By Paul R. La Monica, CNN Business It’s game on for video game mergers. Microsoft’s nearly $69 billion acquisition of the controversial game maker Activision Blizzard comes just one week after Grand Theft Auto developer Take-Two Interactive announced that it was buying FarmVille owner Zynga. Gamers (and investors) are now betting on which company might
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By Clare Duffy, CNN Business The Federal Trade Commission and US Justice Department’s Antitrust Division on Tuesday announced a joint review of federal guidelines for corporate mergers to consider whether they should be updated “to better detect and prevent illegal, anticompetitive deals.” The announcement comes amid growing concerns about concentration in a range of industries,
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By Oliver Darcy, CNN Business Michelle Gotthelf, the former editor in chief of the New York Post’s digital operation, filed a lawsuit on Tuesday against the tabloid, alleging she was wrongfully fired earlier this month after she reported to her boss that a longtime lieutenant of Rupert Murdoch sexually harassed her. Gotthelf alleged that the
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By Frank Pallotta, CNN Business Stephen A. Smith returned to ESPN‘s “First Take” Monday after a bout with Covid-19, which the commentator said nearly killed him. “For me personally, it hit me differently,” Smith said. Smith explained that he tested positive for the virus late last month and wound up in the hospital over the
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By Pete Muntean, CNN Business AT&T and Verizon announced Tuesday that they would delay activating 5G on some towers around certain airports. The wireless technology’s rollout near major airports had been scheduled for Wednesday, but airlines warned of dire consequences for transportation and the economy. AT&T made the announcement as it works with the aviation
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By Nathaniel Meyersohn, CNN Business Kohl’s can’t catch a break from Wall Street. For the second time in as many months and third time in a year, an activist investor is putting pressure on the department store chain to make changes or sell the company. Activist hedge fund Macellum Advisors, which owns about 5% of
Continue Reading By Frank Pallotta, CNN Business Stephen A. Smith returned to ESPN‘s “First Take” Monday after a bout with Covid-19, which the commentator said nearly killed him. “For me personally, it hit me differently,” Smith said. Smith explained that he tested positive for the virus late last month and wound up in the hospital over the
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By Jennifer Korn and Clare Duffy, CNN Business Microsoft on Tuesday announced plans to acquire Activision Blizzard in a blockbuster deal worth nearly $70 billion. It’s one of the biggest acquisitions in the tech industry in recent years, one that will boost Microsoft’s standing in the growing gaming industry but could be complicated by recent
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By Anneken Tappe, CNN Business Wall Street had another day in the red at the start of this shortened trading week as investors grapple with earnings seasons and rising Treasury bond yields. All three major indexes spent the entire day sharply lower. The Dow closed 1.5%, or some 540 points, lower, after falling as many
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By Anna Cooban, CNN Business The BBC has warned that it will be forced to slash services and cancel shows after the UK government froze its main source of funding, resulting in a budget shortfall of roughly $388 million. Tim Davie, director general of the public service broadcaster, told BBC Radio 4 on Tuesday that
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By Jackie Wattles and Pete Muntean, CNN Potentially abysmal air travel interruptions were narrowly avoided this week when wireless carriers made a last-minute change to their planned 5G rollout in response to fears that new cell service towers could interfere with a key component on passenger jets that allows them to safely land in low
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By Matt Egan, CNN Business Goldman Sachs is now calling for oil prices to hit $100 a barrel later this year and continue rising in 2023, signaling higher prices at the pump are on the way. In a Monday evening report to clients, the Wall Street bank backed up its bullish call by citing “robust
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By Paul R. La Monica, CNN Business Goldman Sachs had a phenomenal year. But like many of its competitors on Wall Street, the numbers just weren’t good enough to satisfy fickle investors. The investment banking powerhouse said Tuesday that it earned $3.9 billion in the fourth quarter, or $10.81 a share. But analysts had been
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By Julia Horowitz, CNN Business Every year, BlackRock CEO Larry Fink, one of the most powerful people in global finance, pens a letter to chief executives that’s required reading for business leaders. Fink’s insistence that companies need to disclose more about their climate plans and seriously consider their role in society has helped change what’s
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By Anneken Tappe, CNN Business Climate change policies have become front and center for companies — not only because of ethics and reputation, but also because their employees demand it. More than three-quarters of global executives said climate change policies affect their ability to attract and retain talent, according to Deloitte’s 2022 CxO Sustainability Report.
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By Jordan Valinsky, CNN Business Peloton says inflation and supply chain challenges have forced the company to hike the price of its flagship bike, just five months after cutting it drastically to boost sagging sales. Beginning January 31, customers will be required to pay $250 for delivery and setup for Peloton’s $1,495 bike — a
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By Matt Egan, CNN Business President Joe Biden’s 2022 is off to a dreadful start. Prices at the pump could make it even worse. Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they’re starting to creep higher again. The energy resurgence
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By Matt Egan, CNN Business President Joe Biden’s 2022 is off to a dreadful start. Prices at the pump could make it even worse. Crude oil has already zoomed back to two-month highs. Gasoline prices, which move with a lag, have stopped their muted decline. And they’re starting to creep higher again. The energy resurgence
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By Charles Riley, CNN Business People are paying a lot more for food, gas, cars and services, and inflation isn’t over yet as the pandemic continues to distort the economy. So should governments consider setting the price of essential goods? It’s been done before, typically during times of crisis, but for most mainstream economists, the
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By Wayne Chang and Teele Rebane, CNN Business Hong Kong police have arrested and charged two former Cathay Pacific staffers for violating the city’s quarantine rules, underscoring the challenges the city’s flagship airline and its staff face under some of the world’s most restrictive anti-pandemic policies. The government on Monday confirmed the arrests of two
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