Because of that complexity, the corporate minimum tax has faced substantial skepticism. It is less efficient than simply eliminating deductions or raising the corporate tax rate and could open the door for companies to find new ways to make their income appear lower to reduce their tax bills.

Similar versions of the idea have been floated by Mr. Biden during his presidential campaign and by Senator Elizabeth Warren, Democrat of Massachusetts. They have been promoted as a way to restore fairness to a tax system that has allowed major corporations to dramatically lower their tax bills through deductions and other accounting measures.

According to an early estimate from the nonpartisan Joint Committee on Taxation, the tax would most likely apply to about 150 companies annually, and the bulk of them would be manufacturers. That spurred an outcry from manufacturing companies and Republicans, who have been opposed to any policies that scale back the tax cuts that they enacted five years ago.

Although many Democrats acknowledge that the corporate minimum tax was not their first choice of tax hikes, they have embraced it as a political winner. Senator Ron Wyden of Oregon, the chairman of the Senate Finance Committee, shared Joint Committee on Taxation data on Thursday indicating that in 2019, about 100 to 125 corporations reported financial statement income greater than $1 billion, yet their effective tax rates were lower than 5 percent. The average income reported on financial statements to shareholders was nearly $9 billion, but they paid an average effective tax rate of just 1.1 percent.

“Companies are paying rock-bottom rates while reporting record profits to their shareholders,” Mr. Wyden said.

told the Senate Finance Committee last year. “This behavioral response poses serious risks for financial accounting and the capital markets.”

Other opponents of the new tax have expressed concerns that it would give more control over the U.S. tax base to the Financial Accounting Standards Board, an independent organization that sets accounting rules.

“The potential politicization of the F.A.S.B. will likely lead to lower-quality financial accounting standards and lower-quality financial accounting earnings,” Ms. Hanlon and Jeffrey L. Hoopes, a University of North Carolina professor, wrote in a letter to members of Congress last year that was signed by more than 260 accounting academics.

the chief economist of the manufacturing association. “Arizona’s manufacturing voters are clearly saying that this tax will hurt our economy.”

Ms. Sinema has expressed opposition to increasing tax rates and had reservations about a proposal to scale back the special tax treatment that hedge fund managers and private equity executives receive for “carried interest.” Democrats scrapped the proposal at her urging.

When an earlier version of a corporate minimum tax was proposed last October, Ms. Sinema issued an approving statement.

“This proposal represents a common sense step toward ensuring that highly profitable corporations — which sometimes can avoid the current corporate tax rate — pay a reasonable minimum corporate tax on their profits, just as everyday Arizonans and Arizona small businesses do,” she said. In announcing that she would back an amended version of the climate and tax bill on Thursday, Ms. Sinema noted that it would “protect advanced manufacturing.”

That won plaudits from business groups on Friday.

“Taxing capital expenditures — investments in new buildings, factories, equipment, etc. — is one of the most economically destructive ways you can raise taxes,” Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, said in a statement. He added, “While we look forward to reviewing the new proposed bill, Senator Sinema deserves credit for recognizing this and fighting for changes.”

Emily Cochrane contributed reporting.

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U.S. July payrolls rise more than expected

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An employment application form is displayed during a restaurant job career fair organized by the industry group High Road Restaurants in New York City, U.S., May 13, 2021. REUTERS/Brendan McDermid

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NEW YORK, Aug 5 (Reuters) – U.S. job growth surged much more than expected in July and the unemployment rate ticked lower, giving the Federal Reserve enough cushion to stay on its aggressive rate hike path as it tries to tame inflation.

Nonfarm payrolls increased by 528,000, the Labor Department’s employment report showed on Friday. June was revised upward to show payrolls rising by 398,000 instead of the previously reported 372,000. Economists polled by Reuters had forecast 250,000 jobs added last month.

Employers continued to raise wages at a steady pace last month. Average hourly earnings increased 0.5% in July after gaining 0.4% in June. That increased the year-on-year increase to 5.2% from 5.1% in June. read more

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STOCKS: S&P e-mini futures dropped sharply, last down 1.1%

BONDS: The yield on 10-year Treasury notes shot higher and was up 10.1 basis points to 2.777%; The two-year U.S. Treasury yield, was up 15.4 basis points at 3.191%.

FOREX: The dollar index jumped and was last up 0.956% at 106.700



“The headline number is really impressive, but maybe that’s more style over substance. The number of multiple jobholders shot up more 559,000. Is some of the employment strength superficial and just because people are trying to work more in order to make ends meet?”


