Biogen to invest $2 billion more in North Carolina
The company has invested about $10 billion in its North Carolina manufacturing to date.
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Reuters
12 minutes ago
- Reuters
Warner Bros to get studio business after split, Discovery to house news, sports brands
July 28 (Reuters) - Warner Bros Discovery (WBD.O), opens new tab said the two companies created by the separation of its studio, streaming and cable TV units would be named Warner Bros and Discovery Global, unwinding a merger in less than four years due to seismic shifts in the entertainment industry. Warner Bros will house the crown jewels of WBD's entertainment library, including Warner Bros and DC Studios as well as the HBO Max streaming service, the company said in a statement. The global networks division will include its cable networks, CNN and TNT Sports as well as the Discovery+ streaming service, which will be called Discovery Global. The split, which would create two publicly traded companies, was announced in June and is expected to be completed by demerges WarnerMedia and Discovery, with an aim to grow the streaming and studios business without the drag of the declining networks unit. Like other entertainment companies, WBD is struggling with declining ratings and revenue at its cable networks. Consumers have been dropping pay-television subscriptions in favor of streaming services. The breakup is the latest unraveling of decades of media consolidation that created global conglomerates spanning content creation, distribution and in some cases, telecommunications. Comcast (CMCSA.O), opens new tab is spinning off most of its NBCUniversal cable networks portfolio into a separate company, Versant. Lionsgate Entertainment (LION.N), opens new tab completed the separation of its Starz cable network from its film and television studio in May.
Reuters
15 minutes ago
- Reuters
Report: Phillies' Bryce Harper cussed out commissioner
July 28 - Philadelphia Phillies star Bryce Harper dropped an f-bomb on Major League Baseball commissioner Rob Manfred in a heated confrontation last week about a potential salary cap, ESPN reported Monday. An irate Harper reportedly got in Manfred's face and told him to "get the f-- out of our clubhouse" if he wanted to discuss such a sensitive economic issue. Manfred replied that he was "not going to get the f-- out of here," insisting it was important to talk about threats to the league's business and ways to grow the game, sources told ESPN. Other players tried to defuse the situation and Harper and Manfred eventually shook hands after the meeting, but Harper would not answer calls from Manfred the next day, per the report. "It was pretty intense, definitely passionate," Phillies outfielder Nick Castellanos told ESPN. "Both of 'em. The commissioner giving it back to Bryce and Bryce giving it back to the commissioner. That's Harp. He's been doing this since he was 15 years old. It's just another day. I wasn't surprised." Harper, 32, is one of the game's most influential players as a two-time National League Most Valuable Player and an eight-time All-Star. The collective-bargaining agreement between MLB and the MLB Players Association expires on Dec. 1, 2026. Many owners have pushed for a salary cap, as MLB is the only major men's sport in North America without one. Players are opposed, raising the specter of a potential work stoppage ahead of the 2027 season. "Rob seems to be in a pretty desperate place on how important it is to get this salary cap because he's floating the word lockout two years in advance of our collective bargaining agreement (expiration)," Castellanos said. "That's nothing to throw around. That's the same thing as me saying in a marriage, 'I think divorce is a possibility. It's probably going to happen.' You don't just say those things." Harper and Manfred both declined comment to ESPN. The visit with the Phillies was one of 30 that Manfred holds annually in an effort to improve his relations with each team and its players. --Field Level Media
Reuters
15 minutes ago
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EU-US trade deal could add up to $19 billion in pharma industry costs, analysts say
July 28 (Reuters) - The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday. The added costs could raise prices for consumers unless pharmaceutical companies take action to mitigate the impact of the tariffs, one of the analysts said. Pharmaceuticals had historically been exempt from duties. Medicines are the largest European exports to the United States by value and the EU accounts for about 60% of all pharmaceutical imports to the U.S. On Sunday, European officials said that a bilateral trade deal for an across-the-board 15% tariff included pharmaceuticals, except for some generic drugs, which would be subject to no tariffs. The U.S. has been conducting a national security investigation into the pharmaceutical sector and the industry has been bracing for separate sectoral tariffs. President Donald Trump said earlier this month, before negotiating the bilateral deal, that pharmaceutical tariffs could be as high as 200%. Some Wall Street analysts said that they do not expect additional tariffs on the EU as a result of the investigation, but others cautioned that the deal was not yet signed and that several questions remained unanswered. UBS analyst Matthew Weston said that he expects details of the trade deal to include protective measures for EU pharma exports from the U.S. investigation, especially since such measures are being discussed in negotiations with the United Kingdom and Switzerland. ING analyst Diederik Stadig also said that while tariffs on top of the 15% were not expected, even after the conclusion of the national security investigations, nothing is completely clear "until a trade deal is inked." Stadig estimates that these levies could add $13 billion to industry expenses without any mitigation strategies, and some of that could be ultimately borne by the consumer. Bernstein analyst Courtney Breen puts the additional expenses at $19 billion for the industry, but she notes that companies might be able to absorb some of the costs with the measures they have been implementing — such as stockpiling of drug products and new deals with contract researchers. Earlier this month, Sanofi ( opens new tab said it will sell a manufacturing facility in New Jersey to Thermo Fisher (TMO.N), opens new tab, where the French drugmaker's therapies will continue to be manufactured. Roche's (ROG.S), opens new tab CEO Thomas Schinecker said last week that the company was increasing its U.S. inventories to avoid any immediate disruption from tariffs. UBS' Weston said that it was not immediately clear which generic drugs were exempted from duties under the deal, but any impact for generic drugmaker Sandoz (SDZ.S), opens new tab for this year should mostly be manageable. Shares in pharmaceutical companies Sanofi, Roche and Sandoz Group all closed up between 0.5% and 1% on Monday.
