[WBALTV] Federal Hill Italian restaurant closes after less than a year
A revival of a famed Little Italy restaurant that opened in Cross Street Market last year has closed. Read More
[NewYorkPost] Boomer Esiason rips ‘stupid’ Colin Cowherd over Dwayne Haskins blunder
Among those calling out Cowherd is WFAN's Boomer Esiason, who debated the issue Wednesday. Read More
[NewYorkPost] Bashaud Breeland arrested with guns, shrooms and 5 pounds of weed: police
The Super Bowl champ was accused of possessing a stolen Mercedes-Benz SUV, several firearms, including two AK-47s and two AR-15s, 62 grams of suspected illegal...
[Fox News] Minors need parents’ permission to join social media under law proposed by Georgia GOP
Two Georgia Republicans want parents to give explicit permission for their children to create social media accounts and are preparing legislation to make this a...
[Fox News] Disgraced former Florida state attorney blasts DeSantis, claims her removal means ‘the loss of democracy’
The disgraced former Orlando state attorney removed from her post by Florida Gov. Ron DeSantis, a Republican, called her suspension "the loss of democracy." DeSantis...
[Fox News] Liberal NY Dem shocks social media by claiming more than 200 ethnicities
A New York state lawmaker raised eyebrows on social media after declaring that she personally embodies more than 200 ethnicities. "NYC is home to people...
[Baltimore Sun] Utility crews still working to restore power in Carroll County in the aftermath of Monday’s storm
Utility crews were still working Wednesday to restore power to thousands of people after heavy rains and winds barraged the region Monday evening, toppling utility...
[Fox Business] PENN, Disney’s ESPN $1.5B deal scores with investors
PENN Entertainment shareholders are happy after the sports and media company announced a $1.5 billion partnership with Disney’s ESPN to create a sports betting company.
PENN shares rallied by double digits Wednesday, helping cut the 7% drop in the stock this year.
PENN will pay the media giant’s sports arm $1.5 billion in cash over 10 years to rebrand its current sportsbook and relaunch as ESPN BET this fall in the 16 legal betting states where PENN is licensed.
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ESPN will be granted $500 million of warrants to purchase around 31.8 million common shares of PENN stock in exchange for media, marketing services, brand and other rights provided by the sports media giant.
Other gambling stocks, including Draftkings, MGM and Caesars, fell on the news.
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As part of the deal, PENN sold Barstool Sports back to founder Dave Portnoy.
“PENN Entertainment and Barstool Sports have gone our separate ways,” Portnoy said in a video on X, formerly known as Twitter. “As of this moment, while you are watching this video, I have purchased back Barstool Sports from PENN. That is right: For the first time in a decade, I own 100% of Barstool Sports.”
Portnoy said he has “nothing but the most respect” for the PENN team. However, Portnoy admitted being associated with PENN didn’t allow for the content the platform was used to making.
“The regulated industry probably not the best place for Barstool Sports and the type of content we make,” Portnoy said. “PENN was able to broker an unbelievable deal with ESPN. We wish them nothing but the best in their endeavors. It’s truly a win-win.
“For the first time in forever, we don’t have to watch what we say, how we talk, what we do. It’s back to the pirate ship. By the way, I’m never going to sell Barstool Sports. Ever.”
PENN paid an estimated $388 million for total control of Barstool Sports in February after initially buying a 36% stake in the company in February 2020, per Fortune. PENN and Barstool Sports announced their sports betting partnership in early 2020.
Meanwhile, shares for ESPN parent company Walt Disney are little changed this year, trailing the 17% jump for the S&P 500.
The company will report earnings Wednesday after the closing bell.
FOX Business reporter Scott Thompson contributed to this report.
[Fox Business] Private jet operator Wheels Up warns of ‘substantial doubt’ over its survival despite cash from Delta
Private aviation company Wheels Up says it is in danger of going belly-up and has received a temporary lifeline from investor Delta Air Lines as the once-aspiring “Uber of the sky” fights for survival.
The private jet operator warned in a Securities and Exchange Commission filing that if it is not able to secure new strategic investments and raise the capital it needs, “there is substantial doubt about its ability to continue” operating.
Delta, Wheels Up’s largest shareholder owning 20.67% of the company, confirmed Wednesday it has provided its “valued Delta partner” with a short-term cash injection but did not reveal the amount of the promissory note.
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Wheels Up had originally scheduled an earnings call for Wednesday but announced that morning it would be postponed for another date.
In a media release, the company said it had also signed a non-binding letter of intent with another private jet operator, Airshare, to acquire Wheels Up’s aircraft management business.
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Wheels Up launched in 2013 with the aim of making private air travel possible for people by making it more affordable by leasing jets by the hour. It became the first private aviation company to trade on the New York Stock Exchange in 2021.
Private jet traffic, which soared on demand from wealthy travelers during the pandemic, is now softening even as pre-owned planes sell more gradually.
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Wheels Up has already taken a slew of restructuring measures this year, including job cuts and management changes.
Reuters contributed to this report.
[Fox Business] China slides into deflation in potentially worrying sign for global economy
While many countries in the post-pandemic era have been grappling with higher consumer prices, China is dealing with the opposite problem as policymakers struggle to revive demand both at home and abroad.
The National Bureau of Statistics said Wednesday that the consumer price index (CPI) dropped 0.3% year-on-year last month – the first decline since February 2021.
The producer price index (PPI), meanwhile, declined for a 10th consecutive month, down 4.4% and faster than the forecast 4.1% fall.
The data comes a day after trade figures showed exports and imports both slumping in July and follows a spate of reports on more debt troubles in China’s giant property sector.
The decline has fueled anxiety among China’s major trading partners. Worried consumers and companies are hoarding cash rather than spending or investing it, despite lower interest rates.
Asian shares were on the defensive on Wednesday as the Chinese price data confirmed its economic recovery was losing steam.
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China’s anemic prices contrast sharply with the crippling inflation most other major economies have seen, which forced central banks elsewhere to rapidly raise interest rates.
Beijing has set a consumer inflation target of around 3% this year, which would be up from 2% recorded in 2022. For now, authorities are downplaying concerns about deflation.
In recent weeks, policymakers announced measures to boost sales of cars and appliances while some cities eased property curbs, but some market participants say more decisive stimulus is needed.
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Investors have been anxiously waiting for policymakers to inject stimulus after the powerful Politburo meeting last month, with the stock market mostly underwhelmed by the lack of concrete action.
Reuters contributed to this report.