“Payrolls were nearly double the amount we were looking for. There’s nothing to suggest this report this weak at all. Unemployment actually went down to 3.5%.”

“This is very hot employment data. It means the Fed is going to continue to raise interest rates. Bonds are getting crushed. Stocks are coming down.”

“The bottom line is this gives the upper hand to the Fed, which says we’re not in a recession yet and the Fed will probably tighten. If we get one more number like this in August, the Fed could hike by 75 basis points in September rather than 50 basis points.”

“I’m surprised in the strength in wage growth, I was looking for a cooling off. That’s the key to the report. That’s why we’re seeing a sell off in the bond market and it proves that inflation is still a big problem.”


“What we’ve heard from the various Fed governors this week about it being too early to pivot away from a tightening policy is definitely in place with the jobs report that is THIS hot.”

“When you look back at the period from 2015 to 2019, the average jobless jobs gain was 190,000, and the unemployment rate was north of 4. We’re well below that as far as the unemployment rate, and certainly we’ve been averaging 200,000 to 300,000 new jobs going forward, so the job market continues to be much hotter than historically normal times. So it gives the Fed reason to continue to raise rates. And that is what’s got the market on edge.”

“The number’s not a surprise. There were some hints at it from some of the Fed governors. The inflation numbers next week will complete that picture. The inflation rate will come down, my guess is we get down to maybe 5% or 6% by the end of the year. But the hard part is going to be getting from that 5%, 6% to 2%. That’s going to require a more aggressive Fed. So the Fed is still on target to raise rates, 75 basis points makes sense in light of the data, and they will continue at each of their meetings through the end of the year.”

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Brazil’s Lula advised to buy back Petrobras refineries, study author says

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A logo of Brazil’s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes

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Aug 5 (Reuters) – An oil and gas industry study commissioned by the campaign of former President Luiz Inacio Lula da Silva for the October elections will recommend bolstering Petrobras’ refining capacity, including through the reversal of refinery privatizations, one of the study’s authors told Reuters.

The study also proposes new investments and the resumption of refinery projects abandoned by Petrobras after the state-run oil company decided to focus on production from its offshore pre-salt fields as it recovered from Brazil’s biggest ever corruption probe, the so-called Car Wash scandal.

Among the proposals is the possibility of Petrobras regaining ownership of the RLAM refinery in Bahia, said study co-author William Nozaki, on the Workers Party team advising Lula on Petrobras affairs. RLAM, the largest refining asset sold in 2021 by the company, is now owned by Acelen of Abu Dhabi’s Mubadala group.

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“For some assets, it is possible to consult the partners who acquired them to… find out if they are really interested in fully remaining in the operation,” said Nozaki, coordinator at the Institute for Strategic Studies in Petroleum, Natural Gas and Biofuels (Ineep) linked to the FUP oil workers’ union.

“This is the case with RLAM.”

The Bahia refinery was the first divested by Petrobras from the group of eight refineries that will have to be sold by the company under the agreement signed with antitrust regulator CADE in 2019 to end its monopoly in Brazilian refining.

Nozaki did not comment on the antitrust implications of renationalizing refineries. He said conversations should be started with the Mubadala fund to find out what their prospects are, and if they really want to continue operating 100% of the refinery.

Lula is leading in the polls against incumbent President Jair Bolsonaro. His government program has yet to be finished.

“The guidance given by Lula is that nothing will be done in a traumatic way for shareholders or for Petrobras’ investments,” Nozaki said.

The study will propose reassessing the sale of three refineries included in the CADE agreement that are still in the process of being sold – Repar, in Parana, Refap, in Rio Grande do Sul, and Rnest, in Pernambuco.

Besides the Bahia refinery, Petrobras has already closed deals to sell units in Amazonas (Reman), Parana (SIX), Ceará (Lubnor) and Minas Gerais (Regap).

Lula’s program echoes plans by other Latin American leftist leaders, such as Mexico’s President Andres Manuel Lopez Obrador, who has made boosting refinery capacity to make the country energy self-sufficient a key pillar of his presidency.

Nozaki admitted that it is “difficult” to reverse the sales of Petrobras refineries, but not impossible.

The main goal of strengthening Petrobras refining capacity is to help Brazil deal with high inflation, he said.

“Lula asked us to put all the available options on the table, from a technical point of view, and to think about how to face the problem of fuel inflation,” Nozaki said

Inflation has exceeded 11% for the last 12 months, driven by fuel prices, which Bolsonaro has tried to mitigate with tax cuts as he seeks re-election.

