Raphael Stevens

Dan Snyder agreed to sell the Washington Commanders to a consortium led by Josh Harris, the owner of the NBA’s Sixers and the NHL’s Devils.
NBA legend Magic Johnson is part of the partnership, as well as Harris business partner Mitch Rales.
The deal is valued at approximately $6 billion, according to a person familiar with the matter.

A general view of fans in front of the Washington Commanders logo during the first half of the game between the Washington Commanders and the Philadelphia Eagles at FedExField on September 25, 2022 in Landover, Maryland.
Scott Taetsch | Getty Images

The NFL’s Washington Commanders entered into a deal to be sold to a consortium led by private-equity financier and professional sports team owner Josh Harris, the sides announced Friday.
The deal is valued at approximately $6 billion, according to a person familiar with the matter who declined to be named as the terms weren’t made public. While the deal is still subject to NFL approval, it would top last year’s $4.65 billion sale of the Denver Broncos to Walmart heir Rob Walton.

“League staff and the finance committee will review details of the proposed Washington transaction,” the NFL said. “Any transaction needs to be voted upon by the full membership with 24 of 32 votes needed to approve the sale.”
The deal comes months after team owner Dan Snyder hired investment bankers to explore a sale, CNBC previously reported.
Snyder wasn’t being forced to sell the team despite mounting pressure among other owners to have him removed as owner. Snyder and the Commanders have been the subjects of recent probes by both the House Oversight Committee and the NFL surrounding allegations of sexual harassment and financial misconduct.
Harris said he is determined to bring a Super Bowl title back to the franchise, which hasn’t been to the championship game since 1992. Washington has won three Super Bowls in total, all during the 1980s and 1990s.
“I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber franchise for this city and its fanbase,” Harris said in a statement on Friday.

Managing Partner of the Philadelphia 76ers Josh Harris stands on the court prior to Game 1 of an NBA basketball first-round playoff series against the Brooklyn Nets, Saturday, April 15, 2023, in Philadelphia.
Derik Hamilton | AP

Harris, who is a majority owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, is partnering with NBA legend Magic Johnson and Mitch Rales, a longtime business partner.
The deal comes amid calls for more Black ownership of NFL teams.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson tweeted on Friday. “Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!”
The DMV refers to the Washington metro area, which includes the District of Columbia, Maryland and Virginia.
Other members of the new ownership group include Michael Sapir, CEO of ProShares, and former Google CEO Eric Schmidt. There are other partners in the group who aren’t listed in the press release announcing the deal. Harris will be the lead owner.
Read the full release announcing the deal:
The Washington Commanders and a partnership led by Josh Harris have entered into a purchase and sale agreement, it was jointly announced on Friday, May 12th.
The purchase and sale agreement calls for Harris and partners to acquire the Washington Commanders from the Snyder family.  The agreement is subject to NFL approval as well as the satisfaction of customary closing conditions. 
Please see below for statements from Commanders Co-Owners Tanya and Dan Snyder and from Josh Harris on behalf of the Harris ownership group.
Statement from Commanders Co-Owners Tanya and Dan Snyder:
“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” said Tanya and Dan Snyder.  “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”
Statement from Josh Harris on behalf of the Harris ownership group:
On behalf of our entire ownership group — including Mitch Rales, my longtime sports business partner David Blitzer and Earvin Magic Johnson — I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber franchise for this city and its fanbase.
Growing up in Chevy Chase, I experienced first-hand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.  
Thank you to Tanya and Dan Snyder and the staff of the Commanders for their partnership and cooperation throughout the sale process.  
In addition to Mitch, David and Magic our extraordinary ownership group includes local business leader Mark Ein, Lee Ainslie, Eric Holoman, Michael Li, owner of Range Group, the Morgan family, owners of Morgan Properties, the Santo Domingo family, Michael Sapir, Co-founder and CEO of ProShares,  Eric Schmidt, former Google CEO and Executive Chair and Andy Snyder amongst others. Together these individuals and families have the collective resources and shared commitment to support our vision for the Commanders.
We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community. More

Medicare would spend $5 billion if 216,500 patients become eligible for Alzheimer’s treatment Leqembi, according to research published in JAMA Internal Medicine.
The study authors said the estimated costs to the program for seniors are conservative and spending on Leqembi might increase more than anticipated.
Patients could face an annual bill of about $6,600 per year depending on the state they live in and whether they have supplemental insurance.
Medicare coverage of Leqembi is severely restricted right now, though that could change in July.

