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‘Much Ado About Dying’ film as IDFA-winning doc, bought for US by First Run Features

“Much Ado About Dying,” Scott Chamber’s documentary about elderly care that won the best directing award at IDFA in 2022, has been acquired by First Run Features for the U.S. and Canada.

 

The feature, produced by Soilsiú Films and Tiffin Films, will have its U.S. festival premiere at the Santa Barbara International Film Festival ahead of a national theatrical release set to launch at New York’s Film Forum on March 15.

 

Chambers’ third feature-length documentary, “Much Ado About Dying” deals with the issue of caring for elderly and dying relatives. Producers describe the film as “poignant and moving, but also hilariously funny,” following Chambers as he get very close to his dying uncle, a retired gay actor who still wants to perform “King Lear” before it’s too late. The director’s previous films, “Every Good Marriage Begins With Tears” and “Cowboys in India,” both toured the festival circuit extensively before broadcast outings in the U.K. on BBC Storyville and Channel 4 respectively.

 

“We are delighted to be working with Marc Mauceri and his team at First Run Features,” said Soilsiú Films’ David Rane, who distributed Soilsiú’s previous title, “Young Plato,” directed by Neasa Ní Chianáin and Declan McGrath.

 

“It’s a challenge these days to get an arthouse documentary out into U.S. cinemas, even one as charming and funny as ‘Much Ado About Dying,’ and we appreciate the motivation and commitment of the teams at First Run Features and Film Forum in releasing Simon’s beautifully directed film. This film deserves to be seen on the big screen, and there’s no better team to put it there.”

 

New York-based First Run, well-known for its 45-year history in the indie distribution world, has previously released four editions of Michael Apted’s “Up” Series (“28 Up,” “42 Up,” “49 Up” and “56 Up”) as well as the “Quiet Epidemic,” “Before Stonewall,” “Scrap” and “The Life and Times of Allen Ginsberg.”

 

“’Much Ado About Dying’ is a moving and hilarious cinema documentary about growing old unapologetically and the often-invisible family members who care for us in our twilight years,” said First Run’s Mauceri. “We are honoured to be entrusted by director Simon Chambers to share his uncle’s story with audiences here in the USA. Soilsiú Films are becoming more prolific by the year in producing world class documentaries for cinema and we are delighted to be working with them after the success they had in the U.S. with ‘Young Plato.’”

 

See the trailer for “Much Ado About Dying” below.

 

 

 

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— Variety

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Flipkart’s co-founder Binny Bansal resigns after selling his entire stake in the company

—  Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board

 

 

Manish Singh / TechCrunch:

 

 

Binny Bansal, Flipkart co-founder, and Sachin Bansal, the Bengaluru-headquartered startup’s other co-founder, experienced a scuffle with the investors, and Binny has resigned from the e-commerce group’s board, the two said Saturday.

 

Binny Bansal, who reserved the rights to stay on Flipkart’s board, (which was acquired by Walmart in 2018), as long as he preferred, instead opted to leave. He cited conflict of interest with his new venture as the reason for the move.

 

Bansal launched OppDoor, a cross-border e-commerce startup, late last year. OppDoor offers end-to-end solutions — including market entry analysis, demand mapping, inventory management, cross-border logistics and taxation assistance — to businesses, according to its website.

 

The move also follows Bansal selling his entire stake in Flipkart, which was acquired by Walmart in 2018 for $16 billion, in recent years ahead of the e-commerce group’s much-awaited IPO, which is now slated for 2025. Bansal — who is also on the board of PhonePe, a position he is maintaining — has become a prolific investor in recent years, backing a number of startups including PhonePe.

 

“I am proud of the Flipkart Group’s achievements over the past 16 years. Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Bansal said in a statement.

 

After leaving Flipkart, Sachin Bansal founded Navi, a financial services firm that is looking to go public. In 2022, Navi filed the paperworks for its initial public offering, but deterred the plan after the market conditions worsened.

 

“Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops,” Flipkart Group chief executive Kalyan Krishnamurthy said in a statement Saturday. “We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem.”

 

 

 

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— Techmeme

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Top resolution for 2024 New Year: To avoid financial pitfalls by prioritizing savings as big safety net

NEW YORK — After more than two and a half years of struggling with high inflation, financial analysts are urging Americans to make building a solid nest egg of savings their top New Year’s resolution.

 

The prolonged period of high inflation has created severe financial stress for most U.S. households, as they are forced to pay more for everyday needs like food and housing. Low-income households have been particularly hard hit.

 

Despite the economic volatility in 2023, a recent study by USA Today found that more than four in five Americans feel some level of positivity about the U.S. economy going into 2024. However, Real Estate Developer, Serial Entrepreneur, TV Producer and Talk Show Host Dee Brown warns that there are several steps all households must take to help secure their financial foothold.

 

According to Brown, securing a financial future should be a priority for families. To assist with this, Brown recommends the following three steps:

 

1. Establishing an Emergency Fund: Setting aside a portion of income into an emergency fund can provide a safety net for unexpected expenses and financial hardships.

 

2. Budgeting and Expense Tracking: Creating a detailed budget and tracking expenses can help families prioritize spending, identify areas for saving and avoid unnecessary financial stress.

