McDonald’s reportedly began investigating fired CEO’s relationship with employee three weeks ago

McDonald’s first learned about former CEO Steve Easterbrook’s relationship with an employee roughly three weeks ago, The Wall Street Journal reported. The Chicago-based company announced on Sunday that its board ousted Easterbrook for having a consensual relationship with a female employee, a violation of the company’s nonfraternization policy. People familiar with the matter told the Journal that the company’s general counsel, Jerry Krulewitch, informed McDonald’s board about the matter after a


McDonald’s first learned about former CEO Steve Easterbrook’s relationship with an employee roughly three weeks ago, The Wall Street Journal reported.
The Chicago-based company announced on Sunday that its board ousted Easterbrook for having a consensual relationship with a female employee, a violation of the company’s nonfraternization policy.
People familiar with the matter told the Journal that the company’s general counsel, Jerry Krulewitch, informed McDonald’s board about the matter after a
McDonald’s reportedly began investigating fired CEO’s relationship with employee three weeks ago Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: amelia lucas
Keywords: news, cnbc, companies, companys, employee, investigating, fired, ceos, matter, easterbrook, told, reportedthe, mcdonalds, journal, board, reportedly, ago, began, relationship, weeks


McDonald's reportedly began investigating fired CEO's relationship with employee three weeks ago

McDonald’s first learned about former CEO Steve Easterbrook’s relationship with an employee roughly three weeks ago, The Wall Street Journal reported.

The Chicago-based company announced on Sunday that its board ousted Easterbrook for having a consensual relationship with a female employee, a violation of the company’s nonfraternization policy. Chris Kempczinski, formerly McDonald’s U.S. president, is the chain’s new chief executive.

People familiar with the matter told the Journal that the company’s general counsel, Jerry Krulewitch, informed McDonald’s board about the matter after an internal investigation. The board hired a law firm, Wachtell, Lipton, Rosen & Katz, to assess the legal risk, it reported.

The board concluded that the relationship between Easterbrook and the employee was short term and consensual, according to the newspaper. However, it also raised questions about his judgment in the board’s view, one person familiar with the matter told the Journal.

McDonald’s declined to comment on the report.

Read more about the company’s investigation of Easterbrook here.

— CNBC’s Kate Rogers contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-11-08  Authors: amelia lucas
Keywords: news, cnbc, companies, companys, employee, investigating, fired, ceos, matter, easterbrook, told, reportedthe, mcdonalds, journal, board, reportedly, ago, began, relationship, weeks


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Dow futures jump 100 points after China and US reportedly agree to remove existing tariffs

U.S. stock index futures turned sharply higher Thursday morning after China reportedly said the world’s two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war. ET, Dow futures rose 115 points, indicating a positive open of more than 99 points. China said Thursday that both sides must simultaneously cancel some existing tariffs on one another’s goods in order to reach a “phase one” trade agreement, Reuters reported, citing a spokesperson at the commer


U.S. stock index futures turned sharply higher Thursday morning after China reportedly said the world’s two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war.
ET, Dow futures rose 115 points, indicating a positive open of more than 99 points.
China said Thursday that both sides must simultaneously cancel some existing tariffs on one another’s goods in order to reach a “phase one” trade agreement, Reuters reported, citing a spokesperson at the commer
Dow futures jump 100 points after China and US reportedly agree to remove existing tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-07  Authors: sam meredith
Keywords: news, cnbc, companies, president, cancel, futures, existing, imposed, goods, china, dow, tariffs, remove, points, trade, reportedly, jump, agree, anothers


Dow futures jump 100 points after China and US reportedly agree to remove existing tariffs

U.S. stock index futures turned sharply higher Thursday morning after China reportedly said the world’s two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war.

At around 03:00 a.m. ET, Dow futures rose 115 points, indicating a positive open of more than 99 points. Futures on the S&P and Nasdaq were both higher.

China said Thursday that both sides must simultaneously cancel some existing tariffs on one another’s goods in order to reach a “phase one” trade agreement, Reuters reported, citing a spokesperson at the commerce ministry. The report also said the proportion of tariffs scrapped must be the same.

