter to enjoy his time in a
Keywords: news, cnbc, companies, yuan, number, online, paying, social, group, craze, groups, media, praise, chinas, person, given, wechat, administrator, compliments, spare


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Microsoft: Facial recognition firm SenseNets lying about ‘partnership’

Microsoft denied that it has any connection with a controversial Chinese facial recognition app that rights groups say is being used by Beijing to track minority Muslims in China. The company, called SenseNets, sells facial recognition and crowd analysis technology that is designed to detect unusual behavior in large groups of people, according to its website. SenseNets suffered a data leak in February which was discovered by security researcher Victor Gevers. He revealed that personal informati


Microsoft denied that it has any connection with a controversial Chinese facial recognition app that rights groups say is being used by Beijing to track minority Muslims in China. The company, called SenseNets, sells facial recognition and crowd analysis technology that is designed to detect unusual behavior in large groups of people, according to its website. SenseNets suffered a data leak in February which was discovered by security researcher Victor Gevers. He revealed that personal informati
Microsoft: Facial recognition firm SenseNets lying about ‘partnership’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: arjun kharpal, justin sullivan getty images, -microsoft spokesperson
Keywords: news, cnbc, companies, xinjiang, groups, minority, recognition, lying, facial, gevers, company, west, partnership, muslims, large, sensenets, firm, microsoft


Microsoft: Facial recognition firm SenseNets lying about 'partnership'

Microsoft denied that it has any connection with a controversial Chinese facial recognition app that rights groups say is being used by Beijing to track minority Muslims in China.

The company, called SenseNets, sells facial recognition and crowd analysis technology that is designed to detect unusual behavior in large groups of people, according to its website.

SenseNets suffered a data leak in February which was discovered by security researcher Victor Gevers. He revealed that personal information on 2.5 million people tracked by the company was publicly available. Gevers found that most of the records were collected in China’s Xinjiang province, a region in the west of China with a large population of minority Uighur Muslims.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: arjun kharpal, justin sullivan getty images, -microsoft spokesperson
Keywords: news, cnbc, companies, xinjiang, groups, minority, recognition, lying, facial, gevers, company, west, partnership, muslims, large, sensenets, firm, microsoft


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Business groups attack financial transaction tax proposed by Democrats

Business advocacy groups are going on the offensive against a financial transaction tax that’s been proposed by Democrats as a way to curtail high frequency trading and reduce the budget deficit. Among groups attacking the financial transactions tax proposal is Modern Markets Initiative, or MMI, which advocates for high-frequency trading. “The proposed financial transaction tax poses a threat to the very Main Street investors that the sponsors of this bill are aiming to protect” said MMI CEO Kir


Business advocacy groups are going on the offensive against a financial transaction tax that’s been proposed by Democrats as a way to curtail high frequency trading and reduce the budget deficit. Among groups attacking the financial transactions tax proposal is Modern Markets Initiative, or MMI, which advocates for high-frequency trading. “The proposed financial transaction tax poses a threat to the very Main Street investors that the sponsors of this bill are aiming to protect” said MMI CEO Kir
Business groups attack financial transaction tax proposed by Democrats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: brian schwartz, getty images
Keywords: news, cnbc, companies, financial, proposed, democrats, americans, groups, tax, transaction, proposal, attack, mmi, bill, president, chamber, person, business


Business groups attack financial transaction tax proposed by Democrats

Business advocacy groups are going on the offensive against a financial transaction tax that’s been proposed by Democrats as a way to curtail high frequency trading and reduce the budget deficit.

Groups, from the political arm of the influential Koch network to the U.S. Chamber of Commerce, are already gearing up for a battle with Democrats over their proposals to enact a 0.1 percent tax on securities transactions.

Measures were introduced in both chambers of Congress on Tuesday by Rep. Peter DeFazio, D-Ore., and Sen. Brian Schatz, D-Hawaii. The idea is co-sponsored by over a dozen lawmakers, including freshman firebrand Rep. Alexandria Ocasio-Cortez, D-N.Y.

