Stock Markets

Microsoft, Activision to sell streaming rights to secure biggest video gaming deal

Published

1 year ago

August 23, 2023

Microsoft, Activision to sell streaming rights to secure biggest video gaming deal

By Kate Holton and Paul Sandle

LONDON (Reuters) -“Call of Duty” maker Activision Blizzard (NASDAQ:) will sell its streaming rights to Ubisoft Entertainment in a fresh attempt to win approval from Britain’s anti-trust regulator for its $69 billion sale to Microsoft (NASDAQ:).

Shares of Activision were trading 1.1% higher, while Microsoft was up 0.7% before noon in New York. Ubisoft shares listed in Paris closed 8.8% higher, the biggest gainer on the pan-European index.

Microsoft announced the biggest gaming deal in history in early 2022, but the acquisition was blocked by Britain’s competition regulator, which was concerned the U.S. computing giant would gain too much control of the nascent cloud gaming market.

After months of back and forth, the Competition and Markets Authority (CMA) said on Tuesday it had stuck by its original decision to veto the deal, forcing Microsoft to come forward with new terms.

Under the restructured deal, Microsoft will not be able to release Activision games like “Overwatch” and “Diablo” exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms for rival services.

Instead, French gaming rival Ubisoft will acquire the cloud streaming rights for Activision’s existing PC and console games, and any new games released by Activision in the next 15 years.

That will apply globally but not in Europe, where Brussels had already accepted the original deal. In Europe, Ubisoft will get a non-exclusive licence for Activision’s rights to enable it to offer those games in that region too.

EU antitrust regulators are examining whether Microsoft’s proposal to gain UK approval would affect its concessions to the European Commission, a spokesperson said.

Tom Smith, a partner at law firm Geradin Partners and previously legal director at the CMA, said it now looked like the deal would go through. “The process has been torturous, and there’s still possibly scope for the wheels to come off, but we shouldn’t expect Big Tech deals to sail through nowadays,” he told Reuters.

Microsoft said on Tuesday it believed its new proposal was “substantially different” and it expected it to be reviewed by the CMA by Oct. 18.

The CMA said it would examine the new deal under its usual system, with a Phase 1 process ending on Oct. 18. If it still has concerns about the impact on competition, the CMA could open a much longer Phase 2 examination.

The two American companies have already extended the deal deadline – pushing it back by three months to Oct. 18 – after the regulatory process took longer than expected.

Alex Haffner, competition partner at UK law firm Fladgate, said he did not believe Microsoft would have taken this new step if it did not believe it would be able to get the new deal past the British regulator by Oct. 18.

EFFECTIVE COMPETITION

CMA Chief Executive Sarah Cardell said the UK regulator would now look closely at the new deal, including seeking the thoughts of third parties.

“Our goal has not changed – any future decision on this new deal will ensure that the growing cloud gaming market continues to benefit from open and effective competition driving innovation and choice,” she said in a statement.

The CMA will argue that the major concession by Microsoft shows the success of its tough approach to tech deals since it became a standalone regulator following Britain’s departure from the European Union.

Competition lawyers have argued, however, that the divergence with Brussels and the back-and-forth over the deal have introduced huge uncertainty to the regulatory landscape.

The Federal Trade Commission in the United States also opposed the deal, but it has failed in its bids to block it. The European Union, however, waved it through after accepting Microsoft’s commitments to license Activision’s games to other platforms.

The CMA first said it would block the deal in April and was preparing to go to court to defend its case.

However, it took the rare step of reopening its investigation in July after Microsoft said commitments accepted by the European Union and a new agreement with Sony (NYSE:) constituted a material change.

The CMA said on Tuesday that, having reviewed those changes, it still did not accept them and would block the original deal, forcing the U.S. giant to come back with its new terms.

Microsoft said Ubisoft would acquire the rights through a one-off payment and a market-based wholesale pricing mechanism, including an option that supports pricing based on usage.

Ubisoft’s shares listed in Paris were up by almost 10% at 1430 GMT.

