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BELLEVUE, Wash.--(BUSINESS WIRE)--Dec 9, 2024-- Smartsheet (NYSE:SMAR) (“Smartsheet” or the “Company”), the AI enhanced enterprise grade work management platform, today announced that Smartsheet shareholders overwhelmingly approved the Merger Proposal for the Company’s proposed acquisition by funds managed by Blackstone and Vista Equity Partners. This approval satisfies the shareholder vote condition for the consummation of the acquisition, originally announced in September 2024. In addition, shareholders also voted in favor of the executive compensation plan related to the acquisition, further validating their support for the Company's leadership and strategic direction. Smartsheet will disclose the final vote results on a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission. Following the approval of the Merger Proposal, the acquisition remains subject to other customary closing conditions, including certain regulatory approvals that are proceeding in the normal course. Assuming the satisfaction of necessary closing conditions, the acquisition is expected to close in the fourth quarter of Smartsheet’s fiscal year ending January 31, 2025, or shortly thereafter. About Smartsheet Smartsheet is the modern enterprise work management platform trusted by millions of people at companies across the globe, including over 85% of the 2024 Fortune 500 companies. The category pioneer and market leader, Smartsheet delivers powerful solutions fueling performance and driving the next wave of innovation. Visit www.smartsheet.com to learn more. Forward-Looking Statements This communication may contain forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among other things, statements regarding the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction; the prospective performance and outlook of Smartsheet’s business, performance and opportunities; as well as any assumptions underlying any of the foregoing. When used in this communication, or any other documents, words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “forecast,” “goal,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” and similar expressions should be considered forward-looking statements made in good faith by Smartsheet, as applicable, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are subject to risks, uncertainties, and assumptions that could cause Smartsheet’s actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the possibility that competing offers or acquisition proposals for Smartsheet will be made; (iii) the possibility that any of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances that would require Smartsheet to pay a termination fee or other expenses; (v) the effect of the pendency of the proposed transaction on Smartsheet’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, its business generally or its stock price; (vi) risks related to diverting management’s attention from Smartsheet’s ongoing business operations or the loss of one or more members of the management team; (vii) the risk that shareholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; (viii) Smartsheet’s ability to achieve future growth and sustain its growth rate; (ix) Smartsheet’s ability to attract and retain talent; (x) Smartsheet’s ability to attract and retain customers (including government customers) and increase sales to its customers; (xi) Smartsheet’s ability to develop and release new products and services and to scale its platform; (xii) Smartsheet’s ability to increase adoption of its platform through its self-service model; (xiii) Smartsheet’s ability to maintain and grow its relationships with channel and strategic partners; (xiv) the highly competitive and rapidly evolving market in which it participates; (xv) Smartsheet’s ability to identify targets for, execute on, or realize the benefits of, potential acquisitions; and (xvi) its international expansion strategies. Further information on risks that could affect Smartsheet’s results is included in its filings with the SEC, including its most recent Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for the fiscal year ended January 31, 2024, and any current reports on Form 8-K that it may file from time to time. Should any of these risks or uncertainties materialize, actual results could differ materially from expectations. Except as required by applicable law, Smartsheet assumes no obligation to, and does not currently intend to, update or supplement any such forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date of this communication. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209789684/en/ CONTACT: Investor Relations Contact Aaron Turner investorrelations@smartsheet.com Media Contact FGS Global Smartsheet@FGSGlobal.com KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT APPS/APPLICATIONS TECHNOLOGY OTHER TECHNOLOGY SOFTWARE FINANCE SOURCE: Smartsheet Copyright Business Wire 2024. PUB: 12/09/2024 04:27 PM/DISC: 12/09/2024 04:27 PM http://www.businesswire.com/news/home/20241209789684/enIreland's election is over, but the country faces weeks of talks before there's a governmentNone
