Bed Bath & Beyond entered into a deal with bondholders in which they collectively exchanged $155 million in principal amount of outstanding bonds for 14.5 million shares of common stock, the retailer announced.
Why it matters: The distressed debt exchange addresses some of the home goods retailer's debt load, perhaps buying it more time as it attempts to execute a turnaround and avoid bankruptcy.
Credit card balances in the third quarter jumped 15% over the same period last year — the biggest annual increase in more than two decades, New York Fed researchers reported today.
Why it matters: The spike reflects feverish rebound spending during a period of decades-high inflation, as well as added pressure on younger borrowers and borrowers with lower income.
Beyoncé received nine Grammy nominations Tuesday, tying the all-time record for nominations at the annual award show.
Why it matters: Beyoncé tied her husband Jay-Z for the most Grammy nominations in history. She could secure the all-time record for Grammy awards with just four victories next year.
U.S. Latinos account for the fastest-growing portion of the nation's total economic output but their overall financial health is at risk thanks to a lack of savings, a new report says.
Why it matters: The McKinsey & Company study is the latest to paint both a promising — and bleak — financial future for Latinos coming out of the pandemic.
Walmart announced on Tuesday that it had reached a $3.1 billion settlement framework to resolve all lawsuits lodged against it by local, state and tribal governments over the sale of powerful opioids at its pharmacies.
Why it matters: The deal makes Walmart the latest retail giant to cut such an agreement. Earlier this month CVS Health and Walgreens, the two largest drugstore chains in the U.S., agreed to pay about $5 billion each to settle opioid-related lawsuits.
Politico plans to wind down Protocol, the tech news website it launched in 2020, by the end of the year, according to a company-wide memo obtained by Axios.
Why it matters: It represents a major shift from earlier this year, when Protocol's president told Axios that the outlet was in growth mode and planned to add 25 new positions to support new products, such as a climate and policy-focused tech newsletters.
After a chaotic path ended in a failed SPAC IPO earlier this year, Forbes Media is now in exclusive talks to sell to a consortium of investors that includes India-based SUN Group and GSV Ventures, Axios has learned, in a deal that could fetch around $800 million.
CVC Capital Partners and Group Black are pursuing a joint bid to buy Vox Media, according to sources familiar with the matter.
Why it matters: The bid comes as the media sector is grappling with a tough economic climate and as CVC, the European private equity giant, is eyeing a consolidation move into more media assets across the U.S.
Driving the news: Last week, CVC and Group Black, a media collective, sent Vox a term sheet outlining details for a potential deal, sources tell Axios.
Despite industry challenges, Vox remains a top digital media company, housing popular sites like Eater and SB Nation, plus Thrillist and Seeker which it owns after its Group Nine Media deal last year.
Vox was valued at around $1 billion after a $200 million funding round in 2015.
Of note: Vox is not looking to sell the business at the moment, according to one source who spoke with Axios. The company declined to comment.
Yes, but: Even companies not seeking a sale are forced to consider an offer if the price is fair, and if such a move would be in the best interests of the company, its employees, and its shareholders.
Meanwhile: The CVC-Group Black pairing for Vox is the second potential transaction the two are eyeing together.
Axios reported on Nov. 1 that CVC would help finance Group Black's plan to acquire BDG, formerly known as Bustle Media Group.
Group Black is a media collective that's trying to get marketers and ad agencies to shift more of their ad spending to Black-owned media outlets. Part of its strategy involves acquiring digital media companies.
Zoom in: In fact, one source said that CVC is eyeing a broader media move across the U.S., where it would combine multiple media companies, extract synergies, and streamline the businesses.
CVC declined to comment.
"We don’t comment on rumors and speculation,” a Group Black spokesperson said.
Around 17 people are coming together today to launch Signal Cleveland, a new, nonprofit newsroom that plans to fill the void left by the pandemic-era gutting of the city's hometown paper, the Cleveland Plain Dealer, Signal Cleveland's editor-in-chief Lila Mills told Axios.
