Paramount Global is reportedly considering dumping longtime CEO Bob Bakish and replacing him with a group of executives as the entertainment giant inches closer to a deal with Skydance Media. Bakish, who has been privately critical of the company’s talks to merge with Skydance, would be replaced on an interim basis with an “Office of … Read more
It’s a tale of two Wall Streets. Hundreds of thousands of junior bankers are cutting back after their bonuses were a bust this year. But the very top of the 1% is living large thanks to the stock market surging and Bitcoin soaring — meaning their inflation-beaten bonuses didn’t affect their wealth. The stock market’s … Read more
The recent decision by SaltWire Network Inc., Atlantic Canada’s largest newspaper company, to seek protection from its creditors is another sign of the decline of the business and the growing threat to local journalism, experts said Tuesday. “We’re seeing a resurgence in a steady spate of closings and scaling back of local news operations,” said … Read more
The Body Shop Canada Ltd. is seeking creditor protection and closing a third of its stores because its parent company stripped the Canadian arm of cash and pushed it into debt, according to court documents. An affidavit published through the company’s court monitor from Jordan Searle, who heads the Canadian arm, describes how troubles befell … Read more
The Body Shop Canada will close nearly a third of its stores and end online sales as it seeks creditor protection, the Canadian subsidiary of the U.K. beauty and cosmetics shop announced Friday. A court filing showed the company owes more than $3.3 million to unsecured creditors and about $16,400 to secured creditors. The company did not say how many … Read more
It is the most powerful gathering of the global elite you have never heard of: a 36-hour confab in Miami for billionaires, CEOs and celebrities with a stated agenda of “catalyzing positive impact” that has become the single most important event for tapping into Saudi Arabia’s vast wealth. The Future Investment Initiative conference (FII) is an attempt … Read more
It’s a store you know by scent. For decades, the sometimes-overwhelming aroma of The Body Shop’s satsuma soaps and coconut body butters have wafted through mall concourses, as much a staple to the culture as the food court. The U.K.-based beauty and cosmetics shop has more than 3,000 retail locations in 70 countries, including 110 standalone … Read more
Macy’s CEO Tony Spring will officially grab the reins on Sunday as the storied retailer faces slowing sales growth and takeover threats. Spring, 58, who has climbed the ladder at high-end sister company Bloomingdales, has been Macy’s CEO-elect since last March — when Jeff Gennette announced plans to retire. “I am excited to take on … Read more
Patient falls and infections spiked at hospitals that were taken over by private equity firms according to a new study. The study, published Tuesday in the Journal of American Medicine, used data from 100 percent Medicare Part A claims and found that three years after hospitals experienced private equity acquisition, there was a 25.4 percent … Read more
