Must Read Money Stories for Monday, June 13

by June 13, 2016

Must Read Money Stories

Gawker Goes Bankrupt.

The parent company of news and gossip site Gawker filed for Chapter 11 bankruptcy protection on Friday and subsequently put itself on the market for a buyer, according to the Washington Post. Gawker’s massive $140.1 million privacy-invasion judgment awarded to Hulk Hogan in March triggered the filing. The judge in that case on Friday denied the company’s request for a stay while it’s undergoing appeal. Gawker says its website and operations will continue as usual during its legal battles, and so far has received a $90 million-bid from all-digital media company Ziff Davis.

Cable Takes On Feds.

The nation’s largest cable-industry heavyweights and its top regulators at the Federal Communications Commission have had a strained relationship since the net neutrality rules were drawn up in 2009. Today, the industry is building an even larger army of lobbyists to help it wage another battle against the FCC. Some proposals exist on the table that could bite into its profit-making machines from set-top-box rental fees and targeted advertising from broadband-user data, among others, according to the New York Times. Cable companies say the FCC proposals benefit large tech companies like Google at their expense. And, as the National Cable & Telecommunications Association’s president recently characterized, these are not modest policy corrections but rather, “thundering, tectonic shifts.”

Soda Tax In Philly.

This week, Philadelphia –“the city of cheesecakes and soft pretzels,” as the Associated Press writes–could become second to only Berkeley, Calif. to pass a tax on soda, according to the AP. It’s a move the city has tried, and failed, several times prior. But this time city leaders hope the plan for the new $91 million-revenue stream–boosted funding for early childhood education, creating new schools and rebuilding community centers that are barely standing–will pass muster with city council members. The members are set to vote on the 1.5 percent soda tax on Thursday as other cities nationwide considering similar measures will be watching.

Sanders, Clinton To Meet.

After months of rattling the party establishment and pledges to disrupt the Democratic National Convention this summer, Bernie Sanders gave the strong signals of his plans to back out of the race and hand it to rival Hillary Clinton, who earned enough delegates to clinch the presumptive nomination last week. In an interview with ABC News on Sunday, Sanders said he was having a face-to-face meeting with Clinton Tuesday evening following Washington D.C.’s primary, the final contest of the presidential primary season, according to Bloomberg News. Sanders said he and Clinton, whose campaign confirmed the meeting, will discuss “what kind of administration she will have” if she wins in November and how best to beat Republican Donald Trump.