Kansas once required voters to prove citizenship. That didn't work out so wellMarket Whales and Their Recent Bets on DOW OptionsSaba Capital Management, L.P. Acquires 32,911 Shares of Pioneer Municipal High Income Opportunities Fund, Inc. (NYSE:MIO) Stock

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JonBenét Ramsey’s brother reveals ‘why pageant queen’s killer was never found’ as cops give update 28 years after murderMusk shares wild conspiracy as to why Ellen DeGeneres has left the United StatesHampton Roads-based medical device company ivWatch, LLC racked up several prestigious recognitions and awards this year for its innovative work in enhancing IV safety. The company, headquartered in Newport News, was named to the Inc. 2024 Best in Business list in the health products category. The annual list celebrates the exceptional achievements and contributions of companies that find “new ways to outperform, iterate, innovate, and drive change across their industry and their community.” ivWatch’s product is a small sensor and patient monitor that monitors an intravenous therapy (IV) site. IV therapy procedures involve fluids, medications and nutrients being directly administered through a patient’s vein. However, problems can arise when the drugs accidentally leak from an IV into the tissue surrounding the vein, in a complication known as “IV infiltration.” Infiltration can cause tissue damage and, if left untreated, could result in pain, swelling, amputation of the affected limb and sometimes death. ivWatch CEO Gary Warren said peripheral IV therapy failure rates due to infiltration are estimated to be between 25-50%. “​​It’s crazy how bad the problem is,” Warren said. “I refer to it as health care’s biggest issue right now that isn’t being discussed.” To prevent the side effects of infiltration, ivWatch has created a sensor that is placed near an IV site to detect infiltrations and extravasations. If the fluid leaks into the tissue, the monitor notifies clinicians to assess the IV site. One of ivWatch’s patient monitors waiting to be tested Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) CEO Gary Warren talks about the role ivWatch plays in saving lives Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) One of ivWalk’s patient monitors waiting to be tested Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) Korry Allende, biomedical manufacturing technician for ivWatch, operates the converting machine Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) Kenton Powell, biomedical manufacturing technician for ivWatch, examines a sensor he just assembled Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) Nat Chem, biomedical manufacturing technician for ivWatch, tests a patient monitor Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) One of ivWatch’s patient monitors waiting to be tested Wednesday, Dec. 18, 2024. (Stephen M. Katz / The Virginian-Pilot) Warren said the recognition from Inc. felt “great” and credited those who work at the company for their dedication. Related Articles “We’re on a mission to solve one of the biggest problems in health care by reducing IV injuries, and this recognition belongs to the passionate ivWatch team who have started a movement along with our customers to keep patients safe from IV harm,” he said in a statement. Also this year, ivWatch was awarded first place in the Virginia Manufacturers Association’s list of “Coolest Things Made in Virginia” and recently took third place in the Startup World Cup — a global startup competition. The ivWatch company was founded in 2010 and has since monitored more than 300,000 patients globally. The company’s technology is now available in the U.K., Ireland, the Netherlands, Belgium, United Arab Emirates, Saudi Arabia, Australia, New Zealand, Canada, Qatar, Israel, and Kuwait. Helen Stephens, ivWatch’s vice president of global sales, said it’s difficult to predict how long it takes for infiltration to become fatal from the moment the leakage starts. That’s why she said the technology is “critical” to detect the problem as soon as possible so clinicians can adjust the treatment of the patient accordingly. “We have to trust the technology, all of the data, all the clinical evidence that we have that says something’s going wrong, remove the catheter, prevent that injury to that patient,” Stephens said. “So it’s about patient safety, avoidable harm, and protecting the clinician as well as the patient. Because we don’t go to work to cause harm. You know, our job is to make somebody better.” Looking ahead to 2025 and beyond, Warren said the company will focus on developing and rolling out additional sensors that can detect additional drug types. He also hopes to continue the product’s expansion, noting there are 2 billion peripheral intravenous catheters used worldwide each year, with 300 million used in the United States. He said at least half of those should have an ivWatch sensor on them. “So, what’s my game plan? Someday, that we’re on a billion IVs a year,” Warren said. Josh Janney, joshua.janney@virginiamedia.com

Trump selects longtime adviser Keith Kellogg as special envoy for Ukraine and RussiaWarner Music Group ( WMG -7.40% ) Q4 2024 Earnings Call Nov 21, 2024 , 8:30 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Welcome to Warner Music Group's fourth quarter earnings call for the period ended September 30th, 2024. At the request of Warner Music Group, today's call is being recorded for replay purposes. And if you object, you may disconnect at any time. Now I would like to turn today's call over to your host, Mr. Kareem Chin, head of investor relations. You may begin. Kareem Chin -- Head of Investor Relations Good morning, everyone, and welcome to Warner Music Group's fiscal fourth quarter and full-year earnings conference call. Please note that our earnings press release, earnings snapshot, and Form 10-K are available on our website. On today's call, we have our CEO, Robert Kyncl; and our CFO, Bryan Castellani, who will take you through our results, and then we will answer your questions. Before our prepared remarks, I'd like to refer you to the second slide of the earnings snapshot to remind you that this communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. We plan to present certain non-GAAP results during this conference call and in our earnings snapshot slides and have provided schedules reconciling these results to our GAAP results in our earnings press release. All of these materials are posted on our website. Also, please note that all revenue figures and comparisons discussed today will be presented in constant currency, unless otherwise noted. References to normalized revenue and adjusted OIBDA are adjusted for items that impact comparability. The details of these can be found in our filings. All forward-looking statements are made as of today, and we disclaim any duty to update such statements. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, and projections will result or be achieved. Investors should not rely on forward-looking statements because they're subject to a variety of risks, uncertainties, and other factors that can cause actual results that differ materially from our expectations. Information concerning factors that can cause actual results to differ materially from those in the forward-looking statements is contained in our filings with the SEC. And with that, I'll turn it over to Robert. Robert Kyncl -- Chief Executive Officer Thanks, Kareem. And good morning, everyone, and thank you for joining us. I'm pleased with our progress, both this quarter and this year, as we've demonstrated our strength and adaptability in a highly competitive market. Today, I'll provide more context on how we're positioning the company to sustain growth and to deliver even greater value to our artists, songwriters, and shareholders. First, let me give you a quick summary of our Q4 results. These are normalized or all previously disclosed nonrecurring items. We delivered an 11% jump in recorded music subscription streaming revenue, driven by strong releases and assisted by global subscriber growth and price increases. This was our fourth consecutive quarter of double-digit growth. Total revenue was up 6% with recorded music up 6% and music publishing up 5%, and adjusted OIBDA grew 14% with margin increasing 150 basis points. Our robust Q4 results contributed to full-year revenue and adjusted OIBDA growth of 7% and 11%, respectively. The year was highlighted by recorded music subscription streaming growth of 12%. Our strategy is designed to enhance our ability to attract original artists and songwriters at every stage of their development. We help them realize their musical visions, cut through the noise, build sustainable careers, and grow passionate and loyal fan bases. This year, we reimagined our organization based on the principle that simplicity and focus drive higher intensity and impact. We've done a lot of important work, which has set us up for success today and will help us grow more profitably in the future. We strengthened our presence in the U.S., the world's largest music market. We've shifted to a simpler and flatter organization structure to create faster and more direct channels on local talent to reach the global stage, and we've reorganized key business lines, such as catalog and distribution, in order to deliver greater global reach. We continue to find ways to strengthen the coordination across our recorded music and music publishing divisions, and we fixed a lot of foundational infrastructure issues that will now enable our technology team to be more offensively focused. I'd like to dive a little deeper into these changes and tell you about some of the further steps we've taken this quarter. In the U.S., we have two flagship record label groups, Atlantic and Warner Records, important twin engines for growth. As part of our structural changes, we elevated Elliot Grainge to lead Atlantic. While this kind of transition is never easy, this was a seamlessly executed handover. The team has delivered first-class results for priority projects while bringing in fresh ideas, onboarding dynamic executives, and attracting exciting new artists. With a digitally native approach, the Atlantic team will expand and diversify our artist roster and increase the volume of releases. While all of this is going on, the label has kicked off our new fiscal year with a bang. APT, the collaboration between Korean superstar Rose, who we signed just a few months ago, and Bruno Mars immediately shot to No. 1 on Spotify and Billboard global charts. With this absolutely massive hit, Rose is the first female K-Pop solo artist to break into top 10 on Billboard Top 100. Bruno Mars is the biggest artist in the world. He has the largest reach of anyone with 130 million monthly listeners on Spotify. This week, he holds two top positions on the Billboard Global 200 chart with APT and Die with a Smile, his Grammy-nominated collaboration with Lady Gaga. Other Atlantic successes include Coldplay, landing their first No. 1 album in a decade in the U.S.; new albums from Don Toliver and The Marias, both of which continue to build strongly months after their release; and the impactful remix of Charli XCX's Brat album and her seven Grammy nominations, including Album of the Year and Record of the Year. At the same time, the Atlantic team is bringing through the next generation of talent. Artemas reached 1 billion streams with his smash hit, I Like the Way You Kiss Me. Forrest Frank and Jordan Adetunji received their first Grammy nominations. Jazz artist, Sachal; and singer-songwriter, Sam Barber; and rapper Hunxho are taking off. And competitive new signings include BashfortheWorld and 1900Rugrat. Elliott and his team have an impressive ability to discover an extraordinary talent across multiple genres and find fresh ways to help both established and emerging artists stand out from the crowd. At Warner Records, the team's commitment to artist development is driving hits and training superstars. Under the leadership of Aaron Bay-Schuck and Tom Corson, the label's market share hit a new peak this year, reaching the No. 3 position in the U.S. for current releases. They're hoping the likes of Teddy Swims, Benson Boone, NLE Choppa, and Zach Bryan have worldwide smashes with real staying power. For example, Teddy's No. 1 single, Lose Control, has spent an impressive 44 weeks in the top 10 of the Billboard Hot 100. NLE Choppa's career streams crossed the 9 billion mark at the ripe, old age of 22. And it's great to see that label mates Teddy and Benson are up for Best New Artist at the Grammys. At the same time, Warner Records has been integral to the successful resurgence of icons like Green Day; Cher; and Linkin Park, who have triumphantly returned with their first album in seven years, the first since the tragic death of lead singer, Chester Bennington. The band's new album, From Zero, has the most pre-phase in WMG history, while the band embarked on a massive global tour. As I said many times, the power of new releases drives engagement around artist catalog and vice versa. We create a virtual cycle of consumption that fuels an uplift across the artist's entire value of work. For example, when Linkin Park's new single, The Emptiness Machine, dropped in September and the band's new album was announced, their streams jumped by half a billion compared to the same quarter last year. I cannot stress enough how exhilarating it is to watch the creative success that both Warner Records and Atlantic are having. Through our shift to a flatter organizational structure, we've elevated our regional leadership across Latin America, EMEA, and APAC. This has created faster, more direct channels for local talent to access the global stage. This quarter, we continue to take steps that expand our presence in both mature and high-growth markets. In Japan, the second-largest music market, we appointed a new leadership duo, CEO Takeshi Okada and Chairman Kenji Kitatani. In Korea, we launched MPLIFY, a new label focused on English language music. In Benelux, we bought a leading indie label, Cloud 9 Recordings. In Africa, we completed our acquisition of Africori, the region's leading distribution company. And Warner Music Latina joined forces with indie label Street Mob Records, an incubator of new Mexican talent. Our focus on bringing a wide array of local talent to stardom is paying off. We have vibrant music from homegrown heroes topping charts in many territories. We've had No. 1 singles and albums by the likes of Soprano in France, Speed in Australia, Ayliva in Germany, Bien in Kenya, [Inaudible] in Italy, Wu'u in Vietnam, and King in India. We've also helped our global superstars reach new heights around the world. For example, Dua Lipa became the first female artist to have two albums exceed 13 billion streams each on Spotify. Before we move on, I'd like to spotlight a territory we believe has huge global potential. With a population of 1.4 billion, India is more like a continent than a country. It has the fifth-largest GDP, but it's still only the 14th-largest music market in the world. That gap will continue to close in the coming years. And as it does, India will become an increasingly influential global force in the music business. The company has already seen a significant increase in paid subscribers, which have increased by almost 40% since last year, but it still has less than 2% penetration. A few weeks ago, I visited our offices in India and met with our team, artists, and partners, and it was very inspiring. Since launching there in 2020, we've partnered with the most important local players, as well as buying stakes in and acquiring outright local music companies, such as E-Positive, Divo, and Global Music Junction. Earlier this month, we made our latest move, buying a stake in SkillBox, a leading ticketing and live events platform. We're helping Indian stars like Diljit Dosanjh and King reach new audiences while building loyal Indian fan bases for global talent, such as Coldplay and Dua Lipa, who are both touring there in the coming months. As a result, we've seen an impressive revenue growth by over 100% in fiscal 2024. And most importantly, everything we're doing means we're well-positioned to keep taking market share as India continues its explosive growth. In our catalog and distribution divisions, we've made changes that better align our expertise and resources with the growing global opportunities for artists. Where previously, we were operating on a country-by-country basis, now we've globalized our operations. Our dedicated, centrally managed global teams enable us to share learnings, leverage best practices, and deploy technology to find efficient ways of having greater, worldwide impacts. Turning to music publishing. The business continues to deliver impressive results. The 14% growth in total revenue on a normalized basis for the full year represents our fourth consecutive year of double-digit revenue growth. This was led by 19% streaming growth on a normalized basis. We're contributing to global hits, strengthening our services, and monetizing deeper into our catalog. Here are a few recent high points. Three of the five Grammy nominees for Songwriter of the Year are Warner Chappell writers: Amy Allen, RAYE, and Jessi Alexander. Warner Chappell is No. 2 for a second consecutive quarter on Billboard's top Country Airplay rankings and rising to No. 2 on the Hot 100 Songs chart with 25% market share, and Warner Chappell is No. 1 on the German half-year chart with its writers spending 18 of 26 weeks at No. 1 on the singles chart. Despite all this success, we aren't resting on our laurels, and we've continued to invest into our future growth by forging new partnerships with Analog Metaverse, the company founded by Grammy award-winning producer Salaam Remi; launching a venture with the widely respected British label, Defected Records; and appointing new leadership in high-growth territories, such as Lisa Li in China and Sophia Hong in Korea. We're very optimistic about the future at Warner Music Group. We have the right team and strategy to deliver long-term profitable growth in a dynamic and thriving industry. We continue to build strong, mutually beneficial relationships with our partners to grow the value of music. With penetration in mature markets expected to increase from approximately 35% today to nearly 50% by 2030 and emerging markets going from single to low double digits over the same time frame, music subscriber growth should remain healthy for the years to come. For reference, in the U.S., cable