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Personality-driven business capsules you can only get here. Our weekly dispatch gets you ready for what people are thinking before they talk about it— the hitters you know and want to know across Wall Street, Washington, and Silicon Valley. |
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Soros, Fortress in a vise to find new buyer for bankrupt Vice
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As Vice Media looks to sell itself later this month, insiders say the likelihood of finding an outside buyer is grim. If the bankrupt gonzo news outfit doesn't get an offer from an outside buyer at the auction slated for June 22, it will be purchased by its creditor including George Soros's Soros Fund Management and Fortress Investment for $225 million, according to court documents. But sources close to Soros and Fortress say neither financial group ever anticipated having to run the media company and that they've been caught flat-footed by the media company's bankruptcy filing. "This is the nightmare scenario for them – they never thought it would come to this," a banking source said. |
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Sure, traditional and Roth IRAs are good to think about when planning your retirement. But how about gold? With Augusta Precious Metals – the brand backed by Mark Levin of the "Mark Levin Show" — you can receive simplified information on and learn how to add physical gold to your savings, all thanks to a precious metals IRA. With this gold IRA service, you'll be paired with a personal agent, a guide to gold and silver, and the best part? Augusta Precious Metals does up to 95% of the IRA processing paperwork with you for a simple, straightforward, and transparent approach to your retirement trajectory. |
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Are billionaires the culinary benefactors of the Hamptons?
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While the world's wealthiest snap up mega-yachts and sports teams, some have recently settled on another expensive hobby: owning a hangout in the Hamptons. With rents through the roof and a business calendar that's painfully slow outside the summer, only the bravest entrepreneur would consider opening a bar, restaurant or coffee shop on Long Island's posh East End. That's why deep-pocketed hobbyists with money to burn are becoming increasingly important players on the scene, sources told On The Money. What's more, they are going all out, finishing their venues with eye-poppingly lavish decor and furniture. "These billionaires are offering an exquisite experience — you are sitting on gorgeous leather, the table you are sitting at probably costs more than someone's car, and the plate probably costs more than what you are wearing," Sen Japanese restaurant owner Jesse Matsuoka said. |
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Mitch McConnell's plans for FTC nominee hit awkward bump | Mitch McConnell has been notably discreet about his pick to fill an empty seat on the Federal Trade Commission — and some insiders say it's not hard to see why. Earlier this week, the Senate minority leader told the White House he plans to nominate James Lloyd, an associate deputy attorney general in Texas and antitrust hawk, as his pick for one of two vacant FTC commissioner roles, sources told On The Money. McConnell's quiet move comes as Lloyd's boss, Texas Attorney General Ken Paxton, has been impeached by a Republican House of Representatives over charges of bribery and misuse of office. "The Paxton impeachment should complicate things," one FTC insider added. "It's gotta give McConnell's office some pause because drawing attention to Paxton's office isn't a good look right now." |
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2 Minutes with Bob Pittman
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Bob Pittman, who ran MTV, AOL, and Six Flags before helming iHeartMedia as CEO, weighs in on Burning Man, radio, and why he's one of the few executives who believes in remote work. Lydia: Where do you see live events going in five years? Bob: Live events continue to be cultural touchstones for consumers. Fans gather together with a common love of their favorite music and artists. For our radio stations, it's the physical gathering of groups of people who share those common loves, and who want to share that live experience together. And I think that only gets stronger for everyone in the live events business. Lydia: You have said you'll never make employees return to the office. How do you manage employees while working remotely? Bob: Our business is all a series of interconnected teams, and we see the office as an important productivity tool for those teams. There are times when you don't need the office for the work at hand, and there are other times when the office as a productivity tool, ideation tool, or training tool is critical. And at those times, people should be in the office. I'm not sure there's a set number of days, or set days, or even set weeks that people need to be in the office; we're letting teams make those decisions based on their own challenges and expecting all the folks at iHeart to focus on and achieve our goals. Lydia: You are a vocal lover of Burning Man -- and one of the more Zen CEOs I've ever met. Bob: Burning Man is a catalyst for creativity. For all of us who work in creative businesses, if we're not careful as we age, our world narrows to our own experiences and views. Anything that can open my blinders is always helpful, and Burning Man is a perfect way to open those blinders. |
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Know why they're on our radar? The names of the week to know. Jessica Reif Ehrlich... Anna Weyant... Dina Powell... Joe Benarroch... Jesse Armstrong... Jim Farley... Jensen Huang... Emma Cline... Jeff Blau... David Leavy |
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