U.S. Chamber endorses Braun in Senate race
One of the largest business organizations in the United States is endorsing Republican Mike Braun in the Indiana Senate race.
The U.S. Chamber of Commerce announced Tuesday that it was backing the businessman and former state lawmaker, who is challenging Sen. Joe Donnelly, one of the most vulnerable Democrats up for re-election.
The organization released an advertisment attacking Donnelly for voting against the Republican-led tax overhaul.
The group says the ad started airing Monday on broadcast and cable TV, but did not address how much they will spend to help Braun.
The group spent at least $3.7 million backing GOP Sen. Todd Young against Democrat Evan Bayh in 2016.
The Indiana Chamber of Commerce is taking a different approach. It opted against issuing an endorsement in the race.
Notre Dame’s endowment value hits record
The University of Notre Dame’s endowment posted a 12.2 percent annual investment gain as the value of the private school’s fund increased to a record $13.1 billion.
The Indiana-based school didn’t disclose strategies used, asset allocation or performance by asset class in a statement posted Monday on its website.
The returns in the year ended June 30 compare with a median 7.4 percent, gross of fees, for endowments of all sizes in the period, according to data by Wilshire Trust Universe Comparison Service. Colleges usually report their numbers net of fees.
“I am delighted to see the impact of these returns and strong stewardship on the opportunities they provide for our students and faculty in almost every area of the university,” Chief Investment Officer Scott Malpass said in the statement.
Malpass, a Notre Dame alumnus, has run the endowment since 1989. The fund gained an annualized 10.3 percent for the past 20 years.
Sirius to acquire Pandora in online radio deal
Sirius XM Holdings Inc. has agreed to acquire Pandora Media Inc. in a $3.5 billion deal, helping the satellite-radio company controlled by billionaire John Malone expand into online music.
The all-stock transaction values Pandora at $10.14 a share, about 12 percent more than the company’s closing price on Friday. Sirius XM already has a 15 percent stake in Oakland, California-based Pandora, the companies said in a statement Monday.
The combination will help Sirius XM expand beyond an audience that largely listens to the satellite radio company’s programs while driving. Sirius XM acquired a stake in Pandora last year for $480 million, giving the online-radio company a lifeline after upstarts such as Spotify Technology SA began luring away streaming-music subscribers.
Pandora has introduced its own on-demand music service and brought in former Sling TV chief executive Roger Lynch a year ago to work on a turnaround.