 

3. Investing in Retirement Accounts: Contributing to retirement accounts such as 401(k)s or IRAs can help build long-term financial security and ensure a comfortable retirement.

 

By taking these steps, Brown believes that households can secure their financial future and mitigate the impact of high inflation and economic volatility.

 

Dee Brown quote/tips:

“Building a solid nest egg of savings is a lifeline in times of economic uncertainty. By establishing an emergency fund, budgeting wisely and investing in retirement accounts, families can take control of their financial future and secure their foothold in today’s challenging economy.”

 

More on Dee Brown:

Dee Brown is a multifaceted entrepreneur, award-winning producer, director, writer, author, talk show host and philanthropist. He is the Founder and CEO of the P3 Group Inc., the nation’s largest African American owned, public-private partnership real estate development firm. Brown has amassed more than 30 years of solid, record breaking experience in real estate sales and development, management, construction, infrastructure, water/sewer and environmental projects in the private and governmental sectors. He also serves as the Founder and Chairman Emeritus of the nonprofit Brown Foundation Community Development Corporation.

 

He is also a proud 2023 recipient of President Biden’s Lifetime Achievement Award.

 

Brown holds a bachelor’s degree from the University of Memphis, an MBA from Bethel University and numerous professional certifications. He is a lifetime member of Kappa Alpha Psi Fraternity Inc., NAACP, Producers Guild of America, National Academy of Television, Arts & Sciences, the International Documentary Association and Entrepreneur Leadership Network. He also serves on the Documentary and Nonfictional Committee for the Producers Guild of America. As a contributing writer for Forbes.com, Entrepreneur.com, Metro & Peoria Magazines, Brown shares his insights and vast business experience with readers around the world.

 

Dee Brown is also the Executive Producer and Director of Tiger Run: The Untold Story. This highly acclaimed documentary compiles interviews, game footage and other behind the scenes video of Coach Prime — NFL Legend Deion Sanders — and showcases his mission to transform the lives of players at Jackson State University at its annual Pro Day event.

 

https://www.youtube.com/watch?v=KC73Xj-FDCE

www.DeeBrownCeo.com

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New Jersey Housing and Mortgage Finance Agency celebrates 40 years of service

TRENTON, N.J. — On Jan. 17, 2024, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) celebrates its 40th anniversary.

Since its founding 40 years ago, NJHMFA’s programs have directly benefited hundreds of thousands of New Jersey residents by providing affordable housing options and vital mortgage assistance.

Through the Low-Income Housing Tax Credit program, NJHMFA has financed 70,000 apartments, over 66,000 of which are affordable to low- and moderate-income households. Another 112 new multifamily developments are underway, which together will bring online another 9,000 affordable units. NJHMFA has helped more than 10,000 families buy their first home, representing more than $2 billion in market value at the time of purchase and nearly the same again in wealth created through equity.

NJHMFA has also helped more than 56,000 families facing housing instability by providing counseling and financial assistance. Beyond the numbers, NJHMFA’s work has improved thousands of lives: families have found stable homes, neighborhoods have been revitalized, and individuals have found support in their time of greatest need. Against this backdrop, NJHMFA’s 40th anniversary commemorates not only the Agency’s work, but the substantial impact investment in New Jersey’s residents can have on our communities and our future.

“For 40 years, the New Jersey Housing and Mortgage Finance Agency has helped many thousands of New Jerseyans become new homeowners,” said Governor Murphy.

“Our Administration’s partnership with NJHMFA has been essential to creating access to more affordable housing throughout our state. As the agency reaches this incredible milestone of an anniversary, we recognize the many programs the agency has created to make the American dream attainable for so many in our state.”

“NJHMFA exists to make New Jersey housing affordable to all New Jerseyans, and for 40 years, it has delivered. We have deployed innovative programs, policies, and partnerships, becoming a nationally recognized leader in affordable housing development and producing numerous award-winning and landmark properties,” said Executive Director Melanie Walter.

“NJHMFA is proud of the positive impact that we have on the lives of all New Jerseyans, particularly those looking for apartments or first homes that are affordable to them in the communities where they want to live. We look forward to continuing to support community development and revitalization in the years ahead.”

“Congratulations to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) on 40 years of progressive and innovative work making communities more diverse, and municipalities economically stronger,” said DCA Acting Commissioner Jacquelyn A. Suárez.

“Today, New Jersey families and individuals with specialized housing needs have more options when seeking safe, affordable, and stable rental housing and homeownership opportunities. Without a doubt, New Jerseyans will continue to benefit from NJHMFA’s transformative work in the future.”

NJHMFA was created by an act of the New Jersey legislature merging the New Jersey Housing Finance Agency (HFA) and the New Jersey Mortgage Finance Agency (MFA) into a single organization to house the state’s affordable housing production capacity for both multifamily and single-family housing. Today, NJHMFA oversees a multifamily production portfolio that has grown to exceed $1.3 billion each year, and an approximately $1 billion annual single-family mortgage program. Over the past 40 years, NJHMFA has become the New Jersey state allocator of the federal Low-Income Housing Tax Credit (LIHTC), the host of the state’s preeminent down payment assistance program for new homebuyers, and the administrator of federal assistance programs designed to protect homeowners against the impacts of economic downturns.