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Reporting by Rafaella Barros; Writing by Anthony Boadle; Editing by Jan Harvey

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Creative Media & Community Trust Announces Date for Its Second Quarter 2022 Earnings Release and Conference Call

LOS ANGELES–(BUSINESS WIRE)–Creative Media & Community Trust (NASDAQ: CMCT; TASE: CMCT-L) (“CMCT”) announced today that it will issue a press release announcing its second quarter 2022 earnings results on Tuesday, August 9, 2022.

A conference call is scheduled for 12:00 p.m. Eastern Time that day to discuss CMCT’s financial results and business. The call will be hosted by Shaul Kuba, Board Member and a Co-Founder of CIM Group, David Thompson, Chief Executive Officer, Nate DeBacker, Chief Financial Officer, and Steve Altebrando, Vice President Portfolio Oversight.

Interested parties can listen to the call via the following:



Go to and select the “Shareholders” tab at least 15 minutes prior to the start time of the call to register, download and install any necessary audio software. A replay will be available for 90 days on our website at




1-844-763-8274 (Domestic) or 1-412-717-9224 (International)




Available through August 19, 2022 at 9:00 a.m. Eastern Time.

1-877-344-7529 (Domestic) or 1-412-317-0088 (International) – conference ID #5491429


Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that seeks to own, operate and develop premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT seeks to apply the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (

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Thomas Park Investments Reports Strong First Half with $75M in MOB Acquisitions

ANNAPOLIS, Md.–(BUSINESS WIRE)–Thomas Park Investments closed the first half of 2022 with $75 million in medical office building (MOB) acquisitions, halfway toward the company’s goal of $150 million in acquisitions this year. The acquisitions include a purchase in Raleigh, North Carolina, signaling the company’s expansion into the southeast.

“These acquisitions add some of the most trusted names in health care to our roster of tenants, including Duke Health, UNC Physicians Network, Penn Medicine, University of Maryland Medical System, South Shore Health, and St. Luke’s,” says EJ Rumpke, Thomas Park’s Chief Executive Officer. “We’re pleased with the increased diversity of tenants and health systems these recent acquisitions bring to our portfolio.”

First half acquisitions include:

“Our significant growth says a lot about the caliber of our team,” says Thomas Park’s Chief Operating Officer Gene Parker. “And our growth has fueled a hiring expansion, raising our headcount by 125% since the beginning of the year.”

According to Alex Kopicki, Thomas Park’s Chief Investment Officer, rising interest rates will not slow the company’s momentum. “We have a knack for finding good real estate that can weather the short-term volatility of the debt markets, as we predominantly have a long-term outlook on the health care real estate sector,” he said.

About Thomas Park Investments

Thomas Park Investments is a leading private equity real estate firm specializing in health care real estate. Founded in 2019, Thomas Park’s leadership has more than sixty years of commercial real estate experience and manages more than 825,000 square feet of commercial space. The Annapolis, Maryland based firm is on pace to have $1 billion of assets under management by 2025. For more information, visit

Photos available upon request.

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Portugal Construction Equipment Market Report 2022: Strategic Assessment and Forecasts to 2028 –

DUBLIN–(BUSINESS WIRE)–The “Portugal Construction Equipment Market – Strategic Assessment and Forecast 2022-2028” report has been added to’s offering.

Government investment in infrastructure, real estate & transport industries under National Development Plan 2030 drives the demand for construction equipment in Portugal.

The Earthmoving segment has the largest share of Portugal’s Construction equipment. The excavators held the largest share in the earthmoving segment in 2021. The growth in infrastructure investment under the national development plan 2030. The surge in civil engineering & housing projects in 2021 is expected to support the demand for excavators.

In 2021, Portugal’s government increased the public & transport infrastructure investment. The government has also shifted its focus on renewable energy resources and planned to invest $26.2 billion to upgrade the renewable energy industry in the next 10 years.

The rise in Government investment in warehouse & logistics infrastructure supports the country’s logistics & E-commerce industry growth in 2021. The surge in construction, renewable energy projects & growth in the E-commerce industry positively impact the demand for construction equipment in Portugal.

In 2021, Portugal’s recycling and waste management activities increased by 6.4%. The recycling activities is expected to grow in 2022 as the government aims to recycle 65% of waste by 2035, so demand for medium-size excavator having light weight & high swing speed are growing in recent times in the market, which is most suitable for recycling activities.