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Miami enters the week still stunned after losing its fourth straight game. Next up, the Hurricanes will play host to Arkansas on Tuesday night in Coral Gables, Fla., as part of the ACC/SEC Challenge. Miami (3-4) lost on Saturday afternoon to Charleston Southern, a team that entered with a 1-7 record. Arkansas (5-2) is coming off a Thanksgiving loss to Illinois on a neutral floor in Kansas City, Mo. "We've got a lot to learn," said John Calipari, in his first season coaching Arkansas. "We really haven't scrimmaged because we haven't had 10 guys (due to injuries). "But this team is going to be fine." The same thing cannot confidently be said about the Hurricanes. Their first three defeats of the current skid were tough for Miami to take, losing to Drake, Oklahoma State and VCU on a neutral court as part of the Charleston Classic. But the loss to Charleston Southern -- which was a 25-point underdog -- has to be considered among the worst in Miami history. Hurricanes coach Jim Larranaga was without point guard Nijel Pack, who missed the contest due to a lower-body injury. Pack leads Miami in scoring (15.2) and assists (4.7). There are no reports on how long he will be out. With Pack unavailable, five-star freshman Jalil Bethea made his first college start. However, the 6-foot-5 shooting guard has not yet played up to his ranking. Bethea is averaging 6.3 points, 1.1 rebounds and 0.7 assists. He is also shooting 30.0 percent on 3-pointers. Miami ranks 284th in the nation in rebounds and 259th in blocked shots. "We haven't been able to put together a solid defensive effort," Larranaga said following the loss to Charleston Southern. "Some of it has to do with fundamentals. Some of it has to do with athletic ability. Some of it has to do with size." Tuesday's game will match two veteran coaches: Larranaga, 75, and Calipari, 65. Calipari brought in seven transfers and five freshmen for his first season in Fayetteville. Two of those transfers -- 6-foot-8 wing Adou Thiero and 7-foot-2 center Zvonimir Ivisic -- were signed after leaving Kentucky, Calipari's previous stop. Thiero leads Arkansas in scoring (19.1), rebounds (5.9) and steals (2.9). Ivisic leads Arkansas in blocks (2.7) while ranking third in points (12.1). Freshman Boogie Fland, a McDonald's All-American, has made a quick transition to college ball. The 6-foot-2 point guard is second on the team in scoring (15.9) and steals (1.9) and first in assists (4.9). Among Arkansas' bench pieces are 6-foot-11 Tennessee transfer Jonas Aidoo and 6-foot-10 Arkansas holdover Trevon Brazile. Their combined 92 college starts illustrate Arkansas' depth. "The ceiling is there," Calipari said. "But we need to be the aggressors." --Field Level Media
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WATCH the moment Israeli strikes on Syrian airbases continue to light up the country's night sky following the fall of Assad's brutal regime. An airbase belonging to the dictator, thought to have stored Iranian missiles, was pounded on Monday night. The spectacular collapse of terrorist Assad's regime on Sunday has sparked concerns over a power vacuum forming in the wartorn nation. Several international players have carried out strikes across Syria , mostly targeting arms plants and bases, out of concern for whose hands abandoned weapons could end up in. Footage on Monday night showed a spectacular string of hits on the Qamishli airbase in the northeast of the country, per Sky News . The ammunition dump was hit by Israel, sources told Reuters. Read more on syria The blitz raged for at least 30 minutes as the sound of shells and arms blowing up rang across the area. This military base was reportedly also thought to have stored missiles for Assad's ally Iran, per Sky News. Israel has conducted several airstrikes throughout Syria today, destroying dozens of abandoned helicopters and planes. Huge fires were also spotted at another ammunition dump neighbouring the Qamishli airbase. Most read in The Sun It was initially unclear who could have been behind these explosions, due to the fraught politics of this region. The Qamishli airbase was situated in a Kurdish controlled part of Syria, neighbouring the border with Turkey. Turkey has fought Kurdish separatists for decades and views these groups fighting on it's border as a threat. Despite this, Israel has claimed responsibility for some of the explosions reported across the country today. Israel has reportedly also been behind strikes at Aqrba airport, southwest of Damascus, and Shinshar base, on the outskirts of Homs. The country has conducted more than 100 airstrikes in Syria on Monday including a hit on Latakia Port, where Syrian navy vessels were docked. WARNING SHOTS The dramatic end of Assad's 24-year brutal reign on Sunday marked the start of foreign airstrikes across Syria. America quickly deployed more than 75 "precision airstikes" in the country, The Sun previously reported. President Joe Biden warned that ISIS would exploit the regime change in Syria and attempt to reestablish itself. He said: "We will not let that happen." Biden praised the downfall of Assad but also warned it was a "moment of risk and uncertainty" for the Middle East. ISIS had created a caliphate across large parts of Syria after the civil war broke out 13 years ago, and at one point controlled a third of the country. It has since lost most of it's influence in the area but US officials have said they would work to route out any potential comeback. FLEEING TYRANT Assad reportedly fled to Russia with his family where they have been granted asylum, Russian state media reported on Sunday. Read More on The US Sun Remarkable footage has allegedly shown the inside of the Assad family's secret underground tunnel network . It was reportedly filmed after rebels stormed mansions owned by the family. THE end of Assad’s reign came abruptly this month as rebel forces launched a lightning offensive, exploiting weakened Syrian defences. THE end of Assad’s reign came abruptly this month as rebel forces launched a lightning offensive, exploiting weakened Syrian defences. Rebels captured Damascus in a lightning campaign, declaring the capital “free” and marking the end of years of brutal authoritarian rule. With Russia mired in Ukraine and Iran preoccupied with regional conflicts, Assad’s regime was left vulnerable. Rebels stormed Aleppo, marking a symbolic victory, and Assad fled Damascus. Assad left aboard a military plane amid rumours of its crash before resurfacing in Moscow, where Vladimir Putin granted him asylum. It comes as an apparent Russian conspiracy to distribute false news about an al-Assad 'aircraft accident' has been exposed. The Ukrainian Centre for Strategic Communication and Information Security