Apr 14, 2017

Viacom, AMC, Discovery weighing no-sports TV

Vasha Hunt / Alabama Media Group via AP / AL.com via AP

Viacom Inc., AMC Networks Inc., and Discovery Communications Inc. are discussing plans with pay-TV distributors to make entertainment-only bundles for consumers who don't watch sports TV, according to Bloomberg.

The details: The group of cable programmers is talking with four to six pay-TV distributors, in various stages of negotiations.

The price tag: At least one service could be offered this year, and these packages could be less than $20 per month. That would be cheaper than YouTube's live TV service, which launched last week, and Hulu's incoming live TV service. It might be a web bundle.

Why it's happening: Cost-cutting: sports programming is the most expensive. Plus, Viacom and Discovery haven't been included in new packages that have dropped pricier packages, like the YouTube and Hulu plans. But, as Bloomberg points out, it's "unclear whether consumers even want TV without sports."

Possible snags: Verizon tried doing something similar two years ago and Disney sued for contract violations — Disney owns ESPN, and has contracts with cable and satellite providers that require their programming to be part of the most popular bundles.

Go deeper

Sen. Kelly Loeffler liquidates stocks after uproar over coronavirus sell-off

Sen. Kelly Loeffler. Photo: Madnel Ngan/AFP via Getty Images

Sen. Kelly Loeffler (R-Ga.) and her husband Jeffrey Sprecher are liquidating their stock portfolio and moving holdings into exchange traded funds (ETFs) after coming under fire for purchasing and selling roughly $1.4 million in stock just before the market crashed in response to the coronavirus pandemic.

Why it matters: Loeffler, who faces a competitive election fight in November, is one of several senators under fire for selling shares shortly after a private briefing on the coronavirus — sparking accusations of insider trading.

Sanders: "While this campaign is coming to an end, our movement is not"

Addressing his supporters via livestream after suspending his campaign, Bernie Sanders congratulated Joe Biden on his presumptive victory in the 2020 Democratic presidential primary while making clear that his fight for progressive ideas will not end with his candidacy.

What he's saying: "While this campaign is coming to an end, our movement is not. Dr. Martin Luther King Jr. reminded us that 'the arc of the moral universe is long, but it bends towards justice.' The fight for justice is what our campaign has been about. The fight for justice is what our movement remains about."

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.