Apple Music will replace Pepsi as the official sponsor of the NFL Super Bowl halftime show. The tech giant signed a multiyear deal with the football league for the 15-minute halftime show sponsorship slot. According to sources, Apple will pay around $50M annually for the rights. More: - Pepsi has held the halftime sponsorship rights for 10 years.
- When the deal was initially signed, it was estimated to be worth $2.3B.
- Before Pepsi held the spot, auto parts manufacturer Bridgestone Corp. sponsored the halftime shows.
- The NFL has not announced who the performers will be for the 2023 Super Bowl game; however, it is rumored to be pop star Taylor Swift.
- Over 120 million people viewed the February 2022 Super Bowl LVI halftime show, which featured performances by Dr. Dre, Snoop Dogg, 50 Cent, Mary J. Blige, Kendrick Lamar, and Eminem.
- Super Bowl LVII will be held in Glendale, Arizona on Feb. 12, 2023.
- Apple has been investing in sports programs recently, aiming to increase content on its streaming platform, Apple TV.
- It recently signed a 10-year broadcast deal with Major League Soccer.
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The British pound fell more than 3% to $1.09 against the U.S. dollar on Friday after U.K. chancellor Kwasi Kwarteng unveiled a £45B (~$49B) debt-financed tax-cutting package. Kwarteng canceled the country's top rate of income tax, withdrew a planned rise in corporate taxes, and revealed the price tag of the spending plans of recently appointed Prime Minister Liz Truss. More: - Investors worry that these policies will place Britain on an unstable fiscal path.
- The country plans to spend £150B (~$163B) on subsidizing energy costs for consumers and businesses.
- Kwarteng said the energy subsidies would cost the government £60B ($65.2B) in its first six months.
- Investors sold off government bonds, with yields on the five-year gilt rising 0.5%.
- The 10-year gilt yield jumped 0.27% to 3.77%.
- The U.K. Debt Management Office increased its planned bond sales for the 2022-2023 fiscal year by £62.4B ($67.8B) to £193.9B ($210.7B).
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Boeing has agreed to pay $200M to settle an SEC investigation over misleading statements the aircraft manufacturer and its former CEO Dennis Muilenburg made about the 737 MAX’s safety risks. Muilenburg agreed to pay $1M to settle his part. Both Muilenburg and Boeing did not admit or deny any wrongdoing. More: - Boeing said it has made changes companywide following the 737 MAX crashes, including improving its safety processes and transparency.
- Investigations into the two fatal 737 MAX crashes in October 2018 and March 2019 found that planes’ new automated flight-control system sent the aircraft into nosedives.
- 346 passengers and crew members died in the crashes.
- The U.S. FAA and several other countries around the world grounded the aircraft following the second crash.
- The SEC probed Boeing’s response to the crashes and statements made to investors following the incidents.
- The federal agency said Boeing and Muilenburg made misleading statements about the first crash and the 737 MAX in November 2018 and again in April 2019, after the second incident.
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The U.K.'s Office of Communications (Ofcom) is investigating the market dominance of Amazon, Microsoft, and Google in the country's cloud-infrastructure-services sector. The regulator said the three firms account for about 81% of the revenue generated in the U.K.'s cloud market. More: - Ofcom said it would review the tech giants' position in the market and the strength of competition in the cloud services sector in general.
- The regulator plans to examine any features that might limit innovation, growth, or the entrance of new players into the market.
- Earlier this year, the U.K.'s competition regulator, the Competition and Markets Authority, launched an investigation into Apple's and Google's dominance in mobile application software.
- The Ofcom is also looking into how services like Meta Platforms' WhatsApp, FaceTime, and Zoom have affected traditional calling and messaging.
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Humana, CVS, and other unnamed parties are looking to buy primary-care provider Cano Health. According to sources, the talks are serious, and a deal could be announced in the next several weeks. On news of the discussions, Cano's stock has increased more than 30% in the past few days, giving the company a market value of over $4B. More: - Cano is based in Miami and operates primary-care centers in California, Florida, Nevada, New Mexico, Texas, Illinois, New York, New Jersey, and Puerto Rico.
- The company primarily serves Medicare Advantage members.
- Cano is Humana's largest independent primary-care provider in Florida.
- Cano served over 68,000 Humana Medicare Advantage members in 2021.
- Humana has a right of first refusal on any sale of Cana.
- This was part of a 2019 agreement between both companies.
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Netflix is changing how it pays some comedians for features on its streaming platform. According to sources, the company aims to cut costs and shift some of the production financial burdens to the artists. Netflix is licensing new specials from some comedians for two years for $200,000 rather than purchasing the specials outright as previously done. More: - In the past, Netflix has purchased specials from comedians for as much as $1M.
- The payment often helped with production costs.
- During its last earnings call, Netflix told investors it plans to keep its content spending to around $17B for the next few years.
- Netflix reported it lost nearly 1 million subscribers in the June quarter.
- The new licensing structure also gives artists more flexibility over their content and can offer the special to other platforms in the future.
- Netflix has invested heavily in comedy programming, becoming one of the leading streaming platforms in the genre.
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- Tesla has countersued the California Civil Rights Department, claiming the agency violated state law by not seeking public comment or holding a public hearing before filing its racial discrimination lawsuit against the EV maker.
- The Boston Celtics NBA team has suspended head coach Ime Udoka for the 2022-23 season for violating the team’s policies. According to reports by ESPN and The Athletic, Udoka was suspended over a consensual relationship with a female colleague.
- Goldman Sachs has cut its end of 2022 target for the S&P 500 index by about 16% to 3,600 points. The investment bank’s previous target for the year was 4,300 points.
- Hong Kong has ended its controversial hotel quarantine policy for travelers as the COVID-19 pandemic dissipates. Starting Sept. 26, arrivals to the region would no longer need to quarantine for three days.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business and Inside Cloud newsletters. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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