Growth in Construction, Renewable & Logistics Industries Drives the Economic Recovery

In 2020, Portugal’s economy contracted by 7.6% due to a severe decline in tourism & exports caused by the government’s lockdown measures. Construction & Manufacturing industry declined by 3.9% & 10.9% respectively.

The country’s economy slightly grew by 4% in 2021 due to increased government infrastructure investment and resilient construction industry performance. The real estate & housing industry witnessed growth in 2021, and the country’s export increased by 8.1% due to a surge in foreign demand. According to European Commission, Portugal’s economy is expected to grow by 5.8% in 2022. European Union granted $14.8 billion under Portugal’s Recovery & Resilience Plan. The government also announced an investment of $43.5 billion for infrastructure development across the country in 2021.

Expected Growth in FDI Inflow in Renewable Energy Sectors of Northern & Alentejo Region

Foreign direct investment in 2021 was increased by 38%. The manufacturing & service industries attracted maximum FDI inflow in 2021. The Northern & Lisbon Region of the country attracted more than 80% of FDI inflow. European countries like France, Germany & UK were some investors in Portugal’s economy in 2021. High growth in renewable energy sectors is expected in 2022 due to various ongoing solar projects in Porto & Mertola City of the northern & Alentejo region, respectively.

Investment In Public Infrastructure & Logistic Industry

Portugal’s government announced in 2021 to invest $45.1 billion in public infrastructure, including a high-speed railways link between Lisbon & Porto cities. This project is estimated to cost $ 4.7 billion and is expected to be completed by 2030. The government investments focused on the country’s transport & energy sectors. $22.7 billion was allocated for transport projects, and $13.7 billion was directed toward clean energy projects.

In 2022, public infrastructure projects are in progress, funded by the national budget, European Union funds, & private investment. European Union granted $14.5 billion under PRR (Portugal Recovery Resilience) plan in the second half of 2021. The construction of residential buildings is expected to grow by 5.5%, maintaining a competitive position in the real estate market. Civil engineering, which is expected to be the most dynamic segment in 2022, is expected to grow by 7.5%.

The surge in government investment in developing logistics infrastructure, the growing E-commerce sector, and rising exports positively impact Portugal’s logistics & warehousing market. The government is investing in upgrading transport infrastructure and expanding major ports such as Leixos & Sines in 2022. Portugal’s exports are expected to grow by 22% in 2022.

Shifting of Focus Towards Renewable Energy Resources

Portugal aimed to increase its renewable energy production from 20% in 2021 to 80% by 2026. In 2021, Portugal’s government planned to shift away from fossil fuel to renewable energy sources such as wind, solar & hydro. The government planned to invest $26.2 billion to upgrade the renewable energy industry in the next 10 years. The country has committed to becoming carbon natural by 2050 and producing electricity using renewable energy resources. Recently in 2022, Portugal closed its two-coal fire plant and replaced it with 7.3 GW of hydroelectric & 5.6 GW of the onshore wind park, which fulfilled ~83% of the total capacity of coal fire plants in the region.

According to Portugal’s government, Photovoltaic solar energy had tremendous potential as it grew by more than 20% in 2021. The installed capacity of photovoltaic solar was 7,359 MW in 2021 and is expected to grow sharply in 2022 due to increasing government focus and investment.

Anti-Mining Protest Against Lithium Extraction & Rising Building Material & Labour Costs Are Major Challenges

Many environmentalists are against it as it can increase soil pollution and deforestation and can hamper the ecosystem. Anti-mining protests are observed in, especially in Northern & southern parts of the country where the Lithium mines are majorly present. The country’s environmental association wants the government should make environmental assessments & study the impact of lithium exploration on the environment. Three major Lithium extraction projects in 2022 are hampered due to local protests of villagers & environmentalists in Minas do Barroso (Boticas), Angela (Covilha & Fundao) & Romano (Montalegre) regions.

Instituto Nacional de Estatistica (INE) states that new housing construction costs will increase by 7% in 2021. The increase in the price of materials and cost of labor triggered the overall increase in the price of new houses in the Portugal market. In 2021, the price of building materials and labor rose by 8% & 5.1%, respectively.

In 2022, the building material & commodities prices increased by 18% due to a mismatch of demand and supply. Steel concrete rods increased by 54%, aluminum (61%) & Copper (47%) which is expected to have an adverse impact on the demand for new housing in the country.

