Weinstein Co. finally filed for Chapter 11. According to MarketWatch:
Dallas-based investment firm Lantern Capital has struck a deal to purchase the assets of Harvey Weinstein’s film and TV studio in a transaction that requires the troubled entertainment company to file for bankruptcy.
Weinstein Co. said late Monday that it would file for chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., following failed attempts by management and its board to avoid bankruptcy. The studio faces several lawsuits over allegations of sexual misconduct against Weinstein, who was fired by the board in October. Weinstein has admitted mistakes but denied allegations of nonconsensual sex.
An Uber self-driving car killed a pedestrian. According to Reuters:
An Uber self-driving car hit and killed a woman crossing the street in Arizona, police said on Monday, marking the first fatality involving an autonomous vehicle and a potential blow to the technology expected to transform transportation.
The ride services company said it was suspending North American tests of its self-driving vehicles, which are currently going on in Arizona, Pittsburgh and Toronto.
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Oil company Aramco continues to struggle with its initial public offering. According to The Wall Street Journal:
Saudi Arabia is scaling back its ambitions for a public offering for oil giant Aramco, moving ahead with a listing next year solely on the Saudi stock exchange while taking more time to decide if an international venue is worth it, government officials and others close to the process say.
The decision has come in part because of concerns about legal risks and also because the need for a bigger listing has been negated by rising oil prices.
Aramco’s listing was expected to raise as much as $100 billion on an international arena like New York—a move that also got the support of President Donald Trump, who publicly called for Aramco to list in the U.S.
The rise of streaming media has made it part of the mainstream of American media consumption. According to CNBC:
Media companies can keep worrying about cord cutting.
Deloitte found in its 12th annual digital media trends survey that the percentage of American households that subscribe to a streaming service has grown to 55 percent. Last year, the firm reported that 49 percent of households reported at least one video subscription service.
Tronc Inc. (NASDAQ: TRNC) Chair Michael Ferro stepped down just hours before reports of sexual harassment. According to Variety:
Michael Ferro, the former Tronc chairman, stepped down from the company’s board on Monday, effective immediately, just hours before a report from Fortune outlined allegations of sexual advances by two women who were doing business with him.
Ferro, a Chicago businessman and largest Tronc shareholder, will be replaced by Tronc CEO Justin Dearborn. The company’s announcement that he would step down made no mention of the allegations, but instead praised Ferro for “having created considerable shareholder value for the company in just two years as chairman of the board,” according to a statement by Dearborn.
Vienna is the world’s most livable city, based on a new study. The Mercer report said:
Vienna remains the highest ranking city in Europe and globally, providing resident and expatriates with high security, well-structured public transportation and a variety of cultural and recreation facilities.
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