Warner Bros. Discovery will launch its planned streaming service that combines HBO Max and Discovery+ next summer, executives said Thursday during the company's earnings call.
Why it matters: The rollup is part of a broader shift in how Warner Bros. Discovery views the streaming space under CEO David Zaslav. Executives believe streaming should complement its other business lines, like theatrical movies and television, not replace them.
Alternative protein company Beyond Meat is laying off about 4% of its global workforce, the company announced Thursday.
Quick take: While it cited broad concerns about the economy as factors clouding its 2022 outlook, the company is also facing its own specific challenges — such as struggling to grow interest for its products both in grocery stores and through restaurant partnerships.
DoorDash and Lyft are the latest companies to show just how much they're benefitting from sustained consumer demand.
Driving the news: Couriers for DoorDash delivered 426 million orders in the second quarter — an all-time high — the company reported on Thursday. Lyft, also on Thursday, reported that ridership rose to its highest point since the pandemic began.
Shake Shack investors dumped the stock today after the company said its second quarter results were hurt by a lack of lunchtime traffic from office workers.
Why it matters: The makeup of the workforce who work from home has hit an equilibrium point in the U.S. Companies dependent on a higher mix of office worker activity will have to adjust their strategies.
Pension funds are beginning to dabble in crypto investing, opening the door for a broader discussion about whether investment managers should embrace the risk profile of digital assets.
Driving the news: The Fairfax County Board of Trustees in northern Virginia recently authorized its $6.8 billion pension funds to begin investing in the area of crypto lending, the Financial Times reports.
Charles Schwab this week warned customers against crypto scams posing as investments that are "too good to be true. The firm also launched its first crypto investment fund.
Why it matters: In spite of the continued warnings about crypto, traditional financial services firms on Wall Street are still getting in.
Former Trump aide Alyssa Farah Griffin was named as an official co-host of "The View," ABC announced on Thursday.
Driving the news: Griffin will takeover as the conservative voice on the daily talk show after serving as a guest co-host since Meghan McCain exited the show in 2021.
Employers who have struggled with labor shortages may be more wary than usual of laying people off, even as economic demand slows.
Why it matters: If companies keep people on their payrolls, it would make the economic slowdown milder and less painful for workers than in recent recessions.
Already this summer, corporate America has addressed gender identity legislation, abortion access, gun control and climate change — all outside of the traditional scope of business.
Why it matters: More Americans now turn to business leaders and employers for trusted information on current events, and executives expect their corporate communicators to get it right.
Reuters on Wednesday alerted customers that its U.S. journalists planned to go on strike in response to ongoing contract negotiations between management and the NewsGuild, which represents its unionized staff.
Why it matters: It's the first time in over 30 years that Reuters' unionized staff have prepared a strike over contract negotiations, per the NewsGuild.
Private equity investors were stunned last week when Sens. Joe Manchin and Chuck Schumer agreed to a giant reconciliation bill. Not only that Manchin got to yes on anything, but that he adopted very convoluted language on changing the tax treatment of carried interest.
The big picture: This could become a full employment act for private equity fund accountants.
Bridger Aerospace, a Montana-based provider of aerial firefighting and wildfire surveillance services, agreed to go public via a blank check company called Jack Creek Investment Corp. The deal would value Bridger at an implied $869 million.
Why it matters: More than 60 wildfires are burning across the U.S., as climate change has significantly increased wildfire risks. The National Interagency Fire Center reported Sunday that the active number could soon rise, while the U.N. recently said to expect a 30% jump in global wildfires by 2050.
The Bank of England enacted the steepest interest rate hike since 1995 on Thursday, lifting borrowing costs by half a percentage point.
Why it matters: It's the latest central bank to move aggressively to lift interest rates in response to soaring costs across the globe. But in perhaps the most dire forecast yet from a major central bank, the Bank of England warned the U.K. could fall into a deep and protracted recession, while inflation could hit 13% by year-end.
The remote work arbitrage ain't what it used to be. I'm talking about the pandemic-fueled phenomenon of white collar workers, suddenly free to work from home, leveraging their higher salaries to buy homes in cheaper areas.
The big picture: All those remote workers drove up home prices in the formerly inexpensive areas, and made them more expensive. (Rents surged, too.)
The Department of Transportation on Wednesday proposed new protections for travelers, including requiring airlines to provide vouchers that don't expire to passengers unable to fly for pandemic-related reasons.
Why it matters: If enacted, the change would be one of the most extensive overhauls of travelers' rights and airline refund rules.
