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Bloomberg
01-04-2025
- Business
- Bloomberg
Stock Movers: Newsmax, Entertainment Stocks, PVH
On this episode of Stock Movers: - Newsmax's (NMAX) meme-stock moment has given it a market value greater than Fox Corp.'s, with shares surging 2,230% since its debut earlier this week. The stock soared nearly 180% to close at $233 on Tuesday, building on a 735% surge in its debut session which saw the shares halted multiple times. Tuesday's jump added $19.2 billion in market value as over 10 million shares swapped hands. - Live Nation Entertainment (LYV) shares rose after President Donald Trump signed an executive order aimed at cracking down on ticket scalping and fees that drive up costs of live events. TD Cowen said it sees the executive order as a chance for the Ticketmaster owner to settle the antitrust lawsuit filed by the Department of Justice. Meantime, shares in online ticketing marketplace Vivid Seats (SEAT) fell. - PVH Corp (PVH) shares climbed in their biggest intraday advance in two years after the owner of Calvin Klein and Tommy Hilfiger brands gave a guidance for 2026 adjusted earnings that beat the average analyst estimate. The outlook, which excludes currency fluctuations, surpasses the average analyst estimate of a 0.5% revenue decline for the period from the previous year. It's more cautious than the view offered by Chief Executive Officer Stefan Larsson in December, when he projected 'modest growth' for 2025. Revenue decreased 5% on a constant currency basis in 2024, the company said in a statement.
Yahoo
31-03-2025
- Business
- Yahoo
Newsmax Founder Christopher Ruddy, Ex-NY Post Journalist, Is Now Billionaire
(Bloomberg) -- Newsmax Inc.'s debut as a public company has given founder and Chief Executive Officer Christopher Ruddy a fortune of about $3.3 billion after its shares surged 735%. What Frank Lloyd Wright Learned From the Desert Gold-Rush Fever Returns to Historic New Zealand Mining Town Bank Regulators Fight for Desks as OCC Returns to New York Tower The conservative cable news network sold $75 million of shares at $10 each in Monday's initial public offering. The stock closed at $83.51 after repeated trading pauses due to volatility. Ruddy's 39.2 million class A shares, owned through a revocable trust, have 10 votes each, giving him control of 81% of the company's votes. He didn't sell any shares in the New York Stock Exchange offering. Ruddy, 60, declined to comment. Other investors include Interactive Brokers Group Inc. founder Thomas Peterffy, who owns 23 million shares worth $1.9 billion through Conyers Investments LLC; Sheikh Sultan bin Jassim Al-Thani, a Qatari royal whose investment firm, Heritage Advisors, owns 19.7 million shares; and Vadim Shulman, a Ukrainian industrialist. Newsmax's share price gives the company a market value of more than $10.7 billion. The Boca Raton, Florida-based firm lost $72 million last year on revenue of about $171 million. Fox Corp., which is worth almost $25 billion and operates competing network Fox News, reported net income of $2.4 billion on $6.5 billion of revenue in the same period. Rupert Murdoch, who is chairman emeritus of Fox Corp., is worth $15.2 billion, according to the Bloomberg Billionaires Index. Ruddy founded Newsmax in 1998 as a conservative news website after previously working as a journalist at the New York Post and Pittsburgh Tribune-Review. The company launched a cable news channel in 2014. The son of a police officer, Ruddy grew up on Long Island, New York. After studying history at St. John's University, he earned a master's degree in public policy from the London School of Economics. He lives in West Palm Beach, Florida, although Newsmax also makes a corporate apartment in New York available to him. --With assistance from Bailey Lipschultz. (Updates with Ruddy declining to comment in paragraph four) Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT LA Fire Victims Are Betting on a Radical Idea to Help Them Rebuild Israel Aims to Be the World's Arms Dealer How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
12-03-2025
- Yahoo
Judge Dismisses Claims Against Fox News in Assault Case
A federal judge dismissed claims made against Fox News Channel in a lurid assault case that involved a former associate producer and a former correspondent, noting that management of the cable-news outlet had no knowledge of any conflict or relationship between the two parties until it was notified she had levied sexual harassment claims against him. Fox News had last year filed a request for summary judgement in the case, in which the former producer, Jennifer Eckhart alleged she was raped by Ed Henry, a former Fox News correspondent who was dismissed from the Fox Corp.-backed outlet in 2020 following an investigation into a complaint about 'willful sexual misconduct in the workplace.' Eckhart's lawsuit was filed in U.S. District Court in the Southern District of New York in July of 2020. A lawyer for Henry has in the past claimed Eckhart 'initiated and completely encouraged a consensual relationship.' Fox News terminated Eckhart in 2020 prior to her making the allegations tied to Henry. More from Variety Lara Trump to Host Saturday-Night Show on Fox News Will Cain Aims to Bring Freewheeling Video Podcasts to Cable News. Could Others Follow? Will Cain Takes Over Fox News Channel's 4 P.M. Slot In the original suit, Eckhart alleged Henry, who had been an anchor on 'America's Newsroom,' the network's mid-morning news program, 'groomed, psychologically manipulated and coerced Ms. Eckhart into having a sexual relationship with him, and that, when she would not comply voluntarily, he sexually assaulted her on office property, and raped her at a hotel where Fox News frequently lodged its visiting employees.' Fox News, however, said it acted on Eckhart's allegations as soon as they were made. The judge, Ronnie Abrams, said in a decision Wednesday that 'there is no direct evidence that Fox News was aware of Henry's alleged harassment of Eckhart before it occurred. Eckhart acknowledges that she did not tell anyone at the network about their relationship until after she was terminated in mid-2020.' As for claims that Fox News was aware Henry had been involved in affairs with other female employees, the judge found that ' even though Fox News eventually learned about Henry's extramarital affairs, it did not know about many of them until after Eckhart and Henry's final sexual encounter in 2017,' adding: 'Because there is no evidence that Fox News learned about these affairs until April 2017 or later, no reasonable jury could find that they put it on notice that Henry would assault her.' The judge dismissed claims that Henry subjected Eckhart to 'revenge porn,' but allowed claims of 'gender-motivated violence, assault, battery, sex trafficking and harassment' to stand and move forward in the case. Henry has most recently been seen on Newsmax, the conservative news outlet. Best of Variety New Movies Out Now in Theaters: What to See This Week Oscars 2026: First Blind Predictions Including Timothée Chalamet, Emma Stone, 'Wicked: For Good' and More What's Coming to Disney+ in March 2025
