ON THE MONEY
Netflix may be mulling stock split
Netflix is asking investors to approve a huge increase in the company’s share authorization, a prelude to a possible stock split.
The largest online subscription video service wants to increase the shares authorized to 5 billion from 170 million now, according to a regulatory filing Friday. Investors will vote June 9.
Netflix rose 3.4% to $454.57 and is about 7% below its record high of $489.29 set in September. It had about 62 million shares outstanding at the end of 2014.
21st Century Fox, News Corp. said to be going to WTC
News Corp. and 21st Century Fox may build a joint headquarters in a new 88-story skyscraper at the World Trade Center, the New York Times reported, citing government officials it didn’t identify.
The Rupert Murdoch-run companies have been in talks with the Port Authority of New York and New Jersey, and developer Larry Silverstein, who has the rights to build 2 World Trade Center, the site’s fourth and final tower, the sources told the Times.
Blackstone buys Excel Trust for $2 billion
Blackstone invested in a hefty real estate deal. Excel Trust, a real estate investment trust (REIT), said it would be bought by Blackstone Property Partners, part of Blackstone Group, for about $2 billion in cash.
Excel has about 38 retail properties, with tenants that include Dick’s Sporting Goods and Publix Super Markets.
Blackstone, the world’s largest alternative investment firm, now has the globe’s biggest private real estate investment business.
Import prices fall in March, point to low inflation
U.S. import prices fell in March as rising oil costs were offset by declining prices for other goods, a sign of muted inflation that supports the view the Federal Reserve will probably not raise interest rates in June.
The Labor Department said import prices dropped 0.3% last month. In the 12 months through March, prices plunged 10.5%, the largest drop since September 2009.
CBS honcho Moonves gets 15% pay cut — to $57M
CBS Corp. chief Les Moonves saw his total compensation shrink 15% to $57.2 million last year, according to a filing.
Moonves’s pay included $3.5 million in salary, a $25 million bonus, $14.5 million in stock awards and options valued at $10 million. His pension contributed $2.77 million and other pay amounted to $1.39 million. Shares of CBS fell 13% last year, the first annual drop since 2008. Moonves’s cut reflected a smaller bonus and lower stock awards.