Shares of Chinese ride-hailing giant Didi Global jumped 19% in early trading on the New York Stock Exchange, to a little below $17, valuing the company at $85 billion. But by day’s end the stock had come back and it ended up closing up just at $14.14, up 1% from its IPO price. Earlier, Didi had confirmed it raised $4.4 billion in a U.S. initial public offering, implying a valuation of about...
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The Real CNN Drama is Cable News' Growing Irrelevance
To paraphrase Tolstoy, each unhappy TV channel is unhappy in its own way. And as illustrated by the leadup to the Wednesday exit of CNN’s CEO, Chris Licht, the cable news channel hasn’t been a happy place lately. That’s not likely to change now that Licht is gone. Beyond the gossipy drama behind his departure is the reality that CNN and its corporate parent, Warner Bros. Discovery, are both...
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