Feb 15, 2023
The Weekly Scan February 15, 2023
Find out what’s happening in the world of business this week.
Welcome to the Weekly Scan. Here’s what we’re following for the week of February 15, 2023.
Bet on it. Flutter Entertainment, the parent company of sports betting platform FanDuel, announced that it will explore listing its stock on a U.S. exchange. FanDuel had a record day for sports betting during the Super Bowl on February 12, 2023. The platform averaged 2 million active users during the game, peaking at 50,000 bets per second. Flutter Entertainment is based in Ireland and currently trades in Europe. With an annual revenue of $3 billion, FanDuel is the top sports betting platform in the U.S., and the company is on track to reach profitability this year.
Be a good sport. Coca-Cola’s global revenue increased 7% in the last quarter, but the beverage company is struggling with sales of sports drink BodyArmor. The increase in overall revenue is reportedly a result of consumers taking on higher prices due to inflation. Coca-Cola purchased BodyArmor for $5.6 billion but has struggled to get the drink start-up off the ground. This isn’t the first time Coca-Cola has met challenges with smaller drink brands that it’s acquired. The company purchased, and later folded Odwalla and Honest Tea Co. Coca-Cola said that it has plans to turn around the situation with BodyArmor this year.
Boeing sale reaches cruising altitude. In a deal worth $34 billion, Air India will purchase 200 airplanes from Boeing, according to the Biden administration. The sale will be the third biggest deal for Boeing ever. Air India will receive 190 Boeing 737 MAXs, 20 Boeing 787s, and 10 Boeing 777Xs, for a total of 220 planes. The airline will also have the customer option to buy additional aircrafts. President Biden said that the sale should “support over one million American jobs across 44 states, and many will not require a four-year college degree.”
More than just sandwiches for sale. Sandwich chain Subway said that it’s exploring a potential sale in response to increasing prices and competition. Subway is working with J.P. Morgan to look into acquisition options. The sale could be valued at $10 billion. Subway was founded by a 17-year-old and his family friend in 1965 and has since expanded to 37,000 locations in more than 100 countries. Same-store sales at Subway increased 9.2% in 2022.
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