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The Journal Gazette

Thursday, June 14, 2018 1:00 am


Comcast sweetens Fox offer

Staff, news services

The Fox hunt is on.

Comcast Corp. late Wednesday offered $65 billion for much of 21st Century Fox, a 19 percent premium over the December offer from Walt Disney Co., which Fox Chairman Rupert Murdoch had already accepted.

To further sweeten the all-cash deal, Comcast said it would pay a $2.5 billion breakup fee should Comcast fail to win regulatory approval for the deal.

Comcast Chief Executive Brian Roberts' renewed bid comes six months after Murdoch had rejected his initial offer, citing concerns about regulatory issues and the lack of a breakup fee.

The stakes are enormous. Comcast and Disney have long been the nation's two largest traditional entertainment companies, but this month, streaming service Netflix, with a market capitalization of $165 billion, surpassed the value of the Burbank-based Disney.

Toyota investing in ride-hailing business

Japan's top automaker Toyota Motor Corp. is investing $1 billion in Grab, the leading ride-hailing company in Southeast Asia, the company said Wednesday.

Toyota said it reached a deal with Grab Holdings to strengthen the existing partnership to grow in mobility services in the region.

A Toyota executive will be appointed to Grab's board and another Toyota official is being tapped to be an executive officer at Grab, the company said.

Grab, which is similar to Uber in the U.S., is in eight nations in the region, including Malaysia, Singapore, Thailand and Indonesia.

Van Wert Health to open new center

Van Wert Health plans to cut the ribbon at 8:15 this morning on its new $12.5 million ambulatory care center at 214 Towne Center Blvd., Van Wert.

The 29,000-square-foot, one-story building includes a walk-in clinic and primary care offices. 

Van Wert Health North also will offer physical rehabilitation, occupational health, lab and imaging services.

The facility is scheduled to open to the public at 7 a.m. June 25.

Tesla to lay off 9% of non-factory force

Electric car maker Tesla Inc. is laying off about 3,600 workers mainly from its salaried ranks as it slashes costs in an effort to deliver on CEO Elon Musk's promise to turn a profit in the second half of the year.

In an email to workers on Tuesday, Musk said the cuts amount to about 9 percent of the company's workforce of 40,000.

Tesla would not say how much money the layoffs would save but said no factory workers would be affected as the company continues to ramp up production of its lower-priced Model 3 compact car.

The move is part of an organizational restructuring that Musk announced earlier in the year.

Wholesale price gain biggest in 6 years

U.S. wholesale prices last month posted the biggest 12-month gain since January 2012, a sign that the strong economy is beginning to rouse inflation.

The Labor Department said Wednesday that its producer price index – which measures inflation before it reaches consumers – rose 3.1 percent from May 2017. The index rose 0.5 percent from April, biggest one-month increase since January. In April, producer prices rose just 0.1 percent.