ownership

DONALD Trump has signed an executive order laying the groundwork for China to hand over TikTok to US owners following “very good talks” with Xi Jinping.

Dealmaster Don said he had come to an agreement with the Chinese leader following years of speculation surrounding the fate of the beloved $14billion social media giant.

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In a major U-turn by Beijing – who once slammed the idea of giving TikTok to Washington as “robbery” – Chinese officials have now agreed to hand over the prized platform.

The landmark deal will separate the popular video-sharing hub from its Chinese parent company ByteDance – in a key step allowing TikTok to keep operating in America.

Trump said the agreement would comply with a bipartisan law that would have forced the app’s shutdown if it was not divested and sold to a US owner.

The US President said: “I spoke with President Xi and he said: ‘Go ahead with it.’

“This is going to be American-operated all the way.”

The groundbreaking plan will see US investors oversee the vast majority of TikTok‘s operations.

A coalition of American owners are expected to take charge of 80 per cent of the app – while Chinese investors will have a 20 per cent stake.

They will also gain a licensed copy of the cutting-edge recommendation algorithm retrained solely with US data.

The controversial digital recipe which shows users content based on their preferences previously stirred alarming concern among US officials.

China hawks warned the ByteDance-crafted algorithm could be weaponised by the CCP to influence content seen by hundreds of millions of Americans every day.

But US officials have failed to present any evidence proving China has ever attempted to do so.

The new US version of the spun off firm will be valued at $14billion, US Vice President JD Vance said.

But the new figure doesn’t compare to ByteDance’s overall valuation, which is estimated to stand at a staggering $330billion.

TikTok’s social media arch nemesis Meta, which owns Facebook and Instagram, is valued at $1.8trillion.

The new investing team will be spearheaded by US software giant Oracle.

The firm will oversee US operations for TikTok, provide cloud service for user data storage and obtain the elusive algorithm license.

The alliance of investors is set to include Oracle co-founder Larry Ellison, News Corp owner Rupert Murdoch and Dell CEO Michael Dell.

Trump said of the potential new owners: “Great investors. The biggest. They don’t get bigger.”

Vance said more details about who is involved in the huge deal will be announced over the coming days.

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The deal seemingly puts to bed months of legal limbo for the massively popular app, which is said to host some 180 million US users.

Trump has even credited TikTok with helping him win the 2024 presidential election – as part of his gamechanging social media campaign.

ByteDance and TikTok once faced widespread concerns from US lawmakers over national security and data privacy.

US officials alleged China could use the app to shape messaging and ultimately spread propaganda in an effort to undermine US democracy.

TikTok denied the claims, but Congress collectively agreed to force ByteDance to find a US buyer after a historic vote last year.

The supreme court unanimously upheld the ban in January – before Trump signed an executive order on his first day in office to postpone its removal from the US.

The US President also hinted at TikTok’s secure future last week, writing on Truth Social: “A deal was also reached on a ‘certain’ company that young people in our Country very much want to save.

“They will be very happy!”

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SANTIAGO, Chile, Sept. 4 (UPI) — Chilean holding company Cencosud (Centros Comerciales Sudamericanos) announced it has acquired full ownership of premium supermarket chain The Fresh Market after purchasing the remaining 33% stake held by investment fund AP VIII Pomegranate Holding.

The sale was valued at $295 million, according to a filing Cencosud made with Chile’s Financial Market Commission, the country’s financial regulator.

The Fresh Market was founded in 1982 by Ray and Beverly Berry in Greensboro, N.C., and specializes in high-quality fresh and healthy products, baked goods, prepared foods, floral arrangements and other items. The chain operates 172 stores in 22 states, mainly in Florida, North Carolina, Virginia and Georgia.

In 2022, Cencosud purchased a 67% stake in the company for $676 million, marking the Chilean retailer’s entry into the U.S. market.

“We are very pleased to have reached this agreement, which marks an important milestone in our strategy to strengthen Cencosud’s presence in the U.S. market,” Cencosud CEO Rodrigo Larraín said in announcing the full acquisition of the supermarket chain.

