CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Julia Boorstin breaks down just how much money the NFL brings into TV networks via advertising dollars, and explains why the media companies that own the networks have more at stake this year than ever before. Plus, CNBC wealth editor Robert Frank dissects the rental real estate crisis facing New York City.
Manhattan rental market plunges, leaving 15,000 empty apartments in August
The number of empty rental apartments in Manhattan nearly tripled compared with last year, as more New Yorkers fled the city and prices declined.
There were more than 15,000 empty rental apartments in Manhattan in August, up from 5,600 a year ago, according to a report from Douglas Elliman and Miller Samuel. The inventory of empty units is the largest ever recorded since data started being collected 14 years ago, the report said.
Analysts say the rental market is the best barometer of overall strength in Manhattan's real estate market, since rentals account for 75% of apartments and that market reacts more quickly to demand changing than the sales market.
Marketing will take a different form as the NFL returns in the middle of the pandemic
ESPN puts it this way in describing its back-to-football-season ad that features fans and players lip syncing to Celine Dion's "It's All Coming Back to Me Now:"
"Everyone, everywhere is so unbelievably, indescribably, power-ballad-singingly ready for some football."
It's certainly singing true for major marketers and sponsors of the NFL. In a year where sports and major live events have been canceled, delayed or otherwise disrupted, marketers have had fewer opportunities to catch the eyeballs of consumers all watching the same thing at the same time. Thursday evening will bring the league's return in a game between the Kansas City Chiefs and the Houston Texans.
LVMH plans to sue Tiffany over troubled deal, alleges jeweler mismanaged coronavirus crisis
Louis Vuitton owner LVMH said Thursday it intends to file a lawsuit against Tiffany, accusing the luxury jeweler of "dishonesty" and mismanaging the coronavirus crisis.
The announcement comes a day after LVMH announced it would be scrapping its $16.2 billion acquisition of Tiffany, a deal that would have been the biggest ever in the luxury industry. Tiffany then sued LVMH in Delaware to enforce the agreement.
LVMH said it was "surprised" by Tiffany's "totally unfounded" lawsuit.
