BREAKING Bob Cole, veteran CBC broadcaster and former voice of 'Hockey Night in Canada,' dead at 90
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
Activist investor Blackwells Capital LLC wants exercise equipment maker Peloton Interactive Inc. to fire its chief executive and consider selling itself to a fitness or technology company, two sources familiar with the matter said on Sunday.
The pandemic turned Peloton which offers stationary bikes and treadmills with livestreamed workouts from popular instructors into one of the market's hottest stocks, but the company's stock price has plummeted 84% in the last year.
Peloton is now valued at roughly US$8 billion down from $50 billion at the peak of its popularity roughly a year ago.
Blackwells is blaming John Foley, Peloton's co-founder and chief executive, for strategic missteps including manufacturing strategies that have contributed to the sharp drop in the stock price and now wants the board to replace him, the sources said.
The investment firm, run by Jason Aintabi, is urging Peloton to sell itself to a company like Disney, Apple, Sony or Nike, one of the sources said.
The Wall Street Journal first reported Blackwell's campaign against Peloton.
A representative for Blackwells declined to comment and Peloton did not immediately respond to a request for comment.
Peloton's fortunes have been fading for some time as its customers began shifting away from its classes when gyms reopened and other companies offered rival products.
But the trouble mounted very recently. Last week its stock price tumbled 24%, wiping away $2.5 billion in value, after CNBC reported that Peloton was temporarily halting the production of its bikes and treadmills amid lower demand.
Foley wrote to his employees that "layoffs would be the last lever (the company) would ever hope to pull but that it is evaluating the structure and size of the team and that it was "considering all options as part of our efforts to make our business more flexible."
The company is scheduled to release earnings on February 8 and Foley said more details would be announced then.
Blackwells has successfully pushed for change at companies including Colony Capital and posted very strong returns during the early part of the pandemic when many activists were nursing losses.
(Reporting by Svea Herbst-Bayliss in Boston and Bhargav Acharya in Bengaluru; Editing by Christopher Cushing and Diane Craft)
Bob Cole, legendary CBC broadcaster and former voice of Hockey Night in Canada, has died. He was 90.
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
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A property tax bill is perplexing a small townhouse community in Fergus, Ont.
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The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
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The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.