Business News Roundup, June 20
Time Warner will invest $100 million in producing TV-like shows and advertising on Snap Inc. over the next two years, in a push by the the media giant to reach young audiences on the social network, according to a person familiar with the matter.
The deal will see Time Warner make shows for Snapchat in a range of genres, including scripted dramas, comedies and documentaries, according to both companies.
Time Warner’s properties like HBO, Turner and Warner Bros. will also invest in advertising on Snapchat.
Warner Bros. will likely market its upcoming movies on Snapchat as part of the deal, and revenue from ads sold during the Time Warner shows will be split evenly with Snap, the person said.
The shows will be produced specifically for Snapchat’s vertical format — or how people would watch on their phones.
The biggest U.S. supermarket chain lost more than $7 billion in market value combined on Thursday and Friday, the biggest two-day loss for the company since December 1999.
The 9 percent drop the next day was courtesy of Amazon.com Inc.’s announcement about acquiring Whole Foods Market Inc. If Amazon pulls that deal off, the competition will be even more cutthroat in an industry known for razor-thin profit margins.
The question is how it will fare having to fend off not only the world’s largest brick-and-mortar chain but also the undisputed king of Internet retailing.
“They were expecting a long protracted battle — now it’s a knife fight,” said Matt Sargent, who studies retailers at the consumer research firm Magid.
Don’t believe everything Martin Shkreli says, at least what he tweets, his lawyer told a federal judge before his fraud trial begins next week.
Shkreli, 34, was in court Monday citing a lack of funds and seeking to reduce his $5 million bail to allow him to use $3 million to pay for his defense and taxes.
[...] prosecutor Alixandra Smith countered that Shkreli, a former pharmaceutical executive, has plenty of cash, citing a recent series of postings he’s made on social media.
Brafman said Shkreli owes money to his lawyers for work related to this case and others and has debts to forensic accountants who are addressing state and federal tax claims.