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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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Latest business news

Hindenburg fallout: Gautam Adani no longer Asia’s richest, drops to number 15 on Forbes rich list

Indian Billionaire Gautam Adani, Wednesday, dropped to 15th on the Forbes rich list with an estimated net worth of $76.8 billion as the shares of his conglomerate plunged once again in the aftermath of the Hindenburg group report.

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Gautam Adani

Indian Billionaire Gautam Adani, Wednesday, dropped to 15th on the Forbes rich list with an estimated net worth of $76.8 billion as the shares of his conglomerate plunged once again in the aftermath of the Hindenburg group report.

Before the damning report by the US short-seller, Adani was ranked third on the list and also ranked Asia’s richest person, a title which he also lost after his personal fortune reportedly fell by over $40 billion.

According to a report by Bloomberg, the rout has wiped out around $92 billion of the value of the conglomerate’s listed units since last week with Adani’s personal fortune plummeting by over $40 billion during the same period.

The industrialist’s business interests, ranging from ports and airports to mining and cement, have plunged after the fallout from the Hindenburg report and now, Adani, who has vehemently denied the allegations levelled by the short seller, is fighting to stabilise his businesses and defend his reputation.

It comes just a day after the group managed to muster support from investors for a $2.5 billion share sale for flagship firm Adani Enterprises on Tuesday, in what many saw as a stamp of investor confidence.

Hindenburg Research published a report last week, accusing the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.

The group has denied the allegations, saying the short-seller’s narrative of stock manipulation has “no basis” and stems from an ignorance of Indian law, adding that it has always made the necessary regulatory disclosures.

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Shares in Adani Enterprises, often described as the incubator of Adani businesses, plunged 30 per cent on Wednesday. Adani Power fell 5 per cent, while Adani Total Gas slumped 10 per cent, down by its daily price limit, Reuters reported.

Adani Transmission was down 6 per cent and Adani Ports and Special Economic Zone dropped 20 per cent. Adani Total Gas, a joint venture with France’s Total, has been the biggest casualty of the report, losing about $27 billion.

Underscoring the nervousness in some quarters, Bloomberg reported on Wednesday that Credit Suisse had stopped accepting bonds of Adani group companies as collateral for margin loans to its private banking clients.

India’s markets regulator, which has been looking into deals by the conglomerate, has said it will add Hindenburg’s report to its own preliminary investigation.

State-run Life Insurance Corporation (LIC) said on Monday it would seek clarifications from Adani’s management on the short seller report. The insurance giant was, however, a key investor in the Adani Enterprises share sale.

Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”

In a 413-page response titled “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg Research accused the Adani Group of holding back India’s progress by draping itself in the Indian flag while systematically looting the nation.

Hindenburg said it believes that India is a vibrant democracy and an emerging superpower with an exciting future. However, the research group alleged that the country’s future was being held back by the Adani Group, “which has draped itself in the Indian flag while systematically looting the nation.”

Hindenburg stressed that it’s a firm believer in the fact that fraud is fraud even when perpetuated by one of the wealthiest individuals globally.

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Economy news

India will remain on similar growth curve till 2030, expect well behaved inflation this fiscal: CEA

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade.

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Economic Survey

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade.

Nageswaran, while talking to the media after tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, said that the inflation is likely to be “well behaved” in the coming fiscal year barring any unforeseen factors.

According to the Economic Survey prepared by the CEA, RBI projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor too low as to weaken inducement to invest.

The Economic Survey for the current fiscal also state that the Indian economy is expected to hit a minor slow down to 6.5 percent in April 2023 but will continue to remain the fastest-growing major economy in the world owing to its ability to better deal with challenges faced by the global economy.

The CEA maintained that the projected growth rate would remain stable as long as oil prices stayed below 100 dollars per barrel. He also pointed out that the quality of public expenditure has gone up and the government has become more transparent with budget deficit numbers, adding that an increased transparency is being witnessed in public procurement.

Read Also: Finance Minister Nirmala Sitharaman tables Economic Survey 2023, check highlights here

Nageswaran stressed that credit growth is picking up across sectors, and credit to MSMEs has grown at 30 per cent since January 2022, while NPAs in NBFCs is lower than what it was 15 months ago.

The CEA revealed that India is well ahead of its targets for renewable energy mix.

Earlier on Tuesday, the International Monetary Fund in its January update of the World Economic Outlook called India as a bright spot in an otherwise gloomy world economy which, together with China, will account for half of the global growth in 2023, compared to the US and Euro area, who account for just a 10th of the world’s growth.

The IMF report had made almost similar projections to the Economic Survey tabled by the government. It has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

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Crypto NFT

Bitcoin at $23.4k; Solana, Ethereum also witness minor dips

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The cryptocurrency market, infamous for its instability and volatile highs and lows, has seen a significant dip in the past few months. Bitcoin, the largest cryptocurrency by market capitalization, dipped by 1.40% and is currently trading at $23,402.75 while Ethereum, the second biggest cryptocurrency was trading at around $1,604.10, a decrease of 1.59%, as of January 30, 2023.

Although infamous for its volatility, the crypto market is currently holding stable with Bitcoin holding stable around the $23,700 mark. The value of Bitcoin has more than tripled since 2021 and remains one of the most popular investments among retail and institutional investors, despite recent price rectifications.

In what is seen as an indication of a strong demand for alternative cryptocurrencies besides Bitcoin and Ethereum, the Solana and Binance Coin (BNB) have increased up to 6 percent in value.

Solana, a high-performance blockchain platform, has been attracting attention due to its ability to handle high transaction volumes and its fast-processing times. On the other hand, Binance Coin is the native token of the Binance exchange, one of the world’s largest cryptocurrency exchanges.

Trading prices of major cryptocurrencies:

    •    Bitcoin :$23,157.54

-2.99%

    •    Ethereum : $1,586.03 USD

-3.54%

    •    Tether : $1.02 USD

+0.59%

    •    USD Coin : $1.00 USD

-0.10%

    •    BNB:  $315.00 USD

-1.28%

    •    XRP : $0.3989 USD

-4.87%

    •    Dogecoin : $0.09418 USD

+4.71%

    •    Cardano : $0.3778 USD

-4.79%

    •    Polygon : $1.11 USD

-5.32%

    •    Polkadot  : $6.35 USD

-5.02%

    •    Tron : $0.06263 USD

-1.26%

    •    Litecoin : $97.14 USD

+0.87%

    •    Shibu Inu : $0.00001205 USD

-1.45%

    •    Solana : $24.77 USD

-5.40%

Crypto prices are notorious for being unstable and massive price swings in either direction is a common phenomenon in the market. However, a recent trend has seen somewhat of a stability on the scene as other cryptocurrencies, alongside Bitcoin are also seeing an upswing.

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