In this June 26, 2018 file photo, Shaquille O'Neal attends the world premiere of "Uncle Drew" at Alice Tully Hall in New York. (Photo by Andy Kropa/Invision/AP)
NEW YORK (AP) --
Papa John's has a new pitchman: Shaquille O'Neal.
The chain says the basketball Hall of Famer will appear in TV commercials and promote Papa John's in other ways. He will also join the company's board of directors and invest in nine of its restaurants in the Atlanta area.
Papa John's is trying to revive its image after the company's founder and namesake, John Schnatter, was reported to have used a racial slur during a media training session. Schnatter, who was the face of the company, has apologized for the slur and the company scrubbed his face from the company's logo and advertisements last year. Schnatter is still the Louisville, Kentucky-based company's biggest shareholder.
Papa John's International Inc. says it will pay O'Neal more than $8 million in cash and company stock for a three-year endorsement deal.
Wall Street seems to think it's a winning partnership. Shares of Papa John's soared nearly 6 percent Friday.
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
