Byron Allen's company acquires Weather Channel in $300-million deal

Business / Business News /

LOS ANGELES -- Byron Allen, the comedian-turned-media entrepreneur, has acquired the Weather Channel cable network as he seeks to build his TV and film business, he announced Thursday.

Allen's Los Angeles-based media company, Entertainment Studios, purchased Weather Group, the parent company of the Weather Channel and Local Now streaming ...Read more

Chicago Tribune says cartoonist Scott Stantis had fake Twitter followers

Business / Business News /

CHICAGO -- The Chicago Tribune said Thursday that 5,000 fake Twitter followers were purchased for editorial cartoonist Scott Stantis' account, an act that violated the Tribune's code of ethics.

In a letter to readers, Chicago Tribune Publisher and Editor-in-Chief Bruce Dold said the Twitter followers were bought on Stantis' behalf through a ...Read more

AT&T wants to buy Time Warner to 'weaponize' its content, government says at start of antitrust trial

Business / Business News /

WASHINGTON -- The biggest U.S. antitrust case of this century kicked into high gear on Thursday as a government lawyer warned that AT&T Inc. wants to buy media giant Time Warner Inc. to "weaponize" its must-have content -- a move that would raise prices for consumers and hinder innovation.

"Time Warner would be a weapon for AT&T because AT&T's ...Read more

Experts say video of Uber's self-driving car killing a pedestrian suggests its technology may have failed

Business / Business News /

Police late Wednesday released a video that shows an Uber robot car running straight into a woman who was walking her bicycle across a highway in Tempe, Ariz. The woman was taken to a hospital, where she died Sunday night.

The video, shot from the car, is sure to raise debate over who's to blame for the accident.

In the video, the victim, ...Read more

California privacy advocates ask Facebook why it's opposing proposed ballot measure

Business / Business News /

When Facebook CEO Mark Zuckerberg finally spoke Wednesday after five days of silence about the company's latest major crisis, he said during a television interview that he wasn't "sure we shouldn't be regulated."

Why, then, is Facebook opposing the California Consumer Privacy Act of 2018? That's what the lead proponent of a proposed state ...Read more

The key takeaways from Mark Zuckerberg's press tour

Business / Business News /

Amid mounting pressure from customers and regulators, Facebook Chief Executive Mark Zuckerberg broke his public silence Wednesday about the widening Cambridge Analytica scandal. He began with a prepared statement posted on his Facebook page followed by interviews with CNN, Recode, Wired and the New York Times -- conversations that offered deeper...Read more

CEO of Bratz dolls maker leads bid to salvage hundreds of U.S. Toys R Us stores slated for closure

Business / Business News /

LOS ANGELES -- California toy mogul Isaac Larian is leading an effort to save more than half of the 735 domestic Toys R Us Inc. stores that would close under the bankrupt retailer's plan to liquidate.

Larian is majority owner and chief executive of MGA Entertainment Inc., a privately held toy maker based in Van Nuys whose lineup includes Bratz ...Read more

Target could gain $600 million in sales from Toys 'R' Us demise

Business / Business News /

MINNEAPOLIS -- Target could rake in more than $600 million in additional sales -- which would translate into a nearly 1 percent lift in its comparable sales this year -- as a result of the impending demise of Toys 'R' Us, according to a new research report.

As the bankrupt chain prepares to shutter its 735 Toys 'R' Us and Babies 'R' Us stores ...Read more

Starbucks 'trying to value the dignity of work,' Schultz tells shareholders

Business / Business News /

SEATTLE -- Starbucks will continue investing in its workers even if that means forgoing the short-term stock-price lift it might have seen by passing more of its tax-cut windfall on to shareholders, Howard Schultz said Wednesday.

The coffee giant's executive chairman urged shareholders who are disappointed with the "fairly flat" performance of ...Read more

Trump orders China tariffs that administration officials hail as 'historic'; critics fear trade war

Business / Business News /

WASHINGTON -- President Donald Trump ordered about $50 billion in tariffs on a wide range of Chinese imports Thursday, as well as new restrictions on Chinese investments in the U.S., as his administration seeks to force Beijing to stop what officials describe as a yearslong effort to steal U.S. technology.

