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A Walmart-backed fintech startup plans to launch a buy now, pay later option as soon as next year, according to a source familiar with the matter.
The retail giant is the majority owner of One, which is led by Goldman Sachs veterans.
It plans to launch the new payment method as some Americans show signs of strain from inflation driving up the prices of food, housing and more.

A Walmart-backed startup is looking to compete with buy now, pay later companies.
The venture, called One, is gearing up to launch its own version of the payment service as soon as next year, according to a source familiar with the matter.

One, which is majority-owned by Walmart, wants to launch a service that shoppers could use at Walmart’s website and stores, as well as at other retailers, the source said. The effort was motivated in part by a more challenging economic backdrop and consumers feeling pinched by inflation.
Shares of buy now, pay later firm Affirm fell on Friday. Walmart declined to comment.
One is breaking into the growing payment services category as monthly retail sales numbers continue to rise, but some Americans show signs of strain from inflation driving up the prices of food, housing and more. Those stretched wallets could fuel consumers’ interest in paying for purchases in other ways. Buy now, pay later allows customers to gradually pay off a purchase with fixed monthly payments, along with interest.
Retail executives, including Walmart CEO Doug McMillon, have spoken about even wealthier consumers feeling pinched by inflation. About 75% of the retailer’s market share gains in grocery have come from households that make more than $100,000 in the past two quarters.
In a CNBC interview this week, McMillon said customers are feeling stressed.

“We’ve got some customers who are more budget-conscious that have been under inflation pressure now for months,” he told CNBC’s “Squawk Box.” “That sustained pressure in some categories, I think, is something customers are having to deal with as we approach Christmas.”

The news about the Walmart-backed startup’s interest in buy now, pay later was first reported by The Information.
Walmart, the country’s largest private employer and its biggest grocer, has long offered financial services at many of its stores. It has a money center where customers can go for banking-related services, such as printing checks, sending or receiving money or loading prepaid debit cards. Many of those services are geared toward families that have lower incomes, do not have relationships with a traditional bank or do not have the credit history to qualify for credit cards.
Last year, Walmart went a step further by creating and backing a fintech startup with Ribbit Capital, one of the investment firms behind Robinhood. The fintech startup is independent, but Walmart has the biggest stake. Its board also includes several top executives, including Walmart U.S. CEO John Furner and chief financial officer John David Rainey. Rainey, Walmart’s new CFO, recently joined the board and is the former CFO of PayPal.
Since Walmart created and backed the startup in early 2021, it has gotten bigger. It acquired two other fintech startups, One and Even, for an undisclosed amount early this year. It adopted the name One and aims to be an all-in-one app where consumers can manage their money.
One is led by Omer Ismail, who led Goldman Sachs’ consumer bank. It also includes some other Goldman veterans.
Buy now, pay later has become a more crowded space, with companies including Affirm, PayPal, Klarna and AfterPay all offering their own versions. Apple also announced plans to launch its own buy now, pay later option, Apple Pay Later.
Walmart already offers a buy now, pay later option to customers through Affirm. Ahead of last holiday season, it ended its layaway program and replaced it with the buy now, pay later financing.

