Most of Sports Illustrated's unionized staff were laid off Friday after its parent company, the Arena Group, failed to make a $3.75 million quarterly payment to the group that it licenses Sports Illustrated's brand from.
Why it matters: The Arena Group executives were hoping to gain leverage over Authentic Brands Group (ABG) — the company that controls the Sports Illustrated brand license — by withholding the payment, sources told Axios. ABG called that bluff, and now dozens of people are out of jobs.
Morgan Stanleyhas agreed to pay $250 million after it emerged that the head of its block trading desk, Pawan Passi, had tipped off hedge funds to large upcoming sales — after explicitly promising his clients that he wouldn't do so.
Why it matters: The case sheds a tiny bit of light on how far the government will go when it's investigating a bank.
State of play: Several musical films have delivered strong performances at the box office in recent weeks, suggesting moviegoers aren't altogether averse to the musical film genre.
The S&P 500 closed at a new all-time high on Friday.
Why it matters: Reaching a new high-water mark confirms that we are indeed in a full-on, horns-out, snorting bull market, at least according to the conventional definition long used on Wall Street.
Bitcoin ETFs have picked up billions since their launch last week.
Why it matters: In just four trading days since listing on exchanges, investor flows in some of 10 are stacking up to broad-market funds, according to Bloomberg Intelligence data.
There is a large chunk of the recently converted GBTC spot bitcoin ETF that will be forcibly sold, if it hasn't been already.
Why it matters: GBTC is one of 10 spot bitcoin exchange traded funds vying for new dollars since receiving the milestone nod from the SEC to list last week.
Sports Illustrated editorial staffers were warned on Friday that layoffs were coming that could affect the entire staff, according to multiple memos reviewed by Axios, after their publisher missed a $3.75 million licensing payment for the Sports Illustrated name.
Why it matters: This could be the end of one of America's most iconic media brands, which was founded 70 years ago.
Here's a quick update on the world's most well-telegraphed credit market problem — office loans.
The big picture: The WFH wars are over — hybrid work won. And the departure of roughly a quarter of white-collar workers from offices will continue rattling through the $20 trillion private commercial real estate market for the foreseeable future.
The Los Angeles Times union plans a one-day, multi-city walkout on Friday in protest of sweeping job cuts that are imminently expected.
Why it matters: It's the first newsroom work stoppage in LA Times' history. It comes amid broader business and cultural challenges at the storied paper.
Mike Allen, the hardest-working person I've ever met, never hesitates to move instantly on, well, basically anything he deems important, Jim VandeHei writes.
If he's going to connect with someone, he does it now. Apologize? Now. You wanna get lunch? How's tomorrow? Start a new health habit? On it!
If Mike can find time to move within minutes or hours, all of us can. This could turn Mike's superpower into your new strength, at work and away from it.
Why it matters: Speed has a force-multiplying effect. It eliminates festering problems faster and accelerates vital progress on important to-dos. This is the power of now. This is my personal mantra for the Axios executive team — and full company — in 2024.
Yes, there are moments for deliberation. Too often, though, that's a cop-out or excuse.
The benefits of speed far outweigh any episodic messiness of moving too fast.
Between the lines: Work and anxiety expand to fill the time we give it. Get it out of the way and you've freed up bandwidth — and liberated yourself from the dumb stuff we all do to avoid something hanging over our head.
If you plunge in, you realize instantly if you need course-correction or follow-up, instead of pushing the distraction or disruption down the road.
So what does this look like in practice?
If something is important, do it today. Why wait until Monday to start eating healthier (one last binge!) or next weekend to call your parents or next month to start running again? Every hour you wait increases the chance you'll simply blow it off... again.
Start with emails and phone calls. Most take mere seconds or minutes to answer. I personally get hundreds of emails per day. 90% of the time, I respond within minutes. My joke, which is actually my reality: "I will respond within seconds, or never."
If you need to have a tough conversation with a friend or colleague, do it now. This is where everyone drags their feet too long, too often. The problem spreads and deepens. You prolong your anxiety about the tough talk. Every minute you dither is another minute of pain, and another minute that person is not spending fixing their issue — or solving yours.
Same with compliments. Don't wait for reviews or in-person meetings or your next dinner. Do it today. Often, this will invigorate the other person and, if nothing else, make their day. (And, at work, cc their boss. Doubles the smile.)
Bang out your critical to-do list now. Speed begets speed. If we wait to get healthier or connect with friends or up our game at work, we're robbing ourselves. One of my biggest learnings since taking this job: The moment you realize you need to make a change, move!
Pay "now" forward. If you see the fruits of now, tell your friends and co-workers. Share this column. Set the tone. And give yourself — and others — the power of now.
It can save your life. If you notice a blemish, or know you should get a test or exam, putting it off can be fatal. We know our bodies; we're creatures of habit. And if you suddenly feel funny or notice something worrisome, move on it if you're lucky enough to have care available. Sadly, just about every one of us has a loved one who regrets waiting.
This column appeared in Axios Finish Line, our nightly newsletter on life, leadership and wellness. Sign up here.