The proposal comes as Democrats target the wealthy with a variety tax proposals. Ocasio-Cortez has called for a 70 percent marginal tax rate on income over $10 million. Sen. Elizabeth Warren, who is running for president in 2020, backs the idea a wealth tax of 2 percent on households with more than $50 million in assets and 3 percent for households worth $1 billion or more.

Among groups attacking the financial transactions tax proposal is Modern Markets Initiative, or MMI, which advocates for high-frequency trading.

“The proposed financial transaction tax poses a threat to the very Main Street investors that the sponsors of this bill are aiming to protect” said MMI CEO Kirsten Wegner. “Particularly, pension funds, which millions of Americans rely on as a main source of income after retirement, will suffer as a result of this tax.”

A spokeswoman for MMI confirmed the group would be lobbying against the proposal. A person familiar with the upcoming lobbying efforts point to a study published in 2017 that shows the negative effects a financial transaction tax can have on pension funds. This person also said the group will be pushing out more data proving how the tax could hurt the average stock holder.

The political network largely funded by billionaire Charles Koch is also speaking out against the legislation. In a statement first given to CNBC, a spokesman for Americans for Prosperity, or AFP, slammed lawmakers’ efforts to create more taxes.

“Real growth and lasting economic security comes when people and businesses are free to invest their earnings into their families, communities, and job creation,” said Bill Riggs, a spokesman for AFP. “We cannot tax and spend our way into prosperity. Washington should be looking for ways to rein in reckless spending and eliminate corporate welfare, not reach back into the pockets of hardworking Americans to keep funding it.”

The U.S. Chamber of Commerce, the most prominent business group in the country, came out firing – and claimed a tax like the one being introduced in Congress would decrease returns for Americans across the country.

“A financial transaction tax would decrease returns for people saving to buy a house, pay for college, or retire. It would also make it more expensive for businesses to raise the capital they need to start, expand, and create jobs,” Tom Quaadman, executive vice president of the U.S. Chamber Center for Capital Markets Competitiveness, said in a statement.

He also invoked the memory of two Democratic presidents to hammer home his point. “Presidents Kennedy and Johnson repealed a similar tax, and we should continue to heed their wisdom,” he said.

A person with direct knowledge confirmed the Chamber of Commerce will actively lobby against the bill.

Representatives for DeFazio and Schatz did not return requests for comment.

The nascent lobbying effort is just one of the huge obstacles facing the Democratic proposal.

Some of these organizations successfully championed large aspects of the tax reform bill that was eventually passed by Congress and signed by President Donald Trump at the end of 2017. The law cut the corporate tax rate from 35 percent to 21 percent and made cutbacks to individual rates as well.

In a previous interview with CNBC, DeFazio said he had encountered resistance from outside groups last time he tried to pass a similar piece of legislation two years ago.

“I have experienced this [resistance] in the past and I imagine there will be some of it this time around,” he said Monday. “You would be discouraging high frequency trading and they aren’t going to be happy with the bill.”


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: brian schwartz, getty images
Keywords: news, cnbc, companies, financial, proposed, democrats, americans, groups, tax, transaction, proposal, attack, mmi, bill, president, chamber, person, business


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India and Pakistan still need to resolve two important issues, former US ambassador says

Since then, India and Pakistan have fought multiple wars over the region — both countries claim the region in full but control only parts of it. Many have raised concerns over violence and human rights abuses in both India-controlled Jammu and Kashmir, as well as in Pakistan-controlled Azad Kashmir and Gilgit-Baltistan region. India has long accused Pakistan of supporting those groups. “Until the Pakistanis are credible in cracking down on these groups, they’re going to have a problem. Because i


Since then, India and Pakistan have fought multiple wars over the region — both countries claim the region in full but control only parts of it. Many have raised concerns over violence and human rights abuses in both India-controlled Jammu and Kashmir, as well as in Pakistan-controlled Azad Kashmir and Gilgit-Baltistan region. India has long accused Pakistan of supporting those groups. “Until the Pakistanis are credible in cracking down on these groups, they’re going to have a problem. Because i
India and Pakistan still need to resolve two important issues, former US ambassador says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: saheli roy choudhury, nitin kanotra, hindustan times, getty images, yawar nazir, muhhamad reza, anadolu agency, -cameron munter, former us ambassador to pakistan
Keywords: news, cnbc, companies, issues, need, terrorist, india, region, groups, indian, important, pakistan, problem, saran, violence, kashmir, populace, resolve, ambassador


