Cancer drug company Tesaro shares rise 39% following report that it will explore sale

Tesaro shares soared as much as 39 percent Friday upon a Bloomberg report that the pharmaceutical company will explore the opportunity of a sale. This comes exactly one week after the cancer drug company fell more than 20 percent during after-hours trading after the release of drug trial results for treatment of small cell lung cancer. The company is working with financial advisers to examine the deal, and the company could still remain independent, the Bloomberg story said. The financial advise


Tesaro shares soared as much as 39 percent Friday upon a Bloomberg report that the pharmaceutical company will explore the opportunity of a sale. This comes exactly one week after the cancer drug company fell more than 20 percent during after-hours trading after the release of drug trial results for treatment of small cell lung cancer. The company is working with financial advisers to examine the deal, and the company could still remain independent, the Bloomberg story said. The financial advise
Cancer drug company Tesaro shares rise 39% following report that it will explore sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: waverly colville, source, tesaro
Keywords: news, cnbc, companies, rise, sale, explore, zejula, bloomberg, report, following, shares, yearthis, cancer, financial, advisers, fell, company, tesaro, drug


Cancer drug company Tesaro shares rise 39% following report that it will explore sale

Tesaro shares soared as much as 39 percent Friday upon a Bloomberg report that the pharmaceutical company will explore the opportunity of a sale.

This comes exactly one week after the cancer drug company fell more than 20 percent during after-hours trading after the release of drug trial results for treatment of small cell lung cancer. A spokesperson declined to comment.

The company is working with financial advisers to examine the deal, and the company could still remain independent, the Bloomberg story said. The financial advisers also have contact other potential buyers.

Tesaro also explored a sale in May 2017, but it did not come to a close. Shares then fell more than 11 percent during that time.

The company was founded in 2010 and went public in 2012. Its first drug, Varubi, was approved by the US Food and Drug Administration in October 2015. It’s used to treat chemotherapy side effects, such as nausea and vomiting. It’s other cancer drug Zejula has been struggling.

Shares are down 68 percent this year.

This story is developing. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: waverly colville, source, tesaro
Keywords: news, cnbc, companies, rise, sale, explore, zejula, bloomberg, report, following, shares, yearthis, cancer, financial, advisers, fell, company, tesaro, drug


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GE shares jump to best day in 3 years after accelerated Baker Hughes share sale

The sale of Baker Hughes stock will bring GE’s stake to just over 50 percent in the oil field services company, down from 62.5 percent. GE shares rose 7.8 percent in trading Tuesday, closing with their best day since April 2015. The Baker Hughes stake sale comes as the second action by Culp to level the company’s balance sheet since taking GE’s helm at the beginning of October. GE negotiated a release from a previous lock-up period so it could sell Baker Hughes shares. A new lock-up period has b


The sale of Baker Hughes stock will bring GE’s stake to just over 50 percent in the oil field services company, down from 62.5 percent. GE shares rose 7.8 percent in trading Tuesday, closing with their best day since April 2015. The Baker Hughes stake sale comes as the second action by Culp to level the company’s balance sheet since taking GE’s helm at the beginning of October. GE negotiated a release from a previous lock-up period so it could sell Baker Hughes shares. A new lock-up period has b
GE shares jump to best day in 3 years after accelerated Baker Hughes share sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: michael sheetz
Keywords: news, cnbc, companies, company, sale, lockup, jump, day, accelerated, companys, ge, baker, shares, stake, stock, hughes, share, best


GE shares jump to best day in 3 years after accelerated Baker Hughes share sale

General Electric will reduce its stake in Baker Hughes to a slight majority position, the company announced Tuesday, bringing in much-needed cash for the embattled industrial conglomerate.

The sale of Baker Hughes stock will bring GE’s stake to just over 50 percent in the oil field services company, down from 62.5 percent. With up to 166 million shares in the offering, the full sale would see GE get about $4 billion in cash in the fourth quarter if executed near Baker Hughes’ latest stock price of about $24 a share.

“The agreements announced today accelerate that plan in a manner that mutually benefits both companies and their shareholders,” GE chairman and CEO Larry Culp said in a statement.

GE shares rose 7.8 percent in trading Tuesday, closing with their best day since April 2015. The jump comes a day after the stock slipped below $8 a share for the first time since the financial crisis.

Culp told CNBC on Monday that he feels the urgent need to reduce the company’s leverage, saying he will do so through asset sales. GE shares have been under steady pressure since the company reported disappointing third-quarter earnings and an expanding federal investigation into the company’s accounting practices.

