Business

Warner Bros. CEO Kevin Tsujihara out after sexual misconduct allegations

WarnerBros CEO
Former Warner Bros. CEO Kevin Tsujihara. Photo: Drew Angerer/Getty Images

Kevin Tsujihara is out as CEO of Warner Bros. after an investigation into allegations of sexual misconduct, which were first reported in the Hollywood Reporter, WarnerMedia CEO John Stankey said in a statement obtained by CNBC Monday.

"It is in the best interest of WarnerMedia, Warner Bros., our employees and our partners for Kevin to step down as Chairman and CEO of Warner Bros. Kevin has contributed greatly to the studio's success over the past 25 years and for that we thank him. Kevin acknowledges that his mistakes are inconsistent with the company's leadership expectations and could impact the company's ability to execute going forward."

Why it matters: The company had just announced a promotion for the Warner Bros. vet to oversee all of WarnerMedia's Global Kids and Young Adults division, which includes assets like Adult Swim and Cartoon Network.

China is flooding the caviar market, driving down global prices

A man holds up caviar on a spoon.
Photo: Dustin Shum/South China Morning Post via Getty Images

China's total caviar exports "more than quintupled" between 2012 and 2017, as farmers are increasingly able to churn out fish eggs from wild female sturgeon at a relatively low cost, the Wall Street Journal reports.

Why it matters: The most recent data from the UN's Food and Agriculture Organization shows U.S. caviar imports from China sold for 13% less in November compared to the year prior, and nearly 50% since 2012. American caviar farmers are increasingly struggling to compete with China's dominance as the market becomes flooded with fish eggs, though the Trump administration's 10% tariffs on Chinese caviar have helped cushion the blow.

More stories loading.