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Nike makes top leadership changes as part of turnaround plan. (0:15) Netflix says a combo with HBO Max would be cheaper for viewers. (1:25) YouTube bans users under 16 in Australia. (2:16)
The following is an abridged transcript:
Nike (NKE) is reshuffling its senior leadership team as part of a broader turnaround plan aimed at removing layers of management, strengthening leadership alignment with consumers, and accelerating what it calls its “sport offense.”
The company has created a new Chief Operating Officer role, which current Chief Supply Chain Officer Venkatesh Alagirisamy will assume on December 8.
In this expanded role, he’ll oversee Technology along with his existing responsibilities across supply chain, planning, operations, manufacturing, and sustainability — a move Nike says will help fully integrate technology across the company.
As part of the restructuring, Nike has eliminated the position of Executive Vice President and Chief Technology Officer, resulting in the departure of Dr. Muge Dogan.
Meanwhile, the heads of Nike’s four major geographies will now join the senior leadership team, reporting directly to CEO Elliott Hill. Nike is also eliminating the role of Executive Vice President and Chief Commercial Officer, held by Craig Williams.
And in a final structural change, Global Sales and Nike Direct will now report to CFO Matt Friend, putting him in what the company calls “a unique position to connect Nike’s marketplace directly to strategy, and where the company places its biggest bets.”
More details emerge the battle for Warner Bros. (WBD).
Bloomberg says Comcast (CMCSA) is looking to merge its NBCUniversal division with Warner.
Comcast made a renewed offer on Monday for part of Warner Bros. that would give it control of the combined entity. WBD shareholders would receive a combination of cash and stock in the new entity, and CEO David Zaslav would have a management role.
Comcast aims to create a larger entertainment behemoth, combining the NBC TV network, the company’s film and TV studios, and its theme parks with Warner Bros. Obtaining HBO Max would boost NBC’s lagging Peacock streaming service.
Meanwhile, Reuters reports that Netflix (NFLX) has made the case that bundling its service with HBO Max would lower costs for consumers.
Netflix says the proposed streaming bundle could cost less than individual subscriptions to either service. The pitch is aimed at addressing potential regulatory concerns over competition and consumer choice.
Google’s (GOOG) (GOOGL) YouTube said it will comply with Australia’s social media ban for users aged under 16, as they will be locked out of their accounts starting Dec. 10.
Google said it is a “disappointing update” and noted that starting on Dec. 10, users under 16 years old will be automatically signed out from YouTube. This includes any supervised pre-teen and teen accounts.
When signed out, users will not have access to certain features, including likes, subscriptions, private playlists and memberships. If a user has a YouTube channel, the channel will no longer be visible to other users, and the user will not be able to access it, including uploads, comments and earning money on YouTube.
Australia’s eSafety regulator says YouTube has 325,000 users aged 13 to 15, trailing Snapchat at 440,000 and Instagram at 350,000.
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Marvell Technology is popping on earnings and guidance.
Catalyst Watch:
- The New York Times DealBook Summit will include interviews with Anthropic CEO Dario Amodei, Coinbase (COIN) CEO Brian Armstrong, GM (GM) CEO Mary Barra, Paramount Skydance (PSKY) CEO David Ellison, BlackRock (BLK) CEO Larry Fink, Palantir (PLTR) CEO Alex Karp, Under Armour (UAA) CEO Kevin Plank, California Governor Gavin Newsom and U.S. Treasury Secretary Scott Bessent.
In premarket trading, stock index futures (SPX) (US100:IND) (INUD) point to a slight bump up at the open helped by tech earnings. Treasury yields are mixed.
On the economic calendar
8:15 am ADP private employment (Nov.)
10:00 ISM Services (Nov.)
