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Rupert Murdoch proposes merging Fox and News Corp

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Rupert Murdoch wants to merge Fox with News Corp., a deal that would unite the television group behind the Fox News cable channel with the owner of newspapers including the Wall Street Journal.

The 91-year-old media mogul proposed merging the two companies into an all-share deal, in a move to increase the size and strength of the media landscape.

Fox and . boards News Corp We’ve been discussing a deal over the past several weeks and have set up special committees of independent directors to evaluate the merger, people familiar with the matter said.

These people said it was not clear who would lead a joint group. A person close to the operation said Lachlan Murdoch, Fox CEO and Robert’s eldest son, is expected to take part in the leadership. Fox has a market capitalization of $17 billion, compared to News Corp.’s $9 billion.

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This move comes a decade after Murdoch’s decision swear his empiresaying at the time that his newspaper holdings and television assets would be “better managed” as separate entities.

But over the past decade, the Internet has changed the field of media business, and the industry has solidified. Murdoch in 2019 Sold Most of his Fox assets are to Disney, leaving the rest of the group a relative fish in the conglomerate industry. Facing competition from the world’s biggest companies — Amazon, Netflix, Apple and Google — Murdoch is looking to build scale, people familiar with the matter said.

Members of the Murdoch family see opportunities to collaborate across business news brands at Fox and News Corp including Fox Business, Fox News, Wall Street Journal, Barron’s and MarketWatch, people familiar with the matter said.

Those people said they also see an opportunity to boost their sports betting push by integrating sports coverage from News Corp’s city newspapers with Fox Sports TV channels.

In an internal email, News Corp told employees it had received messages from them Murdoch The Murdoch family trust. She said her board of directors is evaluating the merger, but “has not made any decision at this time.”

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The Wall Street Journal first reported that Murdoch was exploring a merger.

Until last year, there were legal hurdles to any reconstitution of Murdoch’s empire — as part of the terms of the 2019 sale of most of Fox’s assets to Disney, Murdoch was barred from further asset sales for two years. This restriction was lifted in March 2021.

Murdoch retains control of the Family Trust, which controls the voting stakes of News Corp and Fox. When he dies, the power to determine the trust’s standing is shared equally among Murdoch’s four oldest children, while his two youngest daughters — Grace, 20, and Chloe, 18 — are the beneficiaries. This means that in order for any decision to be made, at least two or three siblings must be approved.

Fox owns the news channel of the same name as well as local television broadcasters, while News Corp is the owner of newspapers including The Sun in the UK and The Wall Street Journal.

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Dave Webster slumps after third-quarter win fails to impress (NASDAQ: PLAY)

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Dave Webster (Nasdaq:game) Involved decreased 6.3% Despite the announcement of winning fiscal third-quarter earnings.

Restaurant and arcade chain operator happened Third quarter GAAP EPS of $0.04 per share with earnings of $481.2 million. These numbers came in above average analyst expectations of $0.01 and $10.42 million. forefront Forma combined comparable store sales, after completing the acquisition of flagship event branded stores, increased by 13.3% compared to the same period in 2021.

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“Our team has focused on three key work streams; one, managing the merger process effectively; two, long-term strategic planning; and third, managing near-term sales and profitability to offset the ongoing inflationary pressure in our business,” CEO Chris Morris highlighted during Third quarter earnings call.

In the third quarter, the company opened three new stores under the Dave & Buster brand and ended the quarter with $599.3 million in cash, which included $108.2 million in cash and $491.1 million available under a $500 million revolving credit facility.

Looking ahead, CFO Michael Quarteri said on the earnings call that he’s “encouraged by the continued trends in the fourth quarter,” even in the midst of significant economic uncertainty.

PLAY stock is decreased 13.5% year to date.

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Fauci warns that China risks a “wave of infections” after relaxing its coronavirus eradication policy

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Joe Biden’s chief medical adviser has warned that China’s reversal of a zero-Covid policy threatens to put pressure on the country’s health system and create conditions for new variants that could spread around the world.

Dr. Anthony Fauci urged Beijing to import Western Covid vaccines based on messenger RNA (mRNA) technology, which are more effective than Chinese-made vaccines, to increase the vaccination rate and boost overall immunity.

He said a wave of casualties would occur A large number of elderly people in China About 85 million people over the age of 60 have not received the third dose of the vaccine needed for strong protection against Omicron variants – and people with underlying health conditions are particularly challenging.

