Get 40% Off
☕ Buy the dip? After losing 17%, Starbucks sees an estimated 20% upside. See the top Undervalued stocks!Unlock list

Rite Aid files for bankruptcy, Starboard targets News Corp for changes

EditorVenkatesh Jartarkar
Published 10/16/2023, 09:45 AM
© Reuters.

Rite Aid (NYSE:RAD), under the leadership of Jeffrey Stein, filed for Chapter 11 bankruptcy on Monday. The pharmacy chain has been grappling with financial difficulties for some time. This move is seen as an attempt to restructure its debts and emerge as a more competitive player in the retail pharmacy sector.

In the realm of activist investing, Starboard Value has set its sights on News Corp (NASDAQ:NWSA). The investment firm is reportedly pushing for changes within the media conglomerate. Specifics about the proposed changes or the response from News Corp have not been disclosed yet.

On the international front, tensions continue to rise over the ongoing Israel-Hamas conflict. Wealthy donors, including Jon Huntsman (NYSE:HUN) Jr., Marc Rowan, and Ken Griffin, are expressing their discontent with institutions over what they perceive as weak responses to anti-Israel sentiments and antisemitism. In response to comments by Web Summit founder Paddy Cosgrave on Israel's actions, tech executives such as Adam Singolda and David Marcus have decided to protest against the summit.

However, not all are in agreement with this approach. Former Treasury Secretary Larry Summers and Neal Berger, president of Eagle’s View Capital Management, have voiced their caution against punishing students for their views on this delicate matter.

Meanwhile, in U.S. politics, a potential rematch between President Joe Biden and former President Donald Trump is brewing for the 2024 elections. Jeffrey Katzenberg is co-chairing Biden's campaign while Representative Jim Jordan has been nominated as the Republican candidate for House speaker.

In sports-related business news, British billionaire Jim Ratcliffe is in negotiations to acquire a minority stake in Manchester United. Ratcliffe is one of the wealthiest people in Britain and already owns French football club Nice.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In entertainment news, pop star Taylor Swift has made waves with a record-breaking concert film. Details regarding the film's content or release date have not been disclosed.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.