BlackRock likes Sports Illustrated
NEW YORK (AP) — BlackRock is taking a sizeable stake in the parent of Sports Illustrated and the retail chains Nine West and Aeropostale, becoming the company’s largest shareholder.
Financial terms were not disclosed. The Wall Street Journal, which first reported the deal Sunday, cited anonymous sources who put the investment at $875 million, valuing the entertainment and marketing company at $4 billion, including debt.
Authentic Brands Group has more than 50 brands and nearly $10 billion in annual global revenue.
Other investors in the New York company include founding investor Leonard Green & Partners, General Atlantic, Lion Capital, Simon Property Group, Brookfield Properties’ retail group and Shaquille O’Neal.
South Korea targets Japan
SEOUL, South Korea (AP) — South Korea said Monday that it has decided to remove Japan from a list of nations receiving preferential treatment in trade in what was seen as a tit-for-tat move following Tokyo’s recent decision to downgrade Seoul’s trade status amid a diplomatic row.
It wasn’t immediately clear how South Korea’s tightened export controls would impact bilateral trade. Seoul said some South Korean companies exporting to Japan will be able to receive exceptions from case-by-case inspections that are normally applied on sensitive shipments to nations with lower trade status and go through the same fast-track approval process that they currently enjoy.
Masahisa Sato, Japan’s vice minister for foreign affairs, said he believes the impact of Seoul’s move would likely be limited as Japan doesn’t import much sensitive materials from South Korea.
Japan provided similar exceptions while removing South Korea as a favored trade partner, which eased some of the fears in Seoul about a possible blow to its export-dependent economy, where many manufacturers heavily rely on parts and materials imported from Japan.
After spending weeks berating Tokyo for allegedly weaponizing trade and vowing retaliation, South Korean President Moon Jae-in struck a more conciliatory tone on Monday, saying that his government will refrain from “emotional” reactions to Japan over the trade dispute.
“While maintaining unwavering resolve and calmness, we need a long-term approach to look for fundamental countermeasures,” Moon said in a meeting with senior aides.