claimed on X that Russia "hid their trail" in assisting al-Assad's escape by circulating fake claims that he died in a crash. Meanwhile, opposition forces took control of key cities, toppled Assad’s statues, and announced plans for a transitional government. The fall of Assad deals a blow to allies Russia and Iran, with both withdrawing assets from Syria. Challenges remain as Syrians celebrate, but hopes rise for a democratic future after years of war. His fall not only signals the collapse of a dynastic dictatorship but also underscores the cost of clinging to power through terror. Bashar al-Assad has left behind a shattered nation. He decimated Syria’s infrastructure, fractured its society, and plunged millions into despair. Syria became synonymous with human suffering, and Assad’s name will forever be tied to some of the worst war crimes of the modern era. The man once seen as a modernising reformer will be remembered instead as a symbol of unchecked brutality, his legacy written in the blood of his own people.
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SYDNEY, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a leading Australian green energy technology company, held its Annual General Meeting (“AGM”) on November 27, updating shareholders on progress towards deploying its next generation concentrated solar power (“CSP”) solution to deliver clean, continuous dispatchable power and heat. The AGM saw Vast’s Chairman, Peter Botten, and CEO, Craig Wood, provide updates on the company’s achievements throughout 2024 and the outlook for the year ahead. All resolutions were successfully passed at the AGM, with Craig Wood, Colin Richardson and William Restrepo all re-elected as Directors. The AGM follows Vast’s recent announcement that it has signed an updated funding agreement to access up to $30 million of its existing $65 million grant from the Australian Renewable Energy Agency (“ARENA”). The funding and Vast’s progress throughout 2024 pave the way for another successful year ahead. Vast’s technology is set to be deployed at utility-scale in Port Augusta, South Australia at the Vast Solar 1 (“VS1”) project to deliver green, reliable and affordable energy for South Australia’s grid. The technology will also power a world-first co-located renewable methanol production facility, Solar Methanol 1 (“SM1”). A real world, in-demand application for hydrogen, renewable methanol has the potential to decarbonise shipping and is already being used to power major container vessels. Leveraging Australia’s natural resources, the projects are set to be a catalyst for a domestic Australian CSP industry, creating highly skilled green manufacturing and operational jobs, and helping Australia become an export powerhouse by supplying Australian green technology to clean energy projects around the world. Vast is attracting significant interest from major investors, industry and international governments. Along with funding from ARENA, Vast is backed by EDF and Nabors Industries, and Vast’s renewable methanol project is supported by Mabanaft and the German Government. The following addresses were made by Vast’s Chairman Peter Botten and CEO Craig Wood during Vast’s Annual General Meeting on November 27, 2024. Chairman’s Address from Peter Botten 2024 has been a pivotal year in the growth of Vast since the business combination with Nabors Energy Transition Corp was completed in December last year. Significant progress has been made this year towards Vast’s vision of delivering continuous, carbon free energy to the world, leveraging our next generation CSP technology As announced earlier this week, Vast has secured up to $30m of funding from ARENA. This is an important signal of confidence from ARENA in the potential of Vast’s technology to power Australia’s energy transition, and we’re grateful for their ongoing support. Vast continues to progress towards final investment decision on our utility-scale CSP reference project in Port Augusta, South Australia (VS1). The project paves the way for Vast’s pipeline of utility-scale projects in Australia and internationally. Alongside generating green electricity for the grid, we believe Vast’s technology will have a key role to play in reducing the cost of sustainable fuels production. Vast is also progressing a co-located renewable methanol production facility (SM1) at the Port Augusta site, partnering with German fuels giant Mabanaft on that project. During the year, Vast also expanded its presence in the US market, signing a project development partnership with Houston-based renewables developer GGS Energy. As Vast looks to 2025, the key focus will be on: Achieving financial close and commencing construction on the utility-scale electricity and renewable methanol projects in Port Augusta, South Australia Developing our Australian green technology manufacturing business to enable Vast to deliver its supply scope into VS1 Further developing our pipeline of electricity, fuels and off-grid projects globally We continue to see growing demand for the continuous, affordable electricity and heat our CSP technology can deliver. We believe it will be a critical solution to decarbonise the grid and phase out coal in sunny countries. We also see continued demand for our technology to power sustainable fuels production as well as off-grid use cases, including mining, industrial processes and data centres. CEO’s Address from Craig Wood As Peter mentioned, our utility-scale CSP reference project in Port Augusta, VS1, is progressing well. The plant will have 30MW capacity and 8 hours of thermal storage, providing dispatchable overnight power critical to stabilising South Australia’s grid. We recently finalised the FEED stage and we’re working diligently with our partners towards achieving Final Investment Decision in Q1 2025 with construction to commence shortly thereafter. The project has received support from the Australian Government, including from ARENA and the Department