Sinclair Broadcast Nears Deal For Tribune Media

(Reuters) - Sinclair Broadcast Group Inc is nearing a deal to acquire Tribune Media Co for close to $4 billion after prevailing in an auction for one of the largest U.S. television station operators, according to people familiar with the matter.

A potential deal for Tribune, first reported by Reuters, could come as soon as Monday, just weeks after the U.S. Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy.

FCC Chairman Ajit Pai, named by President Donald Trump in January, is planning to take a new look at the current overall limit on companies owning stations serving no more than 39 percent of U.S. television households.

Still, a combined Tribune and Sinclair could surpass this cap and face some regulatory challenges which could result in divestitures, analysts said.

The combination of Sinclair and Tribune would be a competitive blow to Fox because the added scale would give Sinclair more leverage in negotiations to carry Twenty-First Century Fox Inc’s local networks. Together the companies would own a large chunk of Fox broadcast affiliates around the country.

Fox Networks Group Chairman Peter Rice said at the Milken Institute Global Conference last week that Fox was looking to buy Tribune Media because “having more scale and more control of distribution is important.”

Twenty-First Century Fox was in talks with Blackstone Group LP last week about submitting an offer to buy Tribune Media, sources said at the time. Nexstar Media Group Inc also considered an acquisition of Tribune Media, sources have previously said.

Fox never submitted a bid, according to a source familiar with the matter.

Representatives for Fox and Blackstone both declined to comment.

Sinclair’s offer values Tribune Media at around $44 per share, the sources said on Sunday. That would represent a premium of close to 30 percent of the price of Tribune Media shares on Feb. 28, the day before Reuters broke the news that Sinclair had approached Tribune Media to discuss an acquisition.

Tribune Media shares ended trading on Friday at $40.29, giving it a market capitalization of $3.5 billion.

Negotiations between Sinclair and Tribune Media have not yet been finalized, and there is still a possibility the deal will not be reached, the sources cautioned.

The sources asked not to be identified because the deliberations are confidential. Tribune Media declined to comment. Sinclair did not respond for comment.

Tribune Media has 42 owned or operated broadcast stations, as well as cable network WGN America, Tribune Studios and WGN-Radio. Sinclair, which has a market capitalization of $3.36 billion, owns, operates or provides services to 173 television stations in 81 markets.

Sinclair branched out into cable networks last year when it bought the Tennis Channel for $350 million.

Tribune Media said last year it was working with financial advisers Moelis & Co and Guggenheim Securities on a strategic review. It subsequently sold its media data unit Gracenote to Nielsen Holdings Plc for $560 million.

Activist investor Starboard Value LP, led by Jeffrey Smith, cut its stake in March to 4.4 percent from 6.6 percent.

Tribune CEO Peter Liguori, who joined Tribune in 2013, stepped down in March and a permanent replacement has not yet been named.

(Reporting by Liana B. Baker in San Francisco and Jessica Toonkel in New York; Additional reporting by Olivia Oran in New York; Editing by Phil Berlowitz and Sandra Maler)

Family Says They Were Forced Off Overbooked Delta Flight Over Child's Seat

A California family says they were forced off an overbooked Delta Air Lines flight and threatened with jail time last week after refusing to give up a seat one of their young children was sitting in.

In video posted to YouTube on Wednesday, Brian Schear of Huntington Beach is seen arguing with airline staff after he’s asked to relinquish a seat that he says he purchased for one of his kids.

“I bought the seat and you need to just leave us alone,” Schear says in the cellphone video. “I’m not trying to cause a problem, but I believe in standing up for what’s right.”

Delta has since apologized for the episode.

Schear, speaking to KABC News, said that he, his wife and two of their three children, ages 1 and 2, were traveling on a red-eye flight from Hawaii to Los Angeles last week. They’d bought the seat in question for their oldest child, 18-year-old Mason Schear, who ended up flying home a day earlier than the rest of the family. Schear put his younger son in Mason’s seat instead. Upon learning that Mason wasn’t present, the airline ordered Schear to surrender the seat or be carted off to jail. (The original report from KABC News indicates that the son is 2 years old, which is not consistent with the ages of the children as indicated in a May 3 Facebook post from their mother.)

