Business

By Foo Yun Chee BRUSSELS (Reuters) -Meta Platforms was charged by EU antitrust regulators on Monday for failing to comply with landmark tech rules as they took aim at the U.S. company’s newly introduced pay or consent advertising model, already the target of privacy regulators and activists’ ire. The tech giant launched the no-ads subscription service for Facebook and Instagram in Europe last November, saying users who consent to be tracked get a free service … Read more…

By Dawn Chmielewski (Reuters) – Skydance Media’s deal to acquire theater operator National Amusements, with its controlling interest in Paramount Global, could be finalized by Monday, sources familiar with the deal process said. Parties are expected to work throughout the weekend to finalize the deal before Tuesday’s start of Allen & Co’s annual gathering of technology and media titans in Sun Valley, Idaho, which Paramount Global Chair Shari Redstone typically attends. Skydance Media, an independent … Read more…

By Abigail Summerville (Reuters) – Private equity firm KKR & Co agreed to acquire Varsity Brands, a U.S. maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for about $4.75 billion, including debt, people familiar with the matter said on Wednesday. KKR will own Varsity Brands through its Americas private equity fund, the sources said, requesting anonymity because the deal has not yet been announced. KKR has committed to offering rank-and-file employees … Read more…

By Milana Vinn (Reuters) – Private equity firm Vista Equity is in talks to cede control of its company Pluralsight to lenders, according to three people familiar with the matter and fund documents reviewed by Reuters. The financial information in the documents sheds light on how Pluralsight is set to become the first major debt restructuring of a company that borrowed from “shadow banks”. The term is used on Wall Street to describe lenders that … Read more…

By Jonathan Stempel NEW YORK (Reuters) – Progressive agreed to pay $48 million to settle a class action lawsuit accusing the insurer of systematically undervaluing the claims of New York drivers whose vehicles were wrecked. A preliminary settlement of the proposed class action was filed on Monday night in federal court in Manhattan, and requires approval by U.S. District Judge Lorna Schofield. Policy holders alleged that Progressive used third-party software that underestimated what their vehicles … Read more…

(Reuters) – Walmart has held talks with potential buyers to sell its already shuttered medical clinics, Fortune reported on Tuesday, citing multiple sources familiar with the matter. In April, Walmart decided to close all 51 of its health clinics and shut its virtual healthcare operations, saying it could not see them as a sustainable business model to continue. The report added that some of the talks have involved health insurance companies, including Fortune 50 firm … Read more…

By Foo Yun Chee BRUSSELS (Reuters) -Nvidia is set to be charged by the French antitrust regulator for allegedly anti-competitive practices, people with direct knowledge of the matter said, making it the first enforcer to act against the company. The French so-called statement of objections or charge sheet would follow dawn raids in the graphics cards sector in September last year, which sources said targeted Nvidia. The raids were the result of a broader inquiry … Read more…

(Reuters) -BlackRock could start offering indexes and exchange-traded funds (ETFs) for private markets, the asset manager said on Monday, after it announced a deal to buy data provider Preqin for nearly $3.2 billion. The move underscores BlackRock’s push to become a major player in alternative assets, which are fast becoming a bigger component of investors’ portfolios. Alternative investments encompass everything other than stocks and bonds. They mostly consist of assets that are traded privately, and … Read more…

(Reuters) – Shares of Tesla gained nearly 6% on Monday, after a key Wall Street brokerage added the stock to its watch list ahead of the automaker’s quarterly production and delivery report on Tuesday. At $209.38, Tesla could add $36.68 billion to its market value if the price holds, which would mark the fifth straight session of stock gains. A slump in demand for electric vehicles and competition from Chinese rivals such as BYD has … Read more…

PARIS (Reuters) – Airbus delivered a preliminary total of around 67 airplanes in June, bringing the total for the first half of the year to around 323 aircraft, up 2% from the same period last year, industry sources said on Monday. Airbus, which last week cut its delivery forecast for the full year to 770 planes from 800 amid supply chain concerns, declined to comment ahead of the release of monthly and half-yearly data expected … Read more…