Mexican telecommunications giant America Movil (AMX) and France's JCDecaux said on Tuesday that the pair will create a joint venture in Mexico by merging their out of home advertising businesses.
JCDecaux will hold 60% of the new company with the rest becoming a wholly owned subsidiary of America Movil. The deal is expected to close this year.
"[The deal] will enable us to offer our clients a better geographical coverage, notably in Mexico City, in street furniture advertising and diversify our portfolio of assets with bridges and shopping malls," Co-Chief Executive Jean-Charles Decaux said, Reuters reports.
What's Hot On TheStreet
Another bank is bullish on Alibaba: JP Morgan initiated Chinese e-commerce giant Alibaba (BABA) with an overweight rating and $190 price target in a new note Tuesday, representing more than 30% growth over Monday's closing price of $142.73. In JP Morgan's eyes, Alibaba is entering a transformation from a pure play e-commerce company to a data-driven beast that stands to power its bottom line more than most expect.
"We believe Alibaba's core commerce is expanding from traffic monetization to data monetization and such trend will quickly expand to its media/cloud businesses," writes JP Morgan analyst Alex Yao. "Such expansion not only allows Alibaba to tap into non-transaction-based corporate budget (e.g. market research, brand awareness, and customer service), but also supports our investment thesis based on sustainable revenue/earnings growth."
A key Walmart business springs back to life: Walmart (WMT) is starting to see long-awaited sales growth at its U.K. Asda division as Britons shift their shopping habits towards food purchases with a slump in consumer confidence and surging inflation, TheStreet's Lisa Botter reports. Sales at Asda rose by 2.2% for the 12-weeks ended June 18, well ahead of the 0.9% pace notched in the 12 weeks to May 21, according to new data from research firm Kantar.
Different strategies emerge in driver-less cars: Alphabet Inc.'s (GOOGL) deal with rental car giant Avis Budget Group Inc. (CAR) to have Avis manage some self-driving test cars developed by Alphabet's Waymo unit and Fiat Chrysler (FCAU) feels a little overblown, writes TheStreet's Eric Jhonsa. The deal only covers test cars deployed in one metro area (Phoenix, Ariz.), and isn't exclusive, Jhonsa points out.
Meanwhile, Apple Inc.'s (AAPL) deal with Avis rival Hertz Global Holdings Inc. (HTZ) feels even smaller. Apple, which has reportedly been testing a half-dozen self-driving cars around the San Francisco Bay Area, is just leasing a small number of Lexus RX450h SUVs from Hertz, with the idea of retrofitting them with self-driving test systems.
Either way, Jhonsa says both deals represent quite the contrast with what Tesla Inc. (TSLA) is trying to pull off. Elon Musk seems to want to go it all alone.
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