The Baker Hughes stake sale comes as the second action by Culp to level the company’s balance sheet since taking GE’s helm at the beginning of October. Culp slashed the company’s quarter dividend to a penny a share in his first move as CEO. He acknowledged that the cut likely caused regular investors to flee the stock.

GE negotiated a release from a previous lock-up period so it could sell Baker Hughes shares. The previous lock-up was set to last until July 2019. The release allows GE to perform this sale, accelerating the plan the company laid out in June. A new lock-up period has begun, with GE needing to wait three months before selling any more Baker Hughes shares.

The company will continue toward eventually selling its full stake in Baker Hughes.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: michael sheetz
Keywords: news, cnbc, companies, company, sale, lockup, jump, day, accelerated, companys, ge, baker, shares, stake, stock, hughes, share, best


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GE CEO Culp’s quick comments about health spinoff could mean an ‘outright sale’

General Electric CEO Larry Culp’s latest comments to CNBC about GE Healthcare could indicate an “outright sale” is among the options under consideration, according to a leading industry analyst. Culp called GE Healthcare a “tremendous” franchise, which has “flexibility” in terms of the planned spinoff. “We could preserve our tax-free spin status while selling up to 49.9 percent,” Culp told CNBC’s David Faber on Monday. Danaher, where Culp was CEO from 2000 to 2014, would “love” to own the life s


General Electric CEO Larry Culp’s latest comments to CNBC about GE Healthcare could indicate an “outright sale” is among the options under consideration, according to a leading industry analyst. Culp called GE Healthcare a “tremendous” franchise, which has “flexibility” in terms of the planned spinoff. “We could preserve our tax-free spin status while selling up to 49.9 percent,” Culp told CNBC’s David Faber on Monday. Danaher, where Culp was CEO from 2000 to 2014, would “love” to own the life s
GE CEO Culp’s quick comments about health spinoff could mean an ‘outright sale’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, unit, outright, ge, change, general, ceo, spinoff, culp, culps, quick, health, comments, mean, healthcare, davis, told, sale


GE CEO Culp's quick comments about health spinoff could mean an 'outright sale'

General Electric CEO Larry Culp’s latest comments to CNBC about GE Healthcare could indicate an “outright sale” is among the options under consideration, according to a leading industry analyst.

Culp called GE Healthcare a “tremendous” franchise, which has “flexibility” in terms of the planned spinoff. “We could preserve our tax-free spin status while selling up to 49.9 percent,” Culp told CNBC’s David Faber on Monday.

“I think [Culp] is weighing all options including the outright sale of the business or parts of it,” Scott Davis, chairman and CEO of Melius Research, told CNBC. Davis, who personally owns GE shares, maintains a buy rating on the stock with a $21 per share price target.

Danaher, where Culp was CEO from 2000 to 2014, would “love” to own the life sciences business of GE Healthcare, Davis added. “As for the diagnostic equipment, that is less clear,” he said, stressing it would be “a very large deal.”

When asked for further comment, GE directed CNBC to Culp’s comments earlier. On the Oct. 30 postearnings call, Culp indicated flexibility around GE Healthcare.

GE Healthcare is a cash cow, throwing off $3.4 billion in profit last year. The unit accounted for 15.8 percent of General Electric’s total 2017 sales and contributed 43.2 percent to GE’s operating profit last year.

Culp, 55, replaced John Flannery as chairman and CEO on Oct. 1 after the board reportedly became frustrated with the slow pace of change at the struggling industrial conglomerate.

Shortly after the leadership change, both GE and GE Healthcare had told CNBC they were “committed to establishing Healthcare as a separate independent entity.”

A spokeswoman for GE Healthcare said at the time that the unit “plans to continue working toward separation,” and Flannery’s departure “does not change what’s happening.”

GE Healthcare, under CEO Kieran Murphy, plans to become independent by the end of 2019. General Electric has said the spinoff makes sense because it allows the company to double down on its core industrial and energy businesses.

Shares of GE were under more pressure on Monday, trading around $8 per share around midday. GE is on pace for its worst year since 2008 when it lost 56.3 percent.

