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- Massive Merger Talks
Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Streaming merger talks
👉Weakness in labor markets
👉Famed franchise for sale
STREAMING: Merger Talks
Paramount Global is in talks to merge its Paramount+ streaming service with another platform. A deal could spark new streaming partnerships, stabilizing the media industry.
Source: YouTube
Warner Bros. Discovery is interested in combining Max and Paramount+, aiming to better compete with Netflix and Disney’s platforms. Earlier this year, Warner Bros. Discovery discussed a full merger with Paramount Global, but talks stalled. A merger could offload Paramount+ losses by sharing ownership. Warner Bros. Discovery's streaming made $103M in 2023, while Paramount Global had a $1.67B loss.
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LABOR: Market Weakens
Economists and some Federal Reserve officials are worried that pain could be ahead for American workers as the labor market weakens. Companies are posting fewer job openings and employees are quitting less, while unemployment is creeping up from low levels, signaling an end to the tight labor conditions seen in the rapid recovery from the pandemic.
Source: US News
Hiring strength has helped the economy handle aggressive Fed rate hikes, bringing interest rates to the highest levels in two decades. However, with inflation still above the Fed’s 2% target, further softening in the labor market could risk economic growth. Last month, the Job Openings and Labor Turnover Survey (JOLTS) showed open positions fell to 8.1 million, a three-year low.
CELTICS: For Sale
The Boston Celtics are up for sale. The ownership group, Boston Basketball Partners LLC, announced plans to sell the team for "estate and family planning" reasons. The majority stake sale is expected to close by the end of 2024 or early 2025, with the rest closing in 2028.
Source: Boston Globe
As sports franchise valuations soar, the Celtics could command a high price, potentially matching or exceeding the record $4 billion paid for the Phoenix Suns in 2023. Wyc Grousbeck, who led the $360 million purchase in 2002, will remain team governor until 2028. Grousbeck saw the Celtics win their NBA record 18th championship last month.
Chart of the Day
📊Netflix and Chill
Source: GS Investing
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Source: @wallstbets
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