Electric Equipment & Medium Size Excavators Are Gaining

Environmentalists are suggesting the government study the environmental impact of Lithium extraction. Therefore, Portugal Government introduced green mining technology. Green mining focuses on reducing carbon emissions during extraction, resulting in low environmental impact. Green mining can trigger the demand for electric construction equipment in Portugal.

Portugal’s government focused on recycling and waste management processes in 2021. The recycling of packaging increased by 6.4% in 2021 compared to 2020. Portugal government aims to increase recycle target by 55% in 2025,60% by 2030 & 65% by 2035. Government has recycling plants in the Lisbon & Porto region of the country. With the rise of recycling & waste management activities across the region, the demand for medium-sized excavators increased in 2021. Hitachi Construction Machinery (HCE) introduced the ZX300LCN-6 excavator in the Portugal market for recycling work.


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Introducing Homz: Innovative Platform Seeks to Build Attainable Housing Communities Across the U.S.

DALLAS–(BUSINESS WIRE)–Homz today announced its launch as the first national housing company dedicated to building a portfolio of sustainable, wellness-focused communities centered around branded attainable housing across the U.S. Through its mixed-use master planned communities, Homz seeks to bring greater housing options to residents at more attainable prices that help to preserve or increase socioeconomic diversity while providing public access to vibrant, highly-amenitized urban environments.

Homz is led by veteran real estate and hospitality investors with decades of experience developing, owning and managing over $5 billion worth of assets. Leveraging this expertise, the team has established a vertically integrated platform that emulates the hospitality model, capable of efficiently delivering standardized housing and desirable public amenities at scale. Over the next five years, Homz seeks to break ground on 50 communities in secondary and tertiary markets across the U.S. that are seeing strong population and job growth, but struggle to develop enough new purpose-built housing supply to meet demand.

“We aim to fundamentally shift how rental housing is developed and branded, creating greater efficiencies that result in attainably-priced homes and a viable solution for the housing crises plaguing markets across the world,” said Dipika Patel, Managing Director of Homz. “Our triple bottom line approach focuses on sustainable development, placemaking and public amenities, allowing us to responsibly deliver the highly-amenitized lifestyle residents seek at attractive price points while creating public value that draws incentives from local governments.”

Each Homz community will feature four multifamily brands – UP, 24, NJOY and LYF – that are designed to meet renters at each stage of their lives, along with a selection of build-to-rent single-family homes. The design of these properties will be standardized so as to be easily replicable and identifiable across markets. UP and 24 target value seekers, while NJOY and LYF offer larger floorplans to accommodate roommates and growing families. By offering greater housing optionality, Homz communities are positioned to attract the diverse, highly talented work forces that meaningfully contribute to the growth and development of their local economies.

Alongside Homz’s diverse housing options, the company intends to introduce 54 publicly available amenities, including clubhouses, pools, athletic fields, playgrounds, urban farms, Miyawaki forests and more, that are designed to foster deeper senses of wellness and satisfaction among residents and their neighbors in the community. These amenities create dynamic, vibrant neighborhoods and lifestyles that bring people together and draw visitors and business from within and outside the community. As part of the master plan, each community could also include hospitality, retail and office components.

Homz expects to invest between $140 million and $170 million in each community and will secure financing from the Department of Housing and Urban Development. The company will also work in partnership with municipalities on incentives that make it possible to develop these communities. Homz will hold each investment for approximately 25 years, creating a close alignment of interests with each city. It is designing these communities with ESG and sustainability in mind, and each property is being developed to meet the requirements of the United Nations Principles for Responsible Investing initiative.

“We’ve spent years studying the market opportunity and refining our business model, and we have made significant investments to build out the infrastructure needed to advance our objectives,” said Lakshmi Narayanan, Managing Director of Homz. “We have created a business model that is fundamentally different from anything that exists in the market, and we believe it has significant potential as a viable solution for the housing challenges many markets face in the U.S. and abroad. What we intend to create is not only an attractive living environment, but an experience that is consistent across each destination we develop.”

Patel is a seasoned real estate and hospitality executive with more than two decades of investment and operational expertise. She previously served as President and CEO of Hayden Holdings, a hospitality investment and management company with real estate assets valued at more than $250 million. Prior to her real estate and hospitality career, Patel spent nearly 15 years on Wall Street at investment banks including Citigroup and Bank of America. Narayanan is an impact investor and serial entrepreneur with experience building businesses and investing in real estate and startups in the U.S., Asia, Europe and the Middle East. He has built a strong global network and serves as a Certified Senior Executive Fellow at Harvard University’s Kennedy School of Government.