The Alzheimer’s drug Leqembi is seen in this undated handout image obtained by Reuters on Jan. 20, 2023.
Eisai | Reuters

The new Alzheimer’s antibody treatment Leqembi could cost Medicare up to $5 billion per year, according to research published in a leading medical journal this week.
Medicare would spend about $2 billion per year if around 85,700 patients test positive for the disease and are treated with the Eisai and Biogen product Leqembi, according to the research published Thursday in JAMA Internal Medicine.

The program for seniors would spend $5 billion if around 216,500 patients become eligible for the breakthrough treatment, according to the study.
The authors said the estimated costs to Medicare are conservative and that spending on Leqembi might increase more than anticipated depending on demand and other factors.
The researchers who conducted the JAMA study included physicians and public health and policy experts. They are affiliated with the University of California Los Angeles, the Rand Corporation, Harvard Medical School and Beth Israel Deaconess Medical Center in Boston, among other institutions.
Eisai and Biogen have priced the twice-monthly antibody infusions at $26,500 per year.
There are also additional annual costs estimated at $7,300 per patient associated with neurologist visits, MRI tests and PET scans, administration of infusions, and monitoring for and treatment of potential side effects, according to the researchers.

The study assumed Medicare would cover 80% of the costs, with patients left to pay the remaining 20% in full or in part depending on whether they have supplemental insurance.
Patients could face an annual bill of about $6,600 per year depending on the state they live in and whether they have supplemental insurance, according to the study. Some lower-income people who qualify for Medicare and Medicaid would pay nothing out of pocket.

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The Alzheimer’s Association, which lobbies on behalf of patients living with the disease, estimates Alzheimer’s and other forms of dementia will cost the U.S. $345 billion this year. Those costs could rise to $1 trillion by 2050, according to the association.
“That’s the case without treatment. Prevention and treatment is the only path toward reducing this cost over time,” Robert Egge, the association’s head of public policy, said in a statement.
“But it’s not cost that should determine if people have access to life improving care — it’s about the impact on people,” Egge said. “Treatments taken in the early stages of Alzheimer’s could mean a better quality of life.”
Leqembi had a positive effect on patients with early Alzheimer’s disease in clinical trial results published in the New England Journal of Medicine in January.
The expensive treatment is not available to the overwhelming majority of patients right now because Medicare has severely restricted coverage of the antibody.
Medicare has promised to provide broader coverage of Leqembi if the FDA grants full approval of the treatment in July. Leqembi received expedited approval from the Food and Drug Administration in January.
The Alzheimer’s Association, members of Congress and state attorneys general are pushing for Medicare to drop its restrictions and fully cover Leqembi.
The antibody treatment, which targets brain plaque associated with the disease, slowed cognitive decline by 27% in Eisai’s clinical trial.
There are currently no other drugs on the market that have demonstrated this level of efficacy at slowing Alzheimer’s disease. Eli Lilly’s donanemab demonstrated promising clinical trial results earlier this month. The company plans to apply for full FDA approval this quarter.
Leqembi and donanemab both carry serious risks of brain swelling and bleeding. More

Nordstrom is pegging its revival to Nordstrom Rack, as it plans to open stores this year, with more coming after that.
Yet the off-price banner has lagged behind competitors and the namesake Nordstrom banner.
In an interview, Chief Stores Officer Jamie Nordstrom said the company has zeroed in on best-selling brands and will benefit from value-conscious customers.

Signage outside a Nordstrom Rack retail store in New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Images

Shoppers are hungry for deals as they pay more for food and necessities. People are looking for clothes and accessories as they juggle parties, vacations and days at the office again.
But that has not helped Nordstrom’s off-price chain, Nordstrom Rack. The brand remains a weak spot in the overall Nordstrom portfolio, with sales totaling $4.81 billion in the most recent fiscal year, below pre-pandemic levels. In the holiday quarter, Nordstrom Rack’s net sales dropped about 8%, underperforming the roughly 2% decline of the company’s namesake banner.

Despite Rack’s struggles, the Seattle-based department store operator is betting it can turn the lagging chain into a growth driver. It plans to open 20 stores this year with more coming after that.
Nordstrom Rack has formed a dedicated leadership team, which includes some off-price veterans. It sharpened its focus on the well-liked brands that sell well.
The success or failure of the Nordstrom Rack turnaround effort could shape the company’s future. Nordstrom’s overall sales were stagnant even before the Covid-19 pandemic. Now, discretionary merchandise is under pressure because of inflation and higher costs for essentials have nudged consumers toward off-price names. Those chains such as T.J.Maxx, Ross Stores and Burlington Stores, have opened more stores and wooed new customers, driving higher foot traffic than Nordstrom Rack has seen.