WATCH: CNBC’s full interview with General Electric’s Larry Culp


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, unit, outright, ge, change, general, ceo, spinoff, culp, culps, quick, health, comments, mean, healthcare, davis, told, sale


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Kellogg exploring sale of Keebler, Famous Amos and fruit snacks business

Kellogg is selling its Keebler, Famous Amos and fruit snacks businesses, making it the latest Big Food company to look to pare down to focus on its core. The maker of Special K cereal said Monday it is focusing on its morning foods, snacks and frozen foods brands, which it will consolidate into one unit. Brands like Eggo waffles and Froot Loops comprise 80 percent of the company’s revenue. “We need to make strategic choices about our business and these brands have had difficulty competing for re


Kellogg is selling its Keebler, Famous Amos and fruit snacks businesses, making it the latest Big Food company to look to pare down to focus on its core. The maker of Special K cereal said Monday it is focusing on its morning foods, snacks and frozen foods brands, which it will consolidate into one unit. Brands like Eggo waffles and Froot Loops comprise 80 percent of the company’s revenue. “We need to make strategic choices about our business and these brands have had difficulty competing for re
Kellogg exploring sale of Keebler, Famous Amos and fruit snacks business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: dawn kopecki, lauren hirsch, luke sharrett, bloomberg, getty images
Keywords: news, cnbc, companies, unit, snacks, portfolio, foods, exploring, keebler, kellogg, sale, amos, brands, focus, fruit, business, thrive, strategic, famous, wholeheartedly, waffles


Kellogg exploring sale of Keebler, Famous Amos and fruit snacks business

Kellogg is selling its Keebler, Famous Amos and fruit snacks businesses, making it the latest Big Food company to look to pare down to focus on its core.

The maker of Special K cereal said Monday it is focusing on its morning foods, snacks and frozen foods brands, which it will consolidate into one unit. Brands like Eggo waffles and Froot Loops comprise 80 percent of the company’s revenue.

“We need to make strategic choices about our business and these brands have had difficulty competing for resources and investments within our portfolio,” Chairman and CEO Steve Cahillane said in a statement. “Yet, we wholeheartedly believe these iconic and beloved brands can thrive in the portfolio of another organization that can focus on driving growth in these particular categories.”


Company: cnbc, Activity: cnbc, Date: 2018-11-12  Authors: dawn kopecki, lauren hirsch, luke sharrett, bloomberg, getty images
Keywords: news, cnbc, companies, unit, snacks, portfolio, foods, exploring, keebler, kellogg, sale, amos, brands, focus, fruit, business, thrive, strategic, famous, wholeheartedly, waffles


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US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma


The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis. While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell. A UBS spokesma
US sues UBS over alleged crisis-era mortgage securities fraud Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


US sues UBS over alleged crisis-era mortgage securities fraud

The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-2009 global financial crisis.

UBS was accused of misleading investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007, the Department of Justice said in a complaint filed with the federal court in Brooklyn.

The lawsuit came after UBS rejected a government proposal that it pay nearly $2 billion to settle, according to a person familiar with the talks who was not authorized to speak publicly about them.

While UBS was not a big originator of U.S. residential home loans, U.S. Attorney Richard Donoghue in Brooklyn said investors suffered “catastrophic losses” from the bank’s failure to fully disclose the risks of mortgage securities it helped sell.

A UBS spokesman and a Justice Department spokeswoman declined to comment on the settlement talks, but the bank said it will fight the lawsuit.

“The DOJ’s claims are not supported by the facts or the law,” it said in a statement. “UBS is confident in its legal position and has been fully prepared for some time to defend itself in court.”

U.S. officials are seeking unspecified fines against UBS under a federal law allowing it to pursue penalties up to the amounts the bank gained or others lost from alleged misconduct.

The case is one of the last addressing alleged misconduct in the pooling and sale by large banks of mortgage securities that were a major cause of the financial crisis.

Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley and Royal Bank of Scotland previously settled.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, investors, sues, crisisera, lawsuit, securities, alleged, mortgage, loans, sale, bank, talks, ubs, fraud, residential


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Campbell’s cookie unit Arnott’s attracts attention from Kraft Heinz, Mondelez

The soup company had previously said it planned to sell its international and fresh food food businesses after a three-month review it announced after a string of poor quarterly results. Third Point has since said it would also accept other moves for Campbell, including a breakup. Food companies — including Oreo-owner Mondelez, Kraft Heinz and Ferrero, which owns Nutella — are among those eyeing the business, the people said. This will launch a formal sale process. One likely consideration in th


