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Shaw family complains after selling out to Rogers

The Shaw family, once a powerhouse in Canadian telecommunications, now finds itself on the receiving end of the very market consolidation they helped create.

Corus Entertainment Inc (TSE: CJR.B), controlled by the Shaw family, has filed a complaint with the Canadian Radio-television and Telecommunications Commission (CRTC) against Rogers Communications Inc. (TSE: RCI.B), alleging abuse of market power.

This complaint comes in the wake of the Shaw family’s blockbuster $20 billion sale of Shaw Communications to Rogers in April 2023. The deal, which made the Shaws one of the largest shareholders in Rogers outside the Rogers family, has now inadvertently placed them in a precarious position with their other media asset, Corus Entertainment.

You can read more on the matter here.

What’s going on?

• Lettuce Pray: Subway Calls For Urgent Franchisee Meeting Due To Sharp Sales Decline (theDeepDive)

• US Jobless Claims Fall for a Second Week to Lowest Since July (Bloomberg)

• There Was A Massive SSN Leak, But Reports of ‘Every American’ Affected May Be Massively Overblown (theDeepDive)

• White House: US has made no amnesty offer to Venezuela's Maduro (Reuters)

• UN Report Slams Canada’s Temporary Foreign Worker Program as ‘Breeding Ground for Slavery’ (theDeepDive)

• Federal government planning sharp cut to low-wage stream of temporary foreign worker program, sources say (Globe)

• Soaring Cybersecurity Valuation: eSentire Weighs Sale at Nearly 7x Annual Revenue — Sources (theDeepDive)

• Amazon to test Prime Air drone delivery service in the UK (CNBC)

• Canada’s Real Estate Insolvencies On Track to Surpass 2009 Levels (theDeepDive)

• Canadian home sales down 0.7% in July, CREA data shows (Reuters)

• New FTC Rule Cracks Down on Fake Social Media Metrics, Influencers To Face Penalties (theDeepDive)

What’s the latest?

• US Unemployment: The number of Americans filing new unemployment claims fell to a one-month low last week, indicating a steady labor market slowdown and dampening expectations of a significant Federal Reserve rate cut in September. Initial claims dropped by 7,000 to 227,000, countering concerns of an economic downturn sparked by a recent rise in the unemployment rate.

• Scotiabank Expansion: Bank of Nova Scotia is expanding its U.S. mortgage capital markets business by recruiting a team of seven from JPMorgan Chase & Co. in Texas, including three managing directors. The new team, set to start in the fall, will be based in Houston and will work closely with Scotiabank's securitization and structured credit teams to enhance the bank's capabilities in the U.S. structured finance space.

• Corus Cuts: Corus Entertainment is implementing significant cost-cutting measures, including the closure of radio stations, as part of broader efforts to ensure the company's sustainability. The changes will also impact roles at Global News, as Corus adopts new server-based technology. These decisions come in response to ongoing financial losses, shrinking advertising revenues, and challenges in the broadcasting industry.

• Iron Ore: Iron ore prices have plummeted to their lowest levels since 2022, with futures falling as low as $92.65, driven by concerns that global supply is outpacing demand. China's steel production dropped significantly in July, with output falling by nine percent compared to the previous year, highlighting the challenges facing the world's largest iron ore importer.

• Tilray-Molson: Tilray Brands Inc. is close to finalizing a deal to acquire several beverage brands from Molson Coors Beverage Co., including Revolver, Atwater, Hop Valley, and Terrapin, according to sources. This acquisition would further Tilray's strategy of diversifying beyond cannabis, following its purchase of several beer brands from Anheuser-Busch InBev in August 2023, positioning it as the fifth-largest craft brewer in the U.S.

Franco Nevada Q2 earnings

The stock market and stuff

• BHP Escondida Copper Mine Strike Sees Workers Demand Cut Of Dividends (theDeepDive)

• PepsiCo can be sued over health claims for Gatorade protein bars, judge says (Reuters)

• Ultra-High Pressure Breakthrough Could Revolutionize Global Oil Production (theDeepDive)

• Alibaba earnings miss expectations despite cloud acceleration (CNBC)

In the juniors

• Emerita Resources Secures US$15 Million Credit Facility To Advance IBW Project (theDeepDive)

• Victoria Gold Placed Into Receivership, Expected To Be Delisted (theDeepDive)

• enCore Energy Widens Losses In Q2 2024 (theDeepDive)

• DLP Resources Hits 0.32% Copper Equivalent Over 1,080 Metres In Peru (theDeepDive)

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