Business

Wednesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.

TikTok

Netflix was reportedly approached by TikTok in plan for the streaming giant to acquire its U.S. operations.

A number of U.S. firms have reportedly expressed interest in acquiring viral-video app TikTok as its future in the U.S. is threatened by the Trump administration, which has a proposed ban on the app.

Microsoft has been the frontrunner in talks to buy TikTok’s U.S. operations from Chinese parent company Bytedance to avoid the potential ban.

Nike

Nike to cut ties with several big retailers in favor of direct to consumer move.

Its products will no longer be sold at stores like Bek, Dillard’s, Zappos, Boscov’s Bob’s stores and Fred Meyer.

The decision comes as brick and mortar retailers are struggling in part due to changing consumer habits and the coronavirus pandemic. The loss of a major brand like Nike won’t help in getting shoppers to return to stores.

Salesforce

Salesforce posted record quarterly sales and raised its full-year guidance, showcasing the sustained appetite for cloud-computing services during the coronavirus pandemic.

Cloud-computing was already one of the hottest areas in tech before the pandemic and that momentum has largely remained as businesses have shifted to remote work and as people stuck at home live more of their daily lives alone.

American Airlines

American Airlines said its workforce will shrink by 40,000, including 19,000 involuntary cuts in October.

The job cuts include pilots, flight attendants and managers.

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