The soup company had previously said it planned to sell its international and fresh food food businesses after a three-month review it announced after a string of poor quarterly results. Third Point has since said it would also accept other moves for Campbell, including a breakup. Food companies — including Oreo-owner Mondelez, Kraft Heinz and Ferrero, which owns Nutella — are among those eyeing the business, the people said. This will launch a formal sale process. One likely consideration in th
Campbell’s cookie unit Arnott’s attracts attention from Kraft Heinz, Mondelez Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: lauren hirsch, jeff greenberg, universal images group, getty images
Keywords: news, cnbc, companies, companies, process, buy, campbells, attracts, business, heinz, point, mondelez, sale, including, international, cookie, campbell, arnotts, food, attention, unit, kraft


Campbell's cookie unit Arnott's attracts attention from Kraft Heinz, Mondelez

Campbell Soup has begun the process of selling off a number of its brands, including its Arnott’s cookie and crackers business, as it looks to pay down the debt left in the wake of its acquisition of Snyder’s Lance earlier this year, people familiar with the matter tell CNBC.

The soup company had previously said it planned to sell its international and fresh food food businesses after a three-month review it announced after a string of poor quarterly results. It said focusing on its signature packaged food would help regain its financial footing. The decision came despite pressure from activist fund Third Point, which initially said the only justifiable outcome of the review was a sale to a strategic buyer. Third Point has since said it would also accept other moves for Campbell, including a breakup.

Campbell has sent out materials to tease the sale of its Australian Arnott’s biscuits business and Kelsen baked snacks that could fetch $2.5 billion to $3 billion from buyers. The biscuit and cracker maker is the largest in Australia and has therefore caught the eye of a number food companies that are eyeing global expansion as challenged U.S. grocers continue to exert their pressure.

Food companies — including Oreo-owner Mondelez, Kraft Heinz and Ferrero, which owns Nutella — are among those eyeing the business, the people said.

Snacks have become increasingly important for food companies to buy as more and more people eat on-the-go and sales of grocery staples, like cereal, have slowed. In the U.S., though, there are few brands available to buy to move the needle for companies that generate billions in annual sales.

Arnott’s gives buyers a chance to buy a large business in an established market. Still, with Australia relatively isolated, it would also likely require a buyer with an existing global footprint and may also limit their ability to expand the brand further into other international markets like China, say people familiar with the industry.

Campbell expects to sign non-disclosure agreements for its international snack business in the next weeks, and will then begin to send out confidential materials, the people said. This will launch a formal sale process. While such processes take weeks, it remains possible a keenly interested party could expedite it by lobbing in a particularly high bid, some of the people said.

One likely consideration in the sale process is potential anti-trust issues due to Arnott’s hold on the Australian cookie market. Campbell is under pressure from activist investor Dan Loeb and his hedge fund Third Point, which have chastised it for poor performance, making it unlikely it will want to take on much risk that antitrust authorities could oppose a deal.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: lauren hirsch, jeff greenberg, universal images group, getty images
Keywords: news, cnbc, companies, companies, process, buy, campbells, attracts, business, heinz, point, mondelez, sale, including, international, cookie, campbell, arnotts, food, attention, unit, kraft


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Headset-maker Plantronics explores potential sale: Reuters

Plantronics Inc, a U.S. manufacturer of Bluetooth earpieces and gaming headsets, is exploring options that include a potential sale of the company after attracting takeover interest, people familiar with the matter said on Thursday. The company’s stock was briefly halted due to volatility. It opened up more than 2 percent after trading resumed


Plantronics Inc, a U.S. manufacturer of Bluetooth earpieces and gaming headsets, is exploring options that include a potential sale of the company after attracting takeover interest, people familiar with the matter said on Thursday. The company’s stock was briefly halted due to volatility. It opened up more than 2 percent after trading resumed
Headset-maker Plantronics explores potential sale: Reuters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08
Keywords: news, cnbc, companies, potential, takeover, options, plantronics, stock, explores, sale, headsetmaker, resumed, trading, volatility, thursdaythe


Headset-maker Plantronics explores potential sale: Reuters

Plantronics Inc, a U.S. manufacturer of Bluetooth earpieces and gaming headsets, is exploring options that include a potential sale of the company after attracting takeover interest, people familiar with the matter said on Thursday.

The company’s stock was briefly halted due to volatility. It opened up more than 2 percent after trading resumed


Company: cnbc, Activity: cnbc, Date: 2018-11-08
Keywords: news, cnbc, companies, potential, takeover, options, plantronics, stock, explores, sale, headsetmaker, resumed, trading, volatility, thursdaythe


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UBS expects to be sued by US Justice Department over crisis-era mortgage securities

The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial


The U.S. Department of Justice did not immediately respond to a request for comment. UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint. It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007. The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial
UBS expects to be sued by US Justice Department over crisis-era mortgage securities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


UBS expects to be sued by US Justice Department over crisis-era mortgage securities

UBS Group, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008-2009 financial crisis, according to a company statement.

