Finance Notes: Constantin Medien Considering Selling Sport1
German media company Constantin Medien is "considering selling all shares in sports TV broadcaster Sport1 and advertising sales agency Sport1 Media held by its wholly-owned subsidiary Constantin Sport Holding." Constantin Medien is therefore "conducting a structured and competitive bidding process with several potential buyers in view of such sale." The company said that conditions for the possible sale have not yet been determined and will be "thoroughly examined by the management board before its decision." Discussions are reportedly "underway with Axel Springer and Sky Deutschland regarding the sale" (BROADBAND TV NEWS, 6/17).
Nike announced it "will cut 2% of its global workforce as part of sweeping changes to its corporate structure." Around 1,400 staff are "expected to be affected by the cuts," which were revealed in the company’s detailing of its "consumer direct offense," a new initiative designed to "get more products into the hand of consumers faster." The new alignment is "aiming to drive growth by accelerating innovation, cutting product creation cycle times in half and increasing the focus on serving key cities" (THE DRUM, 6/15).