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Sports

Aaron Donald terminates partnership with Kanye West’s Donda Sports after antisemitic comments

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Los Angeles Rams All-Pro defensive tackle Aaron Donald has terminated his marketing deal with Kanye West’s Donda Sports, Donald announced Tuesday. The decision comes after West made several recent antisemitic comments that resulted in the rapper being dropped by several major companies.

Donald announced in May he had joined Donda Sports, which West founded and named after his late mother. Donda Sports represented Donald only in his marketing deals. 

The full statement from Donald and his wife, Erica, is below:

“Our family has made the decision to part ways with Donda Sports. The recent comments and displays of hate and antisemitism are the exact opposite of how we choose to live our lives and raise our children. We find them to be irresponsible and go against everything we believe in as a family.

“As parents and members of society, we felt a responsibility to send a clear message that hateful words and actions have consequences and that we must do better as human beings. We do not feel our beliefs, voices and actions belong anywhere near a space that misrepresents and oppresses people of any background, ethnicity or race.

“We’ve had the pleasure of working with many incredible people along the way and hope to continue to use our platform to uplift and support other families, children and communities through positive outreach.”

Boston Celtics guard Jaylen Brown also announced Tuesday that he was terminating his association with Donda Sports.

Donald was the only known active NFL player to sign with Donda. Free-agent wide receiver Antonio Brown had been named president of Donda Sports in February. 

The 24-time Grammy-award winning rapper wrote on Twitter earlier this month that he would go “death [sic] con 3” on Jewish people. He’s worn “White Lives Matter” shirts and has previously said slavery was a choice.

On Tuesday, Adidas dropped West over his remarks. The brand had partnered with West since 2016, and the dissolution of the partnership could cost the brand up to $246 million, according to the company.

“Adidas does not tolerate antisemitism and any other sort of hate speech,” the company said in a statement Tuesday. “Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”

Donald told “I Am Athlete” podcast in May that partnering with West and Donda Sports was “a helluva opportunity to open up a lot of different doors.”

“It was an opportunity that came to us, me and [my wife], and it made sense,” Donald told the podcast. “Hearing the whole spectrum of what they were going to be bringing, the whole family atmosphere that they got in Donda Sports. Not just me, but my wife being a part of that. For me it was a no-brainer.”

In an interview with Piers Morgan last week, West name-dropped Donald in a rambling defense of his antisemitic comments and what it would take for him to apologize.

“When I sit down with the people who write out the contracts for the NBA, and for the NFL, and for professional music and for acting contracts,” West said. “We need to go to the top lawyers, the top execs, the owners of the stadiums, the owners of the football teams and the owners of the record labels, and we’re gonna put them all in one room. And we’re going to read every… go top-10 in each one of these categories. Let’s read Michael B. Jordan’s contract. Let’s read Aaron Donald’s contract…”

Morgan cut off West at that point and the two shouted back and forth. West asked to complete what he called “a brilliant idea.” He went on to say he wanted to compare and contrast the top contracts in the NFL, NBA and music industry on a live platform with a high-level legal team.

“After that moment happens,” West concluded, “then I will say I’m sorry.”

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Entertainment

Adidas terminates partnership with Kanye West

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New York
CNN Business
 — 

Adidas had ended its partnership with Ye, also known as Kanye West, with “immediate effect.”

In a statement Tuesday, the sportswear maker said it “does not tolerate antisemitism and any other sort of hate speech” and said that his recent comments were “unacceptable, hateful and dangerous.” Adidas said they violated the company’s “values of diversity and inclusion, mutual respect and fairness.”

Sales and production of his Yeezy branded products have stopped as well as payments to Ye and his companies. Adidas said it will take a €250 million hit ($246 million) to its fourth quarter sales.

Adidas has partnered with West since 2013, when the company signed his brand away from rival Nike. In 2016, Adidas expanded its relationship with the rapper, calling it “the most significant partnership ever created between a non-athlete and an athletic brand.”

But Adidas put the “partnership under review” in early October after he wore a “White Lives Matter” T-shirt in public. The Anti-Defamation League categorizes the phrase as a “hate slogan” used by White supremacist groups, including the Ku Klux Klan.

Recently, Ye said “I can say antisemitic s*** and Adidas cannot drop me,” during a tirade against Jews on the Drink Champs Podcast. He also threatened on Twitter to “Go death con 3 on JEWISH PEOPLE.”