Stock Markets

SUBARU ANNOUNCES PRICING ON 2025 SOLTERRA ELECTRIC SUV WITH SIGNIFICANT PRICE REDUCTION

Published

14 hours ago

December 21, 2024

Starting price at $38,495 MSRP, $6,500 less than 2024 version, with same features
2025 Solterra Touring price reduced $7,000 compared to 2024 version
Debut of Solterra Touring Onyx Edition with gloss black wheels, exterior and interior trim accents
Standard Subaru (OTC:) ® Symmetrical All-Wheel Drive, best-in-class ground clearance of 8.3 inches

CAMDEN, N.J., Dec. 20, 2024 /PRNewswire/ — Subaru of America, Inc. announced pricing today on the 2025 Subaru Solterra all-electric SUV. One year after significant upgrades to charging performance, interior enhancements, and driver-assist technologies, the Solterra adds a new trim level and lower starting price for 2025. The 2025 Subaru Solterra will start at $38,495 MSRP — $6,500 less than the 2024 model — before applicable federal, state, and local tax credits, and arrive at retailers nationwide early next year.

The 2025 Subaru Solterra is available in Premium, Limited, Touring, and new Touring Onyx Edition trim levels. The 2025 Solterra will qualify for applicable federal tax credits of up to $7,500 for some consumers.

New for 2025, the Subaru Solterra adds a Touring Onyx Edition trim level that adds 20-inch aluminum-alloy gloss black wheels, black exterior and interior accents, including black badging. The Subaru Solterra Touring Onyx Edition will cost $45,495 MSRP.

All Solterras are equipped with Subaru’s Symmetrical All-Wheel Drive system and Subaru StarDrive ® Technology, which delivers smooth, linear output from dual electric motors placed on the front and rear axles that deliver 249 pound-feet of torque. All models feature Dual-Function X-MODE ® with Snow/Dirt and Deep Snow/Mud modes with Grip Control and Downhill Assist Control for confidence in low-grip or off-road capability. Every Solterra includes 8.3 inches of ground clearance for genuine off-road capability “ a Subaru hallmark and best in class among small electric SUVs “ and standard Active Cornering Assist and Vehicle Stability Control for better on-road handling.

The Solterra’s high-capacity lithium-ion battery pack includes ample usable daily range and can charge from 10% to 80% in as little as 35 minutes. New for 2024, an uprated battery conditioning system improved cold-weather charging performance in colder temperatures. With thousands of available public charging stations and DC-fast charging, replenishing the Solterra’s battery away from home can be quick and easy. At home, the Solterra offers affordable Level 1 or Level 2 charging compatibility.

All Subaru Solterras are equipped with a suite of standard EyeSight ® driver-assist technologies including Emergency Steering Assist, Intersection Collision Avoidance Support, Pre-Collision Brake Assist, Lane Departure Prevention, Dynamic Radar Cruise Control with Lane Tracing Assist, Hands-Free Low Speed Driving, DriverFocus ® Distraction Mitigation System, Emergency Driving Stop System, and more. In 2024, the Subaru Solterra was named a TOP SAFETY PICK+ by the Insurance Institute for Highway Safety, its highest honor, and the National Highway Transportation Safety Administration gave the Solterra a 5-Star Overall Vehicle Score.

For added convenience, the Solterra is available with a 12.3-inch high-resolution touchscreen for infotainment with wireless Apple (NASDAQ:) CarPlay ® and Android Auto™ compatibility. The 2025 Solterra includes five USB charge points: one USB-A and two USB-C connectors for front-seat occupants and two USB-C charge points for rear-seat riders. A wireless phone charger is included on Solterra Limited and higher trim levels.

