Major U.S. stock indexes finished lower Tuesday, snapping a three-day rally. Financial sector stocks bore the brunt of the decline as investors reacted to lower yields. Technology stocks, which like banks have tended to lead the market’s gains recently, gave up an early gain.
Apple Inc. plans to roll out the Apple TV+ movie and TV subscription service for $9.99 a month by November, part of a drive to reach $50 billion in service sales by 2020, sources say.
Viacom and CBS followed last week’s merger news with regulatory filings Monday that laid out some key details of their long-awaited reunion. Among them: Joe Ianniello, who lost out to Bob Bakish for the top job, is getting a $70 million bonus to stay on and head the CBS division. But his contract only goes through the end of 2020.
Tech companies drove a Wall Street rally Monday. The buying went well beyond technology, with communication services stocks, health care companies and retailers all notching solid gains.
She will work closely with chief marketing officers throughout key industries to advertise and market their products on Sinclair’s broadcast and digital brands.
Publicis Groupe is buying Rauxa, a 20-year-old full-service marketing agency with offices in New York, Los Angeles, San Francisco, Seattle and Dallas. Founded in 1999, the 300+ person agency reported net revenue of around $70 million in 2018 with a client roster including Verizon, Samsung, Alaska Airlines, Vans and Celgene.
The U.S. pay TV business lost more than 1.5 million subscribers in the second quarter, hitting a loss rate of 5.4%. Given the obvious fault lines, the trend isn’t surprising, or even interesting, said MoffettNathanson analyst Craig Moffett. Certainly, cord cutting isn’t going to go away, but the loss rate should decelerate in the third quarter, the analyst predicts.
Endeavor Content is part of the larger company’s aggressive and controversial strategy to expand beyond traditional deal-making into owning content.