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Sumner Redstone, billionaire media tycoon, dead at age 97

Sumner Redstone, the media mogul who built his family’s drive-in theater chain into a multibillion-dollar empire encompassing CBS and Viacom and later became the center of a jilted lover’s lawsuit that nearly cost his family his financial legacy, has died. He was 97. Redstone, who often boasted that he would …

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Stock Markets, Business News, Financials, Earnings

© 2020 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and Disclaimers Data also provided by

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Netflix, AT&T, Verizon and Comcast were the decade’s media kingmakers

A man browsing the channel selections on TV at his home in Las Vegas. Getty Images In 1996, Bill Gates said “content is king,” and his words became a truism in the media and telecommunications industry. But over the last ten years, it turned out that content distributors — AT&T, …

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Adobe stock hits new record as investors cheer move to cloud

Shantanu Narayen, President and CEO of Adobe Systems. Hemant Mishra | Mint | Getty Images Adobe’s six-year transition from packaged software to the cloud has turned it into one of the hottest names in technology and lifted the stock to a record. Shares of the software maker, known for products …

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Lyft announces car rental service; Hertz and Avis shares plunge

Lyft went pubic on Friday, March 29, 2019, with a value above $20 billion. Lyft Lyft said on Thursday that it’s introducing a car rental service, allowing customers to rent a vehicle without having to go to the counter. Hertz and Avis shares plunged on the news. “With Lyft Rentals, …

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Data shows Uber could to raise prices

SurveyMonkey data shows that passengers have gotten so hooked on Uber and Lyft that the companies could raise prices further if they were so inclined, said Zander Lurie, CEO of SurveyMonkey-parent SVMK. “People are addicted to these services,” Lurie said on CNBC’s “Squawk Box” on Tuesday. “This is what people …

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Airbnb, Gitlab considering direct listings, and bankers coming around

GitLab CEO Sid Sijbrandij at company event in London GitLab GitLab, a developer of code-sharing software, took the unusual step of announcing a specific date when it plans to go public — Nov. 18, 2020. The day is significant because it marks “five years after the first people got stock …

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Peloton users defend controversial ad

Peloton bike Source: Peloton For all the outcry about the Peloton holiday ad, some of the company’s enthusiasts are scratching their heads. Take Heather Haworth, a California-based in-house counsel for a medical device company, who posted about her thoughts on the ad earlier this week on Facebook. Haworth told CNBC …

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Microsoft Teams has ‘weak engagement’

Slack CEO Stewart Butterfield said on Wednesday that most of Slack’s top customers use parts of Microsoft’s Office 365 suite, but are choosing Slack for messaging anyway, instead of the competing Microsoft Teams app. Following Slack’s third-quarter earnings report, Butterfield told analysts that the company now has more than 50 …

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Warren Buffett’s latest attempt to put his cash to work is thwarted

Berkshire Hathaway’s cash hoard keeps growing, topping $128 billion according to the company’s latest SEC filing. Now, we finally have an idea of what Warren Buffett has been thinking of doing with some of that money. In a little-noticed announcement late Wednesday, Tech Data said that it had agreed to …

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