Why it matters: Community-based nonprofit newsrooms are increasingly being set up across the country in cities like Houston, New Orleans and Baltimore to fill the void of dying newspapers.
Relay Commerce, a New York City-based startup, raised $27 million in equity and debt funding earlier this year to fuel more acquisitions of e-commerce software businesses.
Why it matters: It's a twist on the e-commerce aggregator trend that boomed during the pandemic — but the company is betting on software instead of widgets.
Signs of a government shift to support China's wobbly housing market sent Asian markets higher.
Driving the news: Country Garden Holdings Co., one of the largest residential developers in China, surged roughly 46% in Hong Kong trading Monday — and on Tuesday announced an equity offering to raise $500 million.
November is shaping up to be a brutal month for tech layoffs — and we’re only halfway through.
Driving the news: Amazon is gearing up to lay off about 10,000 employees, the largest reduction to its headcount in the company's history (though a teeny fraction of its 1 million employees), the New York Times reports.
Dozens of Congressional candidates — most of them Democrats — received campaign contributions or indirect financial support from Sam Bankman-Fried, the crypto tycoon whose company collapsed last week.
The big picture: It's unclear where Bankman-Fried's money came from. Forensic accountants and bankruptcy courts are on the case, but it could take months to untangle FTX's web of comingled funds.
This article originally appeared in Axios Finish Line, our nightly newsletter on life, leadership and wellness.Sign up here.
We're back with another installment in our series on spreading kindness.
Why it matters: We underestimate how big of a difference even the tiniest random acts of kindness can make in others lives.
Here are stories from Finish Line readers who spread or received kindness from strangers to inspire us all to pay it forward.
"I carry extra umbrellas in my car and when I see anyone during an unexpected rainstorm getting soaked I roll down my window and give them one. They are always surprised." —Bonnie S., Asheville, N.C.
"A few years ago I worked at a video rental store. I was the only person working Friday night, and there was a line of about 10 people at the register. When the last person in line finally got to the front, he said, 'Do you like Coke or Sprite?' and he bought me a soda from the store's fridge. ... It made such an impact on me that the person who had to wait the longest was so patient and kind towards me." —Becky M., Chicago, Ill.
"We live in a homeowners association, which was developed in 1986. ... Some folks came in early and are getting quite old. I am 84. My neighbor doesn't get around easily, so I put his trash out for him once a week. After the pickup, while putting his container back, I usually see two or three neighbors up and down the block doing the same for their neighbors." —Fred R., Tucson, Ariz.
"Some 30 years ago, I was working on recovery from a horrible depression. It was harder than anything I've ever done. One morning, it took everything I had to make a grocery run. As I dragged myself toward the store, a man looked at me and smiled, saying, 'Good morning.' I felt so much weight lifted off me. I could, for the first time in months, see a way out of my sadness." —Sherri W., McKinney, Texas
"I walked into my apartment building, reading Finish Line's acts of kindness. I looked up and saw two large Amazon boxes for a neighbor on my floor. Your stories influenced me to save my neighbor a trip downstairs — and to meet "smile to smile' for the first time." —Kelsey Z., London, U.K.
"I was walking in upper Manhattan with a 2-year-old on my shoulders. A man stopped me and pointed to my untied shoe. With hand gestures — he spoke Spanish and I didn't — he signaled that he would tie it for me. And he did." —Mike H., Simsbury, Conn.
The bottom line: Seemingly small acts of kindness make big splashes that stay with people years — or even decades — later.
Two network news veterans and key players from the Lincoln Project are teaming up to launch a "pro-democracy" media company on the same day that former President Trump is expected to announce his 2024 bid.
Why it matters: The founders of the new website, Resolute Square, say they aim to counter the right-wing media ecosystem — and be a home to people who reject political extremism and the GOP.
Driving the news: DOT said Monday that six airlines were paying back $600 million for the cancellations with Frontier having the highest amount of refunds and the largest fine.
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