for Climate Change, Energy, Environment and Water. The co-located renewable methanol plant, SM1, is also progressing well through the pre-FEED stage. The project will produce 7,500 tonnes of renewable methanol per annum, which will help decarbonise the local maritime industry. As a world-first project, we’re thrilled to be partnering with German company Mabanaft on this effort. Financial close is currently targeted for 2025. Vast continues to strengthen our market-leading proprietary CSP technology, and to build out our manufacturing capability ahead of delivering Vast equipment into the VS1 project. Our solution leverages the abundant sunshine in sunbelt countries like Australia to power homes, industry and transport with green, reliable and affordable energy. We continue to improve the cost and performance of our modular, scalable technology, and to de-risk its manufacture and operation. Vast equipment is currently being produced at our facility in Queensland, Australia, and we’ll be scaling up our manufacturing capability to deliver to the Port Augusta projects starting in 2025. Throughout 2024, we’ve also invested in our business systems and capabilities to set ourselves up for success. Vast has had a strong emphasis on safety during 2024, and we are focused on improving our safety performance as we head towards construction on site next year. We are investing in a new ERP to replace legacy systems as our requirements continue to evolve. We are also developing the quality and project control systems necessary to deliver the Port Augusta projects. All of this activity means Vast’s team has continued to grow throughout the year, both in Australia and the US. This growth will continue early into 2025, and then accelerate as we move into construction of the VS1 and SM1 projects. As Peter mentioned, we were delighted to announce earlier this week that Vast continues to enjoy strong support from ARENA as evidenced by up to $30m of funding being made available to the business, subject to certain milestones being achieved. This funding is important as it creates a runway to support Vast in completing the necessary activities to achieve financial close on VS1 and SM1, and to continue the build out of our Australian green technology manufacturing business. As part of that release, we also updated the estimated capital cost for VS1 to AUD360-390million. We look forward to another successful year in 2025 as we move into construction on VS1 and SM1, deliver Vast technology through our manufacturing business, and expand our project development pipeline in Australia, the US and other global markets. We thank you, our shareholders, all of our partners and our employees for their ongoing support. About Vast Vast is a renewable energy company that has CSP systems to generate, store, and dispatch carbon-free, utility-scale electricity, industrial heat, or a combination to enable the production of sustainable fuels. Vast’s CSP v3.0 approach utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. On December 19, 2023, Vast listed on the Nasdaq under the ticker symbol “VSTE”, while remaining headquartered in Australia. Visit www.vast.energy for more information. Contacts For Investors: Caldwell Bailey ICR, Inc. VastIR@icrinc.com For US media: Matt Dallas ICR, Inc. VastPR@icrinc.com For Australian media: Nick Albrow Wilkinson Butler nick@wilkinsonbutler.com Forward Looking Statements The information included herein and in any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the Port Augusta project, Vast's future financial performance, Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "project," "should," "will," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast's ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast's ability to execute its business plan, including the completion of the Port Augusta project , at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast's recent business combination; the inability to recognize the anticipated benefits of Vast's recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast's products and services. Additional risks are set forth in the section titled "Risk Factors" in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, as amended on November 7, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast's expectations can be found in Vast's periodic filings with the SEC. Vast's SEC filings are available publicly on the SEC's website at www.sec.govIn this podcast, Motley Fool analyst Asit Sharma and host Dylan Lewis discuss: NBC's negotiations to extend its broadcast rights to the Macy's Thanksgiving Day Parade. Why holiday live events are turning into an arms race. The expectations for Black Friday through Cyber Monday, and two predictions on the direction of consumer spending and who will be driving it in future years. Warren Buffett's plans for passing his wealth on to his family and his philanthropic efforts. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . To get started investing, check out our beginner's guide to investing in stocks . A full transcript follows the video. This video was recorded on Nov. 27, 2024. Dylan Lewis: We're digging into the business of buying, selling, and giving. Motley Fool Money starts now. I'm Dylan Lewis and I'm joined over the airwaves by Motley Fool analyst, Asit Sharma. Asit, thanks for joining me the day before Thanksgiving. Asit Sharma: Dylan, I appreciate the opportunity to be here with you and other members right before you all slide into the holiday. Dylan Lewis: It's all about getting together this week. I'm glad we get together, at least virtually one more time before we go hang out with our families. We have a preview of some topics that our listeners can bring to the Thanksgiving table and one way that the world's richest man is going to be paying it forward, very in the spirit of the season. I want to start, though with the Macy's Thanksgiving Day parade. It will be on at tens of millions of households