Through the LIHTC program, created in 1984, NJHMFA has financed the creation or preservation of over 75,000 affordable apartments across 1,010 properties, with 66,000 of these units already completed and another 9,000 units forthcoming. These projects have provided thousands of low- and moderate-income residents throughout the state with safe and high-quality homes, cumulatively generated billions of dollars in the direct and indirect economic impacts of new construction, supported thousands of jobs, and helped municipalities advance their community development goals.

At the same time, NJHMFA has consistently expanded homeownership opportunities for low- and moderate-income households. Since the 2017 expansion in single-family programs, NJHMFA has allocated over $100 million in down payment and closing cost assistance to approximately 10,000 first-time low-and moderate-income homebuyers. These borrowers were able to make home purchases cumulatively valued at over $2 billion. Despite the challenges of recent interest rate hikes, this initiative has continued to grow, assisting about 2,500 households in 2023 alone. That same year, NJHMFA created a program specifically tailored to the needs of first-generation homebuyers, making New Jersey one of only a handful of states to offer such assistance.

In addition to creating multifamily housing opportunities and offering access to homeownership opportunities, NJHMFA works to effectively protect quality of life throughout the state by preventing the loss of homeownership. When the housing market collapsed in 2008, NJHMFA provided more than $320 million to over 8,000 impacted homeowners, as well as housing counseling that helped struggling homeowners avoid foreclosure. More than 56,000 New Jersey families have benefitted from NJHMFA’s free housing counseling initiatives. When the COVID-19 pandemic struck, NJHMFA developed the federally funded ERMA program, which has distributed more than $150 million to help more than 5,000 homeowners avoid foreclosure so far.

As NJHMFA marks its 40th anniversary, it uses the lessons of the past to shape its clear vision for the future. The Agency seeks to expand its impact, leveraging data resources, technology, and state and federal resources to meet the many diverse housing needs in evidence across the state. It will continue building strong community and development partnerships, optimizing resources, and addressing emerging housing issues proactively. In these ways, NJHMFA will remain at the forefront of New Jersey affordability, accessibility, and sustainability, supporting NJ residents and fostering community well-being in the decades ahead.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/

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Best’s Special Report: US annuity surrenders up through 3Q/2023, edging out premium growth

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance — The value of surrendered annuity policies increased 18% through the third quarter of 2023, compared with the same prior-year period, according to a new AM Best report. However, premium growth held steady at 17% through the same period, with individual annuity premiums notching its 11th consecutive quarter of year-over-year growth.

In its Best’s Special Report, titled, “Annuity Surrenders Up Through 3Q23, Beating Premium Growth,” AM Best notes that rising interest rates, which the life insurance segment has not seen in decades, have generated the prospect of disintermediation risk.

 

“Runoff annuity insurance companies or those that focus on block acquisitions rather than organic growth and can’t replace the business being surrendered are most likely to experience a shrinking asset base,” said Jason Hopper, associate director, AM Best. “It’s possible that maturing bonds may need to be used to cover additional surrenders instead of being reinvested.”

 

Surrender benefits topped $100 billion in fourth-quarter 2022, as well as second-quarter 2023, compared with an average of $86 billion over the previous 15 quarters, according to the report. Surrenders in the second and third quarters of 2022 were among the lowest in four years, due partly to a $4 billion reinsurance transaction by Fortitude Re.

 

However, surrender values paid as a percentage of premium are among the lowest levels they’ve been since at least 2019, reflecting strong premium growth. Surrender charges are used to dissuade policyholders from taking this cash-out option, using a time period under which a fee can be charged on a percentage of the account value if surrendered early.

 

“The life/annuity industry is less concerned about surrenders once policies leave the surrender charge period, as assets purchased to back the liability are typically matched to the surrender charge period, and insurers will typically drop the crediting rate on policies once that period has expired,” Hopper said. “However, insurers want to retain customers and have them reinvest in new, current product offerings, which starts the surrender charge period over again. This helps transfer capital from fully liquid liabilities to new, potentially longer-duration policies.”

 

The analysis in the report also shows that the ratio of premiums to surrender benefits has been more steady for larger annuity writers over the last four years compared to medium and smaller-sized organizations, but have less of a cushion should surrenders materially tick up without the correlating premium growth. In a higher for longer interest rate environment, the annuity market will remain highly competitive, as many new companies have entered the space, including several new private equity and asset management-backed insurers, adding capacity to the market and strong sales of multi-year guaranteed annuities.

 

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=339562.

 

To view a video with AM Best Associate Director Jason Hopper on this report, please visit http://www.ambest.com/v.asp?v=ambannuitysurrenders124&AltSrc=182 .

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2024 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Jason Hopper
Associate Director,
Industry Research & Analytics
+1 908 882 1896
jason.hopper@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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For its year of achievements, NJHMFA honored as statewide leader by NJBIZ

TRENTON, N.J. —  The New Jersey Housing and Mortgage Finance Agency (NJHMFA) has been honored as a 2023 Leader in Real Estate, Construction, and Design by NJBIZ.

This recognition joins many awards the Agency won in 2023 for its work on promoting affordable and mixed-income housing construction and economic development across New Jersey.

