Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Sotheby's auction house announced Monday an agreement to be acquired by BidFair USA, a venture wholly owned by French media entrepreneur and art collector Patrick Drahi.
Sotheby's stakeholders will receive $57 per share in cash as a result of the transition, a premium of 61% to the company's stock price on Friday. The deal is valued at $3.7 billion.
The transaction, if approved by shareholders, would result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.
The stock rallied more than 57% on Monday morning following the news.
"Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family," CEO Tad Smith said in a press release. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."
Sotheby's was No. 2 in the world among art auction houses in the first half of 2018 with a turnover of more than $2 billion. Before the announcement, CNBC's David Faber first reported that Sotheby's would be sold, citing people familiar with the matter.
LionTree Advisors is serving as financial advisor to Sotheby's, and Sullivan & Cromwell is acting as legal counsel.