Facebook Inc. and its photo-sharing app Instagram sued four companies and three people based in China for allegedly creating and selling fake online accounts, likes and followers that were used for misinformation campaigns and other scams.
The company said it hired former NBC Entertainment Chairman Robert Greenblatt to be chairman of a newly created unit called WarnerEntertainment—which combines HBO and Turner’s entertainment operations—and Direct-to-Consumer, which includes the streaming service WarnerMedia plans on launching later this year.
Biogen Inc said on Monday it will buy Nightstar Therapeutics Plc for about $800 million in cash as the company looks to tap into a potentially lucrative gene therapy market.
U.S. buyout fund KKR and China’s Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi’s iconic Universal Music division, a deal potentially worth up 20 billion euros ($22.73 billion).
Bank of America plans to remove the Merrill Lynch name from its trading and investment-banking operations, executives said Monday. It will also rebrand the bulk of its wealth-management business as simply Merrill.
A deal for Spark could be announced Monday—if not sooner—at a price tag of nearly $5 billion, some of the people said. That would represent a big premium, given Spark had a market value of just under $2 billion as of Friday’s close. As always, the deal could still fall apart before the companies manage to make it official.
Kraft Heinz said it faced unexpectedly higher costs last year, and it has seen significant pressure on the value of its brands since its $49 billion merger in 2015. The writedown caused Kraft Heinz to swing to a fourth-quarter loss, marking a striking reversal after several years of radical cost-management efforts and higher profit margins that were seen as a model for the packaged-food industry.