Anti-Defamation League CEO Jonathan Greenblatt said Adidas’ decision is a “very positive outcome.”

“It illustrates that antisemitism is unacceptable and creates consequences. Without a doubt, Adidas has done the right thing by cutting ties with Ye after his vicious antisemitic rants,” he said in a statement. “In the end, Adidas’ action sends a powerful message that antisemitism and bigotry have no place in society.”

Shares of Adidas fell about 5% in Frankfurt. Adidas said it will release additional information about the financial implications of dissolving its partnership with Ye in its upcoming earnings report on November 9.

The list of brands distancing themselves from West is growing. Balenciaga and Vogue publicly cut ties last week, and on Monday, talent agency CAA dropped West as a client. Production company MRC said that it’s shelving a documentary on West.

Last month, the rapper said he was ending his rocky two-year relationship with the Gap, citing “substantial noncompliance.” Ye said he was left “no choice but to terminate their collaboration,” alleging the company didn’t open branded Yeezy stores and distribute his merchandise as planned, his lawyer said in a statement.

The saga of Ye, not just with Adidas but with brands like Gap and Balenciaga, underlines the importance of vetting celebrities thoroughly and avoiding those who are overly controversial or unstable,” wrote Neil Saunders, managing director of GlobalData in a note Tuesday.

“Although there is room for some tension in fashion, this must never cross the line of decency and basic respect for humanity. Companies or brands that fail to heed this will get stung, especially if they become overly reliant on a difficult personality to drive their business,” he added.

– CNN Business’ Jon Sarlin contributed to this report.

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Sports

Center Liz Cambage terminates deal with Los Angeles Sparks

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10:43 AM ET

  • Alexa PhilippouESPN

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    • Covers women’s college basketball and the WNBA
    • Previously covered UConn and the WNBA Connecticut Sun for the Hartford Courant
    • Stanford graduate and Baltimore native with further experience at the Dallas Morning News, Seattle Times and Cincinnati Enquirer

Center Liz Cambage is leaving the Los Angeles Sparks in her first season with the squad, the team announced Tuesday, describing it as a contract divorce Cambage elected.

“It is with support that we share Liz Cambage’s decision to terminate her contract with the organization,” Sparks managing partner Eric Holoman said in a statement. “We want what’s best for Liz and have agreed to part ways amicably. The Sparks remain excited about our core group and are focused on our run towards a 2022 playoff berth.”

The four-time All-Star and former MVP candidate appeared in 25 games for the Sparks this year, recently coming off a bout with COVID-19. She averaged 13.0 points and 6.4 rebounds in 23.4 minutes per game before her departure.

The 30-year-old, who had previous stints in Tulsa/Dallas and Las Vegas, signed with the Sparks in February, a prized free agency acquisition for then-general manager and head coach Derek Fisher. Fisher was subsequently fired in June, 12 games into the season, with Fred Williams — who was close to Cambage — replacing him on the sideline on an interim basis.

Although the other high-profile player to agree to a contract divorce this season, Tina Charles, quickly found a new home with the Seattle Storm after leaving the Phoenix Mercury, it remains unclear what Cambage’s future is in the WNBA. Cambage made it clear even before she was drafted into the league in 2011 that she wanted to play in L.A., a place she had idolized for its basketball and Hollywood culture since she was a kid. She did not appear in the WNBA in the 2012, 2014-17 and 2020 seasons, playing overseas and for the Australian national team instead, but she has effectively severed ties with the Opals after she was reportedly involved in a physical altercation and verbal exchange in a closed-door scrimmage last summer.

The Sparks have nine games remaining in the regular season and are looking to return to the playoffs after missing out for the first time in a decade last season. The Sparks are currently sixth in the WNBA standings, with three other teams within a half-game of catching them and the top eight teams overall reaching the playoffs.

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Science

ESA terminates Russian cooperation with ExoMars rover

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Sign up for CNN’s Wonder Theory science newsletter. Explore the universe with news on fascinating discoveries, scientific advancements and more.

Roscosmos, the Russian space agency, and ESA were collaborating on a mission involving the European ExoMars Rover, designed to look for signs of life on Mars.

The rover’s September 2022 launch was initially suspended in March, just weeks after Russia’s invasion of Ukraine.
Now, the ESA Council has officially cut ties with Roscosmos on this joint project as a result of the war in Ukraine and ongoing sanctions, ESA’s Director General Josef Aschbacher wrote Tuesday on Twitter.

