Breakfast Briefing: Papa John's board approves 'poison pill' to prevent Schnatter takeover

Plus: Cannes 2018 revenue down; WPP in talks to sell minority stake in China; Trump approval rating improves slightly.

Photo credit: Getty Images
Photo credit: Getty Images

The board of Papa John’s has voted to adopt a "poison pill," a move used to counter hostile takeovers, that would stop estranged founder John Schnatter from gaining a controlling interest in the pizza chain. The company is expected to disclose more information about the measure on Monday (Wall Street Journal).

The Cannes Lions International Festival of Creativity earned 9% less in revenue this year than in 2017, due to drops in both delegate numbers and awards entries because of Publicis Groupe sitting it out. Revenue from delegate passes was down by nearly 16%, while revenue from awards entries dropped by almost 14% (Campaign).

A consortium of Chinese technology giants is in talks to buy a minority share of WPP’s China business. Tencent, Alibaba, and China Media Capital Holdings are in early stage talks with the holding company to buy about 20% of its business in China, which they valued at more than $2 billion (Sky News).

The founding duo of MediaMonks said they are "very comfortable" with WPP’s former boss, Martin Sorrell, holding veto power over their new parent company, S4 Capital. Founders Wesley ter Haar and Victor Knapp are expected to join S4’s board after selling their Amsterdam-based firm to Sorrell’s new company this month (Campaign).

President Donald Trump’s approval rating has ticked up to 45%, despite near-universal criticism of last Monday’s press conference with Russian leader Vladimir Putin. However, Trump is still underwater in the latest NBC News/Wall Street Journal poll, with 52% of registered voters saying they disapprove of his performance. The number of respondents strongly approving of Trump’s tenure (29%) was also considerably lower than the percentage of those strongly disapproving (44%) (NBC News).

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