around the country tomorrow morning. Asit, will it be on the TV at your house? Asit Sharma: It probably will, Dylan. It's not something that we consciously tune into every year, but somehow we end up with it either, left of center or in the background. I mean, who doesn't? Dylan Lewis: It's part of the oxygen of Thanksgiving, I think. It's just there for people. A lot of people at Macy's and a lot of people at NBC very happy about that because it means a lot of money for both of them. We saw a headline today that we want to kick around from the Wall Street Journal talking about how execs at both of those companies looking to iron out a deal that will continue the 70 year partnership that's been at play for the next decade. The sticker price that is being reported is that it will cost $60 Million per year to broadcast this event. That is a lot of stuffing, Asit. Asit Sharma: Totally. I think this is indicative of how important live broadcasting is. As we look around the landscape, we've seen money going into live sports content. It's just such a premium over content that's already made as we watch more and more of streaming services. The Wall Street Journal, which had this article as an exclusive, I think, made this point very well, and something else here, too, Dylan, I think this is such a crucial time of the year for companies that want our eyeballs. We're all at home. We're in relaxation mode. Having those rights, being able to be in front of so many millions of eyeballs in critical week in terms of mind share, I think, is so important for NBC. They are willing to pony up what's essentially a tripling of the annual price 20 million to 60 million. Dylan Lewis: If you're wondering out there, how can they possibly justify tripling the annual price of this deal over time? Well, it turns out NBC sold about 55 million in ads last year against the broadcast. It's not hard to imagine how the folks over at Macy's might work to that $60 million number. What I think is interesting here, is if you put those two together, you say, we're probably operating out about break even, maybe a slight loss with that $60 million sticker figure. This winds up being a subscriber draw for Paramount Plus and some of the streaming products and properties that they have. But if you think about a 10 year deal and the trajectory of ad rates, they are probably going to be making money on the backside of this deal, even if they're taking a slight loss at the beginning of it. Asit Sharma: I like that, Dylan. You and I were chatting before you started taping. I think you were saying you saw it at maybe the middle of the term to the end being pretty lucrative. Who knows? It could be sooner just because of that pressure now to grab attention from people who are available and watching something live. Maybe even in year four, it starts to become lucrative. I think also they've got decades of experience locking in these longer term contracts to look back and say, we can afford to absorb this price increase because, well, 1970-1980 when we thought that we were just going to break even and look how much money we made off of that. This is something that's not only brand share for NBC, but it's so many things. It's also prestige. It's something that you don't want to take lightly to give up to a competitor to walk in and take that deal. There are many reasons why NBC is ponying up, but I think they're doing the right thing. I would do the same in their shoes. Dylan Lewis: I imagine that they have probably had a couple other suitors over at Macy's because we have seen a lot of the streamers hop into the live event space, especially around the holidays. As you noted, Amazon dropped 100 million for the first NFL Black Friday game last year, sold out all of its ad inventory. Netflix paid 150 million annually for broadcast rights to two NFL games on Christmas Day over the next three years. The numbers are getting very large here, Asit. Is there a point where we have to start being concerned about how big these deals are? Asit Sharma: I think for shareholders, you just see this being replayed under different guise, and it becomes a clash between the executives who are feeling the anxiety of getting the rights and the accountants who come in later and say, guys, no more. This is it. This madness has to stop. We have seen this in content production. There was a time when Netflix, Disney , all major competitors, and Amazon was playing this game a little bit, too, just had unlimited budgets for productions. They wanted to grab subscriptions that way. It became unsustainable after a while. Netflix, the biggest spender of them all, even has pulled back and has a much more rational approach to production these days. I think we're going to see this come back down to earth, come back down to reality. The accountants always win in the end because they are trying to protect the interests of shareholders and shareholders, at the end of the day, they want the market share, but they want profits at some point. You got to make some money in this game. Dylan Lewis: Those that are buying ads on these special streams, whether they be the Macy's Day Parade or those Christmas broadcasts, I mentioned looking to drive customers to sites and to stores over the holiday season, and a nice opportunity for us to check in on some of the expectations for Black Friday, Cyber Monday, some of the biggest retail days of the year, Bain and Company estimating that this year spending will hit 75 billion between Friday and Monday of this week. Asit, are you going out to the stores? Asit Sharma: I probably am not, but the only reason is that I've just come back from a trip abroad. I am all spin out and discipline requires that I be rational about this. But I will tell you, Dylan, we budgeted our holiday. We came back, and here's Black Friday right in front of me. You start seeing offers in your inbox, you open your phone. People are showing you enticing stuff that's 30% and 