The video appears to capture this threat, with a woman off-camera telling Schear that after he and his wife were jailed, their kids would be placed in foster care.

“You have to give up the seat or you’re going to jail, your wife is going to jail and they’ll take your kids from you,” Schear said the airline staff told him, according to KABC.

“Which option do you want to take?” a woman is heard telling him in the video. “Do you want to get off on your own, or...?”

In a statement Thursday afternoon, a Delta spokesperson said the company has reached out to the Schear family “to refund their travel and provide additional compensation.”

“We are sorry for the unfortunate experience our customers had with Delta,” the statement reads in part. “Delta’s goal is to always work with customers in an attempt to find solutions to their travel issues. That did not happen in this case and we apologize.”

In the clip posted to YouTube, an employee who identifies herself as Jenna tells Schear that a 2-year-old is not allowed to occupy his or her own seat because of Federal Aviation Administration regulations. Schear disputes this claim, arguing that the boy had his own seat on their earlier flight to Hawaii and that it’d be safer for him to remain in his car seat, rather than being held in his mother’s arms.

The FAA’s website appears to agree with Schear, recommending that children be secured in government-approved child safety restraints, and not in parents’ laps.

“Your arms aren’t capable of holding your child securely, especially during unexpected turbulence,” the FAA’s website says.

Delta’s website also advocates for kids having their own seats.

“For kids under the age of two, we recommend you purchase a seat on the aircraft and use an approved child safety seat,” it states.

Schear’s wife, Brittany, shared the video on her Facebook page on Wednesday. After the family was made to leave the plane, she said, they did not receive a refund and “had to purchase all new tickets the next day. It was the middle of the night, we had no hotel to go to or a car.”

The Schear family did not immediately respond to a request for comment. Brittany Schear posted another Facebook message late Thursday night, saying that she and Brian “appreciate the love and support shown” and “never imagined that our last 24 hours would be as they were.”

Wednesday’s video comes amid a period of dire public relations for the air travel industry, following several high-profile instances of airline staff apparently mistreating customers.

Most notoriously, in April, Chicago aviation officers violently removed Dr. David Dao, a Kentucky physician, from a United flight after Dao refused to relinquish his seat. Airline staff, at the time of the incident, said that they had overbooked the flight and needed the seat for their employees. They later retracted that claim.

This story has been updated with a statement from Delta Air Lines. It has also been updated throughout for consistency with the ages reported in Brittany Schear’s initial Facebook post.

8 Ways Your Tax Refund Can Work For You

By Dinorah Nieves and Dawid Wiacek

With tax season upon us, many are wondering how to get the biggest bang for each buck of our refund. Save it for a rainy day? Take that trip your family's been talking about? The list goes on. It's one of the few times each year that we find ourselves check-in-hand and uncertain of how it would be best spent. Sound familiar? If so, consider investing that refund back into your career! Studies show a strong correlation between job satisfaction and overall happiness, so every dollar invested in furthering your career is a dollar well spent all-around.

Here are eight ways to get that refund working for you:

1. Take an online course for a specific skill.

This doesn’t mean you have to shell out thousands of dollars or return to school full-time. These days, there are tons of online courses available, many of which are free or low in cost. If there’s a particular skill set that is well-regarded in your line of work but absent from your resume, now is the time to add it. Whether it’s a technical skill (e.g. software, statistics) or a soft skill (e.g. management, leadership), learning a new skill can boost your confidence, impress prospective employers and command a higher salary. Don’t forget to add it to your resume.

2. Attend an industry training or trade conference.

Whether you work in a common industry (e.g. healthcare, finance), or one that is a bit more obscure (say, underwater hospitality), nearly all industries have trade conferences, expos, trainings, and other events where you can network, pitch, sell and brush up on your field-specific knowledge. For just the cost of registration (and maybe associated travel), you’ll meet prospective clients, business partners and mentors. Plus, you’ll learn what’s brand spankin’ new in the industry, which you can leverage in the name of a promotion.

3. Buy a modern, well-fitting suit.

We don’t advocate blowing through your entire refund check on all the latest fashions, but there is one item of clothing that is a must in every professional’s closet: a modern, industry-appropriate, well-fitting and comfortable suit. Even if you don't believe that style matters in your particular line of work, a sharp suit can make a strong impression and boost your self-confidence at the next interview, business meeting or networking event. Have at least one neutral-colored, clean and pressed suit, ready to roll at all times. You never know when the next opportunity will arise.