“The supermarket business in the United States has shown positive performance and is entering a new stage of growth that excites us greatly,” he said, adding that the acquisition will allow the company to accelerate integration of the chain into its operations.

Cencosud, one of Latin America’s largest retailers, was founded in 1963 by Horst Paulmann. His family remains the majority shareholder in the holding company, which operates supermarkets, home improvement stores, department stores, shopping centers and financial services.

The company operates in six countries: Chile, Argentina, Peru, Colombia, Brazil and the United States. In the United States, it has focused only on the supermarket segment, which grew 12.8% in sales in 2024 thanks to store expansion and online sales.

Claudio Pizarro, a researcher at the Center for Retail Studies in the Department of Industrial Engineering at the University of Chile, said Cencosud’s latest move underscores the Chilean supermarket operator’s strategy to expand in the U.S. market.

“The United States is the largest supermarket market — it’s where Walmart started, and today it is the global leader. The performance of The Fresh Market has been very positive and shows strong growth potential,” he said.

He added that 80% of Cencosud’s revenue comes from its supermarket business, where it has developed its own private-label products, such as Cuisine & Co.

“It is an increasingly important and distinctive asset in its supermarket business,” Pizarro said.

With the full acquisition of The Fresh Market, Cencosud aims to become a major global player in the supermarket sector, said Jorge Berríos, academic director of the finance program at the University of Chile’s School of Economics.

“Cencosud is a company with a strong presence in Latin America. Its natural path was to pursue expansion into the United States and become a global player through a niche supermarket, where it has found a significant opportunity,” Berrios said.

“Today, people want to buy quality food, and they are willing to pay for that service,” je added.

TOTTENHAM have announced that Daniel Levy has stepped down from his role as Executive Chairman after nearly 25 years at the helm.

The huge announcement on Thursday evening brings to an end a quarter of a century of his leadership at the club.

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Levy oversaw regular European qualification and two trophies during his era – the 2008 League Cup and last season’s Europa League triumph.

He also played a key role in Tottenham’s moves into their new training ground and their new stadium.

But fans want to know what that means for the club.

What does Daniel Levy leaving mean for Tottenham’s ownership?

There will be no changes to the ownership or shareholder structure of the club, Tottenham have announced.

Daniel Levy said: “I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level.

“More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.

“I wish to thank all the fans that have supported me over the years. It hasn’t always been an easy journey but significant progress has been made. I will continue to support this club passionately.”

Aug. 19 (UPI) — Nexstar Media announced it will purchase Tegna, the broadcast arm of Gannett.

The announcement said Nexstar will buy all outstanding shares of Tegna for $22 per share in a cash transaction valued at $6.2 billion. It includes all of Tegna’s net debt.

The price is a 31% premium to Tegna’s 30-day average stock price.

“Following completion of the transaction, the combined entity will be a leading local media company, well-positioned to compete in today’s fragmented and rapidly evolving marketplace,” the press release said. “The new company will be better able to serve communities by ensuring the long-term vitality of local news and programming from trusted local sources and preserving the diversity of local voice and opinion. Nexstar will also be able to provide advertisers with an even greater variety of competitive local and national broadcast and digital advertising solutions to serve brands and consumers more effectively.”

Tegna is headquartered in Tysons, Va., and was formed in 2015 when Gannett split into two publicly traded companies.

Nexstar is the largest television station owner in the United States, owning 197 stations. It also owns WGN Radio in Chicago and operates the CW network and NewsNation (formerly WGN).

The company will have 265 stations in 44 states and the District of Columbia, representing 80% of U.S. TV households after the merger.

Public interest groups and many Democrats have expressed concern about allowing a single owner to control so much media in the United States.

Nexstar said the deal is expected to close by the second half of 2026.

Nexstar CEO Perry Sook lauded Trump in the press release.

“The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources. We believe Tegna represents the best option for Nexstar to act on this opportunity,” he said.

Walt Disney Co. is expected to announce that the NFL is taking an equity stake in the Burbank-based entertainment giant’s sports media property ESPN, according to people familiar with the plan who were not authorized to comment publicly.

Disney may reveal the deal during its earnings call Wednesday. Representatives at the NFL and ESPN declined comment Friday.