The move, which Trump announced at the...Read more

As Fed raises rates, look for higher costs on credit cards, car loans and home mortgages

Business / Business News /

Americans are taking on more debt, and they're soon going to be paying more for it.

The Federal Reserve on Wednesday raised its benchmark interest rate, citing an improving economy, low unemployment and rising wages. The move will affect millions of Americans by making it more expensive to borrow money, whether that's in the form of credit card...Read more

The hunt for dirty money in real estate will keep going, feds say

Business / Business News /

MIAMI -- The federal government says its hunt for dirty money in luxury real estate in South Florida and other high-priced housing markets is working -- and the temporary initiative is being extended yet again.

Since 2016, the U.S. Treasury Department has mandated that secretive shell companies buying luxury homes with cash in certain areas ...Read more

From a box of radio parts, Digi-Key grew into a $2.3 billion anchor of northwest Minnesota

Business / Business News /

THIEF RIVER FALLS, Minn. -- If you were going to pick a spot to locate a worldwide shipping company, this wouldn't be it.

An hour from the nearest interstate highway, with an airport terminal that's smaller than the local curling club, Thief River Falls is a place where the recent arrival of a Tractor Supply store was big news.

Yet this city ...Read more

Health insurance help for small business in a big-company tool

Business / Business News /

PHILADELPHIA -- Chant Engineering Co., a Bucks County, Pa., manufacturer of large-scale testing equipment, had endured years of double-digit percentage increases in health insurance costs.

But in 2014, spurred by the new regulations under the Affordable Care Act, the family-owned company in New Britain with 50 full-time employees adopted a ...Read more

Apple's new flagship Chicago store is for sale, and could fetch $170 million or more

Business / Business News /

CHICAGO -- Apple's new flagship store on Michigan Avenue is going up for sale and could fetch at least $170 million.

Chicago-based Walton Street Capital has hired brokers to put the 20,000-square-foot store on the market for sale, and is expecting offers in the range of $170 million to $175 million, according to people familiar with the plan.

...Read more

Real estate Q&A: Do I really need an owner's title insurance policy?

Business / Business News /

Q: We are purchasing a new home and they want us to pay for title insurance. I do not understand why we need this Do they not have clear title to the land upon which they are building? We are only purchasing one of the many offered. If this is an absolute necessity, can it be bought for less elsewhere? -- Howard

A: I unequivocally recommend ...Read more

With Trump in White House and GOP in control, Comcast appoints Republican to head Washington office

Business / Business News /

Comcast Corp. promoted long-time Republican lobbyist and aide Mitch Rose to head its 50-person legislative office and multi-million-dollar lobbying budget in Washington as it faces a bundle of contentious issues involving the Republican-controlled Congress and Trump administration.

Comcast doled out $15.3 million in lobbying in 2017, making it ...Read more

Zuckerberg says Facebook must protect user data or 'we don't deserve to serve you'

Business / Business News /

Facebook Inc. Chief Executive Mark Zuckerberg acknowledged that his company "made mistakes" in protecting user data obtained by Cambridge Analytica, but said steps already taken and new policies unveiled Wednesday would prevent developers from misappropriating such information in the future.

Part regret, part explanation and part announcement ...Read more

Google plans to invest $300 million to fight fake news, promote quality journalism

Business / Business News /

Amid the uproar and consternation around the world over fake news and misinformation on the internet, Google pledges to promote quality journalism -- and put its money where its mouth is.

Over the next three years, Google says it will invest $300 million in the new Google News Initiative, according to the Mountain View-based tech giant. The ...Read more

Cambridge Analytica's Brazil partner suspends deal amid scandal

Business / Business News /

RIO DE JANEIRO -- Ponte Estrategia, the Brazilian partner of data research firm Cambridge Analytica, has asked to suspend its agreement with the London-based company less than seven months before the South American nation goes to the polls.

Andre Torretta, the head of the Brazilian firm, emailed Cambridge Analytica with the request after ...Read more