Communications services companies rose amid deal activity.
Investment firm KKR agreed to take a majority stake in the music catalog of Grammy-winning artist Ryan Tedder, who has written for Adele, Ed Sheeran, and Beyonce in addition to having his own group, OneRepublic. The deal, reportedly valued at $200 million, was the latest in a string of royalty deals that have involved musicians such as Neil Young and Bob Dylan.
“Communication stocks have been huge winners, but now with the back and forth between some of the large names in the sector and the [government], this group does have more regulatory risk than it did just a few weeks ago,” said Ryan Detrick, chief market strategist at brokerage LPL Financial.
Social-media platform Parler has sued Amazon.com after the tech giant abruptly ended web-hosting services to the company, effectively halting its operation. In a complaint filed Monday in Seattle federal court, Parler alleged that Amazon Web Services kicked the company off its cloud servers for political and anti-competitive reasons.
Betting company Entain said Chief Executive Shay Segev plans to leave the company to become co-CEO of sports-streaming platform DAZN.
Goodman Networks lost a home service provider contract with DirecTV that generates the bulk of the wireless infrastructure company’s earnings, The Wall Street Journal reported.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires