The daily business briefing: August 17, 2016

1. Univision wins bidding war for Gawker

Spanish-language television network Univision has won a bidding war for Gawker Media, agreeing to buy the embattled online news outlet for $135 million, Recode reported on Tuesday. Recode, citing a person familiar with the deal, said Univision had beaten out rival bidder Ziff Davis, which withdrew after the price got too high. Gawker Media was forced to file for bankruptcy last year after losing a massive invasion-of-privacy lawsuit filed by pro wrestling star Hulk Hogan over Gawker's posting of a sex tape.

Recode MarketWatch

2. Ford promises fully autonomous car by 2021

Ford CEO Mark Fields announced Tuesday that the automaker plans to produce fully autonomous cars for ride-hailing and ride-sharing services by 2021. The vehicles won't have steering wheels, brake pedals, or other controls for occupants. "Autonomous vehicles are going to open up opportunities for the elderly, people with disabilities, and people not old enough to drive themselves," Fields said. The five-year timeline roughly matches projections from competitors, including General Motors, that have been dominating news on driverless vehicles recently.

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Car and Driver Detroit Free Press

3. Report: Cisco to cut up to 14,000 jobs

Cisco Systems plans to lay off 9,000 to 14,000 employees worldwide, or up to 20 percent of its work force, CRN reported Tuesday, citing sources close to the company. Cisco, the world's largest networking equipment maker, declined to comment on the report. CRN said the company would announce the cuts in the next few weeks. CEO Chuck Robbins has been trying to boost the company's growth by shifting toward increasingly popular software-based networking products. The company will report its quarterly results on Wednesday after markets close in New York, with analysts expecting a two-percent sales drop.

CRN Bloomberg

4. China set to surpass U.S. at the box office

China's box office will overtake America's as the biggest in the world in 2017, according to average projections at IHS Markit Ltd. and PricewaterhouseCoopers. China is expected to rebound from its first quarterly drop in five years and see ticket sales rise by 22 percent to $10.4 billion next year, narrowly beating the $10.2 billion average forecast for the U.S.

Bloomberg

5. Barnes & Noble fires CEO after less than a year

Barnes & Noble on Tuesday ousted CEO Ronald D. Boire after less than one year on the job. The struggling book store chain's board said Boire "was not a good fit for the organization." Executive Chairman Leonard Riggio, who has served as CEO before, will step in while the company searches for a replacement. Boire had promised to expand Barnes & Nobles' electronics products to compete with online retail powerhouse Amazon.

USA Today