2025 Subaru Solterra Premium

Starting at $38,495 MSRP, which is $6,500 less than the 2024 model, the 2025 Subaru Solterra Premium is well equipped with an impressive list of standard features for convenience and comfort. The Subaru Solterra Premium is equipped with standard roof rails with a 700-pound static load capacity (176 pounds dynamic load capacity), 18-inch aluminum-alloy wheels with black and silver aerodynamic wheel covers, an 8.0-inch touchscreen for infotainment with wireless Apple CarPlay ® and Android Auto™ compatibility, SiriusXM satellite radio (4-month free trial included), Bluetooth ® connectivity, and SUBARU SOLTERRA CONNECT™ vehicle services for safety, remote access, service, available cloud-based navigation, and Wi-Fi (30-day free trial or 3GB). The connected-vehicle services also include Remote Climate Control, Remote Lock/Unlock via smartphone, and more.

Inside, the Subaru Solterra Premium features heated front seats with auto setting, Dual-Zone Automatic Climate Control, rear seat reminder, S-Pedal Drive, electronic parking brake, a 7.0-inch LCD combination meter, windshield wiper de-icer, heated sideview mirrors, and LED headlights (multi-beam low and single-beam high).

2025 Subaru Solterra Limited

The 2025 Subaru Solterra Limited adds more comfort and convenience features to the Premium trim level’s roster of standard equipment and starts at $41,995 MSRP, which is $6,500 less than the outgoing version. Those include standard 20-inch alloy wheels with gray machine finish, 10-way power-adjustable driver’s seat, 8-way power-adjustable passenger’s seat, heated rear seats, power rear gate, rain-sensing wipers, wireless smartphone charger, LED fog lights, heated steering wheel, and StarTex ® trimmed interior upholstery.

A 12.3-inch high-resolution touchscreen with Apple CarPlay ® and Android Auto™ compatibility is standard and paired to a Harman Kardon ® 576 watt-equivalent premium audio system with 11 speakers. A 360-degree Panoramic View Monitor provides an overhead view for better maneuverability, and Advanced Park helps further with perpendicular or parallel parking assistance using the EV’s sensors and cameras.

2025 Subaru Solterra Touring

Building on the Solterra Limited’s impressive standard features, the 2025 Subaru Solterra Touring adds more comfort and convenience features for $44,995 MSRP, $7,000 lower than the 2024 model.

The Solterra Touring adds a panoramic glass moonroof with power sunshade, front and rear LED footwell lighting, standard heated and ventilated front seats, a digital rearview mirror with view position adjustment with Homelink ® and camera washer, and smart key access on all five doors.

2025 Subaru Solterra Touring Onyx Edition

New for 2025, the Subaru Solterra Touring Onyx Edition adds dynamic stylish features inside and out and starts at $45,495 MSRP.

On the exterior, the Subaru Solterra Touring Onyx Edition adds a high gloss black front underguard; 20-inch aluminum-alloy wheels finished in black; black roof pillars, shoulder line trim, door frame, rear quarter window and roof spoiler; and black badging. Two-tone exterior color options are exclusive to Touring Onyx Edition as well.

Inside, the Touring Onyx Edition features black trim accents on the front and rear doors, and black StarTex ® trimmed upholstery.

With the purchase or lease of a new 2025 Subaru Solterra, customers will also receive up to 10 days of Subaru Just Drive Rental at no charge from their participating Subaru retailer. The program allows owners to rent various Subaru vehicles through those retailers.

2025 Subaru Solterra
Model/Trim	MSRP	MSRP plus Destination and Delivery ($1,420)ⁱ
Solterra Premium	$38,495	$39,915
Solterra Limited	$41,995	$43,415
Solterra Touring	$44,995	$46,415
Solterra Touring Onyx Edition	$45,495	$46,915

ⁱDestination & Delivery is $1,420 for Solterra and may vary in the following states: CT, HI, MA, ME, NH, NJ, NY, RI and VT. D&D is $1,570 for retailers in Alaska.

