Business

Whoopi Goldberg started the All Women’s Sports Network with George Chung, co-founder of international media holding company Jungo TV.
Goldberg told CNBC her childhood passion for sports and desire for greater female representation in the field inspired her to start the network.
AWSN is available in the U.S. on the free streaming service Vizio WatchFree+.

Hollywood icon Whoopi Goldberg hopes her newly launched All Women’s Sports Network will bring more attention to women’s sports.
Goldberg started the network with George Chung, co-founder of international media holding company Jungo TV. It’s the first global media channel dedicated exclusively to highlighting women’s sports and is available in the U.S. on the free streaming service Vizio WatchFree+.

Goldberg told CNBC her childhood passion for sports and desire for greater female representation in the field inspired her to start the network.
“I want little girls to have what we used to call baseball cards for their new favorite players, and I want them to follow just like I used to follow Mickey Mantle,” Goldberg said.
AWSN is also available via international partners in India, the United Arab Emirates, Saudi Arabia and the Philippines.
The network will air 2,000 hours of live sports the remainder of this year and into 2025. It will feature a wide range of sports from soccer, basketball, volleyball and field hockey to cricket, judo and table tennis.

Actor & comedian Whoopi Goldberg arrives on the Tonight Show starring Jimmy Fallon on Wednesday, November 6, 2024.
Todd Owyoung | Nbcuniversal | Getty Images

Goldberg said she hopes the growth of women’s basketball and soccer will help put the spotlight on other women’s sports.

“We started to see amazing basketball being played, and I think more people said, ‘Hey, I want to watch more of that.’ What other sports are women playing that we don’t know about? Like hockey or roller derby. I love roller derby. I want America to have a roller derby team,” Goldberg said. “I want it out there because women are doing it.”
Chung said Vizio currently reaches 20 million television sets, and, within the next three to four months AWSN expects to be available over on 100 million devices in the U.S.
Goldberg acknowledged she faced some initial resistance in launching the network, but once she met Chung, their goals aligned.
“I like a good business proposition, and I want this to go way past my lifetime. I want it to be as well known as an ABC, NBC or CBS,” she said.
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The biggest supermarket merger in American history is dead. In the space of just a few hours on December 10th, federal and state judges both sided with the Federal Trade Commission (FTC), America’s main antitrust regulator, to block the acquisition of Albertsons, a big supermarket chain, by Kroger, another such firm. By the next day the pair were adversaries: Albertsons has not only called off the deal, it is also now suing Kroger for failing to make “best efforts” to get regulatory approval. More

Shares of major health-care companies fell nearly 5% on Wednesday on concerns related to potential changes to their complex business models.
That includes UnitedHealth Group, Cigna and CVS Health, which operate three of the nation’s largest private health insurers and drug supply chain middlemen called pharmacy benefit managers.
The stock reaction on Wednesday appeared to be in response to new bipartisan legislation that aims to break up pharmacy benefit managers.

UnitedHealth Group signage is displayed on a monitor on the floor of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images

Shares of major health-care companies fell as much as 5% on Wednesday as investors feared pressure from lawmakers and patients could force changes to their business models.
The declining stocks include UnitedHealth Group, Cigna and CVS Health, which operate three of the nation’s largest private health insurers and drug supply chain middlemen called pharmacy benefit managers, or PBMs. They also own pharmacy businesses. Shares of all three companies closed at least 5% lower.

The stock reaction on Wednesday appeared to be in response to new bipartisan legislation that aims to break up PBMs, which was first reported by The Wall Street Journal. PBMs have faced yearslong scrutiny from Congress and the Federal Trade Commission over allegations they inflate drug costs for patients to boost their profits. 

The share moves also come as insurance companies and their practices face heightened public criticism following the fatal shooting of Brian Thompson, the CEO of UnitedHealth Group’s insurance arm, last week. Health stocks had already fallen in the days after Thompson’s killing.
A Senate bill, sponsored by Sens. Elizabeth Warren, D-Mass., and Josh Hawley, R-Mo., would force the companies that own health insurers or PBMs to divest their pharmacy businesses within three years, the Journal reported. The lawmakers told the Journal that a companion bill is scheduled to be introduced in the House on Wednesday.
“PBMs have manipulated the market to enrich themselves—hiking up drug costs, cheating employers, and driving small pharmacies out of business,” Warren said in a release. “My new bipartisan bill will untangle these conflicts of interest by reining in these middlemen.”
The release added that health-care companies that own both PBMs and pharmacies are a “gross conflict of interest that enables these companies to enrich themselves at the expense of patients and independent pharmacies.”