About Homz

Homz is the first national housing company dedicated to building a portfolio of sustainable, wellness-focused communities centered around branded attainable housing in key markets across the U.S. Homz looks to develop communities that bring greater housing options to residents at more attainable prices, helping to preserve or increase socioeconomic diversity while providing public access to vibrant, highly-amenitized urban environments. Homz’s mission is to create a better living world with integrated communities that support more meaningful connections between individuals and their surroundings. For more information, please visit

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Why Big Tech Is Making a Big Play for Live Sports

LOS ANGELES — More than a decade after Apple disrupted the music industry and Amazon upended retail, the tech heavyweights have set their sights on a new arena ripe for change: live sports.

Emboldened by their deep pockets and eager to boost viewership of their streaming-subscription services, Apple and Amazon have thrust themselves into negotiations for media rights held by the National Football League, Major League Baseball, Formula One racing and college conferences.

They are competing to replace DirecTV for the rights to N.F.L. Sunday Ticket, a package the league wants to sell for more than $2.5 billion annually, about $1 billion more than it currently costs, according to five people familiar with the process. Eager not to miss out, Google has also offered a bid from YouTube for the rights beginning in 2023, two people familiar with the offer said.

reported by the SportsBusiness Journal.

Fans will still be able to access all the games on Sunday, regardless of who wins the rights, but they will probably pay a premium to add the service to their Apple, Amazon, ESPN+ or YouTube service, some of the dozen people said. It is not yet clear if that premium would be more or less than the $294 that DirecTV charges for a year, they added.

Apple and Amazon are trying to position themselves for a future without cable. Since 2015, traditional pay television has lost a quarter of its subscribers — about 25 million homes — as people traded cable packages for apps like Netflix and Hulu, according to MoffettNathanson, an investment firm that tracks the industry.

But the price of live sports rights is only projected to increase. The biggest media companies, including Disney, Comcast, Paramount and Fox, are expected to spend a combined $24.2 billion for rights in 2024, according to data from MoffettNathanson, nearly double what they spent a decade earlier.

The fragmenting of a decades-old distribution model has created an opportunity for Apple and Amazon. The companies want to expand deeper into media by selling subscriptions to Apple TV+ and Amazon Prime. Besides containing their own exclusive shows and sports, those services double as portals selling additional streaming offerings like Starz and HBO Max, which pay Apple and Amazon 15 percent or more of each subscription sold.

Amazon generates more than $3 billion annually from third-party subscription sales, according to estimates by the investment bank BMO Capital Markets. To make the business model work, Apple and Amazon must attract more viewers, and sports are the most powerful draw in media. The companies may be willing to lose money on Sunday Ticket to expose new customers to other parts of their business, the same calculation that DirecTV historically made.

SportsBusiness Journal.

For all their disruptive potential, though, Apple and Amazon have yet to win a marquee rights package in the United States. That is reminiscent of 20 years ago, when sports leagues feared they would lose viewers by shifting games from network television to cable. But the change gradually became standard.

Traditional television companies are trying to stave off Apple and Amazon by starting their own streaming-subscription services. Last year Comcast, which owns NBCUniversal, shuttered NBC Sports Network to bolster its USA channel and to encourage people to pay for Peacock, where it exclusively aired some English Premier League soccer games. Similarly, ESPN struck a deal with the National Hockey League to televise some games on its ESPN+ service, and CBS has shown marquee soccer games on Paramount+.

But those services have a fraction of the more than 100 million cable subscribers the media companies once reached. As a result, the bulk of sports programming goes on traditional pay-TV channels where they can guarantee leagues and advertisers larger audiences.

The National Basketball Association will be the first major test of the new competitive landscape. Its agreements with ESPN and Turner run through the 2024-25 season. Most sports and media executives predict that the league will stick with traditional broadcasters for most of its games, while carving out some small portion of rights for a tech company.

“It hedges them for the future and exposes the product to new audiences,” said George Pyne, founder of the sports private equity firm, Bruin Capital, and the former chief operating officer of NASCAR. “They can still have a long-term relationship with network partners but dip their toe in with new media.”

Until then, the best opportunities for Apple and Amazon may be overseas — where Amazon has been active for years — because European soccer leagues resell their rights every two to three years. Amazon recently scooped up rights to Europe’s top tournament, the UEFA Champions League, in Britain, Germany and Italy. It also has rights to France’s Ligue 1, which it offers to Prime Video subscribers for annual fee of about $90, and the English Premier League.

Media companies will be pressured to expand geographically to compete, said Daniel Cohen, who leads global media rights consulting for Octagon, a sports agency. Television broadcasters could also team up to pool their financial firepower, or buy each other outright, to compete with tech giants willing to pay billions for rights like N.F.L. Sunday Ticket.

“It comes down to a Silicon Valley ego thing,” Mr. Cohen said of the high-dollar N.F.L. deal. “I don’t see a road to profitability. I see a road to victory.”

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Cambridge Savings Bank Assists The Michaels Organization’s Expansion in the Greater Boston Area with $61.7 Million Construction Loan

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it has provided a $61.7 million construction loan to The Michaels Organization (Michaels), a national leader in residential real estate with more than 175,000 residents across 37 states, the District of Columbia and the U.S. Virgin Islands.

Michaels has broken ground on the construction of a 219-unit, modern apartment building in the Dorchester neighborhood located at 780 Morrissey Boulevard. The proposed project, which will feature both market-rate and affordable units, consists of a mix of studios, one-bedrooms, and two-bedrooms — with an average unit size of 622 square feet. The multifamily community will have harbor views with a rooftop deck, 24-hour fitness center, dog park, and a common area for work-from-home and entertainment purposes.

“Strategic growth into a new territory would not be successful without a reputable local partner, which is precisely why we partnered with Cambridge Savings Bank,” said Jay Russo, Vice President of Development of The Michaels Organization, and the lead developer for the project. “We are looking forward to growing alongside them on our first ground-up project in Boston with the construction of an affordable housing community featuring amenity-rich units in Dorchester.”

CSB was made aware of the subject project and contacted The Michaels Organization to inquire about financing opportunities. After initial introductions and in-depth discussions, it was apparent how committed each organization was to community-oriented investments and long-term relationships, and shared corporate values.

A comprehensive due diligence process culminated in the CSB approval to finance the construction of the 780 Morrissey project with the loan closing in the fourth quarter of 2021. Demolition and site preparation commenced in October 2021 with project construction anticipated to take approximately 22 months, reaching completion in July 2023.

Headquartered in Camden, New Jersey, Michaels is the largest private sector owned affordable housing in the United States. While this is their first new construction development in Massachusetts, Michaels has a significant rehabilitation project underway in Springfield, in collaboration with MassHousing.

Michael’s regional presence in Massachusetts includes Development professionals as well as a property management team, and Boston is a primary market for the organization for both affordable and market-rate developments. As they build in the Boston community, Michaels will look toward CSB to deepen their partnership as they navigate a multitude of potential deals in the pipeline in the Massachusetts real estate market.

“We’re proud to help establish The Michaels Organization in the Greater Boston area and are eager to support a community that will be transformed by the 780 Morrissey project,” said David Ault, SVP – Senior CRE Loan Officer at CSB. “CSB’s relationship-centric approach to the partnership with Michaels means we’re not only looking forward to executing alongside them on this project, but on potential new opportunities for years to come.”

For more information on CSB’s commercial real estate lending team, please visit or contact Aidan Hume at

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, Somerville, and Watertown. To learn more about how we can meet your needs, visit us at, or better yet, stop by one of our branches. Member FDIC. Equal Housing Lender. NMLS ID# 543370

About The Michaels Organization

The Michaels Organization is a national leader in residential real estate, offering full-service capabilities in development, property management, construction, and investment management. Serving more than 175,000 residents in more than 440 communities across 37 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement, and neighborhood prosperity and to creating Communities That Lift Lives. For more information, please visit:

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Real Estate Powerhouse Fredrik Eklund Introduces REAL, New App to Change the Global Real Estate Industry by Elevating Agents’ Profiles and Connecting Followers With Their Ideal Agents

LAS VEGAS–(BUSINESS WIRE)–Fredrik Eklund, founder of Douglas Elliman’s top-producing team, the Eklund | Gomes Team, and alum of Bravo TV’s “Million Dollar Listing” franchise, announced he is the co-founder of a new groundbreaking social app for real estate called REAL. Eklund joined forces with Thomas Ma, an entrepreneur and licensed real estate agent from Hong Kong with notable success in proptech and start-ups, because they saw how large proptech platforms were diminishing agents’ roles and control.

The high-speed app offers an Instagram-style platform combined with a WhatsApp-style chat feature, enabling agents to promote themselves for free rather than having to advertise to attract followers interested in connecting with them.

