Two women are accusing former Tronc chairman Michael Ferro of making inappropriate advances toward them, Fortune reports.. This comes just hours after announcing his retirement from the company.
Why it matters: Some were calling into question the timing of Ferro's retirement, as Tronc is currently in the process of finalizing the $500 million sale of the Los Angeles Times and the San Diego Union-Tribune. Fortune reached out to Ferro last week with the details of both women's accounts, but he declined to be interviewed.
Cheddar, an online video network for business and tech news, has raised $22 million in new funding at what Axios is told is a $140 million pre-money valuation. It previously raised last May at a $64 million pre-money valuation.
Why it matters: Cheddar claims that 20% of Americans between 18 and 24 is aware of its brand — with 13% of that cohort having viewed Cheddar content — in an age when traditional news broadcasters are struggling to connect with younger viewers.
The future of Toys "R" Us may be determined tomorrow in a Virginia bankruptcy court hearing that one source tells me will be "explosive."
At issue will be whether liquidation of the entire U.S. business will proceed as the only option (per preference of the "B-4 lender" group) or if a parallel process can continue whereby different debtors can keep working to find a strategic or financial partner that would save around 200, strong-performing U.S. stores (via a merger with the company's much-healthier Canada business).
Michael Ferro, chairman of newspaper publisher Tronc, is retiring from the board of directors as the company looks to finalize a $500 million sale of the Los Angeles Times and the San Diego Union-Tribune to local ownership. He will be succeeded by Tronc CEO Justin Dearborn.
Why it matters: Tronc is the country's third largest newspaper publisher and operates publications in 10 markets, including the Chicago Tribune, New York Daily News and The Baltimore Sun. Dozens of employees were laid off at the Tribune last week.
In a new program, Google is partnering with retailers including Target, Walmart, Home Depot and Costco, according to Reuters. "[R]etailers can list their products on Google Search, as well as on the Google Express shopping service, and Google Assistant on mobile phones and voice devices."
Why it matters: "Google hopes the program helps retailers capture more purchases on desktop, cell phones and smart home devices with voice search."
Forty-five trade associations representing some of the country's largest companies are urging President Trump to freeze his plan to impose another round of steep tariffs on China after his recent actions on imported steel and aluminum.
Why it matters: Their Sunday letter to Trump signals a growing rift between the Trump administration and the business community on international trade. Trump's recent tariffs plan drew rebukes from mainstream Republicans, industry leaders, and foreign leaders.
For months, President Donald Trump has been badgering his economic advisors to give him broad, unilateral authority to raise tariffs — a move that would all but break the World Trade Organization.
His favorite word: “reciprocal.” He’s always complaining to staff about the fact that the U.S. has much lower tariffs on some foreign goods than other countries have on the same American-made goods. The key example is cars: The European Union has a 10 percent tariff on all cars, including those manufactured in America, and China hits all foreign-made cars with 25 percent tariffs. But the U.S. only charges 2.5 percent for foreign cars we import.
AT&T’s $85 billion attempt to buy Time Warner and its way into the content business goes to trial on Monday, kicking off a courtroom battle with the Justice Department that could stretch on for two months.
Why it matters: When the deal was announced nearly 18 months ago, it was viewed as a fairly sure thing. But its prospects gradually dimmed as President Trump criticized it from the campaign trail and DoJ moved to block it. The outcome of the case will not only determine AT&T's future, but also the future of tech, media and telecom deals in general.