4. Hire a career coach.

Consider the benefits of hiring a professional coach. If you feel stagnated, confused about next steps, or exhausted by the job search, an experienced coach can help breathe new life into your work ambitions. A good coach can beef up your resume and LinkedIn profile, boost your networking presence, prep you for challenging interviews, and teach you critical negotiation techniques. Securing a successful job transition can be difficult (whether we're talking a promotion, a new job or a whole new field). The money you invest in a career coach is likely to come back to you tenfold in the form of higher pay and greater fulfillment.

5. Upgrade your professional tool belt.

Sharpen your competitive edge by ensuring that your professional tools are top-notch. Whether you're an accountant who depends on complex software or an artist ready to try a different canvas, the advice is the same. New products and materials are constantly hitting the market, increasing efficiency and pushing the limits of creativity. Do your research and purchase the best equipment your trade has to offer. Armed with the right hardware, software and supplies… you’ll be unstoppable.

6. Download good "apps".

Your time, money and connections are your three most valuable career-related resources. Yet, with so much going on in your life, it probably seems hard to keep track of any of them, doesn't it? Lucky for us, there are apps out there to help you do just that. Use your computer, tablet and/or smartphone to access "applications" that mange your money, schedule your time and organize your networks. You can find "To-Do" lists for your tasks and deadlines, sophisticated calendars that help structure your schedule, expenditure trackers for your finances and phone books that re-arrange your contacts by job title and other helpful networking categories. Flip through the demos, read the reviews and then buy one or two to get you started.

7. Take your colleagues to lunch.

Part of what makes a job satisfying, is the feeling of community that one gets from their team. So, whether you currently have a group of co-workers that you feel grateful for, or want to make a friend or two to "talk shop" with, treating a few folks to lunch is a great way to foster some business bonding. Take them to that little bistro you like so much, or just have a few pizza pies delivered to the office during lunchtime. It can help to offset the daily stresses of hard work and foster communication between you and your comrades.

8. Decorate your work space.

Statistics show that employees who decorate their work space are more productive than their counterparts. So, think about what gets you motivated and make sure your space reflects those stimulating sounds, sights and scents that keep your spirits at their highest. Paint your home office a warm color, spruce up your cubicle with colorful flowers or keep soothing oils in the car for your days "out in the field."

Too often people spend their refund check on impulsive purchases, only to find that the clothes quickly go out of style or the gadget is obsolete a few months later. Your refund check can be so much more useful for your career and general life satisfaction. Take a moment to assess your professional trajectory—everything from your office desk to your industry skill set, from your business suit to your networking opportunities—and find the best way to invest the money in yourself. You’ll reap those career benefits for a lifetime.

David is an experienced career coach and copywriter. His clients range from recent college grads to C-level executives. He helps professionals navigate the complex modern-day job search to find more fulfilling, better-paying jobs. For more information, visit: davidthefixer.com

Dr. Dinorah Nieves is a life coach, writer and motivational speaker known for her unique brand of edgy enlightenment designed to help you to get focused and grow hard. For more information, visit: http://www.DinorahNieves.com

Now That Bitcoins Are Worth More Than Their Weight In Gold, Is It Time For Central Banks To Make Their Own?

Nafis Alam, Sunway University and Graham Kendall, University of Nottingham

The history of gold trading can be traced back hundreds of years while bitcoin, a digital currency that uses encryption and works independently of central banks, has been around for less than ten.

But the cryptocurrency is now starting to challenge gold as the investment of choice. Its meteoric rise is such that on March 3, 2017, bitcoin overtook gold for the first time, trading at US$1,290 compared to US$1,228 for an ounce of gold.

All the gold that has ever been mined would easily fit under the legs of the Eiffel Tower – in fact, multiple times. Gold’s scarcity is one reason for its value. Another reason is that it’s a very nonreactive metal so it doesn’t tarnish, which is important if you’ve invested millions and don’t want it to slowly deteriorate.

