Disney scraps successor plans, extends CEO Bob Iger’s deal – and adds bonus of 500 per cent his salary July 13, 2023 Disney boss Bob Iger has extended his contract by two years with his annual bonus potentially reaching five times its previous size. Originally set to expire next year, Iger’s contract will now run through the end of 2026. The boosted bonus means Iger could receive up to 500 per cent of his annual base salary [...]
Hipgnosis working to increase shareholder value after investor complaints July 13, 2023 The boss of Hipgnosis said today that the song management company is working on options to increase shareholder value after investors complained about its dwindling share price. “I am aligned with shareholders in believing that the fundamental value and opportunity of the company fails to be reflected in the current share price,” Merck Mercuriadis, Hipgnosis boss [...]
Ofcom opens Virgin Media probe after customers struggle to ditch contracts July 13, 2023 Ofcom has launched an investigation into whether Virgin Media broke rules surrounding contract termination and the handling of complaints. The company has gained the attention of Ofcom after customers filed a significant number of complaints that the firm was making it difficult for them to cancel contracts. The UK communications regulator said their rules are [...]
Law firms filed over 1,000 legal tech patents globally – but only 1 was filed in the UK July 13, 2023 Law firms around the world are increasingly investing in technology to remain competitive, new data shared with City A.M. reveals. Exactly 1,184 patent applications for legal services technology were filed globally in the year ending September 2022, according to data obtained by Thomson Reuters from the World Intellectual Property Organisation. China filed the most with [...]
CMA outlines next steps for Microsoft and Activision as firms work to clear deal July 12, 2023 Microsoft and Activsion would have to present a new revised deal to the UK’s competition authority if it is to reconsider the multi-billion pound takeover deal, the agency said today. “While the merging parties do not have the opportunity to submit new solutions once a final report has been issued, they can choose to restructure [...]
Investors call on Hipgnosis to sell songs as share price dwindles July 12, 2023 Investors in Hipgnosis Song Management, which owns songs by Rihanna, Nirvana and Justin Bieber, have called on the company to sell some of its holdings as the firm’s share price flounders. Hipgnosis’ share price – which trades as Hipgnosis Songs Fund on the FTSE 250 – has fallen around 30 per cent over the last [...]
Nvidia considers investment in Arm as firm seeks $80bn valuation July 12, 2023 Nvidia is reportedly engaged in discussions with Arm about becoming an anchor investor in the chip designer ahead of its initial public offering in New York. The two chip companies are currently thrashing out a valuation, the Financial Times reported. Nvidia is said to be seeking a long-term stake that would value Cambridge-based Arm between [...]
CMA agrees pause on Microsoft appeal after US court waves through Activision deal July 12, 2023 The UK’s Competition and Markets Authority (CMA) has said it is willing to work with Microsoft over its planned acquisition of video game company Activision Blizzard, which could help end its legal battle with the firms over the deal. It comes after a US judge yesterday handed Microsoft a victory by saying it would not [...]
Investor Terry Smith ditches Amazon stake over concerns with grocery business July 11, 2023 Top investor Terry Smith has revealed that he ditched his fund’s stake in Amazon due to concerns with the company’s grocery business. In a letter to investors, released yesterday, Smith revealed that the primary catalyst behind Fundsmith’s decision to drop its holding in Amazon last month was due to a “concern over potential capital misallocation”. [...]
Zoom revamps business model to recover from post-pandemic slump July 11, 2023 Zoom is determined to bounce back from a post-pandemic slump by revamping its business and product offerings, a top boss at the firm has said. “People have got used to a different lifestyle,” necessitating a fresh approach from Zoom, Frederik Maris, head of EMEA at Zoom, told City A.M. Beyond video meetings, Zoom is now [...]