“If they don’t do things like launch and implement a proactive vaccination campaign, and open up, you’re going to have a wave of infections that will certainly be associated with some degree of disease severity,” Fauci said. The FT Global Boardroom event Wednesday.

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He added that any large wave of infections in China would give the coronavirus a chance to mutate into new types.

“When you have a big wave of transmissions of the virus, you give it a huge chance to mutate. When you give the virus a chance to mutate, that allows it to create potentially new variants. And once you have a completely new variant it can have an impact on the rest of the world.”

‘When you have a huge wave of virus transmissions, you give it a huge opportunity to turn around,’ Anthony Fauci told the FT Global Board of Directors © Abbie Coonan / FT

The risk of an uncontrolled wave of Covid infections across China creating conditions for new variants to flourish was “possible” but “very low,” Eric Topol, founder and director of the Scripps Research Translational Institute, said on Wednesday.

“The much bigger concern is that there will be countless deaths and morbidity unless there is an accelerated and much better vaccination rate, including more effective vaccines, in the population,” he said.

Fauci, who is stepping down from his position in the US government at the end of the year, added that he had not had contact with Chinese officials in a long time. He said Beijing’s strategy earlier in the pandemic had “some flaws” because it did not use lockdowns to vaccinate people.

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Beijing announced this week widespread relaxation President Xi Jinping’s controversial zero-COVID policy emerged as evidence of the economic damage caused by the pandemic’s restrictions emerged. But Wigram Capital Advisors, a macro advisory group focused on Asia, predicts that relatively low vaccination levels among China’s aging population could lead to million deaths If infection rates rise under relaxed restrictions.

Fauci echoed the advice issued Last week by Ashish Jha, the White House coronavirus coordinator, on how China should change its policy and import Western vaccines to tackle the virus. China said it would provide the BioNTech vaccine, but only to foreigners.

I would suggest they import western types [vaccines], particularly the highly effective mRNA vaccines used in most countries of the world. Unfortunately, the original Chinese vaccines were not as effective as some of the other vaccines.

Even in the United States, Fauci said, the number of deaths from Covid remains unacceptably high. He said cooler weather, increased social activity in the upcoming holiday season, and Omicron’s new BQ.1 and BQ.1.1 variants mean the pandemic is far from over.

“This is not a good formula for declaring that this is over,” Fauci added. “We still have to be on our guard.”

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Apple’s Tim Cook celebrates a new chip factory in Phoenix

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When Chinese factory supply Apple’s iPhone has been so riddled with the COVID-19 outbreak that it has shutdowns and staff strikeit directly affected global iPhone shipments.

some Estimates That iPhone production may decrease by up to 30% as a result of curbing the spread of the epidemic in China.

To reduce the risk of slowing down the production of its devices abroad, Apple decided to take matters into its own hands. Apple CEO Tim Cook confirmed on Tuesday that chips for Apple devices will now be made in the United States

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Apple silicon unlocks a new level of performance for our users. And soon many of these chips can be stamped “Made in America,” he wrote in the tweet.

A new plant in Arizona, operated by the contract chip maker, Cook said Taiwanese semiconductor industryIt will mark the beginning of a new era of advanced manufacturing in the United States.

This will be the first time in a decade that Apple will use US-made chips. The California-based company relies heavily on parts manufactured in Asian countries, In particular, China. Most of the chips that power Apple devices are Made in Taiwan.

The Apple CEO spoke at the TSMC factory under construction in Phoenix, along with President Joe Biden.

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“As many of you know, we work with TSMC to manufacture chips that help power our products around the world,” Cook said during the speech. to me bloomberg. “And we look forward to expanding this business in the coming years – as TSMC forms new and deeper roots in America.”

Apple plans to make silicon chips for most of its devices at its Phoenix plant. bloomberg mentioned. In the early years of manufacturing, the factory will produce fewer chips and use lower-quality technology than what Apple may require for its devices in 2024.

The company did not immediately respond luckComment request.

TSMC initially planned to spend $12 billion at our factory in Phoenix. Taiwanese company later increased Its investment amounts to nearly $40 billion, which it said is “the largest foreign direct investment in the history of the state of Arizona and one of the largest foreign direct investments in the history of the United States.”

The chip maker is said to be looking forward another plant Located in the United States as part of a larger effort to reduce reliance on Asia to make much of its chips.

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The plant is set in Arizona Opened in 2024.

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