Most governments keep some of their funds in gold (as the video below explains). But although gold is seen as a safe haven in times of crisis, it is still subject to the usual market fluctuations of any commodity. Once the bitcoin reaches its full potential (all bitcoins are mined) the value will be much more stable.

What is bitcoin?

Bitcoin is a virtual currency used for electronic purchases and transfers. It has recently been gaining popularity and a growing number of businesses, including WordPress, Overstock.com, and Reddit, now accept it as a form of payment. Microsoft already accepts bitcoin payments through its Windows 10 and Windows 10 Mobile platforms, while those shopping online at Shopify may use bitcoin as payment.

Bitcoin is also moving outside the virtual space; what may be the world’s first bitcoin store, House of Nakamoto, opened early this year in Vienna. There, people can buy bitcoins for euros, and vice versa, from a dedicated bitcoin ATM. Drinkers in Cambridge can pay for beers at a pub called The Haymakers.

The number of bitcoins is capped at 21 million. As of March 2017, there were almost 16.2 million circulating. The supply of coins grows steadily because of the way bitcoin is programmed. Each “miner” (“mining” is lingo for the discovery of new bitcoins – anyone with computer knowledge and access to blockchain software can act as a miner) introduces new coins to the supply at a rate of around 12.5 coins every ten minutes.

Mining is the process of adding transaction records to bitcoin’s public ledger of past transactions (blockchain). The blockchain confirms transactions as having taken place to the rest of the network.

Even as far back as 2013, bitcoin was worth almost as much as gold. And, at the end of 2016, the total value of bitcoins in circulation was US$14bn.

A good investment opportunity?

Investment in digital currencies, such as bitcoin, has emerged as an alternative to traditional forms of money and created a niche that’s driving major innovations in the financial sector, such as peer-to-peer lending, and digital wallets. As traders gain confidence in alternative forms of money and payment mechanisms, bitcoin is seen as a possible investment alternative.

In fact, bitcoin exhibits similar features to gold – limited global supply, maintaining value and hedging against global market volatility. Such is the exuberance in bitcoin investment that it actually outperforms the precious metal, generating an annual return of 155% compared to gold’s annual loss of 6% during the same time period.

Even though Bitcoin seems a profitable investment tool, its value can be as volatile as the value of the gold, depending on the perceived risk of owning bitcoin as a commodity. Bitcoins are encrypted for security purposes, but while the coding identifies the currency itself, it does not identify its owner. If someone hacks the miner system and gets a secret bitcoin code they will eventually become the rightful owner.

Even though Bitcoin seems a profitable investment tool, its value can be as volatile as the value of the gold, depending on the perceived risk of owning bitcoin as a commodity.

What, then, is pushing the investment value of bitcoin? One driver is increasing demand from developing countries, especially Brazil, Russia, India, China, and South Africa. These countries are experiencing economic distress and weakening currencies, making their local currencies unpredictable and volatile. As a result, it’s becoming increasingly popular to use bitcoin as a natural hedge against paper currency.

Another contributing factor to the rise of bitcoin is the possibility of a trade war between US and China. US President Donald Trump has indicated that he may impose 45% tariff on Chinese imports. This may lead to a weakening yuan, and capital outflow from China as investors will resort to more stable currencies such as euros.

The hike in bitcoin’s price during financial troubles is also a testament to its increasing attraction as a hedging tool.

When Cyprus’s economy crashed in 2013, the price of bitcoins spiked as people resorted to other forms of payment than the national currency. In 2015, when the Chinese currency was in free fall, people in the country turned to bitcoin alongside gold.

And after the Brexit vote in the UK, when global currencies and stock markets tanked, bitcoin’s value rose more than US$100 compared to the previous day. This was mainly due to some of the speculative money flowing out of the pound and yuan making its way to bitcoin.

Increased government support

Bitcoin is not just getting increased interest from tech-savvy individuals and banks such as Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JP Morgan, State Street, Royal Bank of Scotland and UBS. Governments are also lending support to the cryptocurrency.

The Australian government plans to reduce tax on bitcoin transactions. Current treatment of the digital currency under the goods and services tax (GST) law means that consumers are “double taxed” when using it to buy anything already subject to GST. The government plans to change this.

Meanwhile, the UK’s chief scientific adviser has said that governments should use bitcoin’s underlying technology – blockchains – to help with taxes, benefits and passports.