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Wholesale prices in November may have been slightly hotter than expected, but next week’s look at consumer prices is the one that may solidify the Federal Reserve’s upcoming interest rate decision. Ultimately, we think the November consumer price index (CPI) holds more weight with the market and the Fed than Friday’s wholesale figures, known officially as the producer price index (PPI). Before overreacting to Friday’s print , also consider what Club holding Costco (COST) said about inflation in its quarterly results after the closing bell Thursday — it appears to be trending down, albeit slowly, even as a few areas like fresh foods remain sticky. “Recall last quarter and fourth quarter, we estimated year-over-year price inflation was about 8%. In the first quarter, we estimate the equivalent year-over-year inflation number in the range of 6% to 7%,” Costco Chief Financial Officer Richard Galanti said on the company’s fiscal first-quarter earnings call . “A few things are up, but overall, we’re seeing a little bit of a trend,” he added. At the headline level, what the retail giant is seeing seems directionally in line with what Friday’s wholesale price report indicated. The PPI rose 7.4% year over year , slightly hotter than the estimate of a 7.2% jump. However, November’s headline figure is down from the revised 8.1% annual rate registered in October and 8.5% in September. The 7.4% increase in November also is the slowest annual jump in wholesale prices since May 2021. The downward trajectory on an annual basis continued despite increases across multiple food categories including fresh and dry vegetables. The PPI rose 0.3% on a month-over-month basis — slightly above the 0.2% estimate, but the same rate of increase seen in October and September. The 3.3% year-over-year jump in the PPI’s food index is one of the more concerning data points, representing a big increase from both October’s 0.8% rise and September’s 1.5% increase. While Costco spoke to some food pressures — similar to what Friday’s PPI showed — we feel good about the fact Costco management did not warn of a serious reversal in inflation trends. To be sure, Galanti reminded investors it’s a fluid situation, saying “we’ll keep you posted” on the price pressures it sees. But, as of now, the CFO signaled favorable movement on prices of commodities like corn flour, sugar and butter. Friday’s PPI did not materially change expectations on what the Fed might do Wednesday at the conclusion of its two-day December policy meeting. The market still expects the U.S. central bank to raise interest rates by a half percentage point, which would represent a deceleration from its aggressive past four decisions . The Fed has lifted rates by 0.75 percentage points at each of its past four policy meetings, starting in June and most recently in November. In total, the Fed has raised interest rates six times this year to bring its target policy rate to between 3.75% and 4% in an attempt to slow the hottest U.S. inflation environment seen since the early 1980s. Bottom line We expect the Fed to go through with a half percentage point increase Wednesday unless Tuesday’s CPI number comes in scorching hot and throws into question the belief that peak inflation is in the rearview mirror. In our minds, those hopes are still alive especially after hearing from Costco that trends still appear to be heading in the right direction. (Jim Cramer’s Charitable Trust is long COST. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

A butcher stocks a display case with packages of steaks at a Costco store on May 24, 2021 in Novato, California.
Justin Sullivan | Getty Images

Wholesale prices in November may have been slightly hotter than expected, but next week’s look at consumer prices is the one that may solidify the Federal Reserve’s upcoming interest rate decision. More

Stellantis said the plant, which produces the Jeep Cherokee SUV, will cease production as of Feb. 28.
The more than 1,200 workers at the facility, which produces Jeep Cherokee SUVs, will be placed on indefinite layoffs, the company said.
The company described the idling as a “difficult but necessary action.”

2016 Jeep Cherokee Sport
Source: Jeep

DETROIT – Stellantis said Friday that it plans to indefinitely idle a Jeep plant in Illinois, starting early next year, to cut costs as it invests in electric vehicles.
The transatlantic automaker, formerly known as Fiat Chrysler, said the plant will cease production as of Feb. 28. The more than 1,200 workers at the facility, which produces Jeep Cherokee SUVs, will be placed on indefinite layoffs, the company said.

“Our industry has been adversely affected by a multitude of factors like the ongoing COVID-19 pandemic and the global microchip shortage, but the most impactful challenge is the increasing cost related to the electrification of the automotive market,” Stellantis said in an emailed statement.
The company described the idling as a “difficult but necessary action.” It said it is “working to identify other opportunities to repurpose the Belvidere facility and has no additional details to share at this time.”
United Auto Workers President Ray Curry described the idling of the plant as “grossly misguided” and “unacceptable,” especially during this time of year.
“Announcing the closure just a few weeks from the holidays is also a cruel disregard for the contributions of our members from UAW Locals 1268 and 1761.  We will fight back against this announcement,” he said in a statement.
The Illinois plant has only been running on one of three assembly shifts. It has sporadically been idled during the coronavirus pandemic and ongoing semiconductor chip shortage.