The bank said the claims were not supported by the facts or the law and it would contest any such complaint “vigorously.”

The U.S. Department of Justice did not immediately respond to a request for comment.

UBS said it had been advised by the Justice Department that the law enforcement agency intends to file the civil complaint.

It anticipates the Justice Department will seek unspecified monetary penalties regarding the mortgage securities, which date back to 2006 and 2007.

The lawsuit would be among the last actions over misconduct in the sale and pooling of mortgage securities which helped to cause the financial crisis.

The Department of Justice has settled similar claims with Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse Group, Morgan Stanley, Goldman Sachs, Bank of America and Barclays.

Barclays settled for $2 billion in March after resisting a penalty the U.S. government sought near the end of the Obama administration in 2016. Justice had sought a much higher fine at the time and, when the two sides could not come to terms, the department filed a lawsuit.

More recently, HSBC Holdings agreed to pay $765 million last month to settle with the Justice Department over its sale of defective mortgage securities before the crisis, while major player Royal Bank of Scotland Group reached a $4.9 billion deal in May.


Company: cnbc, Activity: cnbc, Date: 2018-11-08  Authors: fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, justice, sued, group, expects, sale, sought, bank, ubs, law, mortgage, department, crisisera, settled, securities


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Billionaires are buying media companies, New York Times not for sale

But no billionaire will buy The New York Times, says its publisher, A.G. Sulzberger. “The New York Times is not for sale,” Sulzberger told Recode’s Kara Swisher. The New York Times, which has had a paywall on digital content since March 2011, currently has 3.5 million subscribers, according to Sulzberger. On Nov. 1, Mark Thompson, president and chief executive officer of The New York Times Company, said that for the third quarter, subscription revenues accounted for nearly two-thirds of the comp


But no billionaire will buy The New York Times, says its publisher, A.G. Sulzberger. “The New York Times is not for sale,” Sulzberger told Recode’s Kara Swisher. The New York Times, which has had a paywall on digital content since March 2011, currently has 3.5 million subscribers, according to Sulzberger. On Nov. 1, Mark Thompson, president and chief executive officer of The New York Times Company, said that for the third quarter, subscription revenues accounted for nearly two-thirds of the comp
Billionaires are buying media companies, New York Times not for sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: catherine clifford, jonathan torgovnik, getty images
Keywords: news, cnbc, companies, according, sale, weve, billionaires, business, companies, told, billionaire, times, washington, buying, sulzberger, paper, media, york


Billionaires are buying media companies, New York Times not for sale

Billionaire Salesforce founder Marc Benioff bought Time. Billionaire Amazon founder Jeff Bezos bought The Washington Post. The Emerson Collective, a non-profit run by billionaire Laurene Powell Jobs (the widow of Steve Jobs), bought The Atlantic.

But no billionaire will buy The New York Times, says its publisher, A.G. Sulzberger.

“The New York Times is not for sale,” Sulzberger told Recode’s Kara Swisher.

Sulzberger isn’t criticizing the decisions of other publications: “All of us at the New York Times are delighted to see that because quite frankly we need more journalists in this country,” Sulzberger told Swisher, according to a transcript of their conversation published Monday.

“And it is not a zero sum game. And we need a healthy Washington Post in this country. And so we are delighted to see it growing again,” he said.

But the Times is different, he said.

“Washington Post is still a significantly smaller paper than the New York Times, and another paper owned by a billionaire, the Wall Street Journal, another very fine paper owned by a billionaire [Rupert Murdoch] is…is also smaller.”

In order to protect the business, The New York Times Company has a dual-class share structure: Class A shares are publicly traded and widely held (with a nearly $4.5 billion market cap), while the Ochs-Sulzberger family holds a controlling interest of the Class B shares (that do not trade publicly), which entitles them to elect 70 percent of the board, according to the Times. (The company did take a $250 million loan from Mexican billionaire Carlos Slim Helú in 2009 and paid it back in 2011.)

What the Times would do with a billion-dollar infusion from a wealthy titan is “an interesting question in the abstract,” Sulzberger told Swisher, but he still demurred, saying, “We cannot just be reliant on the altruism of people…. We’re going to have to make that billion dollars ourselves.”

