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Amazon Will Invest In Diamond Sports As Part Of Bankruptcy Restructuring Agreement

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Amazon will collaborate with Diamond Sports as part of a restructuring arrangement as the largest owner of regional sports networks seeks to exit bankruptcy.

Diamond controls 18 networks under the Bally Sports label. Those networks own 37 professional teams, including 11 baseball, 15 NBA, and 11 NHL.

Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since filing in March. In a late 2021 financial file, the corporation reported $8.67 billion in debt.

Diamond Sports announced the terms of the transaction Wednesday morning. Amazon has no comments. It is still subject to clearance by the bankruptcy court.

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Amazon Will Invest In Diamond Sports As Part Of Bankruptcy Restructuring Agreement

The agreement with Diamond Sports’ main creditors permits the company to emerge from bankruptcy, continue operations and avoid a catastrophic collapse of the regional sports network system, which would force the NBA, NHL, and MLB to step in and take over production and distribution of the majority of their teams.

Last season, MLB was forced to take over production and distribution of the San Diego Padres and Arizona Diamondbacks after Diamond let rights payments to the Padres lapse and could not reach an improved agreement with the Diamondbacks.

According to the terms of the restructuring deal, Amazon will make a minority investment in Diamond and enter into a commercial agreement to provide access to Diamond’s content through Prime Video.

Customers can watch their local team’s programming on Prime Video channels, which Diamond holds rights to. Price and availability will be revealed at a later date. Regional sports material will still be available on cable and satellite providers.

Amazon Prime already offers some New York Yankees and Brooklyn Nets games broadcast by the YES Network.

Diamond has also agreed, in principle, with Sinclair Broadcast Group to resolve pending litigation between the businesses.

Sinclair acquired the regional sports networks from The Walt Disney Company for almost $10 billion in 2019. The Department of Justice forced Disney to sell the networks before its acquisition of 21st Century Fox’s film and television assets could be approved.

Amazon Will Invest In Diamond Sports As Part Of Bankruptcy Restructuring Agreement

Even before Sinclair purchased the regional networks, the company was experiencing a downturn owing to cord-cutting and declining advertising revenue after entering into excessive long-term contracts with certain teams.

Diamond Sports Group was spun out from Sinclair last year after reaching an arrangement with its creditors.

Sinclair will pay Diamond $495 million as part of the settlement and will continue supporting Diamond’s reorganization. The settlement monies will also be used to repay some creditors.

“We are thrilled to have reached a comprehensive restructuring agreement that provides a detailed framework for a reorganization plan and substantial new financing that will enable Diamond to operate and thrive beyond 2024,” Diamond Sports CEO David Preschlack said in a statement.

“We are appreciative for Amazon’s and a handful of our top creditors’ backing, as they obviously believe in the business’s value-creation potential.

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Amazon Will Invest In Diamond Sports As Part Of Bankruptcy Restructuring Agreement

Diamond’s immediate priority will be to implement the RSA and emerge from bankruptcy as a going concern for the benefit of our investors, staff, team, league and distribution partners, and the millions of fans who will continue to watch our broadcasts.”

Diamond just finalized agreements with the NHL and NBA to retain local rights through the end of the current season. It is still in talks with Major League Baseball about reworking agreements for the upcoming season, with the next court hearing set for Friday.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

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DETROIT — The US government’s highway safety department is looking into Amazon’s self-driving robotaxi company after two vehicles braked unexpectedly and were rear-ended by motorcyclists.

The National Highway Traffic Safety Administration announced Monday that it will assess Zoox’s automated driving system.

Both accidents occurred during the sunlight, and the riders sustained minor injuries. In all cases, the agency established that the Amazon vehicles operated in autonomous mode before the crashes.

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AP – VOR News Image

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to the government, the investigation will focus on the performance of the company’s automated driving system during the crashes and how it operates in crosswalks near pedestrians and other vulnerable road users.

A message was left early Monday requesting a response from the company.

Zoox reported the crashes by a requirement granted to automated vehicle firms in 2021.

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Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to estimates, Amazon paid more than $1 billion for Zoox in June 2020. In 2023, the Foster City, California-based business announced that one of its unique-looking four-person shuttles would automatically transport personnel on public highways along a mile-long (1.6-kilometer) route between two facilities.

