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Warner Bros Discovery said on Monday it would split into two companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era. The breakup is the latest sign of the great unraveling of decades of media consolidation that have created global conglomerates spanning content creation, distribution and in some cases, telecommunications. The strategic reset would provide Warner Bros Discovery’s streaming unit more room to scale by producing hit studio content without being bogged down by the declining cable networks business. Its CEO David Zaslav will lead the streaming and studios business after the breakup, while CFO Gunnar Wiedenfels will head the global networks unit. “By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape,” Zaslav said. The separation for the company formed out of a merger between WarnerMedia and Discovery in 2022 will be structured as a tax-free transaction and is expected to be completed by mid-2026. WBD shares were up nearly 6% in premarket trading. The company had laid the groundwork for a possible sale or spin-off of its declining cable TV assets in December by announcing a separation from its streaming and studio operations. The split will align the company with Comcast, which is spinning off most of its cable TV networks such as MSNBC and CNBC. Bank of America research analyst Jessica Reif Ehrlich has said Warner Bros Discovery’s cable television assets are a “very logical partner” for Comcast’s new spin-off company. WBD also said on Monday it launched tender offers to restructure its existing debt, funded by a $17.5 billion bridge facility provided by J.P. Morgan. The bridge loan is expected to be refinanced ahead of the planned separation, it said, adding that global networks will retain up to a 20% stake in streaming and studios, which it plans to monetize to further reduce debt. J.P. Morgan and Evercore are advising WBD on the deal, while Kirkland & Ellis is serving as legal counsel. Aditya Soni and Akash Sriram, Reuters
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E-Commerce
Ballers, a social multisport venue and members’ club, just received a $20 million Series A investment joined by tennis star Andre Agassi ahead of its Philadelphia flagship opening in July. With the location, Ballers aims to combine competition with culture. It will include courts where members can play pickleball, squash, and padel. There will also be a golf practice area with real sand traps and a large turf field where members can play soccer. These are all social sports, cofounder David Gutstadt tells Fast Company. Theyre cool, relevant, elevated, but most importantly social. Courting crosscourt players Pickleball, specifically, is Americas fastest growing sport; participation has increased by 311% in the last three years, according to data from the Sports and Fitness Industry Association (SFIA). But almost half of racket sports players are crosscourt consumers, meaning they enjoy playing more than one of these sports, according to research by RacquetX. [Rendering: Ballers] And racket sports as a whole are in a growth phase, with five out of seven increasing their year-over-year participation totals, according to SFIA. By creating a dedicated space for these sports, Gutstadt says he hopes to bring country club sports to the city. As consumers seek richer social interactions, competition has evolved from pastime to platform, Lloyd Danzig, a managing partner at Sharp Alpha, a firm that co-led the investment, wrote to Fast Company. More locations on the horizon Founders Gutstadt and Amanda Potter say that Ballers is the first of its kind: a multisport venue with a focus on hospitality and creating a culture. Outside of just offering sports practice and competition areas, the Ballers space also includes a full bar, a restaurant, and social activations like DJs or art installation pop-ups. The Ballers space has been constructed from the shell of an old power plant, giving the club a unique but grand and majestic look, Potter says. Throughout the rest of 2025 and 2026, expect to see Ballers locations pop up in Boston, Downtown Los Angeles, and Miami. [Rendering: Ballers] Ballers has amassed a group of celebrity and athlete investors that represent the venues array of sports offerings. These investors include tennis stars Agassi, Kim Clijsters, and Sloane Stephens; pickleballer Connor Garnett; and soccer player/padel aficionado Maarten Paes. As lifelong tennis lovers, Gutstadt and Potter told Fast Company that working with Agassi was a dream come true. Agassi was the obvious first pick to represent Ballers, says Potter, because he represents a shift in racket sports fashion and culture. Andre Agassi came into a sport that was pretty buttoned up and properyou know, white collar shirts and Wimbledon mentality, Potter says. He came in with a bit of an attitude and shook things up. And thats what we want for Ballers. Correction: Agassi took part in the investment but did not lead it as an earlier version of this story and headline stated.
