WFXT sold to a hedge fund

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Boston-based television station WFXT Channel 25 will soon be owned by a hedge fund, in a deal announced Tuesday between Cox Media Group and New York-based Standard General LP Cox Media Group, which bought Dedham-based WFXT from Fox in 2014 is selling the station as part of a larger deal. CMG will acquire ABC6, owned by Standard General, which serves New Bedford and Providence, as well as stations in Missouri, Nebraska and Kentucky. The companies say the deal will likely close in the second half of 2022. In a separate deal valued at $5.4 billion, Standard General said it would strip the TV station owner and former broadcast arm by Gannett of TEGNA. CMG will then acquire five of TEGNA’s Texas stations in Austin, Dallas and Houston. WFXT isn’t the only local outlet to be acquired by a hedge fund. In 2018, New York-based Alden Global Capital bought the Boston Herald, ending 24 years of local ownership. —ANNIE PROBERT

AUTOMOTIVE

VW eyes IPO for Porsche

Volkswagen is preparing an initial public offering from Porsche, seeking a listing of its most profitable asset to help boost the parent company’s valuation and fund the push to electric vehicles. Under a plan dubbed “Phoenix,” the automaker and Porsche Automobil Holding, the primary investment vehicle of the billionaire Porsche and Piech family, have sketched out a framework that navigates VW’s convoluted structure. As part of the IPO, investors could be offered around 25% non-voting shares in the iconic sports car maker while the family buys a blocking minority stake, according to people familiar with the deliberations. The provisional listing, estimated at 85 billion euros ($96 billion) by Bloomberg Intelligence, would partly reverse a tumultuous takeover of Porsche more than a decade ago and signals the scale of the upheaval sweeping the industry . — BLOOMBERG NEWS

PHILANTHROPY

MacKenzie Scott donates $50 million to 4-H

MacKenzie Scott’s $50 million gift to the National 4-H Council, which the youth-focused nonprofit called “transformational,” is among a new batch of gifts from the philanthropist who comes to be revealed. The donation to the organization, which supports the 120-year-old youth development program, is the second largest donation made by Scott since announcing last year that she had given $2.7 billion to charitable non-profit organizations. — ASSOCIATED PRESS

AUTOMOTIVE

Tesla’s German factory could be sidelined due to lack of water

When Elon Musk was asked last year if the factory Tesla was building in Germany would deplete the region’s water supply, he burst out laughing and called the idea “completely false”. Six months later, water is one of the main reasons the plant is still not producing vehicles. While Musk in August casually pointed out water “everywhere” around Berlin, the region is suffering from falling groundwater levels and prolonged droughts due to climate change. It sparked a legal challenge that will go to court next week and an acknowledgment from local authorities that supply will be insufficient once Tesla sets up the factory. The issue has the potential to further delay or even halt the $5.7 billion (€5 billion) project in what could turn into a costly setback for the automaker’s expansion. — BLOOMBERG NEWS

WEATHER

BP ends 30-year partnership with London’s National Portrait Gallery

BP is ending a three-decade partnership with the National Portrait Gallery in London as relations between the arts and fossil fuel companies come under increasing scrutiny in the UK. The London-based energy giant said it would not extend the contract beyond December and was ensuring any partnership was “actively” aligned with the company’s new climate strategy. He gave no reason not to renew the contract. The museum, founded in 1856, is not alone in feeling the heat from environmental groups for its relationship with the company. On Monday, protesters staged a fake display at the British Museum with signs showing pictures of BP drilling for oil at Stonehenge. — BLOOMBERG NEWS

SHIPPING

The fire on a ship loaded with cars is almost extinguished

A fire aboard a car-carrying ship in the mid-Atlantic is being extinguished, a Portuguese naval officer said on Tuesday, and the huge ship is expected to be towed to the Bahamas. The Felicity Ace fire burned for six days near the Portuguese Azores islands. A Portuguese Air Force helicopter evacuated the 22 crew members last week, leaving the 650ft-long vessel adrift. According to the captain of the port of Horta, Captain Joao Mendes Cabecas, on the island of Faial in the Azores, two ocean-going tugs equipped with fire-fighting equipment sprayed the hull of the ship to cool it. Two more tugs are expected to arrive by the end of the week, he said. The cause of the fire is not known, Mendes Cabecas said, although suspicion fell on the lithium batteries of the electric vehicles that Felicity Ace was transporting from Germany to the United States. The fire started on a loading deck where the vehicles were stowed, according to Mendes Cabecas, but when the alarm went off there was already too much smoke to determine where the fire had started. — ASSOCIATED PRESS

REGION

Maine closes scallop fishing areas for the season

Maine’s most productive scallop fishing grounds are closed for the remaining weeks of the state’s fishing season. Cobscook Bay is home to the most fertile scallop waters in Maine. The Maine Department of Marine Resources usually closes scallop areas early to prevent overfishing. The department decided to close Cobscook for the season on Sunday. Maine’s state scallop season begins in early winter and ends in early spring. The state also recently closed a handful of other lands, including West Vinalhaven, Upper Machias and Gouldsboro Islands and Dyers Bay. Maine’s scallop industry has been strong in recent years. Fishermen harvested more than 650,000 pounds of scallops in 2020. It was the third time fishing has eclipsed that figure since 2000. — ASSOCIATED PRESS

RETAIL

Pandora will open stores at Macy’s

Pandora, which makes more jewelry than any other company, has signed an agreement with Macy’s to open new stores in US department stores. As part of the deal, Pandora will open stores in 28 Macy’s stores this year, adding to five existing stores, the Copenhagen-based company said in a statement on Tuesday. Pandora aims to double revenue in the United States, its largest market, from 2019, but did not provide a deadline. — BLOOMBERG NEWS

TECHNOLOGY

Silicon Valley looks elsewhere when hiring

As West Coast tech companies hire, they increasingly post jobs in Texas, Virginia, and Georgia. According to a Conference Board analysis, more than four out of 10 listings of high-skilled white-collar jobs at tech companies based in California, Oregon and Washington are outside the region. Texas is by far the top destination in the state, including Austin, where Tesla just moved its headquarters. Among metropolitan areas, Washington, DC leads the way, followed by New York. While East Coast cities like Boston have long been tech hubs, the findings point to a pandemic-era shift inland. Denver and Nashville have seen some of the biggest increases in job postings. — BLOOMBERG NEWS

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