India and Pakistan still need to resolve two important issues, former US ambassador says

Jammu and Kashmir was a former princely state where a large number of people were killed and others were driven away by the violence during the partition. Since then, India and Pakistan have fought multiple wars over the region — both countries claim the region in full but control only parts of it. Many have raised concerns over violence and human rights abuses in both India-controlled Jammu and Kashmir, as well as in Pakistan-controlled Azad Kashmir and Gilgit-Baltistan region.

Speaking about India-controlled Kashmir, Munter said: “You have a mainly Muslim population and you have many hundreds of thousands of Indian troops keeping order. That’s really not a sustainable or good situation.”

“It’s not something that Indians want other people to interfere with but until that gets solved, there’s going to be a problem in Kashmir,” he added.

In a recent op-ed piece with Indian newspaper Business Standard, former Indian foreign secretary Shyam Saran said that after the Feb. 14 terror attack, India must examine why so many locals get recruited by terrorist groups operating in the area.

“There have been allegations of intelligence failure but the ability to stop terrorist incidents and apprehending terrorists is most effective if the local populace is ready to provide intelligence that is relatively specific,” Saran wrote. “This is possible only if there is a high level of trust and confidence between the populace and the security forces.”

Pakistan’s problem, according to Munter, is that no one believes they’ve cracked down on the groups like the Lashkar-e-Taiba — which carried out one of the worst terrorist attacks in India’s history — or the Jaish-e-Mohammed, which operate in that region. India has long accused Pakistan of supporting those groups.

“Until the Pakistanis are credible in cracking down on these groups, they’re going to have a problem. Because it’s not every day that America and Iran, for example, stand shoulder-to-shoulder, criticizing the Pakistanis for not cracking down on terrorist groups,” the former envoy said.


Company: cnbc, Activity: cnbc, Date: 2019-03-01  Authors: saheli roy choudhury, nitin kanotra, hindustan times, getty images, yawar nazir, muhhamad reza, anadolu agency, -cameron munter, former us ambassador to pakistan
Keywords: news, cnbc, companies, issues, need, terrorist, india, region, groups, indian, important, pakistan, problem, saran, violence, kashmir, populace, resolve, ambassador


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Apollo affiliates to buy stake in Cox Media Group TV stations

Apollo Global Management affiliates will buy a majority stake in Cox Media Group’s broadcast TV stations, Cox announced Friday. Cox Enterprises will still maintain a minority stake. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. KOKI-TV, FOX Tulsa, Okla. KMYT-TV, My Network Tulsa Okla. Cox Media Group also provides proramming, sales and other operations services for WJAX-TV, CBS Jack


Apollo Global Management affiliates will buy a majority stake in Cox Media Group’s broadcast TV stations, Cox announced Friday. Cox Enterprises will still maintain a minority stake. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. KOKI-TV, FOX Tulsa, Okla. KMYT-TV, My Network Tulsa Okla. Cox Media Group also provides proramming, sales and other operations services for WJAX-TV, CBS Jack
Apollo affiliates to buy stake in Cox Media Group TV stations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, company, stations, media, apollo, buy, enterprises, group, groups, llc, stake, tv, cox, affiliates, funds


Apollo affiliates to buy stake in Cox Media Group TV stations

Apollo Global Management affiliates will buy a majority stake in Cox Media Group’s broadcast TV stations, Cox announced Friday.

Cox Enterprises will still maintain a minority stake. Apollo and Cox will form a new company headquartered in Atlanta to operate the stations, according to the press release, and Apollo Funds will also acquire a majority stake in Cox’s radio and newspaper properties in Ohio.