40% off that you've been looking at during the year. I wonder how much Willpower I'll have to resist this week. We'll see. Wait, we can chat about this after the holiday. Dylan Lewis: I will say, I'm getting married in the spring. There are some very specific things for our wedding invites and things like that that we've been waiting for the deals to buy over the weekend. We've been trying to resist the urge to spend on things that we don't need, but there are some targeted things on our list. What strikes me as I look at the estimates, 5% up from 2023 on that holiday period, I think the period is going to be about 8% of holiday sales overall. It doesn't seem like all of these headlines we've seen about the stretched consumer a tighter home budget. Is flowing in or affecting holiday spend at all? Asit Sharma: It's strange to see it, but we begin to look at retailer strategy as such a year long exercise in the years leading up to, for example, Cyber Monday becoming a thing. This was maybe let's take advantage of the moment type of situation for major retailers. Now the planning for next year's Cyber week begins sometimes a year and a half in advance. We're looking at next year, and then we are also looking at inventory for the year after on the retailer side. The strategizing for major names where we shop, the Amazon s, Walmart s Target s and then the Best Buy s, then going down to specialty companies we all shop at, that planning is pretty formalized at this point. What happens is we get discounts we just can't refuse. It's a game. The retailers wait for us to spend. Regardless of what's happening in our personal budgets, we also have items that we're waiting to buy this week. It's so weird, Dylan, I have the same sensation. You think, like, could this really go on? Could this season be bigger than last season? But somehow it seems to because on both sides of the transaction, the parties are waiting through the year for a little bit of spend that they're both expecting. Year after year it grows. I did want to point out, you and I both look at the Adobe report. Adobe puts out their projection each year, and they are looking at an 8% increase for the season which they define as starting at Thanksgiving and going all the way to the end of the year. That is just nuts when you think about as you point out, how stretched we all are, how much inflation has been a factor. But we have this ability to just place our spends during the I'm going to make a prediction. Next year, it's going to slow down. It's got to. Dylan Lewis: That is dangerous because you are recording, Asit, so I will hold you to account on that prediction. I guess I'll have to have you on the Wednesday Show again next year. Looking at that Adobe report, I think one of the things that jumped out to me, they have an intense focus on digital channels with what they look at. No surprise paid search is the main driver of sales on the e-commerce side. It makes up about a quarter of all sales but the channel that is fastest growing in digital is a little bit surprising to me. It is affiliates and partners, which makes up 17% of digital sales. Do you know what fits into that category Asit? Asit Sharma: Tell me. Dylan Lewis: Influencers. I feel like we are slowly seeing the creep of the parasocial relationship, the attachment that people have to influencers and this sales channel that is new and is being explored. I feel like if you're looking for indications on retailers that are maybe a little bit ahead of the game or are skating to where the puck is, this is something that's very visible for consumers and people that are online. It's a spot to pay attention to. Asit Sharma: I think it is. It's so weird because you used the term parasocial, which, for those of you who don't know, for those of you who read books and don't spend time online. Dylan Lewis: We talking out there. Asit Sharma: A parasocial relationship is where you start to identify with a public figure and maybe even feel that you know them on some level and maybe in the back of your mind, maybe feel that they know you as well. This is a very human impulse. There's nothing that strange about it. It's been there throughout history. It's just elevated now in a digital world, but I think even with a parasocial relationship that we may develop with different celebrities, at the end of the day, so much of this is transactional. An influencer, someone you follow, let's say, on Instagram, who you love to see their content and their suggestions, actually, you're giving them something. You're giving them your time and your attention. They are also taking something, they're telling you what to buy. They're getting compensated. The retailer's getting compensated. No matter how much we try to fool ourselves in some way, and I'm not denigrating influencers. I think there are lots of influencers out there who impart things that their followers really love and enjoy and gain from but I am saying, you're absolutely right. This is money. This is transaction. This is commerce and we should watch where this puck is going. It is fascinating to see the trends that we've all paid attention to. There's more e-commerce over digital channels. We said this a few years ago. Now there's more going toward mobile devices. This is a trend that I think is very interesting because it shows the human brain is wired for connection, and you can do a lot with that. I don't mean to sound cynical here as we're headed into what's going to be I hope a wonderful holiday season for everyone, but just as major companies who make devices and apps got very savvy at exploiting our attention spans, I think the best influencers really know which buttons to press to get our attention and to get us to buy things. The most successful of them, I think, are going to have very lucrative careers, I don't think this end anytime soon. Dylan Lewis: You made a prediction a little while ago about the general direction of spend. I will