BUSINESS

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Microsoft is cutting 4,800 jobs, about 2.1% of its global workforce, including a large number of workers at its Xbox video game business.

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Just days after its record-breaking initial public offering, SpaceX has agreed to acquire the AI coding startup Cursor for $60 billion. Elon Musk’s aerospace firm is taking over Anysphere, the company behind the popular AI coding agent. The acquisition follows SpaceX’s historic debut on the Nasdaq exchange last Friday, which raised $85.7 billion and pushed the company’s valuation past $2 trillion. Following a surge in share price early this week, SpaceX has now surpassed Amazon to become the world’s fifth most valuable company.

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Kroger is buying regional grocer and pharmacy retailer Giant Eagle in a deal valued at $1.65 billion. 

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Fox Corp has announced a landmark agreement to acquire connected television platform Roku in a deal valued at 22 billion dollars, marking one of the biggest moves in the streaming industry in recent years. The transaction is expected to significantly strengthen Fox’s position in the rapidly growing streaming market while expanding its reach to millions of households around the world. 

Under the agreement, Fox will acquire Roku for 160 dollars per share through a combination of cash and Fox Class A stock, giving Roku an enterprise valuation of 22 billion dollars. Once the deal is completed, Fox shareholders will own approximately 73 percent of the combined company while Roku shareholders will hold the remaining 27 percent. 

The acquisition represents another major step in Fox’s streaming strategy following its purchase of Tubi in 2020 for 440 million dollars. Fox said the combination of Roku’s streaming platform with its own portfolio of live sports, news and entertainment content will create a next generation media and technology company positioned at the center of changing viewing habits. 

Roku, which was founded in 2002, currently reaches around 100 million streaming households globally and is present in more than half of all broadband households in the United States. Fox on the other hand owns the Fox broadcast network, Fox News, Fox Business, local television stations, subscription streaming service Fox One and valuable sports rights that include the NFL, MLB, NASCAR, Big Ten and the FIFA World Cup. 

According to Fox, bringing together its broadcast assets, Tubi and The Roku Channel will create the third largest television player in the United States by viewing share. The company also noted that Tubi’s advertising supported video on demand business and Roku’s free streaming television channels complement each other, providing opportunities for future growth. 

The boards of directors of both companies unanimously approved the transaction and said they remain committed to keeping Roku as an open and partner friendly platform while ensuring the continued wide distribution of Fox content. The companies also expect the merger to improve free cash flow per share by the second full year after closing and generate about 400 million dollars in annual cost savings. 

Fox Chief Executive Officer Lachlan Murdoch described the acquisition as a defining moment for the company, saying it builds on Fox’s strategy of focusing on live news and sports while expanding its presence in streaming. Roku founder and Chief Executive Officer Anthony Wood also welcomed the deal, saying it would allow the company to innovate faster and deliver greater value to viewers, advertisers and partners. 

The acquisition is still subject to shareholder approval as well as regulatory clearance in the United States and other markets. If approved, the companies expect the transaction to close during the first half of 2027.

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The South Korean auto-and-tech giant plans to buy SoftBank Group's remaining 9.65% stake in the U.S. robotics firm for approximately $325 million, according to reporting by South Korea's Maeil Business Newspaper. Hyundai is expected to convene a board meeting on June 22 to formally approve the purchase.

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The European Union is reviewing Paramount Skydance’s proposed takeover of Warner Bros. Discovery because the deal is backed by three Middle Eastern sovereign wealth funds, EU regulators said in a public filing on Wednesday. The inquiry adds regulatory scrutiny to a merger that would bring two major Hollywood studios together and could reshape the U.S. entertainment industry.

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Maserati presented revamped versions of its GranTurismo, GranCabrio, and Grecale models on Thursday. The reveals come ahead of a critical capital markets day in December, which aims to establish a new strategic direction for the struggling Stellantis luxury brand. Last month, Stellantis CEO Antonio Filosa outlined a business plan to reinforce Maserati's position as a "pure luxury brand," which will also include the introduction of two new large-sized vehicles.

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Concerns over possible layoffs at Xbox are growing after newly appointed chief executive officer Asha Sharma shared a memo outlining the challenges facing Microsoft’s gaming division and the need for a major business reset.