Tag: buys

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Business

NBA legend Dwyane Wade buys possession stake in Utah Jazz

NBA legend Dwyane Wade buys ownership stake in Utah Jazz

Dwyane Wade # 3 of the Miami Heat blows on his hand during the team’s shooting prior to the game against the Utah Jazz at Vivint Smart Home Arena on December 12, 2018 in Salt Lake City, Utah.

Chris Gardner | Getty Images

Dwyane Wade, 13-time NBA All Star and three-time NBA Champion, is joining Utah Jazz’s group of owners, the jazz announced on Friday.

The terms of the transaction were not disclosed.

Wade will join the group of owners led by tech entrepreneur and Qualtrics founder Ryan Smith and his wife Ashley, who acquired a controlling interest in Utah Jazz in late 2020.

“Shortly after Smith acquired Utah Jazz, he and Wade began talks about Wade joining the Utah Jazz Ownership Group and Smith Entertainment Group (SEG), the first of many joint business ventures,” a Utah statement said Jazz.

“As a kid from the south side of Chicago, this partnership goes beyond my wildest dreams of basketball and I hope to inspire the next generation of dreamers,” Wade said in a statement.

Wade joins a growing list of current and retired athletes who have invested in sports teams around the world. Earlier this week, former Yankees star Alex Rodriguez, along with former Walmart e-commerce CEO Marc Lore, bought the Minnesota Timberwolves for $ 1.5 billion.

Correction: Updated this story to remove any mention that Smith’s group of owners is the youngest in the NBA.

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World News

Epic Video games buys Fall Guys developer Mediatonic

Epic Games buys Fall Guys developer Mediatonic

Gameplay from Mediatonics successful battle royale game Fall Guys.

Mediatonic

LONDON – Fortnite developer Epic Games has acquired Tonic Games Group, the British studio behind the hit video game Fall Guys.

Fall Guys was an instant hit when it launched last summer and attracted millions of players within a month of its release. The game features up to 60 players as gummy bears who compete over a series of candy-colored obstacle courses to win crowns, a game currency that players use to purchase cosmetics.

It was aided in large part by a wave of video game demand during the coronavirus pandemic. The deal with Epic comes amid a series of acquisitions in the gaming industry. Last year, Microsoft agreed to buy legendary gaming group Bethesda for $ 7.5 billion, while EA recently completed the acquisition of British racing game maker Codemasters, valued at $ 1.2 billion.

“It’s no secret that Epic is invested in building the Metaverse and Tonic Games shares that goal,” said Tim Sweeney, Epic founder and CEO, in a statement. “As Epic works to build this virtual future, we need great creative talent who know how to create high-performing games, content and experiences.”

Financial details of the transaction were not disclosed.

Fortnite and Fall Guys are similar in the sense that they both fall into the popular battle royale genre, made popular even by the massive success of Fortnite. Since its release in 2017, Fortnite has amassed more than 350 million players. This has caught the attention of notable investors like Sony, who invested $ 250 million in Epic over the past year. The company was last valued at $ 17.3 billion.

At the same time, Epic was embroiled in a tense legal battle with Apple over the iPhone manufacturer’s App Store guidelines. Epic released a version of Fortnite on the Apple App Store last year that included a method that allowed users to make in-app purchases without giving Apple the usual 30% cut. Apple then delisted the Fortnite app and Epic sued Apple later in the day.

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Business

United Airways buys 25 extra Boeing 737 Max jets in vote of confidence

United Airlines buys 25 more Boeing 737 Max jets in vote of confidence

A United Airlines Boeing 737 Max 9 aircraft lands at San Francisco International Airport.

Justin Sullivan | Getty Images

United Airlines is buying 25 additional Boeing 737 Max planes and taking other orders ahead of schedule in preparation for a rebound in travel demand, the airline said on Monday.

“As we plan for the future and the return of demand, we have looked for ways to best position our fleet for recreation and to be able to best capitalize on people’s desire to travel,” said Andrew Nocella. Chief Commercial by United Officer said in a note to staff.

In addition to the 25 Boeing 737 Max planes slated for delivery in 2023, the Chicago-based airline has increased deliveries of 40 more Max jets by 2022 and five more by 2023. In total, United has firm commitments for 188 maxes, according to a securities filing on Monday.

The vote of confidence in the jetliner comes just months after the Federal Aviation Administration lifted its aircraft ban after two fatal crashes. United, which had 14 Boeing Max 9 jets in its fleet at the time of landing in March 2019, received the planes again in December from Boeing, the first airline to do so. Commercial flights were launched with these jets last month.

United lost more than $ 7 billion last year as it, like other airlines, struggled with the Covid-19 pandemic. The demand for travel is likely to remain weak in the first half of the year. United said in the filing that it expects its capacity to decrease by at least 51% in the first quarter from the same quarter of 2019.

But the airline is now preparing for a recovery as vaccine distribution increases.

“And as the end of the pandemic draws nearer and vaccines continue to expand, today’s fleet announcement will help us meet expected demand in 2022 and 2023 and enable us to offer our employees more opportunities in the future . ” “wrote Nocella.

Boeing stock rose 5.8% on Monday to close at $ 224.39 while United stock rose 1.2% to $ 53.31 during a broad stock market rally.

Categories
World News

Tesla buys $1.5 billion in bitcoin and plans to begin accepting it as fee for merchandise

Tesla buys $1.5 billion in bitcoin and plans to start accepting it as payment for products

Tesla announced Monday that it had purchased $ 1.5 billion worth of Bitcoin, according to a report with the SEC.

The company said it bought the bitcoin in order to “have more flexibility to further diversify and maximize the returns on our cash.” In addition to the purchase, Tesla announced that it would accept payments in Bitcoin in exchange for its products. This would make Tesla the first major automaker to accept Bitcoin as a means of payment.

The move immediately raised questions about CEO Elon Musk’s behavior on Twitter over the past few weeks, where he has been credited with raising the prices of cryptocurrencies like Bitcoin and Dogecoin by posting positive news about them and bringing more people to buy has encouraged.

Bitcoin prices soared to new highs on the Monday after Tesla’s announcement, hitting a price of at least $ 43,200. The Tesla share rose in premarket trading by more than 2%. Tesla warned investors about the volatility in Bitcoin price in its SEC filing.

Tesla’s move on Monday means investing a significant percentage of his money in the investment. The company had more than $ 19 billion in cash at the end of 2020. This is evident from the most recent submission.

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