The largest PBMs — UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts — are all owned by or connected to health insurers. They collectively administer about 80% of the nation’s prescriptions, according to the FTC.
PBMs sit at the center of the drug supply chain in the U.S., negotiating rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions.
The FTC has been investigating PBMs since 2022. 
— CNBC’s Bertha Coombs contributed to this report.

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THE 12 DAYS of Christmas are meant to start on December 25th. But not in the world of artificial intelligence (AI). On December 5th OpenAI, maker of ChatGPT, began a blizzard of product shipments dubbed, gratingly, the “12 days of shipmas”. It has included a full roll-out of Sora, its video-generation tool, as well as Canvas, a writing and coding product. More

Nike will continue to be the exclusive uniform provider for the National Football League through 2038, a position it has held since 2012.
The deal comes after the NFL briefly held talks with other bidders competing for the agreement.
Nike is in the middle of a turnaround under new CEO Elliott Hill and has been criticized for falling behind on innovation.

Nike football shoes are seen in a store in Krakow, Poland, on Aug. 29, 2024.
Jakub Porzycki | Nurphoto | Getty Images

Nike has renewed its partnership with the National Football League for another 10 years after the league briefly opened the bidding process to competitors and held talks with other companies. 
Under the terms of the deal, Nike will continue to be the exclusive provider of uniforms and sideline, practice and base layer apparel for all 32 NFL teams through 2038. Nike has been the NFL’s exclusive apparel provider since 2012. 

“This partnership renewal is a testament to the strength and success of our collaboration with the NFL,” Nike’s newly appointed CEO Elliott Hill said in a news release. “As we embark on this new chapter, we’re committed to co-creating cutting-edge solutions that meet the rapidly changing needs of NFL athletes and fans, while fueling the league’s growth and development initiatives.” 
As part of the partnership, Nike said it will work to expand football’s global reach and use its sports research lab to address lower body injuries and boost footwear safety. 
The company said it will continue to support high school and college football and help bring the sport’s “most compelling narratives to life.” 
“Nike has been an invaluable partner since 2012 and we couldn’t be more excited to have them onboard for years to come,” NFL Commissioner Roger Goodell said in a statement. “In addition to their products and services for our clubs, players, or fans, Nike is a strategic partner who will help us grow football internationally, support youth football and make advances in player safety.”
The renewed partnership comes as Nike looks to turn around its business and hold on to its position as the global leader in athletic apparel and footwear. 

In October, CNBC reported that the NFL was considering other partners for its uniform contract as it prepared for its agreement with Nike to expire after the 2027 season. The league briefly opened up the process to other bidders and held talks with several companies interested in competing for the agreement, a source previously told CNBC. 
The NFL’s decision to open up the bidding process came as Nike faced criticism for falling behind on innovation. Earlier this year, it botched a uniform launch with Major League Baseball, prompting widespread complaints from players and fans that the new outfits were see-through, did not fit right and looked “amateurish,” ESPN reported at the time.
Still, the issue was not enough to scare off the NFL or the National Basketball Association, which renewed its contract with Nike in October. 
Nike is set to report fiscal second-quarter earnings next Thursday.
— Additional reporting by CNBC’s Jessica Golden.

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The National Football league has approved the sale of a minority stake in the Philadelphia Eagles to two family investment groups. 
The deal is for an 8% stake in the team and values the Eagles at $8.3 billion, according to a league source.
Longtime owner Jeffrey Lurie will maintain majority control of the team, the source said.

Philadelphia Eagles quarterback Jalen Hurts (1) looks on in the second half during the game between the Carolina Panthers and Philadelphia Eagles on December 08, 2024 at Lincoln Financial Field in Philadelphia, PA.
Icon Sportswire | Icon Sportswire | Getty Images

The National Football league has approved the sale of a minority stake in the Philadelphia Eagles to two family investment groups. 
The deal is for an 8% stake in the team and values the Eagles at $8.3 billion, according to a league source.

