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Eli Lilly nears $1.3 billion deal for gene-editing biotech Verve Therapeutics, FT reports

Eli Lilly nears $1.3 billion deal for gene-editing biotech Verve Therapeutics, FT reports

Reuters6 hours ago

June 16 (Reuters) - Eli Lilly (LLY.N), opens new tab is in advanced talks to acquire gene editing startup Verve Therapeutics (VERV.O), opens new tab for up to $1.3 billion, the Financial Times reported on Monday, citing people familiar with the matter.
Reuters could not immediately verify the report.

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'Tears on the horizon' at CNN as insiders reveal stars on the chopping block after parent company's shock split
'Tears on the horizon' at CNN as insiders reveal stars on the chopping block after parent company's shock split

Daily Mail​

time28 minutes ago

  • Daily Mail​

'Tears on the horizon' at CNN as insiders reveal stars on the chopping block after parent company's shock split

Warner Bros. Discovery's shock split into two distinctive companies is a sign the jobs and hefty salaries of CNN 's top talent are on the line, media insiders warn. The media giant announced last week it will halve into two publicly traded entities — Streaming & Studios and Global Networks — by mid-2026. Streaming & Studios' domain will be Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. Global Networks, on the other hand, will be news focused, assuming CNN, TNT Sports and Discovery, among other programming. CEO David Zaslav will take on the leading role of the Streaming & Studios company, while CFO Gunnar Wiedenfels will become the President of Global Networks. This dramatic move could be detrimental to CNN, which is already grappling with plummeting ratings. 'Inevitably, Gunnar will look at CNN and decide he can maintain relatively similar profits at a mere fraction of the cost,' Dylan Byers, a former CNN reporter who now works for Puck, wrote in an opinion piece. 'This will have perceptible ramifications on the talent side. Why, for instance, would Gunnar pay Anderson Cooper $18 million a year when Kaitlan Collins draws the same ratings at roughly a fifth of the salary?' An anonymous source familiar with the state of the left-leaning news network spoke with Fox News, reiterating there are 'tears on the horizon.' They believe 'bean counter' Wiedenfels will go after high-salaried stars, going against the precedent set by former CNN boss Jeff Zucker, who was forced out before the 2022 merger. 'It's not just the overpriced talent. It's the overpriced producers. The overpriced executives. The superfluous reporters who barely are on the air,' the source said. 'All will either be exited or forced to take massive pay cuts.' Zucker was allegedly known for overpaying talent to keep them loyal to him, Fox reported. The result - CNN's first and second-tier talent now earn roughly five times what they are worth, the insider alleged. While Cooper earns an estimated $18 million every year, Jake Tapper, who hosts The Lead with Jake Tapper, brings in roughly $7 million a year. CNN veteran Wolf Blitzer's salary is about $15 million and Chris Wallace's is approximately $8 million. Collins earns about $3 million as a primetime anchor. In May, CNN had its second-worst month in its history in the essential 25 to 54-year-old age group in both daytime and primetime viewership, Fox reported. Since last year, the network ratings declined in all categories - and the matter may only get worse, experts believe. Over the upcoming year, Kagan, a research unit of S&P Global Market Intelligence, estimated CNN will lose subscribers and revenue despite the strategic split. Revenue is expected to plummet by $499.2 million, Variety reported. The insider source said the soon-to-be Global Networks CEO could slash CNN's costs by 50 to 60 percent with no impact on revenue or ratings. They believe Wiedenfels could 'start by making 70 percent cuts to all show teams for CNN US, bringing their staffing in line with that of their competition,' before slashing talent salaries. 'But it will be most devastating for the rank and file. With no union protections, there will be massive layoffs and those remaining will be asked to do the work of their departed colleagues,' they explained. Although no layoffs or budget cuts have been set in stone, uncertainty looms among CNN staffers. Byers told Fox he has 'received a deluge of text messages from addled employees at CNN' asking what the WBD split means for their futures. Despite skepticism, WBD higher-ups believe dividing into two companies is the best possible move. 'By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape,' Zaslav said. Wiedenfels agreed this is a strategic move that will strength the 'specific financial profiles' of each company. 'At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow,' he asserted.

Amazon announces four-day Prime Day discount event
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Reuters

time33 minutes ago

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Amazon announces four-day Prime Day discount event

NEW YORK, June 17 (Reuters) - annual Prime Day sales event is scheduled for July 8 through July 11, expanding to four days from two days compared to last year, the company announced on Tuesday. "We're extending it to four days because our members have told us they just need more time to shop the deals," Jamil Ghani, Amazon vice president of worldwide prime, told Reuters. Amazon's expanding Prime Day comes as U.S. shoppers and retailers face uncertainty on how tariffs will impact prices and product availability, said Rob Garf, senior vice president of strategy and insights at retail marketing firm Cordial. U.S. shoppers spent $14.2 billion, up 11% year-over-year, during Amazon's (AMZN.O), opens new tab July 2024 Prime Day event, according to Adobe Analytics. The e-commerce giant often faces competing sales events from Walmart (WMT.N), opens new tab, Target (TGT.N), opens new tab and, now, ByteDance's TikTok Shop, which are trying to lure shoppers into spending early on back-to-school and back-to-college merchandise including personal electronics, apparel and home goods. The online retailer wants to entice younger shoppers to sign up for its subscription service Prime, by offering discounted memberships for people between the ages of 18 and 24 and other perks. Prime subscriptions typically cost $14.99 per month or $139 per year.

Morning Bid: Israel-Iran truce hope in tatters
Morning Bid: Israel-Iran truce hope in tatters

Reuters

timean hour ago

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Morning Bid: Israel-Iran truce hope in tatters

A look at the day ahead in European and global markets from Ankur Banerjee Investor hope of a quick resolution to the Israel-Iran conflict was swiftly dashed after the long-time rivals attacked each other again and U.S. President Donald Trump urged Iranians to evacuate Tehran. That, along with Trump reportedly calling the U.S. national security council and cutting short his visit to the Group of Seven summit, rattled investors leading to major risk-off moves. European markets are set to open deep in the red, futures indicated, while oil prices , jumped nearly 2% in Asian hours, taking gains to 7.5% since the conflict started on Friday. U.S. futures also fell but currencies were relatively stable - with the U.S. dollar reprising its role as a safe haven. The worry for markets and the world remains that of possible U.S. involvement, broadening the conflict. A White House aide said it was not true the U.S. was attacking Iran. Defense Secretary Pete Hegseth told Fox News that Trump was aiming for a deal with Iran on the latter's nuclear-related activity, and said the U.S. would defend its assets in the region. Markets have generally been resilient to Israel-Iran developments since initial bouts of knee-jerk selling as investors look beyond the conflicts around the globe, keeping benchmark U.S. and European stock indexes close to record highs. Amid the geopolitical noise, investors are bracing for a slate of central bank meetings this week, starting with the Bank of Japan which held interest rates as widely expected. The focus was rather on what the BOJ would do to its bond-tapering programme. The BOJ decided to slow the pace of reduction of bond purchases from next fiscal year, signalling its preference to move cautiously in normalising still-easy monetary policy. The central bank faces fresh challenges in weaning the economy off decade-long stimulus that has kept rates ultra-low and left the bank with an economy-sized balance sheet. Market reaction to the BOJ's meeting outcome was muted, with the yen and bond yields glacial. As UBS analysts put it, "It's lots of mulling for not so much change." Key developments that could influence markets on Tuesday: Economic events: Germany's ZEW economic sentiment for June Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.

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