Cherokee sales were down by about 61% through the third quarter of this year, more than any other vehicle in Jeep’s lineup.
A Stellantis spokeswoman, when asked whether recessionary fears or collective bargaining next year with the United Auto Workers union played into the company’s decision, reiterated the reasoning outlined in the statement.
In late-2018, ahead of the 2019 UAW negotiations with the Detroit automakers, General Motors announced plans to potentially close several facilities. Only one of the major assembly plants – Lordstown Assembly in Ohio – for the automaker actually ended up closing following the negotiations.

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Ten markets are the most appealing for first-time home buyers for 2023, according to a Zillow report.
The “best opportunity” for first-time buyers is in metros with more affordable rent, less competition and a higher inventory of homes for sale.  
Experts share tips for first-time home buyers, regardless of where they are purchasing.

The Central Business District of Pittsburgh
J. Altdorfer Photography | Getty Images

After bidding wars during the pandemic, demand for home purchases has fallen amid higher mortgage interest rates. That dynamic has made some markets are more attractive for first-time home buyers for 2023, according to a Zillow report released this week.
The real estate site found the “best opportunity” for first-time buyers in metros areas with more affordable rent, less competition and a higher inventory of homes for sale.  

“The affordability hurdle is very tough,” said Matt Hackett, manager of operations at Equity Now, a mortgage lender in Mamaroneck, New York, that operates in five states. 
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One of the biggest challenges has been a sharp increase in interest rates within a short amount of time, explained Erica Davis, producing branch manager at Guild Mortgage in Myrtle Beach, South Carolina.
Mortgage interest rates have more than doubled from early January after a series of hikes from the Federal Reserve to curb inflation in 2022. These rates have recently softened, reaching 6.41% last week.  
Meanwhile, median home sales prices are higher year-over-year, reaching $454,900 during the third quarter of 2022, according to the Federal Reserve Bank of St. Louis.

Still, some markets may be more affordable for buyers on a budget, Zillow’s report shows.

10 best markets for first-time home buyers in 2023

These are the best metros for first-time home buyers in 2023 based on mortgage and rent affordability, housing supply and the share of listings with a price cut, according to Zillow.

Wichita, Kansas
Toledo, Ohio
Syracuse, New York
Akron, Ohio
Cleveland
Tulsa, Oklahoma
Detroit
Pittsburgh
St. Louis
Little Rock, Arkansas

First-time buyers may have mortgage ‘knowledge gap’

While affordability may be a concern, experts say first-time home buyers may have more options than they expect.
“First-time homebuyers almost always have that knowledge gap,” said Hackett. “They’re not really sure how much they can afford, and they’re not really sure how much they need for a down payment.”

For example, many first-time home buyers don’t know about mortgages for veterans, which don’t require a down payment, or Federal Housing Administration loans with 3.5% down, he said. 
You may also qualify for so-called conventional mortgages, backed by Fannie Mae or Freddie Mac, with down payments as low as 3%.
However, loans with a smaller down payment come with mortgage insurance and higher interest rates, which may be reduced later, experts say. You’ll also have a bigger monthly payment with a larger mortgage.

First-time homebuyers almost always have that knowledge gap.

Matt Hackett
manager of operations at Equity Now

Davis said lower down payment mortgages may also preserve savings for future home expenses. “There’s less stress if they’re able to close and still have some money in their pocket,” she said.  
Depending on your income and location, you may also qualify for first-time home buyer grants or programs run by state and local governments to help cover your down payment and closing costs. “It’s definitely a good option,” Hackett said, urging buyers to speak with a local mortgage expert familiar with programs in their area.  

