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ESPN, once the crown jewel of Disney’s cable empire, is now dead weight. As cable cutting becomes more and more popular, ESPN remains a premium channel that can often cost extra to keep in a cable package or be added on. At the moment, ESPN is struggling to compete in the new digital television world, and laid off about half of its team to cut costs. But is that enough? Here’s why ESPN’s financial problems outweigh the benefits of ownership for Disney
Read The Capitalist’s Take Here
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TIME, INC. LOOKS TO MOVE PAST MAGAZINES; SELLS OFF ASSETS
Time Inc. is planning to sell some magazines or other properties as the struggling publisher tries to push ahead with a digital strategy and move past months of talks with potential acquirers. The owner of Sports Illustrated and People will look to offload “relatively smaller” titles in its portfolio and other “non-core” assets, Chief Executive Officer Rich Battista said Wednesday on a conference call. He didn’t name the assets. Battista added that Time is open to joint ventures with other companies and interested in an outside investor who could provide capital “for a particular opportunity.”
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WHOLE FOODS MARKET REPORTEDLY SET TO OUST CHAIRMAN, SHAKE UP BOARD IN RESPONSE TO ACTIVIST INVESTOR
Whole Foods Market Inc. is planning to shake up its board in a bid to ward off a proxy fight with activist investor Jana Partners, according to a person with knowledge of the situation. The organic-food grocer will replace as many as seven of its 12 directors, said the person, who asked not to be identified because the deliberations are private. The Austin, Texas-based company also will name a new chairman, according to the person. Whole Foods is seeking to stave off a looming battle with…
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Closing Bell
– Wednesday, May 10th
Markets Finish Flat as Investors Await Tax Reform Progress
Big Insider Trades
– Facebook, Inc (FB) CTO Mike Schroepfer Sells $5.7m
– Tempur Sealy International, Inc. (TPX) Director Usman Nabi Buys $9m
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