The sale was approved Wednesday at an NFL owners’ meeting in Dallas. It includes the sports team alone and does not include the stadium or any other assets.
Longtime owner Jeffrey Lurie will maintain majority control of the team, said the source, who spoke anonymously to discuss internal operations.
According to CNBC’s Official NFL Team Valuations in September, the Philadelphia Eagles were the ninth most valuable team at $7 billion. CNBC valuations are based on control stakes.
The Eagles were No. 9 in the league by revenue last year, bringing in $669 million in 2023.
The latest sale illustrates the meteoric rise of sports team values, which have been exceptionally strong for the NFL. Over the more than three decades that Lurie owned the Eagles, the team’s value increased 13.2% annually, outpacing the S&P 500, which increased at a rate of 8.9% annually.

The Eagles received robust interest in the sale from families, individuals and private equity firms, according to the source.
The Eagles newest minority owners include Susan Kim, chairman of the board of Amkor Technology, a product packaging company. Zack Peskowitz and Olivia Peskowitz Suter will also join the investor team. They are the children of Ed Peskowitz, founder of United Communications Group and a former co-owner of the Atlanta Hawks.
Lurie has owned the Eagles since 1994, when he took out a loan to buy the team for $185 million.  
Under Lurie’s ownership, the Eagles won their first-ever Super Bowl title in 2018, in addition to several conference championships throughout his tenure. The Birds are currently ranked first in the NFC East with a record of 11-2.
Lurie first announced the potential sale of a minority stake in the team in June after the league voted to approve private equity investment.

Other NFL deals

In addition to the Eagles, NFL owners on Wednesday also approved new minority stakes in the Miami Dolphins, Buffalo Bills and Las Vegas Raiders, in the first transactions since the NFL voted to allow private equity investment this summer.
The Dolphins approved the sale of a 10% stake to Ares Management and a 3% take to Brooklyn Nets owners Joe Tsai and Oliver Weisberg, as previously reported by CNBC. In addition to the team, that transaction includes Hard Rock Stadium, the Formula 1 Crypto.com Miami Grand Prix and continued investment in South Florida. The transaction marks Ares’ entry into NFL ownership. The group’s other sports assets include Inter Miami CF, McLaren Racing and Atletico de Madrid, among others.
Meanwhile, Terry and Kim Pegula, the majority owners of the Buffalo Bills, welcomed 10 new minority owners that include private equity firm Arctos; Rob Palumbo, co-managing partner of Accel-KKR; and former NBA players Vince Carter and Tracy McGrady, among others.
“This has been an incredible journey to add such an impressive and diverse group of limited partners along with a reputable private equity partner in Arctos that has an extensive track record of success with professional sports franchises,” said Terry Pegula in a statement.
NFL owners also approved the sale of 15% of Mark Davis’ Las Vegas Raiders to Silver Lake co-CEO and Endeavor Board Chairman Egon Durban and Discovery Land Co. founder and Chairman Michael Meldman, according to The New York Times. This transaction comes after Davis sold about a 10.5% stake to Tom Brady and Knighthead Capital Management co-founder Tom Wagner in October.
— CNBC’s Michael Ozanian contributed to this report.
Correction: The Eagles deal is for an 8% stake in the team. An earlier version misstated the percentage.

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Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger.
Albertsons filed a lawsuit against its fellow supermarket operator, saying Kroger violated its contract and did not follow through on commitments to help get the deal approved.
It comes a day after a judge blocked the planned tie-up.

Traders work as screens display the trading information for Kroger Co. and Albertsons Companies Inc. on the floor of the New York Stock Exchange on Oct. 14, 2022.
Brendan McDermid | Reuters

Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger and filed a lawsuit against its supermarket competitor, saying Kroger violated its contract and did not follow through on commitments to help get the deal approved.
It comes a day after a judge blocked the planned tie-up.

