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Fed reviews Goldman Sachs’ Marcus unit, Apple & Amazon pass on LIV Golf media rights

The Federal Reserve is launching a review into Goldman Sachs' Marcus unit; Bytedance is buying back $3 billion in shares amid stalling of its IPO plan; Amazon and Apple pass on media rights for LIV Golf; and Parler restructures and buys a cloud-services provider.

Video Transcript


JULIE HYMAN: Some other headlines that we're watching now, the Federal Reserve is launching a review of Goldman Sachs consumer banking unit. It's called Marcus, of course. That's according to Bloomberg.

The Fed has had the online banking platform aimed at retail customers in its sights for a while. Since its creation in 2016, Marcus has cost Goldman Sachs more than $4 billion.

And the Fed isn't the only regulator looking into the unit. Last month, the Consumer Financial Protection Bureau launched a probe into the company's credit card practices.

TikTok's parent company ByteDance is offering to buy back $3 billion worth of shares at $177 a share. This, as the company plans-- plans for an IPO are stalling out. The offer price implies a valuation close to $300 billion, though, in a memo to investors. ByteDance also said it's extending its stock incentive plan for another 10 years. This week, TikTok's CEO appeared in front of Congress facing calls to block China from accessing US user data.

LIV Golf having trouble nailing down a media partner in the US, according to the Wall Street Journal. Both Amazon and Apple passed on the media rights for the tour. The tech giants joined ESPN, CBS, NBC, and FOX. All of them have passed, which have existing deals with the PGA.

The Saudi-backed tour has faced quite a bit of controversy, as critics say LIV is using golf to repair Saudi Arabia's global reputation. And critics point to multiple human rights violations by Saudi Arabia, including the killing of journalist Jamal Khashoggi.

Conservative social network Parler is restructuring. The company says it will now focus on providing services to online businesses that are at risk of being forced off the internet due to controversial content. Parler bought a cloud services provider to create what it calls an "uncancellable" economy. Part of the restructuring, Parler also launched a new parent company called Parlement Technology, P-A-R-L-E-M-E-N-T. It likes its--