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| 1 | | CNN CEO Chris Licht is out at the company as the cable news network looks to steady the ship amidst tumbling ratings. His tenure lasted a little over a year, and this comes just days after he apologized to CNN staffers for a profile in The Atlantic that was published last week. More: - The profile caused an insurrection at the company as both on-air talent and producers voiced frustration publicly about his tenure.
- David Zaslav, CEO of CNN parent company Warner Bros. Discovery, took responsibility for Licht's poor performance.
- The decision to remove Licht was made on Tuesday night after it was ruled he couldn't be an effective leader anymore, according to WSJ.
- Since Licht took over last May, CNN's ratings hit historic lows, and the programming moves he made to try to counterbalance the situation have not taken hold.
- CNN has tried a new morning show that has not gained ratings, and the network fired Don Lemon, a popular host, after comments he made about presidential hopeful Nikki Haley.
Zoom Out: - The move comes a little over a year after Jeff Zucker resigned for failing to disclose an intimate relationship with a colleague and after Warner Bros. Discovery took control of CNN.
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What the numbers say: Dave & Buster's earned its highest earnings per share (EPS) this year, building on the momentum it has experienced the past three years. Following a negative EPS in 2020 during the COVID-19 pandemic, the entertainment and dining center company has seen a sharp increase as people have come back to the stores. Relevance: Dave & Buster's announced its Q1 2023 earnings yesterday and reported a profit of $70.1M or an EPS of $1.45. It beat the estimated EPS of $1.17 and saw its stock rise nearly 25% the morning after the earnings were announced. Executives said on the conference call that customer spending has held up, though the real test will be the summer. The company also announced that it purchased back 12% of its outstanding shares during the quarter. More historical data: It is the highest EPS that Dave & Buster's has reported in the past eight years, as it had never gone higher than $1.35. Share prices still have a long way to go to match 2018's high of $65.01, but the share price was above $40 per share on Wednesday for the first time since early February this year. | | | |
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| 3 | | Just days after the U.S. cracked down on some of the biggest crypto exchanges in the country, the firms are beginning to look elsewhere rather than deal with regulations. The Securities and Exchange Commission has sued Binance and Coinbase in recent days as the U.S. is becoming one of the strictest countries for regulating. More: - Coinbase, the largest crypto exchange in the U.S., has opened a business in Bermuda.
- Gemini, a rival firm to Coinbase that operates in New York City, is seeking a license in the United Arab Emirates.
- Bittrex, an exchange in Seattle, has ceased its operations in the U.S.
- The enforcement of regulations is seen as a turning point for the industry in the country, as cryptocurrencies were created to operate as a finance system beyond the reach of regulators.
- As the market surged in 2021, crypto companies aimed to lobby in Washington that they are compliant businesses. That failed, as Congress, regulators, and the public became skeptical of the industry.
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| 4 | | Boeing, the aircraft manufacturer, is being sued for allegedly stealing intellectual property over the last two decades. The suit was filed by Wilson Aerospace, a family-run tools company based in Colorado, and claims that Boeing used tools that Wilson Aerospace made for it and stole the IP related to the devices. More: - The lawsuit centers around custom-designed tools that Wilson Aerospace made for Boeing. Wilson claims that Boeing "rewarded Wilson's efforts by brazenly stealing" the IP related to them.
- Boeing's actions, Wilson claims, have cost the company "hundreds of millions of dollars."
- Wilson said its tools helped Boeing win billions in contract awards and fees from the government.
- Wilson also claims that Boeing's counterfeit tools led to leaks on the International Space Station and Space Launch Systems moon rocket.
- Wilson brought 10 claims against Boeing, including copyright infringement, misappropriation and theft of trade secrets, and fraud.
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| 5 | | Qatar's Sheikh Jassim bin Hamad al-Thani has made a final attempt to win the bid for soccer club Manchester United. The final offer is in hopes of avoiding a bidding war with British billionaire Sir Jim Ratcliffe. More: - Jassim and his Doha-based Nine Two Foundation have submitted an offer that's been approved by the Premier League.
- The bid is said to be Jassim's last, and he "will no longer engage with the process" after Friday, said a source.
- The Glazer family said five months ago that they were willing to sell the club and have yet to confirm which bid they are taking after multiple rounds of bids from Ratcliffe and Jassim.
- The club's equity is valued at $3B, and the price of the most recent bid is unknown at this time.
- Jassim's third-round bid valued the club at $5B, as reported by the Financial Times.
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| 6 | | In an attempt to capitalize on American consumers' willingness to spend, global fashion retailers are aiming to expand to the country. Following in the footsteps of IKEA and Lego, companies like Uniqlo, Mango, and Zara are pursuing U.S. expansion. More: - Executives at the companies say they are upbeat about the prospects of the growing positivity American shoppers show toward foreign fashion brands.
- Many of Europe's best-known brands have focused expansion in countries like Russia and China. The U.S. was always seen as a tough market to crack because there are so many American companies to battle against.
- In contrast to Russia and China, the U.S. is seen as a stable market at this point.
- Mango aims to open 40 stores in the U.S. by the end of this year. Zara wants to open 30 stores by 2025. Uniqlo wants to open 20 stores per year through 2026.
- "The market is eager to have newcomers, companies that can bring something different," said Daniel López, expansion director at Spanish fashion retailer Mango.
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Editor | | Christopher Hachey is a freelance writer and editor based in the New York City area. He has spent most of the past 15 years in newsrooms covering all kinds of topics like sports, tech, business, finance, and commerce. He's now returning to his broadcast journalism roots by diving into podcasting news. Reach out to him at chris@inside.com | | This newsletter was edited by Aaron Crutchfield | |
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