Morning Brief: Top Financial Stories Dominating on Wednesday, June 15
Reuters Warner Bros Discovery To Undergo Major Global Ad Sales Team Restructuring Warner Bros. Discovery, Inc (NASDAQ: WBD ) could downsize up to 30% or nearly 1,000 jobs in its global advertising sales team, Reuters reports. Warner offered members of its U.S. advertising sales team an option to leave the company voluntarily. The global advertising sales team has ~3,000 members. Biden Questions Oil Companies On Lack Of Gasoline Amid Increasing Prices As U.S. president Joe Biden faces pressure over rising gasoline prices, he demanded oil companies explain why more gasoline is not in the market. Biden wrote to executives from Marathon Petroleum Corp (NYSE: MPC ), Valero Energy Corporation (NYSE: VLO ), and Exxon Mobil Corp (NYSE: XOM ) and complained that they had reduced oil refining to beef up their profits, according to a copy of the letter seen by Reuters. “At a time of war, refinery profit margins well above normal being passed directly onto American families are unacceptable,” Biden wrote. iQIYI Shares Trade Lower On Reports Of Possible Stake Sale Baidu, Inc (NASDAQ: BIDU ) is exploring selling its controlling stake in iQIYI, Inc (NASDAQ: IQ ) at a potential valuation of ~$7 billion.
Morning Brief: Top Financial Stories Dominating on Wednesday, June 15
Reuters Warner Bros Discovery To Undergo Major Global Ad Sales Team Restructuring Warner Bros. Discovery, Inc (NASDAQ: WBD ) could downsize up to 30% or nearly 1,000 jobs in its global advertising sales team, Reuters reports. Warner offered members of its U.S. advertising sales team an option to leave the company voluntarily. The global advertising sales team has ~3,000 members. Biden Questions Oil Companies On Lack Of Gasoline Amid Increasing Prices As U.S. president Joe Biden faces pressure over rising gasoline prices, he demanded oil companies explain why more gasoline is not in the market. Biden wrote to executives from Marathon Petroleum Corp (NYSE: MPC ), Valero Energy Corporation (NYSE: VLO ), and Exxon Mobil Corp (NYSE: XOM ) and complained that they had reduced oil refining to beef up their profits, according to a copy of the letter seen by Reuters. “At a time of war, refinery profit margins well above normal being passed directly onto American families are unacceptable,” Biden wrote. iQIYI Shares Trade Lower On Reports Of Possible Stake Sale Baidu, Inc (NASDAQ: BIDU ) is exploring selling its controlling stake in iQIYI, Inc (NASDAQ: IQ ) at a potential valuation of ~$7 billion.