business

6/10/25

FanDuel puts $0.50 surcharge on bets in Illinois

Flutter Entertainment’s FanDuel is rolling out a new $0.50 fee on bets placed in Illinois to help absorb the state’s surprise sports betting tax hike. The new tax applies to each wager a sportsbook accepts, starting at $0.25 per bet for the first 20 million wagers and rising to $0.50 after that.

Shares of Flutter and rival DraftKings both dropped earlier this month after Illinois lawmakers approved a steep tax hike of over 50% for high-volume gambling operators. Together, FanDuel and DraftKings make up nearly 75% of the state’s sports betting market.

Flutter said it would remove the new fee if Illinois were to roll back the tax increase. DraftKing (which jumped over 2% on the news) hasn’t yet rolled out fee hikes but said it’s evaluating options. Flutter shares are up about 4% year to date.

FanDuel adds 50-cent surcharge on Illinois bets to offset state taxes, DraftKings may follow

Shares of Flutter and rival DraftKings both dropped earlier this month after Illinois lawmakers approved a steep tax hike of over 50% for high-volume gambling operators. Together, FanDuel and DraftKings make up nearly 75% of the state’s sports betting market.

Flutter said it would remove the new fee if Illinois were to roll back the tax increase. DraftKing (which jumped over 2% on the news) hasn’t yet rolled out fee hikes but said it’s evaluating options. Flutter shares are up about 4% year to date.

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business

16h

Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

Ford Issues Recalls On Some Of Its Mach-E Mustangs And Aviators

Netflix taps Amazon to sell streaming ads in new partnership

Starting this fall, brands will be able to access Netflix’s premium ad slots using Amazon’s buying tech.

Netflix Headquarters

Bank branches are still closing at breakneck speed in the US

Institutions like Chase and Wells Fargo closed 76 locations in just six weeks over the summer, per the OCC.

Indianapolis - March 2016: Chase Bank III

business

9/9/25

Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

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