Daily Rewind: 💸 Big buys
Corporate America kicked off the week with major announcements: 👛 Coach revealed plans to buy Kate Spade and 📺 Sinclair is set to buy Tribune Media. Here are the details:
Coach will acquire Kate Spade…
- The $2.4 billion deal is expected to close this summer.
- Coach hopes the acquisition will help “broaden its customer base to a younger, trendier millennial shopper.”
- Coach also expects to save $50 million a year by combining inventory management and supply chains.
- That’s good news for Coach … but bad news for consumers. Why? Coach believes those savings will allow it to offer fewer flash sales.
Sinclair will buy Tribune Media…
- The biggest owner of local TV stations is buying Tribune Media in a $3.9 billion deal.
- Sinclair beat out another media group, Nexstar, for the deal. 21st Century Fox and Blackstone Group also explored a joint bid, according to sources.
Other important news to know:
Kushner family sorry for name dropping Jared. A company owned by Jared Kushner’s family apologized today for mentioning the White House adviser’s name during an investment conference. Kushner Companies said the name drop wasn’t intended to be an “attempt to lure investors.” Jared Kushner’s sister mentioned his name during an event in China, where she tried to market a Kushner-owned property in New Jersey. The message: Invest in the development and get into the U.S. on an American visa. Read more from CNNMoney’s Cristina Alesci and Jill Disis.
Big headlines from around the web:
*Comcast and Charter are joining forces on a new mobile deal (Variety)
*Obama warned Trump against hiring Flynn, ex-officials say (Bloomberg)
*Stocks slip after Macron wins the French election (MarketWatch)
You’re all caught up for today. We’ll see you again tomorrow!
Thoughts? Feelings? Glaring typos? Let us know: CNNMoneystreamfeedback@turner.com.