The corporation then planned to develop an exclusive shuttle service for its employees. Analysts believe Amazon will deploy the system for autonomous deliveries.

The cars feature no steering wheel or pedals. The interior is carriage-style, with two benches facing each other. It is a little under 12 feet (3.7 meters) long, about a foot (a third of a meter) shorter than a conventional Mini Cooper, and can reach 35 mph (56 km/h).

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Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

The company was already under investigation by the NHTSA. In March 2022, the government began investigating the company’s certification that its car fulfilled federal safety standards for motor vehicles.

The agency stated at the time that it would investigate if Zoox used its testing techniques to establish that certain federal criteria did not apply due to the robotaxi’s unique configuration.

SOURCE – (AP)

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Small, Well-Built Chinese EV Called The Seagull Poses A Big Threat To The US Auto Industry

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Livonia, Michigan —The Seagull, a small, low-cost electric automobile, has American automakers and politicians concerned.

The vehicle, which Chinese automaker BYD unveiled last year, costs about $12,000 in China, but it drives smoothly and has a level of craftsmanship that is comparable to three times more expensive electric vehicles made in the United States. A shorter-range version costs less than $10,000.

Tariffs on imported Chinese vehicles are expected to keep the Seagull away from American shores for the time being, and if imported, it will most certainly cost more than $12,000.

seagull

PixBay – VOR News Image

Small, Well-Built Chinese EV Called The Seagull Poses A Big Threat To The US Auto Industry

However, the quick introduction of low-cost EVs from China has the potential to shake up the global auto industry in ways not seen since Japanese manufacturers erupted onto the scene during the 1970s oil crisis. BYD, which stands for “Build Your Dreams,” could be disastrous for the US auto industry.

“Any car company that isn’t paying attention to them as a competitor will be lost when they enter their market,” said Sam Fiorani, vice president of AutoForecast Solutions near Philadelphia. “BYD’s entry into the US market is not a question. “It’s a when.”

Politicians and businesses in the United States already perceive Chinese EVs as a potential threat. On Tuesday, the Biden administration will likely impose 100% tariffs on imported electric vehicles from China, citing a threat to American jobs and security.

According to a study by the Alliance for American Manufacturing, government subsidies for Chinese electric vehicles “could end up being an extinction-level event for the U.S. auto sector.”

Earlier this year, Tesla CEO Elon Musk warned industry analysts that Chinese EVs are so good that, without trade obstacles, “they will pretty much demolish most other car companies in the world.”

Outside China, EVs are often expensive, catering to a higher-income niche market. However, Chinese businesses that still need to be worldwide household names are providing affordable solutions that appeal to the masses, just as the United States, Europe, and many other nations are pushing a shift away from gasoline-powered vehicles to combat climate change.

“The Western markets have not democratized EVs. “They gentrified EVs,” said Bill Russo, founder of Shanghai-based consultancy Automobility Ltd. “And gentrification limits the market size. China is all about democratizing electric vehicles, ultimately leading Chinese companies to success as they expand globally.”Inside a massive garage in an industrial location west of Detroit, Caresoft Global disassembled and reassembled a bright green Seagull purchased in China and delivered to the United States.

Company President Terry Woychowski, a former chief engineer on General Motors’ large pickup trucks, described the car as a “clarion call” for the United States auto industry, years behind China in developing low-cost EVs.

Following the breakdown, Woychowski, who has been in the car industry for 45 years, expressed concern about whether American automakers can adapt. “Things will have to change in some radical ways in order to be able to compete,” he stated.

There is no single miracle that explains how BYD can produce the Seagull so cheaply. Instead, Woychowski described the complete vehicle, which can travel 252 miles (405 kilometers) on each charge, as “an exercise in efficiency.”

Higher labor costs in the United States are one factor to consider. BYD can keep costs down due to its competence in manufacturing lithium iron phosphate batteries, which are primarily used in consumer products. They are less expensive but have a shorter range than most modern lithium-ion batteries.

Woychowski explained that Americans are still discovering how to build cheaper batteries. Ford is constructing a lithium iron phosphate battery facility using technology from China’s CATL.

