Who doesn’t want to be Sir Richard Branson? Today, though, he may have bitten of more than his beknighted mouth can chew. I wish him well in starting a new airline based in San Francisco, Virgin America. He will need luck. Folks, if you’ve ever flown in or out of San Francisco, you know what I'm talking about—the bitter resentment growing in your belly as the fog settles in once more and delays your flight for two hours.
DreamWorks SKG couldn't have gotten off the ground more than a decade ago if it weren't for Paul Allen's $500 million investment. Perhaps his work is done--now he's selling $150 million of DreamWorks Animation stock back to the company, and doing a secondary offering to sell an additional 10 million shares to the public.
In one of his last public appearances before investors in March, Bear Stearns Co-president Warren Spector assured them the investment bank had a strong culture of "no surprises."
Talk about moving fast. Just two days after taking ownership of Chrysler, Cerberus Capital has put a new man in charge of the struggling automaker. And it's a bold move picking an auto industry outsider. Bob Nardelli steps in as Chrysler's chairman and CEO in a move that many will question. Yet, I think this move could work for a couple reasons.
So, I just got off the Pozen conference call about the Trexima delay (by the way, it won't be called Trexima if/when it comes to market, as the FDA is asking Glaxo for a name change. The agency sometimes does this if, for example, it believes the name looks or sounds too much like an existing drug and could confuse pharmacists.)
A hospital in Pittsburgh is banning Crocs, the comfy rubbery shoes with holes in them. Hospital officials call them a hazard, fearing a nurse might drop a syringe on his or her foot and, bingo! One nurse tells the AP that's a croc. "I mean, I can get a needle stuck in my arm or my leg."
When the July auto sales come out later today, the most interesting numbers to watch may be those for Chevrolet and Toyota. Halfway through this year the two were neck and neck in the battle to be America's top selling brand. I know some of you will read this and think, "who cares?". Well, the long list of people who care stretches from Detroit to Tokyo, and for good reason.
When I sat down to talk with GM CEO Rick Wagoner this morning on "Squawk Box," I was expecting to see a man, beaming over the better than expected second quarter earnings. Instead, I saw the Chairman of a company who looked cautious. Why? Well, maybe it's because General Motors' glass is half full, and filling it up even more will be a challenge. Certainly the second half of this year will be tougher than the first half.
What do you do when you play golf, you talk business. CNBC's Bill Griffeth will be talking to hedge fund managers, investment bankers and corporate CEOs about today's roaring markets, the M&A landscape and the state of U.S. business. This all takes place on Rockefeller Plaza, which has been transformed into a quarter-scale version of the most infamous hole in pro golf, the signature 17th hole of the TPC Sawgrass golf course, home to this year's THE PLAYERS Championship Tournament.
Despite all the concern about the credit crunch, a big private equity deal seems to be moving forward. On Monday, John Malone, Chairman of Liberty Media tells the Financial Times he's considering enterting the auction for Richard Branson's Virgin Media. This could be a huge deal--the largest cable transaction outside the U.S.
Edward C. Johnson III, the 77-year old chief executive of Fidelity Investments parent company FMR, may not name his daughter Abigail as chief executive of the company, Johnson told The New York Times in an interview.
A federal judge on Friday sentenced former Qwest Communications chief executive Joe Nacchio to six years in prison for his insider trading conviction.
There's a new sheriff at Dodge, and for that matter Chrysler as well. But the new boss is actually one of the old bosses. Either way you look at it, the return of Wolfgang Bernhard to be chairman of Chrysler is important for a few reasons. First, he brings the kind of urgency Chrysler needs.
Gap named Glenn Murphy of Shoppers Drug Mart, the largest drug store chain in Canada, as its new chief executive.
No, your eyes aren't deceiving you--Ford DID post a profit of $750 million. That's right, the automaker that was sucking fumes earlier this year is now back in the black. Which brings up the question: Is this real? The answer is yes, but don't take this to mean Ford is out of the woods.
The U.S. Securities and Exchange Commission said on Wednesday that it has charged the former chief executive of KLA-Tencor with fraud for his involvement in a stock options backdating scheme.
The "Mouse" is fighting Joe Camel and coming out against the tobacco industry. Just moments ago Disney CEO Bob Iger announced the company's new commitment to remove cigarette smoking from future Disney branded films. Disney made this news public not in Hollywood, but on the national stage of Congress. Iger declaring his company's new commitment in a letter to House Rep. Ed Markey (D-Mass), who last month held a hearing on smoking in the media, asking media companies to join the anti-smoking effort.
Gideon Yu, 36, became chief financial officer of video-sharing sensation YouTube in September of last year, shortly before the company was acquired by Google in a $1.65 billion deal.
XM Satellite Radio said Tuesday that Hugh Panero, its chief executive and a company founder, will step down in August.
Sam Zell fought for and won the Tribune acquisition with a whopping $8.2 billion dollar deal. But now, a day ahead of Tribune's quarterly earnings report it looks like Zell might have gotten a bad deal--less than he bargained for, if we're talking revenue. Now he has about a month in which he can still back out of the deal, which would send this buyout target back into bidding chaos. And then there's the issue of whether shareholders will approve the takeover at the upcoming August 21 shareholder meeting.