Good morning! UPS is imposing shipping limits as holiday shopping kicks into high gear. Meanwhile, Amazon is in talks to acquire podcasting company Wondery and Nasdaq proposes diversity requirements for companies listed on its exchange.
BUSINESS
UPS Has New Limits
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Your holiday and #treatyoself shopping just got more complex. UPS is imposing shipping limits on some retailers as the online shopping boom puts a strain on its network.
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The restrictions will come into effect this week and run throughout the holiday season.
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UPS didn’t provide the names of the retailers affected but, according to the WSJ, the list includes Nike and Gap.
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The shipping company said that it has agreed on strategies with the retailers. This includes, “shifting package volume away from the heaviest demand shipping days, fully utilizing weekend capacity, and aligning promotional strategies with capacity.”
UPS isn’t alone in this struggle. Other parcel delivery services are also struggling with the surge in demand, especially during the holidays. Most have imposed different measures to deal with the influx including increasing pricing premiums.
TECH
Amazon to Snap Up Wondery
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Amazon is reportedly in talks to buy podcasting company Wondery for more than $300 million. Here’s what you need to know:
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According to Bloomberg, Wondery started exploring a sale in September.
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The company, which produces hits like Dirty John and Dr. Death, is seeking a price of $300 to $400 million. Its revenue is projected to be above $40 million in 2020.
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Other giants like Apple and Sony are also interested in the podcasting company.
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Surprisingly, Spotify — the most aggressive buyer of Wondery’s peers — has decided to pass on the company.
FINANCE
Nasdaq Seeks Board-Diversity Requirements
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Nasdaq is pushing for diversity in corporate boards. The exchange filed a proposal with the SEC to mandate diverse boards on the companies that it lists.
Under the proposal:
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Most companies will need to have at least two diverse board directors — one woman and another person who self-identifies as an underrepresented minority or LGBTQ.
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If a company can’t meet the requirements, it will need to explain why.
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All companies will have to disclose board diversity statistics publicly within a year of SEC’s approval. Companies that don’t disclose the information face potential delisting.
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Currently, more than 75% of the exchange’s 3200+ companies don’t meet the criteria.
APPENDIX
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Going once, going twice, sold! Salesforce said that it would buy Slack — the workplace software company — for $27.7 billion in cash and stock.
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It’s time to have a Watch Party… virtually, of course. Hulu’s co-viewing feature, Watch Party, is now available to all of its subscribers.
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Google is in trouble… again. The National Labor Relations Board has issued a complaint against the company — alleging surveillance of employees and other labor violations.
