Sprint may be on prowl again
Sprint may be weighing merger moves again, according to an unconfirmed report of interest in cable company Charter Communications.
A report in the British paper the Times said Sprint’s parent company, Tokyo-based SoftBank Group Corp., had bought nearly 5 percent of Charter. Charter owns Time Warner Cable, now rebranded as Spectrum.
Buying 5 percent of Charter would trigger a disclosure through the Securities and Exchange Commission, but no report is required for an accumulated stake of less than that.
A merger with Charter, or some similar network arrangement, would further Sprint’s network plans as well. Charter, however, already has a wireless agreement with Verizon that allows the cable company to offer its customers wireless services using Verizon’s network.
Apple purchases Texture
Apple has bought digital magazine distributor Texture to extend its subscription services beyond music and online storage.
The deal announced Monday puts Apple in control of a service that is frequently described as a Netflix of magazines. Texture offers readers access to articles in more than 200 magazines for $10 per month, much like Netflix sells unlimited access to its video programming.
But Texture hasn’t proved as popular as Netflix, which boasts 55 million subscribers in the U.S. alone. Texture hasn’t specified how many subscribers it has, but CEO John Loughlin said the number ranged in the “hundreds of thousands” during a 2016 interview.
Apple didn’t disclose how much it paid for Texture.
CEO’s pay revealed in filing
Bank of America CEO Brian Moynihan’s 2017 compensation was 250 times more than the total pay of the bank’s median employee, according to the company’s annual proxy filing Monday.
Public companies such as Charlotte-based Bank of America for the first time are disclosing the ratio of their CEO’s pay to the median employee. The requirement, stemming from the 2010 Dodd-Frank Act, aims to give investors more information about executive pay practices at these companies.
Moynihan, CEO since 2010, received total compensation of $21.8 million in 2017, which includes stock awards and health insurance benefits. That compared with $87,115 for the median employee, according to the filing.
Dow chairman set to retire
The longtime chief executive of Dow Chemical, who led the company through the financial crisis, a merger with rival DuPont and the planned disassembly of the entire enterprise, is stepping down.
Andrew Liveris announced two years ago he’d retire by mid-2017, but that was delayed until the company named a successor to head its materials-science division, one of three companies that DowDupont will divide itself into.
DowDupont Inc. said Monday that Liveris, 63, will give up his executive chairmanship in April, and his role as director in July, when he officially retires. Jeff Fettig, a longtime independent director, will become executive chairman.
Merger’s pace draws scrutiny
Chipmaker Broadcom’s move to speed up the relocation of its corporate headquarters from Singapore to the U.S. violated terms of an order by the U.S. regulator investigating national security risks posed by its potential takeover of San Diego cellular giant Qualcomm.
In a letter to both companies dated Sunday, the U.S. Committee for Foreign Investment in the U.S. accused Broadcom on three separate occasions of failing to provide five business days’ notice of its efforts to accelerate relocation of its headquarters to the United States.
Broadcom’s relocation was originally scheduled to be completed by May 6. But after CFIUS began an investigation of the hostile takeover, Broadcom began efforts to speed up the relocation to April 3.
Compiled from staff and wire reports.
Business news briefs, March 13: Sprint may be looking to acquire Spectrum cable