Las Vegas Raiders
The Oakland Raiders, one of the NFL’s most popular teams, just got a new funding partner to help their eventual move to Las Vegas. According to sources related to the team, Bank of America will help finance the missing $650 million needed for the move. The state of Nevada will contribute $750 million in taxpayer money, and the Raiders organization (along with the NFL) will pay $500 million if/when the move is approved. The team and Las Vegas are trying to open a $1.9 billion, 65,000 seat stadium, though they previously suffered a setback after billionaire casino owner Sheldon Adelson backed out of the deal. For more on how state-funded sports arenas are a bad investment, see our guide here.
Tronc Fancies an Acquisition
Tronc ($TRNC), the terribly named owner of The Los Angeles Times and The Chicago Tribune, is attempting to buy Us Weekly for $100 million. Wenner Media, owner of Us Weekly, Rolling Stone, and Men’s Journal (among others) fully owns the celebrity magazine after repurchasing the remaining 50% ownership from Disney. Wenner is in a fair amount of debt, and selling publications (or shares in a publication) is nothing new, as they sold 49% of Rolling Stone to a Singapore company last year. Tronc is also known for acquisitions, albeit failed ones. Just last year, the Gannet Company tried to purchase the company, but with no luck.
Starbucks’ New Revenue Increase Plan: ?
Starbucks wants each of their locations to increase sales through a series of new initiatives, according to Buzzfeed. To do this, the company will eventually simplify the ordering and drink-labeling process. They’ll also somehow increase foot traffic in the store, though how they’ll achieve this remains unclear. The company’s stock ($SBUX) is down 2.41% in the last year, though it’s increased by 1.24% since the start of the year. Head over to Buzzfeed for the full report.