Business

AT&T on Thursday sold a minority stake in its video business to private equity firm TPG. The deal values DirecTV, AT&T TV and U-Verse at roughly $16 billion combined — less than a third of the $49 billion AT&T spent to buy DirecTV in 2015. The ill-timed deal was doomed from the start. AT&T bought

On Thursday, GameStop stock surged as much as 85% in early trading before being halted for volatility. Shares still ended the day up more than 18% at $108.73. The stock was up as much as 20% in after-hours trading. The day before, the gaming retailer’s stock closed nearly 104% higher. Investors gained interest in the

It was another rough day for stocks. The market has entered a new phase of volatility as government bond yields are on the rise, signaling expectations for higher interest rates down the line. The Dow closed down 560 points, or 1.8%, on Thursday, just one day after setting a new all-time high. The broader S&P

Makeup sales have been walloped by the pandemic. But that’s not stopping Sephora from adding more stores as it pushes ahead to attract shoppers outside of struggling malls. The company said Thursday that it is adding more than 60 freestanding stores this year, and 85% of them won’t be in malls. The new stores comes

Hasbro is dropping the honorific “mister” from “Mr. Potato Head,” renaming the shapeshifting plastic spud to the gender-neutral “Potato Head.” It’s a notable change from one of the world’s largest toy makers to untether one of its most famous products from a binary gender identity — something that was far less controversial in 1952, when

Digital currency exchange Coinbase has officially filed to go public, riding a wave of bitcoin enthusiasm that has sent the cryptocurrency markets soaring. Founded in 2012, Coinbase helps users buy, sell, and store cryptocurrencies such as bitcoin and ethereum. The digital brokerage, which competes with Coinmama, CEX.IO and Gemini, announced plans to go public in

London has been the unrivaled king of European finance for more than three decades. Brexit is starting to change that. Billions of dollars worth of stock and derivatives trading has already vanished from the British capital after the United Kingdom completed its exit from the European Union on Jan. 1, shifting abroad to financial hubs

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Tonight: GameStop stock is all fired up — again. Plus, the US Postal Service’s new vans look like ducks, and somehow Michael Bolton gets a financial news headline in 2021 …

Costco will raise its starting rate for hourly store workers in the United States to $16 an hour, putting its starting wage above rivals such as Amazon, Target and Best Buy. Costco has around 180,000 US employees, and 90% of them work hourly. It will hike its minimum wage to $16 beginning next week, chief

Call it a Mac mini: Target is opening scaled-down versions of Apple stores at some of its US outlets this year, furthering the two companies’ relationship. Target said an “enhanced Apple shopping experience” is rolling out to 17 stores in the coming months, with redesigned sections that include new lighting and displays for shoppers to

Victoria’s Secret is continuing to shrink its store count. Its parent company L Brands announced that it plans to permanently close between 30 to 50 stores in the United States and Canada this year. The reduction comes after it closed 241 stores in 2020, leaving it with 848 stores across the two countries. This time

PepsiCo isn’t joining the hard seltzer trend just yet. But it wants to be part of your at-home cocktail experience with a new line of mixers. Neon Zebra, which launches on March 1, comes in four non-alcoholic flavors: citrus-flavored Margarita mix, strawbery-lime-flavored Strawberry Daiquiri mix, lime-mint-flavored Mojito mix and a lemon-flavored Whiskey Sour mix. Each

Geely has scrapped plans to merge its business with Volvo and will now focus its global ambitions on a joint venture with the Swedish carmaker on connected cars. China’s largest independent automaker already owns Volvo and operates the Swedish firm as a separate company. But about a year ago, Geely said that it was considering

Three of Britain’s biggest banks have announced plans to dump expensive office space, a bet that remote work is here to stay even after the pandemic ends. HSBC said Tuesday that it plans to cut its global real estate footprint by 40% “over the next several years,” part of a broader plan to slash costs

Australia has passed a new law that will force tech companies to pay publishers for news content, setting the stage for potential, similar action in other countries. The new code, which the Australian parliament approved Thursday, “will ensure that news media businesses are fairly remunerated for the content they generate,” Australian Treasurer Josh Frydenberg said