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Local news streaming platform VUit reached a deal to add content from CBS’s 13 owned and operated local news channels, which include major markets like New York and Los Angeles.
Founded by streaming technology firm Syncbak, VUit is a free, ad-supported option for local news and events that’s seen its audience grow exponentially in the last year.
Gray Television was an early investor in the platform, which now has feeds from more than 260 broadcast stations.

Courtesy: VUit

The streaming platform VUit is bulking up with newscasts from Paramount Global’s owned and operated local CBS TV stations as the fledgling service looks to take a bigger foothold in the sprawling U.S. local news market. 
The streaming newscasts from CBS’s 13 owned and operated stations, two of which are in the major markets New York and Los Angeles, and CBS entertainment programs like “Inside Edition,” are being added to the free, ad-supported platform. 

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“We’ve been in this kind of soft launch mode for a couple of years. Getting a critical mass of stations was goal one. This deal with CBS gets us a big chunk of the U.S.,” said Jack Perry, CEO of Syncbak, the streaming technology company behind VUit.
“VUit is a product built around local news, and we are thrilled to add our 13 local streaming channels to broaden their U.S. coverage,” said Sahand Sepehernia, senior vice president of streaming at CBS Stations. “We have a long-standing relationship with Syncbak and are excited to grow our partnership with Jack and his team.”
VUit, pronounced “view it,” has been quietly adding local newscasts and original, hyperlocal programming like mountain bike races and high school sports, from more than 260 broadcast stations in the past two years. 
The service’s growth comes at an inflection point for the media industry. Streaming upended the traditional pay-TV bundle, with companies reporting steep subscriber losses as consumers keep switching to streaming. 
At the same time, the streaming business model is under pressure as rabid competition weighs on subscriber counts and content costs soar. Much of the industry has turned to offering ad-supported tiers, providing a cheaper option for consumers and bringing in another line of revenue. Disney+ and Netflix recently launched ad-supported options, following Paramount+, NBCUniversal’s Peacock and Warner Bros. Discovery’s HBO Max. 

Meanwhile, free, ad-supported streaming services like Paramount’s Pluto TV and Fox Corp.’s Tubi, both of which offer news options, too, have seen viewership rise along with advertising revenue.

Evolution at the local level

Pay-TV subscriber losses are a threat to the lucrative retransmission fees that cable companies like Comcast and Charter Communications pay broadcast station owners.
“The loss of pay-TV customers is accelerating and for companies like Gray and Nexstar,” said Nicholas Zangler, an analyst at Stephens, “they are adapting to the streaming world.” He added: “It’s a double-edged sword when making the transition to the [streaming] TV world.” 
The analyst noted that broadcast station owners haven’t publicly given details on how deals with pay-TV operators like Comcast compare with streaming services carrying broadcast stations, other than “the transactions are not equivalent, so it’s a slight loss.”
But as local news remains go-to content for consumers, with viewership often rising during major events, retransmission fees could still rise in coming years. Companies like Nexstar and Sinclair Broadcast Group, which own 200 and 185 stations, respectively, receive billions in revenue annually from these fees.
“If anything, they want a more fragmented environment. TV and streaming services are crawling all over each other for more content that retains viewers. Local news does that,” Zangler said. 
Broadcast stations are also available on internet-bundles like YouTube TV and FuboTV, as well as in some cases on subscription streaming services like Peacock and Paramount+. Some of their content finds homes on free, ad-supported services like Pluto TV or VUit. 
Some companies like Sinclair have created their own free streaming services, and many affiliates use their websites and build their own apps to offer newscasts. It’s created a disjointed marketplace for local news, although it has provided other revenue streams for broadcast station owners as consumers ditch the pay-TV bundle. 