About Subaru of America, Inc.
Subaru of America, Inc. (SOA) is an indirect wholly owned subsidiary of Subaru Corporation of Japan. Headquartered in Camden, N.J., the company markets and distributes Subaru vehicles, parts, and accessories through a network of about 640 retailers across the United States. All Subaru products are manufactured in zero-landfill plants, including Subaru of Indiana Automotive, Inc., the only U.S. automobile manufacturing plant designated a backyard wildlife habitat by the National Wildlife Federation. SOA is guided by the Subaru Love Promise, which is the company’s vision to show love and respect to everyone and to support its communities and customers nationwide. Over the past 20 years, SOA and the SOA Foundation have donated more than $320 million to causes the Subaru family cares about, and its employees have logged over 100,000 volunteer hours. Subaru is dedicated to being More Than a Car Company ® and to making the world a better place. For additional information, visit media.subaru.com. Follow us on Facebook (NASDAQ:), Instagram, <a href="https://c212.net/c/link/?t=0&l=en&o=4329519-1&h=2088501060&u=https%3A%2F%2Furldefense.com%2Fv3%2Fhttps%3A%2Fwww.linkedin.com%2Fcompany%2Fsubaru-of-america%2F%3B!!P1uQfTJRew!RITC1tICLlR8tTdygLlH6eiHENIniru8XHdUVy0VTgQgkhmXIrEhDmg0rHqzgny7ey_ys_IlZvCI1TBBwUQ%24&a=LinkedIn” rel=”nofollow” target=”_blank”>LinkedIn, TikTok, and YouTube.

Dominick Infante
Director, Corporate Communications
856.488.8615
dinfante@subaru.com

Aaron Cole
Product Communications Manager
720.231.0809
acole1@subaru.com

Stock Markets

PBF Energy to Participate in the Goldman Sachs Energy, CleanTech & Utilities Conference

Published

14 hours ago

December 21, 2024

PARSIPPANY, N.J., Dec. 20, 2024 /PRNewswire/ — PBF Energy Inc. (NYSE:) today announced that members of its management team will participate in the Goldman Sachs Energy, CleanTech & Utilities Conference on January 6-8, 2025.

Any company presentation materials will be made available on the Investor Relations section of the PBF Energy website at www.pbfenergy.com.

About PBF Energy Inc.
PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels.

Contacts:Colin Murray (investors)
ir@pbfenergy.com
Tel: 973.455.7578

Michael C. Karlovich (media)
mediarelations@pbfenergy.com
Tel: 973.455.8981

Stock Markets

Intensity Therapeutics Stock Hits 52-Week Low at $1.76

Published

14 hours ago

December 21, 2024

Intensity Therapeutics, Inc. (INTS) stock has reached a new 52-week low, trading at $1.76, marking a steep 80% decline from its 52-week high of $8.79. According to InvestingPro analysis, the company maintains a positive cash position despite challenging market conditions. This latest price point marks a significant downturn for the company, which has seen its stock value decrease by 69.09% over the past year. Investors are closely monitoring the biotech firm, known for its innovative cancer treatments, as it navigates through a challenging period. While analyst price targets range from $4 to $16, suggesting potential upside, InvestingPro data reveals weak financial health scores and unprofitable operations over the last twelve months. The 52-week low serves as a critical juncture for Intensity Therapeutics, as market watchers consider the company’s future prospects and potential for recovery.

In other recent news, Intensity Therapeutics secured approximately $3 million in gross proceeds from a stock offering and concurrent private placement. The company also reported promising results from its Phase 1/2 clinical trial of INT230-6, a treatment for various sarcomas, showcasing an improved median overall survival rate and a favorable safety profile. A global Phase 3 trial is currently underway to further evaluate the efficacy and safety of INT230-6.

In addition, Intensity Therapeutics granted stock options to its Chief Financial Officer, Joseph Talamo, and the Principal Accounting Officer, John Wesolowski, as part of the company’s 2021 Stock Incentive Plan. The company has also initiated a $15 million At-The-Market offering, facilitated by H.C. Wainwright & Co.

Furthermore, Brookline Capital Markets has given Intensity Therapeutics a Buy rating, highlighting the potential of their intratumoral drug delivery technology. The company is also preparing for a Phase 2/3 trial focusing on breast cancer.

Lastly, Intensity Therapeutics has elected two Class I directors and ratified EisnerAmper LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024. The company is expecting the pathological complete response data from a partnered Phase 2 clinical trial in Europe in the second half of 2025. These are the recent developments concerning Intensity Therapeutics.

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