It comes after reports that a meeting between President Donald Trump and Chinese President Xi Jinping could be postponed until December — delaying a chance for the two leaders to sign an interim trade deal.

The U.S. and China have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.


Company: cnbc, Activity: cnbc, Date: 2019-11-07  Authors: sam meredith
Keywords: news, cnbc, companies, president, cancel, futures, existing, imposed, goods, china, dow, tariffs, remove, points, trade, reportedly, jump, agree, anothers


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Activist reportedly buys stake in MSG stock, sees Knicks and Rangers worth more than $7 billion

James Dolan, executive chairman and CEO of MSG, has been planning to spinoff the struggling New York teams from the other MSG assets, which include the Madison Square Garden Arena and the Radio City Music Hall. MSG, which has a market value of about $6.6 billion, would get a large boost from the sale of the highly-valued assets. Through Wednesday, shares of Madison Square Garden are up only 3% since January. The activist investor group has been looking into ways that MSG can boost share performa


James Dolan, executive chairman and CEO of MSG, has been planning to spinoff the struggling New York teams from the other MSG assets, which include the Madison Square Garden Arena and the Radio City Music Hall.
MSG, which has a market value of about $6.6 billion, would get a large boost from the sale of the highly-valued assets.
Through Wednesday, shares of Madison Square Garden are up only 3% since January.
The activist investor group has been looking into ways that MSG can boost share performa
Activist reportedly buys stake in MSG stock, sees Knicks and Rangers worth more than $7 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-07  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, worth, knicks, garden, share, rangers, buys, sees, stock, square, spinoff, teams, sale, reportedly, msg, madison, stake, billion, york


Activist reportedly buys stake in MSG stock, sees Knicks and Rangers worth more than $7 billion

RJ Barrett #9 of the New York Knicks shoots the ball dunks the ball against the Detroit Pistons on November 6, 2019 at Little Caesars Arena in Detroit, Michigan.

Activist investor in Madison Square Garden Company, Blue Harbour Group, is reportedly encouraging the sale of a portion the New York Knicks and New York Rangers in order to boost MSG share performance ahead of the planned spinoff of the sports teams, Bloomberg News reported on Wednesday.

Shares of Madison Square Garden rose 1.2% on Thursday on news that Blue Harbour Group’s Clifton Robbins estimates the two New York sports team are worth as much as $7.2 billion, and believes a possible sale of part of MSG’s stake it plans to retain would be a great way to maximize shareholder value.

James Dolan, executive chairman and CEO of MSG, has been planning to spinoff the struggling New York teams from the other MSG assets, which include the Madison Square Garden Arena and the Radio City Music Hall. MSG plans to retain a one-third of the sports assets after the spinoff. Robbins, whose firm has a 4% stake in MSG, is reportedly pressuring Dolan to sell a portion of the sports franchises ahead of the planned spinoff in the beginning of 2020.

MSG, which has a market value of about $6.6 billion, would get a large boost from the sale of the highly-valued assets. Robbins told Bloomberg he thinks shares of MSG are worth about $400 per share today. The stock closed at $275.72 on Wednesday.

Through Wednesday, shares of Madison Square Garden are up only 3% since January. The activist investor group has been looking into ways that MSG can boost share performance.

Blue Harbour Group did not immediately responded for comment from CNBC. MSG decline to comment.

Silver Lake Partners, which owns about 10% of MSG, reportedly offered buying a largest stake in the MSG sports teams ahead of the spin-off, the New York Post reported on Wednesday.

—read the full Bloomberg story here.


Company: cnbc, Activity: cnbc, Date: 2019-11-07  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, worth, knicks, garden, share, rangers, buys, sees, stock, square, spinoff, teams, sale, reportedly, msg, madison, stake, billion, york


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Xerox is reportedly planning a cash-and-stock offer for HP

Xerox is planning to make a cash-and-stock offer for personal-computer and printer maker HP, the Wall Street Journal reported late Tuesday evening. The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank. Xerox, which makes printers and copiers, has a market cap of $8.05 billion, less than a third of HP’s $27.27 billion market value. Representatives from Xerox were not immed


Xerox is planning to make a cash-and-stock offer for personal-computer and printer maker HP, the Wall Street Journal reported late Tuesday evening.
The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank.
Xerox, which makes printers and copiers, has a market cap of $8.05 billion, less than a third of HP’s $27.27 billion market value.
Representatives from Xerox were not immed
Xerox is reportedly planning a cash-and-stock offer for HP Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, offer, xerox, billion, market, companies, valuea, wall, cashandstock, reportedly, street, planning, journal, told


Xerox is reportedly planning a cash-and-stock offer for HP

Hewlett-Packard Co. products are for sale in Shanghai, China, on Thursday, Nov. 12, 2009.

