In this July 15, 2015 file photo, Uber driver Karim Amrani sits in his car parked near the San Francisco International Airport parking area in San Francisco. (AP Photo/Jeff Chiu, File)
By Anne D'Innocenzio, Retail Writer
NEW YORK (AP) --
Target's chief marketing officer is leaving the company and heading to Uber.
The retailer announced in a regulatory filing Tuesday that Jeff Jones is leaving Sept. 9. Uber said Jones will be president of ridesharing and will be responsible for Uber's operations, marketing and customer support globally.
Jones had joined Target as head of marketing in 2012. His exit follows the departures of other executives, including the head of merchandising, who have left the Minneapolis-based company.
Target has been struggling of late in its reinvention. The company cut its profit forecast and a key sales outlook as it suffered its first decline in revenue at stores opened a least year in eight quarters.
Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.
The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.
DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.
"While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.
The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.
The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.
DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More