This most recent award recognized NJHMFA’s role in making high-quality, accessible, affordable housing construction possible through its financing capacity, innovative programs, and collaborative partnerships. Since 2021, NJHMFA has undergone a record expansion of the Agency’s core multifamily programs, which now produce more than $1.3 billion in annual construction.

“NJHMFA is committed to ensuring that New Jersey residents have access to high-quality affordable housing near the schools, jobs, transportation, services, and other amenities that their households require,” said Executive Director Melanie R. Walter. “We are honored that NJBIZ has recognized our successful efforts to provide these housing opportunities by naming us as a Leader in Real Estate, Construction, and Design for 2023.”

Among the projects that were cited as part of NJBIZ’s recognition are Hinchliffe Residences and Barclay Place. Both projects, which opened in the summer of 2023, are examples of how NJHMFA financing can help municipalities further their planning, growth, and housing goals, while simultaneously creating a thriving inclusive community for all who live there.

Hinchliffe Residences was a key component of the long-awaited redevelopment and revitalization of Hinchliffe Stadium in Paterson. Hinchliffe Residences reflects and embraces the unique architecture and history of the adjacent Hinchliffe Stadium, one of the only four standing stadiums that once hosted Negro League baseball games. This development seamlessly integrates historical essence with modern planning elements, including affordable senior housing, a daycare, and a new parking deck. The project is the state’s largest-ever historic preservation project and a key piece of the city’s future. The Hinchliffe redevelopment has received a 2023 Smart Growth Award from NJ Future, the 2023 Outstanding Implementation Award from the New Jersey Chapter of the American Planning Association, and the 2023 Governor’s Excellence Award for Innovative Economic Development.

The Barclay Place development is the first completed project financed through the NJHMFA’s Hospital Partnership Subsidy Program. This program, serves as a national model, with other states now replicating the way NJHMFA leverages hospitals’ status as anchor institutions to improve community health outcomes through the creation of affordable and supportive housing. NJHMFA, Saint Joseph University Medical Center, NJCDC, NJCC, and other partners received a 2023 Smart Growth Award from NJ Future, the 2023 Project of the Year Award from the Supportive Housing Association of New Jersey, and the 2023 Governor’s Excellence Award for Housing Development for this remarkable supportive housing community.

Other projects that have received recognition in 2023 include the Gordon H. Mansfield Veteran’s Community in Tinton Falls, NJ, a 70-unit community for military veterans that won the NAA Excellence Award for New Construction Community of the Year; One Thompson Place in Dover, which received a 2023 Smart Growth Award; and Freedom Village at Hamilton Woods, which was cited as part of the NJBIZ award. Other landmark projects in the development pipeline include Hospital Partnership Subsidy Program projects in Newark and Camden, and 28 Walnut in Madison, which was among the first projects to receive Affordable Housing Production Fund Support.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/

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When Take-Two hit $12B Zynga deal in 2022, casual games peaked, Apple introduced ATT, but mobile game market fell

—  Video-game giant’s push into smartphone titles was expensive and late. 

 

 

Cecilia D’Anastasio / Bloomberg:

 

—  Excitement over the upcoming release of Grand Theft Auto VI is letting publisher Take-Two Interactive Software Inc. deflect investor attention from a big problem: its $12 billion foray into the shrinking mobile-games business.

With just a small presence in the fastest-growing segment of video games — titles played on smartphones — Take-Two splurged last year on Zynga, known originally for Facebook games like FarmVille and Words With Friends. It was the biggest deal ever in video games and boosted revenue from mobile titles to half of Take-Two’s $5.3 billion in annual sales.

 

Unfortunately for Take-Two and longtime Chief Executive Officer Strauss Zelnick, the deal closed just as the mobile-games business was heading into a downturn. With the end of Covid-19 restrictions, consumers who had embraced casual games during the pandemic turned to other diversions. At the same time, Apple Inc. built new privacy features into its software that made it harder for Zynga to attract new players.

“They closed the deal, and the mobile industry spent the next 18 months correcting,” said Doug Creutz, an analyst at Cowen Group who nonetheless recommends buying Take-Two shares because of its other titles, including prospects for GTA VI.

Since the spring of 2022, sales from Zynga’s five highest-grossing games have fallen 23%, according to researcher SensorTower. It’s part of a broad decline in the $90.4 billion mobile-games market that began in 2021 and is expected to let up starting next year, according to researcher NewZoo. Based on Take-Two’s own estimates, Zynga will finish this fiscal year with sales down about 5% from 2021.

 

Mobile Gaming Hits the Skids

Mobile gaming sales will recover slowly from a post-Covid hangover

Source: NewZoo

Zynga’s pipeline offers little encouragement. After putting out an average of seven games a year over the last decade, the company released just three titles in 2023. And just two new releases are on the calendar for the next 12 months, according to Take-Two’s latest earnings report. That includes a Star Wars smartphone game that’s been delayed at least three times

“Our vision for mobile is to be the largest mobile gaming company in the world, based on market share,” Alan Lewis, a company spokesman, said in an email. Take-Two is investing in new intellectual property and has a growing mobile ad business that, he said, “enables us to monetize nearly all of our players, which is a distinguishing characteristic vs. other mobile companies.”