Cox’s TV stations, which span cities including Atlanta, Charlotte, North Carolina, Seattle, and Boston, reach a combined 31 million viewers across the country, according to the company. Cox announced last year that it wanted to sell its 14 TV stations as the broadcast industry continues to consolidate and take on pay-TV providers, which pay retransmission fees to broadcasters for the right to carry their stations.

CNBC previously reported that TEGNA, Hearst and EW Scripps were planning to submit final bids for the TV stations prior to Cox’s deadline at the end of last month, according to people familiar with the matter. Nexstar had also been interested in a bid before removing itself from the running after announcing a $4.1 billion deal for Tribune in December.

–CNBC’s Alex Sherman contributed to this report.

Here is the full announcement from Cox:

Cox Enterprises Inc. today announced that it has reached an agreement with funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO) to buy a majority interest in Cox Media Group’s broadcast television stations, including the company’s radio, newspaper and TV properties in Ohio. Cox Enterprises will maintain a minority stake and will join the Apollo Funds in forming a new company to operate these stations, which will be headquartered in Atlanta, Ga. Cox Media Group’s high-performing TV stations serve some of the most desirable markets in the country and reach a combined 31 million viewers nationwide. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. The stations, which represent Cox Media Group’s entire television portfolio, are: WSB-TV, ABC Atlanta, Ga. WFTV-TV, ABC Orlando, Fla. WRDQ-TV, Independent Orlando, Fla. WSOC-TV, ABC Charlotte, N.C. WAXN-TV, Independent Charlotte, N.C. WPXI-TV, NBC Pittsburgh, Pa. WHIO-TV, CBS Dayton, Ohio KIRO-TV, CBS Seattle, Wash. WHBQ-TV FOX, Memphis, Tenn. WFOX-TV, FOX Jacksonville, Fla. WFXT-TV, FOX Boston, Mass. KOKI-TV, FOX Tulsa, Okla. KMYT-TV, My Network Tulsa Okla. Cox Media Group also provides proramming, sales and other operations services for WJAX-TV, CBS Jacksonville, Fla. In addition to WHIO-TV, the Apollo Funds will acquire a majority stake in Cox Media Group’s other media platforms in Ohio: Dayton Daily News WZLR, 95.3 FM and 101.1 FM Springfield News-Sun WHKO, 99.1 FM Journal-News WHIO, 95.7 FM and 1290 AM Cox Enterprises began exploring strategic alternatives for the stations last July with the goal of finding a motivated strategic partner with a shared vision for the future and the resources to continue investing in the business to build scale. Apollo intends to maintain the successful management and operating structure Cox Media Group’s TV business has created. “These stations have decades of experience breaking barriers and delivering the news and information their communities need daily,” said Alex Taylor, president and CEO, Cox Enterprises. “We wanted to find a company that is committed to investing in broadcast television now and in the future, and we found that in Apollo.” “We are extremely excited for our funds to acquire a majority interest in Cox Media Group’s broadcast television stations and are humbled by Cox Enterprises’ decision to entrust us to steward these stations and carry on the Cox legacy. We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality, and commitment to community across Cox Media Group’s broadcast stations,” said David Sambur, Senior Partner at Apollo. “We look forward, in collaboration with Cox Enterprises, to supporting the high standards to which each station operates and contributing to the platform’s future growth and prosperity.” The transaction is subject to customary regulatory review and closing conditions. Barclays PLC, Moelis & Company LLC and BDT & Company, LLC served as the financial advisors and Eversheds Sutherland LLP and Covington & Burling LLP served as the legal advisors to Cox Enterprises in this transaction. RBC Capital Markets LLC, Guggenheim Partners LLC, and LionTree Advisors, LLC served as the financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Greenberg Traurig, LLP served as the legal advisors to the Apollo Funds in this transaction.

