After announcing a 10.6% drop in pre-tax profits in 2013, Huntsworth said it is piecing together an agreement with China-based investor BlueFocus that would help it expand its footprint in fast-growing markets overseas. BlueFocus, which reported a net profit of $70.6 million in 2013, bought nearly 20% of the holding company last year. In terms of individual Huntsworth agencies, flagship firm Grayling reported a 6.4% revenue drop in 2013, while revenue at Huntsworth Health was up 7.1%.
NBA commissioner to address Sterling situation today
Newly minted NBA commissioner Adam Silver is planning to address the media on Tuesday about progress investigating alleged racist remarks by Los Angeles Clippers owner Donald Sterling. Sponsors are bailing on the team in droves, and the NBA champion Miami Heat joined the Clippers in protest of Sterling on Monday night. Sports law experts say to expect a hefty fine and suspension for Sterling, with the NBA eyeing a way to force him out of the league.
Disney backed off BuzzFeed courtship after $1b valuation
Disney kicked the tires on a possible acquisition of BuzzFeed in recent months, but found the website’s $1 billion price tag too high. Disney CEO Bob Iger told CNBC early Tuesday morning that his company is not in active discussions to buy the fast-growing media website.
Pfizer sees hefty tax breaks in move overseas
Why did Pfizer propose a nearly $100 billion acquisition of British rival AstraZeneca? For one, moving its headquarters to the UK would save it billions of dollars annually in corporate taxes. Pfizer’s effective tax rate was more than 27% last year, compared with just more than 21% for AstraZeneca.
Nokia introduces next chief executive
After selling its handset business to Microsoft, Nokia introduced its next CEO: former networking group head Rajeev Suri. His first day in the role will be May 1. Nokia also said late Monday that it plans to distribute $4 billion to investors from the proceeds of its Microsoft deal.