Meredith Corporation Announces Sale of Sports Illustrated to ABG for $110 million

NEW YORK, New York — Authentic Brands Group (ABG), a global brand development, marketing and entertainment company, announced that it has finalized the purchase of the intellectual property of Sports Illustrated from Meredith Corporation for $110 million. This transformative acquisition adds a new vertical to ABG’s growing platform and portfolio, which currently generates over $9.3…

Greektown Casino sale to Penn National approved

DETROIT, Michigan — The $1 billion sale of Dan Gilbert’s Greektown Casino-Hotel gained final approval on Tuesday by Michigan regulators. Four members of the Michigan Gaming Control Board voted unanimously in favor of the sale. The all-cash deal is scheduled to close early Thursday morning. “This is the final step in the approval process,” Wilmott said. “We’ve already obtained approvals…

ICA sells all shares in Hemtex to Kid

STOCKHOLM, Sweden — Sweden’s ICA Gruppen announced that it has sold all if its shares in Hemtex to the Norwegian home textiles chain Kid ASA. The purchase price is SEK 226 million on a debt free basis, which after transaction costs entails a capital loss of approximately SEK 400 million, which will be recognised during…

Bumble Bee, What Men Want lifts Viacom film division

NEW YORK, New York — Viacom Inc beat quarterly profit estimates, as costs fell and its Paramount Pictures division gained from the success of its movies “Bumblebee” and “What Men Want.” The Transformers movie spin-off “Bumblebee” has pulled in $467 million globally, according to Box Office Mojo, while the romantic comedy starring Taraji P. Henson…

Handelsbanken to close branches in Estonia, Latvia and Lithuania

STOCKHOLM, Sweden — Sweden’s Handelsbanken is set to gradually discontinue its operations in the three countries and will close the branches in Tallinn, Riga and Vilnius. Despite the implementation of efficiency-enhancing measures, the operations in the region have not performed satisfactorily. “Profitability is too low, while costs are too high,” it said in a statement….

CATL and Volvo Car Group Sign multi-billion-dollar battery supply deal

NINGDE, China — Contemporary Amperex Technology Co., Ltd. (CATL) inked a long term agreement with the  Volvo Car Group (Volvo Cars) to ensure multi-billion-dollar supply of lithium ion batteries over the coming decade for next generation Volvo and Polestar models. The agreement covers the global supply of battery modules for all models on the upcoming SPA2 and the…

Richard Forsshéll named new VD of Pizza Hut

STOCKHOLM, Sweden — Richard Forsshéll takes over as new VD of the restaurant chain Pizza Hut. He is coming most recently as retail consultant in-house, and before that from Tiger of Sweden where he worked as Global Retail Director. Richard Forsshéll succeeds Björn Källström who after 15 years leaves his assignment as CEO. Richard Forsshéll has…

Disney and Comcast Announce Agreement on Hulu, values Hulu at $27.5 billion

LOS ANGELES, California — The Walt Disney Company and Comcast Corporation announced today that Disney will assume full operational control of Hulu, effective immediately, in return for Disney and Comcast entering into a “put/call” agreement regarding NBCUniversal’s 33% ownership interest in Hulu. Under the agreement, as early as January 2024, Comcast can require Disney to buy…

Nordic Business Forum acquires part of Oslo Business Forum

HELSINKI, Finland — Nordic Business Forum has acquired part of Oslo Business Forum, one of the largest and most prominent business conferences in Norway. The aim of this merger is to contribute to Oslo Business Forum’s future growth and development, plus strengthen the rapid international growth of Nordic Business Forum events. Nordic Business Forum acquired…