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| 1 | | For the three months ending March 31, News Corp's revenue fell 1.8% to $2.45B, while its net profit fell by 39% to $50M. Dow Jones & Co., the parent company of The Wall Street Journal, recorded an 8.6% increase in revenue to $529M despite a 6% decline in ad income. More: - According to News Corp, the use of generative AI should be compensated, which highlighted concerns about its effect on intellectual property.
- By year's end, News Corp hopes to save at least $160M annually by cutting 5% of its workforce.
- A total of 3.299 million digital subscriptions to The Wall Street Journal were added during the time frame, an increase of 132,000.
- While the book-publishing division, HarperCollins Publishers, had a 9% loss in segment profitability, other News Corp. news outlets reported a 2.9% decline in revenue.
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| 2 | | If the FTC tries to stop Kroger's $24.6B acquisition of Albertsons, CEO Rodney McMullen has pledged to file a lawsuit. The business is sure its advisors can devise a workable plan to develop a favorable environment with lower prices. More: - Concerning selling up to 650 stores, Kroger and Albertsons are in discussions with prospective buyers.
- The grocers are considering selling their locations to potential buyers, including private equity firms, established retailers, and Amazon, to increase their physical store presence without incurring too much debt.
- The Kroger-Albertsons merger would strengthen Kroger's presence across the country, increase its ability to compete with Walmart and Amazon, and fund investments in the supply chain, technology, and employee benefits.
- Kroger favors a broader definition of the market than just traditional supermarkets, one that considers rivals like Amazon, warehouse clubs, and discounters.
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| 3 | | AngloGold Ashanti Ltd., the global gold mining company, has announced its departure from South Africa to London and listing shift to the New York Stock Exchange. This announcement has been viewed as a setback for the nation because it coincided with reports that it is arming Russia and has a weak currency. More: - According to AngloGold CEO Alberto Calderon, the South African government knew the strategic justifications behind the company's relocation and divestiture.
- In Johannesburg, the company's shares dropped, and obtaining the support of 75% of shareholders — including 40% South African investors — is considered a crucial obstacle for the move.
- By gaining access to the world's most important financial markets and gold investor pool through a New York listing, AngloGold hopes to optimize its portfolio and increase cost competitiveness.
- The size and economic significance of the South African gold sector have decreased, and AngloGold's attention has switched to more lucrative activities elsewhere.
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| 4 | | In addition to delaying the release of its Polestar 3 SUV due to technical glitches and lowering its full-year production forecast, Polestar also decreased its workforce by 10%. This forecast comes after the business announced a first-quarter net loss of $9M, an improvement from the $274.5M loss a year ago. More: - While the adjusted net loss for the quarter was $222.4M, revenue grew to $546M from $452.2M YoY.
- Polestar's cash position declined from $973.9M at the end of 2022 to $884.3M as of March 31, and shares are down by 12% following this Q1 report.
- Due to the delayed Polestar 3 launch, the full-year production projection has been reduced from the earlier estimate of 80,000 vehicles to 60,000 to 70,000 vehicles in 2023.
- The smaller Polestar 4 crossover SUV is still scheduled to debut in late 2023, while the larger Polestar 3 SUV will go on sale in the first quarter of 2024.
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| 5 | | Best Buy is launching a new three-tier membership program, My Best Buy, in late June to drive customer loyalty and generate revenue. The company expects revenue to range from $43.8B to $45.2B this fiscal year. More: - Best Buy's TotalTech membership program has seen new 5.8 million paying customers, contributing nearly $1.2B in annual revenue.
- The program will be reintroduced under a new name, with the highest tier's cost halved and with 24-hour tech assistance, product protection, and repair discounts included.
- A free loyalty program from Best Buy, a middle tier with member-only rates, and a more comprehensive return policy will be available.
- The price of Best Buy's stock, which closed the day at $72.22, is down roughly 23% from its 52-week high after going down around 10% this year.
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| 6 | | Hulu content will be included in Disney+ to create a cohesive streaming experience while also providing standalone options for all Disney streaming platforms, according to Disney CEO Bob Iger. The decision is motivated by the possibilities for advertising and attempts to give subscribers a consistent streaming experience. More: - Iger thinks merging Disney+ with general entertainment material is an intelligent move for attracting and keeping subscribers.
- Disney has been debating whether to purchase Comcast's remaining 34% ownership of Hulu.
- Disney reported a record revenue of $21.82B for its fiscal second quarter, up 13% from last year.
- By the end of the year, Disney intends to launch this integrated service; additional information will be released later.
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| 7 | | Quick Hits: - Mark Cuban-backed Collars & Co. changes the menswear game with lightweight, 4-way stretch polos and dress shirts. Use code INSIDE for 15% off your first order.*
- Linda Yaccarino, a former NBCUniversal advertising executive, has been appointed as the new Twitter chief by Elon Musk.
- Bowlero faces a $60M settlement with the federal government over multiple discrimination claims.
- The FDIC plans to charge the largest U.S. banks $16B to clean up SVB.
- Embraer SA has agreed to sell up to 250 Praetor 500 planes to Berkshire Hathaway's NetJets Inc for $5B.
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Term of the Day Economies of scale : Economies of scale are the financial benefits that businesses experience when their production costs fall as their output volume rises. Question of the Week How do you approach networking, and what advice can you give others looking to build their professional connections? Join the conversation |
INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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