Take-Two was among the last of the major publishers to scoop up a mobile-games company. The Zynga purchase, financed with cash and stock, provided a stable of proven titles. The goal was to prepare the company for the coming hegemony of mobile gaming.

But after soaring to new highs during the pandemic, mobile-gaming revenue fell by 7% industrywide in 2022, according to NewZoo, and is expected to finish 2023 with another 2% drop. Take-Two has lowered projections for Zynga this year, saying in November the division would account for 49% of total bookings — a measure of sales — down from a projected 53% six months earlier.

In May, the company reported $465 million in impairment charges related to Zynga, reflecting the declining outlook for a few titles.

Sheep Parade Through New York City Streets In Celebration Of The Global Launch Of Zynga's FarmVille English Countryside
English farmers and their sheep parade through New York City in celebration of Zynga’s first major FarmVille release, FarmVille English Countryside, in 2011.Photographer: Michael Loccisano/Getty Images

Zynga’s debut in gaming was electric. FarmVille, in which players operate digital farms, shot to internet fame after its release on Facebook in 2009. Some 32 million aspiring farmers logged in every day at the peak. In 2011, FarmVille, Words With Friends and Zynga’s other browser games accounted for 12% of Facebook revenue, according to a filing. Players recruited friends, creating small armies of ad watchers. They could buy tractor fuel or seeds in the game’s general store with FarmVille currency.

But investors couldn’t see a sustainable business model that extended beyond volatile social media or advertising. And Zynga’s games weren’t sticky enough to keep users long term. The company’s initial public offering came off at less than half the $20 billion market value some analysts said was possible. In an Ars Technica report, developers complained that the company’s focus on acquiring new customers and getting them to spend money made the games less fun.

To counter those concerns, Zynga began buying undervalued game companies and moved into mobile. Smartphones were the perfect platform for the company’s strategy of targeting and attracting new players, and eventually encouraging them to buy things in games. From 2015 to 2016, as smartphone ownership swelled, mobile-gaming revenue leapt by $11 billion to $43 billion, according to NewZoo.

Zynga pushed out mobile versions of Words With Friends, FarmVille, and eventually, casino and puzzle games, with the goal of creating “forever franchises.”

Take-Two, meanwhile, had been left behind. In an interview on the Invest Like the Best podcast in October, Zelnick said he underestimated the importance of mobile gaming early on and was focused on Take-Two’s core business of games for consoles.

“I missed the boat,” Zelnick said.

Star Wars: Hunters has been in development since at least 2018 under a team of about 150 — a timeline more typical of a blockbuster console game. Zynga’s BossAlien subsidiary previously made only car-racing games for mobile phones. A complicated arena combat game, Star Wars: Hunters was their first of such scope. And under a multiyear licensing deal with Walt Disney Co., Star Wars: Hunters must clear a certain quality bar while operating on both mobile devices and the Nintendo Switch.

Star Wars: Hunters “continues to hit important milestones as we approach its planned release date in calendar 2024,” Take-Two’s Lewis said, adding that the team developing it has an array of expertise, including in developing console games.

“Profitability in mobile gaming is highly driven by the scale of the game,” Creutz said. “Rather than being dominated by one or two very big games like King, Zynga’s profile has always consisted of about a dozen or so small-to-medium games.”

US-TECHNOLOGY-INTERNET-GAMES-GTA
Zynga’s struggles are overshadowed by the enthusiasm for Grand Theft Auto VI.Photographer: Chris Delmas/AFP/Getty Images

At the same time, the industry is still coping with the privacy changes enacted by Apple. They allowed iPhone users to stop companies like Zynga from tracking their activities. That made it especially hard to identify future players and target them with pitches. Many companies dependent on such marketing tactics were stunned.

“Everyone was freaking out and very concerned about the future of advertising and marketing,” said Eric Kress, host of the Deconstructor of Fun podcast and principal at Gossamer Consulting Group. “Zynga wasn’t ready. They were gonna lose. Take-Two saved them.”

While analysts say the damage from Apple’s move will persist, Zynga said it has adjusted its user acquisition strategy.

But the mobile-game industry has been consolidating ever since. Electronic Arts Inc. acquired Glu Mobile for $2.4 billion in 2021, Take-Two purchased Zynga in 2022 and Savvy Gaming Group bought Scopely for $4.9 billion this past April. And in October, Microsoft Corp. completed the $69 billion purchase of Activision Blizzard Inc., gaining a strong lineup of mobile games in a deal first proposed in 2022.

When analysts ask about Zynga on earnings calls, Zelnick has acknowledged the challenges. Late last year, he described the mobile industry as “soft.” This year, he said, it’s “more challenging than we anticipated.”

Zelnick plans to adapt Take-Two’s most popular franchises to mobile, prompting speculation about a smartphone version of Grand Theft Auto VI. Analysts question whether that’s possible, considering the delays for the Star Wars game. After the acquisition, Zelnick projected $100 million of cost savings within two years, and over $500 million of additional revenue down the line, in part from marketing the mobile games to some of Take-Two traditional customers.

The good news for Take-Two is that Zynga’s struggles are overshadowed by the enthusiasm for Grand Theft Auto VI. Take-Two shares were up 52% this year through Wednesday’s close in New York, triggered by announcements about the new game. They were 1.3% higher at midday Thursday.