Xerox is planning to make a cash-and-stock offer for personal-computer and printer maker HP, the Wall Street Journal reported late Tuesday evening.

The company’s board discussed the possibility on Tuesday, people familiar with the matter told the Journal, adding that Xerox has an informal funding commitment from a major bank.

Xerox, which makes printers and copiers, has a market cap of $8.05 billion, less than a third of HP’s $27.27 billion market value.

A spokesperson at HP said the company “doesn’t comment on rumors.” Representatives from Xerox were not immediately available to respond to CNBC’s emailed request for comments.

As both companies look to cut costs, sources told the Journal that combining the companies could save more than $2 billion in expenses.


Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, offer, xerox, billion, market, companies, valuea, wall, cashandstock, reportedly, street, planning, journal, told


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Mattel, PricewaterhouseCoopers reportedly buried accounting issues, former executive claims

Mattel stock slumped more than 3% Wednesday after a report surfaced purporting that the toy company and its auditor PricewaterhouseCoopers obscured an accounting error. The accounting error had to do with Mattel’s ownership of “Thomas & Friends,” an animated children’s show. The error was tied to a $562 million valuation allowance that Mattel created against its deferred tax assets in September 2017. Notably, the Journal pointed out that PwC earned more than $9 million in fees from Mattel last y


Mattel stock slumped more than 3% Wednesday after a report surfaced purporting that the toy company and its auditor PricewaterhouseCoopers obscured an accounting error.
The accounting error had to do with Mattel’s ownership of “Thomas & Friends,” an animated children’s show.
The error was tied to a $562 million valuation allowance that Mattel created against its deferred tax assets in September 2017.
Notably, the Journal pointed out that PwC earned more than $9 million in fees from Mattel last y
Mattel, PricewaterhouseCoopers reportedly buried accounting issues, former executive claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: sarah whitten
Keywords: news, cnbc, companies, 2017, claims, executive, million, error, thomas, mattels, reportedly, tax, quarter, issues, mattel, buried, journal, accounting, pricewaterhousecoopers


Mattel, PricewaterhouseCoopers reportedly buried accounting issues, former executive claims

Thomas the Tank Engine arrives at Strasburg Rail Road for Thomas & Friends: A Day Out with Thomas Tour 2014 at Strasburg Rail Road Museum on September 12, 2014 in the Ronks community of Lancaster County, Pennsylvania.

Mattel stock slumped more than 3% Wednesday after a report surfaced purporting that the toy company and its auditor PricewaterhouseCoopers obscured an accounting error.

The toymaker was forced to shelve the sale of senior notes in August when a whistleblower letter was made public, claiming the company had made accounting errors in historical periods. In late October, Mattel said auditors had completed their investigation and had determined that income tax expense was understated by $109 million in the third quarter of 2017 and overstated by $109 million in the fourth quarter of 2017, with no impact for the full year.

However, it appears that the “honest mistake” may have been buried by PwC and senior finance executives in an effort to save face, according to The Wall Street Journal.

The accounting error had to do with Mattel’s ownership of “Thomas & Friends,” an animated children’s show. The error was tied to a $562 million valuation allowance that Mattel created against its deferred tax assets in September 2017. Ultimately, the allowance was reduced by $109 million, which came from deferred tax liabilities related to Mattel’s acquisition of HIT Entertainment in 2011. Reducing this allowance lowered Mattel’s loss during the quarter.

The finance team, according to the Journal, had discussed fixing the error and then restating its earnings, but Mattel would need to admit that there were shortcomings in its accounting and reporting procedures.