“The pandemic changed how we communicate; everything is digital and much faster,” explained Fredrik Eklund, co-founder and chief visionary of REAL. “National – and even global – real estate is becoming one big market as people are moving around more and searching globally. Agents are getting licensed in many different states and there’s a complete crossover happening, especially in the luxury market. Current real estate apps, like Zillow, do not provide quick answers and MLSs are slow. I run a large team and see all facets of the market, in all price points, and how quickly it moves. People want to use their mobile phones for this, they want it to be fun, and they want it to be FAST. At the same time, they see what people around them like and look at. Consumers are smarter today. They don’t want to see what listings Zillow pushes because agents have paid for those hidden ads. They want to see what’s truly popular socially.”

Advantages of REAL:

The potential of a large business and financial impact for an app of this nature is why Eklund joined forces with Ma, known for leveraging his learnings by bringing insights from Hong Kong to the U.S. market. Ma understood the challenges, the significant time and the investments agents put toward developing leads and securing listings. He also understood how the shift toward proptech platforms meant agents were being asked to advertise their own services with little to no return on investment.

Ma explained: “REAL launched on the app store 11 months ago, has 147,500 downloads to date and that number is growing. Traditionally, agents are referred by someone, your friend or relative, your acquaintance, or even a friend of a friend. The agents you’re introduced to don’t really know who you are, your unique tastes, your lifestyle, or your needs to facilitate your home search. We wanted to give talented agents an opportunity to share their stories, their knowledge, and their experience, and give them control of what listings and recommendations they bring to their audience. Users – agents, home buyers and sellers – can then choose to follow or connect with those agents based on compatibility and personality to fit their specific needs. Fredrik’s extensive real estate experience and his journey to becoming a leader in the industry gives him unique insight into the challenges related to building a network as an agent. He knows the importance of acquiring a following to foster and retain connections. We could not have asked for a better co-founder and chief visionary for our company.”

Fredrik Eklund’s Eklund | Gomes team currently has 91 agents across 13 markets and five states and the majority of those are already using and enjoying the REAL app. REAL currently has a team of 14 programmers.

About REAL

REAL is the first and only social app combined with messaging for real estate that puts agents back in control of their business. For the first time, agents can generate free leads without expensive online ads, labor-intensive emails, or extraneous and ineffective cold calls. REAL helps agents build professional relationships online with interested prospects, keeping them connected and enabling the agents and their prospects to engage with one another at any time. They can do this all through REAL’s social platform designed exclusively for real estate. REAL agents curate their feature images, content and chat topics to reflect their expertise and knowledge. When future buyers and sellers browse REAL’s online magazine, they view content curated by agents and follow those whose interests align with their own. REAL was co-founded by Hong Kong real estate entrepreneur Thomas Ma and Fredrik Eklund, co-founder of Douglas Elliman’s Eklund | Gomes Team and former star of Bravo’s “Million Dollar Listing NY & LA.”

About Fredrik Eklund

With record-breaking sales and socks as colorful as his personality, Fredrik Eklund has become an icon in real estate and on Bravo’s “Million Dollar Listing” series, appearing as the only cast member to star in both the New York and Los Angeles versions. Co-founder of The Eklund | Gomes Team, co-founded by John Gomes, the dynamic duo have secured over $15 billion in closed sales over the last decade and have become a staple of New York, California, Texas and Florida real estate. Consistently ranked on industry hot lists, including The Hollywood Reporter Power Brokers and Variety’s Real Estate Elite, Eklund | Gomes continues to sit on the top, bringing in $4.5 billion in sales in 2021 alone. In 2022, they notched the priciest sale of the year for New York at 432 Park Ave., for $70.5 million, and are taking their momentum to Nevada where they are expanding this summer.

About Thomas Ma

Thomas Ma, who hails from one of Hong Kong’s leading real estate developer families, became successful in his own right when he ventured into tech. Ma became an active business leader in proptech and subsequently brought his passion and in-depth understanding of real estate from international waters to the U.S. market. He saw the industry shift toward large proptech platforms, presenting steep financial hurdles for agents and decided to develop a new way for agents to showcase their listings. This led to him co-founding REAL, giving agents back control of their listings to generate leads and maximize their online presence. Prior to launching REAL, Ma created HOJOJO. The rental marketplace and leasing management system helped corporate landlords maintain every aspect of their rental properties — from receiving offers to collecting rent payments. Now, as the CEO of REAL, Ma is leveraging his past learnings to introduce an emerging technology to the U.S. real estate industry.

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