Friday, 14 Aug 2020

Scripps Agrees To Sell Podcasting Business To SiriusXM For $325 Mln – Quick Facts

Chipotle will test cauliflower rice as consumers cut grains out of their diets

  • Chipotle Mexican Grill will start testing cauliflower rice, starting Wednesday.
  • The new option will cost an extra $2. 
  • In early 2019, Chipotle sought to attract customers who follow trendy diets like Paleo and Whole30 with its line of Lifestyle Bowls. 

Chipotle Mexican Grill will test cauliflower riceas more consumerscut grains out of their diet.

Consumers will be able substitute cauliflower rice in place of white or brown riceat 55 locations in Colorado and Wisconsin, starting Wednesday. The new option is made with grilled cauliflower and seasoned with cilantro, lime juice and salt and will cost an extra $2. 

In early 2019, Chipotle sought to attract customers who follow trendy diets like Paleo and Whole30 with its line of Lifestyle Bowls. 

"To date, one out of three new menu item requests from Chipotle customers is for Cauliflower Rice," Chief Marketing Officer Chris Brandt said in a statement on Monday.

CEO Brian Niccol said in April that the chain is developing new menu items, like brisket, but the coronavirus pandemic has delayed some launches.

Shares of Chipotle were up less than 1% in premarket trading. The stock, which has a market value of $31.4 billion, has risen 34% so far this year.

Redskins to retire controversial name after review

The Washington Redskins American football team has said it will retire its name, long criticised as racist.

In a statement, it said it would “be retiring the Redskins name and logo upon completion of a review” demanded by its sponsors.

Its major sponsors recently issued fresh calls for the team to seriously consider renaming itself.

The Washington DC-based team has faced years of pressure over a name seen as offensive to Native Americans.

Stock Alert: Maxim Integrated Shares Up 15% In Premarket

Shares of Maxim Integrated Products Inc. (MXIM) are rising over 15% in pre-market today, after the company said it now expects Q4 net revenue to be about $545 million, versus its prior guidance range of $480 million – $540 million. Twenty Wall Street analysts have a consensus revenue estimate of $511.23 million for the quarter.

“Strong performance by our manufacturing operations, including our test facilities in the Philippines, resulted in better-than-expected June quarter revenue,” said Tunc Doluca, President and Chief Executive Officer. “Despite recent global events, Maxim continues to demonstrate solid execution and profitability.”

The stock has been trading in the range of $41.93 – $65.73 for the past one year, and closed Friday’s trade at $64.09, down 38 cents or 0.59%. MXIM is currently trading at $74.25, up $10.16 or 15.85% in the pre-market session.

MEDIA-U.S. hedge fund D1 takes stake in 4 bln stg fintech TransferWise – Sky News

July 13 (Reuters) – — Source link: bit.ly/2CwIXT2

— Note: Reuters has not verified this story and does not vouch for its accuracy

PerkinElmer Projects Approx. 12% Growth In Q2 Revenue – Quick Facts

PerkinElmer, Inc. (PKI) said it anticipates growth in both reported revenue and organic revenue of approximately 12% for the second quarter ended July 5, 2020. The company noted that COVID-19 related solutions contributed approximately $190 million of revenue in the second quarter. The demand for the company’s RT-PCR and serology tests, RNA extraction systems and kits, and automated liquid handling instrumentation was particularly robust during the quarter.

PerkinElmer will release its second quarter financial results on July 28, 2020, after market close.

Pfizer, BioNTech's coronavirus vaccines get FDA's 'fast track' status

Two experimental coronavirus vaccines jointly developed by German biotech firm BioNTech and U.S. pharmaceutical giant Pfizer have received 'fast track' designation from the U.S. drug regulator, the companies said on Monday.

The candidates, BNT162b1 and BNT162b2, are the most advanced of at least four vaccines being assessed by the companies in ongoing trials in the United States and Germany.

Pfizer's shares were up about 2% and U.S.-listed shares of BioNTech were up about 6% before the bell.

Earlier this month, the companies said BNT162b1 showed potential against the virus and was found to be well tolerated in early-stage human trials.

Early data from the German trial of BNT162b1 are expected to be released in July, the companies said.

If the ongoing studies are successful, and the vaccine candidate receives regulatory approval, the companies said they expect to make up to 100 million doses by the end of this year and potentially more than 1.2 billion doses by 2021-end.

The companies said they expect to begin a large trial with up to 30,000 participants as soon as later this month, if they receive regulatory approval.

The fast track status by the Food and Drug Administration is granted to speed up the review of new drugs and vaccines that show the potential to address unmet medical needs.

Scripps Agrees To Sell Podcasting Business To SiriusXM For $325 Mln – Quick Facts

The E.W. Scripps Co. (SSP) announced Monday that it has entered into an agreement with SiriusXM to sell podcast industry leader Stitcher for $325 million, a return of more than double Scripps’ investment in podcasting over the last five years. All Stitcher employees will also move to SiriusXM.

Scripps was an early entrant into podcasting, acquiring Midroll in 2015 for $55 million and the Stitcher app in 2016 for $4.5 million.

The sale price of $325 million includes $265 million of cash upfront, earnout of up to $30 million based on 2020 financial results and paid in 2021 as well as earnout of up to $30 million based on 2021 financial results and paid in 2022.

The Stitcher company includes three distinct podcast business lines: the Midroll advertising rep firm, owned-and-operated podcast networks including the comedy-focused Earwolf, and the Stitcher podcast listening platform.

The transaction, which combines the Leading audio entertainment company in the U.S. with a pioneer in podcast production, distribution, and ad sales, is expected to close in the third quarter, pending Hart-Scott-Rodino clearance.

With the acquisition, SiriusXM’s combined properties will contain the largest addressable audience in the U.S. across all categories of digital audio – music, sports, talk, and podcasts. The transaction will also further extend the substantial reach of SiriusXM in the digital audio ad marketplace.

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