Taking its cue from bitcoin, the US government is planning to launch a legalized cryptocurrency called Fedcoin, which can be exchanged for a physical dollar. Bitcoin is not considered legal tender because it is not backed by any government.

What we can say with certainty is that we cannot use gold to buy bitcoin directly but bitcoin can be used to buy gold.

Bitcoin pricing is also motivating the much-anticipated establishment of the first bitcoin exchange-traded fund (ETF) in the United States. An ETF is an investment company that has no restrictions on the amount of shares it can issue.

The approval of a bitcoin ETF would make the cryptocurrency more attractive to risk-averse institutional investors as it would allow an easier way to gain access to bitcoin than buying it directly.

Such is the dominance of bitcoin that the Bank of England issued a white paper on the subject, investigating the possibility of central banks minting their own cryptocurrencies.

Bitcoin’s appeal, compared to gold, comes from two factors. First, it can be used as an easy medium for payments (for a limited but growing number of transactions), which gold cannot replicate. And with their limited supply of 21 million, bitcoins are likely to attract higher demand compared to gold.

The debate over the supremacy of gold versus bitcoin will continue. What we can say with certainty is that we cannot use gold to buy bitcoin directly but bitcoin can be used to buy gold. You can decide which you prefer.

Nafis Alam, Professor of Finance, Sunway University and Graham Kendall, Professor of Computer Science and Provost/CEO/PVC, University of Nottingham

This article was originally published on The Conversation. Read the original article.

Electronics Store RadioShack Files For Bankruptcy Again

U.S. electronics chain RadioShack Corp filed for bankruptcy on Wednesday for the second time in a little over two years, faced with a challenging retail environment and an unsatisfying partnership with wireless provider Sprint Corp.

The Chapter 11 filing comes after RadioShack, owned by General Wireless Operations Inc, tried to revitalize its business by co-branding stores with the wireless carrier in an effort to compete against their largest rivals.

General Wireless, which acquired the RadioShack brand in 2015, listed assets and liabilities in the range of $100 million to $500 million in the U.S. bankruptcy court for the Delaware district.

RadioShack will close approximately 200 stores and will evaluate options on the remaining 1,300, the company said in a statement.

Sprint will convert several hundred locations into Sprint corporate-owned stores, the wireless provider said in a separate statement. 

RadioShack’s bankruptcy filing and subsequent store closings are not material to Sprint’s overall sales results, Sprint added.

RadioShack, a nearly 100-year-old chain that captured the heart of electronics enthusiasts for its specialty products such as “walkie talkies,” first filed for bankruptcy in 2015 after the rise of mobile phones caught it off-guard and customers abandoned its stores for big box competitors including Best Buy Co Inc and Amazon.com Inc.

In an attempt to keep the doors open on 1,740 stores, RadioShack struck a partnership with Sprint during its bankruptcy, inviting the mobile carrier to co-brand with the company and set up smaller stores within its own. At the time, Sprint viewed RadioShack’s retail footprint as a way to quickly scale up its own business.

But, in the years since RadioShack has emerged, both Sprint and RadioShack have been challenged.

Sprint, whose network is viewed as inferior to the country’s largest carriers, Verizon Communications Inc and AT&T Inc, has been forced to offer heavy discounts to grow its business.

RadioShack meanwhile has struggled to compete against internet behemoth Amazon.com Inc and for the attention of shoppers who increasingly wait for deep discounts before making a purchase.

The influx of cheaper copycat consumer products manufactured abroad has also hurt the business.

Still, in the years since its first bankruptcy, RadioShack has focused on expanding its private label offerings, which include drones, radios and adapters, and now makes up the majority of its business.

The shift away from selling other retailers’ products to its own has helped it reduce operating expenses and increase gross profit.

 

China Moves To Approve At Least 35 Trump Trademarks

SHANGHAI/WASHINGTON, March 9 (Reuters) - China has granted preliminary approval for at least 35 trademarks linked to Donald Trump, documents on China’s state trademark office show, giving the U.S. President and his family protection were they to develop the “Trump” brand in the market.

The trademarks, all variations in English and Chinese on the name “Donald Trump,” were given preliminary approval in two lists published on the Trademark Office of the State Administration for Industry and Commerce on Feb. 27 and Monday.

