Sotheby's gets a new owner

Exterior of Sotheby's auction house building.
Photo: Michael Nagle/Getty Images

Sotheby's is being sold. French-Israeli cable mogul Patrick Drahi is paying $3.7 billion for the auction house, which is 60% more than it was worth on the public markets at the close of trade on Friday.

Why it matters: Under private ownership, Sotheby's might be better able to compete with archrival Christie's. Drahi won't stop at $3.7 billion in his attempt to equalize the two houses.

Regional banks BB&T and SunTrust to merge in $66 billion deal

BB&T is buying rival SunTrust Banks in an all-stock deal worth $66 billion, creating the 6th biggest U.S. bank by deposits and assets. If the deal closes, it would be the biggest bank merger since the financial crisis, as the New York Times points out.

Big picture: As regulations eased and pressure builds on regional banks to slash costs and better compete with rivals, there’s been speculation about whether there would be more consolidation of regional banks. The industry, though, has largely sat out M&A in the past decade for fear that deals will be stalled due to harsh regulatory conditions.