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Tuesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.

Lilly selling its blood sugar drug for $1B

Indianapolis-based Lilly is selling its low blood sugar drug, called Baqsimi, for a billion dollars.

The buyer is AMPHASTAR Pharmaceuticals, which is looking to boost its portfolio of low-blood sugar drugs.

Baqsimi saw worldwide sales worth $139.3 million in 2022.

Delta increasing overbookings to squeeze more profit

Delta could bump even more people off flights as it looks to increase ‘overbooking’ to wring out more profits.

Airlines usually use complicated algorithms that determine whether to oversell and by how much based on factors like time of day, passenger connections, what kind of traveler is usually on the flight, and more — all in order to maximize revenue on a flight.

Delta already does this, but it’s looking to kick efforts up a notch as it looks for ways to squeeze more revenue out of every flight as it becomes better able to predict which passengers will actually show up.

Disney begins largest round of layoffs yet

Disney is laying off several thousand workers across the company this week in the second and largest wave of cuts announced earlier this year.

The latest round of job cuts will impact ESPN, Disney Parks, Disney’s entertainment division, and its experiences and product divisions.

Fox News loses nearly $1B in market value

Fox Corporation erased $962 million in market value on Monday after announcing Tucker Carlson would depart Fox News.

Fox Corporation stock fell as much as 5% on Monday but closed down 3 percent.

Tucker Carlson has consistently had one of the most-watched news shows on cable TV.

Media analysts say, in the near term, the financial impact on Fox may be minimal because advertisers typically book their slots in advance, but if “the ratings really crater,” there could be an issue.