Video gamer Electronic Arts to be bought in largest-ever private equity buyout valued at $55 billion

Electronic Arts, the maker of video games like “Madden NFL,” “Battlefield,” and “The Sims,” is being acquired by an investor group including Saudi Arabia’s sovereign wealth fund in the largest private equity-funded buyout in history. The investors, who also include a firm managed by Jared Kushner, President Donald Trump’s son-in-law, and the private equity firm Silver Lake Partners, valued the deal $55 billion. EA stockholders will receive $210 per share. The deal far exceeds the $32 billion price tag to take Texas utility TXU private in 2007, which had shattered records for leveraged buyouts. EA rose 4.5% Monday after jumping 15% on Friday.

How Electronic Arts' $55 billion go-private deal could impact the video game industry

NEW YORK (AP) — In what could become the largest-ever buyout funded by private equity, video game maker Electronic Arts has agreed to be acquired in a deal valued at $55 billion. And beyond the potentially record-breaking price tag, the deal could bring wider shifts in the gaming world. Electronic Arts owns popular titles like Madden NFL, Battlefield and The Sims — and going private could grant the company more freedom in developing and distributing these games. It also marks the latest move from Saudi Arabia’s sovereign wealth fund PIF to invest in gaming. If the transaction gets the greenlight, PIF would join Silver Lake Partners and Affinity Partners, which run by U.S. President Donald Trump’s son-in-law Jared Kushner, as Electronic Arts’ new owners.

YouTube to pay $24.5 million to settle lawsuit over Trump's account suspension after Jan. 6 attack

Google’s YouTube has agreed to pay $24.5 million to settle a lawsuit by President Donald Trump over his 2021 account suspension following the Jan. 6, 2021 attack on the U.S. Capitol. According to documents filed in federal court in California, $22 million of the settlement will be contributed to the Trust for the National Mall and the rest will go to other plaintiffs, including the American Conservative Union. The settlement does not constitute an admission of liability, the filing says. Google confirmed the settlement but declined to comment beyond it.

Asian shares are mixed as traders brace for a possible US government shutdown

TOKYO (AP) — Asian shares are mixed in narrow trading as investors brace for a possible U.S. government shutdown. Shares rose in China and fell in Australia and South Korea. In Japan, they were little changed. U.S. futures were flat, and oil prices fell. China reported lackluster data on factory activity. The U.S. government is nearing a budget deadline that could result in its shutdown. Past shutdowns have had minimal impact on markets and the economy. But if the stalemate between Democrats and Republicans persists, that could delay the collection and release of economic data. On Monday, Wall Street finished higher as technology stocks recovered.

Charlie Javice sentenced to 7 years in prison for fraudulent $175M sale of financial aid startup

NEW YORK (AP) — The 33-year-old founder of the startup student financial aid company Frank has been sentenced to more than seven years in prison. Charlie Javice was sentenced Monday in Manhattan federal court after her March conviction by a jury on fraud charges. Prosecutors say Javice duped JPMorgan Chase into buying her fledgling company for $175 million by submitting false records that made it seem that Frank had 4 million customers. It actually only served as few as 300,000 students. The jury rejected her defense that JPMorgan made up the fraud allegations because it had buyer's remorse.

Black Sheep Egg Company of Arkansas recalls free-range brown eggs over salmonella concerns

Black Sheep Egg Company of Walnut Ridge, Arkansas, is recalling 12-count and 18-count cartons of free-range large brown eggs because of potential salmonella contamination. Federal health inspectors collected samples from the company's processing site and found 40 that were positive for salmonella bacteria. Seven different strains of salmonella were identified, including some known to cause human illness. None of those strains has been linked to an ongoing outbreak to date, U.S. Food and Drug Administration officials said.

Lufthansa Group to cut 4,000 jobs by 2030 with help of AI, sees stronger profits ahead

FRANKFURT, Germany (AP) — Lufthansa Group has announced plans to cut 4,000 jobs by 2030, focusing on administrative roles. The company aims to achieve this through artificial intelligence, digitalization, and consolidating work among its member airlines. Most of the job cuts will occur in Germany. Announcing its strategic plans during a presentation in Munich on Monday, the company said it is seeing strong demand for air travel and expects increased profitability by the end of the decade. Lufthansa is also preparing for the largest fleet modernization in its history, adding over 230 new aircraft by 2030.

CEO of drugmaker GSK to step down by year's end

LONDON (AP) — GSK Chief Executive Emma Walmsley, the first woman to lead a major pharmaceutical company, will step down Dec. 31 after more than eight years at the head of the London-based drugmaker. Walmsley, 56, will be replaced by Luke Miels, currently GSK’s chief commercial officer, the company said in a statement released on Monday. While GSK achieved a number of strategic successes under Walmsley, including the spinoff of the consumer health care business Haleon, it has disappointed investors. GSK’s shares rose 3.3% to 1534.50 pence in early trading, making it the biggest gainer on the London Stock Exchange.

Progressive nonprofits condemn Trump's targeting of George Soros and his foundations

NEW YORK (AP) — Dozens of progressive nonprofits condemned President Donald Trump’s general attacks on his political opponents and a specific report of a potential investigation into billionaire George Soros’ philanthropy. The statement follows a New York Times report that the U.S. Department of Justice directed prosecutors to consider possible charges against Open Society Foundations. The foundations have rejected Trump’s accusations that they fund violent protest. Interfaith Alliance was one of the nonprofits that signed onto the statement. Its president and CEO, Paul Brandeis Raushenbush said nonprofits, and especially religious groups, need to stand up for the people and groups that the administration targets.

Wall Street ticks higher as technology stocks lead the way

NEW YORK (AP) — Wall Street ticked higher as technology stocks recovered some of their losses from last week. The S&P 500 added 0.3% Monday. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite climbed 0.5%. All three are near their all-time highs set a week ago. Modest gains for Amazon and other Big Tech stocks helped lift the market. They offset losses for oil companies, which dropped as crude prices slumped. This week’s highlight for Wall Street is scheduled for Friday, when the latest monthly update on the job market is due. The hope is for modest numbers that keep the Federal Reserve on track to cut interest rates.