In a news release, Albertsons said Kroger broke its merger agreement “by repeatedly refusing to divest assets necessary for antitrust approval, ignoring regulators’ feedback, rejecting stronger divestiture buyers and failing to cooperate with Albertsons.”
“Kroger’s self-serving conduct, taken at the expense of Albertsons and the agreed transaction, has harmed Albertsons’ shareholders, associates and consumers,” Albertsons’ General Counsel and Chief Policy Officer Tom Moriarty said in a statement. “We are disappointed that the opportunity to realize the significant benefits of the merger has been lost on account of Kroger’s willfully deficient approach to securing regulatory clearance.”
In a statement, Kroger called the allegations in the lawsuit “baseless and without merit.”
“This is clearly an attempt to deflect responsibility following Kroger’s written notification of Albertsons’ multiple breaches of the agreement, and to seek payment of the merger’s break fee, to which they are not entitled,” the company’s statement said.
About two years ago, Kroger announced plans to buy Albertsons and combine forces to fend off Walmart, Amazon and Costco. The deal would have put nearly 40 supermarket chains, including Kroger’s Fred Meyer and Albertsons’ Safeway, under a single company.

The lawsuit Wednesday amounts to something of a corporate divorce battle.
The companies are at odds about who should pay for the legal fees associated with the merger and who, if anyone, is responsible for paying a breakup fee.
Albertsons said in its news release that it is owed both a $600 million termination fee and “relief reflecting the multiple years and hundreds of millions of dollars it devoted to obtaining approval for the merger, along with the extended period of unnecessary limbo Albertsons endured as a result of Kroger’s actions.”
Kroger, on the other hand, pushed back against payments to Albertsons in its statement and said it “looks forward to responding to these baseless claims in court.”
Shares of Albertsons and Kroger were up about 0.5% and 1%, respectively, in early trading Wednesday.

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JetBlue plans to add first-class seats on its Airbus planes that don’t include lie-flat Mint class.
The seats will be in a two-by-two configuration.
JetBlue has cut additional routes to get back on a path to steady profits.

Silhouette of passenger in front of the JetBlue Airbus A321neo aircraft spotted on the apron tarmac docked at the passenger jet bridge from the terminal of Amsterdam Schiphol International Airport AMS EHAM in the Netherlands. 
Nicholas Economou | Nurphoto | Getty Images

JetBlue Airways plans to add domestic first-class seats in 2026 on airplanes that don’t have its top-tier Mint class, the latest initiative to win over higher-paying customers and get back to profitability.
All of JetBlue’s Airbus aircraft without Mint, the airline’s lie-flat seats, will have two or three rows of domestic first-class seats, Marty St. George, JetBlue’s president, said in a note to employees.

“Since launching Mint over a decade ago, we’ve explored the idea of expanding a version of it across the fleet, often playfully calling it ‘mini-Mint’ or ‘junior Mint,'” St. George said. He said Mint “can’t be duplicated on shorter flights,” so the carrier had to come up with a solution for passengers willing to pay for more space on shorter flights.  
“We’re keeping the rest of our ideas under wraps for now while we prepare for a 2026 launch. Let’s keep our competitors guessing,” St. George wrote.
St. George, JetBlue’s former commercial chief, came back to the New York-based airline earlier this year to help new CEO Joanna Geraghty return JetBlue to profitability and cut costs. The airline is focusing more on its core markets in Florida and the Northeast and deferring some of its Airbus aircraft.
The airline expects its initiatives to generate another $800 million to $900 million in earnings before interest and taxes over the next three years, it said in July.

Read more CNBC airline news

JetBlue has been a pioneer in the U.S. airline industry since its first flights almost 25 years ago, adding comforts like seat-back entertainment, free Wi-Fi and a business class that sought to make flying at the front of the plane more affordable for customers compared with large carriers that dominate U.S. air travel.

The airline has become more focused on finding ways to increase sales since its bid to acquire Spirit Airlines was blocked by a U.S. judge in January and its partnership with American Airlines in the Northeast was ruled anticompetitive by another judge.
JetBlue is culling a host new cuts of unprofitable routes, CNBC reported last week. It is also tweaking its European service, announcing a new flight between Boston and Madrid on Tuesday.

Adding better seats that fetch a premium to standard coach has become a focus of the airline industry as many leisure travelers after the pandemic have shown they are willing to shell out more for roomier seats, or other perks like airport lounges.
On Tuesday, Alaska Airlines said it would evaluate its premium seat offerings and upgrade some of its planes following its merger with Hawaiian as part of plans for a global expansion.
JetBlue earlier this year said it will build its first lounges.

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