Brett Whitaker, who was Mattel’s director of tax reporting at that time, told the Journal that the finance execs and PwC decided to change the accounting treatment of the Thomas asset and not tell Mattel’s then-chief executive or its board.

They reclassified the Thomas asset to make its treatment in the third quarter correct and recorded a tax expense in the fourth quarter to offset the earlier error, Whitaker said.

Notably, the Journal pointed out that PwC earned more than $9 million in fees from Mattel last year, including $1.2 million for tax services.

“As our press release last week makes clear, the error in the 2017 third quarter was not properly assessed when it was discovered, nor were the findings and conclusions documented as they should have been at that time,” Mattel said in a statement to CNBC Wednesday. “Importantly, we noted that ‘the errors were non-cash, did not affect operating income or EBITDA, and had no impact on Mattel’s full year financial results for 2017 or subsequent periods.’ As we also announced last week, we will amend our 2018 Form 10-K to restate the last two quarters of 2017.”

In October, Mattel admitted there had been an accounting error and that the internal investigation had found weaknesses in its accounting procedures. The company’s chief financial officer, Joe Euteneuer, also announced his departure from the company. No reason was given for his departure.

Whitaker told the Journal that Euteneur would have been aware of the decisions not to disclose the error.

“I thought it was a bit odd that the CFO would be stepping down,” Linda Bolton Weiser, analyst at D.A. Davidson, said in an email to CNBC. “The out-of-period adjustments they also cited in 2019 were called ‘immaterial.’ Now, seeing the whole story about the 2017 restatement, it is more apparent why Joe will be leaving the company.”

Additionally, a Los Angeles-based PwC partner named Joshua Abrahams, who led the Mattel audit team, has been placed on administrative leave, according to the Journal. He is expected to leave the firm as a result of his conduct during the investigation into the whistleblower letter.

“At PwC, integrity is at the heart of who we are and how we operate as a firm,” the company said in a statement to CNBC. “We will always strive to do the right thing and we will continue to take the appropriate actions in response to any allegations of misconduct.”

Read the full report from The Wall Street Journal.


Company: cnbc, Activity: cnbc, Date: 2019-11-06  Authors: sarah whitten
Keywords: news, cnbc, companies, 2017, claims, executive, million, error, thomas, mattels, reportedly, tax, quarter, issues, mattel, buried, journal, accounting, pricewaterhousecoopers


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Millions in EU farm cash is reportedly being funneled to oligarchs and populists

The European Union pays out $65 billion in farm subsidies every year, but some of this money is going into the pockets of oligarchs and other powerful individuals, the New York Times reported Sunday. European farm subsidies are meant to help farmers across the 28-member states. European funds are allocated based on the size of the land owned by a farmer. The European Commission said Monday that European governments have the biggest responsibility in checking the allocation of funds. To read the


The European Union pays out $65 billion in farm subsidies every year, but some of this money is going into the pockets of oligarchs and other powerful individuals, the New York Times reported Sunday.
European farm subsidies are meant to help farmers across the 28-member states.
European funds are allocated based on the size of the land owned by a farmer.
The European Commission said Monday that European governments have the biggest responsibility in checking the allocation of funds.
To read the
Millions in EU farm cash is reportedly being funneled to oligarchs and populists Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-04  Authors: silvia amaro
Keywords: news, cnbc, companies, commission, cash, funneled, subsidies, union, funds, york, times, millions, reportedly, farm, oligarchs, populists, states, european, investigation


Millions in EU farm cash is reportedly being funneled to oligarchs and populists

The European Union pays out $65 billion in farm subsidies every year, but some of this money is going into the pockets of oligarchs and other powerful individuals, the New York Times reported Sunday.

European farm subsidies are meant to help farmers across the 28-member states. However, a New York Times investigation, conducted in nine-European countries, said that the EU’s distribution of farm subsidies is “deliberately opaque, gross undermines the European Union’s environment goals and is warped by corruption and self-dealing.”

The European Commission, the EU’s executive arm, said Monday that it “has zero tolerance for fraud with European Union funds and therefore insists on a clear commitment from member states to prevent fraud.”