BYD manufactures several parts, such as electric motors, dashboards, bodywork, and headlights. It also has the advantage of massive size, with 3 million vehicles sold worldwide last year.

“By having that all in-house and vertically integrated, there’s an incredible advantage that they have,” Woychowski stated.

BYD designs all of its cars with cost and efficiency in mind. For example, the Seagull has only one windshield wiper, eliminating one motor and one arm, saving weight, money, and labor during installation.

According to Woychowski, automakers in the United States rarely design automobiles in this manner, resulting in higher engineering expenses. Hoses, for example, must meet long-standing combustion engine standards for strength and the capacity to convey fluid under high pressure, many of which are unnecessary in electric vehicles.

seagull

PixaBay – VOR News Image

Small, Well-Built Chinese EV Called The Seagull Poses A Big Threat To The US Auto Industry

The weight reductions accumulate, allowing the Seagull to travel further per charge with a smaller battery. For example, the Seagull that Caresoft tested weighs 2,734 pounds (1,240 kilograms), around 900 pounds less than a Chevrolet Bolt, GM’s slightly larger electric vehicle.

To stay up, Detroit must swiftly re-learn a lot of design and engineering while discarding traditions developed over a century of vehicle production. He said the problem will be deciding which procedures to preserve for safety and quality and which to eliminate because they are unnecessary.

“You’re going to have to come and be extremely serious about this, and you better park your paradigms at the door,” Woychowski stated. “Because you’re going to have to do things differently.”

Despite its simple form, the Seagull exudes quality. The doors close solidly. The gray synthetic leather seats include stitching that matches the body color, a characteristic often found in more costly vehicles. The Seagull “Flying Edition” reviewed by Caresoft includes six airbags, rear disc brakes, and electronic stability control.

A reporter’s brief drive around connected parking lots revealed that it runs quietly and can manage bends and bumps like more expensive electric vehicles.

While the acceleration isn’t as impressive as other EVs, the Seagull is quick and would easily enter a freeway in heavy traffic. Woychowski claims the top speed is limited to 81 mph (130 km/h).

BYD would have to adapt its vehicles to meet US safety regulations, which are more strict than those in China. Woychowski says Caresoft still needs to do crash tests, but he estimates that doing so would cost $2,000 more for the Seagull.

BYD sells the Seagull, renamed the Dolphin Mini in some overseas markets, for almost $21,000 in four Latin American nations, more than twice the price here. The greater price includes transportation costs but also reflects the potential for bigger profits in less competitive markets than China.

In Europe, BYD sells larger models like the Seal, which starts at 46,990 euros ($50,000) in France. According to the China Passenger Car Association, the Chinese manufacturer’s top two overseas markets in the first two months of this year were Thailand and Brazil.

BYD manufactures electric buses in California and told the Associated Press last year that it is “still in the process” of determining whether to sell automobiles in the United States. Two firm executives stated in media interviews earlier this year that it is considering sites for production in Mexico, but only for the Mexican market.

seagull

Pixabay – VOR News Image

Small, Well-Built Chinese EV Called The Seagull Poses A Big Threat To The US Auto Industry

The company does not sell cars in the United States, owing mostly to 27.5% tariffs on Chinese vehicle sales when they arrive at ports. When Donald Trump was president, he imposed the majority of the tariff, 25%, which remained in place under Joe Biden. Trump claims that Biden’s push for electric vehicles will kill American manufacturing jobs, transferring the work to China.

The Biden administration has supported legislation and policies to establish a US EV manufacturing base, and it has not ruled out additional tariffs to keep the Chinese out. The administration is also looking into cars built in China that could collect sensitive information.

Some members of Congress are asking Biden to prohibit imports of Chinese vehicles, while others have proposed even higher duties. This includes vehicles manufactured in Mexico by Chinese businesses, which would now be imported essentially tariff-free.

Ford CEO Jim Farley has seen Caresoft’s work on the Seagull and seen BYD’s quick growth worldwide, particularly in Europe, where he previously ran Ford’s business. He’s planning to change his company. He told analysts earlier this year that a small “skunkworks” team is developing a new, small EV from the bottom up to keep prices low and quality high.