Watch: ‘Cord-cutting’ expected to jump nearly 33% this year according to eMarketer report


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, company, stations, media, apollo, buy, enterprises, group, groups, llc, stake, tv, cox, affiliates, funds


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Apollo affiliates to buy stake in Cox Media Group TV stations

Apollo Global Management affiliates will buy a majority stake in Cox Media Group’s broadcast TV stations, Cox announced Friday. Cox Enterprises will still maintain a minority stake. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. KOKI-TV, FOX Tulsa, Okla. KMYT-TV, My Network Tulsa Okla. Cox Media Group also provides proramming, sales and other operations services for WJAX-TV, CBS Jack


Apollo Global Management affiliates will buy a majority stake in Cox Media Group’s broadcast TV stations, Cox announced Friday. Cox Enterprises will still maintain a minority stake. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. KOKI-TV, FOX Tulsa, Okla. KMYT-TV, My Network Tulsa Okla. Cox Media Group also provides proramming, sales and other operations services for WJAX-TV, CBS Jack
Apollo affiliates to buy stake in Cox Media Group TV stations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, company, stations, media, apollo, buy, enterprises, group, groups, llc, stake, tv, cox, affiliates, funds


Apollo affiliates to buy stake in Cox Media Group TV stations

Apollo Global Management affiliates will buy a majority stake in Cox Media Group’s broadcast TV stations, Cox announced Friday.

Cox Enterprises will still maintain a minority stake. Apollo and Cox will form a new company headquartered in Atlanta to operate the stations, according to the press release, and Apollo Funds will also acquire a majority stake in Cox’s radio and newspaper properties in Ohio.

Cox’s TV stations, which span cities including Atlanta, Charlotte, North Carolina, Seattle, and Boston, reach a combined 31 million viewers across the country, according to the company. Cox announced last year that it wanted to sell its 14 TV stations as the broadcast industry continues to consolidate and take on pay-TV providers, which pay retransmission fees to broadcasters for the right to carry their stations.

CNBC previously reported that TEGNA, Hearst and EW Scripps were planning to submit final bids for the TV stations prior to Cox’s deadline at the end of last month, according to people familiar with the matter. Nexstar had also been interested in a bid before removing itself from the running after announcing a $4.1 billion deal for Tribune in December.

–CNBC’s Alex Sherman contributed to this report.

Here is the full announcement from Cox:

Cox Enterprises Inc. today announced that it has reached an agreement with funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO) to buy a majority interest in Cox Media Group’s broadcast television stations, including the company’s radio, newspaper and TV properties in Ohio. Cox Enterprises will maintain a minority stake and will join the Apollo Funds in forming a new company to operate these stations, which will be headquartered in Atlanta, Ga. Cox Media Group’s high-performing TV stations serve some of the most desirable markets in the country and reach a combined 31 million viewers nationwide. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. The stations, which represent Cox Media Group’s entire television portfolio, are: WSB-TV, ABC Atlanta, Ga. WFTV-TV, ABC Orlando, Fla. WRDQ-TV, Independent Orlando, Fla. WSOC-TV, ABC Charlotte, N.C. WAXN-TV, Independent Charlotte, N.C. WPXI-TV, NBC Pittsburgh, Pa. WHIO-TV, CBS Dayton, Ohio KIRO-TV, CBS Seattle, Wash. WHBQ-TV FOX, Memphis, Tenn. WFOX-TV, FOX Jacksonville, Fla. WFXT-TV, FOX Boston, Mass. KOKI-TV, FOX Tulsa, Okla. KMYT-TV, My Network Tulsa Okla. Cox Media Group also provides proramming, sales and other operations services for WJAX-TV, CBS Jacksonville, Fla. In addition to WHIO-TV, the Apollo Funds will acquire a majority stake in Cox Media Group’s other media platforms in Ohio: Dayton Daily News WZLR, 95.3 FM and 101.1 FM Springfield News-Sun WHKO, 99.1 FM Journal-News WHIO, 95.7 FM and 1290 AM Cox Enterprises began exploring strategic alternatives for the stations last July with the goal of finding a motivated strategic partner with a shared vision for the future and the resources to continue investing in the business to build scale. Apollo intends to maintain the successful management and operating structure Cox Media Group’s TV business has created. “These stations have decades of experience breaking barriers and delivering the news and information their communities need daily,” said Alex Taylor, president and CEO, Cox Enterprises. “We wanted to find a company that is committed to investing in broadcast television now and in the future, and we found that in Apollo.” “We are extremely excited for our funds to acquire a majority interest in Cox Media Group’s broadcast television stations and are humbled by Cox Enterprises’ decision to entrust us to steward these stations and carry on the Cox legacy. We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality, and commitment to community across Cox Media Group’s broadcast stations,” said David Sambur, Senior Partner at Apollo. “We look forward, in collaboration with Cox Enterprises, to supporting the high standards to which each station operates and contributing to the platform’s future growth and prosperity.” The transaction is subject to customary regulatory review and closing conditions. Barclays PLC, Moelis & Company LLC and BDT & Company, LLC served as the financial advisors and Eversheds Sutherland LLP and Covington & Burling LLP served as the legal advisors to Cox Enterprises in this transaction. RBC Capital Markets LLC, Guggenheim Partners LLC, and LionTree Advisors, LLC served as the financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Greenberg Traurig, LLP served as the legal advisors to the Apollo Funds in this transaction.

