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Business news briefs — March 21

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MEDIA

Cable official reaps payout

Just months into his job as head of Time Warner Cable Inc., Rob Marcus is set to receive a severance payment of $79.9 million in cash, equity and benefits because he’s selling the company to Comcast Corp.

The golden-parachute payout includes $56.5 million in restricted stock units and unvested options and $20.5 million in cash, according to a regulatory filing. There is also a $2.5 million bonus assuming that Time Warner Cable’s performance remains on target through the merger’s completion.

Marcus, 48, had been CEO for less than two months before agreeing to Comcast’s $45 billion takeover offer in February. The parachute payout represents an almost eightfold increase over his compensation of $10.1 million in 2012, when he was chief operating officer.

RETAIL

Wendy’s plans to go mobile

Wendy’s is rolling out a program that lets customers pay using their smartphones, following a similar plans unveiled by Burger King this week.

The Wendy’s Co., based in Dublin, has been testing the mobile payment option over the past year and said the majority of its roughly 5,800 U.S. locations are now ready to accept the payments.

Walmart offers comparisons

The “Every Day Low Price” king is trying to shake up the world of pricing once again. Walmart told the Associated Press that it has rolled out an online tool that allows shoppers to compare its prices on 80,000 food and household products to those of its competitors.

The world’s largest retailer began offering the feature that’s called “Savings Catcher” on its website late last month in seven big markets that include Dallas, San Diego and Atlanta.

Judge upholds bank charges

Retailers including Wal-Mart Stores Inc. and Target Corp. were handed a defeat by a federal appeals court, which upheld a Federal Reserve rule that banks can charge them as much as 21 cents to process debit-card transactions.

The Fed’s rules “generally rest on reasonable constructions of the statute,” Judge David Tatel of the U.S. Court of Appeals in Washington wrote for a three-judge panel. The ruling resulted from the Fed’s appeal of July decision by a federal judge who threw out the fee cap, saying the central bank added in costs it wasn’t allowed to consider under what is called the Dodd-Frank law, inflating debit-card transaction fees by billions of dollars. The retailers argued that under the law they were entitled to a lower cap.

AUTO INDUSTRY

Honda achieves milestone

Honda has built 10 million Accords in the United States. The company’s Marysville plant hit the milestone about 10:20 a.m. Thursday when a silver sedan rolled off the assembly line and parked so that the media members and employees could take a look.

On hand for the occasion was the first Accord built in the Marysville plant, in 1982; it is nicknamed “001” and usually housed at the Henry Ford Museum in Dearborn, Mich. Honda needed six years to make its first 1 million Accords at the plant. It now makes that many of its flagship midsize sedan every two to four years, depending on demand and the mix of vehicles being made.

Compiled from staff and wire reports


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