Consumer Business Recap: Time Warner Keeps Superman Rights, Wal-Mart’s Troubles In India
MGM Resorts International (NYSE:MGM) has reached a $161.4 million deal in Macau through which it obtains control of a new plot of land in the Cotai district. The company will establish a new casino resort on the Cotai Strip through its MGM China subsidiary to compete with rivals that are already a farther ahead with their projects.
It was a courtroom victory for Time Warner (NYSE:TWX) as a California federal judge granted summary judgment for the company, allowing it to keep its copyright grant for the Superman character and thereby ruling against the family of the character’s creator. The timing was crucial with big-budget film Man of Steel scheduled to hit theaters next summer.
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Supervalu (NYSE:SVU) reports that it’s in “active discussions” with a number of parties as part of its strategic review as the firm’s shares took off. Meanwhile, the company said in its conference call that it was forced to become more promotional in the second quarter because of weak demand and low traffic.
Here we go. The government of India is investigating Wal-Mart Stores (NYSE:WMT) on allegations that it secretly funded supermarkets there, according to The Financial Times. The Reserve Bank of India has been requested to find out if the retailer illegally invested nearly $100 million in a chain of convenience stores starting in 2010.