Breaking News: Sinclair Explores Selling Broadcast Stations, Novavax Signs Multibillion-Dollar Deal, and Apple Apologizes for Ad
Key Points
- Media company Sinclair is looking to sell nearly 30% of its broadcast stations.
- Novavax signed a multibillion-dollar deal to commercialize its Covid vaccine.
- Apple apologized for an ad that drew criticism online.
Key News Items
Sinclair Considers Selling Broadcast Stations
Sinclair, one of the largest owners of broadcast stations in the U.S., is exploring the potential sale of nearly 30% of its owned or operated stations. The company has identified over 60 stations, including affiliates of Fox, NBC, ABC, CBS, and the CW, that it would be willing to sell. With an estimated average revenue of $1.56 billion for 2023 and 2024, this move is seen as an attempt to turnaround its declining market value.
Image:
Novavax Strikes Multibillion-Dollar Partnership with Sanofi
Novavax, a pharmaceutical company, has entered into a multibillion-dollar agreement with French drugmaker Sanofi to co-commercialize Novavax’s Covid vaccine. The collaboration will also focus on developing combination shots against both the coronavirus and the flu. Sanofi will provide $500 million upfront to Novavax, with potential additional payments for development, regulatory milestones, and royalties. This strategic partnership will enable Novavax to overcome its “going concern” trouble and pave the way for a brighter future.
Image: 
Apple Apologizes for Controversial Advertisement
Apple has issued an apology for a recent ad that received backlash on social media. The advertisement, which showcased the company’s new iPads, depicted a hydraulic press destroying various instruments and objects until they were compressed into the tablet. Apple acknowledged that the ad “missed the mark” and stated its commitment to celebrate users’ creativity using iPads. The company has decided not to air the ad on television.
Image: 
Changes in the Fitness Industry: Peloton and Hydrow
Peloton, once a thriving business during the pandemic, has shown a decline and has become a target for acquisition. Interestingly, Hydrow, a connected fitness company known for its high-end rowing machines, is experiencing growth and expansion. Hydrow has secured more than $300 million in funding and has acquired a majority stake in Speede Fitness, capitalizing on the shift in consumer preferences from cardio exercises to strength training.
Image: 
* Disclosure: NBC and CNBC are divisions of NBCUniversal.
* Follow broader market action like a pro on CNBC Pro.