make one on this category. Asit Sharma: We are locking down the next year's Wednesday before Thanksgiving. We're going to revisit these predictions. Dylan Lewis: That's right. My prediction is that I think we will continue to see this sales channel expand for a lot of major retailers. I think we will see much more intentional influencer strategies and I would not be surprised in the coming years to see specific management commentary about those strategies over time because as we see them grow, they're going to become more and more relevant. I think the people who can harness that are probably going to see some rewards in the form of holiday spend, Asit. Asit Sharma: Very much so, last point on this one. Just like we see things like prompt engineers gaining prominence in our society and making money, just building a prompt for AI, I think that the ability to identify an influencer in his or her or their early stages before they have huge audiences is going to be very important to corporations, and they will hire that talent. The people who can find the next big influencer before they get big and blow up is something that marketing organizations and retailers will place a premium when they talk to their executive hiring coaches and firms. MALE_1: The creators of the popular science show with millions of YouTube subscribers comes the Minute Earth podcast. Every episode of the show dives deep into a science question you might not even know you had. But once you hear the answer, you'll want to share it with everyone you know. Why do rivers curve? Why did the TRx have such tiny arms? Why do so many more kids need glasses now than they used to? Spoiler alert, it isn't screen time. Our team of scientists digs into the research and breaks it down into a short entertaining explanation, jam packed with science facts and terrible puns. Subscribe to Minute Earth wherever you like to listen. Dylan Lewis: A little bit less in the spirit of buying, a little bit more in the spirit of giving. We got an update this week by way of a formal letter from Warren Buffett on his planning for his family wealth and also his philanthropic contributions. We can talk about the money side of things a little bit, Asit. But I think what I was really struck by reading the letter is he is 94. We have for a long time speculated about the future of Buffett, the future of Berkshire , and pairing this with his recent annual letter, I think we see him more and more coming to terms with his own mortality. Asit Sharma: I think so, Dylan. There are references to Father Time. He expresses gratitude for, having made it this far and acknowledges that maybe that's a function of some luck. In fact, the letter talks about his luck in just being born at the time he was being born and being a male in this society, so many things that contributed to him being able to have the success he's had. But here we have a reflection, as all of us do, as we reach the end, we reflect on life. We reflect on our legacies, many of us and the choices that we made and Buffett shows here that he's one of the wealthiest people on the planet, but he's no different at the end of it, you can't take it with you when you go. I love that this letter, which purports to talk about the choices for his charitable foundation is also a reflection on his career and the choices that he's made about money in many places. Dylan Lewis: We are a money show, and so I will hit the money side of it so that we can get a little bit more into the softer and more holiday oriented themes that pop up there. He lays out his plan for giving away essentially 99.5% of his wealth. He will do that by converting 1,600 a shares of Berkshire into 2.4 million B shares, a reminder, those are voting shares and non voting shares there, and those will go to four different family foundations, the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G Buffett Foundation, and the Novo Foundation. He is really putting the future of his wealth and the places that it will go to in the hands of his children. Asit Sharma: Yes, and it's not without a lot of thought and foresight. This letter makes it clear that he's spent a lot of time contemplating on whether his children are the right vessels to distribute that wealth. He talks about how they've each managed teams of people, started small with managing a little bit of philanthropic money, and they've grown into the roles. Then he also says something so interesting, which is, hey, look, I'm past 90, and my kids are no spring chickens either. He has three kids, and they are all either approaching their 70s or in their early 70s. He names some unnamed successors. He says there are three people who can take over the reins from my kids. But basically, this is something that's been in the works for a long time and there's an effort here to explain it to shareholders and whoever else is reading that this isn't some sort of nepotism and he's just handing the keys over to his kids without them having been to driving school. This is something that they want to do. They have the experience now, and he has a lot of faith that they will execute his desires and his wife's desires as they dole out this money, and it's a lot of money, Dylan. They have to disburse billions for the next several years. It seems like it would be easy, but we know that the opposite is true. Dylan Lewis: As is often the case when it comes to a Warren Buffett letter or interview, there is the tangible takeaway for Berkshire shareholders. Then there are the insights and advice that I think almost anyone can take and bring to the way that they look at money, the way that they look at the people around them. There was a piece of financial planning advice in there that I want to highlight because I know a lot of people will be getting together with loved ones over the next couple days. Maybe this isn't the most appropriate Thanksgiving dinner table conversation, but if you find yourself with some time with the people you love, I want to give this quote some airtime. He writes, when your children are mature, have them read your will before you sign it. Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. Asit, I don't have children, but you do. I'm curious reading this as a parent, what did you think? Asit Sharma: I thought it was golden advice, Dylan. Talking about money is one of the hardest things to do. You and I talk about money every day but the serious conversations are the ones we tend to keep to the end when we should be talking about them along the way and having frequent conversations with the ones we love. One of the things that Buffett brings up here is that if you don't really talk to your kids about what you're leaving them, there's no way to answer back if they have a question at the end. If they feel that one sibling got more and they don't understand it. He says perceived slights from childhood can come right back. There can be misunderstandings and you really don't want to leave that for a kid who has a question and you can't answer back. I thought that was such sound advice. Leave aside all the rest. It's just common sense. Tell your kids what you're going to do, then they can discuss with you and maybe make suggestions. He says, be receptive. They may have some advice for you to do things a bit differently, and there's nothing wrong with that. He had that relationship with his father, but the fact that money is so sensitive and it's emotional, Dylan, it's not abstract. It's an abstraction, but there's something very real about money that can affect the way that we think and feel about past events if we get a transfer of assets from someone we love. I thought that was just amazing advice, and it was stated in a very pithy manner. As always, anything you read by Warren Buffett just doesn't have a superfluous word in it. As a writer myself, I'm just always insanely jealous to see how he can communicate so many things with so few words. Dylan Lewis: It's like just seeing that person who's good at everything. He's better at managing money than us. He's better at writing than us. It just doesn't seem to matter, Asit. He has us across the board. Asit Sharma: True. What did you think of that, Dylan? Perhaps in the future, you'll have kids. Was there anything in that advice that stood out to you that made you reflect on maybe your future actions? Dylan Lewis: I think, for me, being the child in this dynamic or in this hypothetical, it was a good reminder that I have some ideas about what I think my parents value and what I think their wishes would be, but that I need to clarify them. We've had bits and pieces conversations over the years when it's come to the way that they want things to be handled. I'm kind of in the lucky, unlucky position of being an only child and so I don't have to worry about having two other siblings, like the Buffett children, but that comes with its own set of problems as well. I think for me, it's just a golden reminder. Take advantage of the time that you have with people while they're alive, make sure that you can do your best to live out their wishes. If there's anything that might get in the way of that, try to clear that air as soon as you can. Asit Sharma: I agree. That's a lot of great wisdom as we're headed out toward the Holiday weekend. I have just a piece of practical advice. For anyone listening, if you're thinking that you need to have this conversation either with your kids or your parents, use Warren as your entry point. Just say, hey, I read this great piece by Warren Buffett. This paragraph made it seem so logical. We don't have to do it now during Thanksgiving, but maybe in a few months, we can talk about these things and just show them even that piece that you read is, I think, maybe as a conversation opener for many people. Dylan Lewis: That is the perfect advice to head into the Thanksgiving weekend. Asit, thank you so much for joining me today. Now go enjoy some time with your family. Asit Sharma: Same with you, Dylan. Thank you so much. I'm so grateful to be able to do Motley Fool Money with you, and I hope you have an awesome Thanksgiving, as well. Dylan Lewis: Listeners, we are thankful for all of the time that you spend with us listening to the show, writing to the show, sharing the show with the people that you love. I'm going to bring us home today with some final words from Warren Buffett's letter that felt true to the spirit of Thanksgiving and what I hope people have in their minds as they're spending time with family this weekend: We shared a view that equal opportunity should begin at birth and extreme look at me lifestyles of living should be legal, but not admirable. As a family, we have had everything we needed or simply liked, but we have not sought enjoyment from the fact that others have craved what we had. It also has been a particular pleasure to me that so many early Berkshire shareholders have independently arrived at a similar view. They have saved, lived well, taken good care of their families, and by extended compounding of their savings, passed along large, sometimes huge sums of money back into society. Their claim checks are being widely distributed to others less lucky. Listeners, we hope you have a wonderful Thanksgiving wherever you are and whoever you're lucky enough to be spending it with, and thank you for spending your time with us. We'll be off tomorrow for the holiday and for the weekend, but we'll have our usual annual Thanksgiving radio show special on Friday. As always, people on the program may have interest in the stocks they talk about, and Motley Fool may have formal recommendations for or against Snow pick sell anything based solely on what you hear. All personal finance content follows Motley Fool editorial standards, and it's not approved by advertisers. Motley Fool only picks products and personally recommend to friends like you. I'm Dylan Lewis. Thanks for listening. We'll see you soon.
