Business

The world’s largest economy slowed sharply in the first quarter of the year, according to the first official estimate which has raised fears of recession ahead. Growth was measured at an annualised rate of 1.1% between January and March, the Commerce Department said. Economists had been expecting a figure of 2%. The slump followed growth

Charlie Collier, who took over as President of Roku Media in late October, had a pay package that topped $53 million in the last three months of 2022. Collier earned a base salary of $1.075 million, with a stock awards package of $23,279,331 and option awards of $28,925,320. Other compensation totaled $25,245. Collier left his

Sainsbury’s has reported a fall in its pre-tax profit, as it reveals it has spent more than £560m on “keeping our prices low over the last two years”. The supermarket chain said that in the year ending 4 March, its group sales were up 5.4% to £35.15bn, but underlying profit before tax was £690m –

As negotiations for a new Writers Guild contract enter their final phase, the Association of Talent Agents has sent its member-agencies a 22-page summary of the “force majeure” provisions contained in the contracts of the WGA, SAG-AFTRA and the DGA. Force majeure, the ATA notes, “is a provision in a contract that addresses the parties’ obligations

The British competition watchdog has blocked Microsoft’s bid to buy video game maker Activision Blizzard. The Competition and Markets Authority (CMA) stopped the $68.7bn (£55bn) deal due to concerns that it would stifle competition in the cloud gaming market. In its final report on Wednesday, the CMA said that the move was “the only effective

Shares in Meta Platforms jumped 12% in after-hours trading following the company’s report of better-than-expected first-quarter financials. Despite being well below the record highs established in mid-2021, the stock has nearly doubled this year so far. It ended regular trading Wednesday at $209.40, up 1%. Meta, parent of social media giants Facebook, Instagram and WhatsApp,

It is rare for a decision by the UK’s competition regulator to make waves globally. The Competition & Markets Authority (CMA) has traditionally not been as significant a force in preventing corporate deals as the European Commission or the US Federal Trade Commission. So the CMA’s decision to block Microsoft’s $75bn takeover of the games

EXCLUSIVE: As Disney cuts 4K staffers across the conglomerate in a goal to reach $5.5 billion in savings, Deadline has learned that on the feature side, those being laid off were largely comprised of mid-level and coordinator staffers. Among those departments hit were Searchlight, as well as general Disney marketing, PR, distribution, legal, and the

The Bank of England’s chief economist has urged people to accept they are poorer, warning that inflation risks remaining stubbornly high. Huw Pill told a podcast that people and businesses have responded to higher bills and costs by asking for higher wages or charging their customers more money. His remarks echoed warnings from Bank governor

Disney’s widespread layoffs are not going quite as deep at ESPN as in other parts of the empire, but the roster of those departing does include at least one high-ranking exec: Russell Wolff, GM of ESPN+. The EVP’s exit was reported by multiple media outlets and then confirmed to Deadline by a person familiar with

The chief executive of Ted Baker is close to leaving the company six months after it was taken over by a giant American brands and entertainment conglomerate. Sky News has learnt that Rachel Osborne, who took the helm at the British retailer in the midst of a governance and accounting crisis in 2020, is expected

Disney is taking extra precautions across their theme parks globally following the incident at Disneyland where the dragon caught fire during the Fantasmic! show Saturday night. “We are temporarily suspending fire effects similar to those used at Disneyland park’s Fantasmic at select shows and entertainment experiences globally out of an abundance of caution following the

Renee Elliott, the founder of Planet Organic, is returning to spearhead a rescue deal for the supermarket chain she launched in 1995. Sky News has learnt that Ms Elliott has agreed to lead a takeover of Planet Organic in a deal expected to be finalised on Tuesday. City sources said she had assembled backing from

NBCUniversal CEO Jeff Shell was dismissed “with cause” due to “inappropriate conduct” and “sexual harassment” of an employee, according to a new SEC filing from parent company Comcast. As Deadline was the first to report, the employee in question is understood to be CNBC anchor and Senior International Correspondent Hadley Gamble. The “with cause” designation

Prime Minister Rishi Sunak has been challenged by the chairman of Burberry over the scrapping of VAT refunds for tourists. Gerry Murphy, who heads the luxury retailer, said that the “spectacular own goal” had made Britain the “least attractive” shopping destination in Europe. The conversation took place at a Business Connect conference, which saw around

Killing Eve star Jodie Comer claims Broadway as her own in her tour de force performance of Prima Facie, a scalding indictment of the law and its limits opening tonight at the Golden Theatre. Comer plays Tessa, a young, working class Liverpool woman who has become one of London’s most promising defense lawyers through sheer

A former chief executive of Asda has sealed a rescue deal for an online butcher which counts Fortnum & Mason and Harrods among its customers. Sky News understands that Andy Clarke, who left the supermarket giant in 2016, has agreed a transaction to buy Farmison & Co, which collapsed into administration earlier this month. Mr

Comcast announced today that CEO Jeff Shell will leave the company, effective immediately. The “mutual” decision comes after an investigation led by outside counsel into a complaint on inappropriate conduct by Shell. “Today is my last day as CEO of NBCUniversal. I had an inappropriate relationship with a woman in the company, which I deeply

More than 20 ministers will attend a summit with corporate chiefs on Monday as Rishi Sunak attempts to mount a fresh private sector charm offensive. Sky News has obtained a full list of ministers who are due to attend Business Connect, an event being held at central London venue to discuss issues such as skills,

A fire broke out at Disneyland during the Fantasmic! nighttime show with the Maleficent dragon catching flames. Disneyland theme park representatives confirmed that “during the final showing of Fantasmic at Disneyland park on Saturday evening, the dragon caught fire. Anaheim Fire & Rescue quickly responded and the fire was extinguished.” “All cast members were safely