According to Farley, Chinese manufacturers sold essentially no EVs in Europe two years ago but now account for 10% of the electric vehicle industry. They may export around the world and possibly sell in the United States.

Ford is preparing to counteract that. “Don’t take anything for granted,” Farley said. “This CEO doesn’t.”

SOURCE – (AP)

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How2invest: Your Ultimate Guide to Mastering Investment and Building Wealth

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How2invest Your Ultimate Guide to Mastering Investment and Building Wealth

Welcome to how2invest, the definitive resource for mastering investing and achieving long-term wealth. In today’s volatile economic environment, making sound investing decisions that align with your financial objectives is more vital than ever. Whether you’re an experienced investor or just starting, how2invest has the knowledge, tools, and advice you need to succeed.

Understanding The Fundamentals of Investment

Investment is the foundation of financial success, but understanding the fundamentals is critical.How2invest believes in providing individuals with the knowledge they need to make informed investing decisions. We cover everything from setting investment objectives to comprehending various asset classes.

Risk mitigation through strategic planning

Risk is an unavoidable aspect of investment, but it can be effectively controlled with strategic preparation. Our specialists at how2invest investigate numerous risk management approaches, such as asset allocation and diversification, to assist you in minimizing potential losses and increasing returns.

Exploring Investment Vehicles

There are several types of investment vehicles, each with its own set of qualities and benefits. How2invest offers extensive insights into various investing opportunities, including equities, mutual funds, real estate, and cryptocurrencies, to help you find the best fit for your financial goals.

Crafting Your Investment Strategy

A well-defined investing strategy is critical to achieving long-term financial success. How2invest offers personalized investing strategies based on your risk tolerance, time horizon, and financial goals. We have you covered whether you want to grow, make money, or take a more balanced approach.

Embracing Education and Continuous Learning

Investing is more than just making money; it is also about learning and staying current on market trends and developments. At how2invest, we prioritize education and continual learning to help you make informed investing decisions.

Harnessing the Power of AI in Investment

In the ever-changing environment of investment, technology is critical in defining strategies and outcomes. How2invest recognizes artificial intelligence’s (AI) transformational potential to revolutionize investment processes. AI helps investors quickly and accurately analyze large volumes of data, spot trends, and make informed decisions.

Navigating Market anomalies and Economic Indicators

Understanding market anomalies and economic indicators is critical to making sound investing decisions. At how2invest, we investigate the intricacies of market dynamics, including how anomalies like bubbles, collapses, and irrational exuberance affect asset prices and investor behavior.

Furthermore, economic indicators such as GDP growth, unemployment rates, and inflation data provide useful information on the state of the economy and potential investment opportunities. Educating about indicators and their impact on asset classes can help investors profit from market trends and prevent risks.

Embracing Sustainable Investment for a Better Future.

In an era of rising environmental and social consciousness, sustainable investing has become a potent force for positive change. At how2invest, we prioritize connecting investing strategies with ESG criteria to promote sustainability and produce long-term value for investors and society.

Sustainable investing, which ranges from renewable energy projects to socially responsible businesses, provides chances to earn financial returns while making a big difference in the world. Our platform, how2invest, offers tools and guidance to investors wishing to incorporate ESG issues into their investment decisions, allowing them to contribute to a more sustainable and fair future.

Developing a Growth Mindset for Investment Success.

Investing is both a mental and financial game. Cultivating a growth mentality is critical for overcoming obstacles, learning from mistakes, and adapting to shifting market conditions. At how2invest, we emphasize cultivating a growth mindset that values constant learning, resilience, and optimism.

By viewing setbacks as opportunities for growth and success as a journey rather than a destination, investors can overcome the fear, uncertainty, and doubt frequently accompanying the investment process. Our platform provides materials and support to help investors build the attitudes and habits required to prosper in today’s dynamic financial world.

You can confidently and determinedly begin your investment path with the correct mindset and tools. At how2invest, we help you achieve your financial objectives and develop long-term wealth.

Conclusion

Begin your journey to financial freedom with how2invest. Whether you want to develop wealth, save for retirement, or achieve other financial goals, our comprehensive guide will help you take charge of your financial future. Begin investing with confidence today and open the door to a brighter future.

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