Off to the races
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 10 August 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
ESPN just made $2 billion in a deal with a casino company to put its name on their sports betting website and app. ESPN may be adding gambling to their portfolio because traditional revenue streams don’t cut it anymore. Plus, worker productivity is up — how come? We’ll also look at WeWork’s fizzle into likely closure, and what the July CPI means for rate hikes.
Transcript
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| 0:00.0 | WeWork's business model isn't working so well. |
| 0:04.8 | I'm David Brinkaccio, the subscribe to a temporary office company WeWork says there's |
| 0:10.9 | quote, substantial doubt it'll be able to stay in business. |
| 0:14.5 | The company lost $349 million in the second quarter of the spring. |
| 0:19.0 | The company however continues to try to write the ship, marketplaces, Samantha Fields reports. |
| 0:23.8 | WeWork has been around since 2010 and was once one of the most valuable tech companies |
| 0:28.0 | in the country. |
| 0:29.3 | Now it's saying it might not survive the year. |
| 0:32.1 | The company has had a lot of ups and downs and faced scrutiny for years over its business |
| 0:36.2 | model and spending. |
| 0:38.0 | It went public in 2021 after a failed IPO and the ouster of founder and CEO Adam Newman |
| 0:43.9 | in 2019. |
| 0:45.8 | But the pandemic and the shift to more remote and hybrid work has also had a major impact |
| 0:50.0 | on its business. |
| 0:51.0 | In its second quarter report, WeWork says it's struggling with high member turnover and |
| 0:55.6 | low demand. |
| 0:57.2 | The consumer price index ticked up slightly using new data from July. |
| 1:12.3 | Prices are now up 3.2% in a year with housing costs driving a lot of that increase. |
| 1:17.6 | It's not up much though and this might be enough to keep central bankers from raising |
| 1:21.1 | interest rates in a few weeks, but it is now harder to argue the fight against rising |
| 1:25.6 | prices is over. |
| 1:27.0 | Diane Swank is the chief economist at the audit tax and advisory firm KPMG. |
... |
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