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E-Commerce
A significant recall of 1.7 million dozen eggs is underway. The eggs were believed to be the source of a salmonella outbreak that has sickened dozens of people across seven states and so far led to 21 people being hospitalized. They were distributed to several major retailers, including Walmart and Safeway. Heres what you need to know about the recall and outbreak. Shell eggs recalled due to salmonella fears On June 6, the August Egg Company of Hilmar, California, issued a voluntary recall of 1.7 million dozen eggs produced at its facilities. The company initiated the recall after it discovered that the eggs are feared to have been contaminated with salmonella, a potentially deadly bacterium. On the same day, the U.S. Food and Drug Administration (FDA) published August Egg Companys recall notice on its website, while the U.S. Centers for Disease Control and Prevention (CDC) announced an investigation into a multistate outbreak of salmonella linked to eggs. Dozens sickened and hospitalized across 7 states The CDCs investigation has found that eggs produced by August Egg Company are linked to dozens of cases of people becoming ill after consuming them. The agencys latest data shows that there are so far 79 cases linked to the August Egg Companys recalled products. Of those cases, 21 have resulted in hospitalizations. Thankfully, no deaths have been reported so far. The cases are spread across seven states: Arizona, California, Kentucky, Nebraska, New Jersey, Nevada, and Washington. Of those states, California has the most number of cases, at 63, followed by Washington and Nevada, with four cases each. Arizona has had three cases, Nebraska and New Jersey two cases, and Kentucky has one. However, many people who become sick with salmonella see their symptoms resolve without contacting a health professional, so the actual number of cases could be higher. When and where were the eggs distributed? According to the notice posted on the FDAs website, the recalled eggs were distributed between February and May. The retail locations that received the eggs include: Walmart Save Mart FoodMaxx Lucky Smart & Final Safeway Raley’s Food 4 Less Ralphs The eggs were distributed between February 3 and May 15, to Save Mart, FoodMaxx, Lucky, Smart & Final, Safeway, Raley’s, Food 4 Less, and Ralphs locations in California and Nevada. Those eggs had sell-by dates ranging from March 4 to June 4. The eggs were also distributed between February 3 through May 6, to Walmart stores in California, Washington, Nevada, Arizona, Wyoming, New Mexico, Nebraska, Indiana, and Illinois. Those eggs had sell-by dates ranging from March 4 to June 19. What eggs are included in the recall? Over two dozen egg products packaged under multiple brands are included in the recall. The recall notice states that the eggs were packaged in fiber or plastic cartons and have a plant code number P-6562 or CA5330 with the Julian Dates between 32 and 126. Photographs of the cartons can be found here. The item names of the egg products included in the recall, along with their plant number and carton UPC are: Item NamePlant NumberCarton UPCClover Organic Large Brown 12 eggsP-6562 or CA-5330070852010427First Street Cage Free Large Brown Loose 1 case=150 eggsP-6562 or CA-5330041512039638Nulaid Medium Brown Cage Free 12 eggsP-6562 or CA-5330071230021042Nulaid Jumbo Brown Cage Free 12 eggsP-6562 or CA-5330071230021011O Organics Cage Free Large Brown 6 eggsP-6562 or CA-5330079893401522O Organics Large Brown 12 eggsP-6562 or CA-5330079893401508O Organics Large Brown 18 eggsP-6562 or CA-5330079893401546Marketside Organic Large Cage Free Brown 12 eggsP-6562 or CA-5330681131122771Marketside Organic Large Cage Free Brown 18 eggsP-6562 or CA-5330681131122801Marketside Large Cage Free Brown 12 eggsP-6562 or CA-5330681131122764Marketside Large Cage Free Brown 18 eggsP-6562 or CA-5330681131122795Raleys Large Cage Free Brown 12 eggsP-6562 or CA-5330046567033310Raleys Large Cage Free Brown 18 eggsP-6562 or CA-5330046567040325Raleys Organic Large Cage Free Brown 12 eggsP-6562 or CA-5330046567028798Raleys Organic Large Cage Free Brown 18 eggsP-6562 or CA-5330046567040295Simple Truth Medium Brown Cage Free 18 eggsP-6562 or CA-5330011110099327Simple Truth Large Brown Cage Free 18 eggsP-6562 or CA-5330011110873743Sun Harvest Organic Cage Free Large Brown 12 eggsP-6562 or CA-5330041512131950Sun Harvest Organic Cage Free Large Brown 18 eggsP-6562 or CA-5330041512145162Sunnyside Large Brown Cage Free 12 eggsP-6562 or CA-5330717544211747Sunnyside Large Brown Cage Free 18 eggsP-6562 or CA-5330717544211754Sunnyside Organic Cage Free Large Brown 12 eggsP-6562 or CA-5330717544201441Sunnyside Organic Cage Free Large Brown 18 eggsP-6562 or CA-5330717544211761Loose Small Brown Cage Free-1 box= 6 flats (1 flat= 30 eggs)P-6562 or CA-5330NALoose Medium Brown Cage Free -1 box= 6 flats (1 flat= 30 eggs)P-6562 or CA-5330NALoose Medium Brown Organic -1 box= 6 flats (1 flat= 30 eggs)P-6562 or CA-5330NALoose Large Brown Organic-1 box= 6 flats (1 flat= 30 eggs)P-6562 or CA-5330NALoose Jumbo Brown Cage Free -1 box=5 flats(1 flat=20 eggs)P-6562 or CA-5330NALoose Jumbo Brown Organic -1 box=5 flats(1 flat=20 eggs)P-6562 or CA-5330NA What is salmonella? Salmonella is a potentially deadly bacteria that is usually contracted after eating contaminated foods. The CDC says that typical symptoms of a salmonella inection include diarrhea, fever, and stomach cramps, which typically present between six hours and six days after exposure to the bacteria. Typical salmonella infections last between four and seven days, and most people recover without treatment. However, salmonella infections can also cause severe illness in individuals, especially those who are younger than 5 years old, older than 65 years old, or have weakened immune systems. What should I do if I have the recalled eggs? According to the CDC, if you have the recalled eggs in your possession, you should not consume them. Instead, you should throw the eggs out or return them to their place of purchase for a refund. You should also sanitize all surfaces that may have come into contact with the eggs. Consumers who think they may have the recalled eggs in their possession are urged to read the full recall and investigation notices.
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E-Commerce
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