Nonetheless, the Times investigation argued that in Hungary, Prime Minister Viktor Orban uses European funds to enrich those in his inner circles, including family members, while also punishing his political rivals. Meanwhile, in the Czech Republic, Prime Minister Andrej Babis allegedly collected at least $42 million in farming funds in 2018. Babis has denied any wrongdoing.

European funds are allocated based on the size of the land owned by a farmer. Often, in former Soviet countries, the governments are the biggest land owners.

The European Commission said Monday that European governments have the biggest responsibility in checking the allocation of funds.

“According to the shared management principal, member states are primarily responsible for the sound and legal management of EU funds,” a spokesperson for the commission told reporters.

To read the full The New York Times investigation click here.


Company: cnbc, Activity: cnbc, Date: 2019-11-04  Authors: silvia amaro
Keywords: news, cnbc, companies, commission, cash, funneled, subsidies, union, funds, york, times, millions, reportedly, farm, oligarchs, populists, states, european, investigation


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‘Game of Thrones’ showrunners David Benioff and D.B. Weiss reportedly no longer working on ‘Star Wars’ trilogy

“We love Star Wars,” Benioff and Weiss said in a joint statement to Deadline. Getting to talk about Star Wars with him and the current Star Wars team was the thrill of a lifetime, and we will always be indebted to the saga that changed everything.” Analysts started to wonder if the pair would be able to create their own path in the Star Wars universe. It was also recently announced that Marvel’s Kevin Feige would also be throwing his hat into the Star Wars ring. “We hope to include them in the j


“We love Star Wars,” Benioff and Weiss said in a joint statement to Deadline.
Getting to talk about Star Wars with him and the current Star Wars team was the thrill of a lifetime, and we will always be indebted to the saga that changed everything.”
Analysts started to wonder if the pair would be able to create their own path in the Star Wars universe.
It was also recently announced that Marvel’s Kevin Feige would also be throwing his hat into the Star Wars ring.
“We hope to include them in the j
‘Game of Thrones’ showrunners David Benioff and D.B. Weiss reportedly no longer working on ‘Star Wars’ trilogy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-29  Authors: sarah whitten
Keywords: news, cnbc, companies, longer, star, lucasfilm, thrones, trilogy, deadline, wars, weiss, benioff, game, reportedly, showrunners, pair, disney, working


'Game of Thrones' showrunners David Benioff and D.B. Weiss reportedly no longer working on 'Star Wars' trilogy

David Benioff and D. B. Weiss attend the “Game Of Thrones” season 8 premiere on April 3, 2019 in New York City. (Photo by Mike Coppola/FilmMagic)

David Benioff and D.B. Weiss, the first-time showrunners who brought “Game of Thrones” to life on HBO have reportedly walked away from their deal with Disney’s Lucasfilm to launch a “Star Wars” feature film trilogy in 2022.

On Monday, Deadline reported that the duo had parted ways with Lucasfilm and would no longer be writing or producing what would have been the first new films in a post-Skywalker era. The pair cited their recent $200 million deal with Netflix as a reason they will not able to continue the Star Wars project.

“We love Star Wars,” Benioff and Weiss said in a joint statement to Deadline. “When George Lucas built it, he built us too. Getting to talk about Star Wars with him and the current Star Wars team was the thrill of a lifetime, and we will always be indebted to the saga that changed everything.”

This is the second project to fall to wayside because of Benioff and Weiss’ contract with Netflix. HBO’s “Confederate,” which would have depicted an alternate universe in which the Confederacy successfully seceded from the Union, has reportedly been shelved after the showrunners signed with Netflix.

While Benioff and Weiss were the shepherds of the Emmy Award-winning “Game of Thrones,” there has been criticism about their writing on the show in later seasons, when the pair no longer had author George R. R. Martin’s source material to work from.

Not to mention, the final season of “Game of Thrones” was widely panned by fans and critics. Analysts started to wonder if the pair would be able to create their own path in the Star Wars universe.

Lucasfilm has no shortage of Star Wars projects in the pipeline. “The Mandalorian” arrives on Disney+ on Nov. 12, “Star Wars: The Rise of Skywalker” hits theaters on Dec. 20 and Disney+ will soon have an Obi-Wan Kenobi spin-off series and another featuring Cassian Andor and K2-S0 from “Rogue One: A Star Wars Story.”