TV penetration is a little over 50%, and the swap penetration is approaching 50%, highlighting that even in a mature market, music penetration is very low and has plenty of runway ahead. With both subscriber growth and opportunities for wholesale price increases, the formula for streaming growth is strong, and there is plenty of room for acceleration. Our focus on efficiency has freed up capital, enabling us to increase our investments in growth opportunities. As we previously promised, we've increased our A&R investment by approximately 11% in fiscal 2024 as we continue to sign new artists and songwriters and acquire IP and catalogs, all while driving our digital transformation. As part of our investment strategy, we will consider bolt-on acquisitions that accelerate our progress while meeting our return thresholds. In addition to these investment opportunities, I wanted to note that our board has authorized a share repurchase program of up to $100 million. The program demonstrates our confidence in the value of our company and our optimism for the path ahead. Our confidence is underpinned by the strong momentum we're carrying into 2025 with an exciting release slate that includes projects from Rose, Dua Lipa, Teddy Swims, Jack Harlow, Benson Boone, Myke Towers, David Guetta, Burna Boy, FKA twigs, and more. We're excited by the opportunities ahead and look forward to delivering more culture-shaping music in 2025 and beyond. And now over to you, Bryan. Bryan Castellani -- Chief Financial Officer Thank you, Robert, and good morning, everyone. Before I get into our results, I want to remind everyone that growth rate comparisons will be in constant currency. And where appropriate, I will reference normalized growth metrics. There are items throughout the quarter and the year that affect comparability. The details and adjustments relating to these items can be found in our earnings press release. In Q4, total revenue grew 3%, and adjusted OIBDA increased 11% with a margin of 21.7%, an increase of 170 basis points over the prior-year quarter. On a normalized basis, total revenue grew 6%, adjusted OIBDA increased 14%, and margin increased 150 basis points. Recorded music revenue increased 4% and grew 6% on a normalized basis, led by subscription streaming, which grew 11%, our fourth consecutive quarter of double-digit growth. Ad-supported streaming declined by 6% as we lapped last year's TikTok renewal and filed the revenue impact of Meta's exit from premium music videos. Digital revenue increased 5%, driven by strong releases in the U.S. and Japan, while artist services and expanded rights revenue increased 3%, primarily due to higher concert promotion revenue in Japan. Licensing revenue increased 33%, driven by increased revenue from copyright infringement settlements, primarily in the U.S. and growth in broadcast use. Recorded music adjusted OIBDA increased 13% with a margin of 23.7%, an increase of 200 basis points. On a normalized basis, adjusted OIBDA increased 14%, and margin increased 160 basis points. Our music publishing results reflect the $17 million benefit from the CRB rate increase in the prior-year quarter. Adjusted for that benefit, music publishing total revenue increased 5%, while digital increased 6%, and streaming increased 5%. These growth rates compare against the prior-year quarter which saw robust streaming growth of 17% and reflect continued market and catalog growth, as well as timing of payments. Link revenue increased 15%, reflecting an increase in copyright infringement settlements, primarily in the U.S., while performance revenue decreased 2%. Mechanical revenue decreased 12% due to lower physical sales and timing of distributions. Music publishing adjusted OIBDA grew 11% with a margin of 28.1%, an increase of 290 basis points. On a normalized basis, adjusted OIBDA increased 17%, and margin increased 280 basis points. For the full year, total company revenue grew 7%, and adjusted OIBDA grew 16% with a margin of 22.3%, an increase of 180 basis points. On a normalized basis, total revenue grew 7%, and adjusted OIBDA grew 11% with a margin of 21.4%. Adjusted OIBDA margin increased 70 basis points as strong operating performance and savings from our restructuring programs were partially offset by increased investment in A&R, as well as revenue mix. Recorded music revenue increased 6%, and adjusted OIBDA grew 17% with margin expansion of 240 basis points. On a normalized basis, recorded music revenue increased 6% with adjusted OIBDA growth of 11% and margin expansion of 110 basis points. These results reflect streaming revenue growth of 10%, led by strength in subscription streaming, which grew 12%. Music publishing revenue and adjusted OIBDA both increased 11%. On a normalized basis, music publishing revenue increased 14%, and adjusted OIBDA increased 13%. Q4 operating cash flow decreased 10% to $304 million from $338 million in the prior-year quarter. The decrease was primarily driven by timing of working capital items, partially offset by the timing of severance payments. Free cash flow decreased 10% to $271 million from $300 million in the prior-year quarter. For the full year, operating cash flow increased 10% to $754 million, and free cash flow increased 14% to $638 million. Operating cash flow conversion was 53% of adjusted OIBDA for the full year, in line with our target of 50% to 60%, despite increased investment in A&R and shifts in deal timing. As of September 30th, we had a cash balance of $694 million, total debt of $4 billion, and net debt of $3.3 billion. Our weighted average cost of debt was 4.3%, and our nearest maturity date remains 2028. We continue to actively manage and improve our capital structure, most recently repricing our term loan in September which has led to continued improvements in our debt ratings with both S&P and Fitch assigning us investment-grade ratings in August and September, respectively. I'd like to reiterate that as a result of actions taken in Q4 to reorganize our recorded music business, we now expect our restructuring plan to generate pre-tax cost savings of $260 million, and we continue to expect a significant majority of these savings to be achieved by the end of fiscal 2025. Looking ahead, our strong Q4 momentum in 2024 is carrying into 2025. Subscription streaming continues to see healthy underlying trends, and we expect high single-digit growth for fiscal 2025 and on a multiyear basis. Additionally, our goal remains to deliver margin expansion of 100 basis points and operating cash flow conversion of 50% to 60% of adjusted OIBDA on a multiyear basis. As a reminder, there are a number of previously disclosed items that will impact comparability in Q1. Streaming growth will be impacted by a BMG digital distribution roll-off, a digital license renewal in the prior year, and a lapping of Spotify pricing increases. Our digital distribution relationship with BMG that was planned to roll off by the end of fiscal '24 will now continue into fiscal '25. The revenue impact in Q1 is approximately $16 million versus the prior-year quarter, and the digital license renewal with one of our international partners was $27 million in the prior year quarter. Our physical distribution relationship with BMG has largely rolled off. We expect there to be an unfavorable revenue impact of $15 million to $20 million in Q1. Licensing revenue will reflect the $68 million catalog licensing agreement extension we disclosed in Q1 '24. Finally, artist services revenue will reflect the exit of our owned and operated media properties which contributed $20 million in the prior-year quarter. The music industry remains healthy, and we continue to see positive subscriber growth and penetration trends, as well as opportunities for wholesale pricing growth. We are excited about the slate this year and look forward to delivering great music. The momentum in the business is strong, and we are positioning ourselves for long-term success. Thank you for joining us today. We'll now open the call for questions. Questions & Answers: Operator Thank you. [Operator instructions] Our first question comes from the line of Kutgun Maral with Evercore ISI. Your line is now open. Kutgun Maral -- Evercore ISI -- Analyst Good morning. Thanks for taking the question. I just had a high-level one on the broader music industry. Looking at the labels specifically, the industry construct remains very attractive. There's healthy competition, for sure, but the big three still drive roughly two-thirds of global recorded music revenue and are must-haves for any platform. And structurally, you continue to see improvements with DSP price increases and the shift to artist-centric royalty models, so a very healthy and encouraging backdrop. On the other hand, I think as investors have looked to the other parts of the ecosystem, a lot of value has instead accrued to the DSPs and even certain live entertainment companies, in part, because of a view that they're at the forefront of capturing a greater share of wallet from consumers in monetizing the growing power of music. I'm not saying that those companies are undeserving of Wall Street's optimism, but it seems like the perceived potential for the labels has lagged despite their crucial role in everything. So I don't know if it's changing the dynamics with