Los Angeles Times
10-02-2025
- Business
- Los Angeles Times
Fox Corp. acquires conservative podcast marketer Red Seat Ventures
Fox Corp. has acquired Red Seat Ventures, a media company that specializes in right-leaning podcasts and live events. The deal announced Monday is another move by Fox to expand its digital media holdings. Last week Fox Corp. Executive Chairman Lachlan Murdoch told Wall Street analysts that the company will launch a sports- and news-oriented streaming service later this year. Red Seat provides ad sales, marketing and production support for digital content creators, many of them aimed at politically conservative audiences. The company said the 17 podcasts it services reached 200 million users in November 2024. The deal means Fox will own the New York-based company that services digital programs created by Tucker Carlson, Eric Bolling, Bill O'Reilly and Megyn Kelly, all of whom were once part of the talent roster at Fox News. Red Seat has no editorial control over the programs it services and neither will Fox. Terms of the deal were not disclosed. Red Seat will continue to operate as a standalone entity operated by its founding partners, Chris Balfe and Kevin Balfe. They will report to Fox's Tubi Media Group, led by Paul Cheesbrough. 'The creator economy is one of the fastest growing media categories worldwide by measure of reach and influence, and consumers are increasingly looking to get their information, insights and entertainment directly from the voices and brands they trust across these platforms,' said Cheesbrough in a statement. Other former cable and network talent who are Red Seat clients include Chris Hansen, an investigative journalist made famous by his 'To Catch a Predator' franchise on NBC's 'Dateline,' and true-crime analyst Nancy Grace. Red Seat also owns CrimeCon, a major fan convention for true-crime enthusiasts.
NBC News
29-01-2025
- Business
- NBC News
Super Bowl ads beckon up to $8 million apiece for Fox
Fox Corp. is scoring big this Super Bowl. The broadcaster has sold out of ad spots for Super Bowl 59 on Feb. 9, and more than 10 of those commercials sold for $8 million apiece, according to a person familiar with the matter. Fox reported during its November earnings call with investors that it sold out of ad spots for the Super Bowl in the fall of 2024. At the time, media reports pegged average prices at more than $7 million per ad. 'We're sold out for the Super Bowl at record — what we believe [is] a record pricing,' Fox CEO Lachlan Murdoch said on November's call. Much of the ad inventory for the Super Bowl was sold during Fox's Upfront presentation to investors last spring, and when it became clear that open spots were dwindling, the price of each unit stepped up, said the person familiar with the matter, who spoke on the condition of anonymity to discuss nonpublic matters. Typically, pricing for Super Bowl ads can escalate by about $100,000 as remaining inventory lessens and game day approaches. This year, the jump in price was closer to $500,000 per spot, the person said. The voracious appetite for commercial time during the country's biggest live sports event is no surprise, even if the pricing is eye-popping. Live sports continue to beckon the biggest audiences as the cable TV bundle shrinks, making the matches some of the most coveted programming on live TV for advertisers. Last year, an estimated 123.7 million people watched the Super Bowl, which was aired on Paramount's CBS broadcast network, streaming service Paramount+ and Spanish-language telecaster Univision, among other platforms, according to Nielsen. In 2023, the last time the Super Bowl aired on Fox, more than 115 million viewers tuned in. These audience sizes are a key reason why media giants have shelled out hefty sums for the rights to NFL games. 'If I learned anything, it's that we're in a period now where the live sporting event, where people and families come together to watch, is that much more coveted,' said Mark Evans, executive vice president of ad sales for Fox Sports. 'There's an escalation in price and interest in the demand for live sports, but we're not at its peak. We've still got runway for growth.' The advertising market has been improving since its slump during the height of the Covid-19 pandemic. Traditional media companies with sports rights and tentpole live programming are benefiting the most, while advertising for general entertainment programming still lags in comparison. This year's Super Bowl, which will see the reigning champion Kansas City Chiefs once again take on the Philadelphia Eagles, will have plenty of commercials from the typical players, including automakers, restaurants and food and beverage companies, with lots of familiar celebrity faces, said Evans. Viewers will notice an increase in ads from companies in the artificial intelligence and pharmaceutical industries, while there will be fewer commercials from streaming services and movie studios, he said. Evans noted that 'multiple advertisers have fallen in love with the creative,' adding there will be more 60-second ads in addition to the usually popular 15- and 30-second spots. Advertisers will also get a little more bang for their buck this year. In addition to broadcasting on Fox, the company is also offering the Super Bowl on its free, ad-supported streaming service Tubi for the first time. Tubi will air the same ad load as the broadcast network.
