Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
AT&T isn't focused on selling or divesting DirecTV, despite pressure from stakeholder Elliott Management, sources tell CNBC.Technologyread more
Patrick Shyu, a former tech lead at Google, has posted a series of videos making fun of Facebook, where he worked as a software engineer until last month.Technologyread more
The measure to keep the government running through Nov. 21 now heads to the Senate, where McConnell has signaled he will back a temporary spending plan.Politicsread more
Amazon's purchase comes as part of its plan to convert its delivery fleet to 100% renewable energy by 2030. The e-commerce retailer already runs 40% of its fleet on renewable...Autosread more
As part of the plan, Amazon has agreed to purchase 100,000 electric delivery vans from vehicle manufacturer Rivian.Technologyread more
American Airlines struggled with flight delays and cancellations this summer, hamstrung by the grounded Boeing 737 Max and mired in a bitter labor dispute with its mechanics.Airlinesread more
* Sale values Kantar at about $4 billion
* WPP to use part of proceeds to cut debt
* WPP to return part of proceeds to investors (Adds details from statement, background)
July 12 (Reuters) - Advertising giant WPP has agreed to sell a 60% stake in data analytics arm Kantar to private equity firm Bain Capital, in a deal that values Kantar at about $4 billion and gives WPP funds for its turnaround plan.
WPP, the owner of advertising agencies including Ogilvy and Wunderman Thompson, is in the midst of an overhaul following several profit warnings and the abrupt departure of founder Martin Sorrell over a complaint of misconduct, which he denies.
WPP said proceeds from the deal, after tax and continuing investment in Kantar, were expected to be about $3.1 billion.
It will use about 60% of net proceeds to cut average net debt to the low end of a targeted range of 1.5-1.75 times core earnings for 2020.
The rest of the money will be returned to shareholders, WPP said, adding the deal was subject to backing from investors and other regulatory and legal approvals.
"This transaction creates value for WPP shareholders and further simplifies our company," Chief Executive Officer Mark Read said.
"With a much stronger balance sheet and a return of approximately 8% of our current market value to shareholders planned, we are making good progress with our transformation."
Company veteran Read took over as WPP's boss following last year's departure of Sorrell.
Bain's interest in Kantar is the latest private equity deal in recent weeks. Blackstone and Lego's founding family last month took Merlin Entertainments private in a $7.5 billion deal, in one of the biggest private equity transactions in Europe in recent years.
Sources familiar with the situation had told Reuters that private equity groups including CVC, Apollo and Bain had submitted preliminary bids for Kantar.
Launched by WPP in 1992, Kantar offers insights into the views of customers and consumers in over 100 countries.
WPP said the deal and use of proceeds would be marginally dilutive to headline earnings per share in 2021.
The stake sale comes months after WPP said it suffered a sharp drop in first-quarter underlying sales in North America as the loss of work from clients such as Ford took a toll on its most important market.
With technology transforming the way advertising is made, placed and sold, clients want WPP to better integrate its agencies so it can produce faster offerings across multiple platforms, at a cheaper cost. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr and Mark Potter)