“Shareholders were asking, ‘What’s up with Zynga or this downturn in mobile?’” said Joost van Dreunen, a lecturer at New York University’s business school. “Then all of the sudden, Strauss pushes the big, red button in his office and starts issuing Grand Theft Auto commands into the ether.”

(Updates shares. The market value estimate in the 12th paragraph was corrected in an earlier version of this story.)

 

 

— Techmeme

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PureTech founded entity Karuna Therapeutics to be acquired by Bristol Myers Squibb for $14 billion

Transaction Delivers KarXT, a First-in-Class M1 / M4 Muscarinic Receptor Agonist, with Differentiated Efficacy and Safety

KarXT Is a Potential First-in-Class Treatment for Schizophrenia and as an Adjunctive Therapy, and First-in-Disease Treatment for Alzheimer’s Disease Psychosis, with Promise in Additional Neuropsychiatric and Neurodegenerative Indications

KarXT Is Expected to Launch in the U.S. for the Treatment of Schizophrenia in Adults with a Prescription Drug User Fee Act Date of Sept. 26, 2024

Bristol Myers Squibb to host a conference call today at 8 a.m. ET

 

Bristol Myers Squibb strengthens neuroscience portfolio with acquisition of Karuna Therapeutics

 

PRINCETON, N.J. & BOSTON — Bristol Myers Squibb (NYSE: BMY) and Karuna Therapeutics, Inc. (NASDAQ: KRTX) (“Karuna”) Friday announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired. The transaction was unanimously approved by both the Bristol Myers Squibb and Karuna Boards of Directors.

 

Karuna is a biopharmaceutical company driven to discover, develop and deliver transformative medicines for people living with psychiatric and neurological conditions. Karuna’s lead asset, KarXT (xanomeline-trospium), is an antipsychotic with a novel mechanism of action (MoA) and differentiated efficacy and safety. Karuna’s New Drug Application (NDA) for KarXT for the treatment of schizophrenia in adults was accepted for review by the U.S. Food and Drug Administration (FDA), with a Prescription Drug User Fee Act (PDUFA) date of Sept. 26, 2024. KarXT is also in registrational trials both for adjunctive therapy to existing standard of care agents in schizophrenia and for the treatment of psychosis in patients with Alzheimer’s disease. Bristol Myers Squibb believes KarXT represents a significant revenue contribution opportunity. Bristol Myers Squibb also sees potential from Karuna’s early-stage and pre-clinical pipeline.

 

“There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in the space. We expect KarXT to enhance our growth through the late 2020s and into the next decade,” said Christopher Boerner, Ph.D., Chief Executive Officer of Bristol Myers Squibb. “This transaction fits squarely within our business development priorities of pursuing assets that are strategically aligned, scientifically sound, financially attractive, and have the potential to address areas of significant unmet medical need. We look forward to welcoming the talented Karuna team to Bristol Myers Squibb.”

 

“Schizophrenia and Alzheimer’s disease psychosis affect millions of people worldwide, with limited to no treatment options. KarXT’s novel mechanism has resulted in a transformational profile in schizophrenia, with compelling efficacy and a differentiated safety profile,” said Samit Hirawat, M.D., Executive Vice President, Chief Medical Officer, Drug Development of Bristol Myers Squibb. “KarXT also has the potential to deliver meaningful benefits to patients as an adjunctive treatment for patients with schizophrenia and as a first treatment for Alzheimer’s disease psychosis.”

 

Bill Meury, President and Chief Executive Officer of Karuna Therapeutics, said, “Karuna’s portfolio offers advancements in treatment not seen in many years. With Bristol Myers Squibb’s long-standing expertise in developing and commercializing medicines on a global scale and legacy in neuroscience, KarXT and the other assets in our pipeline will be well-positioned to reach those living with schizophrenia and Alzheimer’s disease psychosis. This announcement is a testament to the Karuna team’s talent, hard work, and innovation.”

 

Delivering Meaningful Benefits to Patients with KarXT

KarXT targets both the M1 and M4 muscarinic receptors, resulting in a differentiated safety and efficacy profile. KarXT has demonstrated improvements in cognition and is not associated with common side effects of currently approved treatments, including no meaningful weight gain, extrapyramidal symptoms, increased prolactin levels, akathisia and/or sedation.

 

Given this differentiated profile, KarXT has meaningful and expanding revenue potential in schizophrenia and with upside in additional indications and geographies:

  • Schizophrenia: KarXT is expected to launch in late 2024 in the U.S. as a treatment for schizophrenia in adults. There are approximately 1.6 million1 people treated for schizophrenia in the U.S., a significant portion of whom do not respond to currently available therapies and experience unacceptable side effects.
  • Adjunctive schizophrenia: A registrational clinical trial is currently underway evaluating KarXT as adjunctive treatment with current standard of care agents for the treatment of schizophrenia, with data expected in 2025.
  • Alzheimer’s disease psychosis: Registrational clinical trials are currently underway evaluating KarXT for the treatment of Alzheimer’s disease psychosis, with data expected in 2026. There are more than 6 million2 people living with Alzheimer’s disease in the U.S. There are currently no approved treatments for Alzheimer’s disease psychosis.
  • Additional indications: Bristol Myers Squibb believes KarXT also has potential in additional indications, including Bipolar I disorder, which impacts approximately 1.4 million1 people in the U.S., and Alzheimer’s disease agitation.