The Times’ strategy to be a sustainable business is “to make stuff that’s worth paying for. And it’s that simple,” Sulzberger said.

The New York Times, which has had a paywall on digital content since March 2011, currently has 3.5 million subscribers, according to Sulzberger. On Nov. 1, Mark Thompson, president and chief executive officer of The New York Times Company, said that for the third quarter, subscription revenues accounted for nearly two-thirds of the company’s revenues.

Sulzberger also told Swisher more money would not change the quality of the journalism the publication is producing.

“I do not think for a second that the ownership structure of the New York Times is somehow hindering our ability to invest in great journalism. The last year we’ve expanded our Washington bureau, we’ve expanded our tech coverage. … We’ve expanded our business coverage,” Sulzberger says to Swisher.

“Point to me where someone has just thrown a ton of money at the journalism problem, just thrown a ton of money and it’s worked out well.”

Plus, said the publisher, the paper does not want even the appearance of bias.

“The thing that makes the New York Times special, the thing that I think distinguishes us from almost any other news organization, not any, but among a handful of news organizations, is its independence. That is baked into every fiber of what this institution is,” Sulzberger said.

See also:

Jeff Bezos says this is how he plans to spend the bulk of his fortune

How a cheap plastic camera on a trip to Italy inspired Instagram, according to co-founder Kevin Systrom

Thinx CEO: This is the ‘secret sauce’ to running a successful e-commerce business in an Amazon world


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: catherine clifford, jonathan torgovnik, getty images
Keywords: news, cnbc, companies, according, sale, weve, billionaires, business, companies, told, billionaire, times, washington, buying, sulzberger, paper, media, york


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Here are two big tax breaks you shouldn’t overlook

Two of the more lucrative ones these days are excluding gains from the sale of your primary home or from a stock sale of a business you own and operate. The IRS permits capital gains from certain business stock sales to be excluded from federal tax. Long-term capital gains, on the other hand, have only three tax brackets: 0 percent, 15 percent or 20 percent. Either way, one thing is clear — long-term gains generally are taxed more favorably than ordinary income. If you’ve owned an asset for more


Two of the more lucrative ones these days are excluding gains from the sale of your primary home or from a stock sale of a business you own and operate. The IRS permits capital gains from certain business stock sales to be excluded from federal tax. Long-term capital gains, on the other hand, have only three tax brackets: 0 percent, 15 percent or 20 percent. Either way, one thing is clear — long-term gains generally are taxed more favorably than ordinary income. If you’ve owned an asset for more
Here are two big tax breaks you shouldn’t overlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: ben martinek, president of bona fide finance, image source, getty images, luca sage
Keywords: news, cnbc, companies, federal, sale, rates, taxed, shouldnt, stock, breaks, income, gains, gain, big, overlook, tax, longterm


Here are two big tax breaks you shouldn't overlook

There are many ways to reduce your tax burden. Two of the more lucrative ones these days are excluding gains from the sale of your primary home or from a stock sale of a business you own and operate.

The IRS permits capital gains from certain business stock sales to be excluded from federal tax. The catch: It only applies to qualified small business stock acquired after Sept. 27, 2010 that is held for more than five years.

Even better, the federal agency allows taxpayers to exclude up to $250,000 (or $500,000 for payers who file a joint return) of the gain from the sale or exchange of property owned and used as a principal residence for at least two of the five years before the sale.

Here’s why that’s so powerful as a tax-saving tool.

Traditionally, ordinary income (i.e., a paycheck) is taxed at rates ranging from 10 percent to 37 percent. Because rates are graduated, you won’t pay the highest rate on your entire income. For example, you might pay 28 percent in federal taxes as a single earner on up to $191,650 in income, but a higher rate for income above that amount.

Long-term capital gains, on the other hand, have only three tax brackets: 0 percent, 15 percent or 20 percent. For many individuals, this tax tends to be in the 15 percent range. However, this also can vary widely depending on how much you earn. Either way, one thing is clear — long-term gains generally are taxed more favorably than ordinary income.

The process for determining whether you have a long-term capital gain is fairly straightforward. If you’ve owned an asset for more than a year and one day, long-term rates apply. If it’s increased in value, then the gain will be taxed. If the asset has lost value, then a loss may be applied. The amount of gain or loss is determined by the amount you paid or “basis” for the asset.


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: ben martinek, president of bona fide finance, image source, getty images, luca sage
Keywords: news, cnbc, companies, federal, sale, rates, taxed, shouldnt, stock, breaks, income, gains, gain, big, overlook, tax, longterm


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