The youngest son of Wal-Mart founder Sam Walton heads the family's private
businesses, including Arvest Bank and Community Publisher. With his two surviving siblings and the estates of his late mother and brother, Sam Walton's heirs control a stake that now stands at about 47 percent. Jim Walton owns almost 347 million shares.
Time Warner Inc., owner of the TNT, CNN and HBO cable channels, reported second-quarter profit that topped analysts’ estimates, boosted by higher advertising revenue. The company also said it has pushed back its planned spinoff of Time Inc. to early 2014.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Amazon.com Inc. Chief Executive Officer Jeff Bezos saw his fortune rise by $2.72 billion yesterday to $21.2 billion, highlighting a week in which the world’s 40 richest people added $5.4 billion to their collective wealth.
Since the Academy of New Media Middle School in Columbus, Ohio, opened in 2011, it has scraped by, with its principal cleaning toilets and a math teacher pressed into service as school nurse. Only $250,000 in gifts from the Walton Family Foundation keeps the 85-student charter school alive.
Time Warner Inc.’s CNN, the pioneer news network that’s fallen behind newcomers Fox News and MSNBC, is looking to acquisitions as part of an effort to regain ground by pushing more programming to tablets and smartphones.