Block cutting 4,000: Shares in the financial technology company Block soared more than 20% in premarket trading Friday after it announced it was laying off more than 4,000 of its 10,000-plus employees, reconfiguring to capitalize on its use of artificial intelligence. Read more from the Associated Press.
Shrinking footprint: Papa John’s says it’s closing hundreds of stores across the U.S., eliminating menu items and cutting corporate jobs as it seeks to turn around its business. The fourth-largest pizza chain by U.S. sales plans to close 300 stores by the end of 2027. Most of the locations, which are owned by franchisees, will close this year. The Wall Street Journal has the full story.
Switching gears: Netflix is walking away from its deal to acquire Warner Bros. Discovery’s studio and streaming assets after the company’s board deemed a higher $31-per-share bid from Paramount Skydance superior. Paramount also agreed to cover a $2.8 billion breakup fee tied to the abandoned agreement. Netflix shares jumped on the news, while Warner Bros. Discovery’s stock fell. Read more from CNBC.