In return for the equity stake, ESPN is expected, at minimum, to take over the NFL’s cable properties including the NFL Network and Red Zone, the popular channel that continuously updates fans on the slate of Sunday contests. The NFL Network also has the rights to several regular season games late in the season.

In addition, the NFL owns the league’s production unit, NFL Films, and NFL+, the streaming service that enables subscribers to watch games and other related content on mobile devices.

ESPN has the broadcast rights to “Monday Night Football” and two Super Bowl games in the current NFL contract that runs through 2033 but is expected to be reopened in 2029. The impending deal with Disney means the NFL’s other partners — Fox, NBC, CBS, YouTube and Amazon — will be bidding against an entity that the league has a financial interest in next time the media rights come up.

Discussions between the NFL and Disney have been ongoing for more than 18 months as concerns heightened about the viability of ESPN when consumers continue to bypass or cancel pay TV subscriptions.

The NFL accounts for the vast majority of most-watched programming on U.S. television screens every year, according to Nielsen. But as the TV business has been fragmented and disrupted by streaming, there are even more competitors wanting their own package of pro football games.

In 2022, the NFL awarded the rights to its Sunday Ticket package to Google’s YouTube TV. The seven-year deal for the package, which gives viewers access to out-of-market network TV broadcasts of the league’s Sunday afternoon games, underscored the migration of younger viewers to streaming platforms for video viewing.

Netflix, the world’s largest subscriber-based online video service, has the rights to Christmas Day games, which last year drew tens of million of viewers to the streamer, which has been building up its live programming business.

ESPN has long been the most expensive part of the pay TV bundle, currently getting close to $9 per subscriber. It is now in around 73 million homes, down from 98.5 million in 2013.

Traditional television is losing ground to streaming. Earlier this year, Nielsen reported that TV consumption through streaming services had exceeded broadcast and cable viewing combined for the first time.

ESPN is adapting to the streaming landscape, launching its first stand-alone direct-to-consumer product that will give consumers access to all of its channels without a pay TV subscription. The service will cost $29.99 a month.

TV ratings for ESPN have improved and ad sales have remained strong as advertisers value audiences who watch live programming.

Disney’s stock price fell about 2% to $116.59 on Friday as the broader markets absorbed the pain of President Trump’s new tariffs and weak jobs data.

ESPN is run by Jimmy Pitaro, who has been considered a potential internal candidate to replace Disney Chief Executive Bob Iger when he retires at the end of next year. Disney’s share price has risen 5% so far this year.

It was clobberin’ time this weekend, as Marvel’s “The Fantastic Four: First Steps” nabbed the top spot at the box office with a performance that returned the Walt Disney Co.-owned superhero franchise to form.

The movie hauled in $118 million in the U.S. and Canada and grossed $218 million globally in its opening weekend. The film, which stars Pedro Pascal, Vanessa Kirby, Ebon Moss-Bachrach and Joseph Quinn, is just the latest remake of the comic book property, though the first under Walt Disney Co.’s ownership.

Formerly owned by 21st Century Fox, “The Fantastic Four” is one of several key intellectual properties now under the umbrella of the House of Mouse after its $71.3-billion acquisition of that studio’s entertainment assets in 2019.

Disney has already capitalized on its ownership of the “Deadpool” and “X-Men” properties — its 2024 film, “Deadpool & Wolverine,” garnered more than $1 billion in global box office revenue.

Fox produced and released three “Fantastic Four” movies, none of which were well-received by audiences or critics. A 2015 reboot was particularly reviled.

Quality was not an issue this time. The movie notched a 88% approval rating on aggregator Rotten Tomatoes and an “A-” grade from audience polling firm CinemaScore.

The movie exceeded pre-release estimates. “First Steps” was expected to gross $100 million to $110 million in its debut weekend, on a reported budget of about $200 million.

The theatrical reception for “The Fantastic Four” is a relief for Disney and Marvel, which has struggled in recent years to reap the box office earnings it once did with its superhero films.

The Anthony Mackie-led “Captain America: Brave New World” received middling reviews from critics and brought in about $415 million in global box office revenue. Ensemble movie “Thunderbolts*” received strong reviews, but made only $382 million worldwide.