VUit’s business model

Instead of paying the same fees, VUit shares advertising revenue with broadcast station owners that put their content on the platform. 
Due to this, the platform doesn’t carry the marquee programming on local TV affiliates like NFL games, primetime series and national news shows. Instead it carries local news segments, often the digital versions found on the broadcaster’s own websites and streaming option. 
VUit’s bread and butter is giving viewers the ability to watch local news stations out-of-market, but with in-market localized advertising for the viewer, and original programming featuring typically hyperlocal events not found on linear networks. 
“It’s not only the local news, it’s all the local events taking place in a market on any given day, that now we have the marketplace and technology to get that out to the public,” said Mike Braun, chief digital officer at Gray Television, an early investor in Syncbak and VUit. 
There was a 31% year-over-year increase in ads served between June 2021 and June 2022, and revenue sharing among station owners grew by 121% for the first half of 2022, according to VUit. Year-to-date revenue sharing is up 192%, Perry said.
VUit aims to work with CBS’s local stations to boost their hyperlocal events on the platform and attract more eyeballs. 
“Let’s just get the viewer into our sandbox, and get them watching anything,” said Perry. 
A recent Iceman Challenge mountain bike race in Traverse City, Michigan, available only from local station WWTV on VUit’s platform, garnered thousands of viewers. 

Let’s just get the viewer into our sandbox, and get them watching anything.

Jack Perry
CEO of Syncbak

In the weeks leading into the election, VUit saw spikes in viewership of political coverage in battleground states, like Pennsylvania and Florida. When Hurricane Ian was touching down in Florida in September, VUit saw viewers migrate toward local news stations in the state. Like the TV stations, VUit reaped the benefit of political advertising for this year’s midterm elections campaign.
Perry said VUit’s viewership has risen exponentially as it’s added more broadcast stations and original programming – Gray TV, Cox, Hearst and small, privately owned broadcast stations are among the lineup – with the average viewer clocking in nearly 30 monthly sessions on the service and sticking around for almost 30 minutes at a time. 
While major media companies like Paramount and NBCUniversal contend with the worsening ad market affecting earnings, Perry said VUit’s advertising revenue, albeit small in comparison to these giants, has only risen. 
Its most-watched station, which Perry declined to disclose, generated $19.30 per viewer last month, while an average VUit viewer brings in $5.28 a month, or 41 cents an hour.
Earlier this week, NBCUniversal said it was approaching $10 per average user on Peacock, which has both subscription and advertising revenue models. Recently, Disney+ said it received $6.10 in average monthly revenue per user in the U.S., for its subscription-only service at the time.
To be sure, VUit still only garners thousands of viewers, as opposed to the millions that go to more mature, larger streaming services like Disney+, or even free ad-supported services like Pluto TV and Tubi.
Perry noted that the average revenue metric is significant for VUit because the platform is “very sticky,” meaning it holds onto its audience long-term. Streamers have been contending with customers, who have the ability to drop subscriptions more easily than when they had pay-TV packages.
The deal with CBS only helps its other local newscasts, Perry said, as audiences from larger markets will come to the platform and explore. Besides a marketing push in 2023, and trying to add more broadcast stations to the platform, Perry said he’ll be looking to make acquisitions on the technology side that improve VUit’s navigation and discovery. 
Disclosure: Comcast owns NBCUniversal, the parent of CNBC.

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New Jersey federal prosecutors asked a judge to postpone the Security and Exchange Commission’s civil case against the suspects behind the $100 million New Jersey deli.
There is substantial overlap with the SEC’s case and the ongoing criminal matter, prosecutors argued.
The move comes ahead of a Dec. 14 procedural hearing in the federal criminal case.

Hometown Deli, Paulsboro, N.J.
Mike Calia | CNBC

Federal prosecutors in New Jersey want the Securities and Exchange Commission to postpone its civil case against the alleged masterminds behind a $100 million fraud scheme involving a small-town deli so it won’t get in the way of their ongoing criminal case. 
Prosecutors for the District of New Jersey filed a motion on Wednesday saying the SEC’s case “substantially” overlaps with their ongoing criminal case and the civil matter should be postponed until the litigation, including a potential trial, is completed, court records show. 

