Bob Jordan, CEO of Southwest Airlines, listens to questions from media during Southwest Airlines Investor day at Southwest Airlines Headquarters on September 26 in Dallas (Sam Hodde for The Washington Post via Getty Images)

Southwest hasn't pulled out of the turbulence yet, but it gets to keep its pilot

Meanwhile, former CEO Gary Kelly, who’s currently executive chairman, “will accelerate his retirement” in a deal with activist investors.

J. Edward Moreno

10/24/24 9:54AM

Southwest Airlines said Thursday that it reached a deal with activist investor Elliott Investment Management that would allow CEO Bob Jordan to keep his job, avoiding a brewing proxy fight.

The deal adds six new directors, five of them picked by Elliott, to the airline’s board, which will be reduced to 13 members next year. They include Pierre Breber, the former chief financial officer of Chevron, and David Cush, former CEO of Virgin America.

Elliott was reportedly pushing to oust Jordan. While he was able to keep his job, former longtime CEO and current executive chairman Gary Kelly “will accelerate his retirement” and walk out the door November 1.

Airlines went through a rough patch during the pandemic, taking on loads of debt while revenue dropped. But Southwest hasn’t enjoyed the same level of postpandemic recovery that its peers have.

Southwest Airlines share price took a beating before Elliott announced a $2 billion stake in June. The company recently said it would scrap its love-it-or-hate-it cattle-call boarding in favor of assigning seats like other airlines.

There may be a light at the end of the tunnel: the company reported better-than-expected earnings on Thursday.

Netflix and Disney+ probably only added ad-tier subscribers this year, says Morgan Stanley

As streaming prices climb, ad-free subscribers are becoming a rarity.

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BLOOD

MONEY

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Discount stores are having a moment in America, drawing high- and low-income consumers alike

Everyone loves a deal in 2025 — and Aldi, Walmart, and Dollar Tree are all cashing in.

Millie Giles12/17/25

Max Knoblauch12/16/25

Report: OpenAI won’t pay a dime in cash for its 3-year licensing deal for Disney IP

More financial details behind the landmark deal that will grant OpenAI three years of access to Disney intellectual property are coming out, and they’re pretty surprising.

The deal will reportedly see OpenAI pay zero dollars in licensing fees, instead compensating Disney in stock warrants. It was previously reported that Disney would invest $1 billion into OpenAI as part of the agreement.

It’s very abnormal for Disney to grant anyone access to its massive IP library without a cash payment, and the entertainment juggernaut has been known to strike down even crocheted Etsy Yodas for infringing on its turf. In its fiscal year 2025, Disney booked more than $10 billion in revenue from licensing fees across merchandising, television, and theatrical distribution.

OpenAI Deal to License Disney Characters Is Entirely in Stock

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Ford says it will take $19.5 billion in charges in a massive EV write-down

The EV business has marked a long stretch of losing for Ford, and today the automaker announced it will take $19.5 billion in charges tied, for the most part, to its EV division.

Ford said it’s launching a battery energy storage business, leveraging battery plants in Kentucky and Michigan to “provide solutions for energy infrastructure and growing data center demand.”

According to Ford, the changes will drive Ford’s electrified division to profitability by 2029. The company will stop making its electric F-150, the Lightning, and instead shift to an “extended-range electric vehicle” that includes a gas-powered generator.

The Detroit automaker also raised its adjusted earnings before interest and taxes outlook to “about $7 billion” from a range of $6 billion to $6.5 billion.

Ford’s write-down is one of the largest taken by a company as legacy automakers scale back on EVs, giving EV-only automakers a market share boost.