Blockbuster Lakers Sale, Iran Takes Robust Military Stance, More
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News When You Want It. With Bloomberg News Now, I'm Amy Morris. The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for a record breaking price, the second such sale in a year. The deal is for twelve and a half billion dollars. Bloomberg senior reporter Randall Williams.
It is a shock to the sports world to see a franchise like the Lakers turn over. I'm I believe they sold in twenty-four. I don't think it was last year, but to see them turn over twice and add two billion dollars in valuation is absolutely shocking. Joshua Krishner owns a stake in the Miami Heat as well that will need to be divested. And he also had an interest in the NBA expansion specifically in Las Vegas. That is obviously going to be abandoned now as well.
Bloomberg's Randall Williams on Bloomberg Intelligence. Mark Walter purchased a controlling interest in the team last year and has been the Lakers majority owner since October. Walter's firm, TWG Global, is in talks with investors to raise money to help pay down loans on the books of its insurers that has drawn scrutiny from the Justice Department. Iran has reorganized its military to be more aggressive as talks with the US are at a stalemate with little sign of a breakthrough over the Strait of Hormuz. Oil bounced between gains and losses as traders parsed data from leading energy forecasters. Crude oil prices are lower, WTI less than eighty-three dollars a barrel, and Brent crude more than eighty-eight dollars a barrel.
And the Guardian is reporting that military families and Congress members are sounding the alarm about an intensifying mental health crisis aboard the USS Abraham Lincoln. The Navy Times and the Stars and Stripes are reporting there have been multiple attempts by sailors to jump overboard. As poor conditions and mental stresses on the Lincoln reach a breaking point. The crew is in its ninth month at sea and has spent two hundred and fifty days consecutively without making land. That's a record for an aircraft carrier. Consumer prices rose pretty much as economists expected last month. The core consumer price index that leaves out food and energy came in at two and a half percent, matching the slowest pace since March twenty twenty one.
Pimco economist Tiffany Wilding says this probably won't change much at the Fed.
This plus the softer CPI print last month, you know, has to be, you know, a little bit of a relief for Fed officials, good news for them. You know, at the same time though, you know, some of the more hawkish members on the committee, we doubt it really changes their minds.
Tiffany Wilding with PIMCO was a guest on Bloomberg Surveillance, and that CPI data moved stocks higher as concerns eased over possible Fed rate hikes. We bring you the closing numbers each day here at Bloomberg.
Why is the Los Angeles Lakers sale to Josh Kushner and Bob Iger considered historic?
The SP gained 20 points, NASDAQ up 143 points, the Dow lost 22 points, ten-year treasury yield at 4.69%, the two-year yield at 4.2%. Cisco Systems gave a sales projection for the current quarter exceeding Wall Street expectations, a sign of success for the company's efforts to supply a larger share of the AI data center market. Shares of Cisco up more than 4% in the post market. And the Philadelphia Semiconductor Index gained about 2.5%, led by NVIDIA, which gained 3%. Alphabet shares were slightly lower in the regular session after Google introduced its latest.
President Trump says Press Secretary Caroline Levitt will be leaving that job later this month. He made the announcement in a social media post. Levitt has served as press secretary since Trump returned to office in 2025.
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