Postponing the civil case would “preserve the integrity” of the ongoing prosecution by preventing the defendants from seeing the extent of the government’s evidence against them, federal prosecutors argued in the filing. 
During the discovery phase of civil and criminal matters, defendants have the ability to see the evidence that’s going to be used against them in trial but they have access to far more materials in civil matters because the confines are broader. 
The SEC and the attorneys for the suspects consented to the request, which is common in such cases. Judge Christine O’Hearn has yet to rule on the matter. 
A telephone conference is scheduled in the criminal case for Dec. 14, but it’s expected to be mostly procedural and an opportunity for the prosecutors and defense attorneys to update the judge on the status of the litigation. 
In September, James Patten and father-and-son duo Peter Coker Sr. and Peter Coker Jr. were arrested and charged with securities fraud for allegedly orchestrating a scheme that inflated the prices of two publicly traded companies, Hometown International and E-Waste Corp, a shell company.

Courtroom sketch of James Patten, left, and attorney Ira Sorkin at N.J. District Court in Camden, N.J., Oct. 11, 2022
Source: Elizabeth Williams

Makamer, a bioplastics startup, merged with Hometown International, earlier this year.
Even though Hometown International’s only asset was Your Hometown Deli, a now-closed tiny sandwich shop in Paulsboro, New Jersey, that had under $40,000 in annual revenue, the trio used manipulative trading to inflate its market capitalization to more than $100 million, prosecutors alleged. 
The scheme began when Patten convinced the owner of Your Hometown Deli, esteemed local high school wrestling coach and principal Paul Morina, to put the restaurant under the control of Hometown International, an umbrella company they created, prosecutors alleged
“Unbeknownst to the deli owners, almost immediately after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them,” prosecutors said previously in a news release. 
“Shortly thereafter, Patten, Coker Sr., and Coker Jr. undertook a calculated scheme to gain control of Hometown International’s management and its shares from the deli owners.”

Peter Coker Sr. and his wife, Susan Coker, at N.J. District Court in Camden, N.J., Oct. 11, 2022
Source: Jerry Frasier and Vinny Castaldo

The men concocted a similar scheme to take control of E-Waste. The tactics “artificially inflated” the values of Hometown International and E-Waste stock by 939% and 19,900%, respectively, prosecutors said. 
Coker Sr. and Patten have pleaded not guilty.
Patten’s attorney Ira Sorkin, the high-profile litigator who once repped the notorious Ponzi scheme fraudster Bernie Madoff, didn’t comment when asked whether the case is expected to go to trial. 
Coker Sr.’s attorney Marc Agnifilo, who previously defended “pharma bro” Martin Shkreli and disgraced movie producer Harvey Weinstein, couldn’t be reached. It’s not clear whether the Hong Kong-based Coker Jr. has an attorney, and he remains a fugitive. Morina didn’t respond to a request for comment. 
Patten, Coker Sr. and Coker Jr. were charged a little over a year after Hometown International’s dubious stock was revealed by hedge fund manager David Einhorn in a letter to clients warning of the dangers retail investors face. 
“Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey … HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli,” Einhorn said in the April 2021 letter. “The pastrami must be amazing.”
After news of the indictment broke, he quipped on Twitter: “I guess the Pastrami wasn’t so great.”

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Taylor Swift has struck a deal with Disney to make her feature directorial debut.
The singer-songwriter has written an original script that will be produced by Searchlight Pictures.
The news comes on the heels of Swift’s VMA’s win for best direction and Ticketmaster’s pre-sales snafu for her upcoming Eras tour.

Taylor Swift accepts the Artist of the Year award onstage during the 2022 American Music Awards at Microsoft Theater on November 20, 2022 in Los Angeles, California.
Kevin Winter | Getty Images Entertainment | Getty Images

If this was a movie, indeed.
Taylor Swift has only just begun an Oscar campaign for her short film “All Too Well,” and she’s already struck a deal with Disney to make her feature directorial debut.