the DSPs and ad-supported tiers or a reimagined approach to superfans. But can you share your views on what the biggest opportunities for WMG are over the next few years to better participate in what seems to be a very robust growth profile for the overall music industry? Thanks. Robert Kyncl -- Chief Executive Officer Sure. Thank you. Thanks for the question. So I see this in two different buckets, but number one is the obvious moves. And in those, I'm focused on two big ones, which is reduction of discounts on family plans and more frequent PSM escalators. It's very simple. It comes down to these two levers, and there are very obvious moves for the industry for a company like WMG, and they are not a zero-sum move between us and the DSPs. They can actually be in concert with each other. And then the second bucket is in more innovations, and that's where sort of a superfan tier like the Music Pro that's been discussed a lot or other SKUs, some of which may include ads, etc., just innovation around SKUs and audience segmentation, those are also potential upside for all of us. My focus is in the order that I described, which is obvious moves first, those 2 specifically, and then the innovations. And all of these things would be sort of incremental to the glide path that you guys see for the industry. Kutgun Maral -- Evercore ISI -- Analyst Understood. Thank you. Operator Thank you. Our next question comes from the line of Benjamin Swinburne with Morgan Stanley. Your line is now open. Benjamin Swinburne -- Analyst Thanks. Good morning. I guess I had two questions. Robert, you gave us some helpful context around the management changes. I'm wondering if you could talk a little bit about what is -- what worked and is working so well at 10K, Elliott's label that you guys acquired last year, that is or isn't applicable to the larger business of Atlantic? I'm thinking about things like artist discovery, marketing contracts, anything that you think we should be thinking about as that -- he steps into obviously or has stepped into a much larger, broader, and important role and how this new structure, flatter structure, translates into faster growth for the company which maybe you're already seeing, but I would love to get some more color on all of that. And then you and Bryan both mentioned opportunities in wholesale pricing in your prepared remarks, so I figure I might as well follow up. I think you're in the midst of your Spotify renewal right now, so I thought maybe you could talk a little bit about your optimism to what seems like a pretty substantial change, maybe not, but it seems like a substantial change to the way retail wholesale economics work. Thanks. Robert Kyncl -- Chief Executive Officer Sounds good. Thank you, Ben. All right. So let me start with 10K and Elliott. So when you think about the music industry today, there are obviously lots of different independent music companies, many of whom plan to do many things really, really well. I would say you have to take everything with a great -- grain of salt, but one of those that surely did that was 10K. I know that's a fact from the numbers that both they had prior and the numbers that they have delivered in the first year under the WMG umbrella, which was a phenomenal growth, both on top line and bottom line. The skill set that they bring, and it's not just Elliott, also his team, the skill set that they bring is being very digitally native. Today, a vast majority of our revenue is coming through streaming. Promotion mostly happens online. You must be digitally native if you want to succeed today and in the future in the music industry, and that is important to the DNA of the company, and they have brought that. The other part that they bring is intensity. When you start a company of that size, you start from scratch, bootstrap it. You have to be incredibly intense about everything that you do, and I love that about them. You also create strong points of view on various decisions. And I can tell you that all of these things, they touch developing artists, aspiring artists, as well as stars. Everybody wants to have broad reach, have hits, have loyal fan bases, and obviously then monetize it really well. But if you're somebody who's just starting, you need to build an audience. If you're a superstar, you want to keep the audience. Either way, it comes to that. So this digital-first mindset from 10K has translated really well into the company, and it also goes to their talent development. I named two artists who are Forrest Frank and Jordan who are -- for their first Grammys, and it's amazing to see that. So that's one. At the same time, you have to be really great at working well in a large organization like WMG, which means you have a flexible mindset and work well with others, and Elliott does that incredibly well. So I'm really, really pleased with how things are going. On your wholesale question, I think the way you asked the question was that it's not how normally things work. I actually think that's exactly how things work in wholesale, which is wholesale prices generally go up, and it happens in all industries. It may not happen that way in music in the past, but it is how it works in 99% of industries. So we're just trying to align with the way the world works. Bryan Castellani -- Chief Financial Officer And, Ben, I would chime in just on the overall subscription streaming growth. Again, the backdrop is healthy. We continue to see those catalysts, whether in subscriber growth, pricing optimization, as well as share. And our view is that subscribers, there's been 70 million to 80 million new subs brought into the ecosystem a year of late. We continue to see that being the vast driver. Take that as 70%, if not more, with, as Robert said, the glide path on pricing is, I would say, modest. And to the extent wholesale gains are had, those would provide upside to that. And then, of course, on share, we're pleased on the progress we've made, and we have momentum with '24 releases and overall roster and catalog and that carrying into '25. So again, encouraged there about all the underlying trends which we think have upside to the extent pricing optimizes sooner. Benjamin Swinburne -- Analyst Thank you, guys. Appreciate it. Operator Thank you. Our next question comes from the line of Jason Bazinet with Citi. Your line is now open. Jason Bazinet -- Analyst Your commentary is helpful and bullish, I guess, in terms of subscriber growth and potential trends on wholesale pricing and potentially market share. I just wanted to ask how likely do you think it might be that there's a headwind embedded in those three tailwinds you talked about, just from geographic mix, meaning the sub growth comes from more emerging markets as opposed to developed markets. Is that a risk that you think investors should be focused on? Or do you not really think that that could present itself as a headwind? Thanks. Robert Kyncl -- Chief Executive Officer So I won't answer what you should do. I'll just tell you what I do. And then I think you guys extrapolate from that. I -- so I studied the video industry a lot, right, whether it's MVPDs, right; TV; film; cable; satellite television; or subscription video on demand, SVOD, right, because they're extremely adjacent to what we do. And simply studying the penetration, I kind of -- like take two markets, two extremely opposite markets, right, United States and India. One is the largest market in revenue. The other one is the largest market in users in the world, right, and -- but low ARPU, obviously. United States, penetration is somewhere around 30%, but television is around 50%. SVOD is approaching 50% with lots of different subscription services, obviously, investing and growing. There's a lot more to grow in the United States for music. And by the way, we're a lower-priced product that gives you everything, and it's like extremely fluid and easy. So I view it that way. And then in the -- I almost don't want to call it emerging markets because they're really high-growth markets, but the penetration there is extremely low today. And obviously, ARPU is low, but what we will see over there is we're betting on countries that have forward look – that, a, have higher GDPs now but also have movements in GDPs out in the future because higher GDP will translate into more ad revenue, and it's because that's a function of GDP, and it will translate into better conversion rates in subscriptions. So in India, it's an extremely low number of subscribers today in total. I think it's about 15 million. And on television, there's more than 100 million households in India, so there's a lot of room to grow. And so I kind of look at those two bookends, and that is obviously gradation in between by market, then we just study each of those markets. So this is what's giving us confidence. Jason Bazinet -- Analyst That's super helpful. Thank you. Operator Thank you. Our next question comes from the line of Benjamin Black with Deutsche Bank. Your line is now open. Benjamin Black -- Analyst Great. Thank you for taking my question. Last year, a couple of DSPs moved to an artist-centric model. I'm just curious if you could give us an update on how that impacted your streaming growth. And I guess, relatedly, do you think they're doing enough? What else could they do? And what about the other larger DSPs? Why haven't all adopted an artist-centric model at this point? And then just a follow-up to family plans. You mentioned a large discount embedded in these offerings. I guess similar to Ben's earlier question in your Spotify renewal, is this something that you're addressing? Have you been able to accelerate progress here? Thank you. Robert Kyncl -- Chief Executive Officer Sure. So let me just quickly comment on the second. I can't comment on any of our discussions with our partners. So that would not be fair to anyone, whether you're on the call or to our partners, so I'll decline there. But on the artist-centric model, we're very consistent from day one, even before it started, in saying that it is an important initiative. It's -- we're glad that we have a foot in the door on that, and it's something that we obviously have to continually roll out and not keep it static, but it has to keep on evolving with the growing scale of the industry, right? So I don't view this as a one and done. I view this as one and done, as in foot in the door, and then you start expanding it and -- but doing it together with our partners, obviously, right? So this is a collaborative effort. So I think the -- you will continue to see impact from it. Every single year, that will be increasing, but it's hard to like forward forecast exactly what that is, right, because it's obviously a coordination across multiple different distribution partners at the same time. And it's never easy, but it is exactly what we're working on. It is the right thing for artists and songwriters, and they understand it. They appreciate it. And our partners also think it's a good idea, so it's just finding the right balance for all of us. Benjamin Black -- Analyst Great. Thank you. Operator Thank you. Our next question comes from the line of David Karnovsky with J.P. Morgan. Your line is now open. David Karnovsky -- Analyst Hey, thank you. Just on ad-supported streaming, I want to see if you could speak to trends there. Just shaping out the impact of renewals or items like premium video with Meta, how should we kind of think about this line going forward? And then, Bryan, thanks for the multiyear outlook on margins, just kind of bringing it to '25. I don't know if you could kind of walk through specific drivers or any phasing we could think through the year. Thanks. Bryan Castellani -- Chief Financial Officer Sure. On the ad supported, the underlying traditional, what I shouldn't say is traditional ad supported because, again, it's streaming and digital advertising which is the right sector be in. That continues to see some of the macro trends you've seen across others. We see that kind of your low mid-single digits at the moment. The emerging within ad supported, as we had said earlier, we are lapping our TikTok deal. And also, we have done our Meta renewal which we're pleased with. We were -- that underlying deal continues to grow and expand. As you know, they exited the premium music video licensing. And so generally, the underlying core advertising there is stable and growing. The second part of your question on margin for '25, we continue to be committed to 100 basis points a year over a multiyear period. There's always going to be quarter-to-quarter timing where -- whether the timing of releases and marketing, how -- savings and when they're redeployed. But generally, we continue to see this opportunity as our business shifts more and more digital and streaming and is diversified around the world by artists, genres, and so forth that that continues to be a driver of our margin growth. David Karnovsky -- Analyst Thanks. Operator Thank you. Our next question comes from the line of Devin Brisco with Wolfe Research. Your line is now open. Devin Brisco -- Wolfe Research -- Analyst Superfan tier has been a hot topic this year, and I think everyone is anxiously awaiting what that product launch will look like. Are there any details you can share about the potential features and monetization avenues you'd like to see introduced in that product launch? Is that tier something you expect all the DSPs to have potentially globally, maybe with slightly different variations? And given that these tiers will likely have a variety of features, how should we think about how you'll get paid? Will it be similar to existing tiers today sort of a rev split model based on engagement, where there'll be revenue streams on top of that? Anything you could share on that would be appreciated. Robert Kyncl -- Chief Executive Officer Sure. Can I just clarify quickly? You cut off a little bit in the beginning. Were you asking about Music Pro? Devin Brisco -- Wolfe Research -- Analyst I was asking about -- sorry, I was asking about superfan tiers and what you'd like to see in that product and the opportunity there. Thanks. Robert Kyncl -- Chief Executive Officer Sure. So I'll -- again, it's a little bit tough for me to answer on behalf of the retailer. It is ultimately their platform and their features. Obviously, we have to work together. But I know they declined to answer it specifically, and so I can't do that on their behalf. But the -- in general, if you think about music, it is monetized exactly the same way, whether you're superfan or not, right, on subscription streaming. So it's obviously an undervalued -- it's an underexploited opportunity for all of us. And it's -- if you look at the gaming industry, 80% of revenue comes from 20% of users. There are all these obvious dynamics, but that's more of a transactional model, right, rather than a subscription model. So I think adding features that drive engagement give people higher quality, more interactions, all of that, like learning from the gaming industry is a good place to go. And I really don't want to comment on behalf of our partners about their features, but we're engaged in all the conversations deeply. We're bullish about it. We think it's a great opportunity, both for the retailers -- sorry, for the DSPs, as well as for us. And it's yet another one of those catalysts of increased growth that none of us has figured into our business. Operator Thank you. Our next question comes from the line of James Heaney with Jefferies. Your line is now open. James Heaney -- Analyst Great. Thanks for taking the question. Could you just talk about the drivers of the high single-digit growth in subscription streaming on a multiyear basis? What gives you that conviction? And how much of that is coming from ARPU versus subscription? Thank you. Bryan Castellani -- Chief Financial Officer Yeah. I'll go back to those three catalysts that it is subscribers, price, and share. And on subscribers, as I said, we continue to see rising penetrations around the world. I think you have roughly maybe a third of penetration in developed markets that's projected to go to almost half by the end of the decade in emerging markets where massive populations -- you're in the mid to maybe high single digits going to low to mid-double digits over the next four, five years. So those continue to be a vast majority of what we see as the growth driver over the multiyear period, that subscriber growth. Having said that, there's, I think, modest assumptions in industry projections for pricing. We see opportunity there on catalysts, whether it is from things like audience segmentation and superfans and raising ARPU across DSPs, as well as wholesale pricing optimization, as Robert talked about the -- improving on the family plan and multiuser discounts, as well as the per subscriber minimums and trying to move the industry more progressively on the wholesale side, knowing full well that in many of these bundles, music, as we like to say, is an anchor tenant driving high engagement. And then on share, again, we -- the changes we have made, we think, improve our volume, velocity, diversity of artist development, as well as our continuing to scour the market as we always do for bolt-on acquisitions, whether those are IP, catalog, or can help us on the digital side in terms of quickening our initiatives, so a few things there that give us the optimism over the multiyear period for the high single-digit subscription growth. James Heaney -- Analyst That's helpful. Thank you. Operator Thank you. Our next question comes from the line of Batya Levi with UBS. Your line is now open. Batya Levi -- Analyst Great. thank you. Just following up on the multiyear high single-digit growth in subscription revenue growth. Can we maybe talk a little bit more specifically for '25? Should we expect a slower growth in the first half of the year and maybe improvement in the back half as you lap the price increases? And maybe just cadence on artists' releases, do you expect a more linear year similar to last year? Thank you. Bryan Castellani -- Chief Financial Officer Yeah. Batya, thanks. I think what you'll see is -- certainly, there's always going to be quarter-to-quarter changes there, but we do expect '25 to be comparable on the subscription side, just given the drivers. And yes, we are lapping some of those price increases, so we will see some moderation. But again, we think the overall marketplace and the subscriber growth will continue to lift the subscription growth. Robert Kyncl -- Chief Executive Officer And let me take the answer on the releases. I mean, there's a lot in the hopper from Coldplay, Rose, Linkin Park, Charli XCX, Lil Uzi Vert, C.King, Mary J. Blige, Zach Bryan, David Guetta, Fred Again. I could keep going, so there's a lot that we have in the pipeline. Obviously, things can move around across quarters. But one of my big areas of focus is top of the funnel on our pipeline, whether it's deals on the distribution side or releases, and making sure that there is enough volume in our pipes to allow for movements back and forth between different quarters. And obviously then, that, combined with creative success on the charts, which we have had, it's -- it translates into results. Batya Levi -- Analyst Great. Thank you. Operator Thank you. Our next question comes from the line of Stephen Laszczyk with Goldman Sachs. Your line is now open. Stephen Laszczyk -- Analyst Hey, great. Thank you. Two, if I could. First for Robert, on newer forms of music monetization, maybe social media or short-form video, I'm curious if you see any opportunity for other categories to come into the picture over the next year or two that might be able to move the needle on emerging revenue, streaming revenue growth. And then for Bryan, on free cash flow conversion, just curious if there's any puts or takes worth calling out as we think about operating or free cash flow conversion heading into next year. Thank you. Robert Kyncl -- Chief Executive Officer Yeah. So thanks, Stephen. So one, I'll answer this a little bit more broadly, which is music always -- music is the most widely distributed medium of any kind, more than video, more than text, more than anything.And because of that, it becomes a soundtrack to everyone's lives. And because of that, it deserves -- it always finds a way for next new revenue stream. So your question is 100% spot on. The question is, how often those come and how successful they become. I have two to three new revenue streams sketched out but nothing that I would be prepared to speak about publicly because that would be a little bit premature. But it is exciting to actually see when you look at the engagement of people around the world with music, when you see a lot of different distribution partners that we have, when we have a lot of label partners distributing through us, lots of artists, there are many different opportunities to monetize than we do today. But there's nothing that we can offer in terms of specific just yet. But your question is so spot on because it always does happen in music, and so I'm allocating some portion of my time to developing these things as well. Bryan Castellani -- Chief Financial Officer And on the free cash flow conversion, we continue to see, on a full-year basis, 50% to 60% operating cash flow conversion there. Obviously, there is some seasonality in our year just based on the timing of deals, as well as payments. But otherwise, we see it largely consistent year to year. Stephen Laszczyk -- Analyst Great. Thank you both. Operator Thank you. Our last question comes from the line of Jessica Reif Ehrlich with Bank of America Securities. Your line is now open. Jessica Ehrlich -- Analyst Thank you. I guess one follow-up and one question. On the wholesale pricing, obviously, it's a very important piece of the financials. Are you looking for -- I know you're looking for price increases, but I'm not sure I heard you say anything about structural changes. So if you could comment on that. And then also, you've made a lot of tech investments since you've come to the company, Robert. Can you kind of -- can you talk about like kind of what you've seen from those investments and what -- will we see it in the results and then what's left to go? Robert Kyncl -- Chief Executive Officer Sure. Sounds good. So on the first one, on the wholesale prices. So if you think about it, all of the conversations in the past have translated -- have really been done through retail pricing. So you have wholesalers like us talking about retail pricing, and I just don't think that's right. We're wholesalers. Therefore, we should talk about wholesale prices. Whatever happens with retail prices is not what we control, and therefore, that is not how we should think about the business. So I'm very much focused on the things that we control. And we learn from other industries, how they work. So if you look at the television industry, Jessica, you're obviously extremely familiar with how retail pricing works, and it's obviously similar in many other different industries. So that's why you see us talk about wholesale -- talking about wholesale rather than retail. And on the technology investments, the -- over the last 12 to 18 months, we focused on fixing a lot of legacy infrastructure issues that we had in the company, and we've stabilized and upgraded a lot of our core systems which were burdened by a significant amount of technology there. So we focused a lot on things like royalty processing systems for publishing or royalty statements for clients, sync license and systems that allow us to drive more revenue, and look into the black boxes and obviously our digital supply and infrastructure. So there's a lot of foundational investments that we made. And now, as I said in my opening remarks, now the team is able to start focusing much more offensively on driving growth and efficiencies. Operator Thank you. I would now like to turn the call back over to Robert Kyncl for closing remarks. Robert Kyncl -- Chief Executive Officer All right. So thank you, everyone. Thanks for your engagement, all of your questions, which were great. We are -- I said one thing in my opening remarks that it's really exhilarating to see the creative engines of Warner Records and Atlantic coming at the same time. We are up 10 percentage points in market share and top 200 on global Spotify chart since the time that I started at the company, and it's just great to see this continual improvement in relevance, creating hits, creating stars, and having two large engine -- twin engines of growth in the biggest market in the world coming. That doesn't mean that we're resting on our laurels. We continue to invest, and we continue to look inward, look at further efficiencies so that we can keep on delivering on what we said, which is our margin improvement, and at the same time, increasing our growth into the future. So thank you so much for your support, for your attention, and look forward to talking to you in the future. Operator [Operator signoff] Duration: 0 minutes Call participants: Kareem Chin -- Head of Investor Relations Robert Kyncl -- Chief Executive Officer Bryan Castellani -- Chief Financial Officer Kutgun Maral -- Evercore ISI -- Analyst Benjamin Swinburne -- Analyst Ben Swinburne -- Analyst Jason Bazinet -- Analyst Benjamin Black -- Analyst David Karnovsky -- Analyst Devin Brisco -- Wolfe Research -- Analyst James Heaney -- Analyst Batya Levi -- Analyst Stephen Laszczyk -- Analyst Jessica Ehrlich -- Analyst More WMG analysis All earnings call transcripts

Slate Office REIT (TSE:SOT.UN) Trading 53.7% Higher – Here’s What HappenedRiding a 3-game win streak, the Bengals cling to playoff hopes with the Broncos next

-- Shares Facebook Twitter Reddit Email Bill Maher has heard enough crowing about cutting off family members who voted for Donald Trump . The "Real Time" host used his "new rule" segment on Friday to push back against the idea that you should excise Republicans from your life in the wake of the election. Maher sees the holiday season as the starting point of any national reconciliation, figuring that we can't possibly unify the country until we unify our dining room tables. "For the Democrats, this was a brutal loss , but the plan to deal with it has to be better than 'stay in a snit,'" he said. "Family isn't like gender. You can't fix it by cutting off members." Maher railed against Yale psychiatrist Dr. Amanda Calhoun, who told MSNBC's Joy-Ann Reid that it's "okay to cut off family members if they voted for Trump." Maher compared the act of refusing to spend holidays with Trump voters to "not letting certain people sit with you on the bus" as a photo of Rosa Parks flashed on the screen, drawing groans from the audience. Related "Look in the mirror": Maher sends message to Democrat "losers" "[Calhoun] also said that it shouldn’t be automatic that family members think they’re entitled to your time. She said that’s just a societal norm," Maher continued. "Family. Who do they think they are? Family?" Maher thought it was ridiculous that a mental health professional would encourage people to isolate during the holidays, wondering if she also recommended drinking too much and putting on weight. Ultimately. Maher pushed for a tone of reconciliation during the holidays. "If we ever want this nation to heal, this is what we have to do," he said. "Force ourselves to reach out and find out why someone feels the way they do and make the choices they make without prejudging them a monster." Maher also asked liberals to consider the fact that Trump is getting through the holidays just fine and that he "couldn't ask for a better gift" than knowing his opponents were sulking. "I'm sure Mar-a-Lago already has bells ringing and stockings hung like Arnold Palmer ," he said. Watch the whole segment below: Read more about Bill Maher “If she said 'Vote for Trump,' he’d win”: Maher says "cult leader" Swift can sway election Bill Maher casually predicts Trump win during chat with Chris Wallace No one cares anymore about cancel culture, but it is a heckuva marketing tool for some comics MORE FROM Alex Galbraith Advertisement:

West Greene basketball's Lane Allison a hero after unforgettable game-winning shotNeed help with filling out your fantasy football lineups for Week 13 of the 2024 NFL season? It's an important part of the year ahead of the fantasy playoffs, so every decision becomes more crucial. Vinnie Iyer is here for you again, back with another edition of the Decider, a unique blend of positional rankings and start ‘em, sit ‘em advice. Let's get into breaking down the best and worst plays in redraft based on matchups, usage, and other factors, plus some good price values to target in DFS. Fantasy Football Week 13 Start 'Em: Quarterbacks Regular starts Stronger starts 9. Kirk Cousins, Atlanta Falcons (vs. LAC): He should be busy chucking against a team with a good run defense and Herbert lighting it up. 10. Bo Nix, Denver Broncos (vs. CLE): He keeps crushing at home, and the Browns will oblige on Monday night. 11. C.J. Stroud, Houston Texans (at JAX): Stroud has the best possible matchup to get back on track big time. 12. Russell Wilson, Pittsburgh Steelers (at CIN): He should be busy working off play-action to battle Burrow. 13. Jared Goff, Detroit Lions (vs. CHI): Goff needs the run to work to play well, and he should be motivated to stop a division rival after last year's Thanksgiving loss to the Packers. 14. Anthony Richardson, Colts (at NE): Richardson should have his way passing downfield and running on the Patriots. 15. Trevor Lawrence, Jacksonville Jaguars (vs. HOU): Should he return after the bye, he can rebound with an adjusted offense vs. a bad pass defense. 16. Drake Maye, New England Patriots (vs. IND): He should see some things open up all over the field at home vs. the Colts' defense. WEEK 13 FANTASY FOOTBALL RANKINGS QBs | RBs | WRs | TEs | D/ST | Kickers DFS pick Bryce Young, Carolina Panthers (vs. TB, $4,700 on DraftKings, $6,600 on FanDuel): Let's try this again on the Buccaneers as Young is coming off a 16.5-point DK effort against the Chiefs at home. And Tampa Bay offers the best possible passing matchup in what should be another negative game script. There's an easier path to 3X or 4X value than other QBs given those prices. Fantasy Football Week 13 Sit 'Em: Quarterbacks Weaker starts 17. Jordan Love, Green Bay Packers (vs. MIA): The Packers should stay run-oriented and win with that and defense on Thursday. 18. Kyler Murray, Arizona Cardinals (at MIN): He's been a roller coaster, especially on the road against tougher defenses. 19. Tua Tagovailoa, Miami Dolphins (at GB): He has been ripping bad teams in good weather of late, and the Packers offer neither. 20. Sam Darnold, Minnesota Vikings (vs. ARI): Darnold might be sucked into more of a defensive-minded matchup at home with Murray. 21. Matthew Stafford, Los Angeles Rams (at NO): Stafford should also see the running game and defense being much more effective on the road. 22. Geno Smith, Seattle Seahawks (at NYJ): It is a revenge game, but he needs help from the running game and defense to win on the road in weather. 23. Caleb Williams, Chicago Bears (at DET): Don't chase the points from the home game vs. the Vikings given the Lions' defense is getting better every week, and this is a tough, short-week road game. DOMINATE YOUR NFL PICKS POOL Sign up for free ATS and straight up picks advice on NFL pick'em with PoolGenius Fantasy Football Week 13 Start 'Em: Running backs Regular starts Stronger starts 24. Bucky Irving, Tampa Bay Buccaneers (at CAR): Irving should smash on the road as a rising rookie. 25. Rhamondre Stevenson, New England Patriots (vs. IND): He should rebound with more regular volume in an even or positive game script. 26. Rachaad White, Tampa Bay Buccaneers (at CAR): He should be deployed with Irving as their preferred dynamic duo (forget about Sean Tucker). 27. Jaylen Warren, Pittsburgh Steelers (at CIN): Warren should find some room to rumble often on the outside. 28. Nick Chubb, Cleveland Browns (at DEN): Chubb should stay hot with a big workload to take pressure off the passing game. 29. Najee Harris, Pittsburgh Steelers (at CIN): Harris should get a solid workload with a good chance for a short TD. Week 13 FANTASY ROSTER MANAGEMENT ADVICE Stock Watch | Sleepers | Busts DFS Picks Jonathan Taylor, Indianapolis Colts (at NE, $6,900 on DraftKings, $7,900 on FanDuel): Taylor has downright stunk of late because of not getting enough volume in the 1-2 punch of bad matchups and negative game scripts. Here's being mainstream contrarian by saying he's needed a spot like this to get well, and he has a strong history vs. the Patriots' defense. Aaron Jones, Minnesota Vikings (vs. ARI, $6,500 on DraftKings, $7,700 on FanDuel): He looked great vs. the Bears coming on strong late in the season again, and he can rip into the Cardinals' shaky run defense at home. Fantasy Football Week 13 Sit 'Em: Running backs Weaker starts 30. J.K. Dobbins, Los Angeles Chargers (if he plays, at ATL): This matchup is really tough, and that knee is a concern on a short week. 31. Brian Robinson Jr., Washington Commanders (vs. TEN): The Titans just shut down Mixon, so you can't trust him with an injury. 32. Isiah Pacheco, Kansas City Chiefs (vs. LV): You cannot be sure of his post-injury touches with Hunt playing so well if he finally returns. 33. Travis Etienne Jr., Jacksonville Jaguars (vs. HOU): You can't go here against this run defense, not knowing his workload running or receiving. 34. Ameer Abdullah, Las Vegas Raiders (at KC): Whoever's the healthiest Raiders back should be avoided in this brutal Black Friday matchup. 35. Javonte Williams, Denver Broncos (vs. CLE): He probably will randomly go off this week... or not. This also goes for trying to play Audric Estime... or Jaleel McLaughlin. Fantasy Football Week 13 Start 'Em: Wide receivers Regular starts Stronger starts 32. Marquez Valdes-Scantling, New Orleans Saints (vs. LAR): He should be busy stretching the field as their default No.1. wide receiver. 33. Nick Westbrook-Ikhine, Tennessee Titans (at WAS): All he does is make big plays and score for Will Levis. 34. Quentin Johnston, Los Angeles Chargers (at ATL): Johnston should get in on the fun as he and McConkey can rip the Falcons' cornerbacks. 35. Khalil Shakir, Buffalo Bills (vs. SF): Shakir can destroy them in the slot often. 36. Jordan Addison, Minnesota Vikings (vs. ARI): He's hot for Darnold, and the USC-USC connection continues. 37. DeAndre Hopkins, Kansas City Chiefs (vs. LV): He should hop into the end zone once on Black Friday. 38. Amari Cooper, Buffalo Bills (vs. SF): He should return and also do well outside. 39. Tank Dell, Houston Texans (at JAX): He should deliver here as the passing game has a much-needed bounce-back. Week 13 WAIVER WIRE ADVICE Full Waiver Wire Recommendations | How to Spend FAAB | Top Waiver Targets DFS picks Drake London, Atlanta Falcons (vs. LAC, $6,500 on DraftKings, $7,300 on FanDuel): London's size and strength can give the Chargers some problems all over the field as Cousins peppers him with high-leverage volume in what can be a high-scoring affair. Brian Thomas Jr., Jacksonville Jaguars (vs. HOU, $5,500 on DraftKings, $6,700 on FanDuel): Thomas should dominate targets after the bye and is playable regardless of the quarterback because the Texans will have trouble slowing him down through a lot of key targets. Michael Pittman Jr., Indianapolis Colts (at NE), $5,200 on DraftKings, $6,600 on FanDuel): Josh Downs is hurting and is iffy for the game, and Pittman resurfaced for a big game at the right time vs. the Lions. Fantasy Football Week 13 Sit 'Em: Wide receivers Weaker starts 40. Jameson Williams, Detroit Lions (vs. CHI): That big outside play won't be coming in this spot. 41. Deebo Samuel, San Francisco 49ers (at BUF): He's hard to trust anymore, especially with an iffy QB sitch and a bad matchup on the road. 42. Jerry Jeudy, Cleveland Browns (at DEN): This goes for all their wide receivers against Pat Surtain and the Broncos. 43. Jaylen Waddle, Miami Dolphins (at GB): Don't chase the randomness of last week given his previous usage. 44. Keenan Allen, Chicago Bears (at DET): Not in the slot vs. these guys. 45. Rome Odunze, Chicago Bears (at DET): Only Moore is playable here. 46. Jakobi Meyers, Las Vegas Raiders (at KC): See Waddle, Jaylen. 47. DeMario Douglas, New England Patriots (vs. IND): This is actually tougher for him inside than for the tight ends and outside wideouts. Fantasy Football Week 13 Start 'Em: Tight ends Must starts Stronger starts 11. Jonnu Smith, Miami Dolphins (at GB): He's been very consistent of late and is an integral part of the adjusted passing game. 12. Hunter Henry, New England Patriots (vs. IND): He has gone off before against them and has a solid floor in the matchup. 13. Pat Freiermuth, Pittsburgh Steelers (at CIN): He's made a case to be busier for Wilson, and it happens in a great matchup. 14. Dallas Goedert, Philadelphia Eagles (at BAL): He should make several plays in what should be an offensive explosion for the visitors. 15. Will Dissly, Los Angeles Chargers (at ATL): He can get the job done with Herbert, going back and forth with Cousins and Pitts. 