Comcast names board of directors for media spinoff
The board will include Versant CEO Mark Lazarus, Chairman David Novak and eight other members with backgrounds spanning artificial intelligence, corporate governance and dealmaking.
The spinoff is expected to be completed this year. Once it is finalized, Comcast plans to appoint Rebecca Campbell, Creighton Condon, Michael Conway and David Eun to the board.
Campbell is a former Disney executive, Condon is a senior lawyer at A&O Shearman, Conway is former CEO, Starbucks North America, and Eun is a founding adviser to startup Kanza AI.
The board will also include Gerald Hassell, former CEO of BNY Mellon, Scott Mahoney, CEO of Peter Millar, Maritza Montiel, former vice chair of Deloitte, and Len Potter, founder of Wildcat Capital Management.
Versant will house iconic brands including Oxygen, E!, SYFY and Golf Channel, along with digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine.
Comcast's move reflects a broader industry shift as legacy cable businesses face pressure from cord-cutting and digital disruption. The company said the assets making up Versant generate about $7 billion in annual revenue.
Warner Bros Discovery (WBD.O), opens new tab announced plans in June to split into two public companies, separating its streaming and studio assets from its declining cable TV networks to sharpen its focus in the streaming era.
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Geeky Gadgets
8 minutes ago
- Geeky Gadgets
Apple Re-Released iOS 26 Beta 4: Here's What Changed!
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Developers and testers can now explore the platform with fewer interruptions caused by system instability. New Features to Explore While the primary focus of this release is on stability and performance, iOS 26 Beta 4 introduces subtle yet impactful features designed to enhance user customization and interactivity. These additions reflect Apple's attention to detail and its efforts to refine the user experience: Dynamic Wallpapers: A selection of new customizable wallpapers has been introduced, offering visually appealing options for both iOS devices and CarPlay interfaces. A selection of new customizable wallpapers has been introduced, offering visually appealing options for both iOS devices and CarPlay interfaces. Safari Haptic Feedback: Downloading files in Safari now triggers haptic feedback, providing a tactile response that enhances user interaction and awareness. 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Battery Optimization: While not yet at its peak, battery life has been improved compared to earlier beta versions, offering extended usage for resource-intensive applications. These performance gains are especially valuable for users running the beta on older devices or those testing resource-heavy applications. The improvements ensure a more efficient and enjoyable experience, even during the beta phase. Release Cycle and Recommendations Apple's beta release cycle appears to be accelerating, with updates now expected on a weekly basis. Beta 5 is anticipated in the coming days, and the final version of iOS 26 is projected to launch in mid-September, coinciding with the release of the iPhone 17. This timeline provides a clear roadmap for developers and public beta testers eager to stay informed and prepared. 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Source & Image Credit: zollotech Filed Under: Apple, Apple iPhone, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
Reuters
9 minutes ago
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EU Russia sanctions add fuel to red-hot global diesel market
LONDON, July 28 (Reuters) - New European Union sanctions targeting Russia's oil industry will reshuffle global diesel flows for the second time since 2022, adding pressure to an already red-hot market. Diesel prices have proven surprisingly resilient so far this year. U.S. President Donald Trump's sweeping tariff announcement in April sparked concerns that global economic and trade activity was about to decelerate sharply. But these fears failed to materialize after Trump rowed back many of these threats and engaged in trade negotiations. The diesel market is seen as a proxy for global economic activity because the fuel is mostly used in trucks, ships and power generators as well as agricultural and industrial machinery. In Europe, around a quarter of the passenger car fleet runs on diesel, a significantly higher proportion than in other regions. 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The ban would likely have a smaller impact on imports by Turkey, where Russian crude tends to be used by refineries that supply the domestic market. Plants that export fuel to Europe tend to process non-Russian crude. The main winners will likely be Gulf states. The new EU ban exempts countries that are net exporters of crude, even if they import Russian oil. This would allow refineries in Saudi Arabia, the United Arab Emirates and Kuwait to increase exports to Europe, taking market share from Indian competitors. The most likely outcome from these new sanctions, whose details have yet to be specified, is a reorganization of global diesel shipping flows. Indian refiners, including the giant 1.2 million Reliance refining complex in Jamnagar, will need to find new outlets for their fuels. This will likely include markets in Africa, where Indian operators would be competing for market share with Nigeria's newly-built 650,000-bpd Dangote refinery, the continent's largest. At the same time, Middle Eastern refiners will direct more diesel towards Europe and less fuel towards closer Asian markets. This, in turn, will likely lead to higher freight costs – and that could ultimately push up prices at the pump in Europe. This situation would get even more complicated if President Trump follows through on the threat to hit countries that buy Russian oil with a 100% tariff if Moscow doesn't agree to stop the fighting in Ukraine by September. This all means that even if oil demand begins to falter, the combination of low global diesel inventories and tightening sanctions on Russia will likely support diesel prices and refining margins in the months ahead. Enjoying this column? Check out Reuters Open Interest (ROI),, opens new tabyour essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI, opens new tab can help you keep up. 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Reuters
