Business & Finance

The long-anticipated sale of Burger King to a partnership of US investors, which appeared to have fallen through less than a month ago, likely will be completed after all - perhaps as soon as today, The Wall Street Journal reported. Citing sources close to the parties, it said Diageo PLC, Burger King's British parent, and a consortium led by Texas Pacific Group had overcome "several major hurdles," among them the buyers' wish to cut the sale price from $2.26 billion to $1.5 billion.

Bankrupt US Airways won tentative approval from its pilots union on new pay concessions valued at $100 million a year for six years. The carrier already has pared annual costs by $1.2 billion, but is seeking a further $400 million to qualify for a federal loan guarantee it needs to emerge from Chapter 11 reorganization next year.

The National Football League and DirecTV agreed to a $2 billion, five-year renewal of their "Sunday Ticket" package. The deal, under which subscribers to the satellite TV service can access all regular-season NFL games, replaces the five-year contract that expires this year and more than triples its value. The league also has TV deals worth a combined $17.6 billion with CBS, ABC, Fox, and ESPN.

In corporate-staffing news:

• Sprint Corp. announced plans Wednesday to lay off 2,100 more workers in an ongoing bid to return to profitability. The US's No. 3 long-distance and fourth-largest cellphone service provider already has cut more than 15,000 jobs over the past 14 months.

• Pharmaceutical manufacturer Eli Lilly & Co. will shift hundreds of employees to new jobs as it restructures to gear up for the introduction of new drugs, its president told the Indianapolis Star newspaper. Some workers will be reassigned to posts that do not pay as well as their current jobs, but in such cases they'll continue to receive the higher salaries over a two-year phase-in period, he said.

• Another 690 jobs will be cut by Aetna, the group- and health-insurance giant said. The layoffs come on top of 2,750 announced in September and 6,000 last year.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK