Billionaire Lasry to Sell Bucks Stake, Valuing NBA Team at $3.5 Billion (Bloomberg)
Billionaire investor Marc Lasry has reached a deal to sell his stake in the Milwaukee Bucks to Jimmy and Dee Haslam, owners of the National Football League’s Cleveland Browns, according to a person familiar with the matter. The sale of Lasry’s 25% stake, which is still pending approval by the National Basketball Association and its owners, values the team at about $3.5 billion, said the person, asking not to be identified because discussions are private.
Late Oil Tycoon T. Boone Pickens’ Massive Texas Ranch Just Sold for Around $60 Million Less Than its Listed Price — Take a Look Inside (Business Insider)
In 2017, the late oil magnate listed his ranch in the Texas Panhandle, northeast of Amarillo, for a whopping $250 million. Five years later, the estate was sold — but for $60 million less than its listed price. Pickens, a famous oil prospector, hedge-fund founder, and philanthropist, died on September 11, 2019, aged 91. Pickens made his fortune as the founder of oil and gas company Mesa Petroleum and the hedge fund BP Capital Management.
Hedge Fund Point72 Hires Robinhood Crypto Expert in Digital Assets Push (Financial News)
Hedge fund Point72 has hired Lionel Sukhram as a digital assets senior professional to expand its crypto team. Sukhram joins Point72 after spending nearly a year at Robinhood where he was a crypto operations senior specialist. He spent the majority of his prior career in banking, working as a director within Morgan Stanley’s office of business management unit between July 2020 and November 2021. He also had a six-year stint at Goldman Sachs, where he started as an information technology solutions manager in July 2014 before becoming a senior operations associate in March 2016.
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Bath & Body Works Backs Board in Potential Proxy Battle (The Wall Street Journal)
Bath & Body Works Inc. (BBWI) -1.06% decrease; red down pointing triangle backed the makeup of its refreshed board and rejected naming one of Dan Loeb’s protégés as a director ahead of a potential proxy fight with the hedge-fund manager’s Third Point LLC. The retailer on Monday said in a letter to shareholders that the looming proxy battle is based on misguided motivations and would be detrimental to shareholders. It added that it has taken “all reasonable steps to avoid a costly and distracting proxy contest” from Mr. Loeb, who said last week that his firm plans to nominate a candidate to the company’s board.
Standard General to Press on with Tegna Purchase Despite FCC Action (Reuters)
Hedge fund Standard General sharply criticized the U.S. Federal Communications Commission’s (FCC) decision to hold hearings on its $5.4 billion plan to buy television station operator Tegna (TGNA.N), saying on Monday it was “tantamount to denying” the deal. The FCC, which regulates telecommunications, said on Friday it would hold a hearing on the planned acquisition of Tegna, which manages 64 stations in 51 U.S. markets. Lengthy hearings have historically led deals to collapse.
