Saudi Arabia’s Crown Prince Mohammed bin Salman is working to firm up a $400 million stake in the world’s largest talent agency, Endeavor LLC, so that he can announce the deal during his two-week trip to the U.S., which kicks off next week, the WSJ reports.
Why it matters: The Saudis have a lot of money to spend on diversifying their economy beyond oil, and this effort to push into the entertainment industry aligns with the crown prince’s modernization goals. He is also relaxing some limitations placed on movie theaters in Saudi Arabia this year and has plans to build a domestic film industry.
Sean Hannity took to Twitter Friday to respond to comments made by his Fox News colleague Shepard Smith in a recent TIME profile, after Smith referred to Fox's opinion shows as "strictly entertaining."
Nike Vice President Jayme Martin is the second top executive to leave the sportswear giant over complaints of inappropriate workplace behavior, the WSJ reports.
Timing: On Thursday, Nike's brand president Trevor Edwards, who was the potential successor to CEO Mark Parker, resigned following a review of the company's HR practices.
Magazine publisher Meredith Corp. has hired bankers to sell several of the titles it recently acquired from Time Inc., according to Reuters.
On the block: Time, Fortune, Money and Sports Illustrated.
Bottom line: This isn't much of a surprise, since Meredith has always focused more on lifestyle content than on news. The bigger question is if Meredith can find a willing buyer, particularly for the entire portfolio.
Toys "R" Us formally launched its liquidation process shortly after midnight, via a bankruptcy court filing. This came hours after more than 33,000 U.S. employees were told their jobs are likely to disappear.
Bottom line: There is plenty of blame to go around, including for the private equity firms that bought Toys "R" Us in 2005, the senior lenders who control it now and an increased focus on toys by generalist retailers like Amazon and Wal-Mart.
"Major U.S. airlines are hiring pilots at a rate not seen since before 9/11, and that is encouraging more young people to consider a career in the cockpit," AP's David Koenig reports from Dallas.
Why it's happening: "Hiring is likely to remain brisk for years. Smaller airlines in the U.S. are struggling with a shortage that will continue as they lose pilots to the bigger carriers, which in turn will need to replace thousands of retiring pilots over the next few years."
iHeartMedia, the holding company of iHeartRadio Inc., the biggest operator of radio stations in the United States, has filed for Chapter 11 bankruptcy. The San-Antonio-based group reached an in-principle agreement with creditors to restructure an overwhelming amount of debt that had compounded since a private-equity buyout over a decade ago.
Why it matters: iHeartRadio, which owns over 850 radio stations throughout the country, has seen advertising revenues fall flat to major technology companies — much like others in the traditional media landscape.
NBC is planning to launch a streaming platform for younger viewers, executives told reporters Wednesday. The network is also revamping its digital strategy to focus on platforms that value curation and editorial judgement.
Why it matters: The efforts are part of a wider push by the company to invest in younger viewers, as linear TV audiences migrate towards digital news consumption.