There will be more details shared about the future of the mission on July 20, he said.

The ESA has been considering working more closely with NASA moving forward since it became clear the agency needed “to sever” its ties with Russia, Aschbacher said.
“Geopolitically, it is clear that we need to sever our ties with Russia, and this decision has been made by the member states,” Aschbacher previously told CNN. “So yes, it’s really unfortunate for all the science and technology and the engineers who have been working on this for four decades. But there is no other choice to make.”

The rover was originally scheduled to launch in July 2020, but the pandemic pushed back the launch window.

ExoMars is also known as Rosalind Franklin, a revered scientist who aided in the decoding of DNA’s molecular structure, according to the ESA.
Part of the rover’s mission includes drilling holes up to 6.6 feet (2 meters) to collect samples for onboard analysis. ExoMars is expected to travel multiple kilometers during its mission and is capable of moving between 164 and 328 feet (50 and 100 meters) per Martian day, which is just under an hour longer than Earth’s 24 hours, according to NASA.

CNN’s Sugam Pokharel, Amy Cassidy and Katie Hunt contributed to this article.



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Business

Twitter shares sink after Elon Musk terminates $44 billion deal

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In this photo illustration, Twitter account of Elon Musk is seen on a smartphone screen and Twitter logo in the background.

Pavlo Gonchar | Lightrocket | Getty Images

Twitter shares sank sharply in early premarket trade Monday after Elon Musk said he is trying to terminate his $44 billion takeover of the company.

Shares of the company fell nearly 9% in U.S. premarkets before paring some losses to trade 7% lower. Tesla stock, meanwhile, was up around 1% in premarket trade.

On Friday, Musk’s attorney notified Twitter’s board that he wants to cancel the deal. The billionaire has taken issue with the number of bots and fake accounts on Twitter and says the company isn’t being truthful about how much activity on the service is authentic.

Twitter, on the other hand, says it has given Musk the information he needs to assess its claim that spam accounts make up only 5% of monetizable daily active users, including its so-called “firehose,” an unfiltered, real-time stream of daily tweets.

Bret Taylor, Twitter’s board chair, said the company would pursue legal action in the Delaware Court of Chancery to enforce the agreement.

Musk responded Monday by posting a meme mocking Twitter management over the botched deal. The meme features images of Musk laughing more aggressively with each sentence.

“They said I couldn’t buy Twitter. Then they wouldn’t disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court,” the meme read.

Twitter was not immediately available for comment when contacted by CNBC.

Musk is one of Twitter’s most popular users, with over 100 million followers. He’s used the social media site for everything from corporate communications for his companies to bashing the very platform he previously wanted to acquire.

Richard Windsor, founder of research company Radio Free Mobile, said he’s not a Twitter shareholder but if he was, he’d sell now.

“There is still a disconnect between the fundamentals and the share price,” Windsor told CNBC’s “Squawk Box Europe” Monday.

“If you look at some of where the technology sector has gone over the last couple of months, you could put Twitter’s valuation somewhere between $13 [billion] to $15 billion which is around about roughly 50% below even where the share price is today.”

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Business

Panera Bread terminates SPAC deal with Danny Meyer’s investment group

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Florida, Spring Hill, Nature Coast Commons, shopping mall, Panera Bread bakery.

Jeff Greenberg | Universal Images Group | Getty Images

Danny Meyer’s SPAC and Panera Bread have called off a deal to take the sandwich chain public again, citing market conditions.

In November, the parent company of the sandwich chain, Caribou Coffee and Einstein Bros. Bagels announced it was preparing to go public and had secured an investment from USHG Acquisition, Meyer’s special purpose acquisition company.

It was an unusual deal for a SPAC, which typically uses bank financing and the proceeds from an initial public offering to take privately held companies public. The planned arrangement would have exchanged shares of USHG Acquisition for the sandwich chain’s stock and allowed the company to survive a merger with Panera’s subsidiary Rye Merger.

At the time of the deal, SPACs were still booming, backed by eager investors who liked their accessibility, and the broader market was still riding high. But high-profile busts and the threat of regulation have made SPACs less popular, while the war in Ukraine, soaring inflation and recession fears have deferred many companies’ hopes for going public.

