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Walmart Health wasn’t working, Walmart.com is

Walmart keeps trying new things: many don’t work, but the company’s e-commerce efforts are booming

5/1/24 11:13AM

Likes: trying new things

Giant corporations with 2 million+ employees aren’t known for their willingness to try new things, but Walmart has been doing its best impression of a smaller, more nimble company this week, announcing both a new private-label food brand and a virtual shopping experience with immersive gaming platform Roblox.

Dislikes: losing money

On the other hand, news also broke yesterday that Walmart will be shutting down its 51 health care clinics and telehealth services, citing “escalating operating costs” and a "lack of profitability” at the 5-year-old initiative.

This demonstrable willingness to cut ties with projects that aren’t working, and divert resources to areas that are, has been rewarded by investors: WMT shares are flirting with an all-time high, as its e-commerce business in particular continues to fly.

Despite launching Walmart.com in 2000, it took 16 years and the acquisition of Jet.com for the retailer to get serious about selling online. Since then, it’s doubled down aggressively, with multiple acquisitions and website redesigns — edging ever closer to Amazon and other behemoths in the digital aisles.

Indeed, Walmart's online sales over the last 5 years track on a broadly comparable trajectory to Amazon's from 2007 to 2012, growing to more than $19 billion in the latest quarter. Walmart's core US grocery division grew at a steady 7% last year, while its e-commerce segment managed 22% year-on-year growth. A successful partnership with Roblox, in which players will be able to buy real-life items from within a digital replica of a Walmart store, could keep the growth train running.

Although Walmart's growth is certainly less groundbreaking than Amazon’s — online shopping isn’t exactly exciting tech anymore — it’s given the retailer a new lease of life and opened the doors to an even more lucrative source of revenue: advertising.

Nia Warfield

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.

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

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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.

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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.

Walmart Health wasn’t working, Walmart.com is

Likes: trying new things

Dislikes: losing money

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