9 minutes ago
- Reuters
Fed rates are going nowhere fast
LONDON, July 28 (Reuters) - Incoming U.S. inflation signals are offering the Federal Reserve little or no justification to resume interest rate cuts, and it's hard to see that changing before September. Following an unscheduled visit to the Fed last week, President Donald Trump said he thinks the Fed may be ready to lower rates again. To be sure, at least two of his appointees to the Fed board - Christopher Waller and Michelle Bowman - have indicated they might vote for a cut as soon as this week. But they may be alone. Markets certainly remain unconvinced. Futures pricing shows virtually zero chance of a move on Wednesday and only a 70% chance of a cut at the following meeting in September. Markets now even doubt we'll see two rate cuts this year - the median of Fed policymakers' forecasts published just last month. While some clarity on the uncertain trade picture should emerge from this Friday's deadline, the effective overall import tariff rate is still set to be almost 20% higher than at the start of the year. And the impact from that may take months yet to filter through. But there are enough other signals that higher import levies and a weaker dollar are already irking the U.S. price picture, at least enough to keep the Fed wary. As it stands, inflation remains well above the 2% target, and long-term market inflation expectations, now the highest of any G7 country, are above target too and creeping up. The Fed's favored inflation gauge, from the personal consumption expenditures basket, is due for release on Friday, and the annual core rate excluding food and energy is expected to be 2.7% - the same as last month. Consumer price inflation data for the month that has already been released shows pockets of price pressure in key areas affected by the limited tariffs enacted so far. Producer price data was more subdued, but that series doesn't include imported goods. Moreover, manufacturing firms last week continued to show outsized gains in input prices in July. S&P Global's monthly survey of purchasing managers registered an input price reading of 64.6, still far above the 50 threshold between expansion and contraction. Unlike the PPI, that captures imported inputs. By contrast, European manufacturers registered an equivalent input price reading of 49.9. Tariff-related readouts from the roughly one-fifth of S&P 500 companies that have reported second-quarter updates have been noisier. But economists warn that two aspects of the earnings season could potentially be disguising the tariff impact. The first is significant front-loading of imports in the first quarter to beat the tariffs, the enormous scale of which led to a small GDP contraction in the first three months of 2025. As that tariff-free inventory is run down, costs should rise as tariffs begin to hit. The hiatus may have allowed many firms to keep prices steady or avoid taking significant margin hits through the second quarter. The second aspect economists warn about is the degree to which major companies may want to avoid any public statements on negative tariff hits or any pass-through to consumers due to fears of political backlash. All of which leaves a foggy inflation picture going forward and one unlikely to be clarified much by September. To be sure, the Fed has a dual mandate, which includes both keeping prices stable and maintaining maximum employment, and one argument, from Waller at least, is that the labor market is showing signs of softening. And yet employment reports out this week are unlikely to offer much support on that front either, with recent weekly jobless claims data painting a robust picture. While monthly payroll growth is expected to slow in July, the unemployment rate is set to remain near historic lows at about 4.2%, with annual wage growth one percentage point above core PCE inflation. What's more, second-quarter U.S. GDP updates this week are also expected to confirm a brisk bounce-back in overall economic growth to 2.4% after the trade-distorted first-quarter hiccup. Lazard chief market strategist Ron Temple reckons the Fed won't cut at all this year, just like seven Fed policymakers indicated last month. "My logic is that inflation is likely to re-accelerate meaningfully by year-end due to tariffs," he wrote on Friday. "Thereafter, stricter immigration enforcement is likely to create another inflationary force," he said, adding that rising deportations of workers could push up wage inflation, keep unemployment stable, and cause GDP to slow. "That is not a scenario that argues for Fed rate cuts." If the Fed does signal it's ready to ease again, it may struggle to make a cogent case for why it is doing so. The opinions expressed here are those of the author, a columnist for Reuters -- Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. Follow ROI on LinkedIn. Plus, sign up for my weekday newsletter, Morning Bid U.S.
