Monday morning and there was big media news out.
Iconic Time Magazine is set to be bought by the co-founder of admin-software giant Salesforce.com.Inc (NYSE:CRM) pending regulatory approval. It comes only eight months after the title was sold to US media group Meredith Corporation (NYSE:MDP).
It was reported that billionaire Marc Benioff and his wife Lynne are personally buying Time for US$190mln in cash. Meredith said the Benioffs "will not be involved in the day-to-day operations or journalistic decisions".
With the deal for Time, the Benioffs have picked up one of the most storied — but struggling — publications in the country https://t.co/w5D1svWlrF
— The New York Times (@nytimes) 17 September 2018
In other pre-market stock news, Tyson Foods Inc (NYSE:TSN) fell before the New York bell as it revealed Noel White will be its new CEO in effect from September 30 as chief Tom Hayes steps down for personal reasons after two years in the role.
Tyson shares dropped 2.18% to US$62.02 in pre-market.
Israel-based pharma giant Teva (TEVA:TLV) shares are up over 7% to US$24.50 after the key FDA approved the migraine drug Ajovy.
The candidate is what's known as a CGRP inhibitor and was approved for migraines in adults with either monthly or quarterly dosing, based on two Phase 3 studies showing that it could reduce the number of migraine days over 12 weeks, compared to placebo.
Finally, shoe designer and retailer Steve Madden Ltd (NASDAQ:SHOO) told investors it was planning a 3:2 stock split in the form of a stock dividend.
The move will entitle shareholders to receive a further share for every two shares owned.
The additional shares will be distributed on or about October 11, increasing the number of shares to around 87.6mln from around 58.4mln.