Nordstrom, meanwhile, is bracing for a sales decline. It said in March it expects revenue to fall between 4% and 6% this fiscal year compared with the prior one. That includes the effect of its recent decision to shutter its stores and online business in Canada.
Company leaders pinned slowing sales on Nordstrom-specific issues, as well as a tougher economy.

In an interview with CNBC, Chief Stores Officer Jamie Nordstrom said Rack locations got hit by inventory troubles during the Covid pandemic. Shelves swung between having too many items and too few. Too many items came from brands fashion-forward customers didn’t recognize, he added.
“If you went into a Nordstrom Rack, you saw a brand you’ve never heard of. That’s probably not something our customers are looking for,” he said. “If I went into a Rack store — and I’ve been working in this industry my entire life — if there’s a brand that I’ve never heard of, [it’s] probably not a great brand. That’s what we fixed.”
CEO Erik Nordstrom said shoppers have become more hesitant to spend. On a call with investors in March, he said the retailer saw shoppers pull back on spending in late June and through the holiday season. The trend was more pronounced at Rack and among lower-income customers than at the chain’s flagship stores.
He said a little over half of Rack’s sales decrease in the fiscal fourth quarter was driven by company actions to boost profits. Those include moves to eliminate store-based fulfillment of online orders and increase the minimum amount people must spend online to get free shipping.
In the company’s recent letter to shareholders, Erik Nordstrom acknowledged the company fell short in the past year. He said improving Nordstrom Rack’s sales is one of its top priorities.

Digital sales could give Rack an edge. Off-price players have been slower to move online as they focus on the in-person treasure hunt.
But store traffic at Nordstrom Rack has lagged behind traditional off-price banners such as Ross Dress for Less, Burlington, Marshalls and T.J. Maxx when compared with the year-ago period, according to monthly data from Placer.ai, which tracks retail foot traffic. In April, for example, store traffic was down nearly 16% year-over-year at Nordstrom Rack compared with about 3% growth at both T.J.Maxx and Marshalls. Year-over-year store traffic in April declined about 7% at Ross and about 3% at Burlington.
Store traffic does not, however, capture how many items shoppers leave with or how much they’re buying online at home.
Nordstrom’s struggles have attracted outside scrutiny. Activist investor Ryan Cohen, chairperson of GameStop and founder of Chewy, bought a stake in the company earlier this year through his investment firm, RC Ventures. He has pushed for changes at the company as sales stagnate.
Cohen withdrew a proposal to nominate two candidates for Nordstrom’s board, but is keeping options open, including proposing board member changes again, according to a source familiar with the matter.
Cohen declined to a request for comment. Nordstrom also declined to a request for comment on the activist dispute, but said in a statement the company “remains focused on executing its strategy and driving long-term profitable growth and value creation.”
In a tweet Friday, Cohen referred to this article about Nordstrom Rack with a one-sentence reply: “Shareholders want cost cuts and no cronyism.”
Separately, the company recently added Eric Sprunk, former Nike chief operating officer, to its board. This week, it also named former Target executive Cathy Smith as its new chief financial officer.
Shares of Nordstrom reflect its lackluster performance. The stock has fallen about 6% so far this year, underperforming the 7% growth of the S&P 500 and 1% gain of the retail-focused XRT. Its stock closed at $15.13 Thursday, roughly half its 52-week high.
Nordstrom will offer updates about its turnaround strategy when it reports earnings May 31.

‘Golden moment’ for off-price

Nordstrom Rack, a brand that caters to bargain-hunting fashionistas, was founded in 1973. As the department store retailer has closed some full-line stores, it has opened more of the off-price locations.
Nordstrom Rack stores outnumber the company’s namesake stores, with 241 locations across the country, according to company filings. But other off-price names have higher sales and a larger footprint.

