23 Feb, 2022
Sinclair announces Q4'21 net loss, new COO; Disney sets supplier diversity goal
TOP NEWS
* Sinclair Broadcast Group Inc. reported an attributable net loss of $89 million, or $1.18 per share, for the fourth quarter of 2021, compared to a year-ago attributable net income of $467 million, or $6.27 per share. Sinclair also named Chief Advertising Revenue Officer Rob Weisbord as the company's new COO and president of broadcast.
* Walt Disney Co. plans to spend at least $1 billion with diverse suppliers by 2024 and direct more than 50% of its annual charitable giving to programs supporting underrepresented communities, the company said in its 2021 corporate social responsibility report. On the environmental front, Disney has partnered with local utilities to build two new solar facilities that would help power up Walt Disney World by 2023.
➤ Deal Profile: Hedge fund ends Tegna buyout saga with $8.6B transaction
The agreement comes after a multiyear battle between Standard General and Tegna. As part of the deal terms, Standard General teamed up with alternative asset manager Apollo Global Management, which had also previously sought to buy Tegna outright.
➤ Wireless Investor: 5G, pandemic impact data caps in US
Top mobile operators in the U.S. took advantage of improved capacity to expand unlimited data plans while keeping tighter control on hotspots, according to Kagan's latest collection of consumption limits.
➤ Nexstar expects US midterms, auto demand, sports betting to drive 2022 ads
The U.S. broadcast company reported that its first-quarter core ad revenue is outpacing pre-pandemic levels, aided by its NBC affiliates' coverage of the Super Bowl and Winter Olympics.
TECHNOLOGY
* The Retail, Wholesale and Department Store Union filed a complaint with the U.S. National Labor Relations Board accusing Amazon.com Inc. of interfering with a union election at an Alabama warehouse through unlawful conduct such as forcing employees to attend anti-union meetings, Reuters reported. A spokesperson for Amazon said the company had fully complied with the law.
* Apple Inc. is ending the mask requirement for customers at most U.S. retail stores due to a drop in COVID-19 cases as it plans for the return of in-store classes, Bloomberg News reported. However, Apple is still requiring its retail workers to wear masks and recommends that customers do the same.
* Palo Alto Networks Inc.'s total revenue increased 30% year over year to $1.32 billion in the fiscal second quarter ended Jan. 31 amid growth in both product and subscription revenues. The company's net loss shrank to $93.5 million, or 95 cents per share, from $142.3 million, or $1.48 per share, in the year-ago quarter.
* Activision Blizzard Inc. is set to delay a "Call of Duty" game planned for 2023 after last year's installment of the video game series failed to meet the company's sales expectations, Bloomberg News reported, citing people familiar with the matter.
* Workiva Inc. promoted Julie Iskow to president and COO, effective March 1. Iskow joined the software company in 2019 as executive vice president and COO.
TELECOMMUNICATIONS
* AT&T Inc. launched 5G connectivity on FirstNet, a communications platform built for public safety, in 10 new areas. Additionally, AT&T has expanded the first responder public safety agencies' access to the 5G+ spectrum in parts of more than 40 cities and 35 stadiums and venues.
* Verizon Communications Inc. agreed to provide 5G connectivity to Audi of America LLC's U.S. vehicle lineup starting with select 2024 model year cars. Under the deal, vehicles with embedded technology will be able to connect to Verizon’s 5G Ultra Wideband network for advanced driving features, connected services, and in-car Wi-Fi and infotainment.
* Verizon is collaborating with Amazon's Amazon Web Services Inc., Bloomberg Inc.'s Bloomberg Media Group and software developer Zixi to conduct tests on how networks can stream live 4K ultra high definition content through 5G and edge computing without using satellites.
* WideOpenWest Inc. is entering the wireless service market through a partnership with Reach Mobile, which will provide WOW!'s high-speed data customers with monthly discounts when they buy the WOW! mobile service powered by Reach.
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