 

The transaction is expected to be dilutive to Bristol Myers Squibb’s non-GAAP diluted earnings per share by approximately $0.30 in 2024 from the financing cost of the transaction, as Bristol Myers Squibb expects to offset the operational expenses of the transaction through continued resource allocation, cost efficiencies and portfolio prioritization. The accounting treatment as a business combination or asset acquisition will be determined upon the expected close of the transaction. Bristol Myers Squibb expects to finance the acquisition with primarily new debt issuance. Bristol Myers Squibb’s cash flows and strong financial profile enable continued commitment to strong investment-grade credit ratings and investment for growth through business development opportunities and distributions to shareholders through ongoing dividends and share repurchases.

 

Transaction Terms and Financing

Under the terms of the merger agreement, Bristol Myers Squibb will acquire all outstanding shares of Karuna common stock for $330.00 per share in cash representing an approximately 53.4% premium to Karuna Therapeutic’s closing stock price on Dec. 21, 2023, for a total equity value of approximately $14.0 billion, or $12.7 billion net of estimated cash acquired.

 

The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including approval of Karuna stockholders and receipt of required regulatory approvals.

 

Conference Call Information

Bristol Myers Squibb will host a conference call today, Friday, Dec. 22, 2023, at 8:00 a.m. ET during which company executives will review discuss the transaction and address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at http://investor.bms.com.

 

Investors and the public can register for the live conference call here. Those unable to register can access the live conference call by dialing in the U.S. toll-free 1-866-777-2509 or international +1 412-317-5413. Materials related to the call will be available at http://investor.bms.com prior to the start of the conference call.

 

A replay of the webcast will be available at http://investor.bms.com approximately three hours after the conference call concludes. A replay of the conference call will be available beginning at 11:30 a.m. ET on December 22, 2023, through 11:30 a.m. ET on Jan. 4, 2024, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 3194180.

 

Advisors

Gordon Dyal & Co. and Citi are serving as financial advisors to Bristol Myers Squibb, and Covington & Burling LLP is serving as legal counsel. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Karuna, and Simpson Thacher & Bartlett LLP is serving as legal counsel.

 

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.

 

About Karuna Therapeutics

Karuna Therapeutics is a biopharmaceutical company driven to discover, develop, and deliver transformative medicines for people living with psychiatric and neurological conditions. At Karuna, we understand there is a need for differentiated and more effective treatments that can help patients navigate the challenges presented by serious mental illness. Utilizing our extensive knowledge of neuroscience, we are harnessing the untapped potential of the brain in pursuit of novel pathways to develop medicines that make meaningful differences in peoples’ lives. For more information, please visit www.karunatx.com.

 

Additional Information and Where to Find It

In connection with the proposed acquisition of Karuna Therapeutics by Bristol Myers Squibb, Karuna Therapeutics intends to file a preliminary and definitive proxy statement. The definitive proxy statement and proxy card will be delivered to the stockholders of Karuna Therapeutics in advance of the special meeting relating to the proposed acquisition. This press release is not a substitute for the proxy statement or any other document that may be filed by Karuna Therapeutics with the SEC. KARUNA THERAPEUTICS’ STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF BRISTOL MYERS SQUIBB AND KARUNA THERAPEUTICS WITH THE SEC IN CONNECTION WITH THE PROPOSED ACQUISITION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES TO THE PROPOSED ACQUISITION. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about Bristol Myers Squibb and Karuna Therapeutics, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Bristol Myers Squibb and Karuna Therapeutics make available free of charge at Bristol Myers Squibb’s website at www.bms.com/investors and Karuna Therapeutics’ website at https://karunatx.com/, respectively, copies of materials they file with, or furnish to, the SEC.

 

Participants in the Solicitation

This press release does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities. Bristol Myers Squibb, Karuna Therapeutics and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Karuna Therapeutics in connection with the proposed acquisition. Information regarding Bristol Myers Squibb’s directors and executive officers is contained in Bristol Myer Squibb’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 14, 2023, and its definitive proxy statement for the 2023 annual meeting of stockholders, which was filed with the SEC on March 23, 2023. Information regarding Karuna Therapeutics’ directors and executive officers is contained in Karuna Therapeutics’ definitive proxy statement for the 2023 annual meeting of stockholders, which was filed with the SEC on April 27, 2023. To the extent holdings of Bristol Myers Squibb’s or Karuna Therapeutics’ securities by their respective directors or executive officers have changed since the amounts set forth in such 2023 proxy statements, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement relating to the proposed acquisition when it is filed with the SEC. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov, Bristol Myers Squibb’s website at www.bms.com and Karuna Therapeutics’ website at https://karunatx.com/.