Jamie Nordstrom said the Rack stores are the retailer’s “single-largest vehicle for new customer acquisition.” Customers who are younger and with less disposable income often get introduced to Nordstrom through the lower-priced chain, then move to the pricier namesake store, Jamie Nordstrom said. He added Nordstrom customers tend to shop both brands.
Nordstrom Rack stores accounted for more than 40% of new customers in 2022, CEO Erik Nordstrom said on the March earnings call.
The stores are also a way to move merchandise out of its full-line business, but still sell it in a profitable way, Jamie Nordstrom said. Rack also buys from brands’ closeout sales.
As it pins its growth hopes on the off-price locations, Nordstrom has turned Rack stores into e-commerce hubs, too. Customers can pick up and return online purchases at Rack locations, which tend to be closer and more convenient than mall stores.
Other department stores have also expanded into off-price. Names such as Saks Off Fifth and Macy’s Backstage stores fit into the increased emphasis on lower-priced items.
Yet retailers face an inherent tension if they try to juggle both kinds of stores, said Simeon Siegel, a retail analyst from BMO Capital Markets. Off-price retailers make money by being opportunistic. They snap up eye-catching items from reputable brands eager to offload out-of-season or excess merchandise.
Retailers with full-priced businesses can fall into a trap of using the stores to park their own merchandise that hasn’t sold and few people want, he said. That can hurt shoppers’ experience and merchants’ discipline.
“Off-price needs to have a maniacal focus on buying other people’s mistakes,” he said. “Not yours.”
Adrienne Yih, a retail analyst for Barclays, said Nordstrom Rack in the early years relied heavily on its department store merchandise. It doesn’t have the same muscle of longtime off-price players, which have teams that quickly snap up hot-ticket items.
She dubbed 2023 as off-price’s “golden moment” because many retailers and brands got stuck with a lot of extra inventory. Sophisticated buyers can get good merchandise for less.
“Knowing what to buy at what price can be more important in this environment,” Yih said.
Yih added Rack doesn’t have the same breadth as off-price competitors, which have large categories such as home goods and food. Plus, Nordstrom risks stealing sales away from its namesake business, she said.

Rack has a ‘long runway’

Jamie Nordstrom said a small percentage of Nordstrom Rack’s merchandise comes from its full-size stores. He declined to specify further. Along with transferring from stores, it buys direct and closeout purchases from brands and carries some Nordstrom-made products.
But he and other Nordstrom leaders acknowledged the Rack lost its way.

Jamie Nordstrom said the company has already taken steps to turn the off-price chain around. It’s zeroed in on merchandise customers want, including higher-end brands that aren’t typically found at off-price competitors. It’s rolled out a new logo and refreshed its website.
Nordstrom Rack has also tapped some off-price veterans, including Nancy Mair, senior vice president of Rack merchandising, formerly of Burlington, and Kelly Wotton, vice president and divisional merchandise manager of Rack, previously of Macy’s Backstage and T.J.Maxx’s parent company TJX.
On the company’s website, Rack touts clothing, shoes, handbags and more from brands such as Vince, Kate Spade and Ferragamo. Jamie Nordstrom said it must keep that fashion-forward approach sharp along with emphasizing value.
“Our customers are brand first, price second,” he said. “Where we went, with good intention, we went price first, brand second. And our customers did not respond to that.”
Sales performance is stronger at the company’s three newest Rack stores, Chief Brand Officer Pete Nordstrom told investors on the March call. He called that a “proof point” when brands are hot and merchandise is fresh, shoppers respond.
As customers watch their budgets, Jamie Nordstrom said Rack is poised to benefit. He called the stretch after the Great Recession “the best run we’ve had in the modern history of our company.”
“We think that opportunity is right in front of us today,” he said.
He added Nordstrom Rack’s footprint will grow. It has a tiny fraction of locations compared to TJX’s roughly 4,700 stores, Ross’ nearly 1,700 stores and Burlington’s approximately 900 stores.
“As we find great locations to open a Rack store, we’re going to be very interested,” he said. “We think there’s a long runway.” More

Americans in most states will no longer receive Covid exposure notifications on their smartphones.
Nearly 30 states have used a system developed by Apple and Google to alert iOS or Android users when they’ve been exposed to the coronavirus.
The Association of Public Health Laboratories said “the majority of states” stopped using the exposure notification system after the Biden administration ended the U.S. public health emergency.
California, New York, Massachusetts, Washington, Virginia, New Mexico and Colorado are among those states.

A sign reminding riders to wear a face mask to prevent the spread of Covid-19 appears on a bus on First Street outside the U.S. Capitol on Monday, January 10, 2022.
Tom Williams | CQ-Roll Call, Inc. | Getty Images

Americans in most states will no longer receive Covid exposure notifications on their smartphones now that the U.S. public health emergency has ended. 
Since 2020, nearly 30 states have used a Bluetooth system developed by Apple and Google to track the spread of Covid infections and send push alerts to any smartphone user who came in close contact with a person who tested positive for the virus. 

The Association of Public Health Laboratories hosted the national server that the system ran on. 
On Thursday, the organization said “the majority of states” stopped using the exposure notification system after the Biden administration ended the public health emergency on May 11. 
APHL added it will no longer support key components of the system, which aimed to help millions of Americans trace their exposures and make decisions about isolating and testing for the virus.
In a joint statement, Apple and Google did not address states’ decisions to stop using the system.
The tech giants told CNBC the system helped public health departments fight Covid in a way that preserves privacy, referring to how it tracks infections without collecting the location or identity of users. 