The approvals underline the complexities and potential concerns over conflicts of interest facing President Trump, who has a sprawling business empire from hotels to apparel using the Trump name around the world.

Trump, a wealthy real estate developer, has previously said he has handed over his business interests to a trust overseen by one of his sons and a Trump Organization executive. He can, however, revoke the trust at will and, as its sole beneficiary, remains linked to it financially.

The new trademark approvals cover such businesses as branded spas, massage parlors, golf clubs, hotels, insurance, finance and real estate companies, retail shops, restaurants, bars and bodyguard and escort services.

The 35 trademarks, which Trump’s lawyers applied for in April last year, are registered to “Donald J. Trump” and listed to the address of Trump Tower on Fifth Avenue in New York.

The Associated Press earlier reported the approvals of the trademarks, which it said also included three further trademarks not directly registered in the President’s name. These related to Scion, a hotel brand Trump’s sons want to expand in the United States. Reuters could not immediately confirm the three further approvals.

Representatives for the Trump Organization did not immediately respond to a request for comment.

Trump’s personal ties between politics and business have prompted concern from politicians and rights groups who say the President could face potential conflicts of interest related to the extensive business affairs of his family.

Democratic Senator Ben Cardin, the ranking member on the U.S. Senate Foreign Relations Committee, called for the Departments of State, Commerce and Justice to brief Congress on the Chinese trademark approvals and on “the potential constitutional dangers that they present.”

“This is an astonishing development ... It’s clear to me that officials in Beijing have come to appreciate the potential return on investments for China in having a positive, personal business relationship with the President of the United States,” Cardin said in a statement.

Cardin has previously introduced a resolution demanding Trump cut his ties with the Trump Organization or risk violating the Emoluments Clause of the Constitution, which bars public servants from accepting anything of value from foreign governments unless approved by Congress.

The preliminary approvals are open to be challenged for around a 90-day period from the date of approval. If no objections they will be formally registered in late May and early June respectively.

Trump received a single trademark approval last month in China for Trump-branded construction services, following a 10-year legal battle. (Reporting by Adam Jourdan in SHANGHAI and Eric Walsh in WASHINGTON; Editing by James Dalgleish and Lincoln Feast)

Bike Culture Is Thriving In New Orleans

The City of New Orleans is launching a new bike-sharing program this coming fall, according to the Uptown Messenger. The Brooklyn-based Social Bicycles will run the new public transportation program, which is currently set to launch in October 2017. The bike-sharing program will operate out of 70 stations located throughout the city.

The bike-sharing program partners New Orleans’ Transportation Department with Social Bicycles, a company that uses mobile and wireless technology to make renting bikes easy and accessible. The partnership is part of Mayor Landrieu’s efforts to make NOLA public and alternative transportation options more reliable and accessible.

According to an American Community Survey, New Orleans boasts the 10th highest percentage of residents who cycle to work each day. In the last decade alone, New Orleans has paved more than 100 miles of bike lanes throughout the city. Social bike tours, bike parades, and bicycle valets are now common events in city programming. With so many bike commuters, NOLA is developing its own culture around biking.

Let’s take a closer look at New Orleans’ burgeoning bike community:

Dashing Bicycles & Accessories

Dashing Bicycles & Accessories strives to foster and empower women and families to be part of NOLA’s active bicycle network. Follow Dashing Bicycles on social media to stay apprised of local bike news and events.

Marin Tockman, Owner of Dashing Bicycles & Accessories. [Photo via goinvade.com]

Gerken’s

Gerken’s on St. Claude in Bywater offers full-service bike repairs and rentals. Their friendly and knowledgeable staff can recommend great places in the city to explore on your bike.

Buzz NOLA

Buzz Nola Rentals & Tours has a large fleet of cruisers available to rent. Buzz Nola also offers bike tours which are popular among New Orleanians who enjoy connecting with fellow riders.

Bike Easy

Bike Easy, a local advocacy group for cycling enthusiasts, hosts a variety of community events which aim to make biking in New Orleans easier and safer.

This article was originally posted on Naveen Kailas’ website http://naveenkailas.com

For more New Orleans updates and news, follow Naveen Kailas on Twitter at https://twitter.com/NaveenKailas