 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the proposed acquisition of Karuna Therapeutics by Bristol Myers Squibb, the expected timetable for completing the transaction, future opportunities for the combined businesses, the expected benefits of Bristol Myers Squibb’s acquisition of Karuna Therapeutics and the development and commercialization of Karuna Therapeutics’ product candidates, including the therapeutic and commercial potential of KarXT and Karuna Therapeutics’ other technologies and products in development. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. These statements are only predictions, and such forward-looking statements are based on current expectations and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward-looking statements. Actual results may differ materially because of numerous risks and uncertainties including with respect to (i) the approval of Karuna Therapeutics’ stockholders of the proposed acquisition, which may be delayed or may not be obtained, (ii) the risk that the expected benefits or synergies of the acquisition will not be realized, (iii) the risk that legal proceedings may be instituted related to the merger agreement, (iv) any competing offers or acquisition proposals for Karuna Therapeutics, (v) the possibility that various conditions to the consummation of the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the acquisition and (vii) unanticipated difficulties or expenditures relating to the proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention as a result of the announcement and pendency of the proposed acquisition. The actual financial impact of this transaction may differ from the expected financial impact described in this press release. In addition, the compounds described in this press release are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these compounds will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2022, and Karuna Therapeutics’ business, particularly those identified in the risk factors discussion in Karuna Therapeutics’ Annual Report on Form 10-K for the year ended December 31, 2022, as well as other documents that may be filed by Bristol Myers Squibb or Karuna Therapeutics from time to time with the SEC. Neither Bristol Myers Squibb nor Karuna Therapeutics undertakes any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made and readers are cautioned not to place undue reliance on such statements.

 

Use of Non-GAAP Financial Information and Financial Guidance

In discussing financial guidance, Bristol Myers Squibb refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this communication that are calculated and presented in accordance with GAAP and are presented because management has evaluated the company’s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company’s baseline performance, supplement or enhance management, analysts and investors overall understanding of the company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods.

 

Non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because Bristol Myers Squibb believes they neither relate to the ordinary course of Bristol Myers Squibb’s business nor reflect Bristol Myers Squibb’s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods.

 

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to or as a substitute for the related financial measures that are prepared in accordance with GAAP and are not intended to be considered in isolation and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

 

A reconciliation of the forward-looking non-GAAP measures presented in this communication is not provided due to the inherent difficulty in forecasting and quantifying items that are necessary for such reconciliation. Namely, we are not able to reliably predict the impact of specified items such as unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and equipment and intangible assets and stock compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. As a result, the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is not available without unreasonable effort. In addition, Bristol Myers Squibb believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on our future GAAP results. In addition, the non-GAAP financial guidance in this communication excludes the impact of any potential additional future strategic acquisitions and divestitures and any specified items that have not yet been identified and quantified. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this communication.

 

About PureTech Health

PureTech is a clinical-stage biotherapeutics company dedicated to giving life to new classes of medicine to change the lives of patients with devastating diseases.

Contacts

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+1 774 278 8273

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Universal Display Corporation named to The Wall Street Journal’s list of Best-Managed Companies of 2023

EWING, N.J. — (BUSINESS WIRE) — $OLED #OLED — Universal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, has been named to The Wall Street Journal’s (WSJ) Top 250 ranking of The Best-Managed Companies of 2023.

 

The annual Management Top 250 ranking of America’s best-run companies is based on a holistic measure of corporate effectiveness that was developed by the Drucker Institute and examines five dimensions of corporate performance: customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength.

 

“This recognition is a testament to the dedication, passion and hard work of our incredible UDC team members and is a celebration of our commitment to excellence in every facet of our global company,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation.

 

“From our broadening portfolio of innovative and energy-efficient products and services to fostering a corporate culture of inventiveness, integrity, inclusion and collaboration, we are building on our robust leadership position in the growing OLED ecosystem. As we approach the 30th anniversary of UDC’s founding, we are excited to reach even greater heights in the future and make a lasting impact in the industry.”

 

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

 

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

 

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

 

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American Water now accepting applications for 2024 Inclusion and Diversity Scholarship

Awards totaling $100,000 will be distributed nationwide to students continuing education

 

CAMDEN, N.J. — (BUSINESS WIRE) — American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today that it is accepting applications for its 2024 Inclusion and Diversity (“I&D”) Scholarship. Awards totaling $100,000 will be distributed nationwide to students within America Water’s national footprint, continuing their education in a non-medical STEM or business-related field at an accredited four-year college or university.

“American Water is thrilled to again offer the Inclusion and Diversity Scholarship, providing equitable opportunities for students across American Water’s national footprint to continue their education,” said Lori Sutton, Chief Inclusion Officer, American Water. “This scholarship supports the development of our future leaders and reinforces our unwavering commitment to inclusion, diversity and equity.”

 

The I&D Scholarship will be administered through a partnership with Scholarship America®, the nation’s leading nonprofit scholarship and educational support organization.

 

American Water announced the inaugural class of I&D Scholarship recipients earlier this year. Ten students were selected out of 1,475 applications and received $10,000 through the scholarship. Awards are renewable up to three additional years or until a bachelor’s degree is earned, based on eligibility.

 

The I&D Scholarship is offered annually to eligible students through 2026, totaling over $1 million in awards.

 

Learn more about American Water’s I&D Scholarship, eligibility and deadlines here.

 

About American Water

American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.

 

For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X (formerly Twitter) and Instagram.

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Media:
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Director, Communications and External Affairs

American Water

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alicia.barbieri@amwater.com