The singer-songwriter has written an original script that will be produced by Searchlight Pictures, the studio behind best picture winners like “Slumdog Millionaire,” “12 Years a Slave,” “Birdman” and “The Shape of Water.”
Swift has directed eight of her own music videos since 2020 before writing and directing the 14-minute “All Too Well: The Short Film,” which is eligible for a nomination for the 95th annual Academy Awards. The short film is based on Swift’s song “All Too Well” and follows a manipulative boyfriend played by Dylan O’Brien and a young woman played by Sadie Sink as they fall in love and ultimately have a devastating breakup.
Oscar nominations will be announced Jan. 24.
The news of Swift’s feature film directorial debut comes just a few months after the singer made history as the only solo artist to win two best direction awards at MTV’s Video Music Awards. She is also the first artist to win three video of the year awards and only the second woman to direct the winning video for best longform video.
More recently, Swift made headlines after Ticketmaster bungled the pre-sale ticketing of her upcoming Eras tour.

Ticketmaster, owned by Live Nation, was supposed to open up sales for 1.5 million verified Taylor Swift fans last month ahead of general public ticket sales. However, more than 14 million users flocked to the site, including bots, spurring massive delays and lockouts on the site. Ultimately, 2 million tickets were sold during the presale and the general public sale was canceled, company representatives said.
The fiasco led The House Energy and Commerce Committee to pen a letter to Live Nation CEO Michael Rapino asking the executive to clarify Live Nation’s ticketing process for the Eras tour and provide a list of actions the company will take to ensure consumers will have better access to live entertainment in the future.
Swift, who has worked to bring all marketing in house, publicly slammed the company for mishandling the sales process, albeit without mentioning it by name.
“I’m not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could,” she wrote in an Instagram post last month. “It’s truly amazing that 2.4 million people got tickets, but it really pisses me off that a lot of them feel like they went through several bear attacks to get them.”

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Penguin Random House CEO Markus Dohle will step down at the end of 2022.
The leadership transition follows Penguin’s failed acquisition of rival publisher Simon & Schuster from Paramount Global.
A federal judge sided with the Justice Department and blocked Penguin’s $2.2 billion acquisition of Simon & Schuster in late October.

Markus Dohle, Chief Executive Officer of Penguin Random House, pictured during Bertelsmann Annual Press Conference on March 22, 2016 in Berlin, Germany.
Thomas Koehler | Photothek | Getty Images

Penguin Random House said Friday that CEO Markus Dohle will step down at the end of the year, weeks after the collapse of a deal to merge Penguin with Simon & Schuster.
Nihar Malaviya, Penguin’s president and operating chief, will step in as interim CEO while the publishing company finds Dohle’s permanent replacement.

“Following the antitrust decision in the U.S. against the merger of Penguin Random House and Simon & Schuster, I have decided, after nearly 15 years on the Executive Board of Bertelsmann and at the helm of our global publishing business, to hand over the next chapter of Penguin Random House to new leadership,” Dohle said in a press release.
A federal judge sided with the Justice Department and blocked Penguin’s $2.2 billion acquisition of Simon & Schuster in late October. The DOJ claimed that a merger of the industry-dominating publishers could “lessen competition” in the market.
Soon after the judge’s decision, Paramount Global, which owns Simon & Schuster, officially pulled the plug on the deal. Paramount noted that it would explore options to sell Simon & Schuster elsewhere.
Penguin disagreed with the DOJ’s ruling and had planned to appeal until Paramount subsequently backed out of the deal.
“We regret Markus Dohle’s decision to leave Bertelsmann and Penguin Random House,” said Christoph Mohn, chairman of Penguin parent Bertelsmann’s supervisory board. “He has sustainably focused Penguin Random House on growth and profitability. Under his leadership, our book division more than doubled its revenues and quintupled its profit.”

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