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TALKING POINTS

Dylan sells all of his recorded music to Sony

Bob DylanDave J Hogan/Photographer: Dave J Hogan/Getty

MUSIC

Dylan sells all of his recorded music to Sony

Bob Dylan sold his entire catalog of recorded music to Sony Group in the latest example of musicians cashing in on a wave of deals sweeping the industry. The deal includes all of his recorded work, from his self-titled debut album on Columbia Records in 1962 through 2020′s “Rough and Rowdy Ways.” Terms of the sale weren’t disclosed, but the music-industry publication Billboard estimates that the recordings are worth at least $200 million. The deal was struck in July and announced by Sony on Monday. The agreement follows Dylan’s sale of his songwriting catalog to Universal Music Group more than a year ago. Back catalogs have found new value in the online era as streaming services such as Spotify produce billions of dollars in annual sales for the industry. Investor groups, such as the Hipgnosis Songs Fund, have sought out old recordings and created a competitive market for stars. Bruce Springsteen, another longtime Sony artist, sold his back catalog last month in a deal worth some $500 million, according to Billboard. Singer John Legend also found investors for his songs this month. — BLOOMBERG NEWS

ENERGY

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Halliburton doubles dividend as fracking business booms

Halliburton more than doubled its dividend on the back of its biggest profit in more than half a decade and said demand for fracking is so brisk that the company is working at full capacity. North American oil explorers appear likely to expand spending by 25 percent this year while overseas drillers are on course for a more modest increase in the mid teens, executives said during a conference call on Monday. Halliburton, the world’s No. 1 provider of fracking services, joined larger rivals Schlumberger and Baker Hughes Co. in predicting a new multi-year expansion cycle for oilfield contractors, although Halliburton was the only one among the trio to boost shareholder payouts. — BLOOMBERG NEWS

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RENTAL HOUSING

Blackstone REIT buys Philadelphia REIT

Blackstone Real Estate Income Trust Inc. agreed to buy Resource REIT Inc. in a deal valued at $3.7 billion, expanding its bet on US rental housing. BREIT, the non-traded real estate investment trust of Blackstone Inc., will buy Philadelphia-based Resource for $14.75 a share and assume its debt, according to a statement Monday. The deal gives Blackstone a portfolio of 42 garden-style apartment communities totaling more than 12,600 units in 13 states, including Texas, Arizona, Florida, Colorado, and Georgia. — BLOOMBERG NEWS

CRYPTOCURRENCY

US cannot extradite British man accused of stealing $8.5 million in crypto assets

The United States lost its bid to extradite a British man over allegations he helped hijack an American citizen’s identity to steal $8.5 million in crypto assets while he was a teenager. Corey De Rose’s extradition would be “unjust and, or, oppressive” and “disproportionate in relation to the human rights act,” a London judge ruled on Monday. De Rose’s lawyers had argued against his extradition on mental health grounds. Rose, who is 22, is accused of helping hack into a US citizen’s crypto wallet and transferring the digital currency to him and his alleged co-conspirators in 2017. He received 108.18 Bitcoins, valued at around $300,000 at the time, lawyers for the United States said during last year’s extradition trial. They alleged he was part of a wider team of hackers called “The Community” which is said to have hijacked US identities to steal over $50 million in cryptocurrencies between 2017 and 2018. — BLOOMBERG NEWS

TRANSPORTATION

Entire NY subway system running after COVID staff shortages ease

The Metropolitan Transportation Authority said the entire New York City subway system is running again, ending the cutbacks required when the Omicron surge caused major staffing shortages. The MTA said the W line, which connects Manhattan and Queens and was the last still closed, began operating again Monday morning. — BLOOMBERG NEWS

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RETAIL

Kohl’s confirms possible sale, sending stock soaring

Kohl’s confirmed that it has been approached about a possible sale of the department store chain, sending shares up 36 percent Monday. The company said that it would not comment further, but its confirmation follows media reports that the private equity firm Sycamore Partners had approached Kohl’s about a potential deal. Days earlier, a group called Acacia Research, backed by activist hedge fund Starboard Value LP, reportedly bid $64 per share, or about $9 billion. The reported offers come just a week after activist hedge fund Macellum Advisors released a letter urging Kohl’s to explore strategic options, including a sale, if the chain doesn’t take action to improve its business and increase its stock price. — ASSOCIATED PRESS

FINANCE

Bank of America fires financial adviser over rant at smoothie shop

Bank of America ousted a financial adviser after police arrested him for a racially charged tirade at a smoothie shop in Connecticut that was caught on video and viewed millions of times on social media over the weekend. The incident at a Robeks outlet Saturday began when James Iannazzo ordered a drink without peanut butter for his son, who has a peanut allergy, according to a statement from the Fairfield Police Department. He left the store, but returned to confront employees after his son had an allergic reaction that sent him to the hospital, police said. A video shot from behind the counter shows a man shouting and using expletives, and throwing a drink at an employee. ‘’I want to speak to the f---ing person who made this drink,’’ the man can be heard saying in copies of the video on TikTok and Twitter that were widely cited in media reports. “You stupid f---ing idiot,” he said, later adding, “You f---ing immigrant loser.” An attorney for Iannazzo said his client “wholeheartedly regrets the incident that took place” and isn’t a racist. By Sunday, Bank of America said Iannazzo, 48, was no longer at Merrill Lynch Wealth Management, where regulatory records show he’s worked since at least the mid-1990s. — BLOOMBERG NEWS

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MOVIES

Spider-Man back on top

After spending one weekend in second place, “Spider-Man: No Way Home” proved it still had some fight left. Sony’s superhero juggernaut swung back to first place in its sixth weekend in theaters and became the sixth highest grossing film of all time, globally. The film topped the North American charts with $14.1 million, according to studio estimates on Sunday. Globally, it’s now grossed nearly $1.7 billion, passing the total earnings of both “Jurassic World” and “The Lion King.” And in North America its $721 million make it the fourth biggest release ever. — ASSOCIATED PRESS

MEDIA

CBS streaming service to include more programs, personalities from network

CBS News says it is retooling its streaming service to better incorporate programs and personalities from the television network. The CBS service debuted a new evening newscast and prime-time lineup on Monday, from a newly-constructed Manhattan-based studio, part of what promises to be an aggressive year of building for news-based products. The hourlong evening newscast, beginning at 7 p.m. Eastern, will feature a rotating cast of anchors and originate from New York, Washington, and Los Angeles. The streaming service will continue to air a rerun of Norah O’Donnell’s “CBS Evening News” later in the evening. — ASSOCIATED PRESS

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