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Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: lauren feiner, getty images
Keywords: news, cnbc, companies, company, stations, media, apollo, buy, enterprises, group, groups, llc, stake, tv, cox, affiliates, funds


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Liquor before beer? You will still feel terrible, new study says

“Beer before liquor, never been sicker; liquor before beer, you’re in the clear” is a well-worn phrase backing the belief that you can avoid a hangover if you take drinks in the “right” order. But a new medical study has concluded that the threat of a crushing hangover cannot be removed by making sure that beer comes before, or after, wine. A 2015 Edelgrafler white wine with an alcohol content of 11.1 percent, was served at the same temperature. One group consumed two-and-a-half pints of beer fo


“Beer before liquor, never been sicker; liquor before beer, you’re in the clear” is a well-worn phrase backing the belief that you can avoid a hangover if you take drinks in the “right” order. But a new medical study has concluded that the threat of a crushing hangover cannot be removed by making sure that beer comes before, or after, wine. A 2015 Edelgrafler white wine with an alcohol content of 11.1 percent, was served at the same temperature. One group consumed two-and-a-half pints of beer fo
Liquor before beer? You will still feel terrible, new study says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: david reid, hero images, getty images
Keywords: news, cnbc, companies, terrible, study, drink, hangover, beer, group, white, liquor, feel, wine, sticking, groups, alcohol


Liquor before beer? You will still feel terrible, new study says

“Beer before liquor, never been sicker; liquor before beer, you’re in the clear” is a well-worn phrase backing the belief that you can avoid a hangover if you take drinks in the “right” order.

But a new medical study has concluded that the threat of a crushing hangover cannot be removed by making sure that beer comes before, or after, wine.

The study, published in the American Journal of Clinical Nutrition on Friday, went further claiming that hangovers were also not made more bearable by sticking to one type of drink thereby debunking another of the barfly’s favorite: “Grape or grain but never the twain.”

The experiment broke up 90 people into three groups before the drinking began. Factors included size, age and gender.

The beer, a Carlsberg Pilsner lager, held an alcohol content of 5 percent and was, served cold. A 2015 Edelgrafler white wine with an alcohol content of 11.1 percent, was served at the same temperature.

One group consumed two-and-a-half pints of beer followed by four large glasses of white wine. The second group consumed the same, but in the opposite order.

The third group drank either only beer or only wine, but with matching alcohol levels.

A week later, the study groups were asked to come back and drink in reverse order, or in the case of the third group, to switch beverages.

Hangover severity was judged by Acute Hangover Scale (AHS) rating on the day following each drinking session.

According to the study, changing the order of the drinks made no little to difference to the pain or discomfort of those in the medical trial and sticking to one or the other drink offered little AHS change either.

It was noted that women in the groups tended to suffer more than men.

While debunking some old myths the conclusion of the paper did suggest that there were important benefits of a symptomatic hangover calling it “a protective warning sign that will certainly have aided humans over the ages to modify future behavior, and hence pass on this evolutionary advantage to next generations.”


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: david reid, hero images, getty images
Keywords: news, cnbc, companies, terrible, study, drink, hangover, beer, group, white, liquor, feel, wine, sticking, groups, alcohol


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