Qurate sells Zulily
May 31, 2023
Qurate, which acquired Zulily in 2015 for $2.4 billion, has sold the retailer to Regent, a private equity firm. Zulily reported a $43 million operating loss in the first quarter as revenue fell 17 percent to $192 million. “This divestiture will allow our management team to better focus on our core video commerce assets, QVC and HSN, and the Cornerstone Brands, while preserving liquidity to further strengthen our balance sheet,” said Qurate CEO David Rawlinson.
Recent News
Sony and Apollo Bid $26 Billion Cash for Paramount
Sony and Apollo Global Management have jointly made an all-cash offer of $26 billion for Paramount Global, marking a significant development in the ongoing saga of Paramount’s potential merger. The offer, signed by Sony Pictures Chief Executive Tony Vinciquerra and Apollo partner Aaron Sobel, aims to kickstart discussions, though it’s nonbinding.
Apple’s Record-Breaking $110 Billion Stock Buyback
Apple Inc., one of the world’s largest tech companies, has just made history with the largest stock buyback ever seen in the United States. The announcement comes as the tech giant’s board approved an additional $110 billion in share repurchases.
Moderna COVID-19 Vaccine Sales Drop 91%
Moderna’s only product is the vaccine that became popular during the pandemic.
Norwegian Cruise Line: No Clothes, No Problem on ‘The Big Nude Boat’
Clothing-optional vacations from Norwegian Cruise Line will start next year.