Not to mention, “The Last Jedi” director Rian Johnson is expected to pen a feature film trilogy for Lucasfilm. It was also recently announced that Marvel’s Kevin Feige would also be throwing his hat into the Star Wars ring.

“David Benioff and Dan Weiss are incredible storytellers,” Kathleen Kennedy, the head of Lucasfilm, said in a statement to Deadline. “We hope to include them in the journey forward when they are able to step away from their busy schedule to focus on Star Wars.”

Lucasfilm and Disney did not immediately respond to CNBC’s request for comment.

Read the full report on Deadline.


Company: cnbc, Activity: cnbc, Date: 2019-10-29  Authors: sarah whitten
Keywords: news, cnbc, companies, longer, star, lucasfilm, thrones, trilogy, deadline, wars, weiss, benioff, game, reportedly, showrunners, pair, disney, working


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SoftBank fund that fueled private investing bubble reportedly curbing risk after WeWork debacle

The SoftBank fund responsible for bankrolling now-embattled WeWork is reportedly dialing back its hallmark high-risk investment strategy and doubling down on corporate governance at its current holdings. The Vision Fund is a stakeholder in a number of the most renowned startups around the world, including Slack and Uber Technologies. The Vision Fund also played a leading role in one of the largest swells in private investment in recent memory. Without the rescue from SoftBank, WeWork would have


The SoftBank fund responsible for bankrolling now-embattled WeWork is reportedly dialing back its hallmark high-risk investment strategy and doubling down on corporate governance at its current holdings.
The Vision Fund is a stakeholder in a number of the most renowned startups around the world, including Slack and Uber Technologies.
The Vision Fund also played a leading role in one of the largest swells in private investment in recent memory.
Without the rescue from SoftBank, WeWork would have
SoftBank fund that fueled private investing bubble reportedly curbing risk after WeWork debacle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-25  Authors: thomas franck
Keywords: news, cnbc, companies, fueled, recent, softbank, value, companys, private, debacle, curbing, fund, investment, billion, investing, risk, wework, vision, reportedly, cash


SoftBank fund that fueled private investing bubble reportedly curbing risk after WeWork debacle

The SoftBank fund responsible for bankrolling now-embattled WeWork is reportedly dialing back its hallmark high-risk investment strategy and doubling down on corporate governance at its current holdings.

Masayoshi Son, the Japanese billionaire at the helm of SoftBank and the Vision Fund, has instructed staff at the fund to pressure companies in which it owns financial stakes to generate cash, the Wall Street Journal, citing sources, reported Friday.

Leaders of the fund’s investment teams have also been asked in recent weeks to write lists of their weaker employees in case management wants incremental staff cuts, the report added.

The new standing orders represent a marked shift for the fund, which catapulted to popularity in recent years for its lofty returns and bold start-up focus. The Vision Fund is a stakeholder in a number of the most renowned startups around the world, including Slack and Uber Technologies.

The Vision Fund also played a leading role in one of the largest swells in private investment in recent memory. Venture capital firms spread roughly $131 billion across 8,949 deals last year, according to data published by PitchBook and the National Venture Capital Association Thursday. That record-setting level of spending was enough to signal to some that this is a bubble that could come to a gruesome end.

The company’s now-dethroned CEO Adam Neumann told Forbes in 2017 that “Our valuation and size today are much more based on our energy and spirituality than it is on a multiple of revenue.”

Financial pitfalls forced SoftBank to strike a deal to take control of the company with $5 billion in new financing and up to $3 billion in a tender offer for existing shareholders. Without the rescue from SoftBank, WeWork would have been out of cash by the start of November.

Revelations that WeWork was about one week from running out of cash represented the latest chapter in a string of bad news for the company since it released its IPO prospectus in August. The filing revealed a massive $900 million loss in the first six months of 2019. It also reported at the time that it had long-term lease obligations of $17.9 billion.

Estimations of the company’s value have declined quickly since late-summer. What was once expected to be one of 2019′s hottest IPOs at a value of $47 billion has turned into a string of mishaps that’s seen the company’s value sink to around $8 billion.

