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Washington Post for sale as Jeff Bezos plans to buy NFL team: Reports

The Washington Post is reportedly up for sale as billionaire Jeff Bezos is rumored to sell the left-leaning newspaper in order to finance his plans to buy the NFL team Washington Commanders.

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Jeff Bezos

The Washington Post is reportedly up for sale as billionaire Jeff Bezos is rumored to sell the left-leaning newspaper in order to finance his plans to buy the NFL team Washington Commanders.

Quoting a source with firsthand knowledge of the matter, The New York Post reported, that the Washington Post is courted by at least “one logical suitor”, who intends to submit a proposal. The source, however, declined to identify the potential buyer.

Another newspaper buyer and seller claimed that they heard “rumors” that Bezos might be looking to sell off the newspaper.

However, the Amazon founder’s spokesperson has issued a statement, denying the rumors of a possible sale.

A journal spokesperson, which is owned by News Corp, the same corporation that owns the New York Post, also denied the alleged sale.

In its report, the New York Post claimed that Bezos, who bought the Washington Post for $250 million in 2013, was ‘looking to clear the way’ to get the Commanders from embattled owner Dan Snyder.

The Washington Commanders, who have won three Super Bowls, lifting the Lombardi Trophy in 1983, 1988 and 1992, are viewed by potential investors as a sleeping giant franchise in a major market.

Reports say that Bezos may have trouble striking a deal with Commanders’ owner Dan Snyder, who reportedly is not a big fan of the billionaire’s newspaper and is still irate about the Washington Post’s series of disclosures exposing the toxic management culture of the NFL team.

The expose had reported that Commanders’ bosses, including Dan Snyder are allegedly responsible for enabling sexual harassment.

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The New York Post report added that Front Office Sports reported that Snyder has hired Bank of America, which “continues to court Bezos — even if there are indications that Snyder doesn’t want to sell” to the billionaire.

Apparently, the Commanders accepted first-round bids from potential buyers last week, but Bezos, who supposedly has been in negotiations with Jay-Z to form a buyout partnership, wasn’t one of them.

Bezos has publicly stated that owning a newspaper was never his goal. In order to ensure financial stability and spur online expansion, the Amazon founder was persuaded to purchase the Washington Post by its former owner Donald Graham in 2013.

The billionaire has said multiple times that football is his favorite sport.

Despite experiencing expansion quickly under Bezos with massive coverage, Washington Post apparently planned to lose money in 2022 after years of profits as circulation dwindled after the end of the Trump administration.

In November, Jeff Bezos, in an interview with CNN, said he plans to donate the majority of his wealth to charitable causes within his lifetime.

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Google reduces 10% of managerial staff to enhance efficiency and ‘Googleyness’

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Google has pruned its managerial workforce, reducing it by 10% in a move aimed at streamlining operations and redefining its corporate culture in a year-long push. This pruning, part of a broader efficiency drive, includes a 10% cut at manager, director, and vice president levels.

Reports indicate that during an all-hands meeting, CEO Sundar Pichai outlined the rationale behind the decision, emphasizing the need for efficiency and redefining the company’s core values, often referred to as “Googleyness.”

A Google spokesperson revealed that some affected employees would transition to individual contributor roles, while others faced role eliminations. These adjustments come amidst growing challenges in the tech industry, particularly with rapid developments in artificial intelligence (AI) and fierce competition from rivals like OpenAI.

The AI race and Google’s response

The tech giant has recently intensified its focus on AI innovations, unveiling Gemini 2.0, its most advanced AI model yet. Sundar Pichai described the new model as heralding a “new agentic era” in which AI systems are designed to comprehend and make decisions about the world.

This announcement boosted Google’s stock, which surged by over 4% following the news, a day after a 3.5% increase attributed to breakthroughs in its quantum chip technology.

Previous layoffs in 2024

The latest layoffs mark Google’s fourth round of job cuts in 2024. Earlier in January, Google eliminated several hundred positions in its global advertisements team. In June, its cloud unit also saw workforce reductions. By January of this year, Google had already cut 12,000 roles, equivalent to 6.4% of its global workforce.

In a letter addressed to employees during the earlier layoffs, Pichai took responsibility for the decisions, stating that the company had experienced dramatic growth that required adjustments to sustain operations. Despite efforts, he acknowledged the process could have been managed better.

Redefining ‘Googleyness’

At the same meeting, Pichai stressed the need to revisit and reshape the concept of “Googleyness.” This term, often used to define the company’s unique culture and hiring philosophy, will now play a pivotal role in transforming corporate dynamics to adapt to new challenges.

The adjustments highlight Google’s commitment to staying competitive while reshaping its operational framework to remain aligned with its long-term vision.

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Zomato introduces Food Rescue feature

“We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage,” he said.

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

Announcing the new feature on X, Goyal said the decision, to introduce the new feature, was taken to prevent the tremendous amount of food wastage due to order cancellation on the platform.

Committed to minimising food wastage, the Zomato boss said: “We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage.”

Goyal said despite having stringent policies, and a no-refund policy for cancellations, more than 4 lakh perfectly good orders get cancelled, for various reasons by customers.

He said the top concern for the online food delivery platform, the restaurant industry, and even the customers who cancel these orders, is to somehow save the food from going to waste.

With the launch of the new feature, Food Rescue, cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes.

According to Zomato, the cancelled order will pop up on the app for customers within a 3 km radius of the delivery partner carrying the order. To ensure freshness, the option to claim will only be available for a few minutes.

The online food delivery platform will not keep any proceeds except the required government taxes and the amount paid by the new customer will be shared with the original customer (if they made payment online) and with the restaurant partner.

Orders containing items sensitive to distances or temperature such as ice creams, shakes, smoothies, and certain perishable items, will not be eligible for Food Rescue.

Restaurant partners will continue to receive compensation for the original cancelled order, plus a portion of the amount paid by the new customer if the order is claimed, the company said. “Most restaurants have opted in for this feature, and can opt of it easily whenever they want, directly from their control panels,” it added.

The delivery partners will be compensated fully for the entire trip, from the initial pickup to the final drop-off at the new customer’s location, it said.

Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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