Disney Chief Executive Bob Iger said earlier this year that the company “lost a little focus” in its zeal to produce more shows and movies for the Disney+ streaming platform, acknowledging that “quantity does not necessarily beget quality.”

“By consolidating a bit and having Marvel focus much more on their films, we believe it will result in better quality,” he said during an earnings call with analysts in May.

Anticipation was high for “The Fantastic Four,” and Disney went all out with the marketing. The company hired a skywriter to craft encircled 4’s in the sky near downtown Los Angeles on the day of the premiere and featured a drone show outside the Dorothy Chandler Pavilion after the showing.

“While Marvel films have settled into a fairly predictable core audience after multiple under-cooked films and streaming series in the post-’Avengers: Endgame’ era, the brand remains sturdy when the right film comes along,” Shawn Robbins, director of movie analytics at Fandango and founder of site Box Office Theory, wrote in a weekend theatrical forecast published Wednesday.

Warner Bros.’ DC Studios’ “Superman” came in second at the box office this weekend with a domestic total of $24.9 million for a worldwide gross so far of $503 million.

The Mayan, a popular music venue and nightclub in downtown L.A., announced Monday morning that it will be closing under its current management after a 35-year run.

“It is with heavy yet grateful hearts that we announce The Mayan will be closing its doors at the end of September, after 35 unforgettable years,” read a statement from the venue’s Instagram page. “To our loyal patrons, community and friends: thank you for your unwavering support, your trust and the countless memories we’ve created together. You made every night truly special.”

The announcement also called on longtime and potentially new patrons to celebrate the club’s final months in fashion, with weekly Saturday dance nights through Sept. 13.

It is currently unknown what, if anything, the historic venue will be used for after the Mayan shutters.

The Mayan did not immediately respond to The Times’ request for information.

The Mayan Theater — located at 1038 S. Hill St., next door to the Belasco — first opened Aug. 15, 1927, with a performance of George Gershwin’s Broadway musical “Oh Kay.” As its name alludes to, the theater is one of the best known examples of the Mayan Revival architectural movement that took place in the U.S. during the 1920s and 1930s, which drew inspiration from pre-Columbian Mesoamerican structures.

As The Times reported in 1989, the giant bas-relief figures on the venue’s exterior are of the Maya god Huitzilopochtli seated on a symbolic earth monster. The three-tiered chandelier in the theater — rigged for red, blue and amber lights — is a replica of the Aztec calendar stone found near Mexico City. The design of tapered pillars was inspired by the Palace of the Governors at Uxmal, a Maya ruin on Yucatán Peninsula dating from AD 800.

Mexican anthropologist and sculptor Francisco Cornejo assisted the architects to craft a building that was based on authentic designs of pre-Columbian American societies.

During the Great Depression, the theater was rented out to the Works Projects Administration, which operated it as an Actors Workshop theater. In 1944, Black producer, director and entrepreneur Leon Norman Hefflin Sr., staged a production of the popular and well-reviewed musical “Sweet ‘N Hot,” which starred Black film and stage icon Dorothy Dandridge.

The Fouce family gained ownership of the theater in 1947 and shifted the venue’s programming toward Spanish-language film screenings and performers. By the early 1970s, Peruvian-born filmmaker and actor Carlos Tobalina gained ownership of the theater and changed the programming to focus on pornographic and X-rated films.

In 1990, the Mayan was brought under new management and inhabited its current form as a nightclub and music venue. The city has since declared the building as an official L.A. Historic-Cultural Monument.

The Mayan has been used as a shooting location for many film productions, including the 1992 box-office smash “The Bodyguard,” starring Kevin Costner and Whitney Houston; the 1998 skit-to-feature film “A Night at the Roxbury;” the 1979 Ramones-led musical comedy “Rock ‘n’ Roll High School;” and, most recently, the Netflix wrestling-themed series “GLOW.”

In recent years, the Mayan has played host to the cheeky lucha libre and burlesque show called Lucha VaVoom de La Liz and has held concerts by acts such as Jack White, M.I.A. and Prophets of Rage.