California, New York, Massachusetts, Washington, Virginia, New Mexico and Colorado are among the states that said they will no longer use the system after the end of the U.S. emergency declaration. 
“These systems were timed to shut down on the same date that the nation’s COVID-19 State of Emergency ends,” the California Department of Public Health said in a statement late Thursday. 
Several states used the system to create apps that smartphone users could download, such as CA Notify and WA Notify.  
States also provided exposure notifications through a built-in feature on Apple and Google’s operating systems. 
For that method, state health departments had to submit a configuration file with their contact information and Covid guidance to Apple and Google. The two tech companies would use the file to set up a feature on phones that users could activate to receive notifications. 
On Friday, some Apple users who opted in for that feature received push alerts informing them that their iPhones “will no longer log nearby devices and you won’t be notified of possible exposures.” 
One Apple user shared in a Twitter post that their alert said, “Your Health Authority Turned Off Exposure Notifications.”
But not all Apple and Google users in states that stopped using the exposure notification system have received similar alerts, as of Friday afternoon.
Neither Apple or Google addressed why some users received alerts while others did not.
There is no clear tally of how many Americans activated the exposure notification feature on their phones or downloaded apps over the past three years. 
Virginia estimates that more than 3 million users have downloaded the state’s app or used the notification feature since those tools launched in 2020.
New Mexico said the “majority” of residents activated the notification feature on their phones. More than 1.5 million alerts were sent to users who may have been exposed to Covid, according to the state. 
Washington said the state generated more than 2.5 million exposure alerts through its app or the notification feature. 
Researchers in Washington found that the state’s notification tools saved an estimated 30 to 120 lives and likely prevented about 6,000 Covid cases during the first four months after they launched in November 2020. 
Despite these benefits, some Americans have been skeptical of the Covid exposure notification tools. 
A 2021 report by the U.S. Government Accountability Office said that the public expressed concerns about privacy. The report said the public may not trust both local governments and technology companies to handle sensitive health information.
State decisions to end Covid exposure notifications are part of a broader shift in how the country responds to the pandemic. 
Health departments last year loosened Covid restrictions like masking and social distancing as more Americans got vaccinated and boosted against the virus. 
That culminated in the end of the public health emergency, which phased out much of the funding and flexibility that helped expand Covid testing, insurance coverage and access to care during the pandemic.
Still, more than 1,000 Americans are still dying each week from Covid, according to the Centers for Disease Control and Prevention. More

NBCUniversal global advertising chief Linda Yaccarino resigned.
She has been in advanced talks to become Twitter’s new CEO.
Elon Musk has said the new chief executive would start in about six weeks.

Linda Yaccarino, chairman of advertising and partnerships at NBC Universal Media LLC, speaks during a panel session on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 23, 2018. 
Jason Alden | Bloomberg | Getty Images

NBCUniversal global advertising chief Linda Yaccarino has resigned, the company said Friday.
The announcement comes a day after Elon Musk said via Twitter there would be a new CEO of the social media website, although he didn’t name the new person. Musk said in his tweet the person would start in about six weeks.

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Yaccarino was in advanced talks for the role, CNBC’s Julia Boorstin reported, citing sources.
Yaccarino joined NBCUniversal in 2011 and had risen to the top of the company’s global advertising business. On Monday, the ad chief was slated to take part in NBCUniversal’s Upfront event at Radio City – the sales presentation the company, along with its media peers, make to the advertising industry every year in May.
The longtime ad executive brings a wealth of relationships with top chief marketing officers and other advertising executives to Twitter at a time when the platform has seen advertisers flee after Musk’s takeover last year.

Her exit from NBCUniversal comes weeks after Jeff Shell was ousted as the company’s CEO after admitting to an inappropriate relationship with an employee. Rather than replacing Shell, NBCUniversal’s top executives will report to parent company Comcast President Mike Cavanagh.
On Friday, NBCUniversal said Yaccarino would leave the company, effective immediately, and Mark Marshall, the current president of advertising sales and client partnerships would become interim chairman of the company’s advertising and partnerships group.

Marshall will report to Mark Lazarus, chairman of NBCUniversal Television and Streaming. Lazarus and Marshall are likely to take part in NBCUniversal’s Upfront presentation on Monday, CNBC’s David Faber and Julia Boorstin reported on Friday.
This story is developing. Please check back for updates.
Disclosure: NBCUniversal is the parent company of CNBC. More