The merger had to be completed by Thursday, otherwise either party could terminate the deal. On Friday, Panera delivered written notice to USHG that it would end the agreement after passing the deadline, according to a regulatory filing.

“Based on current capital market conditions, it is unlikely that an initial public offering for Panera will happen in the near-term, and so we have agreed not to extend our partnership beyond its existing June 30 expiration date,” Meyer said in a statement.

The Shake Shack founder added that his SPAC will keep looking for investments.

Panera went private in 2017 after JAB Holding bought the company for $7.5 billion. As a privately held company, the chain has kept investing in technology, boosting its digital sales and maintaining its reputation as a leader in the restaurant industry.

The termination of the deal is a blow to JAB, which has been trimming its portfolio over the last year. The company, which is the investment arm of the Reimann family, sold Au Bon Pain to a Yum Brands franchisee last June. Under JAB’s ownership, many Au Bon Pain locations were converted into Panera restaurants, shrinking its footprint from roughly 300 locations to 171. Then, in July, Krispy Kreme went public again after being owned by JAB since 2016.

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Business

Kohl’s terminates sale talks with Vitamin Shoppe owner Franchise Group: Sources

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A Kohl’s store in San Rafael, Calif.

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Kohl’s is terminating talks to sell its business to The Vitamin Shoppe owner Franchise Group, two people familiar with the matter told CNBC on Thursday.

The people requested anonymity because a decision from Kohl’s has not been publicly announced.

Representatives from Kohl’s and Franchise Group didn’t immediately respond to CNBC’s requests for comment.

This decision from Kohl’s comes as its stock price slumps and its sales decline. It has faced months of pressure from activist investors to pursue a sale and shake up the business with a new slate of board directors. It wasn’t immediately clear what path Kohl’s would take next.

Financing such a deal has also become more difficult due to volatility in the stock market and broader economy, as the Federal Reserve jacks up interest rates to counter surging inflation. Walgreens Boots Alliance earlier this week scrapped its plan to sell its U.K. pharmacy chain, Boots, saying no third party was able to make an adequate offer due to turmoil in the global financial markets.

Franchise Group had been weighing lowering its bid for Kohl’s to closer to $50 per share from about $60, CNBC reported last week, citing a person familiar with the matter. The shift in thinking came as the outlook for the retail industry grew increasingly grim, the person said, as fears of a recession mounted.

Franchise Group in early June proposed a bid of $60 per share to acquire Kohl’s at a roughly $8 billion valuation. The two companies then entered an exclusive three-week window during which they can firm up any due diligence and final financing arrangements. That ran its course this past weekend.

Kohl’s shares closed Thursday at $35.69. At one point during the day the stock touched a 52-week low of $34.33. Kohl’s ended the day with a market valuation of roughly $4.6 billion, its shares down about 28% so far this year.

Kohl’s earlier this year received a per-share offer of $64 from Starboard-backed Acacia Research, but it deemed the bid to be too low.

Activist firm Macellum Advisors has been pushing for Kohl’s to consider a sale or consider other strategic alternatives since January. Macellum was also arguing for Kohl’s to revamp its slate of directors, arguing the retailer, under Chief Executive Officer Michelle Gass, has underperformed in recent years compared with its peers.

Macellum didn’t immediately respond to a request for comment.

In mid-May, however, Kohl’s shareholders voted to reelect the company’s current slate of 13 board directors, thereby defeating Macellum’s proposal.

In recent weeks, the outlook for the retail industry has grown bleaker as consumers pull back their spending on certain discretionary categories, such as home goods and apparel, amid inflation and the threat of an economic slowdown.

High-end furniture chain RH on Wednesday cut its forecast for revenue in fiscal 2022, anticipating softer consumed demand for its products in the back half of the year. Bed Bath & Beyond saw its sales plummet in its most recent quarter and ousted its CEO.

Companies are also seeing inventories pile up as shipments of goods arrive later than planned, due to supply chain snags. Big-box retailer Target in early June warned investors that its profits will take a short-term hit, as it marks down unwanted items, cancels orders and takes aggressive steps to get rid of extra inventory.

Kohl’s sales for the three-month period ended April 30 fell to $3.72 billion from $3.89 billion in 2021. When it reported these figures in mid-May, the retailer also slashed its profit and revenue forecasts for the full fiscal year, further muddying the picture for a potential deal.

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