— Click here for the original Wall Street Journal report.


Company: cnbc, Activity: cnbc, Date: 2019-10-25  Authors: thomas franck
Keywords: news, cnbc, companies, fueled, recent, softbank, value, companys, private, debacle, curbing, fund, investment, billion, investing, risk, wework, vision, reportedly, cash


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Trump Organization reportedly exploring sale of Washington hotel

Trump Organization reportedly exploring sale of Washington hotel2 Hours AgoThe Trump Organization is reportedly exploring sale of its Washington, D.C. hotel, according to the Wall Street Journal. President Trump also talks U.S.-China trade. CNBC’s Eamon Javers reports.


Trump Organization reportedly exploring sale of Washington hotel2 Hours AgoThe Trump Organization is reportedly exploring sale of its Washington, D.C. hotel, according to the Wall Street Journal.
President Trump also talks U.S.-China trade.
CNBC’s Eamon Javers reports.
Trump Organization reportedly exploring sale of Washington hotel Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-25  Authors: janhvi bhojwani
Keywords: news, cnbc, companies, exploring, trump, washington, hotel, uschina, sale, organization, reportedly, talks, trade, wall


Trump Organization reportedly exploring sale of Washington hotel

Trump Organization reportedly exploring sale of Washington hotel

2 Hours Ago

The Trump Organization is reportedly exploring sale of its Washington, D.C. hotel, according to the Wall Street Journal. President Trump also talks U.S.-China trade. CNBC’s Eamon Javers reports.


Company: cnbc, Activity: cnbc, Date: 2019-10-25  Authors: janhvi bhojwani
Keywords: news, cnbc, companies, exploring, trump, washington, hotel, uschina, sale, organization, reportedly, talks, trade, wall


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Sears is reportedly exploring potential asset sales, including its DieHard brand

Sears’ current owner is exploring potential assets to sell off, including its DieHard brand, The Wall Street Journal reported. Transform Holdco, the retailer’s parent, has hired investment bankers to advise on the potential asset sales, people familiar with the situation told the Journal. Sears was bought by its former CEO, Eddie Lampert, through an affiliate of his hedge fund ESL Investments earlier this year. It is still struggling to find its footing and losing customers to rivals such as Wal


Sears’ current owner is exploring potential assets to sell off, including its DieHard brand, The Wall Street Journal reported.
Transform Holdco, the retailer’s parent, has hired investment bankers to advise on the potential asset sales, people familiar with the situation told the Journal.
Sears was bought by its former CEO, Eddie Lampert, through an affiliate of his hedge fund ESL Investments earlier this year.
It is still struggling to find its footing and losing customers to rivals such as Wal
Sears is reportedly exploring potential asset sales, including its DieHard brand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-25  Authors: mallika mitra, damaris martino
Keywords: news, cnbc, companies, exploring, potential, street, walmart, diehard, sears, brand, including, target, reportedly, sales, unveiled, wall, struggling, told, store, asset, stores


Sears is reportedly exploring potential asset sales, including its DieHard brand

Sears’ current owner is exploring potential assets to sell off, including its DieHard brand, The Wall Street Journal reported.

Transform Holdco, the retailer’s parent, has hired investment bankers to advise on the potential asset sales, people familiar with the situation told the Journal.

Sears did not immediately respond to CNBC’s request for comment.

Sears was bought by its former CEO, Eddie Lampert, through an affiliate of his hedge fund ESL Investments earlier this year. But the company seems to be facing some of the same problems that led it to file for bankruptcy more than a year ago.

It is still struggling to find its footing and losing customers to rivals such as Walmart, Target and Amazon. It has focused on smaller store formats and unveiled a new logo in an effort to bring new life back into the business. But the stores are struggling to keep goods stocked, according to multiple media reports.

And it continues to shutter stores.


Company: cnbc, Activity: cnbc, Date: 2019-10-25  Authors: mallika mitra, damaris martino
Keywords: news, cnbc, companies, exploring, potential, street, walmart, diehard, sears, brand, including, target, reportedly, sales, unveiled, wall, struggling, told, store, asset, stores


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