16. Luke Schoonmaker, Dallas Cowboys (vs. NYG): The numbers say no, but he is a key part of the offense with Jake Ferguson out and Rush has good chemistry with him. DFS pick Pat Freiermuth, Pittsburgh Steelers (at CIN, $3,500 on DraftKings, $5,100 on FanDuel): Muth came to life with a few more big plays vs. the Browns, and the Bengals have been very giving to the tight end position. Expect Wilson to look more his way playing off the deep threat of Pickens for good ROI. Fantasy Football Week 13 Sit 'Em: Tight ends Weaker starts 17. Mark Andrews, Baltimore Ravens (at PHI): He should be quieted with the Eagles' inside coverage rolling. 18. Tucker Kraft, Green Bay Packers (vs. MIA): He scored last week, but not much else happened, so no. 19. Sam LaPorta, Detroit Lions (vs. CHI): He's just not getting the looks from last season. 20. Dalton Kincaid, Buffalo Bills (if he plays, vs. SF): Fred Warner is a tough draw, and we'll see about the knee. 21. Cole Kmet, Chicago Bears (at DET): Nyet on Kmet again because the Lions are nasty on tight ends. 22. Zach Ertz, Washington Commanders (vs. TEN): The Titans are tough everywhere on receivers such as this. Fantasy Football Week 13 Start 'Em: Defense/special teams Stronger starts 9. Los Angeles Rams (at NO): They should return to making more plays on the road while not facing the Eagles. 10. Dallas Cowboys (vs. NYG): They get Tommy DeVito to go after at home on a short week. 11. New York Giants (at DAL): Their defense is built well to handle the compressed offense around Cooper Rush. 12. Buffalo Bills (vs. SF): The 49ers face a tough road night game with Brock Purdy uncertain to go. 13. Tampa Bay Buccaneers (at CAR): The Panthers should make enough mistakes to make this a worthy back-end D. 14. Seattle Seahawks (at NYJ): They crushed the Cardinals at home last week, and they can take advantage of some Jets dysfunction. DFS pick Los Angeles Rams (at NO), $2,700 on DraftKings, $4,500 on FanDuel): The Eagles' result will have many shying away, but the Saints on the road is a different story as the sacks and takeaways can happen to make them viable vs. Derek Carr. Fantasy Football Week 13 Sit 'Em: Defenses Weaker starts 15. Los Angeles Chargers (at ATL): You can't go here in a game that should have plenty of passing and points. 16. Arizona Cardinals (at MIN): The Cardinals aren't good on the road defensively, either. 17. Cleveland Browns (at DEN): Not with the way Nix and the Broncos' offense is performing at home. 18. Miami Dolphins (at GB) : Love can turn it over, but the Dolphins also can get run over. 19. Philadelphia Eagles (at BAL): Find a big pivot this week vs. Lamar. 20. New York Jets (vs. SEA): They're not trustworthy against better offenses. Get more of Sporting News NFL writer Vinnie Iyer's Week 13 fantasy football advice by subscribing to the Locked On Fantasy Football podcast .Chris Olave made an appearance at Saints practice Tuesday. Here's the latest on his situation

Deepak Shenoy, Founder and Chief Executive Officer (CEO) of Capitalmind, a financial advisory firm, wants the Reserve Bank of India (RBI) to increase the limit for mutual funds investing in foreign stocks by over 10 times to $50 billion. The RBI has set a limit of $8 billion which Shenoy argued has not been changed since 2009. Highlighting the gap in a social media post on X dated 29 December, the Capitalmind CEO wrote that while mutual funds are restricted, individuals can invest up to $250,000 per person per year via a foreign broker in owning overseas stocks. “This sounds ridiculous,” he said. “Why do we still have restrictions on Indian mutual funds investing in foreign stocks, when we can do the same thing as individuals (with a $250K limit per person per year)? RBI has a $8bn limit that it hasn't changed since 2009 or so. Instead of RBI reserves, let's own stocks!” said the Capitalmind founder and CEO in his post on the platform X. Shenoy also highlighted investors' inconvenience of not being able to invest in an Indian mutual fund which owns foreign stocks, but then those investors have to take their money to a foreign broker in order to own that foreign asset. Shenoy also shared a video in his post in which he talked about the same issue with the Reserve Bank of India ( RBI ) imposing limits on foreign investment. “Why do we have a $7 or $8 billion limit on Indian mutual funds buying US stocks when the money is in India, and the US stocks are controlled by an Indian mutual fund-owning thing. Its actually an Indian asset, why should RBI own all the dollars, why can't people own the dollars?” “Instead of $8 billion, make it $50 billion,” said the Capitalmind CEO. RBI owning US dollar On the RBI owning US dollar front, Deepak Shenoy said that the central bank does not need to own the dollars, giving an example of how the RBI is a representation of people, if people own an asset, the country owns it. “It's the same thing if I own the US dollar, and if RBI owns it. The RBI doesn't need to own it. It's (RBI) is a representation of us, the people. If I own gold, then it actually means India owns gold,” said the executive in the video. He also highlighted how the central bank has classified all the gold imports as imports and how they are not, they are financial assets. “They should be considered as assets of the country. But we don't consider it so. We don't consider that me owning a US asset through an Indian mutual fund is an Indian asset, an Indian ownership of foreign asset,” said Shenoy. He also put forward his views to highlight that a change of mind can push RBI to be free and the central bank to reduce some of its reserves and give people an option to exercise ownership of those foreign assets. “As the more free I (RBI) make it, the more foreign assets we control,” according to the executive. Through the video Shenoy also highlighted the emotions of the Tata Group owning the Jaguar Land Rover (JLR), and how at a global scale it represents Indian ownership of a foreign asset. “There are a lot of worldwide brands that we should own, we would own a lot more of them if we were allowed to and we could own them through mutual funds,” he said.

Elon Musk has shared a conspiracy theory about comedian Ellen DeGeneres ’s decision to move to the United Kingdom with her wife . The billionaire , who is set to head Donald Trump ’s newly-created Department of Government Efficiency , shared a post on Thursday suggesting DeGeneres left the US “after the election” due to her past affiliation with Sean ‘ Diddy ’ Combs. A refusfaced 2016 X, then-Twitter, post from DeGeneres sparked baseless theories on the platform. “’Happy birthday, P Diddy, Puff Daddy, Sean Combs, or as I call him, Cuddle McSnugglestuff,” DeGeneres’s post read. “You don’t need to know why. @iamdiddy.” A user shared a screenshot of her post, commenting: “It makes sense why she fled the country after the election.” Musk then re-shared it, adding the eyebrow-raised emoji. Combs was arrested in September on sex trafficking and racketeering charges . Federal prosecutors allege that Combs and his associates threatened, abused and coerced women and others around him “to fulfill his sexual desires” – which allegedly included forcing victims into engaging in recorded sexual activity which he referred to as “Freak Offs.” Musk’s post comes after reports that DeGeneres and her wife Portia de Rossi moved to the United Kingdom. While rumors have spread that the duo left due to Trump’s electoral victory, the couple actually purchased the Cotswolds house in October – well before Election Day. An unnamed source with knowledge of their move told The Daily Mail this week that DeGeneres and Rossi planned to move leave before the election — but are glad to be getting away in the wake of Trump’s victory. “As things panned out with Trump winning, she is glad she is making the move and going to be away from the US,” the source said. The Independent has contacted DeGeneres’s representative for comment. The billionaire’s post about DeGeneres came after a tiff with Amazon CEO Jeff Bezos on X. “Just learned tonight at Mar-a-Lago that Jeff Bezos was telling everyone that @realDonaldTrump would lose for sure, so they should sell all their Tesla and SpaceX stock,” Musk posted early Thursday morning. Bezos was quick to reply : “Nope. 100% not true.” “Well, then, I stand corrected,” Musk responded, along with a laughing emoji. Musk isn’t the first in Trump’s orbit to spread baseless claims about Combs. Donald Trump Jr . previously peddled an unfounded conspiracy theory suggesting that Combs was arrested so celebrities who were affiliated with him would endorse his father’s opponent, Kamala Harris . “We’re seeing unprecedented amounts of pay-for-play again,” Trump Jr. said earlier this month. “Again, none of this is organic. It’s a paid influencer operation. Know that. The celebrities who aren’t getting paid are getting probably paid in another way because they’re either on an Epstein list or a Diddy party list or both.” Trump Jr. presented no concrete evidence to support this claim or to tie any celebrities to Combs. Further, many of the celebrities who endorsed Harris were signaling support for Biden and Democratic candidates long before Combs was arrested.

Trump's picks for key positions in his second administration